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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 Are Cryptocurrency Debit Cards?
A few years ago, only a few initiates knew about cryptocurrency. Now, every day cryptocurrencies are gaining more and more popularity, so it is completely natural that crypto economics is expanding, occupying all new areas. For example, quite soon cryptocurrency debit cards may appear in circulation. Accordingly, it will also be possible to pay for purchases and services in cryptocurrencies using such a card.
Cryptocurrency debit cards
Cryptocurrency debit card is a relatively recent development in the blockchain world. In fact, it is the same plastic card as a regular bank debit card, but with one significant difference: instead of the usual money on it – cryptocurrency.
This map serves to solve the main problem of cryptocurrency – ease of use outside the virtual world. With the help of a cryptocurrency debit card, ordinary everyday purchases can be made by paying with a cryptocurrency. At the same time, the card will automatically convert the cryptocurrency into the corresponding fiat currency required by the seller at the current exchange rate. Such a system is based on a mobile phone application. The application, in this case, becomes a combination of a cryptocurrency wallet with the exchange.
Crypto Card Features
Today, the presence of a card tied to Bitcoin greatly simplifies the life of cryptocurrency owners. Using a Bitcoin debit card, you can remove a cryptocurrency almost as easily as any other currency in the first ATM. Isn’t all the owners of savings in digital coins dreaming of this?
Previously, they had to go through all the “circles of hell” in order to withdraw money, and also risk at the same time getting nothing at all. Simply put, there are not so many safe and effective translation methods. But with the advent of cards, it is as easy to manage Bitcoins as money from a regular credit card.
How can to spend cryptocurrency?
Currently, two methods are available. One of them is special terminals for the cryptocurrency, which are installed in the place of trade. This is the equipment that interacts with the application in the mobile phone and removes the value of the purchase in cryptocurrency from the wallet. However, this method has one big disadvantage – for its implementation in practice, the involvement and interest of sellers is necessary. In addition, their willingness to pay for the installation of additional equipment for receiving digital payments is required.
How the world of plastic cards works
So, you go into any Bitcoin plastic card service and order a card for yourself. It will be issued by the service itself, if it has a banking license, or by a partner bank, if there is no license. The card is linked to the payment system (VISA, MasterCard, Unitpay, etc.), can have accounts in one or more fiat currencies (dollar, euro, yuan, etc.) and cryptocurrencies (Bitcoin, Litecoin). If the card accounts are only in fiat currency, then to replenish it, you need to change the bitcoins to the card currency and transfer to the account. For cards with accounts in the crypt, such an exchange occurs automatically at the internal rate of the service (or the exchange to which it is attached) at the time of the transaction.
It is worth noting that a plastic card is not tied to a Bitcoin address directly, but tied to a Bitcoin account (wallet) in the service that issued the card. This allows you to conduct transactions almost instantly, because, as we all know, the blockchain does not provide such an opportunity. The risks of the method are obvious: your bitcoins, in fact, are at the disposal of a third party and if this third party closes for some reason or is robbed, the funds will disappear.
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.
What Are Crypto Collectibles?
In the simplest of terms, they are digital possessions.
They are different from common tokens that can be exchanged quickly and are equal to other tokens. They are non-fungible. It is because each possesses a distinct characteristic unlike the other. This makes them irreplaceable.
Like most collectable things, they too can be bought from someone without their permission if it includes a competitive edge.
Can You Make Money From Digital Antiques?
Yes, if you hold a unique or unusual collectable. Like jewellery, there are some rare collectibles with unique features that make them both desirable and legendary.
Suppose, you pay 1ETH for a very rare collectible via a platform. Once the antiques’ value reaches a certain high, say 100 ETH, you will only have to pay a few extra to the platform rather than paying double.
This is extremely profitable but only if bought from a platform early. When you sign up early, you only have to compete against a few contenders. But say, the platform gains popularity and more buyers come after your antiques, you will be at risk of investing more cash for tokens nobody desires.
Where Can You Save Your Antiques?
Collectibles are stored in crypto wallets. Crypto wallets comply with token requirements (ERC-721) that concern rare collectibles.
Where Does Blockchain Come In All Of This?
Blockchain prevents counterfeiting and allows easy tracking of the ownership. Even in the real world, those who collect rare art pieces or jewelry rely on security systems and traceable documentation to ensure credibility.
Blockchain assists avoid counterfeiting and make it possible for ownership to be tracked.
Blockchain has tamper evidence of whoever owned a collectible in the past.
ERC-721 token is a certified token which promotes non-divisibility. This eliminates the breaking down of the collectible in several pieces and keeps it intact.
Games that work on Antique Crypto
There have been several games in the past that offered unique collectibles as rewards. Few of these include:
- 0xUniverse: The game features gamers who purchase planets and later build a spaceship using their resources. Once completed, they can use the spaceship to travel to other virtual galaxies and conquer new worlds as they go.
- Blockchain Cuties: Blockchain Cuties is another example where players collect adorable animals. They can make them reproduce and use their skills in fights. With experience, they continue leveling up with more dream animals unlocking.
- CryptoKitties: The pioneer of such a game, however, was the CryptoKitties. It featured unique kittens with unique features. By the end of 2017, the platform sold one of the rarest kitties for $120,000.
How Do I Get A Unique Collectible?
This comes down to the platform used.
This will depend upon the platform you’re using.
In Ether Quest, antiques gain more power when they win against each other in a virtual arena. It is a fantasy-based RPG where players compete for the best fighters who can then be trained and used to win battles.
A similar case can be seen with collectibles. They are ranked on features like efficiency. The better their efficiency, the higher the token rates. The higher the rates, the more valuable and unique a collectible gets.