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What is Bitfinex?
Millions of people today rely on cryptocurrency exchanges when trading digital currencies. When it comes to providing exceptional cryptocurrency services, the name Bitfinex comes to mind. As per its wiki, it has been a leader in the cryptocurrency market space handling $1+ billion exchanges on a daily basis. Ever since its launch in 2012, the firm has shown astonishing development.
Other than being one of the biggest names worldwide in the Bitcoin exchange, it also features a user-friendly and adjustable interface that allows clients to individualize their own interface.
In this article, we shall learn the basics of Bitfinex and all that it has to offer.
If you are planning to become a cryptocurrency trader, then you must know all about this exchange. Some of its biggest perks include multiple altcoins, advanced trading features, margin trading and much more. It also promises 10 various types of orders enabling users to trade without restrictions and deep liquidity.
Trading on Bitfinex
The exchange offers an extensive range of trading options which includes margin trading. Users can use the peer to peer funding center to trade with a 3.3 x leverage at max. Moreover, the buyers and sellers also have access to various order types including limit, stop and market orders. Currently, there are 72 market pairs linked to 4 base currencies such as BTC, ETH, EUR, and USD. Users can also use fiat currencies to purchase 2 big cryptocurrencies on the platform. Furthermore, the exchange also features altcoins for trading. These involve Tether (USDT), Monero (XMR), Ethereum Classic (ETC), Dash (DASH), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC).
Who should use Bitfinex?
Other than in the US, the Bitfinex platform is conveniently available internationally. US citizens are banned from trading because of the limitations set up by the SEC. All the payments made on this platform are fully crypto. Previously, the platform used to make payments in USD. However, it has seized to do so today.
Understanding Tether
The platform uses a steady coin called the Tether (USDT) for the exchange. All the exchange users have a Tether funding option. Every tether token represents one United States dollar. Users can connect with other members of the Bitfinex community on web portals like Telegram, Twitter or subscribe to Bitfinex’s monthly newsletter to keep in touch with all the hot and happening in the Bitfinex world.
Security of Bitfinex
There has been a number of security concerns with Bitfinex in the past. Such concerns trigger the people running it to redefine their security-related protocols. As of today, Bitfinex uses modern-day and top-of-the-line security methods to secure cryptocurrency exchanges. Nearly all the funds (99.5% of them) are kept in cold wallets whereas the remaining (0.5%) are stored in hot wallets for exchange purposes. The Bitfinex website ensures the highest level of data encryption and follows duplication procedures as well as anti-DDoS to guarantee security. This means that no outside influence can prevent the trade from happening when transacted. The platform also offers a 2-step authentication, PGP encryption and utilize s Google Authenticator to ensure the utmost level of security for its users.
Final Word
Bitfinex is specially designed for professional traders which means that novices at exchange trading may find it a tad bit difficult to understand and work with. All those interested in learning exchange trading system can go through the pop-up dialogue box and read the terms and conditions listed before beginning to trade. You must have at least 10,000 USD account equity. Any user who doesn’t reach this limit may not be able to perform any transactions or trade on the Bitfinex platform.
This is one of the most asked questions on many online forums worldwide. It is understandable since the question is an important one. Can this new innovation change financing forever or not? The primary goal of the blockchain innovation was to eliminate the need for any intermediaries when dealing in monetary transactions.
For anyone new to the blockchain innovation, it is vital to understand how blockchain stores information regarding processing transactions. Whenever a user performs a transaction, it goes into a digital block. Since blockchain innovation follows a decentralized protocol, it is difficult to modify the knowledge of every transaction. For this purpose, each chain is given a token which acts as a payment mode.
Blockchain offers users an opportunity of modification, openness and complete division of retail business with the risks of scams, lies, and hacks.
How can Blockchain innovation Modify Finance?
There are countless articles and discussions you may come across that describe how this new innovation will change the working of financial setups forever. In this article, we shall list a few and see for ourselves.
The Introduction of Cryptocurrency
Blockchain innovation has changed the way people view currencies. Today, Bitcoin or Litecoin have become common household names. Since they support free-market ideologies, many people are choosing altcoins over fiat currencies.
Its partnership with Visa and MasterCard only makes purchasing of everyday things even easier. For those who still believe that cryptocurrency can be unpredictable, they need to learn about TenX and Dash.
Elimination of Intermediaries
Blockchain innovation in financial industries will mean an end for the broker market. Intermediaries will soon be eliminated since monetary transactions become quicker and easier to handle. Instead of having to wait for the broker’s confirmation about the transference of funds (which can take days), they can be verified via the peer-to-peer verification. How? Whenever a client makes a transaction, it gets passed onto other noes for validation within the network. Once it has been approved, only then it is added to the chain.
Improving Cross-Border Transactions
Blockchain systems are public entities. They can be protected with only a few users accessing them. This allows the system to become a safe and secure platform and favor financial institutions following strict policies to ensure transparent transactions.
With this in the framework, it will not be concern who processed a transaction or how much cash was withdrawn. Moreover, blockchain innovation can help banks converse billions of dollars by allowing back-office systems to record trades, transactions, and transfer. After all, an electronic journal is much easier to keep an account for than a manual journal used by most banks.
Accounting and Auditing
A blockchain is made from its history, unlike other databases that are just pictures of a specific moment in time. There is a time stamp for every transaction recorded and stored in a system. This means that the global implication blockchain innovation on auditing and accounting may be extensive.
Final Word
So now you know how blockchain innovation can alter the many aspects of financing. As predicted, this innovation will go on to change the way we invest and settle payments in financial institutions. The more popularity this technology gains, the more difficult it will become for financial institutions to survive.
Blockchain vs. Database: Understanding the Differences
Like the internet, blockchain technology has also taken the world by storm. It has become a part of our daily lives. Though still in a state of infancy, it has open avenues for newer technological advancements to develop.
Two of the most commonly associated words with blockchain innovation are databases and blockchain. Many users often use these terms synonymously but there are differences between the two.
For starters, databases run on client-server networks. Blockchain, on the other hand, follows a peer-to-peer network. Their entities also have different cores. In this article, we shall learn about the distinction between these two so that you can make an informed decision when choosing one.
Centralized vs. Decentralized Control
Blockchain follows a decentralized system architecture. This means that if two clients trust each other and wish to share some sensitive piece of information amongst themselves, there is no need for a third-party operator between them. The can easily share information without one. This is possible because of all blockchain transactions process by nodes that act as middlemen. They ensure that each user produces a similar common system of record. This eliminates the need for a centralized control system.
Nevertheless, databases are highly centralized systems. This means that there is involvement of a third-party. The users have to trust the administrator to handle the transactions. It is also in the hands of the administration to allow or restrict you to read and write any saved data on the database. The output is great and maintenance is also very simple.
Efficiency
Whereas blockchain provides an ideal transaction platform, it is a bit sluggish in terms of speed than most digital platforms like PayPal or Visa. Its developers are continuously looking for means to improve its efficiency but despite their efforts, the users still have to deal with a slower platform. This happens because every node that processes a transaction does it individually. It then compares the results with other nodes. This requires time and therefore results in a slower transaction speed.
In contrast, databases have been up and running for years now. They too, started slow, but with time and innovation, their speed and performance improved. Most databases still use Moore’s law to augment the efficiency and performance of conventional databases.
Confidentiality
Ever thought why blockchain rose to such heights in such a short period of time? Well, it all comes down to the confidentiality it offers. Bitcoin is read-uncontrolled and writes uncontrolled. This means that any user can write a new block in the chain and also check one out of the chain when needed.
This isn’t the case with a central database. A database is read-controlled and write-controlled. There is an administrator appointed to keep this in check. As per the network’s protocol, only a few selected individuals can read and write into the database.
However, if the primary goal isn’t to trust but privacy, database offers similar benefits like blockchain.
Final Word
You may have noticed that each of the systems has some basic pros and cons. It is difficult to identify which of the two is a better option since users may have specific needs. Now that you have identified the differences between the two, it is up to you to make a well-informed decision.
AdvCash Review
Short for Advance Cash, AdvCash is a Belize-based firm which issues Bitcoin debit cards. The parent company behind the AdvCash is Wave Crest Holdings Limited –a well-renowned name in the cryptocurrency market. You will be surprised to know that the company helped many debit card issuers to partner with Visa but it itself uses MasterCard to issue its debit card. This saved the company and its users from facing any issues when Visa ceased partnership with other debit card issuers. The decision to opt for MasterCard was only because the company’s primary target audience is digital nomads and freelancer. It wanted to create an easy market for them to penetrate into the cryptocurrency market with ease and also to pay cheaper fees.
In this article, we shall review some of the advantages, disadvantages and fee structures of the AdvCash Bitcoin debit card.
Advantages
- The debit card features an e-wallet. This allows customers to easily deposit Bitcoin.
- Unlike other debit card issuers, the firm supports many e-currencies such as Perfect Money and OKPay.
- The debit card supports SEPA and SWIFT transfers, similar to a current bank account.
- Domestic transfers are free of cost.
- Users don’t have to pay any monthly maintenance fees.
- AdvCash offers strict account security. There are multiple tiers for identity protection of the user.
- All internal transfers are free, and there is no monthly maintenance fee.
- Another great perk is that the users can support Rebels (Russian currency)
Disadvantages
- Unlike most debit card issuers, the AdvCash card, unfortunately, lacks a mobile app, making it impractical in today’s fast-paced world.
- The card is only accessible for Russian and European clients.
- There is not an ample amount of information about the company’s CEO and executives. Having an insight about who runs the affairs and who should address concerns makes for a bad reputation.
- Some verified users complain of purchasing limits when using the AdvCash.
AdvCash Bitcoin Debit Card Charges
- The cost of issuance of the debit card is $5 if the user orders it right away after signing up.
- The price can go up to $15 if the user doesn’t order the card even after one week of signing up.
- The price of the virtual card is $1.
- It is free to use the debit card in physical stores and online.
- If you wish to top-up your wallet, it costs $1
- There is a flat rate fee of $2 for any domestic ATM withdrawal.
- There are no monthly maintenance charges which are a unique perk, not offered by most debit card issuers.
- Currency exchange and foreign transactions cost 2.95%
Summary
- Physical card: Yes
- Virtual card: Yes
- Card type: MasterCard
- Mobile app: No
- Supported fiat currencies: EUR, GBP, RUB, and USD
- Supported cryptocurrencies: Bitcoin (BTC)
- Anonymous: Yes
Final Word
The debit card doesn’t enjoy a positive review on platforms like TrustPilot. However, the management is fast to respond to any customer-related query and ensures all the demands are addressed with satisfaction. Despite this, it hasn’t stopped the bad review from popping up every now and then which calls for suspicion. On the whole, it seems to be a fairly good choice for European and Russians users. If only the company would invest in its distribution channels, the card has the potential to reach amongst the top debit cards. There is news that the company is currently testing its mobile app, which is a good sign. With no monthly charges, low ATM withdrawal rates, and strict security, the card does have the potential to win more customers.
Litecoin Vs Bitcoin: What’s The Difference?
Contrary to misconceptions, Litecoin cryptocurrency is not the first fork of Bitcoin. Those were the digital asset and the Namecoin payment system of the same name. Although this did not prevent Litecoin from winning the title of virtual silver. It is safe to say that 2011 was a turning point in the formation of alternative monetary units. After all, it was then that the beginning of the emergence of a significant number of digital assets based on Bitcoin open source, and after altcoins, the mining of which uses an algorithm that differs from the standard generation process developed by Satoshi Nakamoto (the creator of the first cryptocurrency).
The evolution of crypto active assets is based on the principle of natural competition. The value of altcoins is determined by different features, so the question is: what is better – Bitcoin or Litecoin, does not lose its relevance today. Although, virtual silver from the day of its foundation settled in the TOP-list of digital currency units and continues to hold positions. Moreover, with each drop in Bitcoin quotes, one can hear statements that Litecoin has every chance of becoming a worthy alternative to the first cryptocurrency.
Litecoin and Bitcoin Market Capitalization
Determining which is more profitable, Bitcoin or Litecoin, and taking only the indicators of market capitalization and the dominance index as a basis, we can conclude that Bitcoin is the undisputed leader of the world of cryptocurrencies. At the time of writing (December 24, 2017), the total value of the first digital asset is $ 241 billion. He surpasses the competitor, who settled in the fifth position, more than 16 times. The dominance index, however, varies from 43–44%. The fact that the Bitcoin rate is about $ 13,000 is impressive. This figure is not maximum and has undergone an adjustment after a record retracement of the mark of $ 20,000, but about 55 times higher than the market value of Litecoin ($ 250). It is difficult to understand why the first digital asset should not be a segment leader? After all, he has always been significantly ahead of and ahead of his many competitors in these indicators.
The speed and profitability of transfers Bitcoin and Litecoin
Bitcoin significantly loses its competitor in terms of the speed of remittances. The growth in the number and volume of transactions in the network of the first cryptocurrency caused the emergence of problems with scaling. As a result, it is often possible to see that the number of unconfirmed transfers amounts to hundreds of thousands. The throughput rate often drops to a critical point.
Litecoin many people mistakenly perceive as a test version of Bitcoin. In fact, it is a separate player in the market. This error can be partially explained by the fact that the SegWit algorithm was activated here much earlier. Due to this, so high speed of passing payments increased by 2 times. Moreover, the Institute of atomic swaps was successfully integrated, which allows replacing Bitcoin when performing mutual settlements in the remote mode.
What do we see on the Bitcoin network? Despite the introduction of the Lightning Network (processing of micro-transactions outside the main chain of the blockchain) and SegWit, the early likelihood of launching SegWit2X, the issue of fast transfer operations remains unresolved. However, these details do not give an answer to the question: what is better, Bitcoin or Litecoin? It is known that the services offered by third-party services allow making transfers using Bitcoin coins very quickly, without waiting for the standard 6 confirmations from miners. In addition, you can acquire debit Bitcoin cards to operate your crypto savings without any restrictions.
When trading or dealing with cryptocurrency, users need a wallet to hold their Ether tokens. There are various cryptocurrency wallet types for Ether token storage –5 of which we shall review in this article below. But before we do, let us first understand how Ethereum wallets work.
How do Ethereum Wallets work?
Ethereum wallets are different from regular wallets. These store private keys instead of Ether tokens. The private keys allow access to Ether tokens recorded on Ethereum blockchain. If the user misplaces/loses the wallet and private keys, then all ether tokens are also lost. This is why it is essential to take all the necessary steps to ensure their safety and opt for the most suitable wallet for your Ether tokens.
Receiving Ether Tokens on Ethereum Wallets
Confused as to how Ethereum wallets receive the Ether tokens? Well, in addition to private keys, each wallet also has a public key. This is obtainable by anyone. It is mainly the address users use to send and receive cash. The public key allows all users to track your transaction history as well as check your current balance. However, it can’t give anyone access to your private information or allow them to withdraw any cash from your ether wallet.
Types of Ethereum Wallets
- Online wallet
- Desktop wallets
- Mobile wallets
- Paper wallets
- Hardware wallets
Third-party Wallets and Private Wallets
All Ethereum debit cards come attached to an online wallet. This is a third-party type wallet which is tied to a debit card site or exchange firm.
On the other hand, private wallets come in various types such as desktop, mobile, paper or hardware wallets. They are entirely the user’s personal wallet and don’t share any third-party intervention from an exchange or debit card site. Let’s take a brief look at their working below.
Desktop wallets
Desktop wallets are applications installed on a desktop computer. Although safe in general, there is always the risk of the computer breaking down, leaving the user helpless at recuperating the files. This also means you will lose your Ether tokens. Atomic Wallet is a kind of desktop wallet.
Mobile wallets
Like desktop wallets, mobile wallets are installable applications on a phone. There are multiple Ethereum wallet apps on iOS, the App Store or Google Play. Once installed, these apps convert the phone into an Ethereum wallet. There are also some apps that offer wallet synchronization with other devices but not all. If the user loses the phone and the wallet isn’t synchronized to any other device, this means all the Ether tokens will be lost.
Paper Wallets
A paper wallet is the most basic kind of Ethereum wallet. Even though it is labelled as a paper wallet, it can be any lifeless thing you draw your private key onto. Papers wallets eliminate the dangers of technical issues. They can also take the private key offline when required. The only drawback of paper wallets is that they can be misplaced, stone or lost.
Hardware Wallets
Hardware wallets are most preferable for those who wish to safeguard themselves from any third-party, desktop or mobile wallet threats and scams. This is one reason why many call it a sensible investment. As the name suggests, a hardware wallet is a device which holds your private keys –a lot like a flash drive. Another perk is that hardware wallets allow users to go offline whenever needed. This also limits the chances of hacking and loss of data. Ledger Nano S is an example.
Full node Wallet
These wallets are also desktop wallets containing all the data from the Ethereum Blockchain. To use a full node wallet, the user needs to download copious GB of data. Once the installation is complete, the desktop becomes an active node that validates Ethereum blockchain transactions. In case you wish not to download the fill node wallet, then you will have to partner with some other node without the whole blockchain.
Hot vs. cold wallets
Hot and cold wallets are technical terms for online and offline wallets. Many users prefer hot/online wallets due to their easy access. However, this case also comes with a price. Hot wallets are most prone to scams and hacks. Conversely, cold wallets are more secure in nature but less effective.
XAPO Review
This claims to the pioneer Bitcoin debit card in the market today. But it isn’t true. It was Bitwala who first offered the debit card service for the general public. However, XAPO was the first to link their card with Bitcoin. It is no secret that being the innovator has its pros and cons. The benefit, of course, is that you set a new benchmark for others to follow on your own terms. But the flip side is that you are also the one to make and bear the mistakes. There always comes someone with a better and smarter version of your thing.
XAPO also made many blunders, the biggest being unbranded cards sent to customers. But it swiftly recovered from this slip up and are still one of the leading companies in the marketplace.
This article takes a brief look at some of its XAPO debit card specifics.
Advantages
- Customers don’t have to bear any maintenance fee during its first year of use.
- XAPO focuses on security. It offers many layers of activates for its users.
- There is no top-up fee associated. This is what gives them a competitive advantage as no other company offers that.
Disadvantages
- It is out of service currently. The company ended ties with Visa.
- It will be launched again in 2019, but, it isn’t available for now.
- Before closing its operations, XAPO didn’t service US clients, making it impractical.
- The waiting time is almost a month. If you wish to receive it sooner, there is a relatively expensive shipping fee.
- New rules of XAPO require stringent verification which wasn’t the case before. Previously, it offered anonymity to anyone who asked for it.
XAPO Bitcoin Debit Card Charges
- You need to pay $20 in order to issue the XAPO Bitcoin debit card.
- $1 is charged monthly as a maintenance fee, though, new users don’t have to pay any dollars as maintenance fee in the first year.
- If you wish to change its PIN, you will have to pay an additional $1.
- If you lose the card, you will have to pay $12 for a replacement.
- The XAPO Bitcoin debit card can be requested via express or free delivery.
- Express delivery costs $55.
- If you opt for free delivery, the card takes approximately 25 days to arrive without a parcel tracking option
- You have to pay $2.5 domestically and $3.5 internationally when withdrawing money from an ATM using the XAPO Bitcoin debit card.
- There is a 3% conversion rare when converting currencies
- There aren’t any POS changes when dealing in native currency.
- Using the card abroad costs an additional 3%.
Summary
- Virtual card: Yes
- Physical Card: Yes
- Card type: Visa
- Mobile app: Yes
- Supported cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH)
- Supported fiat currencies: EUR, GBP, and USD
- Anonymous: No
Final Word
XAPO is a well-renowned brand with a solid upbringing in the cryptocurrency marketplace. They were once the market penetrators, made a few blunders, but have learned from them over time. It is unfortunate that some XAPO Bitcoin debit card issuers didn’t settle well with Visa, resulting in their card becoming unavailable. Hopefully, once all this is done and dusted, XAPO Bitcoin debit card will once again reign the cryptocurrency space like before.
The latter part of 2009 introduced everyone to the world of blockchain technology. With Bitcoin as its front liner, the idea of blockchain technology was well received by everyone, and soon enough, the system responded with a simple complexity of its own. Surprisingly, most people often confuse the idea of blockchain and bitcoin as one and the same, when in reality, they are not.
The difference between both concepts is one that is not easy to identify without prior knowledge.
To understand it in simple terms, blockchain is like a universe, a universe where the currency is bitcoin. One fascinating fact about the world of blockchain is that you do not have to know the nitty gritty of the system before you can effectively utilize the technology. An understanding of the dynamics, peculiarities, and complexities that lies within the system enables you to grasp its full potential.
What is blockchain technology?
Just like the name implies, blockchain is a chain of vast and widely spread database where the storage devices and information are not controlled and accessed by a simple server. The database is capable of storing an infinite amount of information in the form of records. These records are referred to as blocks. The content of each block features a link to the former and a timestamp.
Blockchain also makes use of encryption and encrypted file to protect the privacy of its users. Encryptions are private keys that allow a blockchain user to make different writing to their files. This feature enables the account holder to protect what is theirs.
Also, encryption ensures that the distribution of blockchain among users is in synchrony.
How did blockchain technology come about?
Just like every other thing in the jet age, internet coupled with electronic money facilitated the development of blockchain. The emergence came about from researchers attempt to answer the question of whether they could create a decentralized means of payment that is built solely on trust.
Nick Sabo was the man that conceived the modern blockchain ideas in 1998. As revealed by his newsletter, he postulated a theory that was referred to as the bit-gold protocol. This idea served as the foundation of what we now know as Bitcoin. Prior to that period, Adam Beck conceived his own “Hashcash” protocol, a model of cryptocurrency. Sadly enough, the time of development coincides with the time when people knew little or nothing about fast internet capacity and storage devices. As a result, the development did not enjoy the support that it yearned for.
Not to be daunted by this occurrence, the execution of the project was implemented 11 years later when Satoshi Nakamoto introduced a protocol known as digital cash. This protocol led to the development of the initial blocks of bitcoin.
What is decentralization?
When it comes to sharing information, making use of a decentralized internet platform is not rocket science. However, when valuables like money are concerned, we often resort to the centralized methods that banks and other financial institutions use. Of a truth, internet payment procedures like PayPal has been around for a long time, however, they cannot be used without some bank instruments like the credit card.
This kind of integration is what blockchain technology strive to eliminate. The financial sector performs three major services of registering transaction, confirming the identity of users and finalization of contracts. Blockchain technology is capable of assuming these roles and carry them out effectively.
What is Bithumb?
Popular in the Asian region, the Korean stock exchange cryptocurrency Bithumb entered the market in 2015. The service is owned by BTC Korea.com Co. Ltd based in Seoul. Cryptocurrency trading on the site is available to registered users.
Service in 2017 was attacked by hackers, resulting in a loss of several billion won. The criminals stole the personal data of 30,000 clients of the company, that is, 3% of the existing client base. The leak occurred as a result of hacking the employee computer exchange. The administration of the cryptocurrency exchange Bithumb applied to the police and reimbursed the lost money to the clients. Due to this, the reputation did not suffer and after some time the platform became a leader in the world, demonstrating the largest trading volume per day.
Indicators
From the published audit reports, it follows that as of December 31, 2017, customer accounts for $ 6 billion were stored in the accounts of the exchange, including bitcoins (Bitcoin) for 1 billion, Ripple (XRP / USD) for 1.6 billion, QTUM for 0.6 billion, EOS (EOS / USD) at 0.65 billion, ethers (ETH / USD) at 0.6 billion, Bitcoin Cash (EXANTE: Bitcoin.Cash) at 0.5 billion, Bitcoin Gold at 0.3 billion. Own funds amounted to 400 million dollars. Bithumb controls 75.7% of the South Korean bitcoin market and about 10% of the world one. At last count, the stock exchange accounts for half of all trade in the ether in the country.
Services
Bithumb offers two types of accounts – regular and corporate. When registering, individuals are required to provide their name, email address and telephone number; companies must provide a legal address.
In March, Bithumb announced its intention to launch a new service that allows customers to pay for cryptocurrency in more than 6 thousand stores around the world.
In addition, Bithumb plans to place special terminals in restaurants and cafes in South Korea, giving its customers the opportunity to pay in cryptocurrencies. For this purpose, the exchange has signed agreements with three Korean terminal manufacturers – Uno Space, TROS Systems and IYU.
Registration and Verification
You can start using the functionality of the service and trade in tokens, you can go through the registration procedure. Initially, you will have to enter the necessary data in a special form and then confirm the phone number. Filling out the form, specify the following information:
- email address;
- telephone number;
- first name;
- password for account security.
Going through the registration procedure, you must indicate whether the client is a natural or legal person. You will need to enter information about the nationality and after authorization using a phone code, you must accept the conditions set by the administration. You will need to click buttons 10.2 and 10.1, where information about all the documentation is provided. You have to confirm your belonging to a race by solving a captcha that checks if you are using a computer program to enter.
Commissions
While reviewing the Bithumb exchange, one cannot but mention commission fees charged by the site administration for opening deals. Regardless of the type of transaction, that is, sales or purchases, the service charge will be 0.15%. You can reduce this amount to 0.075% if you use the coupon, which gives the right to a discount. There are proposals that allow avoiding the payment of commission at the opening of trading positions on the site.
Reviews Bithumb
The feedback received by the Bithumb Exchange indicates that users from outside of South Korea have problems with verification. Also during the registration process, it is often difficult to obtain a phone code to confirm the phone number.
What Determines Cryptocurrencies Price?
Of course, the first logical factor in the rate change is the ratio of supply and demand, as for any claimed asset on the exchange. The course grows in conditions of increasing demand, if people are willing to buy and buy, and decreases if demand falls.
In addition to pampers (“bulls” – users who buy instantly a large amount of currency), which we will discuss below, we can write down the popularity of currency, advertising, and a good media phone (positive news about Bitcoin) as factors for increasing demand. For example, a recent report on the recognition of cryptocurrency halal for Muslims instantly raised the course by $ 1,000. And the massive interest of the population and the fact that Bitcoin is “widely known” raises the BTC course slowly.
The size of the fanbase can improve the worth
The most interesting thing starts when the course of the cue ball rises or falls sharply. This is not at all indicative of the explosive interest of the population in cryptocurrency: this means that the bull has come to the exchange – the diaper.
A pamper (from the pump – to inflate: planned artificial inflation) is a player with a large amount of asset (in this case, bitcoins), who can instantly buy-sell orders, thereby raising the rate to maximum values extremely quickly. So pamper artificially creates a wave of universal excitement among inexperienced traders, buying orders at the right moments and creating the illusion of a steady growth of Bitcoin. Beginners are purchased, and pamper at the peak of activity creates a dump (deliberate collapse of the course) and drops assets, lowering the bitcoin rate to a minimum.
We can recall isolated cases: for example, when a certain Roger Ver sold in November 2017, according to rumors, he sold 250 thousand bitcoins, thereby derailing his price from $ 7880 to $ 5600.
Predict the rate of cryptocurrency
Economic news. In moments of scandal, the rate of cryptocurrency went down sharply because traders start to sell cryptocurrency. Then the other player, which went down in price, bought up the cue ball, as a result of which it becomes more expensive.
Analysis of pampers. After waiting for the period of smooth correction of cryptocurrency, the bulls begin a massive buying up of the asset and the exchange rate chart jumps up sharply.
Technical analysis. Price corridors, maximum and minimum levels, overbought and oversold zones. It is necessary to track the approach of value to the daily maximum and minimum, adjusting the actions in accordance with the general trend. There are even software tools to help determine the movement of the price curve in the near future: they are provided by brokerage companies, so you can buy them if you work solo for a certain monthly fee.
Analysis of ordinary news. Cryptocurrency is highly dependent on HYIP: mass interest and the associated word of mouth. Only someone’s unverified news of the form “Urgently in the room!” About how “Someone buys 10,000 bitcoins” can greatly change the course curve. Even the frequency of mentioning here is unimportant, since the media often reprints the “hot news” from each other, without having time to recheck them. You will be required to turn on your head and spend 10–20 minutes to independently analyze the “HYIP” news. To think, analyze and think again is a guarantee of a successful answer to the question “how to determine the course of Bitcoin”.
Summary
There are a lot of factors influencing the price of cryptocurrency, and most of them are under a big question. That is why cryptocurrency is so highly volatile as opposed to “traditional currencies,” which is why you can either instantly enrich yourself or go bankrupt.
If you still want to trade cryptocurrencies, then form your own clear idea of how the cryptocurrency rate is calculated, following the work of successful traders, and if there is such an opportunity, join their team – in general, do everything to minimize the risks. To come to this market “man from the street” and instantly get rich – the plot is fantastic, from the category win in the lottery or find a purse with money on the street.