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Best places to trade your Ripple/XRP (longer read)
In the past when you heard the word ‘cryptocurrency’, the first thing that came to everyone’s minds was Bitcoin. To some, this is still the case; they believe that Bitcoin is the cryptocurrency and the vice versa to also be true. Of course, the statement is correct in one way; Bitcoin is a cryptocurrency, but cryptocurrency is not made up of only Bitcoin but a host of other currencies. One of these currencies is Ripple. When it comes to the top five cryptocurrencies with the highest capitalization, Ripple needs no introduction as it has managed to secure a position of being the third most traded cryptocurrency around the world. Perhaps this is due to the fact that Ripple is the only cryptocurrency with a backing from traditional legacy financial institutions. In addition, the coin has been integrated into the operation of thousands of small businesses around the world. At this juncture, it is only fair that you learn how to be a part of this great innovation. Thankfully, that is what this guide is all about, showing you some of the best trading platforms for Ripple. There are numerous exchanges that offer decent exchange rates and well-matched trading pairs, but I’ll only narrow down to some of our best picks to help you get started fast.
What is Ripple (XRP)?
Ripple is a cryptocurrency, a currency exchange, a real-time gross settlement payment system, and a remittance network powered by Ripple. As I mentioned before, this is the third most capitalized cryptocurrency asset after Bitcoin and Ethereum. XRP allows enterprises such as banks and other financial service providers to offer their clients a reliable option to source for liquidity for cross-border currency transactions. Ripple is a distributed, open-source platform that seeks to capitalize on the weaknesses of the conventional money payment systems such as credit and debit cards, PayPal, bank transfers, among others. According to Ripple, these payment systems expose users to a lot of transaction delays and restrict the fluidity of currencies. The platform aims at replacing traditional payment systems through offering a faster, safer, and more convenient alternative for making payments. Both the platform’s exchange and tokens are called Ripple, and their mantra states one frictionless experience to send money globally.
Where Can I Trade XRP?
Most exchanges that trade Ripple are limited to crypto-to-crypto transactions. This means that you can only trade Ripple with another cryptocurrency and not fiat currencies such as the euro or the dollar. You’ll need to acquire the currency you wish to trade with XRP on a platform that accepts fiat, and once that happens, you can proceed to trade the two currencies. There are several great platforms that offer XRP trading; below are just a few:
Buying XRP on Binance
Buying XRP on Bittrex
Just like on Binance, you’ll need to create an account on Bittrex to get started. The process is pretty much straightforward, only requiring you to sign up using your email address and password. Once you’re done signing up, click on the wallet tab. You will be taken to a page where you can view all the deposit addresses of the cryptocurrencies on the Bittrex platform. You can then choose the currency to use to purchase XRP, after which, you will be required to type in the code of the currency you will be using to purchase Ripple. If you’re using Ethereum, you can type in the search bar “ETH” and then click on the green arrow to reveal the deposit address. In case you will be sending the funds from a different exchange, you’ll need to paste the address to that platform. Next, you’ll need to send funds to your Bittrex account. Bittrex permits payments using both fiat and cryptocurrencies. So, depending on what you will be using, send money to your online wallet and proceed to trade it with Ripple.
Buying XRP on Changelly
Changelly is another Ripple exchange that requires you to use either Bitcoin or Ethereum to acquire XRP. The exchange doesn’t have an inbuilt wallet, so you’ll need to store your funds on a separate hardware or software wallet. You can pretty much use any type of wallet, but the most secure ones are the hardware ones as they store your coins in an offline cold storage area. Ripple prefers not to have many unutilized accounts being set up on its platform; this is why you’ll need to have a minimum of 20 XRP in your account for you to get started. However, if your first transaction will be more than 20 XRP, then you’re all set. Once you have a wallet ready for your Ripple, head to the Changelly site and click on “input currency”. Here, you will be able to enter the currency you wish to trade for Ripple. You can basically pick and use any coin listed on the site, but it is highly recommended that you use either Bitcoin or Ethereum due to their high liquidity. The output section will have Ripple, which is the currency you wish to receive. The next step will require you to key in your XRP address, which is your Ripple address and the destination tag, which is a description of the transaction. You can now proceed to trade your chosen coins for Ripple. The transaction shouldn’t take long, and you will be able to receive the coins in your Ripple wallet.
Cryptmixer is a platform that assists users to swap XRP with 5 other assets freely. The interface lets users convert assets directly from one’s wallet, without having to create an account or register. Besides, the service helps to compare different providers and find a suitable deal for handling Ripple transactions securely, rapidly, and at the best rate. The process of using Cryptmixer is quite simple:
Go to the main page, choose the currency you’d like to swap, and enter the amount.
Choose XRP to receive.
Review the amount to see how much you will receive. Cryptmixer will automatically find the best rates for your trade.
Then, enter the wallet address that you wish to use.
Send in the deposit to the generated wallet address and wait for the transaction to be processed.
What makes Cryptmixer a great fit is that it provides a very simple layout and quick process so it’s not chore when you trade your crypto. The support line also takes on the job of solving the cases by cooperating with users with top priority. To learn more on how to exchange XRP at the best rate check https://cryptmixer.com
Buying XRP on Coinmama
Coinmama is a cryptocurrency exchange that has been around for quite a while now. The Coinmama team has been adding more coins on their platform over time to be able to provide its users with a wider variety of trading pairs. More recently, the platform included Ripple on its platform. However, Coinmama does not allow US-based users to purchase Ripple due to some stringent laws and regulations surrounding the coin. But for non-US users, you can proceed to create your account on the platform and locate Ripple among the listed assets. Once you’ve created your account, navigate your way to the area with the list of assets. Select one of the provided packages and proceed. You’re required to have a crypto wallet prior to making any purchase on the platform, so be sure to have a valid wallet address before completing the purchase. Once that’s done, purchase your Ripple coins and they will be delivered to your wallet.
Storing Your Ripple Coins
Online storages are never safe for cryptocurrency assets. Individuals have woken up to all sort of horrific sceneries on their accounts that left them bankrupt with no one to turn to. One of the most important concepts you need to grasp about online businesses is the security of your transactions. Cryptocurrency burglars are everywhere and are getting smarter by the day; this means that traditional ways of guaranteeing the security of your online assets are no longer effective. Most exchanges have top-notch security standards, but the safety of your cryptos begins with you. A great way of ensuring that your funds are secure is by getting an offline storage device for your coins. I’ve seen great reviews on two hardware wallets that I highly recommend; these are the Ledger Nano S and Trezor wallets. After getting the wallet of your choice, keep your personal data such as passwords and secret words private; this will ensure that no one else gains access to your wallet even if you misplace it. Writing your password or PIN on open places or somewhere in your phone might not be a good idea; yes, it may be convenient for you, but it will be for the burglar too.
What method of purchasing XRP is considered to be the best?
The most secure and common way of acquiring Ripple is through buying Ethereum or Bitcoin from Coinbase or Coinmama, then transferring the same to Cryptmixer to use to exchange with Ripple. This is because Ripple is currently not available for purchase by using fiat currencies.
What is the best trading platform for Ripple?
Ripple is available on a decent number of exchanges including Binance, Coinmama, Coinbase, Bittrex, Cryptmixer, and more. However, among the stated ones, I have found Cryptmixer to be more secure and easier to use while it also offers the best trading rates and fees.
The Bottom Line
As we conclude, you now have some of the best choices when it comes to the exchange to acquire Ripple coins. After buying your XRP coins, store them offline on a secure device due to the risk of being faced by threats such as hacking or system failures. If you’re serious about making cryptocurrency your investment vehicle in the long run, consider investing in a more lasting security solution such as a hardware storage device. You may not get them for a few pennies, but trust me when I say they are worth every last dime you spend on them.
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.
Start trading fast; high limits
Easy way for newcomers to get bitcoins
Your capital is at risk.
High liquidity and buying limits
Easy way for newcomers to get bitcoins
“Instant Buy” option available with debit card
Works in almost all countries
Highest limits for buying bitcoins with a credit card
Reliable and trusted broker
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 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 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 is based in Austria and is a crypto brokerage service. You can buy using a credit card from most European countries.
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 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 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 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 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 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 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 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 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.
Fastest and easiest way without a minimum purchase or high fees for customers to obtain NANO? (USA)
Hello Nano community, Some of you may know me from /nanotrade or elsewhere, I generally am bullish on NANO and try to do my part to help spread adoption and awareness. I also run several e-commerce websites utilizing the open source Zen-Cart as my back end. Lately, and not so lately but in general, I have encountered issues with various payment processors (which actually led me to Nano in the first place, as well as a general interest in Cryptocurrency). While there are solutions to dealing with the more stringent regulations enforced by payment processing companies, many of these require my customers to download third party apps or sign up for third party services. Not too dissimilar to how Paypal requests a user to be logged in before sending a payment in fact. Anyways, so while setting up my websites again today after losing another payment processor over the weekend, I have come to the decision, why not try and introduce my customer base to Nano and present it less so as a cryptocurrency, but more so as a digital decentralized payment solution? I have tried accepting cryptocurrencies before, however many of my customers, at least for my main e-commerce website are older and not so tech oriented. Just seeing that I accepted "Cryptocurrency" and "Bitcoin" as an option was enough to scare some of these people away. Ironically, I noticed more sales when I completely removed this payment option and all mentions of it from my website. Funny how that works. Anyways, since I am in the middle of setting up additional payment methods, I figured now would be a good time to attempt the above with Nano, and offer a link on the "Pay with Nano" page during the check-out process for my customers to decide if they would like to try it out. My only concern, many of these people being older and technophobic, is that the process for obtaining the Nano they want to spend may be too much work and not something they would be interested in. Especially if it involves things like scanning IDs or providing more information than a simple credit or debit card number and a name. Ideally, this would be the only information they need to provide, with the ability to purchase any amount (most orders placed are between $25-$100), without paying an outrageous fee (which I will offer an incentive to cover for anyways I think). An instant transfer would also be a prerequisite. Something as fast as it takes to sign up for Cash App for example. So, am I asking too much? Do such services exist yet in the US? Quick rundown: -Low fees -No minimum or low minimum -Non-invasive signup process -No wait Another thing worth mentioning, and hopefully this can provide the right people with an idea which I think could really help improve Nano adoption if implemented, was that I noticed some competitors of mine are accepting something called "PMC Coin", which is claimed to be a gold backed cryptocurrency. The gold bit is not important I do not think. What is impressive however, is that these vendors are able to provide this crypto as an option during the checkout process, and upon hitting submit, the customer is brought to the PMC Coin website, where they are presented with a form for purchasing this crypto. I have not tried going further than this, but the form contains all the required fields for a credit and debit purchase, as well as the price for the purchase being exactly what the price was for the requested items during the check-out on the forwarding website. It appears that upon purchase, the credit/debit card payment is sent to the PMC Coin sellers, and the PMC Coin in an equivalent amount is sent to the vendor. I assume the fees are offloaded onto the vendor at this point. While I have no interest in this asset in the slightest, I have to commend them on this solution, and I really hope we can see something like this emerge from the Nano community. It could be the killer app we have all been waiting for to spur adoption perhaps. I will essentially be manually doing something like this for my customers, albeit with links and instructions, however as mentioned, the more streamlined the process is, the better. I am sure they will have an easy enough time with Natrium, and I am excited to introduce some new people into the space. But most of all I just want a simple ability to be able to keep my shop online without having to bow down to the banks and their petty requests as to what products should or should not be sold. None of us should have to deal with the Soup Nazi, be us merchants or consumers. Thank you for your time and interest, and remember, stay bullish! ::edit:: Spreads I have found so-far: CoinGate: 100 Nano = $114.76 vs. $97.44 USDT (Binance) [$17.32 fee] [$50 minimum] (Simplex) Atomic Wallet: 100 Nano = $115 vs. $98.40 USDT (Binance) [$16.60 fee] [$50 minimum] (Simplex) Crypto.com: Claims 3.5% fee, requires government photo ID, 2-3 day confirmation Coinswitch.io: 100 Nano = $117 vs. $99.28 USDT (Binance) [$17.72 fee] [$63 minimum] (Simplex) Coinify.com: 100 Nano = $119 vs. $114 USDT (Binance) [$5 fee] [$63 minimum] KYC is intensive but not too crazy. 2 Minute verification too. Definitely the best option so far. Only problem is the minimum purchase. Going to try Binance.us next and the Brave browser, which I think uses Binance as a backend anyways.
Crypto Banking Wars: Can Non-Custodial Crypto Wallets Ever Replace Banks?
Can they overcome the product limitations of blockchain and deliver the world-class experience that consumers expect? https://reddit.com/link/i8ewbx/video/ojkc6c9a1lg51/player This is the second part ofCrypto Banking Wars— a new series that examines what crypto-native company is most likely to become thebank of the future. Who is best positioned toreach mainstream adoptionin consumer finance? --- While crypto allows the world to get rid of banks, a bank will still very much be necessary for this verypowerfultechnology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe companies that build with blockchain at their core will have the best shot at winning the broader consumer finance market. We hope it will be us at Genesis Block, but we aren’t the only game in town. So this series explores the entire crypto landscape and tries to answer the question, which crypto company is most likely to become the bank of the future? In our last episode, we offered an in-depth analysis of big crypto exchanges like Coinbase & Binance. Today we’re analyzing non-custodial crypto wallets. These are products where only the user can touch or move funds. Not even the company or developer who built the application can access, control, or stop funds from being moved. These apps allow users to truly become their own bank. We’ve talked a little about this before. This group of companies is nowhere near the same level of threat as the biggest crypto exchanges. However, this group really understands DeFi and the magic it can bring. This class of products is heavily engineer-driven and at the bleeding-edge of DeFi innovation. These products are certainly worth discussing. Okay, let’s dive in.
Users & Audience
These non-custodial crypto wallets are especially popular among the most hardcore blockchain nerds and crypto cypherpunks.
“Not your keys, not your coins.”
This meme is endlessly repeated among longtime crypto hodlers. If you’re not in complete control of your crypto (i.e. using non-custodial wallets), then it’s not really your crypto. There has always been a close connection between libertarianism & cryptocurrency. This type of user wants to be in absolute control of their money and become their own bank. In addition to the experienced crypto geeks, for some people, these products will mean the difference between life and death. Imagine a refugee family that wants to safely protect their years of hard work — their life savings — as they travel across borders. Carrying cash could put their safety or money at risk. A few years ago I spent time in Greece at refugee camps — I know first-hand this is a real use-case. https://preview.redd.it/vigqlmgg1lg51.png?width=800&format=png&auto=webp&s=0a5d48a63ce7a637749bbbc03d62c51cc3f75613 Or imagine a family living under an authoritarian regime — afraid that their corrupt or oppressive government will seize their assets (or devalue their savings via hyperinflation). Citizens in these countries cannot risk putting their money in centralized banks or under their mattresses. They must become their own bank. These are the common use-cases and users for non-custodial wallets.
Let’s take a look at some of the strengths with non-custodial products.
Regulatory arbitrage Because these products are “non-custodial”, they are able to avoid the regulatory burdens that centralized, custodial products must deal with (KYC/AML/MTL/etc). This is a strong practical benefit for a bootstrapped startup/buildedeveloper. Though it’s unclear how long this advantage lasts as products reach wider audiences and increased scrutiny.
User Privacy Because of the regulatory arbitrage mentioned above, users do not need to complete onerous KYC requirements. For example, there’s no friction around selfies, government-issued IDs, SSNs, etc. Users can preserve much of their privacy and they don’t need to worry about their sensitive information being hacked, compromised, or leaked.
Absolute control & custody This is really one of the great promises of crypto — users can become their own bank. Users can be in full control of their money. And they don’t need to bury it underground or hide it under a mattress. No dependence, reliance or trust in any third parties. Only the user herself can access and unlock the money.
Now let’s examine some of the weaknesses.
Knowledge & Education Most non-custodial products do not abstract away any of the blockchain complexity. In fact, they often expose more of it because the most loyal users are crypto geeks. Imagine how an average, non-crypto user feels when she starts seeing words like seed phrases, public & private keys, gas limits, transaction fees, blockchain explorers, hex addresses, and confirmation times. There is a lot for a user to learn and become educated on. That’s friction. The learning curve is very high and will always be a major blocker for adoption. We’ve talked about this in our Spreading Crypto series — to reach the masses, the crypto stuff needs to be in the background.
User Experience It is currently impossible to create a smooth and performant user experience in non-custodial wallets or decentralized applications. Any interaction that requires a blockchain transaction will feel sluggish and slow. We built a messaging app on Ethereum and presented it at DevCon3 in Cancun. The technical constraints of blockchain technology were crushing to the user experience. We simply couldn’t create the real-time, modern messaging experience that users have come to expect from similar apps like Slack or WhatsApp. Until blockchains are closer in speed to web servers (which will be difficult given their decentralized nature), dApps will never be able to create the smooth user experience that the masses expect.
Product Limitations Most non-custodial wallets today are based on Ethereum smart contracts. That means they are severely limited with the assets that they can support (only erc-20 tokens). Unless through synthetic assets (similar to Abra), these wallets cannot support massively popular assets like Bitcoin, XRP, Cardano, Litecoin, EOS, Tezos, Stellar, Cosmos, or countless others. There are exciting projects like tBTC trying to bring Bitcoin to Ethereum — but these experiments are still very, very early. Ethereum-based smart contract wallets are missing a huge part of the crypto-asset universe.
Technical Complexity While developers are able to avoid a lot of regulatory complexity (see Strengths above), they are replacing it with increased technical complexity. Most non-custodial wallets are entirely dependent on smart contract technology which is still very experimental and early in development (see Insurance section of this DeFi use-cases post). Major bugs and major hacks do happen. Even recently, it was discovered that Argent had a “high severity vulnerability.” Fortunately, Argent fixed it and their users didn’t lose funds. The tools, frameworks, and best practices around smart contract technology are all still being established. Things can still easily go wrong, and they do.
Loss of Funds Risk Beyond the technical risks mentioned above, with non-custodial wallets, it’s very easy for users to make mistakes. There is no “Forgot Password.” There is no customer support agent you can ping. There is no company behind it that can make you whole if you make a mistake and lose your money. You are on your own, just as CZ suggests. One wrong move and your money is all gone. If you lose your private key, there is no way to recover your funds. There are some new developments around social recovery, but that’s all still very experimental. This just isn’t the type of customer support experience people are used to. And it’s not a risk that most are willing to take.
Integration with Fiat & Traditional Finance In today’s world, it’s still very hard to use crypto for daily spending (see Payments in our DeFi use-cases post). Hopefully, that will all change someday. In the meantime, if any of these non-custodial products hope to win in the broader consumer finance market, they will undoubtedly need to integrate with the legacy financial world — they need onramps (fiat-to-crypto deposit methods) and offramps (crypto-to-fiat withdraw/spend methods). As much as crypto-fanatics hate hearing it, you can’t expect people to jump headfirst into the new world unless there is a smooth transition, unless there are bridge technologies that help them arrive. This is why these fiat integrations are so important. Examples might be allowing ACH/Wire deposits (eg. via Plaid) or launching a debit card program for spend/withdraw. These fiat integrations are essential if the aim is to become the bank of the future. Doing any of this compliantly will require strong KYC/AML. So to achieve this use-case — integrating with traditional finance —all of the Strengths we mentioned above are nullified. There are no longer regulatory benefits. There are no longer privacy benefits (users need to upload KYC documents, etc). And users are no longer in complete control of their money.
One of the great powers of crypto is that we no longer depend on banks. Anyone can store their wealth and have absolute control of their money. That’s made possible with these non-custodial wallets. It’s a wonderful thing. I believe that the most knowledgeable and experienced crypto people (including myself) will always be active users of these applications. And as mentioned in this post, there will certainly be circumstances where these apps will be essential & even life-saving.
However, I do not believe this category of product is a major threat to Genesis Block to becoming the bank of the future.
They won’t win in the broader consumer finance market — mostly because I don’t believe that’s their target audience. These applications simply cannot produce the type of product experience that the masses require, want, or expect. The Weaknesses I’ve outlined above are just too overwhelming. The friction for mass-market consumers is just too much. https://preview.redd.it/lp8dzxeh1lg51.png?width=800&format=png&auto=webp&s=03acdce545cd032f7e82b6665b001d7a06839557 The winning bank will be focused on solving real user problems and meeting user needs. Not slowed down by rigid idealism like censorship-resistance and absolute decentralization, as it is with most non-custodial wallets. The winning bank will be a world-class product that’s smooth, performant, and accessible. Not sluggish and slow, as it is with most non-custodial wallets. The winning bank will be one where blockchain & crypto is mostly invisible to end-users. Not front-and-center as it is with non-custodial wallets. The winning bank will be one managed and run by professionals who know exactly what they’re doing. Not DIY (Do It Yourself), as it is with non-custodial wallets. So are these non-custodial wallets a threat to Genesis Block in winning the broader consumer finance market, and becoming the bank of the future? No. They are designed for a very different audience. ------ Other Ways to Consume Today's Episode:
I was tipped Nano, what's next? Congrats on receiving your first Nano tip! The first thing you should do is move your Nano to your own, secure wallet for safe keeping. This will only take 5-10 minutes. -- Setting up your wallet There is a number of wallets available that support Nano but we recommend: IOS: Natrium or Canoe Android: Natrium or Canoe PC/Web: Brainblocks Wallet Remember to carefully store your seed phrase during the wallet signup process. If you lose this seed you may lose access to your Nano. We recommend writing it down in multiple locations for additional peace of mind. -- Withdrawing your Nano from the Tip-bot Now that you have your wallet set-up you will need to PM the tip bot, u/nano_tipper to instruct it on where to send your funds. To withdraw your Nano, you should PM the bot the following:
send [amount of Nano] [your address]
Where the amount is the total value of the tips you have received ( You can PM the bot, "balance" if you do not know this) and the address is your wallet address, which you can find in the wallet app you have just downloaded, usually under "Receive" or "My Account" pages. e.g:
If you have any problems with this step, leave a comment below, visit the tip-bot documentation or official subreddit. -- What to do with your Nano Once you have your Nano in your own wallet, it's up to you what you want to do with it. Like any currency, you can save it, spend it or sell it: ---- > Spending Nano Like any currency, Nano is meant to be spent! and with zero fees & instantaneous transactions there is no better method to buy the products / services you love. Currently there are a number of things you can purchase with Nano, including: Games, gift-cards, hotel stays, in-game currency, gambling, takeaway food and even pay in-store in certain locations. List of stores accepting Nano Alternatively you can signup for Wirex and within 3-5 days receive a Visa debit card capable of spending Nano at any of millions of physical locations or online stores worldwide in which Visa is accepted. How does paying with Nano compare to other popular payment methods?
---- > Selling Nano You may wish to sell your Nano for your local currency (USD/EUGBP etc.) or exchange it for another cryptocurrency such as Bitcoin. This is easy to do and should only take an hour even for someone new to Nano. To sell your Nano for a local / fiat currency, there are a number of services you can use, such as the following: Sell to USD: Kraken, Coingate Sell to EUR:Wirex, Kraken, Bitvavo, Coingate Sell to GBP:Wirex Other: Wirex (AUD, HKD, JPY, CAD) To sell your Nano in exchange for a cryptocurrency such as Bitcoin or Ethereum, we recommend the following: BTC: Binance, Kucoin ETH: Binance, Kucoin USDT: Binance Nollar: Txbit Full list of exchanges -- More information / Need help? For more information and/or help on moving/using/selling Nano, you can turn to the helpful folks on the official subreddit, nanocurrency or the official Nano Discord. --- --- --- What is Nano worth? At the time of posting, 1 Nano = $1.02 USD but you can check the current price here as it will fluctuate over time. --- --- --- What is Nano? Nano is a digital currency for the real world - the fast and free way to pay for everything in life. It features instant transactions, zero fees and is infinitely scalable. Gone are the days of complicated and energy-inefficient transactions - Nano is green and easy to use. --- --- --- What is Nano For Good? Nano For Good is a community-run (initially by three community members) initiative to help better promote Nano, fund Nano-based projects and support helpful community posts. With 45,000 Nano in our fund and over 18,000 Nano distributed & tipped to date. Follow our progress here: https://nanocrawler.cc/exploreaccount/xrb_3cnhdppkx46f9jnagbizhxo84zjfp17tznpcf6x9q47jkujjqbq48aag5fid
Stellar Lumens HODL alert: 2017 Round up, Partnerships, Lumens vs. Other Cryptos
Welcome everyone! The future of Stellar Lumens is bright! Today we will look at the accomplishments of Stellar.org in 2017. . . 2017 Round Up • IBM / Stellar Partnership • Kik Messenger’s KIN coin to move from Ethereum to Stellar in 2018 • Stellar ATM introduced in Singapore • Jed McCaleb confirms IBM/Stellar has 30 banks on board (Youtube Video) • Lightyear.io enables forward thinking financial entities to easily join the Stellar ecosystem. • IBM adds 8 new validators from 8 different countries onto the Stellar network (article) • Forbes calls Stellar “venmo, but on a global scale - and for larger bodies like banks and corporations.” • Stellar Lumens Is Up 6,300% Since March and Is Aiming for Big Blockchain Partners (article) • Many new partnerships (listed below) that will be using the Stellar network in 2018. • Binance and GoPax Exchanges Adds Stellar • Ledger Nano S support is now available for Lumens (XLM) • The next coin to break into the top 10 cryptos (article) . . 2017 Partnerships & Financial Institutions • IBM - is an American multinational technology company headquartered in Armonk, New York, United States, with operations in over 170 countries. IBM partnered with Stellar to help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers. • SatoshiPay - a web payment system that helps online publishers monetize digital assets like news articles, videos, or PDFs in tiny increments without friction. • EXCH.ONE - is a FinTech software company based in Switzerland currently working to integrate its platform and its first technology adopter Euro Exchange Securities UK Ltd. into the Stellar network. This addition to the Stellar network will bring access to currency markets of South and Central America,UK and a number of EU countries. • Novati (ASX:NOV) - is an Australian-based software technology and payment services provider. Novatti is currently working to integrate it’s platform into the Stellar network with the ultimate aim to build a global money transfer solution to provide cross border, cross currency and cross asset payments. • Pundi X - is an Indonesia based fintech company that provides POS device, debit card, multi-currency wallet that empowers individuals to buy and sell cryptocurrency at any physical store in the world. They say "buying cryptocurrency should be as easy as buying a bottled water." • MoneyMatch - is a Malaysia based fintech startup that provides a fully-digital peer-to-peer currency exchange platform for customers to transfer and exchange foreign currencies with complete ease and at great value. The company plans to integrate with the Stellar network and enable pay in and pay out from Malaysia. • Streami - is a Korea based fintech company that offers blockchain enabled cross-border remittance service and recently launched a cryptocurrency exchange. The partnership extends both on the exchange side and remittance operations. • Neoframe - is developing and marketing trading solutions for big brokerage firms in Korea and extends its business to blockchain based applications. Neoframe developed high performance centralized cryptocurrency exchange as well as secure wallet solutions and is working with big financial players. The company is planning to launch a remittance business for ASEAN countries (Thailand, Vietnam, Indonesia, Malaysia, Philippines, Singapore, Myanmar (Burma), Cambodia, Laos, Brunei) using Stellar. • SureRemit($RMT) - is a Nigeria based global non-cash remittances company. SureRemit leverages the Stellar blockchain platform to connect immigrants abroad directly with merchants that provide the services needed by their loved ones back home. With Remit tokens, immigrants all over the world can access digital shopping vouchers that can be spent on goods and services at accepting merchants wherever they are. • Cowrie Integrated Systems - is a Nigerian based Value Added Service Provider. Cowrie provides services at the intersection between telecoms and finance. Cowrie recently joined the Stellar network to bring novel fintech services to the African market. • Smartlands - is a Stellar-based platform designed to create a new class of low-risk tokens, secured by real, profitable assets in the real-world economy. Smartlands is designed to promote investments in the agricultural sector by allowing investment in individual projects, agricultural companies or indexes of groups of projects. These investments will be fully collateralized by agricultural real estate, other productive assets such as fruit or nut trees or, in some cases, the actual crop. • Klick-Ex - is an award winning regional cross-border payments system delivering financial infrastructure for emerging markets. It has been responsible for dramatic uptake in digital financial services in unbanked regions of the world, and lowering costs for banks, central banks and consumers in low liquidity currencies. Its key presence is in the Pacific and Europe, and it is a founding member of www.APFII.org processing more than 775,000 transactions per second, per billion of population (source). • Mobius - Mobius connects any app, device, and data stream to the blockchain ecosystem. Our simple and easy to use bidirectional API allows non-blockchain developers to easily connect resources to smart contracts and more. The Mobius MVP acts like Stripe for Blockchain by introducing innovative standards for cross-blockchain login, payment, smart contract management, and oracles. The Mobius Team includes David Gobaud, Jed McCaleb (Stellar.org founder), Jackson Palmer (creator of Dogecoin), and Chandler Guo (notorious Bitcoin & blockchain investor). • Chaineum - Chaineum, the first French ICO Boutique, will use the Stellar network for upcoming ICOs. “Chaineum is positioned as the first “ICO Boutique” in France, providing a range of end-to-end services to companies and international start-ups wishing to develop with this new funding mechanism. Chaineum is preparing 8 ICOs by the end of 2017, for European, North American and Asian companies, of which cumulative amount could reach € 200 million." (source) • Poseidon Foundation - Poseidon will simplify the carbon credit market with the creation of an ecosystem built on Stellar.org’s blockchain technology. This technology will prevent double counting of carbon and will be consistent across jurisdictions, making it easier for companies to deliver and measure progress towards their climate targets or other goals such as deforestation-free commitments. • Remitr - Remitr is a global platform for cross border payments, licensed in Canada. Remitr uses the Stellar network for international settlements for businesses as well as other payment partners. Remitr’s own payout network of 63 countries, comprising several currencies, is extended onto the Stellar network. • MSewa Software Solution (MSS) - MSewa Software Solution (MSS) Payments provides a one-stop digital payment service available across the Globe. MSS Payments aims at serving the consumers (Banked, Unbanked and Underbanked) with mobile banking facilities on the move from anywhere by transferring funds in their mobile phone. • PesaChoice - PesaChoice is a leader in international bill payment services for the African diaspora. PesaChoice aims at making international bill payment process easy, seamless, secure, with reasonable and competitive service fees, and up to date technological advances. • SendX - Singapore based SendX, in partnership with Stellar, is the better way to move money worldwide. The SendX team believes that the future of transactions is decentralized and distributed, bringing true equity to everyone across the value chain. • VoguePay - VoguePay, with offices in the United Kingdom and Nigeria, is partnering with Stellar to become the cheapest and most efficient way to send money between the United Kingdom and Nigeria. In the coming months, they expect to expand this service to other selected African countries. • HashCash - Hashcash consultants build financial solutions for banks and financial institutions over blockchain. We leverage the Stellar platform to build products that vastly improve the remittance and payments experience for banks and their customers. Transfers happen lightning fast at a fraction of current rates and operational cost is significantly reduced. HashCash is headquartered in India, with operations across South Asia and the Gulf. . . Stellar Lumens vs Other Cryptocurrencies • Lumens vs. Bitcoin: Jed McCaleb spoke at Distributed Markets in 2017 about the advantages, but more importantly, the disadvantages of Bitcoin. Listen to the talk here. Jed said, “Bitcoin is this awesome innovation. The first thing it does is converts a real world resource, electricity, into a digital asset. So it takes something from the real world and puts it into the digital realm. The second thing it does is provides immutable public record. It’s basically a database that everyone can see but no one change arbitrarily… That’s great, Bitcoin solves the double spin problem [ of proving possession and transmitting volume]… [However, to fix the problems of bitcoin] you might think well maybe we’ll just kind of keep adding [software] to Bitcoin until we get there, but that’s not really the way software works. You want to have the design from the beginning and solve these simple issues. Bitcoin was designed to be a new currency, it wasn’t really designed to be this unifying universal payment network. So that’s what Stellar does. It solves these three remaining issues.” • Lumens vs. Bitcoin #2: According to wired.com, "Bitcoin mining guzzles energy - and it's carbon footprint just keeps growing." Wired says "Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day... The total energy use of this web of hardware is huge—an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year." Because Stellar is based on a consensus algorithm rather than mining, it takes much less energy to run the Stellar network. The Poseidon Foundation decided to build their platform on Stellar rather than Ethereum or Bitcoin because of this (twitter source). • Lumens ICO tokens vs. Ethereum ICO tokens: According to Stellar.org, "traditionally, ICO tokens have been issued on the Ethereum network in the form of ERC20 tokens. ERC20 tokens are easy to issue and are infinitely customizable using Ethereum’s smart contracting language. However, recent events have highlighted and exacerbated some weaknesses of the network, including slow transaction processing times for the network during ICOs and increasingly expensive gas prices (by fiat standards) for transactions and smart contract execution. Moreover, many organizations require only basic tokens; they adopt the risk of Ethereum’s Turing complete programming language without taking advantage of many of its benefits." "While Ethereum has the most expressive programming capabilities, we believe Stellar is the best choice for ICOs that do not require complex smart contracts. Stellar’s primary goal is to facilitate issuing and trading tokens, especially those tied to legal commitments by known organizations, such as claims on real-world assets or fiat currency." • Stellar vs. Ethereum #2: The median transaction time on Stellar is 5 seconds, compared to approximately 3.5 minutes on Ethereum (source). Stellar has a negligible transaction fee (.00001 XLM ~= $0.0000002) with no gas fee for computation, while depending on the complexity of the computation, the median cost for a transfer on the Ethereum network is $0.094. Security: While both Stellar and Ethereum run on a decentralized network, the Stellar network has fewer security pitfalls. Stellar uses atomic transactions comprised of simple, declarative operations while Ethereum uses turing complete programming capabilities which produces less auditable code and greater risk of exploitable vulnerabilities(source). Recently, a security flaw in the Ethereum network froze millions of dollars. According to Mobius ariticle written by David Gobaud, "On November 6, 2017, Github user deveps199 'accidentally' triggered a bug in Parity, a popular Ethereum mult-sig wallet, that froze more than $152 million in Ether across 151 addresses. The bug impacted several token sales including Polkadot, which has had ~$98 million out of its recent $145 million sale frozen." "Mobius had none of its ongoing pre-sale Ether frozen because we do not trust Ethereum’s Smart Contract based multi-sig wallets given the vast Turing complete attack surface and did not use one. Security broadly is one of the main reasons the MOBI token that powers the DApp Store is a Stellar Protocol token and not an Ethereum token." • Lumens vs. Ripple: According to Wall Street Bitcoin Exchange, "Many investors like to compare the company [Stellar] to Ripple, and there are a lot of similarities, being that some of the founders worked on the Ripple team. In what can now be looked at as another blockchain development drama that plays out on chat boards and in interviews all across the globe. Stellar declared they fixed Ripple’s problems with their hard fork, however, Ripple has failed to admit to any of the flaws in its design that the Stellar team has pointed out." The article concludes by saying, "We Choose XLM Over XRP For 2018. That is why we are going with Stellar Lumens over Ripple in our portfolio for the rest of 2017 and 2018. After holding Ripple for a long time this year, it just never seems to make the big break like other names with bigger market caps like Bitcoin Cash, Dash, and Litecoin have. While we are holding on most all our larger market caps, we feel that Stellar Lumens will be one of the break out coins for 2018." . . Conclusion The stellar.org team is doing an amazing job making partnerships and pioneering the use of blockchain technology for various types of transactions. What we are seeing is a new technology that can actually be used to solve real-world problems. As a community, we need to continue supporting Stellar and we will quickly see it power transactions across the world. What are your thoughts about Stellar? What do you see in the future of Stellar? Any important news you want to share? Comment below.
Groestlcoin September 2019 Development Release/Update!
For a more interactive view of changes, click here In our current world; bordering on financial chaos, with tariff wars, Brexit and hyperinflation rife, you can count on Groestlcoin to consistently produce innovation that strikes to take the power away from the few and into the many, even after a full five and a half years of solid development. Here is what the team has already announced in the last 3 months since the last development update:
Groestl Nodes aims to map out and compare the status of the Groestlcoin mainnet and testnet networks. Even though these networks share the same protocol, there is currently no way to directly compare these coins in a single location. These statistics are essential to evaluate the relative health of both networks.
Shows Onion (Tor) nodes
Shows IPv6 nodes
Supports both main net and test net
Node Checker – Check the status of a remote node
Ability to download node data by CSV, JSON or TXT format
Ability to download unique address data by CSV, JSON or TXT format
This is a tool for creating unsigned raw Groestlcoin transactions and also to verify existing transactions by entering in the transaction hex and converting this to a human-readable format to verify that a transaction is correct before it is signed.
Create Raw Unsigned Groestlcoin transactions
Generates a QR code for the transaction
Compatible with most Groestlcoin wallets including but not restricted to Groestlcoin Core and Electrum-GRS
Estimates final signed transaction size
Taking a raw transaction format and shows its Transaction ID, Transaction Inputs and Outputs
AGCore is an Android app designed to make it easier to run a Groestlcoin Core node on always-on Android appliances such as set-top boxes, Android TVs and repurposed tablets/phones. If you are a non-technical user of Groestlcoin and want an Android app that makes it easy to run a Groestlcoin Core node by acting as a wrapper, then AG Core is the right choice for you.
Update to Groestlcoin Core 2.17.2
Switched to native builds via NDK for Groestlcoin Core resulting in a smaller footprint.
Added embedded tor
Added tor pairing support
TOR upgrade bug fixes
Improved blockchain Sync progress using getblockchaininfo verificationprogress
Improved package download progress bar
Added support for external storage access > Android M
Added support for Android Oreo, including new notification mechanism
Bump Fee (RBF) improvements – Implemented a new fee-bump strategy that can add new inputs, so now any transaction can be fee-bumped. The old strategy was to decrease the value of outputs (starting with change). We will now try the new strategy first, and only use the old as a fallback.
Coin Choser improvements
More likely to construct transactions without change (where possible)
Less likely to construct transactions with really small change
Only spend negative effective value coins when beneficial for privacy
Fix long-standing bug that broke wallets with >65k addresses
Windows binaries: Now build the PyInstaller bootloader ourselves, as this seems to reduce anti-virus false positives
Fix performance regression for large wallets
Fix high-DPI issues related to text fields
Trezor – Allow bypassing 'too old firmware' error
Trezor – Use only the Bridge to scan devices if it is available
Hardware wallets – On Win10-1903, some hardware devices with U2F functionality can only be detected with Administrator privileges. A workaround is to run as Admin, or for Trezor to install the Bridge.
The AppImage Linux x86_64 binary and the Windows setup.exe are now built reproducibly.
Fix watch-only wallets that could not bump fee in some scenarios
Faster transaction signing for segwit inputs or really large transactions.
Groestlwallet is designed to protect you from malware, browser security holes, even physical theft. With AES hardware encryption, app sandboxing, keychain and code signatures, groestlwallet represents a significant security advance over web and desktop wallets, and other mobile platforms. Simplicity is groestlwallet's core design principle. Because groestlwallet is "deterministic", your balance and entire transaction history can be restored from just your recovery phrase.
iOS 0.7.3 Changes
Fix BIP70 payments
Updated QR Scanner
Lowered spending limit
Updated DNS Seeds
Fixed URL Scheme
Fixed GRS Name in mailing
Fixed crash upon starting in some scenarios
Android v89 Changes
Use default fee
Republished on Google Play by removing send_sms permissions
What are the best sites to exchange cryptocurrencies?
8 Best Crypto-Trading Websites 1. Binance Binance exchange now needs no introduction as it has been ruling the crypto market for months. This exchange is good for beginners and advanced users alike. They also have an inbuilt option in their UI to switch between the two modes, a feature that makes their UI very user-friendly. Also, you will never face a liquidity issue while using Binance because it constantly ranks in top 5 exchanges on CMC by volume. In addition to that, if you use their native BNB tokens while trading you can have a discount of up to 50% in your trading fees, which is a big amount if you’re looking to become a full-time crypto trader. The sooner you start via BNB, the more you will save in the longer run. (Buy BNB tokens now) And the coolest thing that I found was that they have the most advanced and easy to use mobile apps for trading cryptocurrencies on Android as well as iOS.(Android App | Download iOS App)
Start Trading On Binance
Fees: 0.1% (claim up to 50% discount)
2.BtcNewz Btcnewz is comes in top 10 websites. As a beginners view, their website is user friendly and easy to use. They also offers bitcoin faucets by the name ESFaucets to make bitcoin for the newbies.
Start Trading On BtcNewz
Earn satoshi by Esfaucets
3. KuCoin KuCoin is a brilliant crypto exchange that has been receiving a lot of traction over the last 6 months. The traction comes as no surprise given the team behind it and an easy to use & navigate UI. In terms of volume too, it ranks in top 25 exchanges on CMC and has a programme in which they keep adding new coins/tokens on their exchange regularly. Also, from a beginners point of view, KuCoin’s native token i.e. KuCoin Shares is good to HODL because that gives you extra smart passive income in the form of exchange fee. (Buy KCS Coins Now) One unique thing that many newbies miss i.e. KuCoin is one of the few exchanges that pays you NeoGAS for holding NEO on it.
Start Trading On KuCoin
Use KuCoin Now 4. Changelly Changelly is, without a doubt, one of the easiest to use cryptocurrency exchanges in the market. Via Changelly, you can simply send one currency and swap it for another supported currency. It doesn’t require you to undergo the tedious KYC process but it does require you to sign-in with your email ID. Currently, it supports more than 35 cryptocurrencies along with fiat pairs such as USD/EUR. Also, It is one of the best and easiest to use exchanges out there if you are looking to buy cryptocurrencies through debit/credit cards. If you want to know more, check out Harsh’s review on Changelly. Lastly, Changelly charges a commission fee of 0.5% on each trade, which is minimal in exchange for the volatility and risk that they bear on behalf of their users. If you want to use Changelly, head towards CoinSutra’s Cryptocurrency Exchange – Changelly, and follow the steps given in this guide. Use Changelly Now 5. Coinbase Coinbase is another popular Bitcoin and cryptocurrency exchange that one can use for buying/selling cryptos like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. You can deposit your fiat currency (USD, EUR, GBP etc) into Coinbase and easily collect your cryptocurrencies that you can later withdraw in a Ledger Nano S or Trezor-like device. Coinbase also becomes handy because it allows you to buy cryptocurrencies via credit/debit cards. You can buy cryptocurrencies on Coinbase by following these simple steps: (However, check if their service is available in your country here.)
Register at Coinbase.
Complete photo ID verification.
Go to the payment methods page.
Click on +Add Payment Method on the right-hand side.
Choose Card and add the credit/debit card.
Accept and allow Coinbase to make two small transactions.
Coinbase will make two very small test transactions between 1.01 and 1.99 in your local currency. Log in to your card statement account and note the amount of those transactions.
Enter the amounts transacted in the Coinbase app.
Use Coinbase Now 6.CEX.io Bitcoin Exchange, Trading BTC USD, BTC EUR - CEX.IO is another reputed website for buying/selling cryptocurrencies for beginners because their UI is very easy to use and their past track record has been pretty good too. CEX is a UK-based exchange and has been operating since 2013. Similar to Coinbase, you can deposit fiat currencies like EUR, GBP, USD, RUB etc on CEX too and buy/sell cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Stellar, and Ripple. In terms of liquidity too, they are doing well, not to forget that their main traffic is from fiat currencies. (They are in top 35 cryptocurrency exchange as per CMC). Their feature of letting users buy cryptocurrencies via debit/credit card also makes it an easy to use option for many beginners. You can buy cryptos by following these simple steps (taken an example of Ethereum):
Register at CEX.
Go to Cards.
Configure your credit/debit card.
Verify your credit/debit card.
Select the amount of Ethereum to buy/sell.
Exchange your currency for Ethereum.
The card verification takes 24-48 hours, but post that, you can buy ETH instantly. That’s why we recommend you that you keep your card configured in CEX even if you don’t have immediate plans to buy ETH. Here is a video guide to help you on how to link a credit/debit card on Bitcoin Exchange, Trading BTC USD, BTC EUR - CEX.IO: Also, they have wider coverage of countries than Coinbase with mobile apps for both Android and iOS versions. 7. BitMEX BitMEX exchange is run be professional algo traders, developers and economists and hence is the busiest exchange you will find in the cryptocurrency realm. Moreover, it provides all the tools and techniques for advanced as well as beginners to start trading cryptocurrencies. On BitMEX you can trade following cryptocurrencies (& contracts) for these fiat currencies like US Dollar, the Japanese Yen, and the Chinese Yuan:
The registration process on BitMex is quite simple where you just need to register through your email ID and their fee structure is also quite straightforward as shown below.
Trade On BitMEX
8. Bitfinex Bitfinex is one of the oldest players in the race of crypto exchanges for beginners. It is much like Bittrex but unlike it deals in fiat currencies like USD, EUR & GBP. Bitfinex always has enormous volume so one need not worry about liquidity while buying or selling on this exchange as it always ranks amongst the top 10 on CMC. Plus the exchange UI is clean and has sufficient instructions on each page that will help any noob to use it efficiently. Also, to get started on Bitfinex, you need to register, verify your ID, and authenticate yourself. It typically takes 15-20 business days after submitting valid ID proof before you’re accepted into the platform. Lastly, do check out their mobile apps (Android App | iOS App) because they are good enough to be used while trading on the go.
Start Trading On Bitfinex
Fees: 0.1% to 0.8% (details here).
Accessible Globally [Bitfinex serves all countries with the exception of the United States; Bosnia and Herzegovina; Democratic People’s Republic of Korea (North Korea); Ethiopia; Iran; Iraq; Syria; Uganda; Vanuatu; and, Yemen.]
Hello crypto investors and enthusiasts. Enjoying the smooth tides that came with the bull? No too worry, I bring good tidings. Has storing your bitcoin ever been your issue? Have you ever found it difficult to getting good wallets for your bitcoin? Not too worry still. I bring to you Atomic wallet, the best wallet ever for storing of your bitcoin. Recently, there are several wallets for storing of your crypto assets. But the fact still remains that, not all that 'glitters is gold'. Not all wallets is good enough to store your assets if you must ensure the safety of your assets. Reason why Atomic Wallet Team unleashed an advanced and unique custodian wallet for storing, sending and conversion of your wallets majorly BITCOIN. TYPES OF WALLET There are different kinds of wallet that you should know namely,
Hardware wallets e.g Ledger Nano S, Trezor etc
Desktop wallets e.g Exodus Bitcoin Core etc.
Mobile wallets e.g Atomic wallet, Coinomi wallet, Imtoken wallet, Mycellium wallet etc.
Web wallets, we have Myether wallet, Metamask, Atomic wallet etc.
Paper wallet although not commonly used.
The mostly used wallet is Mobile wallets which is almost always used for storing of Bitcoin and altcoins. Most of these wallets are compatible with all mobile devices while still allowing users back it up with private keys and pass phrases. As secured as these wallets seem to be, none has been proven efficient and safe for storing of Bitcoin until the very launch of ATOMIC WALLET. Atomic wallet became the best bitcoin wallet ever used. Are you looking for the best wallet to store and send your Bitcoin, then Atomic wallet gay your back: https://atomicwallet.io/bitcoin-wallet WHAT IS ATOMIC WALLET Atomic wallet wallet is an advanced and unique custodian cryptocurrency wallet which hosts over 300assets to include over 300 tokens and over 25 chains. Atomic walletis available to users who would want to access the wallet on Mobile, web and PC. To set you your Atomic wallet, see this video for more information to setting up your Atomic wallet https://youtu.be/N_gbwdrRAwo. Atomic wallet unlike the other wallets holds the safety of its users funds at heart. Hence, security is at the realm of the wallet. Atomic wallet helps you to effectively manage your bitcoin. FEATURES OF THE ATOMIC WALLET Atomic wallet remains the best bitcoin wallet in that it,
It allows for multi currency... Allows more than 300 tokens on it and over 25 chains. It is indeed one of its kind custodian wallet. 2 Atomic Wallet has one of the best security measures ever. Which makes your bitcoin and other altcoins safe and secured.
Atomic Wallet has swap exchange in it. This means that, with Atomic Wallet, you can swap you bitcoin to other crypto currencies of your choice.
With Atomic Wallet, you can get to buy and sell bitcoin directly with your debit or Master card etc.
Conclusively, Atomic Wallet remains the best bitcoin wallet ever. If you want a secured wallet to store your bitcoin with ease, Get atomic wallet now... For more information about Atomic wallet, visit: https://atomicwallet.io/bitcoin-wallet You can also visit the following links: atomicwallet.io atomicwallet.io/bitcoin-wallet atomicwallet.io/ethereum-wallet atomicwallet.io/ripple-wallet atomicwallet.io/eos-wallet atomicwallet.io/buy-bitcoin atomicwallet.io/buy-ethereum atomicwallet.io/buy-binance-coin atomicwallet.io/bitcoin-price atomicwallet.io/ethereum-price atomicwallet.io/ripple-price atomicwallet.io/bitcoin-price-prediction atomicwallet.io/ethereum-price-prediction Author: Adaora2323
ABSOLUTELY, THE BEST BITCOIN WALLET IS ATOMIC WALLET; BUY YOUR BITCOIN ON ATOMIC WALLET!
The inception of bkockchain wallet beget what we know as Cryptocurrency. Cryptocurrency is the collection of different digital assets say Bitcoin, Ethereum and Neo etc. There are different cryptocurrencies, but my target of discussion shall be on Bitcoin and the best wallet to store your bitcoins. Another thing worthy of note is the fact that, there can't be Wallet without crypto currencies. These wallets varies in uses and structures. To a layman, let me start with: WHAT IS A WALLET? The wallet is to crypto currency while the fiat is to bank. That is, the wallet is just like our usual banks where we keep our monies for safety. Same as the crypto wallets. They are used for storing and sometimes selling of digital assets (crypto coins). Amongst which Bitcoin happens to be the Apex of these coins. There are different kinds of these wallets. I shall briskyl explain the types of wallets in the next paragraph. TYPES OF WALLET There are numerous types of wallets. These wallets ranges from their different uses to structures.
There is hardware wallet example is Nano Ledger.
Mobile wallet example is Atomic Wallet, Imtoken and Trust wallet etc.
There is also Website wallet. Etc.
Types of wallet abounds. But the quest still boils down to 'which if these wallets is best for assets'? This is where Atomic Wallet comes to play. The Wallet is no doubt, the best of its kind wallet where you can store your assets. USES OF ATOMIC WALLET! Atomic Wallet is a multi-chain wallet which has over 500 tokens and over 30 chains. With Atomic wallet, and its easy to use interface, users would get to do the following:
Send and receive Bitcoin from friends and families.
Aside from storing your Bitcoin on the wallet, you can also store other crypto assests such as, Eth, Neo, Waves, Xrp, xlm etc. Conclusively, I'd love to recommend Atomic Wallet for your storing, receiving and sending of Bitcoin and other altcoins. With the Atomic Wallet, your assets are 100% safe and secured. Download Atomic Wallet Now!!! You can also buy: https://atomicwallet.io/buy-binance-coin Bitcointalk Usename: Modanalee
Wondering what's going on? Here's a list of quick facts about Basic Attention Token (BAT).
BAT is an Ethereum ERC20 token, which means you can use common hardware wallets like the Ledger Nano, MyEtherWallet, etc.
BAT is backed by Silicon Valley VCs like Peter Thiel’s Founders Fund, among others.
Coinbase CEO Brian Armstrong tweeted on March 30th, 2017 that BAT is “exactly the sort of token we'd like to support on Coinbase and GDAX over the coming year, make it easy to buy/sell these with gov currencies.”
One of BAT's close advisers is Ankur Nandwani, who is/was Product Manager at Coinbase. He was the one who announced that Litecoin was added to Coinbase.
$BAT was recently added to a spate of exchanges, including big Chinese exchanges like Binance and Huobi.
You will be able to get paid for choosing to view ads with the BAT Ads program. Users receive 70% of ad revenue. Yes, 70%.
Brave & BAT have been covered in a lot of mainstream news recently, including Bloomberg, NASDAQ, CNET, Engadget, TechCrunch and more. It has also been promoted by Ubuntu Linux (on their FB page with 1.3m followers) and Rocket.Chat (on their official blog).
BAT is not limited to the Brave web browser but will be extended to other browsers via extensions (where APIs permit) and other attention-economy apps like chat messengers, podcast apps, games, etc.
Brave Payments, which utilizes $BAT, currently supports YouTubers. Support for Twitch, Reddit and Twitter, etc. have been confirmed. Brave Payments allows you to easily tip your favorite publishers and content creators, Patreon-style.
Over 1000 websites and over 600 YouTubers have been confirmed as verified publishers with the Brave Payments program—and counting. This includes big channels like Phil deFranco who has 6 million subscribers. (You can still tip/donate to your favorite sites/creators even if they aren’t yet verified since the $BAT will be held in a wallet for them to claim.)
The Brave web browser has over 1 million active monthly users. On the Android store alone, Brave has 1-5 million downloads. Brave is available on all platforms (iOS, Android, Windows, MacOS, Linux).
Other notable figures on the development team include Yan Zhu (Forbes top 30 under 30, Tor Project, W3C, EFF), Marshall Rose (inventor of SNMP, Internet Engineering Task Force) as well as many others who’ve worked on major projects. (Look at team on website.)
The Brave browser has one-click support for Ethereum dApps with Metamask. Brave is officially listed on Metamask’s website alongside Google Chrome.
You will be able to purchase $BAT with your credit or debit card directly through the built-in BAT wallet in Brave. This is a first priority for the team.
And more... Edit (additions):
BAT officially partnered with privacy search engine DuckDuckGo, and they recently revealed more details on their relationship.
Coinbase Binance Dance. Guide to Purchasing Altcoins.
Coinbase Binance Dance. Guide to purchasing altcoins.
The Coinbase Binance dance is a multi-step process used to purchase altcoins. (An altcoin is any cryptocurrency that is not Bitcoin). Reddit in particular is very fond of this method as it is commonly recommended to newcomers. How it works: You purchase Ethereum using Coinbase, send that Ethereum to your Binance account, then execute a trade selling said Ethereum for your cryptocurrency of choice. This is a process that seems very tedious and a bit complicated to crypto-newbies. No need to worry, I’m going to walk you through the process with photos included for visual aid. Using this method, you can purchase various types of cryptocurrencies including:
Etc… the list goes on. So long as it’s listed on Binance, you will be able to trade for the coin.
Both Coinbase and Binance are cryptocurrency exchanges you must sign up for in order to do this method. I recommend you create these accounts sooner rather than later as it can take a few days to get fully verified (especially for Coinbase). If you’re having issues, or questions, or would just like more information, I have full detailed tutorials regarding both Coinbase & Binance. See below:
Awesome! You’ve got the accounts created, now it’s time to do the dance. For the sake of this tutorial I’ll be purchasing the cryptocurrency XRP. Remember, this method works with any cryptocurrency so long as it’s listed on Binance.
Step 1: Make sure your token can be purchased with Ethereum. Go to Binance's home page and select ETH Markets use the search bar to look for your tokens ticker. See photo. If your token does not appear, check BTC Markets. If you see it there, you'll need to buy BTC and send it to Binance instead of ETH.
Step 2: Purchase Ethereum using Coinbase. See photo. For the lowest possible fee in Coinbase, link your bank account the downside is that it will take 5-7 business days for your funds to be available to send from your account. To have instant access to your funds, pay with a credit/debit card. The downside to this being that fees will be higher.
Step 3: Send your Ethereum from Coinbase to your Binance Ethereum wallet address. See photo.
Optional: Depending on your location, you may or may not have to pay a Coinbase transfer fee. If you see that you do and would rather not, you can mitigate this fee by sending your crypto to Coinbase Pro or GDAX then to Binance. If this otherwise does not concern you, please continue below. To find your Binance Ethereum wallet address, go to: Funds > Deposits > ETH - Ethereum and click Copy Address. See photo. Once you click confirm, you’ll be asked to complete 2-step verification provided by your phone. See photo. You can view the transaction in Coinbase. After a few minutes you’ll see confirmations coming through. Refresh the Binance deposits page as well and you’ll see confirmations. See photo. You’ll get two emails during this process. One from Coinbase, another from Binance. Cryptocurrency transactions are not instantaneous on the Ethereum blockchain. In this case it took ~6 minutes for this transfer to complete, however this may vary depending on how congested the network is. During high periods of high traffic on the Ethereum blockchain, you can expect it to take longer than 6 minutes so don’t worry if it’s taking longer. As long as you’re seeing confirmation, you should be good. See photo. Once you receive the Deposit Success Alerts email from Binance, go to Funds > Balances in Binance. You’ll see that you’re Ethereum balance has increased. See photo.
Step 4: In Binance, go to Exchange > Basic. You’ll be met with a screen that looks like this. See photo. I know this screen looks a bit confusing. It’s really not. First thing we need to do is make sure Ethereum (ETH) is set as our baseline currency for trade.
Step 5: Set Ethereum as baseline currency. See photo. You can see in that photo what is shown is all the possible cryptocurrencies pairings available with Ethereum.
Step 6: Use the search bar to search for the token’s ticker you’d like to purchase. See photo. In the case for Ripple, the ticker is XRP. If you don’t know your coins ticker, Google it.
Step 7: Set your prefered parameters and click Buy. See photo. The 25% 50% 75% and 100% buttons refer to how much of your set baseline funds you would like to dedicate towards your purchase. In my case, by clicking 100% I am saying I’d like to use 100% of my Ethereum funds to purchase XRP. Clicking 75% would be 75% of my ETH funds etc… The Amount and Totals sections are automatically filled out based off your % choice.
Step 8: Wait for your order to be filled! Depending on the market, your order may be filled right away or not. If you’re getting impatient you can always cancel the order and try again at a slightly higher price. If you’re going to edit the price per coin section, just be sure you don’t accidentally end up paying a ridiculously high amount. If you click into the price field a blurb will appear showing you how much you’re paying per coin. See photo.
Congratulations! You’ve just done the Coinbase Binanace dance. Wasn’t so hard was it? Once your order has been completely filled, the Funds > Balances page should reflect your purchase. See photo.
Lower Fees using BNB
It helps to purchase a little bit of Binance native token BNB to help save on fees. Make sure you enable it in your account settings! See photo. You can purchase BNB using the same method described above.
Selling your crypto.
Selling your crypto is a very similar process. In my instance with my XRP, if I wanted to sell that back to USD. I’d need to sell the XRP for Ethereum, then sell that Ethereum for USD on Coinbase. The process would look something like this:
Sell my XRP for Ethereum in Binance
Withdrawal the Ethereum from Binance to Coinbase
Sell the Ethereum for USD through Coinbase.
If you consider yourself a hodler, and do not plan to actively be making trades, I highly recommend you send your crypto to a hardware wallet such as the Ledger Nano S. Hardware wallets are a form of cold storage and are the safest way to store cryptocurrency. It is highly recommended you DO NOT store crypto on any exchange as exchanges themselves are prone to hacks (see Mt. Gox hack). I also highly recommend you secure your Binance and Coinbase accounts with 2-factor authentication (2FA) and google authenticator to reduce the risk of a hack.
In the end, be glad that you learned how to do this process! Figuring out how to actually purchase cryptocurrency is one of the most challenging things for newbies, and now that you have a Coinbase and Binance account setup, you have the ability to purchase 95% of coins. If you have any questions feel free to comment down below or send me a message. I’d be happy to help!
Frequently Asked Questions
Why not use Bitcoin to send to Binance. Why use Ethereum?
Transactions on the Ethereum blockchain are faster than Bitcoin's. Ethereum has a block time of ~15s, Bitcoin has a block time of ~10min. This means on average, Ethereum transactions will be faster than Bitcoins. Fees are also lower on the Ethereum blockchain so I consider Ethereum to be a much better bridge currency in the use of purchasing altcoins.
You could also use Litecoin if you wanted to. Litecoin has a smaller block time (2m 34s) compared to Bitcoin and the fees are much lower. To see block time data on blockchains, BitInfoCharts is a very good resource.
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.
I was tipped Nano on Twitter, what's next? Congrats on receiving your first Nano tip! The first thing you should do is move your Nano to your own, secure wallet for safe keeping. This will only take 5-10 minutes. -- Setting up your wallet There is a number of wallets available that support Nano but we recommend: IOS: Natrium or Canoe Android: Natrium or Canoe Web: Nanowallet.io PC/Mac/Linux: Canoe Remember to carefully store your seed phrase during the wallet signup process. If you lose this seed you may lose access to your Nano. We recommend writing it down in multiple locations for additional peace of mind. -- Withdrawing your Nano from the Tip-bot Now that you have your wallet set-up, you need to copy your wallet address and PM @NanoTipBot on twitter with following command :
!withdraw [your address]
Check out this youtube video more details : https://www.youtube.com/watch?v=YZPtiXWeMH0 NanoTipBot website: https://nanotipbot.com/ -- What to do with your Nano Once you have your Nano in your own wallet, it's up to you what you want to do with it. Like any currency, you can save it, spend it or sell it: ---- > Holding Nano If you think NANO has awesome technology and might be more valuable in future, you can hold NANO in your wallet. ---- > Spending Nano Like any currency, Nano is meant to be spent! and with zero fees & instantaneous transactions there is no better method to buy the products / services you love. Currently there are a number of things you can purchase with Nano, including: Games, gift-cards, in-game currency, gambling, takeaway food and even pay in-store in certain locations. List of stores accepting Nano Alternatively you can signup for Wirex and within 3-5 days receive a Visa debit card capable of spending Nano at any of millions of physical locations or online stores worldwide in which Visa is accepted. ---- > Selling Nano You may wish to sell your Nano for your local currency (USD/EUGBP etc.) or exchange it for another cryptocurrency such as Bitcoin. This is easy to do and should only take an hour even for someone new to Nano. To sell your Nano for a local / fiat currency, there are a number of services you can use, such as the following: Sell to USD: Wirex, Coingate Sell to EUR:Wirex, CoinFalcon, Bitvavo, Coingate Sell to GBP:Wirex, LBX Other: Wirex (AUD, HKD, JPY) To sell your Nano in exchange for a cryptocurrency such as Bitcoin or Ethereum, we recommend the following: BTC: Binance, Kucoin ETH: Binance, Kucoin USDT: Binance Nollar: Txbit Full list of exchanges -- More information / Need help? For more information and/or help on moving/using/selling Nano, you can turn to the helpful folks on the official subreddit, nanocurrency or the official Nano Discord. --- --- --- What is Nano worth? At the time of posting, 1 Nano = $1.80 USD but you can check the current price here as it will fluctuate over time. --- --- --- What is Nano? Nano is a digital currency for the real world - the fast and free way to pay for everything in life. It features instant transactions, zero fees and is infinitely scalable. Gone are the days of complicated and energy-inefficient transactions - Nano is green and easy to use.
Ok, so I am a fan of Nano, and its feeless transactions. The benefit for a business accepting Nano is they do not have to pay credit card fees right? The problem is, the cost of changing your Nano to fiat currency is about the same if not more than a credit/debit card fee. I will explain:
Merchant accepts payment of 10 Nano
Merchant first has to transfer Nano to Binance. The deposit fee is free, but that is about the only free thing here!
Merchant has to pay either 0.1% or 0.05% trading fee, depending on if they decide to use BNB or not. I'll be nice and say they use BNB and get a 0.05% trading fee!
Next, the merchant has to withdraw whatever currency they have traded to to Coinbase. Out of the Coinbase coins, Nano only has a Binance pair with 2 of them. Here are Binances withdrawal fee for Ethereum and Bitcoin at current exchange rates:
0.01ETH, or $8.60
0.0005BTC, or $5.77
There is also miner fees which I won't go into because they fluctuate too much
Finally, once you have your BTC on Coinbase, you can convert to USD or whatever currency you'd prefer. Usually, Coinbase charges a 1.49% fee, however it depends!
Overall, you end up spending more as a merchant then you would have if you'd just accepted a debit/credit card payment The Solution The only real solution here is a direct NANO/Fiat exchange with low fees - preferably lower than standard card fees. I don't see this happening soon, but hopefully one day!
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How To Use Debit / Credit Cards On Binance Exchange ...
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