Binance Exhange Full Review & Step By Step Guide - Cryptimi

How to purchase and exchange your litecoin! (longer read)

This post will show you the best ways to buy litecoins using many different payment methods and exchanges for each method.
Before you start, make sure you have a good litecoin wallet to store your LTC. NEVER store your litecoins on a crypto exchange.

Popular Exchanges

eToro
Coinbase
Coinmama

Buy Litecoin with Credit Card or Debit Card

Let’s dive into some of the exchanges supporting Litecoin credit card purchases.
These exchanges are our favorite ways to buy.

Coinbase

Coinbase is the easiest way to buy litecoins with a credit card.
Coinbase is available in the United States, Canada, Europe, UK, Singapore, and Australia.
The fees will come out to 3.99% per purchase.
Here is a good video that can help walk you through the process of buying on Coinbase, although it’s fairly easy.

Coinmama

Coinmama recently added the ability to buy litecoin directly on the platform. Users from nearly any country in the world can use Coinmama to buy litecoins.
Coinmama has some of the highest limits among credit card exchanges.

BitPanda

BitPanda is based in Austria and is a crypto brokerage service. You can buy using a credit card from most European countries.

CEX.io

CEX.io is based in the UK and is one of the oldest crypto exchanges online.
CEX.io supports litecoin and its users from nearly anywhere in the world can buy litecoin with credit card on the platform.

Buy Litecoin with Bank Account or Bank Transfer

Coinbase

Coinbase is the easiest way to buy litecoins with a bank account or transfer.
Coinbase, like is is for credit cards, is available in the United States, Canada, Europe, UK, Singapore, and Australia.
Coinbase is one of primary exchanges used to buy Litecoins.
Americans can use ACH transfer (5–7 days wait), and Europeans can use SEPA transfer (1–3 days wait).
The fees will come out to 1.49% per purchase.

BitPanda

BitPanda is based in Austria and is a crypto brokerage service. You can buy using SEPA transfer from most European countries. You can also use SOFORT, NETELLER, or GiroPay.

CEX.io

CEX.io also supports litecoin buys via bank account. This is via wire transfer for US citizens, SEPA for Europe, and SWIFT for the rest of the globe.

Binance

Binance is now one of the largest if not the largest cryptocurrency exchange in the world. It supports bank and card purchases of Litecoin as well as Litecoin trading pairs with Bitcoin and Etehreum.

Get a Litecoin Wallet

Before we move onto other options:
Never store your litecoins on an exchange!
Always withdrawal your litecoin to an offline cryptocurrency wallet like the Ledger Nano S or any other wallet that you control.
The Ledger Nano S and TREZOR are the best options for secure storage.

Other Methods to Buy Litecoin

If you don’t have a card or want to avoid the high fees, you can use the following methods to buy Litecoin as well.
Find out which one works best for you.

Buy Litecoin with PayPal

Unfortunately, there is no easy way to buy Litecoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case.
You can, however, now use eToro to buy Litecoin, unless you live in the United States.
If you live in the US, the only way to buy Litecoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litecoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Coinbase Pro to swap the Bitcoin for Litecoin.

Buy Litecoin with Cash

There is no good way to buy litecoins with cash. LocalBitcoins is the most popular way to buy bitcoins with cash, and it does not have Litecoin support. Other popular cash to Bitcoin exchanges like BitQuick and Wall of Coins also do not support LTC. So you will have to first buy bitcoins with cash then exchange them for LTC using the method described below.
The same goes for Bitcoin ATMs. Most do not support Litecoin. So if you want to buy litecoins at a Bitcoin ATM you first have to buy bitcoins and then trade the BTC for litecoins.

Buy Litecoin with Bitcoin

If you already have Bitcoins then it is VERY simple to convert some of your BTC to litecoins.
You just need to find an exchange with the LTC/BTC pair, which is most exchanges since LTC/BTC is a very popular pair to trade.

Buy Litecoin with Skrill

BitPanda, mentioned above, also accepts Skrill payments for LTC. The fees will vary and are simply included in your buy price.

Cryptmixer

Cryptmixer is probably the fastest way to convert BTC to Litecoin. You just enter the amount of LTC you want to buy, and give them a LTC address. Then they will tell you how much BTC to send to their address. Once your BTC is sent, you will have LTC delivered to your wallet very shortly after.

Buy Litecoin with Ethereum

Ethereum has experienced a massive price rise. Nearly a year ago it was $10, and now at over $500, many want to move some of their ETH gains into other coins like Litecoin.
Litecoin has very good liquidity, and is very popular among traders especially in China.
So this guide is going to show you how to buy litecoins with Ethereum. We will show some of the best exchanges you can use, and the pros and cons of using different types of exchanges over the other.

Cryptmixer

Cryptmixer is one of the most unique exchanges, and also one of the fastest ways to convert your ETH to LTC.
With Cryptmixer you do not even need to store your money with the exchange, meaning you are at very little risk of getting your funds stolen.
With Cryptmixer you simply specify the amount of LTC you want to buy, and specific the address to where your litecoins should be sent and within 30 minutes you will have LTC delivered to your wallet.

Poloniex

Poloniex is the world’s largest altcoin exchange. However, there is a huge downside to using Poloniex to convert your ETH to LTC:
Poloniex does not have a LTC/ETH market, meaning you have to first trade your ETH to BTC, and then trade your BTC for LTC.
While this method works, you will have to make multiple trades and also pay fees twice.

ShapeShift

Shapeshift is basically the same as Cryptmixer, and was actually the first company to come up with the concept of an exchange that does not hold your own funds.

Frequently Asked Questions About Buying Litecoin

Many of you may still have lots of questions about how to buy Litecoin.
Odds are we have answered almost any question you could think of below.
We will aim to answer many of the most common questions relating to buying Litecoin.

Why are there limited options to buying Litecoin using other altcoins?

The issue in all crypto markets is liquidity. As the space gets bigger, the liquidity also gets better. But as of now, the only VERY liquid cryptocurrency is Bitcoin. So exchanging two altcoins between each other is often harder than if BTC was involved on one side of the trade.

How much is a Litecoin worth?

Like all currencies, the value of Litecoin changes every second. The value of Litecoin also depends on the country you are in and the exchange you are trading on. You can find the most up to date price on Coinbase.

How do I buy Ripple (XRP) with Litecoin?

The best way to buy Ripple using Litecoin is to either use a non KYC exchange like Cryptmixer or start an account on Binance or Coinbase Pro and sell your Litecoin for Ripple. Look for LTC/XRP trading pairs, and make your trade.

How long does Litecoin take to confirm?

Litecoin blocks are added ever 2 and a half minutes. That means you should get one confirmation every two and a half minutes. This can vary if it takes miners longer to discover a block, but the difficulty of the finding a block should change proportionate to the hashing power on the network so that a block gets added approximately every 2.5 minutes.
If you are trying to send money to a merchant, they may require more than one confirmation before they send you products. If you are depositing on an exchange, they may also require three or more confirmations before they credit your account.

How many Litoshis make one Litecoin?

one hundred million (100,000,000) Litoshis make one (1) Litecoin.

Where do I store Litecoin?

The best place to store litecoin is on a hardware wallet. You can find the best one for you on our page dedicated to hardware wallets.

When is the Litecoin halving?

The expected date of the next Litecoin block reward halving is August 7th, 2023.

Why can litecoin take so long to buy?

Litecoin can take long to buy because the legacy banking system is very slow. If you are buying with another cryptocurrency, you will see how fast it is to buy!
Bank transfer in the USA, for example, take about 5 days to complete. So any purchase of Litecoin made with a US bank transfer will take a minimum of 5 days.

How do I buy Litecoin with Paypal?

Unfortunately, there is no easy way to buy Litcoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case.
You can, however, now use eToro to buy Litcoineum, unless you live in the United States.
If you live in the US, the only way to buy Litcoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litcoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Cryptmixer to swap the Bitcoin for Litcoin.

Can you buy partial litecoins?

Yes, litecoin, like Bitcoin, is divisible to many decimal places so you can buy 0.1 LTC, 0.001 LTC, etc.

Can you sell litecoin?

Yes, you can sell LTC on most of the exchanges mentioned above. The fees, speed, and privacy is the same in most cases.

Can anyone buy litecoins?

Anyone is free to buy litecoins, as long as you find an exchange that supports your country. Most cryptocurrency wallets do not require ID to sign up so you can always make a wallet and get paid in litecoin, too.

Which payment method is best to use?

For speed, credit card will likely be fastest. For larger amounts, bank transfer is best. For privacy, it’s best to buy bitcoins with cash and then trade for litecoins using Cryptmixer or Shapeshift.

Is it better to mine or buy litecoins?

If you have cheap electricity, it might be worth it to mine litecoins. If you have solar power or just want to mine for fun then it could be worth it. Otherwise, it’s probably better just to buy.
Mining is constantly changing and small changes in Litecoin price or electricity can greatly affect your profitability.

What should I do with my litecoins once I buy?

You should immediately move your litecoins into a secure wallet. You should never leave your litecoins on an exchange. There have been countless hacks in cryptocurrency since Bitcoin was created in 2009. Hundreds of thousands of people have lost money. So buy your litecoins, and then instantly send them into a wallet you control so you are not at risk of losing money to a hack or scam.
submitted by MonishaNuij to MonMonCrypto [link] [comments]

(CEX vs DEX) vs HEX

A hybrid crypto exchange is a platform that provides users with access to their private keys and aims to solve the scalability issues of decentralized exchanges.
*Disclaimer: I don’t insist that one have to store 100% of the portfolio on any kind of exchange.

Why is it called Hybrid exchange?
Hybrid crypto exchanges combine the pros of Centralized crypto exchanges and Decentralized crypto exchanges. The hybrid concept allows for certain cons to be remedied by implementing the advantages of the opposite.

What are Centralized and Decentralized exchanges?
Centralized(CEX) crypto exchanges provide massive volatility with the help of market-making activities.
Occasional fiat gateways for its users, so everyone could quickly cash out gainings.
Besides, substantial centralized crypto exchanges have a higher trust score within the community.

Decentralized(DEX) crypto exchanges provide a solution to the security issues by letting users be in control of their private keys. This feature is a part of the real decentralization of trust philosophy, which is essential for the whole crypto economy.

DEX vs CEX





On the one hand, DEX’s provide higher security and privacy for its users, but those aren't the only things we are looking for. On the other hand, CEX’s, as I told earlier, have a higher trust score, so what does this mean exactly?


But is their royalty deserved?
“I definitely hope centralized exchanges go burn in hell as much as possible,” Vitalik Buterin stated in 2018. In particular, he thinks there’s no reason some projects need to pay $10 to $15 million(as per 2018) in listing fees to let people trade their tokens on centralized exchanges.
This feels like a blood diamonds issue in the diamond industry. Most of those platforms were built on lies, some of them are currently building themselves out on falsehoods.

CEXs have to be regulatory compliant, it’s impossible to be obedient without registering a company, submitting documents for proof of identity, etc. Most of the legal registries are opened to the public. Hence the founders are publicly known individuals. Besides, there is no need to hide while you are compliant and not involved in illegal activities.



If you are new to this industry, or do not want to understand the intricacies of blockchains and came here to trade Bitcoin, I advise you to use a CEX.
But If you came here for the tech, you will enjoy reading this more.

What is the hybrid crypto exchange approach?
Not so long ago, I decided to dive into the topic of hybrid exchanges as a potential game-changer in the cryptocurrency industry.
The hybrid exchange philosophy builds on the strengths of decentralized and centralized exchanges. During my research, I came across a curious example - NEXT.exchange
To further simplify the process of understanding the principles of hybrid exchanges, I propose to consider this topic by case. It’s worth noting that there is much to contemplate in regards to hybrid exchange platforms, their solutions and approaches may vary. There are also not many out there.

DEX pros within NEXT:

Essentially NEXT.chain will be used by the exchange as an open database that stores information about all transactions and tokenized assets (assets created on NEXT.chain are dubbed 00X standard) within the exchange.
To maintain the blockchain, investors will deploy 100 master nodes during the first year (79 out of 100 are already functioning).





CEX pros within NEXT:



It’s important to note that NEXT is just at its start, and will be releasing a huge update dubbed 2.0 (after a testing period with its community), so if hybrid cryptocurrency exchanges are interesting to you - then this is definitely one to keep an eye out for.

Summing up
Recently, the industry of centralized crypto-exchanges is literally filled with scammers.
Teams of second-rate centralized exchanges "draw" trading volumes and even IEO results. Unfortunately, many blindly believe them. This is going to be a massive problem in the future, more important than you can imagine. Those scam exchanges will become more prominent and will swindle more people, this will lead to a severe outflow of defrauded people from the industry, which can not afford it.
Hybrid cryptocurrency exchanges are a new trend that I think can improve the whole industry.
Not all hybrid exchanges have their own blockchain, NEXT was considered as the project most suitable for the description of a hybrid cryptocurrency exchange.
Don't FOMO and don't hesitate to do your own researches before depositing funds on the exchange wallets or participating in an IEO.
submitted by SUN_STRIKE to CryptoMoonShots [link] [comments]

Decentralized Exchange— True Crypto Ownership Realized

originally posted by ankarlie https://steemit.com/blockchain/@ankarlie/decentralized-exchange-true-crypto-ownership-realized
Introduction
For over a decade we have seen blockchain technology developed into one of the most important technologies in recent history. Many visionaries, thought leaders, business gurus, and government authorities have recognized its immense potential that they have often associated it as one of the primary technologies that will drive Web 3.0 or even the 4th industrial revolution. Blockchain technology is so powerful that it has the capacity to disrupt any sector in our society where trust is a primary concern, which is pretty much is everything. As such we might consider businesses engaged in blockchain technology are in the business of trust.
Business of Trust
Blockchain technology has often been described as a trust layer that enables an individual to exchange value without having to rely on any central authority or third party intermediary. Often times transactions that are done using this technology are called trustless transactions, meaning, transacting parties do not have to trust each other to ensure that transactions will be consummated. In other words, the technology itself will guarantee that all transactions will push through, irreversible and immutable.
Banks are good examples of business of trust. We entrust them with our money and valuables, but sometimes these very same banks restrict our access to our own money and valuables due to many reasons. These might be server maintenance, AML and KYC requirements, regulatory obligations or whatever reason they might deem applicable. This is the very reason why blockchain technology through its first application, Cryptocurrency, has gained enormous success. Cryptocurrencies enable everyone total and complete control of their money.
Scams and Fake Blockchain Initiatives
The awesome potential of the blockchain technology might have afforded us the necessary tools and infrastructure for more financial freedom, inclusivity, and mobility, but it is not immune to bad actors that try to exploit the advantages of this burgeoning industry. The excitement and demand for blockchain technology have opened the doors for scammers and con-artists who try to “sell” the technology to investors who are more than willing to invest huge amounts of money to get the piece of the action that has the potential to explode in value.
One good example of a project that has been masquerading as blockchain technology is the $4 Billion fake crypto scam called OneCoin. The leader of this project, Dr. Ruja Ignatova aka Cryptoqueen have positioned OneCoin as the Bitcoin killer which she claims will become the biggest cryptocurrency in the world. Coming from an Oxford University graduate with a doctorate degree from Konstanz University in Germany and worked at McKinsey and Company who would have known that the project would turn out to be a scam.
OneCoin exploited the idea of leveraging blockchain technology, the potential of hitting it big like bitcoin and played on the greed of investors who were fearful of missing out on a life-changing opportunity envisioned by Dr. Ruja. That was several years back, of course we all know now that there was never an underlying blockchain technology in the first place and what we have left are disgruntled investors some of which are financially ruined due to investing more than they can afford to lose. Sad to say this has been a common narrative in the crypto space.
Blockchain is Real and Here To Stay
The many scams and fake or failed blockchain projects in the space have not dampened the interest of investors into blockchain and its first use case, cryptocurrencies. Instead, it has been gaining traction as the industry begins to mature, gaining regulatory clarity and widespread acceptance as a valid and legitimate asset class and investment vehicle. They can serve as alternative investments that can be used to hedge against uncertainties in traditional finance and investments.
There are now over four thousand cryptocurrencies in the world and this number will continue to increase well into the future. In fact, cryptocurrency proponents see a future where there will be hundreds of blockchains and thousands of digital assets. An integral part of this growing ecosystem will be cryptocurrency exchanges which serve as venues for open markets where cryptocurrency holders, traders, and investors interact. Not only there is an increasing number of digital assets in the space but also the places where you can trade.
CEX vs DEX
There are two general types of cryptocurrency exchanges: Centralized Exchange (CEX) and Decentralized Exchanges (DEX). Their functions are essentially the same but the way users interact with these types of exchanges differs significantly. CEX typically require their customers to undergo Know-Your-Customer (KYC) procedures and ID verification processes, DEX does not. In addition, CEX requires its customers to their cryptocurrencies deposit into its internal wallets while DEX allows its users to keep their wallets in non-custodial wallets.
CEX is generally considered by the wider cryptocurrency community as the lesser secure venue for users due to the following reasons. First, CEX typically uses one single crypto wallet address per blockchain. This means users of all Ether and Ethereum based-tokens share (The same can be said with other blockchain platform) the same address and demarcated only using a Memo or a Tag. This creates a honeypot that is just waiting to be exploited by hackers. Second, users of CEX have limited access to their digital assets as they will have to ask permission from the CEX operator access to their digital assets.
KYC procedures in CEX are also of great concern as users are typically required to submit supporting documents that can be used to verify their identity. This means users are relying on the security and competency of the CEX to secure their valuable information. Information that can be used for identity theft, false representation, and recovery of other online accounts. One good example of this is Binance where it found some of their customer information have been compromised. This is on top of the recent hack last May 2019.
Although no user funds were lost by the hack as Binance shouldered all the lost funds amounting to $40M USD, users were not able to access their accounts for several days. One can only imagine the great stress and anxiety It might have brought its users, not knowing when they will be able to regain access to their digital assets. These risks do not exist when using DEX as users will not have to deposit or withdraw their Cryptocurrencies. Transactions are all done on-chain and directly transacted from their own non-custodial wallet and there is no risk of your information falling into the wrong hands as there is no need for KYC.
Decentralized Exchange— Newdex
DEXs were made possible through the evolution of blockchain technology. The first-generation blockchain tech like the one used by bitcoin simply does not have the capabilities to host decentralized exchanges. This was only made possible through the integration of smart contracts with Ethereum being the first one to incorporate such capabilities. While the technology has shown promise the limitations of Ethereum’s blockchain made it impossible and uneconomical to reach mass adoption.
Decentralized exchanges (DEX) relies heavily on the blockchain where it has been built on. This is the primary reason why Newdex developers have decided to build their DEX on two of the most successful, scalable and used blockchain in the whole industry EOS and TRON. By doing so their DEX has the capacity to scale to mass adoption without having to worry that the underlying technology that hosts their DEX will not be able to cope up with the load and demand of their decentralized exchange.
EOS and TRON both use Delegated Proof-of-Stake (DPOS) consensus mechanism which has been described as a more power-efficient, scalable and democratic consensus protocol compared to Proof-of-Work. This enables them higher throughputs, consumes a whole lot less energy and secures its blockchain more efficiently. Aside from the scalability advantage, the absence of miners in DPOS makes transactions in EOS and TRON more cost-efficient and often times fee-less like.
By offering a simple yet powerful trading venue for traders of EOS, TRON Newdex has become one of the world’s leading decentralized exchanges. To ensure that the digital assets of its customers are always safe Newdex, does not require its clients to input their private keys. Instead, Newdex opted to partner with all conceivable wallets for both EOS and TRON to enable its users to log in through their non-custodial wallets of choice. This is an additional layer of security and serves as a deterrent to phishing risk.
Apart from not asking for the private key to login in, Newdex does not require its traders to deposit and withdraw their digital assets. This was made possible because all trades are transacted on-chain which means trades are triggered, executed and finalized using smart contracts making them irreversible, immutable and secure. This also makes them auditable and transparent as anyone can basically follow and inspect the transaction on the various blockchain explorer available online.
Since users of Newdex never lose custody of their digital assets we can say it is the prime example of true digital asset ownership. Unlike centralized exchanges that require their customers to deposit and withdraw, Newdex executes transactions straight out of customers’ wallets which means there is no need to move digital assets in and out of the DEX. Hence there will be no chance for Newdex to lockdown user assets, there will also be no need to pay for deposits and withdrawals.
World’s Leading Decentralized Exchange
DEXs are the only trading venues where users have full custody and control of their cryptocurrencies through the use of blockchain technology. Newdex has emerged as the world’s leading DEX for not only offering all the advantages of decentralized exchanges but offering value-added services that set it above all other decentralized exchanges. These include an OTC market that enables its users to use Fiat currencies to trade with cryptocurrencies, a VIP membership for various trading and airdrops privileges and utilizing its own utility token called Newdex ecological Platform Token (NDX).
Conclusion
Cryptocurrencies have not yet reached mass adoption but through the power of blockchain technology and the many advantages that it brings it is only a matter of time when the masses come marching along searching for the proper venue where they can fully exercise their newfound financial freedom. Where there are no censorship, no restrictions, borderless and frictionless. More importantly, where true ownership of cryptocurrency is realized, decentralized exchanges and there is no better embodiment of this than Newdex, the world’s leading decentralized exchange.
For more information about Newdex please follow its official links below:
Website: https://newdex.vip/
Twitter: https://twitter.com/NewdexOfficial
Medium: https://medium.com/@marketing\_27690
Let's Connect!!!
submitted by rillita to eos [link] [comments]

Good Q&As with the Thorchain team in yesterday' Thorchain & Eterbase AMA


Question: ThorChain has built a private solution which will be a good idea since it can increase security and privacy. However, when u are on an Enterprise level, having an impact on the national economy, i think the government won't like the private part, privacy coin delisting on Korea top exchange is an example. So, to resolve the problem on regulation and law-related, how will ThorChain team solutions be?

Answer: Validators bond $RUNE and operate nodes which observe on-chain activity and take action on swapping/staking. Validators won't know each other and we encourage the community to avoid social signalling. All transactions are observed & signed without the validators awareness and therefore node operators have plausible deniability. If any validators are shut down, new validators can spin up and take over. Since both our consensus mechanism and threshold signatures require 67% participation and regular validator churn this should be trivial. In this way, THORChain is decentralised & censorship-resistant.

Question: What is the role of RUNE utility token in whole Thorchain ecosystem?

Answer: Nodes bond 67% of the RUNE. Stakers stake 33% of the rune and they all get paid!

Question: Can you tell me why you use cross-chain bridges rather than atomic swaps? What is the advantage?

Answer: Atomic swaps require a counterparty, have low liquidity and require several steps in the process. From a usability perspective, it's suboptimal on all counts.

THORChain employs one-way state pegs which means assets are not pegged like other chains (and therefore do not have fungibility issues). THORChain simply maintains state on the particular chains eg. Bitcoin, Ethereum (via observations which are made by consensus).

In this way, THORChain will possess always-on incentivised liquidity which provides a fantastic user experience for swappers regardless of their liquidity requirements.

Question: Do you have plans to onboard more exchanges than Eterbase and make this to common practice?

Answer: We will be supporting any exchange who wishes to integrate with the THORChain's decentralised liquidity network (DLN)

Question: Could you give me 3 key points to convince me and other angel investors invest in Thorchain in long-term?

Answer: It's simple. THORChain will connect all blockchains together in a massive marketplace of liquidity where HODLers can turn their unproductive assets into productive ones by staking and providing much-needed liquidity to swappers via manipulation resistant CLP's. All this in a permissionless, trustless, non-custodial setting. Swaps from BTC>ETH, ETH>XMR, even ERC20 tokens to BEP2 assets can be achieved at fair market prices and low fees. Nothing exists quite like it.

Question: Why ThorChain shifts on Binancechain? What's the main reason behind shifting on binancechain ? Which types of facilities & Features binancechain provides to thorchain ?

Answer: BinanceChain offers very fast transactions, is very easy to build on, and allows the rich state to be passedin the memo field of 128 bytes

Question: Why did you choose to partner with Eterbase Exchange and what were the advantages?

Answer: We're really excited about this partnership. Eterbase is a fantastic exchange putting the customer at the centre of everything which we admire. They support BEP2 assets and have a euro stablecoin which we've never seen before. Some of the other benefits are cool too (including negative fees for makers).

Question: BEPSwap offers partner token holders a way to monetise held tokens through a staking system that provides BEPSwap with liquidity for loans etc?

My questions related to this are:

- Are staked tokens locked for a minimum period of time?

- How is ownership of staked tokens managed given BEP2 tokens have no smart contracts available?

- Is the ROI for a token variable based on lending demand or is it a fixed ROI % across all tokens in the BEPSwap platform?

Answer: - Staked tokens are initially locked for 24hrs to avoid having gas drained from the network. However they remain yours, always, via proof of keys. As long as you can sign a message - you can withdraw anytime.

- THORChain maintains state of ownership based on observations on binance chain. We observe which address sent them in, and what instruction was given. THORChain achieves consensus about what it observed and keeps this state.

- The ROI for staking depends on volume and slip for each swap. Stakers also get a share of block rewards.


Question: BEPSWAP is a DEX while Eterbase is a CEX. Some may view that the two exchanges are competitors of one another.

What are the benefits of THORChain and its BEPSWAP partnering up with Eterbase?

Answer: BEPSwap is a DLN =) Decentralised Liquidity Network. CEX's have their benefits and are different =)

Question: Liquidity seem to be a keyword on many exchanges, trading platforms and a core object that Thorchain ecosystem orbits on. How will this be resolved on Thorchain? Why does swap protocol need liquidity and will Thorchain protocol be better than swap platforms like ShapeShift, Changelly?

Answer: THORChain incentives HODL'ers (who may not have assets on custodial exchanges) to stake their assets to earn fees on swaps. Thus turning them into productive assets.

This liquidity then becomes accessible to swappers, which is convenient for people who aren't interested in order books, limit orders, stop losses, margin trading etc.

Question: What role do you think Thorchain will play in making blockchain highly adaptable in the worldwide stage?

Answer: Good question Neeko - There is a non-trivial amount of assets that could be providing much-needed liquidity to swappers. We give them an incentive to stake. Continuous Liquidity Pools (CLPs) utilising the constant product market formula are relatively new. However, we believe this is the ideal way to manage liquidity of all assets. So it can be adapted for all assets, not just crypto assets. Think shares/stocks

Question: As i know that Thorchain uses threshold signatures instead of multi-sig and I just see this tweet from CZ: "I believe TSS (threshold signatures scheme) will reshape the landscape for wallets and custodian services. It is far superior to multi-sig". Can you explain the reason for and advantages of using TSS?

Answer: Single sig - One key / one lock
Multi sig - Many keys / one lock
Shamir secret sharing - One shared key / one lock
Threshold signatures - There is no key........ (think about it, it'll blow your mind)
submitted by Wega58 to THORChain [link] [comments]

A Beginners Guide to Bitcoin, Blockchain & Cryptocurrency

As cryptocurrency, and blockchain technology become more abundant throughout our society, it’s important to understand the inner workings of this technology, especially if you plan to use cryptocurrency as an investment vehicle. If you’re new to the crypto-sphere, learning about Bitcoin makes it much easier to understand other cryptocurrencies as many other altcoins' technologies are borrowed directly from Bitcoin.
Bitcoin is one of those things that you look into only to discover you have more questions than answers, and right as you’re starting to wrap your head around the technology; you discover the fact that Bitcoin has six other variants (forks), the amount of politics at hand, or that there are over a thousand different cryptocurrencies just as complex if not even more complex than Bitcoin.
We are currently in the infancy of blockchain technology and the effects of this technology will be as profound as the internet. This isn’t something that’s just going to fade away into history as you may have been led to believe. I believe this is something that will become an integral part of our society, eventually embedded within our technology. If you’re a crypto-newbie, be glad that you're relatively early to the industry. I hope this post will put you on the fast-track to understanding Bitcoin, blockchain, and how a large percentage of cryptocurrencies work.

Community Terminology

Altcoin: Short for alternative coin. There are over 1,000 different cryptocurrencies. You’re probably most familiar with Bitcoin. Anything that isn’t Bitcoin is generally referred to as an altcoin.
HODL: Misspelling of hold. Dank meme accidentally started by this dude. Hodlers are much more interested in long term gains rather than playing the risky game of trying to time the market.
TO THE MOON: When a cryptocurrency’s price rapidly increases. A major price spike of over 1,000% can look like it’s blasting off to the moon. Just be sure you’re wearing your seatbelt when it comes crashing down.
FUD: Fear. Uncertainty. Doubt.
FOMO: Fear of missing out.
Bull Run: Financial term used to describe a rising market.
Bear Run: Financial term used to describe a falling market.

What Is Bitcoin?

Bitcoin (BTC) is a decentralized digital currency that uses cryptography to secure and ensure validity of transactions within the network. Hence the term crypto-currency. Decentralization is a key aspect of Bitcoin. There is no CEO of Bitcoin or central authoritative government in control of the currency. The currency is ran and operated by the people, for the people. One of the main development teams behind Bitcoin is blockstream.
Bitcoin is a product of blockchain technology. Blockchain is what allows for the security and decentralization of Bitcoin. To understand Bitcoin and other cryptocurrencies, you must understand to some degree, blockchain. This can get extremely technical the further down the rabbit hole you go, and because this is technically a beginners guide, I’m going to try and simplify to the best of my ability and provide resources for further technical reading.

A Brief History

Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto is unknown. The idea of Bitcoin was first introduced in 2008 when Nakamoto released the Bitcoin white paper - Bitcoin: A Peer-to-Peer Electronic Cash System. Later, in January 2009, Nakamoto announced the Bitcoin software and the Bitcoin network officially began.
I should also mention that the smallest unit of a Bitcoin is called a Satoshi. 1 BTC = 100,000,000 Satoshis. When purchasing Bitcoin, you don’t actually need to purchase an entire coin. Bitcoin is divisible, so you can purchase any amount greater than 1 Satoshi (0.00000001 BTC).

What Is Blockchain?

Blockchain is a distributed ledger, a distributed collection of accounts. What is being accounted for depends on the use-case of the blockchain itself. In the case of Bitcoin, what is being accounted for is financial transactions.
The first block in a blockchain is referred to as the genesis block. A block is an aggregate of data. Blocks are also discovered through a process known as mining (more on this later). Each block is cryptographically signed by the previous block in the chain and visualizing this would look something akin to a chain of blocks, hence the term, blockchain.
For more information regarding blockchain I’ve provided more resouces below:

What is Bitcoin Mining

Bitcoin mining is one solution to the double spend problem. Bitcoin mining is how transactions are placed into blocks and added onto the blockchain. This is done to ensure proof of work, where computational power is staked in order to solve what is essentially a puzzle. If you solve the puzzle correctly, you are rewarded Bitcoin in the form of transaction fees, and the predetermined block reward. The Bitcoin given during a block reward is also the only way new Bitcoin can be introduced into the economy. With a halving event occurring roughly every 4 years, it is estimated that the last Bitcoin block will be mined in the year 2,140. (See What is Block Reward below for more info).
Mining is one of those aspects of Bitcoin that can get extremely technical and more complicated the further down the rabbit hole you go. An entire website could be created (and many have) dedicated solely to information regarding Bitcoin mining. The small paragraph above is meant to briefly expose you to the function of mining and the role it plays within the ecosystem. It doesn’t even scratch the surface regarding the topic.

How do you Purchase Bitcoin?

The most popular way to purchase Bitcoin through is through an online exchange where you trade fiat (your national currency) for Bitcoin.
Popular exchanges include:
  • Coinbase
  • Kraken
  • Cex
  • Gemini
There’s tons of different exchanges. Just make sure you find one that supports your national currency.

Volatility

Bitcoin and cryptocurrencies are EXTREMELY volatile. Swings of 30% or more within a few days is not unheard of. Understand that there is always inherent risks with any investment. Cryptocurrencies especially. Only invest what you’re willing to lose.

Transaction & Network Fees

Transacting on the Bitcoin network is not free. Every purchase or transfer of Bitcoin will cost X amount of BTC depending on how congested the network is. These fees are given to miners as apart of the block reward.
Late 2017 when Bitcoin got up to $20,000USD, the average network fee was ~$50. Currently, at the time of writing this, the average network fee is $1.46. This data is available in real-time on BitInfoCharts.

Security

In this new era of money, there is no central bank or government you can go to in need of assistance. This means the responsibility of your money falls 100% into your hands. That being said, the security regarding your cryptocurrency should be impeccable. The anonymity provided by cryptocurrencies alone makes you a valuable target to hackers and scammers. Below I’ve detailed out best practices regarding securing your cryptocurrency.

Two-Factor Authentication (2FA)

Two-factor authentication is a second way of authenticating your identity upon signing in to an account. Most cryptocurrency related software/websites will offer or require some form of 2FA. Upon creation of any crypto-related account find the Security section and enable 2FA.

SMS Authentication

The most basic form of 2FA which you are probably most familiar with. This form of authentication sends a text message to your smartphone with a special code that will allow access to your account upon entry. Note that this is not the safest form of 2FA as you may still be vulnerable to what is known as a SIM swap attack. SIM swapping is a social engineering method in which an attacker will call up your phone carrier, impersonating you, in attempt to re-activate your SIM card on his/her device. Once the attacker has access to your SIM card he/she now has access to your text messages which can then be used to access your online accounts. You can prevent this by using an authenticator such as Google Authenticator.

Authenticator

The use of an authenticator is the safest form of 2FA. An authenticator is installed on a seperate device and enabling it requires you input an ever changing six digit code in order to access your account. I recommend using Google Authenticator.
If a website has the option to enable an authenticator, it will give you a QR code and secret key. Use Google Authenticator to scan the QR code. The secret key consists of a random string of numbers and letters. Write this down on a seperate sheet of paper and do not store it on a digital device.
Once Google Authenticator has been enabled, every time you sign into your account, you will have to input a six-digit code that looks similar to this. If you happen to lose or damage the device you have Google Authenticator installed on, you will be locked out of your account UNLESS you have access to the secret key (which you should have written down).

Hardware Wallets

A wallet is what you store Bitcoin and cryptocurrency on. I’ll provide resources on the different type of wallets later but I want to emphasize the use of a hardware wallet (aka cold storage).
Hardware wallets are the safest way of storing cryptocurrency because it allows for your crypto to be kept offline in a physical device. After purchasing crypto via an exchange, I recommend transferring it to cold storage. The most popular hardware wallets include the Ledger Nano S, and Trezor.
Hardware wallets come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key as well as any other sensitive information in a safety deposit box.
I know this all may seem a bit manic, but it is important you take the necessary security precautions in order to ensure the safety & longevity of your cryptocurrency.

Technical Aspects of Bitcoin

TL;DR
  • Address: What you send Bitcoin to.
  • Wallet: Where you store your Bitcoin
  • Max Supply: 21 million
  • Block Time: ~10 minutes
  • Block Size: 1-2 MB
  • Block Reward: BTC reward received from mining.

What is a Bitcoin Address?

A Bitcoin address is what you send Bitcoin to. If you want to receive Bitcoin you’d give someone your Bitcoin address. Think of a Bitcoin address as an email address for money.

What is a Bitcoin Wallet?

As the title implies, a Bitcoin wallet is anything that can store Bitcoin. There are many different types of wallets including paper wallets, software wallets and hardware wallets. It is generally advised NOT to keep cryptocurrency on an exchange, as exchanges are prone to hacks (see Mt. Gox hack).
My preferred method of storing cryptocurrency is using a hardware wallet such as the Ledger Nano S or Trezor. These allow you to keep your crypto offline in physical form and as a result, much more safe from hacks. Paper wallets also allow for this but have less functionality in my opinion.
After I make crypto purchases, I transfer it to my Ledger Nano S and keep that in a safe at home. Hardware wallets also come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key in a safety deposit box.

What is Bitcoins Max Supply?

The max supply of Bitcoin is 21 million. The only way new Bitcoins can be introduced into the economy are through block rewards which are given after successfully mining a block (more on this later).

What is Bitcoins Block Time?

The average time in which blocks are created is called block time. For Bitcoin, the block time is ~10 minutes, meaning, 10 minutes is the minimum amount of time it will take for a Bitcoin transaction to be processed. Note that transactions on the Bitcoin network can take much longer depending on how congested the network is. Having to wait a few hours or even a few days in some instances for a transaction to clear is not unheard of.
Other cryptocurrencies will have different block times. For example, Ethereum has a block time of ~15 seconds.
For more information on how block time works, Prabath Siriwardena has a good block post on this subject which can be found here.

What is Bitcoins Block Size?

There is a limit to how large blocks can be. In the early days of Bitcoin, the block size was 36MB, but in 2010 this was reduced to 1 MB in order to prevent distributed denial of service attacks (DDoS), spam, and other malicious use on the blockchain. Nowadays, blocks are routinely in excess of 1MB, with the largest to date being somewhere around 2.1 MB.
There is much debate amongst the community on whether or not to increase Bitcoin’s block size limit to account for ever-increasing network demand. A larger block size would allow for more transactions to be processed. The con argument to this is that decentralization would be at risk as mining would become more centralized. As a result of this debate, on August 1, 2017, Bitcoin underwent a hard-fork and Bitcoin Cash was created which has a block size limit of 8 MB. Note that these are two completely different blockchains and sending Bitcoin to a Bitcoin Cash wallet (or vice versa) will result in a failed transaction.
Update: As of May 15th, 2018 Bitcoin Cash underwent another hard fork and the block size has increased to 32 MB.
On the topic of Bitcoin vs Bitcoin Cash and which cryptocurrency is better, I’ll let you do your own research and make that decision for yourself. It is good to know that this is a debated topic within the community and example of the politics that manifest within the space. Now if you see community members arguing about this topic, you’ll at least have a bit of background to the issue.

What is Block Reward?

Block reward is the BTC you receive after discovering a block. Blocks are discovered through a process called mining. The only way new BTC can be added to the economy is through block rewards and the block reward is halved every 210,000 blocks (approximately every 4 years). Halving events are done to limit the supply of Bitcoin. At the inception of Bitcoin, the block reward was 50BTC. At the time of writing this, the block reward is 12.5BTC. Halving events will continue to occur until the amount of new Bitcoin introduced into the economy becomes less than 1 Satoshi. This is expected to happen around the year 2,140. All 21 million Bitcoins will have been mined. Once all Bitcoins have been mined, the block reward will only consist of transaction fees.

Technical Aspects Continued

Understanding Nodes

Straight from the Bitcoin.it wiki
Any computer that connects to the Bitcoin network is called a node. Nodes that fully verify all of the rules of Bitcoin are called full nodes.
In other words, full nodes are what verify the Bitcoin blockchain and they play a crucial role in maintaining the decentralized network. Full nodes store the entirety of the blockchain and validate transactions. Anyone can participate in the Bitcoin network and run a full node. Bitcoin.org has information on how to set up a full node. Running a full node also gives you wallet capabilities and the ability to query the blockchain.
For more information on Bitcoin nodes, see Andreas Antonopoulos’s Q&A on the role of nodes.

What is a Fork?

A fork is a divergence in a blockchain. Since Bitcoin is a peer-to-peer network, there’s an overall set of rules (protocol) in which participants within the network must abide by. These rules are put in place to form network consensus. Forks occur when implementations must be made to the blockchain or if there is disagreement amongst the network on how consensus should be achieved.

Soft Fork vs Hard Fork

The difference between soft and hard forks lies in compatibility. Soft forks are backwards compatible, hard forks are not. Think of soft forks as software upgrades to the blockchain, whereas hard forks are a software upgrade that warrant a completely new blockchain.
During a soft fork, miners and nodes upgrade their software to support new consensus rules. Nodes that do not upgrade will still accept the new blockchain.
Examples of Bitcoin soft forks include:
A hard fork can be thought of as the creation of a new blockchain that X percentage of the community decides to migrate too. During a hard fork, miners and nodes upgrade their software to support new consensus rules, Nodes that do not upgrade are invalid and cannot accept the new blockchain.
Examples of Bitcoin hard forks include:
  • Bitcoin Cash
  • Bitcoin Gold
Note that these are completely different blockchains and independent from the Bitcoin blockchain. If you try to send Bitcoin to one of these blockchains, the transaction will fail.

A Case For Bitcoin in a World of Centralization

Our current financial system is centralized, which means the ledger(s) that operate within this centralized system are subjugated to control, manipulation, fraud, and many other negative aspects that come with this system. There are also pros that come with a centralized system, such as the ability to swiftly make decisions. However, at some point, the cons outweigh the pros, and change is needed. What makes Bitcoin so special as opposed to our current financial system is that Bitcoin allows for the decentralized transfer of money. Not one person owns the Bitcoin network, everybody does. Not one person controls Bitcoin, everybody does. A decentralized system in theory removes much of the baggage that comes with a centralized system. Not to say the Bitcoin network doesn’t have its problems (wink wink it does), and there’s much debate amongst the community as to how to go about solving these issues. But even tiny steps are significant steps in the world of blockchain, and I believe Bitcoin will ultimately help to democratize our financial system, whether or not you believe it is here to stay for good.

Final Conclusions

Well that was a lot of words… Anyways I hope this guide was beneficial, especially to you crypto newbies out there. You may have come into this realm not expecting there to be an abundance of information to learn about. I know I didn’t. Bitcoin is only the tip of the iceberg, but now that you have a fundamental understanding of Bitcoin, learning about other cryptocurrencies such as Litecoin, and Ethereum will come more naturally.
Feel free to ask questions below! I’m sure either the community or myself would be happy to answer your questions.
Thanks for reading!

Related Links

Guides

Exchanges

submitted by MrCryptoDude to Bitcoin [link] [comments]

Please help me create an atlas of Stellar network to make it more transparent and safe for everyone

A few months ago I released StellarExpert Directory, a free public catalog (and open API for developers) of well-known Stellar addresses. Today it contains more than 120 entries, including anchors, exchanges, inflation pools, etc.
Why is this important? The data is used by wallets, exchanges, and StellarExpert itself
I'm also preparing a Github repository with all the data and a fancy address listing form to make the process of adding new addresses as frictionless as possible. The directory belongs to the community, so it should be free for all, uncensored, and decentralized. That's why I'm going to add some community members and developers as code-owners to the repository, so the Directory will keep functioning even if tomorrow I'll get hit by a bus :))

If you have a few spare minutes and you know some exchange or anchor address not listed in the Directory yet, I will be really grateful if you could write a comment to this thread containing the following info:
A lot of new exchanges listed Stellar recently. Some of them have been cataloged already, including Binance, Kraken, Bittrex, Bifinex, Poloniex, OKEX, Changelly, Upbit, CEX.IO, BitcoinIndonesia, GOPAX, BTC38, Exrates, KOINEX, CoinsPro, Cryptomkt, Gate.io, Stronghold, Cryptomover, Stellarport, and others. If you happen to use one of the exchanges not listed in the Directory, please post its Stellar address here.
(Optionally) If the address belongs to the exchange or anchor operational account, please provide the required memo type and supported top-up operations (payment, path_payment, merge_account).
If you represent an anchor, make sure that the account home_domain is set and the appropriate stellar.toml is hosted on this domain to simplify the verification process and confirm the ownership.
Please note that the Directory contains only business entities. If you want a cool nickname for yourself, please use Federation addresses instead.
submitted by orbitlens to Stellar [link] [comments]

Buying Ether in Canada, my experience with different exchanges

Hello, I'm writing about my experiences buying ethereum in Canada, essentially converting CAD to ETH. The goal is to help beginners that are interested in getting started but don't know where to actually buy ether. There's a lot of info out there but most of it seems to be centered around USD, which doesn't always translate for CAD and our banking system. I'm by no means an expert but I figured someone might find this information helpful.
I've verified and used the following sites, so I'll be writing about them:
If you just want the gist of it, a super-quick summary of what I found:
With every one of these sites, there's usually some form of verification. This involves taking a picture of some piece of government ID (usually passport or drivers license), as well as some sort of proof of address such as a utlity bill. Some sites require you to take a selfie with some of that documentation or holding a handwritten sign. It seemed sketchy to me at first, but every place does it.
Coinbase
This was the first place I tried. Their only payment methods I could find are Visa and MasterCard, of which they charge a 3.75% convenience. With reward cards you might get 1%-2% back, but this is a fairly high fee. The bright side is it's just about instantaneous.
One thing I noticed is that their sell price is about ~$5 higher than a few exchanges. For example, as I write this, it's $119.23 on coinbase. On kraken it's 113.99 for a market order.
There is a weekly $200 limit on the amount to buy. A 30 day countdown started after I spent $500 to increase the limit. I can't find what the new limit amount will be once that countdown reaches 0 though.
So far, I've been with them for over a month and I've bought $600 worth of ether. The first time I bought it only took a minute to get sent to my private address. The second time it took ~40 minutes for it to actually get sent to my private ether address, but this was due to some issues they were having, probably just a fluke. I've bought two more times since then and both times it was instant.
To summarize
Pros:
Cons:
QuadrigaCX
Hoping to get lower fees, this was the second place I tried. They accept a lot more payments with a variety of fees, I'll list them out:
Funding Type Daily Limits Time Frame Fee Verification
Electronic Funds Transfer Min $250, Max $10,000 5 Business Days 5% required
Interac e-Transfer Min $500, Max $5,000 Next Business Day 2% + $5 required
Interac Online Min $50, Max $2,000 Instant (but may be held 24 hours by security) 1.5% (min. $5) required
Bank Wire Min $100,000, Max $500,000 2-4 Business Days Free required
Crypto Capital Min $500, Max $500,000 24 hours Free required
Electronic Funds Transfer replaced their "direct bank transfer" option, and while I think it's great since I think every bank supports it, it unfortunately has a rather high fee at 5%. I don't really see why you would use this though, if you can use Interac Online, it's faster. If you need the higher daily limit, a bank wire would be cheaper too.
Interac e-Transfer I'd go with this if your bank doesn't support Interac Online and if you don't mind the 2% fee. If you're doing a large amount, the Bank Wire would be a better choice, depending on how much your bank charges you.
Interac Online seems like the best choice for less than $2000. Unfortunately even though my bank card says "Interac" on it, and the bank is listed as supported, I can't use it for Interac Online because the card is both a debit and visa card. I've read that RBC and BMO are the only banks that support this, so it may be worth signing up with them.
Bank Wire ended up being what I used (EDIT: back then the minimum for a wire transfer was $500). I wanted to deposit a larger sum, so just paying my bank for the cost of the transfer ended up being worthwhile (about 0.5% fee). The downside is I had to go in person to a branch to send a wire transfer and it's only really worthwhile for larger transfers.
Crypto Capital seems like a 3rd party that you can wire to and then transfer that to QuadrigaCX. I don't see the appeal in using this to fund an account since you can just wire to QuadrigaCX directly.
I sent the wire transfer a few days ago, and it seems like it will take 3-5 business days for it to complete. I'll update this post if the money somehow just disappears. Wire transfer came through today, no problems :)
Once you do get CAD on QuadrigaCX, the fees to buy Ether are 0.5%. Combined with my wire transfer cost, I expect to only have paid a total of 1% in fees.
To summarize
Pros:
Cons:
Kraken
The latest site I've tried, they have multiple tiers of verification. You can't deposit CAD until you reach tier 3 verification, which can take up to 48 hours.
Tier 1 and tier 2 were verified within the hour but tier 3 was still not verified 3 days later. When I submitted a support ticket, they were very quick to respond the next day and told me I needed to submit a Confirmation ID. Their site listed the Confirmation ID for a few countries and some criteria but it didn't seem like Canada applied to any of the criteria. Regardless, I submitted the Confirmation ID and was verified with tier 3 that same day.
The only way to deposit CAD with Kraken is through wire transfer and it seems like there's some unlisted fees based on what their banks charge them to receive a wire transfer (as well as any intermediary bank). I have not done this so I cannot tell what the costs would be.
Once you do have CAD on their exchange, their fees are better than QuadrigaCX with a MakeTaker rate at 0.16%/0.26%.
I have sent ether to Kraken just for playing around with trading and I've had no problems.
To summarize
Pros:
Cons:
Coinsquare
Verified today and decided to try the Interac e-transfer. This is when I encountered a problem (at least on firefox), for funding the account, they have a javascript button to dismiss an overlay before you can do the e-transfer. The html element for the button is an href and has a 'blank="target"' property on it. When I press this button, it opens a blank new tab, and nothing changes on the page. Running the javascript function manually causes the alert to be removed and it works as expected. This is a little insane that I had to have knowledge of html to get access to it. Their site has been improved a significant amount and I haven't ran into these kinds of problems since.
Anyway the e-transfer itself worked perfectly, it funded my account, and I think it's my favourite way to transfer CAD into exchanges so far. Only a 2.5% fee and only takes a few minutes to be in my account. They also have wire transfer, money order, and bank order, but I think other exchanges have a much better interface.
Buying Ethereum was a bit more confusing since (as far as I can tell) you can't trade CAD to ETH directly, you have to trade CAD for BTC first, and then trade that BTC for ETH.
The interface for placing an order was confusing to me compared to Kraken or QuadrigaCX, but I figured it out. Although I was interested in seeing how many orders there were and for how much, but I wasn't able to find that.
Buying BTC has a trade fee of 0.1%, and then trading for ETH has a trade fee of 0.2%. Overall total fees for e-transfer were ~1.3%~ 2.8% now, which is great considering what other fees are and how fast it is in comparison. If you can get past the interface, e-transfer is the way to go.
Funding Type Daily Limits Time Frame Fee Verification
Interac Online Min $100, Max $2,000 Instant (withheld for 3 days) 2.5% not required
Intac e-Transfer Min $100, Max $3,000 1-3 days (withheld 0-7 days) 5% required
Flexepin Min $20, Max $500 instant 2.5% required
Bank draft Min $1000, Max $9,000 0-2 days (withheld 0-5 days) 0.25% required
Money Order Min $100, Max $1,000 0-2 days (withheld 0-5 days) 0.25% required
Wire transfer Min $10,000, Max $300,000 0-1 day (withheld 0-2 days) 0.5% required
They have this concept of withholding funds, where you basically have to keep the money on the account. You can trade with it as much as you want, but you won't be able to withdraw until after the withholding time.
Pros:
Cons:
Alternatives
There are of course other sites to get ether, and there's always the option of getting bitcoin and exchanging it through an exchange like Kraken or Poloniex for ether. There are bitcoin ATMs scattered around as well, but I can't comment on any fees involved or how close they match exchange prices.
Other sites I checked out:
Alt Coins
The main sites for getting CAD into the cryptocurrency space like QuadrigaCX, Coinbase, Kraken, and Coinsquare don't have a lot of altcoins. Fortunately once you have ether you can send it to another exchange and trade that for altcoins. These are my favourite ones:
Funnily enough, this whole experience has made me appreciate the flexibility cryptocurrency like ether has and served as a reminder to how slow and cumbersome transactions become once the banking system is involved.
EDIT: received wire transfer through QuadrigaCX, made account with coinsquare.
EDIT2: added coinsquare section
EDIT3: updated QuadrigaCX and coinsquare section, updated alternatives list
EDIT4: Added e-transfer for QuadrigaCX!
EDIT5: Cleaned up alt coins section.
submitted by speedtouch to ethtrader [link] [comments]

Best Cryptocurrency Exchanges for Beginners

Best Cryptocurrency Exchanges for Beginners
Best Cryptocurrency Exchanges for Beginners
Before we get into exchanges, let’s refresh our minds about what cryptocurrency is. The concept behind cryptocurrencies is relatively simple, while the math and technology are not. Essentially, a cryptocurrency is a virtual or digital currency that utilizes cryptography as a means for protection and security.
Cryptography is also used to regulate the creation of additional units, so as to not drive the overall digital currency market wild. One of the greatest appeals of cryptocurrencies is that they are not regulated by any government agencies. The most popular digital asset is the bitcoin, followed by ethereum.

What Are Cryptocurrency Exchanges?

Cryptocurrencies can be traded through cryptocurrency exchanges. These cryptocurrency exchanges are platforms through which you can purchase or sell digital currencies for dollars, euros, and pounds, as well as other digital assets. For example, you can sell bitcoins and purchase dollars with the sold bitcoins, or you could exchange bitcoins for ether. These exchanges are a vital part of the virtual currency expansion rate.
There are private exchanges, which are exclusive and operate by invite only, as well as those available for the public. Local exchanges also exist. Some are easier to use than others are; certain exchanges are so flexible that digital assets can be traded directly through the built-in chat features of specific popular messengers, like Telegram.

What to Consider When Picking the Best Cryptocurrency Exchanges

Here are a few things you will want to consider before picking the best cryptocurrency exchange suited for your trading and speculative needs.
Fees – Almost all exchanges charge fees for you to do business on their platforms. Make sure that when you are signing up or committing yourself to a specific exchange that you know everything about its fees.
Verification Requirements and Security – These are vital to understand before starting out on an exchange. Most exchanges require some sort of identity verification in the form of a passport, driver’s license, proof of residence, or other similar document before joining. The more complex the verification process, the safer the exchange platform.
Exchange Rates – Exchange rates are also important, as you don’t want to join a cryptocurrency exchange that charges draconian fees for transactions and exchanges. That just wouldn’t be fair to you or financially savvy.
Reputation – The best cryptocurrency exchanges always have ups and downs. However, the general opinion of the top ones is positive. The best exchanges have a solid reputation and are well trusted by traders.
Region – It’s also important to find an exchange that supports your geographic region. Some exchanges may support all of the countries in South America, while not supporting any of the countries in Asia, and vice versa. If you are living in Russia, for example, make sure you pick the best exchange platform that supports your region.
Now, let’s take a look at some of the best cryptocurrency exchanges out there.

Security

Something which is important to bare in mind when choosing a cryptocurrency exchange to make your trades and purchases on is their security measures. It is well-known that many exchanges have been hacked in the past, most notably the Mt Gox exchange, which people are still feeling the fall-out from ever since.
You should know that the your funds or coins on an exchange or not really yours, unless you own the private keys to the wallet of your coins you are relying on someone else to be custodian of your funds.
Luckily there are some basic measures you can take when using an exchange. The most important is to never store more there than you are willing to lose, if you have a significant balance, you should withdraw it back to your own wallet and for extra security, use a Hardware wallet to secure these funds.
Exchanges should be used for quick purchases of your desired cryptocurrency or for trading an amount you are happy with. They should never be used as your primary wallet, that is not their intended function.
Another important step to take is to use all the security options available on the site, make sure that two-factor authentication (2FA) is setup correctly and you use an app like Authy or Google authenticator. Do not use the mobile phone option which texts you a code, this is not safe as their have been a number of high-profile hacks involving sim-swaps which allow a would-be hacker to take over your phone number and then gain access to your account.

Coinbase

Coinbase is one of the, if not the, most trusted cryptocurrency exchange platforms in the world. It is also the largest digital asset exchange platform in the world. The platform supports more than 32 countries and has more than 4 million active users. Traders are allowed to acquire and sell bitcoins using their bank account, credit card, PayPal, and other payment methods, as well. In order to begin trading on Coinbase, you will have to set up an e-wallet for buying and selling cryptocurrencies. Furthermore, users have to be able to link a valid bank account in order to purchase bitcoins.

https://preview.redd.it/dauw912k1ze31.jpg?width=808&format=pjpg&auto=webp&s=25f1df9624cea90cc1359160ac7fd8b133eba1e7
Currently, fully verified U.S. residents are only allowed to hold up to 50,000 bitcoins per day. Overall, Coinbase has a great reputation and is highly respected in the trader community. Most transactions through Coinbase only have a 1 percent transaction fee in addition to any fees that your selected payment method may carry.
As with CEX, you can only purchase a few currencies: Bitcoin, Ethereum and Litecoin. You would then need to use Changelly to convert these to other crypto currencies.
Another benefit of registering with Coinbase is the fact you are then able to use the Coinbase Pro exchange which is owed by the same company. Coinbase Pro allows to more advanced trading features such as margin trading and Market, Limit, & Stop Orders. Coinbase Pro also has lower fees than Coinbase.
Read our full Coinbase Review here to learn more. We have also conducted a thourough look at Coinbase’s security measures here.
Visit Coinbase

Binance

Binance is a newer exchange but one we have grown to love, it has a wide range of cryptocurrencies available to purchase and trade and has a basic and advanced view which you can switch between easily. Their fees are very reasonable and they allow you to register and trade immediately without having to verify your account. You will then be able to make withdrawals of up to 2 BTC per day, if you want to withdraw higher amounts you will then need to upload your photo ID and a “selfie” photo.

https://preview.redd.it/01yawgfl1ze31.jpg?width=808&format=pjpg&auto=webp&s=28c23efac9899a48ce174693ed30a6dba08d94db
The public opinion of Binance at this time is very high with people praising the speed of the site, ease of use and cheap fees.
For more details you can read our complete review of Binance here.
Visit Binance

KuCoin

KuCoin is a new but very exciting exchange based in South Korea. They operate similarly to Binance in the fact that they list new altcoins much quicker than other exchanges so it’s a good place to purchase cryptocurrencies shortly after their ICO meaning there is a greater opportunity to profit by getting in early.
The interface is very clean and modern and much easier to operate than other older and more clunky exchanges.
They also offer their own token KCS which allows all holders to receive a daily share of profits of the platform, this is a great token to hold as you are paid in the many different currencies that the site allows people to trade in.

https://preview.redd.it/qav0qx9m1ze31.jpg?width=808&format=pjpg&auto=webp&s=2635f1242f7474a56f21fe123c0ad1c7718a8ee8
Visit Kucoin

LocalBitcoins

LocalBitcoins is a peer-to-peer cryptocurrency exchange used in most big cities around the world. The general principle behind this exchange is that you can find people who live in your area or city and meet with them in person to conduct an exchange. The platform also offers options for purchasing digital currencies via PayPal, Square, direct-to-bank transfers, and many other payment-processing methods. The platform charges a small fee of 1 percent per transaction in cases where sellers apply their own exchange rate.

https://preview.redd.it/p3igqf3n1ze31.jpg?width=808&format=pjpg&auto=webp&s=2eae56e0e8dbe452e1d327f24ecc96642de2bc70
Similar to the way Uber passengers and drivers are rated, LocalBitcoins applies a rating to each trader that uses the platform, and this rating is publicly displayed. Trades first have to undergo an escrow process to ensure that nobody will be scammed by using the platform. Once everything is verified, the funds and cryptocurrencies transfer between traders. LocalBitcoins takes a commission of 1 percent from sellers. W
Take a look at our LocalBitcoins Review to find out more.
Visit LocalBitcoins

CoinMama

CoinMama is a large bitcoin brokerage that allows users to acquire coins with their debit or credit cards. The platform issues small fees for transactions. To make up for this, however, the limits for how many bitcoins a user can buy are much higher in comparison to Coinbase. Users can acquire up to $5,000 of coins per day or up to $20,000 per month. All users need to do to use CoinMama is to set up an account, log in, and navigate to the profile page section to fill in personal information.

https://preview.redd.it/rafwelwn1ze31.jpg?width=808&format=pjpg&auto=webp&s=e1ee6986f8f04ebfb40f0110fabab246203c2c66
Following this, users will be introduced to a page that allows them to select how many bitcoins they would like to purchase, and once a fitting amount has been selected, users will be allowed to add their preferred payment methods and bitcoin addresses. Users will also be required to verify their phone number and email address. CoinMama does not require most users to upload their government-issued ID. After completing the aforementioned steps and passing the verification process, users will be able to acquire bitcoins through CoinMama.
Read our complete CoinMama Review here.
Visit CoinMama

CEX.IO

CEX.IO is one of the oldest cryptocurrency exchanges in the world. However, despite being referred to as a cryptocurrency exchange, CEX.IO can only be used with bitcoins and ethereum which are the main two trading pairs for alt-coins. If you want to purchase other currencies, you can use CEX and then a service named Changelly to convert them to many other cryptos.
The platform is registered with the FINCEN and applies KYC and AML principles. In other words, users have to completely verify their identity before they can get involved in any trades with this platform. Currently, the platform supports purchases with credit cards, wire transfers, or SEPA transfers for European residents.

https://preview.redd.it/dvrr5yto1ze31.jpg?width=808&format=pjpg&auto=webp&s=46fa36889957b7742bf1eb1f682c6c8c31c1f164
Once you enter a trade, the platform automatically calculates the price of the transaction and freezes the exchange rate for 120 seconds, which is quite convenient. However, many users note that there are occasional hidden fees. CEX.IO has a flat fee of 7 percent for anything involving fiat currencies. For example, if you acquire $100 in bitcoins, you will only receive $93 in coins.
Read our indepth CEX Review here to learn more.
Visit CEX

Bittrex

Bittrex is well established and highly regarded crypto trading platform, with many coins and tokens to choose from. The interface is not for complete beginner’s but you should be able to find your way around after a little while.

https://preview.redd.it/xa00ycmp1ze31.jpg?width=808&format=pjpg&auto=webp&s=e42aedf2b51ff01005847ec0867c69ba94e8a7dd
Read our full review of Bittrex here.
Unsurprisingly, Bittrex’s most popular trading pairs are BTC and ETH. It must be noted that the exchange currently does not offer any kind of fiat-to-crypto pairs, e.g. with U.S. dollars, euros, or British pounds). One thing investors can do is buy USDT (Tether tokens) via wired bank transfers in order to use USDT for crypto-to-crypto exchanges.
However, you’ll need to be fully verified and willing to slap down at least $10,000 USD for Bittrex to even consider the transfer. And we here at Blockonomi don’t remind this approach anyways; there’s been a lot of controversy surrounding Tether lately, and it’s best just to stay away for now until further developments actualize.
Visit Bittrex

Conclusion

Picking the ideal cryptocurrency exchange platform for your specific needs may be a difficult and time-consuming process. Remember to pay attention to the fees, reputation, security, verification processes, and geographical services an exchange platform has to offer. Remember that you are not limited to using only one cryptocurrency exchange. Hopefully, the information provided will assist you in deciding which exchange platform to use.
We have selected 6 Cryptocurrency exchanges here which are trustworthy and easy to use for beginners to get started building their investment portfolios.
Original article link: https://blockonomi.com/cryptocurrency-exchanges/
submitted by Tokenberry to NewbieZone [link] [comments]

Sent wrong bitcoin address - Need help (Reward 0.05 Bitcoin)

Sent wrong bitcoin address - Need help (Reward 0.05 Bitcoin)
Hey guys, today morning, I sent 0.2btc bitcoin to a wrong address that I saved previously.
It all started like this:- I tried to withdraw 0.2 bitcoin from my Binance wallet, and since I already have a saved address, the saved address showed up automatically and I thought I have already copy pasted the address I wanted to send to.

https://preview.redd.it/m3425khtm1121.png?width=319&format=png&auto=webp&s=d9295862cffca20c9c1e00615480da9c47ba42d4

After I sent the bitcoin, I realized it to the wrong address. The nickname of the address is “cex”, which is a nickname for cex.io, of which I have an account.

https://preview.redd.it/305ufkfum1121.png?width=232&format=png&auto=webp&s=264e1c8cb716a8a262940c84c8901f3cf77cdaf7
However, after I logged into my cex.io, I noticed my address shown on the BTC withdrawal address and my CEX.io withdrawal address differs, CEX.io shows 3MrMptriEMdA5VAb9TKZyE9JruUyDAD1dc instead of Binance’s 3NTxjuqgVN7HREWf91cepkE8RN7bYm3SWr.
https://preview.redd.it/q26uhh4vm1121.png?width=365&format=png&auto=webp&s=09b18e2a33718cbc04958ad63e1216c33e9f05ca
However, I checked on blockchain and noticed that there were a few withdrawals to 3NTxjuqgVN7HREWf91cepkE8RN7bYm3SWr which deposited into my cex.io account. For example, on 21 October 2017, I withdrawed 0.65 bitcoin from Binance, and 0.65 bitcoin was successfully deposited into my CEX.io account.
https://preview.redd.it/xr3unu2wm1121.png?width=624&format=png&auto=webp&s=2b6a47eb7eb5d537d4d78f2e17f13b1b33ca8296
On 2 November 2017, I deposited a further 0.85 bitcoin from another bitcoin exchange to 3NTxjuqgVN7HREWf91cepkE8RN7bYm3SWr, and it also showed up on my CEX.io account.

https://preview.redd.it/h5dlgvowm1121.png?width=624&format=png&auto=webp&s=dc3d9dba1fb0ab895bcfb4db410a1ca39931a8de
However, on the other hand, on both 21st October 2017 and 2 November 2017, the same amount was also deposited into 3MrMptriEMdA5VAb9TKZyE9JruUyDAD1dc (which I don’t know why since I withdrawed 0.85 and 0.65 bitcoin to 3NTxjuqgVN7HREWf91cepkE8RN7bYm3SWr).
https://preview.redd.it/rdeyolnxm1121.png?width=624&format=png&auto=webp&s=10f88dc1dbca76750db8e43072d33afa72ff704e
https://preview.redd.it/cj10vl3xm1121.png?width=624&format=png&auto=webp&s=f090fa3cb2b3c2a32f87d0fb2a969a085dd5d1d1
I tried using the 0.65 bitcoin and 0.85 bitcoin transaction to convince CEX.io that these wallets are indeed linked and to deposit the 0.2 bitcoin that I transferred over to 3NTxjuqgVN7HREWf91cepkE8RN7bYm3SWr to me. However, they said they do not know who is the account owner of 3NTxjuqgVN7HREWf91cepkE8RN7bYm3SWr and its certainly not me.
This is the reply from them:-

https://preview.redd.it/5ogq82yym1121.png?width=624&format=png&auto=webp&s=387f41ee60e5b9c52816f429f9f31eb700f04e6c
Since the nick name I wrote for 3NTxjuqgVN7HREWf91cepkE8RN7bYm3SWr is CEX on my Binance wallet, I am pretty sure this address belongs to CEX.io. Furthermore, I deposited a few transactions into this address which showed up on my account after that.
If anyone can provide the linkage between 3NTxjuqgVN7HREWf91cepkE8RN7bYm3SWr, 3MrMptriEMdA5VAb9TKZyE9JruUyDAD1dc and cex.io which I could provide evidence to CEX.io and able to get back my 0.2 bitcoin, I would gladly award him with 0.05 bitcoin as a token of appreciation.
submitted by ahhor to Bitcoin [link] [comments]

How To Buy, Sell and Deposit Bitcoin to Binance ( Binance Tutorial) Binance Futures Guide - Step-By-Step Tutorial Binance & Bitcoin Coming To India - A Step Forward? How to SHORT or LONG Bitcoin with Leverage  BINANCE FUTURES TUTORIAL  EXPLAINED for Beginners How To Use Binance Beginner Tutorial Filipino Make fake BTC transaction , Fake bitcoin transaction software 2019 How to transfer Ethereum from CEX to Binance Exchange  HINDI how to trade cryptocurrency for profit on cex.io - convert crpto to money How To Trade Bitcoin Cryptocurrency for Beginners - YouTube How to buy bitcoin on CEX.IO and send to external wallet ...

1. Deposit Bitcoin on your CEX.io account. To deposit Bitcoin on your CEX.io account, select your Bitcoin and enter your desired amount at the right side of the screen, then click on “Continue.” You will be given an address. This is what you need to use in processing your Bitcoin deposit or you can also scan the QR code to generate a new ... Once clicked, you will be redirected to the dedicated coin-wallet page. In this example we decided to deposit Bitcoin: On the right side of the page, we can see our new dedicated wallet address. This address is unique for our Binance account; in other words, anything that will be transferred to that address will be credited to your account. CEX.IO API. CEX.IO provides several API solutions for automated trading based on needs of individuals and institutions. Please note that CEX.IO API is limited to 600 requests per 10 minutes. If you are interested in increasing limits, have any feedbacks or feature requests, please drop an email to [email protected] Important: Each cryptocurrency has a different deposit address! For example, if you try to send Ethereum (ETH) to your Bitcoin (BTC) address, you could risk losing your Ethereum! 4. You now need to copy the deposit address. The easiest way to do this is to click on Copy Address. 5. Now you need to go to your cryptocurrency wallet and transfer the number of Bitcoins you want to send to your ... Ahead of upcoming one-click DeFi access feature, CEX.IO lists major decentralized finance tokens and offers instant, zero-fee Visa card deposits. Now, enter the cryptocurrency you need an address for. In this example, ... For example, Bitcoin can be traded with 143 different coins, so we say that Bitcoin has 143 trading pairs on Binance. In this example, our account is funded with Ethereum, so we are only able to trade with Ethereum. To find out which cryptocurrencies are offered for trading with Ethereum, select ETH in the top right ... Take Bitcoin (BTC) as an example, after confirming the address, copy it into the [Recipient's BTC Address] field, and enter the withdrawal amount. The system will automatically calculate the handling fee and give the actual arrival amount: actual arrival amount = withdrawal amount-withdrawal fee. Note: Below you can see the step-by-step process to send Bitcoin from Coinbase to Binance. Sign Up/Log In to your Coinbase account . 1. Sign up to create an account on Coinbase. You will need to enter your first and second name, alongside your email address. Coinbase will then send you an email, which you will need to verify. 2. Select your account type: Business or Individual. Upon request, you ... Binance is considered as a centralized cryptocurrency exchange broker as it only directly deals with crypto-based assets such as Bitcoin, Altcoins or ICO tokens. Buying and selling of select cryptocurrencies is permitted through Binance’s partnership with Simplex. Users can quickly exchange their coins and tokens without even submitting any documentation to verify their account. Unverified ... We will use BTC as an example. In order to quickly get the BTC deposit address for your account, copy BTC deposit address, and paste it to the corresponding platform’s address section, where you intend to withdraw your funds from. Alternatively, you can also use the corresponding platform’s mobile app to scan the QR code to complete your deposit to Binance. Please kindly be advised ...

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How To Buy, Sell and Deposit Bitcoin to Binance ( Binance Tutorial)

In this episode I'm going to talk about Binance building a crypto corridor to India. Want to support the Channel? Below you find my donation addresses and affiliate links - thanks for the support ... Learn how to transfer ethereum coin from cex.io to Binance exchange. Let me know what you think! DISCLAIMER: This is NOT a financial advice. I am just offering my opinions. I am not responsible ... BTC Address: ... bull run, should I buy bitcoin, digibyte, binance, basic attention token, btc, fomo, b1, what is eos, eos vs cardano, eos on coinbase, xphone, cardano shelley, brave browser, earn ... Binance Futures Guide - Step-By-Step Tutorial #Binancefutures #Binance #Bitcoin BNB Deposit Address : bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23 BNB Deposit ... This is a beginners video guide on how to use Binance Trading Platform. If you like the video click thumbs up and please subscribe to our channel and click the notification button to get updates ... Get an additional $10 in Bitcoins from Coinbase when purchasing through my referral link http://fredyen.com/get/Bitcoins Here is a quick beginner's guide on ... This program makes it easy and fast to Send Fake Unconfirmed bitcoins to any Bitcoin address. For tool contact at:: [email protected] The Bitcoin Fake Transaction by RBF method is a ... how to trade cryptocurrency for profit on cex.io - How to trade altcoin 2018, how to make money with cryptocurrencies, how to get rich with bitcoin 2018, how to make money on binance 2018, This video explains how you can buy Bitcoin via credit card and send the Bitcoin directly to your favorite wallet. I used Binance BTC wallet as an example. O... 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.

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