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If you missed the AMA
AMA AT DETECTIVE ID (25/06/2020) Before welcoming any questions, I would like to briefly introduce STATERA PROJECT. Statera is a smart contract deflationary token pegged to a cryptocurrency index fund. By including STA in an index fund with Link, BTC, ETH, and SNX you can buy one token and access the price action of four of the leading cryptocurrencies. You can also invest directly in the index fund (balancer pool) and receive the benefits of fees and BAL tokens paid to you while also having an automatically balanced fund. Lastly the deflationary mechanics of STA increases the chance for positive price action while decreasing beta (volatility). This is all found in a smart contract that is fully decentralized, the founders can no longer augment the contract in any way and this has been confirmed by a third party code audit through Hacken. Q1 : please explain in more detail about Statera, what is the background of this project? and when was it established? The dev of this project had previously created another deflationary token BURN. When the Balancer Labs released the Balancer Protocol, he had an idea to combine the two, deflationary token and a pool of tokens, making the first deflationary index fund. It started in the end of May and on the 3rd iteration, May 29th - a trustless version was launched that we see today. As briefly explained earlier, STATERA or STA is an Index Deflationary Token built on Ethereum blockchain; Index: Contains a token suite of world class leading crypto assests BTC, ETH, LINK, SNX with STA. Deflationary: On every transaction of STA 1% of the transacted amount is sent to 0x address on ethereum, burned forever, thus reducing the circulating supply of STA Index+Deflationary: STA is mixed with BTC, ETH, LINK SNX in a portfolio, backed by liquidity on a protocol known as balancer (balancer.finance) This platform serves as a market maker for the token suit. The Index suite is of equal rate of 20%, that is 20% of BTC, ETH, SNX LINK and STA, Thus, anytime there is an increase in value of any of those coins or tokens, balancer automatically trade them for STA in order to keep the token suit ratio balanced. And anytime there is an increase in the value of STA, the same process applies. while doing this trade, it enables further burning on every transaction, thus facilitating more token scarcity. In addition to this, Statera was deployed with contract finalised, that is, the index suite can not be altered, It is completely out of Dev's control. Q2 : What are the achievements that have been obtained by Statera in 2020? And what goals do you want to achieve in 2020? By this we assume the questionnaire is asking for a roadmap! First, the project is barely a month old, and within just a month, our liquidity has grown from $50,000 to over $400,000 currently above $300,000. Among the things we have accomplished so far is the creation of market value for STA's Balancer liquidity pool token BPT, which is currently over $1000 per one BPT. Regarding what we set to achieve: The future is filled with many opportunities and potentials, currently, we are working on a massive campaign to introduce our product to the outside world. We have already made contact with different and reputable forums and channels regarding marketing and advertisement offers, some which we are currently negotiating, some which we are awaiting response. All we can say for now is that the Team is working hard to make this the Investment opportunity every crypto enthusiast has been waiting for. Statera has the goal of putting cryptocurrency into every portfolio. We believe we have a product that increases the returns of investing in cryptocurrencies and makes it easier to diversify in this space. We have done so much in June: articles, how to videos, completed the audit, tech upgrades like one token liquidity additions, and beginning our many social communities. We have been hard at work behind the scenes but things like sponsorships, features, and media take time, content makers need days if not weeks to develop content, especially the best of the best. We are working tirelessly, we will not disappoint. We have plans for 2020-2025 and will release those in the next month. They are big and bold, you’re going to be impressed by the scale of our vision, when we say “Cryptocurrency in every portfolio” we mean it. In 2020 more specifically we are focused on more media, videos, product offerings, and exchanges. Q3 : What is the purpose of STA token? How can we get STA? The purpose of STA is an investment in the first deflationary index fund. The whole index's value rises from these aspects: 1. The index funds (WBTC,WETH,SNX,LINK) appreciate in value 2. When the index tokens are traded, the pool receives transaction fees - 1% 3. STA burns on transactions, so it's deflationary nature increases its value as the total supply drops 4. Balancer rewards Index holders with BAL token airdrops every week You can invest via the 'Trade' links in stateraproject.com website. Easiest way is to do it using ETH. The monetary policy of our token is set in stone and constantly deflationary. This negative supply pressure is a powerful mechanism in economics and price discovery. Through the lowering of supply we can decrease your beta (volatility) and increase your alpha (gains). Our token is currently only top 40 in liquidity on Balancer, however our volume is top 10! You want to know why? Because Statera works. Statera increases arbitrage, volume, fees, BAL rewards, and liquidity. Our liquidity miners in our Balancer pool are already making some of the highest BAL rewards on the platform, one user we spoke with made 18% in June, that’s over 150% APY! Our product is working, 100% (or you could say 150%), and when people start to see that, and realize the value, the sky's the limit. Q4 : can we as a user do STA mining? The supply of STA doesn't increase anymore, it only decreases due to the burn feature. So there is no way to mine anymore STA. Only way to acquire the tokens is via an exchange. The monetary policy of our token is set in stone and constantly deflationary. This negative supply pressure is a powerful mechanism in economics and price discovery. Through the lowering of supply we can decrease your beta (volatility) and increase your alpha (gains). Our token is currently only top 40 in liquidity on Balancer, however our volume is top 10! You want to know why? Because Statera works. Statera increases arbitrage, volume, fees, BAL rewards, and liquidity. Our liquidity miners in our Balancer pool are already making some of the highest BAL rewards on the platform, one user we spoke with made 18% in June, that’s over 150% APY! Our product is working, 100% (or you could say 150%), and when people start to see that, and realize the value, the sky's the limit. Q5 : The ecosystem of a public chain has a lot to do with the level of engagement and participation of third-party developers. How does Statera support the developers? Not really. Our project is focusing on investment opportunities for the cryptocurrencies. The cryptocurrency tokens that are not used and are just sitting in a wallet can work for you by being added to an index fund and appreciate in value over time. First off, what we have created is a new asset class, I’ll repeat that, a new asset class. This asset has never existed: “Deflationary Index Fund,” what does that mean for finance? What will developers do with this? It’s hard to give a finite answer. We hope there are future economic papers on our token and what it means to be a deflationary index fund. With the addition of synthetic assets and oracles you can put any asset into the DeFi space: Gold, Nikkei 225, USD, etc. STA can be combined with any assets and bring the benefits of it’s ecosystem and deflationary mechanism to that asset. STA, the token itself, also gives you access to the price action of any asset it is paired with. Put simply STA’s balancer pool(s) give you a benefit in holding them, and STA’s price will reflect it’s inclusion in Balancer Pool(s) (and possibly future financial instruments), so STA is a bet on DeFi as a whole. When we say as whole, we mean as whole: what happens if you include STA in a crypto loan, or package it with a synthetic S&P 500 token, or use it as fee payment in a DeFi platform? Being fully decentralized it is up to our community to make this happen, social engagement and community are key. We are constantly bringing community members onto our team and rewarding those that benefit the ecosystem. in addition, Statera is a fully community project now. Paul who is the current team leader was an ordinary member of the community weeks ago, due to his interest and support for the project, he started dedicating his time to the project. Quite a number of community members are also in the same position, while Statera was developed by an individual, it is being built by the entire Statera community Community Questions (Twitter): Q1 From: @KazimKara35 The project tells us that the acquisition and sale of data between participants is protected by code of conduct and how safe is deployed on the blockchain, but how do you handle regulations while operating on a global scale? Statera is decentralized token, similar to other utility crypto tokens and same regulations apply to it as others. his is actually a benefit of our decentralized nature. This isn’t legal advice, however in the past regulating bodies have ruled that the more decentralized a project is, especially from launch, the less likely they are to be deemed a security (see: Ethereum). This means they can be traded more freely and be available on more platforms. We are as decentralized as you can be. The data itself is all secured through the blockchain which has been shown to be a highly secure medium. We do not store any of your data and as long as you follow best practices in blockchain security there are no added security risks of using Statera. We don’t, and literally can’t, hold anymore personal information than is made available in any blockchain transaction. and that "personal information" is more likely than not just your ethereum wallet address, no "real world" data is included in transactions Q2 from: @Michael_NGT353 What is Mechanism you use On your Project sir? Are you Use PoS,PoW or other Mechanism Can you explain why you use it and what is Make it Different? Our token is an ERC-20 token and it's running on the Ethereum blockchain. The Ethereum's POW mechanism is currently supporting the Statera token We run on Ethereum, so we are currently PoW. With ETH 2.0 we will hopefully be PoS this year (hopefully). We use it because ETH has over 100 million addresses and around a million daily transactions. We are currently at about 1,900 token holders, we are just touching the edge of what is possible in this market. We chose the biggest and the best network available right now to launch our product. We think the upside is huge because of this choice. Being the biggest network it is also one of the most secure, no high risk vulnerabilities have been found in Ethereum or in our code (we've had our code audited by a third party, Hacken, and you can read their audit on our Medium page), so we also have security on our side Q3 From : @Ryaaan_Nguyen Can you list some of Statera outstanding features for everyone here to know about? What are the products that Statera is focusing on developing? As mentioned earlier by GC, First off, what we have created is a new asset class, I’ll repeat that, a new asset class. This asset has never existed: “Deflationary Index Fund,” what does that mean for finance? What will developers do with this? It’s hard to give a finite answer. We hope there are future economic papers on our token and what it means to be a deflationary index fund. With the addition of synthetic assets and oracles you can put any asset into the DeFi space: Gold, Nikkei 225, USD, etc. STA can be combined with any assets and bring the benefits of it’s ecosystem and deflationary mechanism to that asset. STA, the token itself, also gives you access to the price action of any asset it is paired with. Put simply STA’s balancer pool(s) give you a benefit in holding them, and STA’s price will reflect it’s inclusion in Balancer Pool(s) (and possibly future financial instruments), so STA is a bet on DeFi as a whole. When we say as whole, we mean as whole: what happens if you include STA in a crypto loan, or package it with a synthetic S&P 500 token, or use it as fee payment in a DeFi platform? We touched on this a bit in the question on what makes us special compared to other exchanges. We have created a product that synergizes with Balancer Pools creating a symbiotic relationship that improves the outcomes for users (our product can also synergize with future DeFi products). By including STA in an index fund with Link, BTC, ETH, and SNX you can buy one token and access the price action of four of the leading cryptocurrencies. You can also invest directly in the index fund (balancer pool) and receive the benefits of fees and BAL tokens paid to you while also having an automatically balanced portfolio (like an index fund with dividends). Lastly, the deflationary mechanics of STA increases the chance for positive price action while decreasing beta. We want to package Statera with assets across the whole cryptocurrency space, with an emphasis on DeFi. We also want everyday people to be able to invest quickly in crypto while also feeling reassured their investment is set up to succeed. We are focused on developing a name brand that people go to first and foremost when investing in crypto: cryptocurrency in every portfolio. This is all found in a smart contract that is fully decentralized, the founders can no longer augment the contract in any way and this has been confirmed by the third party code audit. This is a feature in and of itself, some argue that Bitcoin’s true value is in it’s network effect, first mover advantage, and immutability. Statera is modeled on all three of those and has those features in spades. The community now owns our token, the power in that, giving finance and power to the people, is why we are here. Q4 From : @futcek What do you think about the possibility of creating new use cases in DeFi space for existing real world assets by using crypto technology? What role do you see in this creation for Statera? I think my answer above actually answers this perfectly, Statera in and of itself is a “new use case”, a “deflationary index fund” has never existed, I’ll copy and paste the other relevant part: “With the addition of synthetic assets and oracles you can put any asset into the DeFi space: Gold, Nikkei 225, USD, etc. STA can be combined with any assets and bring the benefits of it’s ecosystem and deflationary mechanism to that asset. STA, the token itself, also gives you access to the price action of any asset it is paired with. Put simply STA’s balancer pool(s) give you a benefit in holding them, and STA’s price will reflect it’s inclusion in Balancer Pool(s) (and possibly future financial instruments), so STA is a bet on DeFi as a whole. When we say as whole, we mean as whole: what happens if you include STA in a crypto loan, or package it with a synthetic S&P 500 token, or use it as fee payment in a DeFi platform? Being fully decentralized it is up to our community to make this happen, social engagement and community are key. We are constantly bringing community members onto our team and rewarding those that benefit the ecosystem.” Statera is a way to make your investment more successful, and owning Statera let's you benefit from other people using it to make their investments more successful (a self feeding cycle). Q5 From : @Carmenzamorag Statera's deflationary system is based in that with every transaction 1% of the amount is destroyed, would this lead to lack of supply and liquidity in the long term future? How would that be fixed? The curve of supply is asymptote, meaning that it will never reach zero. The idea is that the deflationary process will slowly decrease the supply of STA, which – combined with a fixed or increaseing demand – will result in STA appreciating in value. Evidently, as the STA token increases in value, the amounts of STA being traded will slowly decrease: The typical investor might buy 10.000 STA at the current rate, but in the future (proportional to an increase in the valueation of STA) this number will tend to decrease, hence the future investor might only buy 1000 STA. This of course results in less STA being burned. Additionally, STA is divisible to the 18th decimal, why – even if the supply was to reach 1 STA – there would be a sufficient supply. Well this would be a question for a Mathematician, and luckily we’re loaded with them (as seen above)! I’ll try to illustrate with an example. 1% of 100 million is 1 million, 1% of 10 million is 100,000. As we go down in supply the burn is less by volume. What also happens at lower supply is higher prices (supply and demand economics). So those 1 million tokens burned may be worth $20,000, but by the time overall supply is at 10 million those 100,000 tokens may also be worth $20,000 or even more. This means you transact “less”, if you want to buy 1 Ether now with Statera you need 8,900 STA which would burn 89 tokens. If Statera is worth $100 you only need 2.32 statera (.023 tokens burned). Along with this proportional and relative burn decrease, tokens are 18 decimals long, so even when we get to 1 token left (which mathematically would take decades if not centuries, but that is wholly dependent on usage), you are still left with 10 to the 18th power, or one quintillion “tokens”. So it’s going to take us a while to have supply issues :) Nuked Phase (3rd Part) Q) What is your VISION and Mission? Our working mission and vision: Mission: Provide every investor with simple and effective ways to invest in cryptocurrency. Decrease volatility and increase positive price pressure in cryptocurrency investments. Lower the barrier to entry for more advanced investment tools. Be a community focused and community driven cryptocurrency, fully decentralized by every meaning of the word. Vision: We aspire to put “cryptocurrency in every portfolio”. We envision a world where finance is given back to the people and wealth building strategies withheld only for affluent individuals are given to all. We also strive to create an investment environment based on sound monetary policy and all the power that comes with a sound asset. Q) What are the benefits of STA for its investors in long term? Does STA have Afrika as an important area for its expansion? We have ties to Africa and see Statera as a way for anyone and everyone to invest in cryptocurrency. The small marketcap of statera makes it's price low and it's upside massive. Right now if you wanted to be exposed to the price action of four cryptocurrencies (BTC, ETH, Link, SNX) Statera is a way to gain that exposure in a way that has a huge upside, compared to the other four assets, there are risks in investing in any small cap but with those risk come outsized rewards (not investment advice and all answers are solely my opinions 😊) Q) In the long run, why should we trust and follow STATERA? How do you raise awareness and elimination of the doubts of investors / partners / customers?. You're really asking "How do I trust myself and other crypto investors" The project is FULLY decentralized, it is now in the hands of the community. We would venture a guess that the community wants their investment to succeed and be worth more in the future, so you are betting on people. wanting to make themselves money on their own investment. This is a pretty sure bet. The community being active and engaged is key, and we have short term and long term plans to ensure this happens Q) No one can doubt the strength of #Statera. But can you tell us some of the challenges and difficulties you're presently facing? How can you possibly overcome them? We're swinging outside our weightclass, we don't see litecoin or SNX, or any other crypto product as our competition. Our competition is NASDAQ, Fidelity, etc. We want to provide world class financial instruments that only the wealthy have access to in the traditional world to everyone. Providing liquidity, risk parity, being paid to provide liquidity, unique value propositions, are all things we want to bring to everyone. However we are coming up in a hectic space, everyday their is fud and defamation on the web, but that is the sandbox we chose to play in and we aren't grabbing our ball and going home. We can tell you that we will not disappoint and fighting all the fud that comes along with being a small and upstart project only fuel our fire. Building legitimacy is our largest challenge and looking at our audit, financial report, and some things you will see in the coming weeks, we hope you see we are facing those challenges head on. Q) What is the actual uniqueness of #Statera.??? Can you guys please explain tha advantages of #Statera over other projects.?? When we launched there were no other products like ours. There are now copies, and we wish them the best, but we have the best product, hands down. Over the next couple weeks this will become apparent, if it hasn't already, also a lot of the AMA answers dug deeper into our unique value proposition, especially the benefits we provide to Balancer Pools which shows the benefits we would provide for any index fund. We are a tool to improve cryptocurrency investing Q) Fragmentation, layering and cross-chain are three future solutions for high-performance blockchains. Where is Statera currently? What are the main reasons for taking this direction? We operate on the Ethereum chain, as it upgrades our services and usability will upgrade. We are working on UI and more user friendly systems to onboard people into our ecosystem Q) How STATERA plan to make room and make this project known in the world of crypto, full of technology and full of new projects very good in today's market? We think we have a truly innovative product, which - when first understood - appeals to most investors. Whether you want a high-volatility/medium-risk token like STA or whether you are more conservative and simply just plan on adding to the Statera pool BPT (which is not nearly as volatile but still offers great returns). We plan on making Statera known to the crypto world through a marketing campaign which slowly will be unravelled in the comming days and weeks. If interested, you can check out an analysis of the different investment options in the Statera ecosystem in our first financial report: https://medium.com/@stateraproject/statera-financial-reports-b47defb58a18 Q) Hello, cryptocurrencies are very volatile and follow bitcoin ... and does this apply to Statera? or is there some other logic present in some way? is statera token different from a current token? Are you working on listings on other exchanges? Currently uniswap is somewhat uncomfortable for fees. We are also on bamboo relay, saturn network, and mesa. Statera will be volatile like all cryptocurrency, this is a small and nascent space. But with the deflationary mechanic and balancer pool, over time, as marketcap grows it will become less volatile and more positively reactive to price. Q) Security is one of the most essential characteristics for a project to get reputation. How can #Statera Team assure to their community that users assets and investments will stay safe from unwanted agents? We have been third party audited by the same company that worked with VeChain to audit their code. Our code has been shown to be bulletproof. Unless Ethereum comes up with a fatal security flaw there is nothing that can happen to our contract (there is no backdoor, no way for anyone to edit or adjust the smart contract). Q) Many investors see the project from the price of the coin. Can you give us advantages why Statera is so suitable for long-term investment? and what makes Statera different from other similar projects? Sometimes the simplest solutions are the most effective. A question you can ask is “What if this fails”? But you can also ask, “What if this succeeds”? Cryptocurrency is filled with asymmetric risks, we think if you look into the value proposition you will find that there is a huge asymmetric risk/reward in Statera, and we will make that even clearer in our soon to be released litepaper. You are on the ground floor of a simple but highly effective solution to onboarding people into defi, cryptocurrencies, and investing. Our product reduces volatility and increases gains (decreases beta and increases alpha in investor terms), which is highly attractive in any investment. The down side is there but the upside outweighs it exponentially (asymmetric risk) Q) What your plans in place for global expansion, are Statera focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this? We have reached out to influencers in other countries and things are in the works. We have also translated documents and are working on having them in at least 4 languages by the end of July. We were founded globally, our team is global, and we are focused on reaching all 7 billion people. Q) Now in the cryptofield everyday there are new projects joining in the Blockchain space. They are upgraded, Well-established and coming up with innovative technology. How Statera going to compete with them? What do you think, one day Statera will become useless And will be lost into the abyss of time for not bringing any new technology? We are the first of our kind, no one had a deflationary index fund before us. Index funds will be the future of crypto (look at the popularity of etfs and indexes in the traditional markets). We are a tool to make your index function better and pay you more. As long as people care about crypto index funds they will care about the value STA brings to that. We have an involved and long term plan to reach dominance over a 5 year span, this is not a flash in the pan, big things coming Q1. You say that the weight and proportions of your tokens are constant. So how have you managed to prevent market price speculation from generating hypervolability in your token price? Do you consider yourselves a kind of stablecoin? Q2. How many jurisdictions allow the use of Stratera products and services? Are they available for Latin America? @joloroeowo The balancer ensures an equal ratio of 20% amongst the five tokens included in our fund. This, however, does not imply that the tokens are stable. Rather, the Balancer protocol helps mitigating price fluctuations. Q) How can I as a Statera participant participate in liquidity mining, and receive BAL as reward? What are the use cases of $STA token, and how are users motivated to buy and hold long term? The easiest way is to go to stateratoken.com and click trade then BPT. You can also buy all five tokens and click on portfolio then add liquidity. Balancer is working on a simpler interface to add liquidity with one token, we are waiting on them. I think we explained the use cases above Q) What do you plan have for global expansion, is Statera currently focused solely on the market? Or is it focused on building and developing or acquiring customer and user or partnership relationships? Can you explain it? We are currently working on promoting the project and further develope our product, making it lucrative for more new investors to join our pool and invest in the STA token. Q1) Statera have 2 types of tokens, so can you tell me the differences between STA and STAC ? What are their uses cases? Is possible Swap between them? Q2) Currently the only possible Swap or "exchange" possible is Uniswap, so you do have plans to list the STA token into a more Exchanges? STAC is obsolete, we only have STA and BPT (go to our website and click on trade) stateratoken.com BPT gives you more diversification and less risk, STA gives you more volatility and more chance for big gains. Q2 we are on multiple exchanges (4), bamboo relay, saturn, and mesa we do have plans for future exchanges but the big ones have processes and hoops to jump through that can't be done so quickly Q) What business scenarios can STATERA support now? In which industries can we see the mass adoption of STATERA technology in the near future? Statera increases the effectiveness of your cryptocurrency investments. Specifically it makes cryptocurrency index funds function better, netting you higher returns, which we have already seen in just one month of implementation. Right now, today, you can buy our BPT token and increase the functionality of holding a crypto index fund. In the future we want every single web user to see and use our product Q) Do you plan to migrate to other platforms like Tron, BinanceChain, EOS, etc. if it is feasible?? Migrating our current contract is not. Starting new offerings on those other chains could be possible, they aren't on our radar currently but if the community requests them we are driven by our community Q) ETH Blockchain is a Blockchain have many token based in it, i have used ETH blockchain long time and i see it have big fee and need much time to make a transcation so Why you choose to based STA in ETH blockchain not other like Bep2 or Trc20 ? Simply: 100 million addresses, 1 million transactions a day. The more users we have the more we will benefit our community. We hope ETH 2.0 scaling will fix the problems you mention. Q) No one achieve anything of value on its own, please can you share about Statera present and future partnerships that will drive you to success in this highly congested crypto space? We have a unique product that no one else has (there are people who have copied us). We can't announce our current and future partnerships yet, but they will be released soon. Our future hopes of partnerships are big and will be key to our future, know we are focused on making big partnerships, some you may not even be thinking about. Q) According to the fact that your algorithm causes 1% of each transaction to be destroyed, I would like to know, then, how you plan to finance yourself as a project in the long term? The project is now in the hands of the community and we are a team of passionate people volunteering to help promote and develope the Statera ecosystem. But then, how do we afford running a promo campaign? We have lots of great community members donating funds that goes to promoting the project. In other words, the community helps financing the project. And so far, we have created a fantastic community consisting of passionate and well-educated people! Q) There are many cryptocurrency startups were established by talent teams, but they got problem in raising capital via token sales due to many factors as bear market, bankrupt etc. This leaded their potential startups fail. So how will Statera break these barriers and attract more funds from outside crypto space? We are community focused and community ran. When you look at centralized cryptocurrencies you can see the negative of them (Tron, ADA, etc.) We believe being fully decentralized is the true power position. You the owner of statera can affect our future and must affect our future. This direct ownership means people need to mobilize and organize to push us forward, and it is in their best self interest to do so. It's a bet on our community, we're excited about that bet Q) What business scenarios can STATERA support now? In which industries can we see the mass adoption of STATERA technology in the near future? Statera increases the effectiveness of your cryptocurrency investments. Specifically it makes cryptocurrency index funds function better, netting you higher returns, which we have already seen in just one month of implementation. Right now, today, you can buy our BPT token and increase the functionality of holding a crypto index fund. In the future we want every single web user to see and use our product Q) Why being a hybrid of a liquidity pool and an index fund? What are the main benefits about this? By being a liquidity pool the exchange side of the pool (balancer also functions as an exchange) gives you added liquidity for more effortless, effective, and cheaper rebalancing. You also benefit from getting paid the fee when people use the exchange AND getting paid BAL tokens that are worth $15-20 USD. These are not benefits you get with an index fund, meanwhile the liquidity pool rebalances just like an index fund would Q) Which specific about technology and strategy of #STA that make you believe it will be successful and what does #STA plan do to attract more users in the upcoming time? I think the idea behind Statera is truly ingenious. We have made an index fund, which investors are highly(!) incentivised to invest in, namely because the ROI, so far, has been huge. An increase in the pool liquidity (index fund) indirectly translates into an increase in the price of STA, why we think the STA token - combined with its deflationary nature - will increase in the long run. The mechanism behind this is somewhat complex, but to better get an understanding of it, I suggest you visit our medium page and read more about the project: https://medium.com/@stateraproject
05-22 00:34 - 'Question about buying BTC/Altcoins' (self.Bitcoin) by /u/skookum_87 removed from /r/Bitcoin within 24-34min
''' Hi! I’m sorry if any of my questions doesn’t make sense but I’m trying to learn about this. What would be the best choice for buying BTC, exchanging BTC for altcoins and storing the altcoins? I’m looking for the cheapest and simplest way to do things but I’d also like to know what would be the best way regardless. A) Buy BTC on Coinbase/Gemini/Abra, exchanging for altcoins there and storing it there. B) Buy BTC on Binance/KuCoin/BitTrex/Crypto.com, exchanging for altcoins and storing it there. C) Buy BTC/ETH on a wallet like Trust/MEW/Blockchain/JAXX, exchange it for altcoins and store it there. D) Buy BTC on Coinbase/Gemini/Abra, exchange it on Binance/KuCoin/Bittrex, store it a wallet like Trust/MEW/JAXX Finally, which are the better platforms for each step? Which ones would you recommend and which ones would you not recommend? Is there a better process than those that I’ve described? Which one? Thank you in advance! ''' Question about buying BTC/Altcoins Go1dfish undelete link unreddit undelete link Author: skookum_87
A special DAO for overseeing contribution ( ContributionDAO )
Every form of centralization is disfavored in public networks
The power of early adopter and contributor
What we could do in early stages to avoid the fate of crypto-dystopia
I wrote with the love for ICON and many years of experience in crypto/blockchain space as well as a long exposure to political theory. You know, blockchain is a beautiful combination of economic, politic and technology. But it will become ugly if not being done properly in the first days.
Can contribution be quantified ?
This question should be started with another one: how do we define contribution ? We cannot quantify something without identifying it first. But there are many answers, very biased ones you know. Anyway, at the end of the day, we must come to a consensus on how we could identify contribution. In my observation, the consensus is "anything help to bring value to ICON network, it could be counted as contribution" Now here comes another question, how do we know that some activity will bring value to ICON network ( and ICX price ) ? Well, just use common sense alone, I can make a list like following
Develop open source projects in ecosystem
Make great tools and documentation to help onboarding new developers
Implement ICON node client using different languages, it plays a vital role in resilience of the network ( Ethereum has 7, 8 different client implementations )
Hosting hackathons and developer events to spread awareness and create strong developer mindshare
Brainstorming ideas on how to use blockchain ( and ICON network ) to bring economic benefit to business, as well as executing those ideas
Propose strong and well thought proposals on network governance
That is my list, there are many more for sure, it depends on your experience and perspective. As long as you can explain how your activity could bring value to ICON, and if community accept it, then it is contribution. Subjectivity is the nature of the game. At this point, assume that we can identify contribution ( or we think something maybe a contribution ), how to quantify them ? How to determine how big, how important, how significant that contribution is ? Again, subjectivity is still around here. There is no universal truth at all. Each ICONist probably has a subjective view on the significance of some specific contribution. It makes us hard to quantify contribution reliably, so what should we do ?
A heuristic technique to quantify contribution
So, do we must live with it ? Even ICON Foundation does not give us any strong set of rule on this quantification problem. Is it that sad ? Is it the end ? Not really, no way we are in dead end here, we never surrender. In fact, I strongly believe that we just need to use common sense and community wisdom, combine with verifiable proof of finished contribution and one well designed DAO for overseeing them, we could come to a good enough heuristic method to quantify contribution. Wait a minute, what doesheuristicmean ? "A heuristic technique, often called simply a heuristic, is any approach to problem solving or self-discovery that employs a practical method that is not guaranteed to be optimal, perfect or rational, but instead sufficient for reaching an immediate goal." - Wikipedia
A special DAO for overseeing contribution ( ContributionDAO )
To quantify PRep contribution, the heuristic framework could be like this
First, we must build one DAO called ContributionDAO
ContributionDAO comes with its own token ( maybe CNTR token )
This token will play a key role in the way contribution is evaluated and quantified.
The main purpose of CNTR is for competitive voting of contribution items.
Initially, CNTR token will be distributed to all ICX holders with conversion ratio calculated by a special formula for reducing the influence of whales.
All above rules will be explained in detail in ContributionDAO light paper which will be ready in coming months, I am working on it.
All PReps must finish their works/contributions and submit them as individual items to ContributionDAO
For all submitted contributions, CNTR holders ( all ICONists ) can upvote or downvote them competitively. After a certain amount of time ( determined by a number of blocks ), the winners and losers are known and rewarded or punished correspondingly. Details will be in light paper.
Rewarded means winner's CNTR holding is increased proportionally to the amount of voted CNTR and how big they win.
Punished means losers's CNTR holding is decreased proportionally to the amount of voted CNTR and how big they lose.
Vote result of a contribution could be interpreted like below ( still a draft at the moment )
If a submitted contribution has very small amount of votes or no vote at all ( both downvote and upvote ), it could be considered pointless.
If a submitted contribution has almost equally amount of upvotes and downvotes, it could be considered controversial.
If a submitted contribution has way more upvotes than downvotes, it could be considered useful.
If a submitted contribution has way more downvotes than upvotes, it could be considered harmful.
In conclusion, the higher value of upvote/downvote ratio, the more significant and important one contribution is. This ratio value is calculated using a formula to take net voting volume into account. Again, more details in light paper.
ContributionDAO does not guarantee an absolute objective quantification of contributions, but it could be a useful weak-subjective quantitative tool for community to determine the significance of contributions done by PReps. In the beginning, all ICONists have the right to evaluate and vote for the meaningful contributions, but if they keep voting blindly, irresponsibly and against majority, their CNTR holding will be burnt to zero gradually and they will lose their right eventually. Note that, beside the initial CNTR distribution by airdrop, anyone can still buy CNTR on open market if there is seller, but that is another story I will go more deeper in ContributionDAO light paper. Just a hint, it relates to governance economic. Yeah,governance activitiescould form a whole economy of their own. This game will be interesting.
Every form of centralization is disfavored in public networks
Why ? In simplest explanation, community support is de facto force for the success of every public open projects ( public blockchain is one of them ). In order to secure community support, the project must belong to community first. By nature, centralization in all forms is against community interest, it will result in gradually decreasing of community activity and ultimately, the dead of project ( or zombie state ) If you still have a vague idea on the importance of community, please take a look at Bitcoin and Ethereum, they are the ones with strongest community support so far. Developer adoption will come naturally with huge community and decentralization. We all see the fact that no one want to build on a centralized authoritarian network. \* If someone want to bring Binance as counter argument here, please consider the short term benefit of being listed on Binance itself, it has nothing to do with the merit of a truly open and decentralized blockchain project. You know what I mean, right ?*
The power of early adopter and contributor
There are always pioneers in every community, nothing new here. There must be first contributors and adopters who take risk and invest their time into something still being in nascent stage. Yeah, those people really deserve a huge reward. But the problem here is, that "huge reward" is usually come in form of soft power. It means they possess a huge influence to community. Sometime, it is the hard power, especially in blockchain, if they hold a lot of token and being the owner of big business running on the network. Either accidentally or intentionally, the power is centralized in their hand. Note that, I don't assert them to be bad actor here, absolutely no. In fact, they could be good actor and still possess a huge power somehow. Anyway, centralization of power is still centralization.
What we could do in early stages to avoid the fate of crypto-dystopia
In my opinion, the first thing we as ICONist should do is make sure we vote for the right PReps as they are the ones with immense power on ICON network. However, wisely voting alone is not enough, we must make sure power is not centralized in their hand ( even for good and ethical PReps ). With ContributionDAO, we will soon have a single one portal which provide more comprehensive and more details data source to research about PRep contribution. The good news is that portal will be governed in a decentralized manner from the first day. No more time consuming digging and searching for contribution detail of PReps, it will save a lot of time when there are more and more PReps joining the game. I hope that ContributionDAO could help more ICONists to participate in ICON network governance by providing better tool and data source, as well as economic incentive. The more ICONists actively research and vote for right PReps, the better ICON network will be in long term. It is time for wrapping everything up. We should know that ContributionDAO is just a tool, ultimately everything is up to ICONists. If ICONists choose to play selfishly for short term benefit, nothing can save ICON from destruction. But if we - all ICONists - decide to care more about ICON future, I believe ContributionDAO will be able to help us. I am a member of ICONVIET team and also an ICONist myself. I and ICONVIET strongly believe that beside DApps building and business development, contribution in governance design and proposal is also very important. Therefore, ContributionDAO will be one of our main projects after decentralization. ** UPDATE_1, thank everyone for feedbacks :)
The purpose of ContributionDAO is make sure every contribution is showed clearly, compactly and quantitatively. It can help to avoid the vague effect of heavily-marketing-buzzword when PReps announce their contribution. It could be used as a tool for official democratic voting provided by ICON which reflect the final decision of ICONists.
Thank you for your support :) @duyyudus - ICONVIET
The March Of Derivatives Through Times And Markets
The abundance of terms available on the financial market is as scary as it is confusing for the average, uninitiated trader seeking to start making a fortune on their assets. The knowledge of a starting trader who was used to the cozy and familiar confines of the checkout at the local grocery store will turn into a wild rollercoaster ride the moment they step into the crazy world of financial instruments. But the financial devil is not as terrifying as he is made out to be. Orders, derivatives, contracts, futures, shorts, stops and so on are the terms that threaten starting traders to to shatter dreams and haunt their nightmares, drenching their backs with cold sweat at the sight of ominous Japanese Candles and convoluted geometrical figures on frightening charts. But it is not that horrifying as the theory of virtually every single financial instrument is tightly knit into the fabric of everyday life. The simplest and most common instrument that every single person who has ever watched even a moment of financial news has heard of is the basic derivative. The derivative is just a fancy name for a contract relying its value on a large variety of instruments on the financial market that are better known as stocks, bonds, commodities, currencies, interest rates and other variables. In fact, there are derivatives on virtually anything imaginable and a very simple example can be betting, where the profit of one party to the contract is placed on the outcome of a certain event.
The Long Way
The history of derivative contracts goes back to ancient times. The instrument has come a long way since its primitive form as a verbal agreement between merchants seeking to attract funding for their adventures. One of the oldest known examples is that of Babylonian merchants who concluded risk sharing agreements and received loans for their caravans. The loans could be repaid if the goods were successfully delivered and sold in distant lands. The Templars used a further development of loans as they used to give money to pilgrims traveling to the Holy Land and would later charge interest on the funds. The Conquistadors were no better, as they signed futures contracts with the Spanish Crown and wealthy Spaniards for their ventures into the New World, where the booty and plunder pilfered from the hapless natives would serve as the payoff. The first modern derivative contracts appeared on the London Stock Exchange in the 1830s, and the United States entered them into practice in the 1850s. Derivatives, mostly the swaps, served as the reason for the 2008 mortgage crisis in the United States as the involvement of counterparty risks simply spiraled out of control. In the cryptocurrency world, the first derivatives were issued on BTC as Bitcoin futures and options are successfully traded on the Chicago Mercantile Exchange (CME Group), the Chicago Board Options Exchange (CBOE), as well as on a number of cryptocurrency exchanges, in particular, on Binance, BitMex, BitFinex, OKCoin and others.
Types of Derivatives
There are a number of types of derivatives that are available to traders. Most of them operate on the same principles with several differences that are tailored to specific requirements the traders put forward. https://preview.redd.it/hpd1fz5azgy31.jpg?width=300&format=pjpg&auto=webp&s=5622cd8da568c821bfc28d2e576f14fa1c54e24b Futures Contracts Futures contracts are some of the most common types of derivatives. A futures contract is an agreement between two parties for the purchase and delivery of some kind of asset at an agreed upon price at some date specified in the future. Futures are traded on exchanges as standardized forms. This type of derivative is usually used by traders to hedge risks or for speculation on prices of various assets. A classic example are speculations on the price of oil, gold or the price of the US dollar or British pound. The expiration date of the delivery of the asset is not always the date of contract termination, since many derivatives are settled on cash. Basically, the gain or loss in trade is a positive or negative cash flow for the trader. Interest rate futures, stock index futures, and many more are also called cash settled contracts. Forwards Forward are the next important kind of derivative and are quite similar to futures, much like most other derivatives. Forward contracts are not traded on exchanges, but on OTC. Under a forward contract, the buyer and seller can customize the terms of the deal, its volume and the settlement process. Counterparty risks, or the risk that one of the parties will not be able to fulfill their obligations are inherent to futures. An important aspect of forwards is that more than two parties can be involved in the contract to offset the risks. Swaps Swaps are a derivative under which it is possible to swap one kind of cash flow with another. For example, it is possible to switch from a variable interest rate loan to a fixed interest rate loan, or vice versa. These are very popular for offsetting risks and are extremely useful when dealing with currencies. Options Options are agreements between two parties to buy or sell an asset at a predetermined future date for a specified price. Under this type of derivative, the buyer is not obligated to call the contract, while the seller has to either buy or sell the asset if the buyer chooses to exercise the contract. Hence the name. Options are commonly used for hedging or price speculation on assets.
The Echoes On Derivatives
The opinions of market specialists on derivatives vary diametrically as many herald them as the be-all of the market, while others blame them for excessive volatility and other market troubles. Derivatives do have their limitations as they are quite difficult to value. Since the price of derivatives is based on the price of assets, their value is subject to a variety of external factors. The risks for OTC derivatives include counterparty risks that are difficult to predict. The expiration time, the cost of holding the asset, and the interest rates are also factors that affect the value of derivatives. Matching the value of a derivative with the underlying asset is made difficult by this combination of factors. The supply and demand of a derivative can make its value to rise and fall in value even if all other factors, including the price of the asset are kept constant. And this is called speculation. The most recent criticism was directed at Bitcoin futures, which have caused the value of Bitcoin to jump, but eventually failed to maintain its price in the plus in the long run. The call from every set of lips on the market was that Bitcoin was a bubble and its end was nigh. The failure of Bitcoin futures contracts to have any serious long term effect on the asset’s price can be attributed to the immense news background determining the price of such an asset, once again proving the limitations of derivatives on classical exchanges and their amalgamations on the crypto market. Zennon Kapron, managing director of Shanghai-based consulting firm Kapronasia said “It is rare that you see something more volatile than Bitcoin, but we found it: Bitcoin futures.” Since Bitcoin does not have any physical underlying assets, many experts on the market believe that the advent of futures contracts for Bitcoin is not good for the crypto market in the long run. The arrival of institutional investors is supposed to be the panacea the market is waiting for. The lack of any requirements on the ownership of Bitcoins on the part of the seller of the futures contract is considered to be the main drawback hampering the application of derivatives for such assets. https://preview.redd.it/tg2rz9uczgy31.png?width=650&format=png&auto=webp&s=bed377e5ad32565acbf3c0ed3b574469e1598186 Those siding with the futures on Bitcoin claim that their arrival will help stabilize the market and provide better order execution, thus bringing a more civilized nature of trade to the entire market. Another important argument in favor of derivatives with crypto assets is the trust factor. Crypto enthusiasts are certain that the introduction of such instruments on regulated and reputable exchanges will help garner trust from institutional investors and attract them to the market of crypto assets, thus generating liquidity and minimizing volatility.
Recurring Revenue Model - you have a unique URL affiliate link, and when you send it to people their account is linked to yours, and you get a percentage of whatever they spend or trade during their time. Sometimes this can be time limited (for 30 days), but typically goes for the life of the person you refer. Typically referral fees are taken from the company, so the company might advertise as 30% of Company's revenue, or it may say 1% of money spent on the platform.
Initial payout Model - this is the most popular and simplest model for paying affiliates. A simple pay per sign up, typically between $5 and $15 per sign up you get. However, rarely will you get paid just for the signup, instead the new user must complete some "engaging action" on the website - a purchase, a trade, or a post.
Multi-tiered Revenue Model - this is an extrapolated model from the recurring revenue model, where there are multiple tiers, or levels, so you get paid for the people who get referred by the people you refer. Typically it's a smaller % for the indirect tier, since you didn't do any work, but it does incentivize people to find the power players and refer them to the website.
Below are the Top 10 Affiliate Programs to Earn Cryptocurrency that we've found. Granted there are many affiliate programs out there, but if you're looking to start a blog, Youtube channel, or other content idea to get paid through affiliate links, check these out first. LocalBitcoins https://localbitcoins.com/ https://preview.redd.it/0zy08bsxjjx31.png?width=504&format=png&auto=webp&s=30b0b2f9c140d681a3dd9330f7b44d1d433dbe14 LocalBitcoins is a peer-to-peer trading site for bitcoin to 100's of other currencies. A fantastic option to get access to bitcoin. LocalBitcoins offers a 20% commission for your affiliates directly to your Local Bitcoins wallet. If you refer both a buyer and seller, you will get a commission from both referrals or 40% of the total transaction. Payouts will be paid daily to your LocalBitcoins wallet for one (1) year from user's registration. Redeeem https://www.redeeem.com/ https://preview.redd.it/26jy3yj4kjx31.png?width=508&format=png&auto=webp&s=30d1d56ceba2ea9cc405af6729cce46248d1f5ad Founded in 2018, Redeeem is a fast, safe and easy way to buy and sell gift cards using cryptocurrencies. The goal is to accelerate the adoption of Bitcoin into the global economy and showcase its endless potential. For every person that signs up with your affiliate link you earn 1% of their total crypto trade volume, paid nightly in bitcoin. This has no expiration nor limits so you continue to earn passively as long as your old and new affiliates trade. Abra https://www.abra.com/ Founded in 2014 by Bill Barhydt, serial entrepreneur and global mobile-banking veteran, our team is based in Silicon Valley and committed to forever changing how the world moves money. Abra's Affiliate Program lets you offer a $25 joining bonus to your referrals, and earn $25 for each affiliate that will sign up using your Referral Link. For affiliates and new users to receive their $25, they must either 1) Deposit a minimum of $5 to their Abra wallet via a US bank account or eligible American Express card; Or 2) Deposit crypto and exchange it to other assets EXCEPT for BTC, BCH, ETH or LTC. This option will allow the referrer and referred to receive 0.75% of the exchange total, up to $25. The referred user must also have accrued a minimum of $5 in rewards to receive the payment. Binance https://www.binance.com/en https://preview.redd.it/41719u90ljx31.png?width=1284&format=png&auto=webp&s=beda5720d18f614ed2621b36ce32d6fd9e1fb025 Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume. Inviters and referrals can share up to 40% referral commissions from their trading fees under Binance's upgraded Referral Program. Inviters can choose to share a portion of the commissions received of the friends they invite and set the sharing rate as 0%, 5% or 10% (for inviters with daily average BNB of less than 500, and base referral rate is 20%). For inviters that have a daily average BNB of more than 500, their base referral rate is bumped up to 40% and have the option to share 15% or 20% with their referrals. All referral commissions (both those received by inviters and those shared with their invited friends) are calculated in real-time and transferred to the respective Binance accounts every hour from 12:00 AM until 1:00 AM (UTC) of the next day. CEX.IO https://cex.io/ https://preview.redd.it/tu065lucljx31.png?width=1115&format=png&auto=webp&s=ae09a725648954d62c055a3090fb61b56a2d189c Established in 2013 as the first cloud mining provider, CEX.IO has become a multi-functional cryptocurrency exchange, trusted by over a million users. CEX.IO offers cross-platform trading via website, mobile app, WebSocket and REST API, providing access to high liquidity orderbook for top currency pairs on the market. Current Affiliate program offers a 30% commission on the fee of exchange transactions of every new user that signs up with your Referral link. Changelly https://changelly.com/ https://preview.redd.it/og6x94thljx31.png?width=1208&format=png&auto=webp&s=c462b8dd39c33026ab3f33f42c6369e60a23bff9 Changelly is a non-custodial instant cryptocurrency exchange. They act as an intermediary between crypto exchanges and users, offering access to 130+ cryptocurrencies. The company mission is making exchange process effortless for everyone who wants to invest in cryptocurrency. Operating since 2015, the platform and its mobile app attract over a million visitors monthly who enjoy high limits, fast transactions, and 24/7 live support. Loyal customers get a special feature in the Affiliate Program. Customers who share their affiliate link or add the Changelly widget can get 50% profit from every transaction made by new users that signed up via your referral link. The link is permanent, and the reward is given in bitcoin equivalent. YouHodler https://www.youhodler.com/ https://preview.redd.it/5re0e4zxljx31.png?width=980&format=png&auto=webp&s=a9e260730dbd4fa50069875cd9fc8c612c468499 YouHodler is a Blockchain-based Financial Ecosystem focused on cryptocurrency-backed lending with fiat loans. YouHodler lending platform provides USD and/or EUR loans, secured by collateral in BTC, ETH, XRP, and other popular cryptocurrencies. The YouHodler Referral Program allows you to earn $25 with each successfully activated account from your referral link and promo code. Everyone that follows your link and activates their account (funding their account and using at least one product such as Turbocharge or conversion) also gets $25 instantly. Aside from the instant reward, you can also receive 50% in average of YouHodler's revenue from the next 10 products your invitee gets. Cryptohopper https://www.cryptohopper.com/ https://preview.redd.it/clq699w4mjx31.png?width=1189&format=png&auto=webp&s=b194202d7997a07391abf28f7aa2ba4946c30d0c Cryptohopper was started by two brothers. After hearing about the opportunities of cryptocurrencies for the first time, they were hooked. One of them was successful as a daytrader. The other brother, a brilliant web developer, didn't have the funds to invest. This got him thinking, what if there was a way to let a bot trade for you. It would work 24/7, trading as many coins as you wanted it to, constantly monitoring the market. You can earn a minimum of $1.90 a month for each user who signs up for an Explorer Hopper, $4.90 for each Adventure Hopper referral and $9.90 for each Hero! To maximize your earnings, each referral will also earn you up to 15% over each of their payments, including; signals, strategies and marketplace items. It all counts. Trezor https://trezor.io/ https://preview.redd.it/boazp1gamjx31.png?width=1044&format=png&auto=webp&s=97a64a99b3233f28b25e3226c09ad19823c4b465 Trezor is a Bitcoin hardware wallet and launched in August 2014. It was the first Bitcoin hardware wallet, offering secure cold storage plus the ability to spend with the convenience of a hot wallet. You will earn 12% - 15% referral commission for each sale. (net sale amount, excluding VAT and shipping). Monthly payouts via wire transfer or Bitcoin. Wire Transfer (USD, EUR and CZK) or Bitcoin. Coinhouse https://www.coinhouse.com/ https://preview.redd.it/w3bb6fggmjx31.png?width=1136&format=png&auto=webp&s=a69f7cc478dbcb1b46e858c7c0a10b36d38cddf1 Founded in 2014 in Paris, Coinhouse is a pioneer in cryptoassets investments. Both an online platform and a brick-and-mortar location, Coinhouse is the trusted partner for individuals and qualified investors looking to analyse, acquire, sell, and securely store cryptoassets. Earn 30% commission on your clients’ transactions for 1 year when they sign up using your unique and personalized tracking link. Get paid directly in Bitcoin to optimize your income.
Beginners Guide To Using Binance (Buying ALTcoins)
Beginners Guide To Using Binance (Buying ALTcoins)
Hello, Today I am going to give you newcomers a walkthrough on how to setup and use Binance.
First you may ask.. What is Binance?? Binance is a Cryptocurrency Exchange that focuses on Crypto-to-Crypto Trading. Which means that unlike other exchanges that exchange "Fiat" or Traditional Currencies (USD,EUR,etc.) for Cryptocurrencies, you would instead exchange your Bitcoin or Ethereum for Lesser Known ALTcoins and Vice-versa. Binance is a quick and easy way to get into ALT coins if you already own some Cryptocurrencies, and don't worry, you don't have to keep your coins on the exchange, it allows you to send your individual ALT coins to your personal wallets and secure them.
Lets Get Started...
STEP 1 - Preparing your Computer for Cryptocurrency Transactions
This is a step most people do not think about. I have been reading more and more about MalWare,Spyware and keyloggers that are specifically targeting Cryptocurrency transactions. If your computer is infected, you could easily lose your cryptos before you even get started. Do some virus scans, malware scans and make sure your antivirus is up to date. I can not stress this enough, make sure your computer is secure before you begin trading cryptos.
STEP 2 - Registration
Once you have a secure PC for setting up your account, you will want to go to https://binance.com Here is a SCREENSHOT of what you will see when you first go to the Binance Website.
Make sure when visiting the binance website you check the lock symbol in the address bar too make sure your at the correct URL and that the site is Secure.
Registering is simple. Enter the Email and Password you would like to use and hit register. You will receive an email with a verification link, once you verify your email, your account will be registered.
STEP 3 - 2FA (Two-Factor Authentication)
When you first login you should be greeted by this SCREEN. Depending on how secure you want your account to be, I highly suggest you enable Two-Factor Authentication. What 2FA does is creates a random 6 digit number that changes every 30 seconds. You will also need this code on top of your email and password to login. So if someone does somehow manage to steal your password, you will still be safe as long as they do not have your 2FA device. The only option available is by Google Authenticator which is available for both Android and iOS Smartphones. Once your ready to begin click the Google Auth Button and it will bring up this SCREEN
Download the Google Authenticator App on your smartphone/tablet. You will see a + symbol in the upper right corner of the screen. Choose the "Scan Barcode" option and scan the 2FA Backup Key. It should now list a 6-digit number and show binance.com and your email. This code will change every 30 seconds. Make sure you back up your 2FA code (secret key) and keep it for safe keeping. DO THIS BEFORE you enter your login password and 2FA code from the app in the right hand side of the screen. Once you have entered both your password and current 2FA code from the app, 2FA will be enabled. Once you have your account setup, secured, and you have backed up your 2FA barcode, your ready to make a deposit.
STEP 4 - Making a deposit
In order to start trading or buying ALTcoins you are going to have to fund your account. Hover your mouse over the "funds" tab and click on "Deposits and Withdrawals" Here's a screenshot
You are going to be met with a wall of different coins. Type in the search bar in the top left the coin you want to deposit. Binance uses two main pairs for trading. Bitcoin (BTC) or Ethereum (ETH). Lets use Bitcoin in this example since it is the most popular, although, at the moment it is quite expensive to send and receive.
Type "Bitcoin" into the search bar in the top left hand side of the Deposits and Withdrawals Screen and click on deposit. You will be now see a screen that has a Bitcoin Wallet Address. This is your Binance Bitcoin Wallet and is the address you want to send your bitcoins in order to trade them for other coins. You simply send your Bitcoins from your wallet to your Binance Bitcoin Wallet the same way you would make any other bitcoin transaction. You can check the transaction by going to "History" which is under the "Funds" tab, or by checking the wallet address on a Block Chain explorer. Once you get your first confirmation it will show up in the history tab and you will receive an email notifying you that your account has been funded.
STEP 5 - Trading
Before you buy your first coins you will want to grab yourself a few Binance Coins or BNB to pay for trading fees. In order to take advantage of the 0.05% trading fees you will need have some BNB. If your only doing small trades, I suggest just buying 1 or 2 BNB to get a feel of how much each trade costs. One of the main reasons to do this is because binance does not allow you to trade in small decimals, so if it ends up taking your fees from the coins your trying to buy, you will be left with untradeable dust. Say you buy 110 XRP and do not have any BNB to pay for the fees. Your fees will now be 1% of the total amount or 1.1 XRP. So you will have 108.9 XRP and will be unable to trade the 0.9 XRP back to Bitcoin or Ethereum. This 0.9 XRP is considered "Dust". Binance is apparently working on a solution to this. Buying BNB is easy. From the Exchange Screen find the BNB/BTC pair (if you deposited Bitcoin) and place a market order to buy some BNB. The method will be the exact same as shown below. Once you have some Bitcoin or Ethereum loaded into your account your now ready to trade it for other coins. I'm assuming at this point you have done your research and know the coins you want to get into. In this example we are going to use a popular cryptocurrency called XRP or Ripple. Hit the "Exchange" Button on the top left of your screen and go to basic. It will bring up a screen with charts and a bunch of green and red numbers. HERES AN EXAMPLE There are two types of orders you can make:
Market Order - A Market Order is simply buying it at the current "ASK" or market price. This is the simplest order as it doesn't involve any thinking. Just enter the amount of coins you want to buy and press the big green "BUY" button. Once the order goes through you will see the coins you bought in your available balance.
Limit Order - A Limit Order is where you can set your own BUY price. Say you think it will go down a bit before it goes up, so you set your limit order a bit lower then the current price in hopes of getting a discount. The prices you see on the chart shows the current price of the coin in relation to the Bitcoin (BTC). Be aware that it will only trigger and make the buy if it hits the price you set in your limit order.
If you want to sell your ALTcoins back to Bitcoin or Ethereum then place a market sell order or limit order at the price you want to convert them back.
STEP 6 - Securing your new coins
Depending on if your strategy is too buy and hold, Once you buy your coins you will want to secure them by sending them to the individual wallet made for the coin you bought. In our case we just bought Ripple XRP. So you go back to your "Deposits and Withdrawals" under the "Funds" tab in binance and type in the search bar the coin you want to send out.
Send a small test amount to make sure it hits the correct wallet before sending larger amounts, be aware of withdrawal minimums aswell
Make sure you have the right coin and hit the "Withdrawal" button. You will be brought to a screen where it wants you to enter your wallet address. Here is an example from the "Toast" website Your address would be the string of random letter and numbers above the barcode. Copy and Paste this into the address bad where I labeled "Your Address Here" USE THIS SCREENSHOT AS A REFERENCE Any withdrawal transaction will also be recorded under "History" under the "Funds" tab. Your coins should now show up in your toast wallet. Be sure when you are researching a coin to buy to also do some research on what wallets are available and how secure they are. Although there are multi-currency wallets, typically you will have 1 wallet for each different coin.
https://preview.redd.it/jr4rcqri7fc31.png?width=1500&format=png&auto=webp&s=e1f6f2492b5047774829e0882af09b6b2ee058cb In preparation for the launch of the game 🐝 BeeHive, we faced the task again — how our customers who do not have TRX can easily buy it. We conducted our analysis of services for a quick and easy purchase of TRX and received the following analysis, which we have issued in a kind of rating. We did not consider the purchase of cryptocurrency on the crypto exchanges, because for this there are already many reviews and videos on YouTube, our goal was to find services that allow you to quickly buy the TRX currency in the simplest way, without registrations and additional verifications. 📌 https://www.tronwallet.me/buy-tron-trx — the site of the official Tron wallet, allows you to buy TRX with VISA and MasterCard, ApplePay for $ 25 or less without verification and for amounts more after registration. As a payment solution, they use the https://carbon.money/ service, which we will discuss in more detail, as well as our experience of working with them, in the next article. 📌 https://indacoin.com is a platform that allows you to buy TRX with VISA and MasterCard, the minimum purchase amount is $ 100 or more. 📌 https://www.bestchange.ru/ — monitoring of exchange services (mainly for the Russian-speaking segment). There is an English version of the site — https://www.bestchange.com/, but it has a much smaller number of exchange directions. 📌 https://coinswitch.co/ — a platform that finds the best options for exchanging Fiat or cryptocurrency for the cryptocurrency you need. Among the advantages is one of the best courses, the lack of registration and verification, even if the exchange takes place using the Binance exchange. 📌 Services: https://godex.io,https://stealthex.io,https://changenow.io— products of the same type, if not identical, aimed at exchanging one cryptocurrency for another, in our case TRX. Do not require any verification or registration. The transaction usually takes up to 30 minutes. 📌 https://coingate.com — the ability to buy TRX from an SEPA bank account or by direct bank transfer for countries such as: China, Thailand, Indonesia, Malaysia, Vietnam. It is possible to buy from Skrill and Neteller accounts, as well as from the account of mobile operators. 📱 For smartphones: 📌 MathWallet.org — wallet allows you to convert your existing cryptocurrency to TRX (SWAP function), bypassing third-party exchange services. Verification or proof of identity is not needed. You simply create a cryptocurrency wallet for each currency you use (each wallet has its own seed phrase for recovery and can be restored if necessary in any other wallet). Download: Appstore, Android. In addition, you can immediately participate in the game BeeHive from this wallet, without any restrictions, because it has a built-in dapp-browser. 📌 Indacoin — a service designed for easy purchase of TRX cryptocurrency (and not only) from credit and debit cards. Verification is not needed but the commission is not particularly low. Download: Appstore , Android. 📌 Bestchange.ru — monitoring of exchangers (mainly for the Russian-speaking segment). There is an English version of the site — https://www.bestchange.com/, but it has a much smaller number of exchange directions. In addition, we found many services that allow you to buy cryptocurrency in an easy way, however, at the moment they do not support TRX yet. #Blockchain #Dapps #Tron #Trx #SmartContracts
Let me get started by stating I am no way involved with the COSS team. I simply am a COSS holder who wants to share this coin with others. Please note, I am writing this without an opinion and just stating facts (I will include a portion below with my opinions and an explanation of my thought process). Everything I say can be double checked with some DD and if I have time, I will come back and link said facts! What is COSS?
coss.io stands for Crypto One Stop Solution. Essentially, COSS is doing a lot. From their own exchange, to their own markets, a payment gateway for businesses to accept crypto as payments, and even more planned on their roadmap, COSS has a lot on their plate. The ICO ended a few days ago at a rate of 1 ETH for 6000 COSS making the price about 5 cents a COSS.
What does COSS do?
Well as an exchange (no its not decentralized), COSS charges fees for trading. COSS also charges fees for their marketplace or using their payment gateway plug-ins. 50% of the total revenue they obtain is distributed to the COSS tokens weekly. The way it works is that the crypto that was received in revenue as a fee is what is distributed. Example: If the total trading volume on the exchange is 100,000,000 for the week and Ether was 20% of that volume and BitCoin was the other 80%, the payout will be 80% in bitcoin and 20% in ether.
What is the payout formula?
[(Daily Trading Volume) x 7 x 0.002 x 0.5]/93 mil = payout per coin. Multiply this by how many COSS you hold for the value of your payout, but remember the payout will be in a plethora of coins that are traded on COSS!
When are payouts?
Payouts occur EVERY Sunday (weekly), with the first payout to be this Sunday (October 8th). I am not sure what time of day this will occur.
How do you receive payouts?
The simplest way to receive payouts is by holding COSS tokens in your COSS wallet on coss.io
You can receive the payout if you hold COSS on MEW, but it requires additional steps in order to have those coins be a part of the payout. If you use MEW you need to do a bit of configuration. Use this tutorial: https://coss.io/coss-token-revenue-share-tutorial
What is the total supply?
Currently, the circulating supply is 93 million. 80 million of this 93 million are token holders, 10 million is set aside such that the revenue generated by these 10 million tokens goes to charity, and the last 3 million are used by the team to payout bounties and such. (Coinmarketcap has yet to be updated, request has already been sent in)
What is the current marketcap?
At a rough price of 15 cents per coin, the marketcap for COSS is around 14 million
Where can I buy COSS?
At the moment, COSS is being traded on coss.io, etherdelta, and HitBTC
Coinbase Tutorial. A Definitive Guide for Newcomers.
Coinbase Tutorial. A Definitive Guide for Newcomers.
As cryptocurrencies become more abundant throughout our society, more information must be prevalent to educate the newcomers into the world of cryptocurrency and blockchain technology. If you’re new to cryptocurrencies, then you’ve come to the right place as Coinbase is one of the simplest cryptocurrency trading platforms to get started on. Once you understand Coinbase, more advanced trading platforms such as Binance won’t seem as intimidating.
What is Coinbase?
Coinbase is a cryptocurrency trading platform which allows you to buy and sell five different cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. Note that there are over thousands of different cryptocurrencies but these four are what Coinbase specializes in.
Making a Coinbase account
Creating a Coinbase account is very simple but there’s much more to it compared to something like creating a Reddit account. Be sure to have either your driver’s license, passport, or identification card at hand as you’ll be asked to provide this information via upload. Coinbase currently has a sign-up promotion going on. If you haven't signed up yet, sign up using this link and you'll receive $10 free in bitcoin (after you spend $100).
Why does Coinbase need to see my ID?
Coinbase needs to be able to verify your identify because they are a regulated financial service company operating in the US. As they state on their website:
As a regulated financial service company operating in the US we are periodically required to identify users on our platform. This ensures we remain in compliance with KYC/AML laws in the jurisdictions in which we operate, something that is necessary for us to be able to continue to offer digital currency exchange services to our customers.
Once you’ve created your account, you’ll have to wait until you get approved before you’re allowed to start buying and trading on the platform. This can take upwards of 7 days till approval. Coinbase will also make two distinct small charges towards your bank account. You will need to find these charges and register them into Coinbase as a part of the approval process. The time in which it’ll take to get approved will vary person to person, just be patient and you eventually will get approved. In the mean-time I highly recommend taking some extra steps done to ensure the security, and longevity of your account.
Securing Your Coinbase Account
Two Factor Authentication
Upon signing into your Coinbase account, you’ll be sent a text message containing a code in which you will have to input allowing you to access your account. This is a security measure done to ensure it is specifically you trying to access your account, it’s important to note that a hacker could still compromise your account through a social engineering attack with what is known as a phone porting attack. This attack is done after obtaining your phone number and various other personal information, the hacker will then call up your phone carrier impersonating you, and then attempt to port your number over to a new device. Once a hacker has access to your text messages, they can then access your account with your SMS two-factor authentication code. If you’d like to see a real example of how this can play out, Cody Brown shares his example of how he lost $8k worth of bitcoin to this attack. Anyways, the best way to prevent this is through the use of an authenticator. The most common being Google Authenticator. I don’t want to get into too much technical details as to how authenticators work. Think of it as a digital key, stored on a device that changes every 30 seconds. In order to enable authenticator for Coinbase, go to Settings > Security and Enable Authenticator as shown here. After that a prompt will appear along with a QR code and a secret code (comprised of a random string of 16 letters & numbers). You will need to open up your Google Authenticator app and scan in your QR code. You will also need to write down your secret code and keep it in a safe place such as a safe and/or security deposit box. Once enabled, any time you wish to access your Coinbase account or make trades/transfers, you will need access to the 6-digit code provided by your authenticator. IMPORTANT: If you lose access to the device you’ve enacted authenticator on, you ABSOLUTELY WILL NOT be able to recover your account UNLESS you have that 16 digit secret code. This is a serious matter that should be taken with serious caution. It is important you take preventative security measures to ensure the security of your cryptocurrency. I highly recommend calling your bank and opening a security deposit box. This will mostly likely cost a yearly fee but the peace of mind alone is worth it IMO.
I’d like to briefly touch on phishing schemes. Phishing is the act of attempting to obtain personal information through the use of social engineering. Common phishing schemes/methods include: fraudulent e-mails in which the sender tries to impersonate an entity of authority (we’ve all received these sketchy e-mails before) and websites registered under the misspelling of a popular domain. In the world of crypto, it is essential to be attentive to schemes like these as it is much easier to fall victim than you may think. The anonymity of crypto alone makes it very appealing to hackers & scammers. You should always be on the lookout for fraudulent schemes. Some preventative actions you may want to consider taking:
Creating a bookmarks folder of all the popular crypto-related sites you visit
Creating email inbox rules to distinguish trusted entities.
As a safety precaution, ensure you have authenticator enabled throughout all your crypto-related accounts with the security keys kept in a safety deposit box.
Use a hardware wallet to store your cryptocurrency instead of keeping them on exchanges (I’ll touch more on this later)
Funding Your Coinbase Account
Congratulations, your Coinbase account got approved! You can now start funding your account… or so you thought. Upon your first cryptocurrency purchase with Coinbase, it is very likely your bank will automatically flag the purchase as fraudulent. If this happens to you (which it most likely will), you will need to call up your bank and let them know to let the purchase go through. Once you’ve taken care of that, buying and selling cryptocurrency is relatively self-explanatory. Just go to Buy/Sell in the menu and choose which currency you’d like to buy/sell as shown below. https://imgur.com/isNuaSJ
Coinbase has weekly limits as to how much cryptocurrency you may purchase. Your limits will not start out this high but increase with proper verification and the longer you have an account. Weekly Buy Limits
Bank Account: $25,000
Credit/Debit Card: $7,500
Weekly Sell Limits
Credit/Debit Card and bank account purchases are both instantaneous, however, for bank account purchases, it'll take 5-7 business days for you to see the charge in your account. For information see:
There’s three distinct fee’s you will encounter with Coinbase.
Conversion & Exchange Fees: These are fees you’ll encounter through the buying, selling or exchanging of crypto. A fee is charged when you convert fiat to crypto.
Transfer Fees: A fee is charged if you’re transferring crypto to a different wallet (IE: Crypto Binance). Note that if this wallet happens to be another Coinbase wallet, there is no fee.
Mining Fees: These's are inherent fee's you'll encounter with any sort of crypto transaction. Mining fee's will also change depending on which cryptocurrency you are purchasing. I don't want to delve to much into the technical aspects as to why this is (as it can get very technical). I'll have to save this for a later post.
Note that the Bitcoin network is notorious for insanely high fee's. Purchase and transaction fee's upwards of $50+ are not uncommon during periods of high network congestion. Using Bitcoin to purchase something like a cup of coffee is completely trivial, and as we advance forward into the space, it's becoming more apparent that Bitcoin's main use case will be that of a digital gold rather than a global payment network.
Lowest Possible Fee With Coinbase
If you're going to be making large crypto purchases through Coinbase, ideally you'd want to get the lowest fee possible. I have found that the best way to do this is by your linking a bank account rather then by purchasing through debit/credit card. See photo.
Funding via bank account: 1.46% fee
Funding via debit/credit card: 3.83% fee
See photo. As you can see, both allow instantaneous availability of funds. However, it'll take 5-7 business days for the bank account transfer charge to appear in your account. Note: The fee you receive will also depend on how large of an amount you are purchasing. Expect fees to be a bit higher for smaller purchasing amounts and lower for larger amounts.
It's important to know that fees will change depending on what country you're from and what cryptocurrency you happen to be purchasing. For more information on Coinbase fees I highly recommend visiting their fee disclosure page.
Avoiding Coinbase Transfer Fees Using GDAX
There is a bit of loophole to avoid Coinbase transfer fees. This is done through Coinbase’s advanced trading platform known as GDAX. It looks intimidating, but it’s a lot easier to use than they make it seem. Luckily, as Coinbase user, you technically already have a GDAX account. Simply follow the sign-up steps for GDAX, and you’ll find your information pre-populated. No need for long wait-times for verification etc. To mitigate Coinbase transfer fees, send your money: Coinbase - GDAX - wallet of your choice
Sending & Receiving Cryptocurrency
Sending and receiving crypto with Coinbase is super easy…
Go to Accounts in the menu, look for the currency you’d like to send, then click Send. A prompt will come up instructing you to put in the recipients address and the amount you’d like to send. Ethereum example.
Go to Accounts in the menu, look for the currency you’d like to receive, then click Receive. A QR code and random string of numbers will appear. That random string of letters & numbers is your wallet address. This string is what you’d give to someone if you were looking to receive crypto. Your wallet address is also crypto specific. This means that if you try to send Litecoin to your Bitcoin wallet address, the transaction will fail. Random LPT: If you’re ever needing to transfer a large amount of crypto to another wallet, I recommend sending a test amount which is basically just a small amount of crypto. If said small amount appears in the wallet, you know you have the correct address. If not… you may need to just wait a bit longer and hopefully it will appear, or you’ve sent it to the wrong wallet address.
Securing Your Cryptocurrency
There are many ways you could go about securing your cryptocurrency. I’m going to discuss two.
The Vault is a feature Coinbase offers free of charge to safeguard your funds by adding multiple layers of security. With the vault, there is a designated time frame for withdrawals. This helps to safeguard against hackers getting into and emptying your account. Additionally, you can have other people (or email addresses) needed to confirm these withdrawals for an added layer of security. Warning: The vault is a feature you should use if you are planning on holding your cryptocurrency for a longer period of time. It is not recommended if you are looking to turn quick profits through buying and selling often due to the 3 day waiting period for withdrawals.
Ledger Nano S
The Ledger Nano S is a cryptocurrency hardware wallet. It allows you to store your cryptocurrency in physical device akin to that of a USB drive. You would then ideally keep this in a safe at home. This is my personal preferred method of storing cryptocurrency because I don’t have to worry about hackers potentially gaining access to my cryptocurrency online, rather, that security falls into my own hand. I just have to make sure I don’t lose or damage my Ledger, and even if I managed to do that, there is a 16 word recovery phrase provided by the Ledger in the event of a lost, damaged, or stolen Ledger. As long as you have the recovery phrase, you can recover all your cryptocurrency. So after purchasing crypto through Coinbase, instead of leaving my digital goods on the exchange, I transfer it to cold storage (which is another word for hardware wallet IE: Ledger Nano S).
My Primary use of Coinbase
I primarily use Coinbase as an easy access point into the crypto world. Coinbase makes it very easy to purchase the largest of cryptocurrencys and once you have access to these, you can start purchasing more niche cryptocurrencies such as Ripple, EOS, IOTA, NEO, etc... You would do this through the use of much larger exchange such as Binance. You cannot directly convert fiat to crypto with Binance yet. So in order to fund a Binance account, you need to convert your fiat to crypto through an exchange that allows you to do so, (this is where Coinbase comes into play) send that crypto to your Binance account, then make a purchase. The way I go about doing this is:
1st I purchase Ethereum through Coinbase. I purchase Ethereum instead of Bitcoin, because as I mentioned before, Bitcoin is notorious for insanely mining and transaction fees. Ethereum has much lower fees.
2nd I send said Ethereum to my Binance account
3rd Once I receive that Ethereum on my Binance account, I make my niche cryptocurrency purchase through the Binance exchange.
I have a step-by-step guide that details out this process. You can view it here. PHEWWWW. That was a lot of words... Anyways, I hope this was beneficial to you crypto newbies out there. I plan on making more tutorials like this in the future :) If you have any questions, just leave them in the comments sections down below. I’m sure either myself or the community would be able to respond.
Cryptopia CEO Alan Booth on the Cryptocurrency Exchange Realm (Full Article No Link)
Alan Booth is the CEO of one of Cryptopia, an exchange regarded as having one of the widest selection of tokens. Founded in 2014, Cryptopia is one of a handful of blockchain-focused companies in New Zealand. The Cryptopia team is often tasked with researching hundreds of projects to determine their efficacy before any other major exchange has touched them. The exchange lists many projects in their early stages and post-ICO. As an entrepreneur and business consultant for over 50 years, Alan Booth’s story is fairly atypical of that of many entrepreneurs in the cryptocurrency world. His perspective on the cryptocurrency is grounded in decades of business development experience, and he views the cryptocurrency exchange realm as one of the most exciting opportunities yet. In the following interview, we dive into everything from cryptocurrency psychology, the coin listing process, and blockchain entrepreneurship. How did you get introduced into the crypto world? That’s interesting. I was consulting for Cryptopia or consulting to assist them in their development path for several months when it became obvious that they needed some senior leadership to move them from where they are, which was basically a reactive technical focus to a more business global focus on how we develop their business model. We are very conscious of the fact that you need a higher level of thinking. You need a global perspective, particularly from New Zealand because there’s not a lot of us down here. That probably predicates why we’re a global business grown out of such a small population. We’d known each other for a while, certainly six months or so, and when the opportunity came up, why wouldn’t I move from a very safe, comfortable, fun job that I had previously, which was the chief executive of an international flying school. Nothing really scary goes on there. I am at the latter end of my working life, somewhat semi-retired and all my colleagues went, “You’re going to do what? Are you kidding?” Of course, the blood pressure went up and I said, “yeah, I’m going to have a go at this.” So, it’s really about the opportunity when you’ve learned so much over 40 or 50 years of developing business models and floating companies and taking them to the world, which is primarily what I’ve done. To find something that’s new and a full of excitement and fear and trepidation and where is all this going? Then it’s an opportunity you can’t afford to pass up. So, it’s just the daredevil saying let’s go. The risk and the general fervor for the industry have gotten a lot of people very excited. What are the top concerns for exchanges moving forward from your perspective? They are many fold and they are variable based on feedback from the community and somewhat driven by legislation, driven by corporate requirements. The FinTech world, we’ve got to look at that as well as the coin world. If we want to grow and deliver a product that the average consumer can consume, then we have to deliver all the things that they would typically expect. So, if you went into a retail store to buy a heater, you expect to have a warranty. You expect to be safe, you expect to be treated well with clarity. And typically, the coin industry to date has not been very good at that because it’s been evolving and mostly evolving from a technical perspective with probably less weight put on the public consumption of the coin. It’s being technically driven as a technical product when you look at it. When you go to the exchange, some of them take a fair bit of thinking about before you can operate. So, for us, the first thing is trust. If people can’t trust your brand, and that means every part of it, you’re not going to succeed. So, we are very proactive here in New Zealand, talking to legislators, government agencies in and out of New Zealand. KYC, AML, CML, all of that stuff. We are drafting our own internal rules and then most cases they exceed the requirements of our banking partners. So, they look at us and they go, wow, you’re way ahead of where we thought it would be. So, developing a trust relationship with our consumers and business partners is vital. The next thing is developing a stable and functional platform. I don’t just mean the coin exchange itself, but all of the underlying technology. Will we be up? Do we have latency? Are we speedy? Have we purchased the right partnership relationships for our equipment and how do we continue to be able to scale at will and not risk failing to deliver a result? That means helping people get an exchange done, their coins on and off. I suspect it’s the same as every other exchange. Only thing is, down here, we have really focused on three things to move us very quickly forward. One is the public-facing components. That’s the help desk if you get stuck. We want to be able to respond very quickly. And like the other exchanges, we headed enormous influx in the early part of the year and that was debilitating. Nobody was ready for it. We employed teams of people to come in and train as support operators. We’ve since then spent a huge amount of money on a new ticketing system, which actually went live yesterday. So, this morning when I come in, there’s smiley faces trying to get their head around it going, wow, this is amazing. So, we triage all the tickets on the inbound route now and puts it in a good space for our response team to reply as quickly as possible, I want. At the moment, we’re not there. Instead of being 40 or 50 hours and all these horrible delays, I want people to have a response from us immediately and I mean within seconds saying we’ve got your ticket. I can’t answer it right now, but we’re on you. Then, within hours, get back to those customers and fix their problem. They don’t deserve to wait 24 hours or 48 hours. People are anxious. Ticketing, we’ve done something about it. Highly trained staff, we’re employing all the time. We’ve developed foreign offices to beat the time zone thing. We now have a support office in the UK that we have had for some time, actually. The next thing is just the stabilizing of our software and hardware. When you start these things, the enthusiasm and the inexperience of the development team may not know what’s here to them and now we’ve bought in bigger, stronger, international teams. So, that’s great what you’ve got, but let’s do this. So, that’s the phase we’re on now. We’re spending all of our money. In fact, every penny that we generate in this business goes straight back into furthering and developing the products. Nobody’s racing home in Lamborghinis or flying their jets around. They’re just piling into it. So, that’s how I am in terms of producing a high-quality product. It’s not a decision we just made. It’s always been there, but we are now articulating it internally, that we want to be in the top five of crypto exchanges and digital asset exchanges of some form within the next two years. In the top five, bar none, in every respect. Would you say the number one component of being thought of as one of the top five would be trading volume? Is that the primary metric? I absolutely agree with you, but you can’t have trading volume unless you provide the other things first, like security, safety, a good trading platform. If you want trading volume, I have to have a reason for you to trust me, which has to be if I have a failure, will my ticket, be answered? If you do those things, you will get trading volume. I don’t believe you look at it the other way and say, hey, let’s create trading volume because if that comes at you hard and sharp, how are you going to cope with it when something breaks? It’s technology, things will break. It’s how you address things that go wrong that made you successful, not what you put in place to drive that business in. That will happen if you’re good. The word gets out saying this is a great exchange. They fixed my tickets, they’re fast, they’re responsive, it’s safe. That will create trading volume. Trading volume for us is income and of course, we want it. We have actually slowed down on coin listings. We’ve slowed down on taking new customers and we’ve slowed down on developing relationships with partners simply to get our platform in better shape so that we can become the most reliable, trusted partner you can have. That will create trading volume, no doubt about it. Although trading volume does bring in a sizable amount of revenue, there comes a point where it just becomes a vanity metric where people are using an exchange simply because there just aren’t any better alternatives out there.. So, if there is an exchange that can offer all the features that you’re talking about and a premium level of service, then the trading volume will trickle down. There’s no real loyalty for exchanges other than preferences. Absolutely. We wouldn’t ask for that. Why would you say to somebody, hey, you got to be loyal to us? That’s just silly. You will be loyal to us if I offer you a great experience. That means volume of coins, a huge range to trade through. Ease of trading. One click, two clicks. How about some trading tools just like you see in a modern foreign exchange opportunity? Some arbitrage tools, some tools for measurement, some nice desktop tools. We want to introduce other things. It just means that you’ve got control over your own reporting and your own desktop environment. It can become a very powerful tool to use as long as we listen to the customers and say, hey guys, we can develop that. Give us a couple of months, let’s put it in front of you. What is the coin listing process for you guys? What’s the process for someone who wants to get their coin listed on Cryptopia? We’re just reviewing that and we’re being very focused on changing the way we list coins and who we list. We’re very conscious to gain trust. We are actually your first port of call for particularly those people who don’t know much about coin, so they have to trust their exchange partner. Therefore, we have to make sure that if we list a coin, it’s a viable trusted, honest coin that’s going to give value. Not just to us as an exchange but it’s not a scam coin. It’s not something just to raise money, pump and dump thing. We have coin listing teams who are very tough. I have introduced people as the CEO to my coin listing team and I can’t get it through them. I’ve said, but these are great guys and I have a great story and I met them in Vancouver and boy, they’ve convinced me. My coin listing technical team does all the due diligence. Everything from GitHub, Facebook pages, normal stuff like that. If it doesn’t look like a viable product to us on many levels, then it doesn’t get listed. That’s the end of it. If [the coin] gets past that, we do further due diligence. We’ll actually interview the company. We’ll ask why do you want to list? Why do you want to list with Cryptopia? What’s your plan for the coin? What do you want us to tell customers because they’re going to be relying on us? So, we’d like to do more than just have a coin called 21 Million sitting on the exchange. How about if we had a link to that with some of the criteria we use to judge whether that was a good opportunity. Whether it was a good coin. We might have a 10-point plan and we might say, hey, this coin passed at 9.7. This coin is in, but it only got in at 2.4. Whereas the negative coins, the coins that have gotten negative plans, negative equity in our mindset, they just don’t get on the exchange. We have a very large number of coins at the moment. We want to remain in that space, be the leader. That means that clearly, we’re not going to get it right all the time because we make mistakes and actually, so do the some of the honest and reliable coin generators. Their plans might not just happen, so they get the benefit of the doubt for a while. As long as we see that they’re not doing something deliberately to disrupt the market or just to take money, then we’ll support them until they get their business model right. But we’re very focused on a coin listing to us is actually a business partnership. We’re not just going to throw coins up there. I think 2018 is the year of reckoning, wherein 2017, pretty much anything got listed anywhere. It didn’t really matter how functional the coin was or whether it was legitimate or not. So, it’s really cool to see the trend in exchanges making a stance against that because if the ax falls, it doesn’t fall on the anonymous coin team that could be in Switzerland and Ethiopia. It’s falling on the CEOs and the exchange teams that are allowing access. People come to us and they say, hey, I haven’t got my money. You’re the exchange. I go, well actually, the coin that we listed, I’m afraid the wallet’s faulty or they didn’t do this, or they ran away. People don’t care. They’re relying on us. That’s why Cryptopia has to be a business partner with each and every user, not just a provider of some coin listings. That would be unethical. Absolutely, and it’s good to hear. Speaking of regulations, how do you think that’s going to evolve for exchanges, especially being out of New Zealand? I welcome a regulatory intervention for many reasons. The primary one is that as soon as the regulators start imposing their will and taking notice, it means that it’s a genuine opportunity. They don’t waste their time on something that’s not going to affect global economies or our economy. For example, the New Zealand regulators, we’re working and we’re working with them because they recognize that somebody has got to work with them to tell them what’s going on. The other side of the fence, that’s us. We have to work with them to say, you can’t do that because it won’t work in this environment. So, working with regulators is critical, in my opinion, and we’re doing that very well. Regulation has to come. It was just announced in New Zealand a few days ago that we’re going to start, this is unrelated to coins, collecting GST, which is our equivalent of your local taxes, on online purchases. So, typically anything up to $400 that you buy online from Amazon, for example, in New Zealand, you wouldn’t pay tax on and they’re changing that. They’re taking the same view with coins. So, the government is saying, how do we tax revenue? When do we tax revenue? What should it look like? How do we make it fair for you, the exchange and how do we make it fair and manageable by the consumers who may have to declare a capital gain if they’re going, for instance, as an equity or a property as pure speculative fun like betting? And if that’s the case, when should we do this? Should we backdate all that stuff? Every country is going through this and some have jumped in and made decisions that they’ve had to backpedal on. They were a little bit hasty. In New Zealand, in particular, we have a great relationship with the regulators and all the powers that be, right down to the banks, and are all looking at the space saying, you know what? We don’t quite know what to do, but let’s start doing something and I welcome it. And the more understanding and control we have on these things at this early stage these next few years, the neater and cleaner will be over the next few years. Just as banking has become very stabilized through regulations, so will this crypto business, whatever it ends up looking like. New Zealand has its advantages because a smaller population could make building direct relationships with regulating authorities easier. Tim Draper, for example, is investing in Papua New Guinea to try and make this whole digital citizenship country. The Binance guys just moved over to Malta. The global landscape just opened up, and governments will have to start offering distinct advantages to attract companies that could hypothetically set up virtually anywhere. That’s great because that’s exactly what online trading is about. It’s online and it’s global. We have to join the global party, but we better start from a position of understanding and strength in our own environment. Make sure we have our own stuff together before we start yelling about what someone else should do. Yeah, absolutely. Shifting gears a little bit, what do you think about decentralized exchanges and how they’re going to affect the whole exchange thing? The quick and easy answer to that is it will definitely affect the global exchange market. It will definitely affect FinTech because if people who are regular investors and that’s people with mom and pops with a few dollars, right up to institutional investors, if they can see a way of generating revenue and it’s safe, they’re going to move there. They’re not going to discard their other investment opportunities and they’re not going to discard regular exchange-traded equities or working on the stock exchange. But there’s a space here that we haven’t quite worked out who that’s going to work for or how, but the more we regulate, the more we make the tools visible. The stronger we look to the market and the more professional we look. That doesn’t necessarily mean just wearing a suit into a meeting, but the more gravitas we have behind those discussions demonstrating that we’ve done on the work and that we’ve got smart people here and the technology’s good. We’re ready to come and meet and talk equitably to investors and traditional investment houses. Then there will be a way that they join up. There’s no doubt about it. I mean, it can’t be helped. How about the lightning network and atomic swaps where you could pretty much exchange peer to peer. You could trade Litecoin for Ethereum directly in one single transaction without an exchange. Centralized exchanges have their benefits, like for example, there’s someone you can knock on their door and say where’d my money go? I need customer support. So, there are advantages there, but then the advantages of a decentralized exchange are just the efficiency. I’m wondering how is that viewed for the centralized exchange world? I don’t want people to take away my income opportunity. We’re building a business. We would argue, and I think it could be demonstrated to date until the blockchain comes up with some technical solutions. We’re building a trust environment and we are taking on, at considerable cost, the responsibility for providing the trust. First, it’s a coin that we like and here are the reasons. We’ve done the due diligence on your behalf. We allow the transactions to take place and here’s how we regulate, manage and deliver that transaction and manage the wallet relationships. Cryptopia’s Coin Information display That’s a role we take on. So, if you trade with a centralized exchange, you’ve got a whole lot of advantages that you don’t have by trading peer to peer. It’s fairly obvious what a peer to peer relationship looks like. If that’s on a personal level, that risk is much greater. If it’s on a more corporate structured level, I don’t know what that looks like yet, but I think we’ve got a long way to go before we could move from centralized exchanges to peer to peer simply because there’s going to have to be some regulation around it. How would the regulators engage in that space? Who are they engaging with? Every single person who wants to trade? At the moment, they can deal with an exchange that has potentially 2,000,000 to 10,000,000 customers. That’s not easy for a regulator or a tax authority. So, there’s the regular regulatory component. That’s got to be there. Then there’s the trust management and then there are just a few more technical issues that I think have yet to evolve. It all comes down to running a business. It takes money and capital to get all these users you want to get. If the technology works, that’s great, but onboarding users take resources. How do these projects plan on doing that? It’s just a missing component of every single white paper that tries to go after that who isn’t trying to build a centralized business to oversee it. I think philanthropy is wonderful and when people are talking about decentralization. It’s a great idea and it’s philanthropic and it would be wonderful if the world could work like that. But there’s never been a business model that has worked without generating revenue. There isn’t one. Everyone’s tried, but you can’t name one that doesn’t have to generate revenue at some point or another. Even if that revenue is simply generated to make the action happen, the hardware, the software, the bandwidth, someone’s got to pay. So, if you’re decentralizing, how do you get paid? How do you police it? How do you manage it? Why not stick to a model that works? And it’s not just about centralized coin exchanges. It’s not just about front-end institutions. This is a model that’s worked since the first inhabitants of Earth swapped a bean for a stick or can I give you my dinosaur to cook while I bring you a giraffe? I don’t know, but you can’t have a society without an exchange happening of some value in exchange. Even if I go to a coffee bar with you, here’s the simplest thing. I would say, hey, I’ll meet you for coffee, on me I might pay for the coffee, but guess what? We’ve sat down and exchanged information. I’ve gotten something out of it. How do you do stuff without exchanging value? It’s push and pull between advancing technology and proving the model works but then what’s the incentive to run it and popularize it because you’ve got that whole chicken and egg problem. We need a bunch of users for this to work efficiently, but we’re not going to make any money doing it. Hopefully, we’ll see how things play out in the next couple of months or years or decades. I’m down for decades and a lot of failures. We’ll be there watching them saying we’ll help you if we can and hey, go and play guys, but come back here when it doesn’t work because we are going to be here. What are your thoughts on Bitcoin dominance in general compared to all the other coins out in 2018? So, what does a cryptocurrency landscape look like if Bitcoin happens to fall down to, let’s say, 15\% or 10\% of the market? Does Bitcoin really dominate or is it just big? If you look at the exchanges and watch the traffic, can you see as much traffic taking place and as much interest in the CoinCash or 21 Million or Kenya or any of these things? They’re all there and people are trading them for various reasons. Mom and pops are going to be doing this to buy a new car. Someone else purely looking as a store of wealth and other people are looking to dominate a market. So, I’m not sure that you could say Bitcoin dominates. It might be the largest store of wealth at the moment. Does it dominate people’s thinking? I’m not sure about that. If you’re a coin developer, it’s your coin that’s dominant in your mind and you’ll go after a particular vertical, even a geographic market. So, you have the potential to develop your store or your story within that business scope. Why does Bitcoin dominate? Simply because it was seen as an opportunity? Is it dominated because the people who trade in Bitcoin put so much faith in it being a store of wealth or an opportunity for capital gain? But a lot of those people have run away. That’s why it’s not $20,000 at the moment. It’s just trading between 8,000 and 10,000 in there. So, it stabilized. So, what if it fell over? Some people will lose money. It’s not going to change the blockchain, it’s not going to change our thinking about cryptocurrencies. It’s not going to change Cryptopia’s approach to the market. It might dominate in volume. I’m not sure it’s the dominant force supporting cryptocurrencies. I see what you’re saying. It might just be a dominance of user acquisition because there’s a larger chance they heard of Bitcoin instead of Ethereum if they have heard of cryptocurrency at all. So, it’s like the gateway crypto. Take care that people aren’t saying Bitcoin just like a Hoover, the vacuum cleaner. Every vacuum cleaner for 20 years was called a Hoover. That was the dominant brand. Hey, I’m going to Hoover the floor. What they meant was I’m going to get my vacuum cleaner of which there are 80,000 different makes out there now and they’re going to vacuum the floor, but they just called it a Hoover. So, I trade in Bitcoin. I’ll bet you someone who says, yeah, I trade Bitcoin, he’s only saying bitcoin because he knows or she knows that people understand that you’re referring to a cryptocurrency. If you say to someone I trade in Clearpoll or CoinMedic3, they have no clue what you’re talking about. They go what is that? Oh, it’s Bitcoin. Oh, I get it. If you went home to your mom and dad and they asked what are you doing? You’d say, oh yeah, I’m trading cryptocurrency. They’d go, oh? What’s what? You’d go, Bitcoin. They go, oh, that thing. Bitcoin Cash is competing to be known as the Bitcoin for a reason. In the next four or five years, there are millions of people that haven’t even heard of crypto that would probably receive a lot of benefits from being onboarded into the cryptocurrency world. I’m not really sure how what they get onboarded to first matters immediately, but I know it plays a substantial role for a lot of people. It’s an initiator. It’s a keyword that attracts them to the space that we’re in. It’s simply because it’s got brand dominance in the public persona. If you say a Bitcoin, most people know you’re talking about that strange online thing that no one understands and there are a few other coins, but we don’t know what their name is. As soon as they hit an exchange, if they really want to try it, they’re going to look at the next one down and say oh, I didn’t know that existed. They’ll make their way right to the bottom of the 2,000 list. So, I really don’t think we should worry too much about dominance or anything that’s measured in that way in the space because the variables that change our value perception on any of these products is a mystery to everyone. A rumor can cause change overnight and things like that have happened. Guess what? They also happen in traditional exchanges. Go to the London stock exchange and you’ll see a piece in the paper tomorrow that prices rocketed or have fallen over the next day because the public is there. The public is there late, remember. If you see it in the news, it has already happened. That’s the same thing for this. So, what are your favorite projects out right now? It has to be blockchain focused. I mean, coins seem to be a tool that are being used to raise capital, raise awareness, create hysteria over or some fun. Some of them, and I believe it’s very few of them, I wouldn’t like to statistically put a number on that, but I think it’s very, very few have actually got a basis of a typical good investment. Is company strong behind it? Do they have good ethics? Why are they doing this? What’s it for? Or is it just to raise money? When they’ve got money they can go, oh, look how much money we’ve got. Let’s do something. That’s not the way to grow a business. Somebody has to have a good story that’s technically supported. It has to have social value these days. And that means is it good for mankind? Is it going to save the planet? Will it do something? Create manufacturing? Whatever it is. Hey, I’m not a philanthropist. I’m not saying you’ve got to do something to save the planet. But the youth of today are much more conscious about anything we/they do is about social conscience and social values and responsibility. So, for me, any of those projects, whether they be blockchain based or coin based that do something more than just making money for a bunch of guys, so they can go buy a Lamborghini, gets more of a look and support from us than the others. There are ways of going and creating wealth for yourself than preying on opportunities that exist simply because exchanges listed them. So, we’re very careful about that. So, I wouldn’t like to say at this stage, we have anyone in particular. We do have some businesses we’re looking at, but they all are very well rounded in terms of their sales pitch. It’s ethical, it’s got a good background. They have strong management, a history. They’re well-funded already. They’re not just grabbing money to then decide what they’ll do with it. Well said. The one point you made about how these projects need to be ethical and how that impacts those business models because again, you tap into to the same vein of projects that are looking to substantially change industries that had been stifled by inefficiencies or corruption. It stretches a long way. If you find a solution that bugs business and usually if it bugs a business, it bugs and effects people, consumers, in some way. That might just be, where it’s blockchain related, securities and tracking things to make this whole trust environment that we live in. The point is we say we can trust but we can’t trust. Everything we do is about trust. We get lawyers to look after our trust issues and we shake hands and we still wonder whether it’s a deal. So, solving trust issues globally is probably one of the biggest benefits to mankind because once we solve the trust issue, you can then be positive or confident that something that you want to happen and agreed to happen is actually going to happen. If it doesn’t happen, it’s not just about the broken trust. It’s then about the finances involved before you got there. That’s all gone. The future has all gone around that business model. So, trust management in blockchain and around coins and around exchanges, decentralized exchanges, is probably the biggest thing we have to deal with. Which takes me back to my core development program right now, which is developing a trustworthy exchange. Make it clear, unambiguous. Make it reliable, deliver what we said we were going to do. What does a day in the life of Alan Booth look like? What do you do for fun when you’re not doing exchange type things? If there’s even time for fun. If you’re running an exchange, it’s 26 hours a day to run an exchange. If you can squeeze another hour in, you might find some fun. This is probably my last employment opportunity. I’m in my 60’s. I’ve spent 50 years being an entrepreneur and an arm waver. Wave your arms and see who’s taking notice and make something happen. So, fun for me is actually the exploitation of a business opportunity. I go to bed hoping that I wake up in the night with an idea to scribble on the pad. I come to work a very early. I’m up at 5 am. I get here at 7 am if I can with the work already done. I don’t want to arrive at work and look at emails. If you’re looking at email and other stuff, it’s other people’s requests on your time. I’m going to arrive here being creative. I want to arrive every day going, I’ve got nothing to do except be creative and compel all of my employees and partners to support that creativity and bring their own creativity to it. So, you couldn’t have more fun than that, could you? What else is there? Just to make stuff and see people get excited and give them the opportunity. But when I’m outside of this, hey, I liked to fly light aircrafts. I ride fast motorbikes. I do guy stuff, and when I’m not doing guy stuff, I’m at home helping my wife in the garden. Just an ordinary guy. Most of my daylight waking hours is about being that global entrepreneur with regard to this huge global opportunity which is let’s change the world. It’s like moving from coal to steam, steam to mechanization, mechanization to electronics, and now we move into the digital age and we’re in it. What a fantastic place to be. So, how exactly do you do that? Do you just wake up earlier and just get everything done at 5:00 AM? There’s never enough time in the day. What it is, it’s being super critical about what’s actually important. If you open your email when you get to work, I will guarantee that you will sit there procrastinating and jump between emails. Most people don’t work from the top to the bottom or the bottom to the top. You’re a little bit selective, so already you failed to do what people expect you to. Email and inbound inquiry are other people’s expectations of how to use your time. They’re imposing their requirements on you. So, you’ve already allowed yourself to be managed by outside rules. You’ve got to arrive at your office with nothing that interferes with the creative process of why am I at this office? Why did I come here? I came here to understand what we’ve got. So, that’s a constant job. To work with the clever people that you have employed. I have a major role in employment and myself. Only employ smarter people than yourself, only. Because if you’re employing people that aren’t smarter than you, you’re going to have to tell them what to do and you don’t have time for that. Now, employing people smarter than yourself, for me, that sets the bar quite low, that’s easy, so I get really good pickings. But, generally speaking, you need to employ the best people and get them going and then you’ll be so busy running around trying to keep up with him, not them keeping up with you, that you actually have no time for all that outside noise. You’ve got to impose on the world what you want, not the world imposing on you what they want. Turn it around. Every time I have a conversation with somebody, it’s about what I want, in the nicest possible way. We will listen to inbounds but we already have a path to follow. If you start following other people’s paths, you’re not going to get where you want to go. Here’s the thing. I’ve been a business mentor for probably 20 years. Mentoring basically new CEOs. New CEOs, it’s the loneliest job in the world because it might be your first CEO job, so you can’t talk down because those people below you expect you to be the boss, so you can’t ask them. You can’t talk up because you’re the CEO. It’s no good asking the board, they’re looking down at you. You can’t talk sideways because they’re your competitors. So, the first year or two as a new CEO is the loneliest place on the planet. So, what you have to do is be entirely focused on what you need to get done and that is by changing what you used to do before you became a CEO or a boss. What you used to do is respond to every bit of noise that came at you and it filled your day up until you went nutty. Thank you! Cryptopia CEO Alan Booth on the Cryptocurrency Exchange Realm
CoinCentral's owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner.
Alex is the Editor-in-Chief of CoinCentral. Alex also advises blockchain startups, enterprise organizations, and ICOs on content strategy, marketing, and business development. He also regrets not buying more Bitcoin back in 2012, just like you.
Bitmex guide for idiots - Making money in a down market
Reposting this because with the market so horrible, the only way to make money is to short BTC. If you believe the market is going up for sure, longing BTC right now is insanely profitable. Bitmex is a great place to be in a time of so much volatility! Note, you do get 10% off fees if you sign up through a referral link. I can't post mine here, but here's the suffix to add at the end of the bitmex URL: "/registeBCCNeF" . Even if you don't use mine, use someone's because it's 10% off fees, which adds up. I kept seeing the Bitmex wrecked twitter thing and seeing mentions of leverage all over 4chan, but had absolutely no idea what it all meant. It also looked too complicated for me so I've always ignored it. Got bored today and it's actually much simpler than it seems. There's a ton of guides that go super in-depth and those made absolutely no sense to me, so I'm going to explain it from an idiot's perspective. First of all, the draw of Bitmex is you can do what's called Leveraged trading. In the simplest terms possible, it means you multiply your percentage gains/losses. If you go 10x leverage long on bitcoin and bitcoin gains 1%, you gain 10% more money. This is super cool for impatient people like me because it allows you to trade more actively without getting wrecked by fees, and it's ridiculously exciting. Bitmex doesn't allow US users, but supposedly, all you need to do is register under a VPN and you're good to go. I used ExpressVPN. It is a paid VPN, but they have a 30 day money back guarantee. You can register on Bitmex with it, then cancel. Or keep it because it's actually a super nice program. Once you're registered, deposit some BTC into your Bitmex wallet. When you first open the trade screen it's going to look super complicated. It's not. Buying Long on a coin means you expect it to go up. Buying short on a coin means you expect it to go down. Playing those buys works like any other Exchange (i.e. Binance). You can set a limit price to buy in at and an amount. to buy. Now you want to pick your leverage. In the menu below that, there's a slider. Again, each multiplier of leverage means every 1% = your leverage multiplier. 1% gain with a 25x leverage means 25% gain. I would start with 2x/3x leverage until you get a good handle on things. The Cost number below the buy long/buy short number is the big one here. With leverage, you're essentially putting loaned money toward a coin. With 10x leverage, you can buy 1 BTC even if you only have .1 BTC (this is why the percentage gains are so drastic). However, this means you can lose it as well. Let's say you bought 1 BTC at $10000, Long at 10x leverage (So you put in $1000). If BTC dropped 10% to $9000, you would lose all $1000 you put in. If it went to $11000, you would gain $1000 and double your money. Bitmex will auto "liquidate you" if you drop too far and don't have any more money to cover (10x leverage means if it drops more than 10% you lose all the money you put in. 25x leverage means if it drops more than 4% you lose all your money). You can change orders on the fly and constantly adjust. Let's say BTC raised to $10100 (1%). You could then sell your long order and you will have gained 10% and now you can invest your $1100. Like I said, there's a ton of guides out there that go into the more fancy TA and ways you can adjust orders, but this should provide a quick overview to get you started. They have a testnet site where you can practice with fake money first as well.
♢ Introduction A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies are alternative to fiat currency and they are decentralized: can be easily transferred or traded against each other on crypto exchange platforms without a central authority moderation. In 2009, Satoshi Nakamoto was credited for the development of Bitcoin, the world's first ever decentralized cryptocurrency. It wasn't the first time an attempt would be made in developing a digital currency, in 1983 the American cryptographer David Chaum conceived an anonymous cryptographic electronic money called ecash. Later, in 1995, he implemented it through Digicash, an early form of cryptographic electronic payments which required user software in order to withdraw notes from a bank and designate specific encrypted keys before it can be sent to a recipient. This allowed the digital currency to be untraceable by the issuing bank, the government, or a third party. Following the development of Bitcoin by the anonymous cryptographer Satoshi Nakamoto (fictitious name), over 4000 Altcoins or crypto currencies had been developed in the likes of Ethereum, Litecoin, EOS,XRP and the rest. Each of this new crypto currencies trends the same path as Bitcoin with all operating on a decentralzed platforms using the power of the blockchain technology. The emergence of decentralized digital currency allows easy transfer of assets and execution of various transactions without moderation from centralized authorities. Digital currency threatened to disrupt the world centralize economy. Centralized financial institutions like banks are wary of the threat digital currency like bitcoin carries. ♢ Blockchain The decentralized control of each cryptocurrency works through distributed ledger technology, called a blockchain, that serves as a public financial transaction database. Blockchain is an open distribute ledger that helps record transactions history between two parties efficiently and in a verifiable and permanent way. By design, Blockchain is resistant to the modification of the data it stores, as each block contains a cryptographic hash of the previous block, a timestamp, and transaction data, making it impossible to be compromised. ♢Cryptocurrency Exchange Developing a digital currency is a thing, being able to trade it for value is another, and, that is where crypto exchange platform comes in.cryptocurrency-exchange-rate-panel-3d-260nw-795136543.jpg A crypto Exchange, is simply-put, where digital currencies or crypto currencies are traded. It is a decentralized digital marketplace that allows the trading of crypto currencies against other digital currencies or against conventional fiat currency. Of a truth, we have vast number of exchanges currently in operation in the crypto sphere but all not excluding one are doing same thing, operating in the same manner. And OnePageX is is just one of the crypto exchange but, with unique features that set it aside from the rest. ♢ Concepts A crypto currency exchange can be: ■ A brick-and-mortal business It is a brick-and-mortal business when it exchanges traditional payment methods and digital currencies. ■ As an online business In this case, electronically transferred money are exchange for digital currencies. ♢ Philosophy Behind OnePageX Cryptocurrency Exchange OnePageX is not doing something special, but it's doing somethings different. OnePageX is an exchange platform built to execute digital currencies transfer and conversion with simplest simplicity. One thing OnePageX is doing different to other exchange is, all processes of transfer and conversion of digital currencies are carried out on a page and users dont need to sign up to trade on OnePageX which further strengthen the security of user private information. Binance, Huobi, and OKEX are largely regarded as the largest cryptocurrency exchanges, but none can boast of the 150+ choice of cryptocurrencies available for trade on OnePageX. ♢ OnePageX Vision To enable crypto currencies trade on a simple interface. ♢Key Features of OnePageX • No Registration! Who needs to register?. OnePageX allows on-the-go exchange process without need for registration helping strengthen anonymity of it users. With no private details needed to be provided, identity of users is strictly concealed. With no registration, transactions can be carried out on the go, which make things a lot easier, faster and secure. • OneBox Widget OnePageX widget called OneBox which can be integrated into websites just by copy-pasting a snippet. This feature automatically makes OnePageX inerface to be readily available on these websites, therby allowing users of the websites access to quick cryptocurrency exchange. • OnePage Transactions The simplicity by which transactions are executed on OnePageX is adoring. Simple as you can think, multiple transactions are executed on a single page, and this transactions are saved in the form of cards that users can come back to and use any time. • Selection Since bitcoin inception in 2009, over 4,000 other Altcoins had been developed. Over 150+ cryto currencies are available for selection on OnePageX more than any other cryptocurrency exchange giving traders wide range of option of cryptocurrency to trade. OnePageX integrates with other exchange to find the best price for any given cryptocurrency. ♢ How to use OnePageX OnePageX is the easiest to use out of any cryptocurrency exchanges. Pick an asset to convert to. Enter a withdrawal address. Click “Start Exchange” A card will appear with a deposit address. Simply deposit to that address and you are done. Each individual card will display a live transaction status that will let the user know about their transaction.source ♢ Benefits of Using OnePageX • Cost efficient • Time efficient • Friendly interface • High security • Easy navigation • Large collection of cryptocurrencies. NOTE: Transaction fee for 2018 is 0% ♢ Use case and Application Kenneth Bridge is the C.E.O of an online shopping mall who is looking to use the strength of the growing crypto market and also adopt the blockchain technology to his companys' advantage. At their executives meeting, Mr Bridge proposed the adoption of cryptocurrencies for shopping on their online mall. The tasks remain; 1.How to bring a crypto exchange on their already existing website 2.Since customers will be buying goods with different crypto currencies, an exchange with the largest collection if not all crypto currencies is needed. The Option of OnePageX was put on the table. An exchange with the largest collection of cryptocurrencies (150+), and also has a widget that can be integrated on the company's already existing website that will allow customers carry out crypto transaction in a fast, efficient and simple way on their website. OnePageX was adopted. ♢ Conclusion OnePageX is undisputedly a step ahead it rival exchanges. Built to execute transactions in the easiest manner ever witnessed in the world of exchange and with it no registration feature which further strengthens users anonymity, will in no doubt leads to it mass adoption. By no arguement, OnePageX is taking crypto exchange to a new level. More Information & Resources: OnePageX Website: https://onepagex.com/ OnePageX Steemit: https://steemit.com/@onepagex OnePageX Reddit: https://www.reddit.com/useonepagex OnePageX Twitter: https://twitter.com/OnePageExchange OnePageX Instagram: https://www.instagram.com/onepageexchange/
2. Binance. Binance is perhaps the unicorn of the Bitcoin and cryptocurrency industry. It is a fully fledge exchange which is idle for beginners and for pro users. Recently Binance added a feature that lets you buy Bitcoin using a master or visa card. What really significant here are the fees, which is perhaps the cheapest in the whole industry ... The only catch here is that you can buy only bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash ABC (BCHABC) on Binance using a credit card. The second way to fund your Binance account is by transferring your assets from other exchanges that allow you to buy any altcoin using fiat to Binance’s wallet. Let’s understand this process by pretending that you are ... Note: You can buy a fraction of Bitcoin. For example, 0.1 BTC or 0.0023 BTC. You can Buy Bitcoin worth $100 or $10000. The detailed steps are outlined below which you can use right away to learn how to buy Bitcoin. Binance provides easy and convenient ways for you to buy Bitcoin instantly, and we put our best efforts to fully inform our users about each and every cryptocurrency we offer on the exchange, but we are not responsible for the results that may arise from your Bitcoin purchase. This page and any information in it is not meant to be interpreted as an endorsement of any particular cryptocurrency ... With Binance, you can easily buy Bitcoin with cash, as well as other cryptocurrencies we offer on the platform. Through this service, you can use your credit card to directly purchase Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash using US Dollars or Euro. You can also use your US Dollars and convert them into stable coins such as Paxos (PAX) or TrueUSD (TUSD), You can convert your PAX ... The best way to buy bitcoin with a credit or debit card is to find a platform that offers excellent security, acceptable fees and that is convenient to use. eToro is the best way to buy Bitcoin with a credit card for most people. It’s free, it’s convenient, and it’s fast. Abra (for US residents) also stands out. The app is fast, secure, and they have acceptable fees when buying with a ... Another way to buy directly is to connect with a seller via a peer-to-peer platform like local.Bitcoin.com where buyers can select a variety of payment methods including Paypal, bank transfer, and ... Get Bitcoins with Binance P2P today! Buy and sell Bitcoin via P2P with the best local bitcoin exchange rates when you make peer-to-peer trades on Binance. Below, you’ll find a step-by-step guide on how to buy Bitcoin on Binance (although, note that you can purchase any other cryptocurrency in the same manner, too). Step 1. First of all, log in to your Binance account. If you don’t have an account yet, do register on the site - the registration process is very quick and simple, but for the sake of continuity and simplicity, I’ll assume that ...
How to Buy Bitcoin with Binance Lite Australia? Easiest Way to Buy Bitcoin in Australia
Earn Bitcoins online: Step 1: Buy some Bitcoin Create an account on Coinbase you will get $10 in FREE Bitcoin when you purchase your first $100 in Bitcoin with this link. ( Create an account on ... Today, I'll show you some of the cheapest ways that you can buy Bitcoin. It is a common misconception that buying BTC is too expensive and is always loaded w... Binance Lite Australia is a fast, simple, and secure way to buy bitcoin with cash at over 1,300 newsagents across Australia! Try the Beta version now at http... !!👨💻 SET UP A BINANCE US ACCOUNT 👩💻 !! https://www.binance.us/?ref=35000644 Binance US now allows you to use a Debit card to make purchases ... Find out How To Buy Bitcoin On Binance With Debit Card Fast? 🔶 Binance: http://theappsworld.com/link/binance (5% discount on fees!) Subscribe: https://www.yo... The best way to buy bitcoin instantly with fiat currency, in my opinion, is on Cash App (affiliate): https://cash.app/app/JWNRGTX Or, you can enter the invit... If you want to see more videos be sure to Like, Comment, & Subscribe! Buy Bitcoin, Ethereum or Litecoin with bank account or credit card: ... A simple Binance tutorial (trading for beginners) 2019 ... Binance is also offering a reward of 20 EURO to the first 5000 users to register at www.binance.je.so go ahead guys and grab the opportunity to be in the first 5000 users but users has to complete ... How to buy and sell Cryptocurrencys on Binance. BitCoin and Ripple Binance https://goo.gl/AzWFhh Once you buy or sell $100 of digital currency or more will g... Trade on Binance: https://www.binance.com/?ref=10051338 Trade BTC/EUR/GBP on Binance: https://www.binance.je/?ref=35005899 Chat with us on Discord: https://d...