Categories
Bitcoin

Square invested $170 million in Bitcoin, the cryptocurrency soared again

The price of Bitcoin soared again this morning after a sharp fall on Tuesday, climbing again to $50,000 after the American company for electronic and mobile payments Square announced that it had bought this cryptocurrency in the amount of 170 million dollars.

In this morning’s trading at 4:00 AM Eastern Time, the most valuable digital coin in the world rose by 7.5 percent, reaching a price of $50,683, according to CoinMetrics data, CNBC reports.

A few hours earlier, the price of this cryptocurrency reached as much as 51,369 dollars for a moment.

Other virtual currencies also recorded growth, with Ethereum and XRP strengthening by 11.3 and 7.4 percent, respectively. So-called altcoins, or alternative cryptocurrencies, usually follow the movement of Bitcoin prices.

Square announced on Tuesday that it bought 3,318 Bitcoins at an average price of about $51,235. The fintech company, run by Twitter CEO Jack Dorsey, said Bitcoin now accounts for about 5.0 percent of its total assets.

This is not the first time that Square has invested in Bitcoins. The company bought this digital currency worth 50 million dollars last year.

The start of this trading week was difficult for Bitcoin, as it fell from a record level of 58,356 dollars, recorded on Sunday, to 45,501 dollars on Tuesday in two days.

Tesla boss Elon Musk also contributed to this, saying in a tweet that the prices of Bitcoin and the rival Ether token are growing too fast and that they seem to be “too high”. His company has invested in Bitcoin 1,5 billion dollars.

At today’s price level, Bitcoin is 70 percent stronger than at the beginning of 2021, and in the last 12 months alone it has jumped by over 400 percent.

Categories
Bitcoin General

Bitcoin – the golden age of digital currencies

Digital currencies from the first days to most people accustomed to good old cash sound rather strange and vague, but the news of huge jumps in the value of such currencies attract the attention of even those who avoid paying by credit card.

And how could it not when you consider that the value of Bitcoin this month exceeded $40,000, doubling in less than a month.

The value of Bitcoin at the beginning of the corona virus pandemic was about $4,000.

Bitcoin is the first cryptocurrency, created on March 1, 2009, and its founder(whose real identity is unknown), Satoshi Nakomoto, imagined Bitcoin as a P2P(Peer-to-Peer) digital cash, ie an anonymous, secure and transparent means of value transfer, without the need for an intermediary.

Decentralization of currency and finance

Blockchain technology is the foundation of Bitcoin and other cryptocurrencies, because it enables decentralization, immutability and security of such currencies.

Other cryptocurrencies were modeled on Bitcoin, but the real renaissance in this market was achieved by Ethereum, currently the second largest cryptocurrency, which came out in 2015.

Currently, over 90 percent of crypto ecosystems are built on Ethereum.

The idea of Ethereum is to be a “world computer”, ie a decentralized system on which other systems such as the current “decentralized finance”(DeFi) will be built.

The creation of cryptocurrencies depends on the consensus algorithm, which is selected in a particular project, and therefore there are several ways, but the most famous is the creation of new cryptocurrencies Proof-of-Work algorithm, which uses Bitcoin.

Proof-of-Work is a consensus algorithm, whose participants(miners) invest computing resources and thus check every Bitcoin transaction, secure the network and enable new transactions.

In exchange for the electricity consumed and the work for the benefit of the Bitcoin network, the miners were rewarded with new(mined) Bitcoins. This is how new Bitcoins are created.

Bitcoin mining consumes more electricity per year than the whole of Switzerland.

It is still in its infancy and will surely progress

The second most well-known consensus algorithm is Proof-of-Stake, which Ethereum will implement in the next 18 months. Although in theory it sounds attractive, because it will reduce the cost of electricity, P-o-S has yet to be proven.

Every blockchain project must have its own cryptocurrency, and hence their usefulness.

Blockchain technology is still in its infancy and will certainly advance in the coming years, but we can already see various disruptive projects that have accompanying cryptocurrencies.

These cryptocurrencies are used to maintain certain ecosystems, transfer value, as proof of ownership of an asset, or to speculate on price movements.

These are just some of the items for which cryptocurrencies are used.

As common currencies have their coverage in “tangible” values, such as gold, cryptocurrencies raise doubts among many about the real value and their advantages.

Enormous profit and(or) catastrophic loss

If we look at cryptocurrencies as a form of investment, then their advantage is that their value can increase significantly in the short term and enable their owners an enormous profit. Of course, this instability has another side, as it can lead owners to a catastrophic loss when their value falls.

If used as a means of payment, they can provide a higher level of data privacy protection, because transactions do not share all the data that is shared during normal digital transactions(for example, using credit cards), but authorization is done with a digital key.

But this completely digital character again has its drawbacks, because you can never “withdraw cash” or use it for payments anywhere you want, or use the same as traditional means of payment on all occasions.

The benefits and disadvantages also depend on the user, personal preferences and specific purpose.

Key advantages of cryptocurrencies(outside price growth) ownership of own assets and, for the first time, the possibility of transferring value via the internet without intermediaries, anywhere in the world, almost instantly and for extremely low or even no fee using some cryptocurrencies.

Undoubted consequences for cash

In terms of “tangible money”, digital currencies will further contribute to reducing the share of cash in transactions and encourage faster and greater digitization and virtualization of national currencies, but even without cryptocurrencies this trend continues and cash is losing importance.

Some central banks have already issued their digital currencies, and some are preparing or analyzing this possibility. Thus, the trend has been launched and leads to a further decrease in the importance of cash, and gradually likely to disappear from use.

However, not so soon, as it seems at the moment, because it is not all about technological development, but it is also about the cultural and psychological moment, trust or lack of trust and the financial sector…

Categories
General

DeFi Lending. What is it and how does it work?

DeFi, or decentralized financing, is a new buzzword in the crypto world. In the last two years, that term has, among other things, revolutionized borrowing and lending.

As long as you have an internet connection, you can borrow or lend, provided you play by the rules. DeFi has introduced a novelty in relation to the rules set by traditional financial institutions, including third-party and perpetual checks.

What is DeFi lending

DeFi is a term that describes the act of borrowing or lending over a crypto network. Technically, this lending space is similar to a traditional institution that offers financial loans to people and businesses. The only difference is that DeFi does it without intermediaries.

As a blockchain user, you can hand over your coins/tokens to a specific lending platform that can give them to another user at interest.

What manages DeFi’s lending are smart contracts. Basically, when you borrow or lend, you enter into a contract with the other party and sign a contract with it that shows all the details, such as the repayment period, interest rate and other details.

Compared to traditional lending, DeFi offers incredible benefits. The greatest transparency is the whole procedure, thanks to the absence of a third party.

It is also quite easy to borrow as well as lend to someone. As long as you have an account on one platform DeFi and a crypto wallet, you are ready to get started. Opening smart contracts and checking everything takes a few minutes.

In addition, the DeFi lending platform does not offer anyone special treatment.

How does it work?

For some time now, Defi lending space has been built around the Ethereum blockchain. However, Bitcoin has also recently entered that world, but Ethereum still has over 15 DeFi lending platforms.

Basically, when a borrower decides to take a loan in a blockchain, the network will ask him to add value equal to or greater than that he borrows. This is what is called collateral and can be in different currencies.

Most crypto platforms allow you to add funds via bank transfer, Apple Pay or card. You can also send Ethereum or Bitcoin directly from your wallet.

Once you put some coins in your wallet, you will have to sign a contract and process the loan through a smart contract. At the end of the repayment period, return the principal and interest to return your principal/deposit. So it’s simple.

There are several DeFi lending platforms and each has its own rules. The most common, Compound, allows borrowers and lenders to interact directly and receive a variable interest rate. Others include Maker, Aave and Nuo Network.

DeFi lending is certainly among the most amazing things that have happened in the crypto world. The investment rate is great. The process of lending or borrowing is transparent, simple and fair. All you need to do is simply open an account, buy some coins and sign a smart loan agreement.

Although the most well-known platforms are based on the Ethereum network, platforms based on the Tron Network(TRX) have also emerged in recent times, which may provide better conditions.

Categories
Bitcoin

Bitcoin fell sharply, then strengthened again. Here’s how much it’s worth now, and what do the experienced say about it

The most famous cryptocurrency is currently priced at $23,474.

The alternative cryptocurrency, which is widely talked about and written about these days, had a turbulent week behind it, and fell by 6% yesterday, after the appearance of a new strain of the covid-19 virus in Britain.

The general situation was shaken in the financial markets, so one Bitcoin was worth “only” 22,290 dollars, which is a sharp drop compared to the value of 24,339 dollars – a record achieved earlier.

As a reminder, the most popular digital coin, which many investors still do not believe, crossed the psychological threshold of 22,000 dollars for the first time, on December 17 this year. At the time of writing, Bitcoin is worth $23,474.

3 interesting facts about Bitcoin

  1. There is less talk now about the creator of this cryptocurrency, named Satoshi Nakamoto, but it is interesting that this character is still mysterious, since no one went public and confirmed his identity, that is, said that he knew that person. The name has been associated with several people over the years. It is estimated that Nakamoto currently owns more than a million Bitcoins, with a total value of about two billion dollars.
  2. Bitcoin transactions are anonymous. That is why this cryptocurrency is often a “victim” of hackers. Digital wallets are associated with blockchain technology, and are not processed by any particular company.
  3. Amid millions of illegal items purchased using Bitcoin, the first legal transaction involved buying pizza. A piece of pizza worth $25 was paid for with the help of 10,000 Bitcoins.

What do the most famous businessmen say?

Bitcoin is exciting because it shows how cheap it can be. It’s better than currency, because you don’t have to be physically in the same place and, of course, for large transactions, currency can become quite inconvenient. – Bill Gates (Microsoft).

 

Well, I think it works. There may be other currencies like Bitcoin, which may be better. But in the meantime, there is a big industry around it. People got rich through Bitcoin, some lost money. But people also make money from volatility. – Richard Branson (Virgin Galactic Group)

 

Bitcoin is the currency of resistance … If Satoshi had released Bitcoin 10 years earlier, September 11 would never have happened. – Max Kaiser(financial expert)

Categories
Bitcoin General

What Can I Buy With A Bitcoin?

Do you imagine buying anything with crypto, just like with real money?

Many of us had that thought. But if it were possible, wouldn’t it have happened already?

Real and cryptocurrency are different things, so that scenario is unlikely to happen. But did you hear about the exclusive privileges of Bitcoin?

BTC may be worth as much as the USD. Except that Bitcoin is in constant expansion and is volatile. Despite the risks, Bitcoin buyers enjoy certain benefits the average shopper will never have. Can you imagine what it is?

3 Things You Can Only Do Buying Bitcoin

Sure, Bitcoin can look attractive as a modern payment method. And so are hundreds of altcoins! If we trade with Bitcoin, there must be a valuable reason to do it other than trends. Because what makes Bitcoin better than, say, the dollar?

#1 Crypto Cash Back Rewards

You heard the saying. “The future is already here. Just not evenly distributed.” Bitcoin prices go up as more people join the market. The more we use crypto, the more prices go up. It’s offer and demand!

That’s why big brands reward you for buying from them with Bitcoin. You can buy the exact same product and get a cash reward.

Choose the product you want and buy it from a Cash Back website. If you buy using their link, you get free Bitcoins for using the currency.

Imagine you spent $100 this way. You would have put $100 and got, for example, $18 worth in bitcoin (which you can turn into dollars).

#2 Earning Potential

With cashback rewards, you buy a product and become a Bitcoin investor at the same time! Back to the example, those $18 you won may turn into thousands of dollars…or less.

Since you didn’t earn that money, there’s no real risk. But who wouldn’t like extra cash as a surprise? If we combine it with the cashback program, you get double rewards.

Using the same money. A no-brainer.

#3 You Diversify

Many people despise the volatility of Bitcoin. If it goes done, it’s not fun anymore. Did we mention Bitcoin transactions are permanent?

Now, real currencies aren’t safer either. Your money saved in the bank is worth less today than yesterday. It will be even less tomorrow due to inflation.

No matter how consistent a currency is. If you put all your eggs in one basket, your risk is maximum. If anything goes wrong (as happens every few years), your personal finances will suffer.

Then, should you buy Bitcoin? It’s not precisely stable, but it’s better than having only one currency. Many suggest keeping at least a tiny amount, something you don’t mind risking.

Of course, you can diversify within the crypto space as well. An example would be to hold a portion of Bitcoin and another portion of New Bitcoin.

Can You Buy Anything You Want?

Sorry, but that won’t happen, at least in 2020. If anything was for sale with Bitcoin, everybody would use them to avoid taxes. And you can potentially double your money doing, well, nothing.

Everything has intrinsic value regardless of market perception. Bitcoin is so volatile that it would often misrepresent the true value of an asset.

Yet, some big brands manage to get over the obstacles and make Bitcoin available. But despite the efforts, Bitcoin has its limits, which is what makes it different from real currency.

Will it become a global currency? Who knows. All we know is Bitcoin is expanding and is here to stay.

Categories
Bitcoin Exchange General

Fighting Fraud in the Bitcoin Industry

With Crypto-Fraud on the rise, Tech View OU and Yotam Namir and Robert Provorovas company directors taken a more proactive approach in designing the process flow of its exchange platform, CoinTandem.

System developers and digital entrepreneurs are continually required to think ahead and imagine their built system’s intended use-cases and its misuse or abuse cases. The duo of Yotam Namir and Robert Provorov of Tech View OU is leading the charge in the fight against crypto-fraud in the Bitcoin industry with the development and integration of fraud mitigation systems on their Bitcoin exchange platform, CoinTandem.

CoinTandem is a digital block chain service that is revolutionizing the digital currency exchange platform process. The platform uses propriety algorithms and combines advanced payment processing with state-of-the-art fraud prevention technology to offer a safe and secure platform for all.

The Problem

Compared to the fiat currency, digital currency offers a highly unique set of security challenges. The sheer volume of the market, the anonymity of transactions, and the fact that it is instantly transferable and that transfers cannot be reversed attract lots of fraudsters to the industry like bees to honey.

Fraud schemes prevalent in the industry include identity theft, wallet hijacking, exchange scams, fake ICOs, Bitcoin Ponzis, etc. Although not all of these fraud schemes fall under the exchange platform’s mitigating purview, exchange platforms are constantly revolving their audit risk procedures to capture as many risks as possible.

Like canaries in a coal mine, exchange platforms are the usual targets for bad actors looking to breach the bitcoin ecosystem. To protect customers, exchange platforms like CoinTandem have developed propriety systems and are continually updating such systems to protect against various risks.

The CoinTandem Response

CoinTandem has developed a fraud-prevention system that loops both human and machine learning efforts to stop fraud. The propriety systems effectively utilize machine learning as one piece of the puzzle to prioritize risky users to watch more closely and a strict user onboarding process that mitigates the risk of identity theft.

But it doesn’t end there.

Some of the other procedures that push the zero-tolerance on fraud agenda of CoinTandem include an enhanced KYC protocol that is activated at the close of an exchange. What happens is, before an exchange is completed, the client is required to re-confirm by electronic signature his submitted crypto wallet and send BTC to the requested address.

In card transactions, OTP technology is activated for every buy transaction to ensure that only the owners of cards or due representatives are making purchases with such cards. Also, prior to a credit card purchase attempt, and in addition to the T&C, a Pop-Up disclaimer with a short and clear message asks the client to confirm that a 3rd party does not instruct him and that he is the sole owner of the wallet he has submitted on our website. The essence is to prevent Ponzi related bitcoin scams.

Some of the security features of the CoinTandem Platform include:

  • 2 – Factor authentication.
  • Robust real-time user verification.
  • Advanced platform with propriety algorithms and technology-driven fraud prevention systems.
  • Full KYC procedure in place to mitigate identity theft.
  • Full encryption of transaction to mitigate hijacking.

CoinTandem, a Tech View OU company is regulated by the Financial Intelligence Unit (“FIU”) in Estonia and licensed to “Providing a virtual currency service”(license number: FVT000205)
https://lp.cointandem.com/

Categories
Binance Exchange

Binance Exchange Review

Binance is one of the most popular cryptocurrency exchanges in the world, despite being a relatively new player. The platform was originally based in China, but moved its operations to Malta earlier this year.

Binance is considered a centralized exchange and cryptocurrency exchange that deals only with cryptocurrencies such as Bitcoin, altcoin and ICO tokens.

Security

The binance exchange office is considered a safe place to trade even though it was hacked in March 2018.

Accounts are secured using 2FA (Two Factor Authentication), which makes it difficult for hackers to gain sensitive information. As an added security measure, users can set up a unique anti-phishing code, which allows them to distinguish between fake and legitimate emails. Withdrawal processing takes place after users confirm via email.

In March 2018, hackers tried to make a bold move that was fortunately noticed by the automatic exchange systems. For months, hackers collected user login data and then attacked, converting all BTC users into Viacoin, pumping up the price of coins and selling their Viacoin stocks. Before they managed to withdraw the BTC, the automatic systems reacted and none of the users lost funds except hackers, which will be donated to charity.

This event strengthened the trust of users in the Binance exchange office, as not only did their system detect the intentions of the hackers in time, but they also offered a reward of $ 250,000 for any information that would lead to the arrest of the attacker.

In May 2019, unfortunately, there was another attack, this time the attack was successfully carried out. The hackers managed to steal 7074 BTC, which was worth 42 million dollars at the time of the theft. Binance has decided to compensate all losses to customers using their “CFCA” fund. The fact that Binance made up for the losses further strengthened the crypto community’s trust in this exchange office.

Luckily, the Bitcoin network is transparent, so you can see the Binance Bitcoin wallets at any time you may wish so.

Right now, their BTC balance is 181,109, which converts to around $2,141,212,745 at this very moment.

Account verification on Binance

Users (Level 1) do not have to submit any documents to view cryptocurrencies.

In order to verify the order and progress to Level 2, users must submit some of the documents issued by the state. In addition to the documents, users should provide personal information such as name, country of residence, age, gender and send their picture showing how they hold the documents.

This is a standard KYC (Know Your Customer) and AML (Anti-Money Laundering) procedure.

Methods of payment

Users have several options at their disposal, payment by debit and credit cards (Visa and MasterCard) issued by the Simplex company or purchase of cryptocurrencies using USD and EUR through PAX and TUSD stable coins. There is also an option to convert TUSD and PAX back to cash.

Supported cryptocurrencies on Binance

Binance exchange office allows its users to trade a large number of altcoins and cryptocurrency tokens. Currently, more than 1200 different cryptocurrencies are listed on their exchange office.

Pairs are supported through BTC, BNB, ETH, XRP as well as through USDT, PAX, TUSD, USDC and USDS.

You can see the full list of supported cryptocurrencies here.

Trading fees on Binance

The general trading fee is 0.1%. Based on the 30-day average trade volume and the amount of BNB tokens, the maker/taker fee varies from 0.015% to 0.075%. If the trade fee is paid through the BNB, then a discount of 50% is applied during the first year, 25% during the second, 12.5% during the third and finally 6.75% for the fourth. During the fifth year, the discount does not apply.

Deposit and withdrawal fees

Binance exchange office has no cryptocurrency deposit fee nor is there a minimum deposit amount.

Withdrawal fees and the minimum withdrawal amount vary depending on the cryptocurrency. For BTC, the minimum withdrawal amount is 0.002BTC with a fixed fee of 0.0005BTC.

Categories
Bitcoin

How to sell Bitcoin?

Charging your Bitcoins is not as easy as buying. If you decide to sell your Bitcoins online, you can do so through an exchange, direct trade or by conducting a transaction without an intermediary (peer-to-peer).

Out of the comfort of your own home, you can withdraw money using Bitcoin machines or sell your Bitcoins in person.

Bitcoin Exchanges

Despite several shortcomings, exchanges are a one-time solution when it comes to Bitcoin trading. In the case of cryptocurrency sales, exchange offices act as intermediaries who keep the funds of both the seller and the buyer.

First, you must open an account at the exchange of your choice. Most reputable exchanges will require full identity verification and an associated bank account so you can withdraw your funds.

Then simply set an offer to sell, stating the type of currency you want to trade, its quantity and the price you are looking for per unit. The exchange office will automatically complete the transaction when someone agrees to your offer.

Once the funds reach your account, you must withdraw them to a linked bank account. This can sometimes take quite a while, especially if the exchange has problems with its banks or is facing liquidity problems. A few months before the bankruptcy, the Mt. Gox exchange had this problem. Moreover, some banks simply refuse to process transactions with funds obtained through cryptocurrency trading.

It is also important to consider the fee you will have to pay to use some exchanges. For example, one of the largest cryptocurrency exchanges in the world, CEX.io, charges $50 for withdrawals via Bank Transfer, $3.80 if you withdraw your funds to a Visa card, and 1.2 percent of the transaction + $3.80 if you use a MasterCard. Withdrawal fees can vary drastically depending on the exchange office, but transaction fees are almost always either small or non-existent.

In addition, most exchanges will have a limit on the amount of money you are allowed to keep. The limit will increase over time if you remain loyal to a particular exchange.

Finally, it is important to remember that exchanges, whether or not they offer wallet services, are not a safe and reliable place to store your funds. They are very prone to hacker attacks, and there are also cases of exchanges that are shut down and leave with the user’s funds. Therefore, you should take full responsibility for your funds and put aside the amount you do not need immediately in your offline wallet.

Some of the best/most used Bitcoin exchanges in the world:

Cex.io

Coinbase

Buy Bitcoin Finder

Kraken

Australian crypto exchange

Direct exchanges

Another way to sell Bitcoin is to trade directly with another person. This service is available on sites often linked to exchange offices and includes an intermediary who facilitates the connection.

First, you need to register as a seller. In addition to setting up your profile, you need to fully verify your identity. Once you have registered, you can place an offer indicating your intention to sell Bitcoins. When a customer wants to trade with you, you get a notification from the service, and since then you are only interacting with the customer. The website only serves as a platform to complete the trade.

The process of selling Bitcoin on some of these sites can be quite complicated and time consuming. So, it is necessary to do research before you decide on a trading platform and be sure that you have the necessary time and patience.

Categories
Bitcoin General Litecoin

Litecoin vs Bitcoin

Litecoin, the one that is putting up the fight

Being the first cryptocurrency in the market, Bitcoin (BTC) has marked the route for many of the currencies that continued to emerge. And many of these currencies that continuously appear try to offer changes to what Bitcoin posed in order to provide an “improvement” to the existing.

However, the vast majority remained in failure.

Litecoin (LTC) was one of the few cryptocurrencies that managed to propose solid differences that improved some elements of the Bitcoin system. To get to know the Litecoin project better, we will explore in this guide and tell you what are the differences that arise between when we compare Litecoin vs Bitcoin.

The limits in coin production

Like Bitcoin, within Litecoin there is a cap on the production of coins to guarantee a stable and controlled supply. In the case of Litecoin, the cap is set at 84 million coins, a number that exceeds 4 times the cap of the 21 million units of Bitcoin.

This cap was deliberately decided and focused on the idea that as Litecoin is a currency designed for small transactions, there should be 4 times more currencies in circulation compared to Bitcoin.

Block processing speed

When Charlie Lee released his project to the public, he explicitly mentioned the need for faster transactions than those offered by the Bitcoin network and, for that purpose, one of the points that needed to be worked on was the confirmations. In the case of Bitcoin, a block is confirmed in 10 minutes, which directly affects the speed of the transaction.

Charlie Lee stated that the Litecoin network could take a quarter in the process of confirming a Bitcoin block, the desired time was 2 minutes with 30 seconds for each block of transactions

Obviously, this speed in the confirmation of blocks was done by sacrificing security (or at least that was what Charlie Lee himself claimed from the beginning) although this would not affect so much since, in theory, Litecoin transactions would only be for small transactions.

Lee mentions that, if safer transactions are wanted, users could choose to do operations on the Bitcoin network with their 10-minute processing per block.

Another fundamental difference – that is generated by the speed at which the blocks are created -, is that within the Litecoin network a greater amount of “orphan blocks” is made by the speed at which transactions are carried within the network.

Orphaned blocks arise when two miners correctly solve a block, but, with a difference of very few seconds, generating two “correct” blocks within the network at the same height. The network will continue to generate blocks and use one of the two blocks as a base, leaving one of the blocks as an orphan. Then the miner that made this orphan block does not receive any kind of reward for his work.

Amount of coins produced per day

Let’s try to remember that, as a block of transactions is added to the network, a reward is released for miners who have worked on the coding and processing of that block. Now, in the case of Litecoin we can see that, by having faster block processing, there is also an increase in the amount of coins that go into circulation every day.

So that we can have the numbers, in the Bitcoin network about 144 blocks are produced per day while in the Litecoin network the production is raised in 576 blocks in the same period of time. When the blocks are generated at this speed, the Litecoin network puts 4 times more coins in circulation than what we can see in its Bitcoin counterpart.

With all this in mind, you’ll understand that Litecoin is a certainly different option from Bitcoin; Oriented to another type of use.

If you are interested in knowing more about how to own this cryptocurrency, I encourage you to continue reading the following section.

What are the best Litecoin wallets?

Litecoin is stored securely on your computer, tablet, cell phone or laptop. Performing operations with this currency is so easy, you just need to configure your wallet and start sending or receiving coins.

By maintaining full compatibility with the Bitcoin API, Litecoin is very easy to integrate into applications that already offer support for Bitcoin. One of the main advantages offered by the Litecoin network is the fastest transaction confirmation, making it the ideal currency to make small purchases.

Please check the following article to find the best option for your Litecoin Wallet.

Categories
Binance Bitcoin General

How To Exchange Bitcoins To USD

Have you made money with Bitcoin? Great! Now it’s time to convert those coins into real currency, like USD.

Google “Bitcoin to USD,” and you will find dozens of exchange websites. It’s the most popular pathway out there.

For smart investors, this method is inefficient. Every time you move your money, the platform charges a fee, which makes active investing not viable.

Sure, you could buy and hold until you get the right timing. But there’s still a delay since you request until they make the transfer. By the time you convert to USD, the value will be different.

Then, what’s the solution?

You’re in luck. There are three methods for your choice to reduce costs. Today, you can exchange Bitcoin almost anywhere with a crypto wallet.

Bitcoin to USD – How To Exchange It Online

Apart from brokerage websites, you can trade with investors who are just like you. Although it’s not the fastest method, it will reduce transaction fees.

If you want to buy or sell right now, take a look at the top Bitcoin exchange platforms. For an extra cost, you’ll transfer funds in less than 15 minutes.

Like BTC-USD, you can convert Bitcoin to other altcoins, diversifying your investment. When you move larger amounts, always look to keep fees as minimal as possible.

For this reason, Binance has over a million users. For crypto exchanges, it charges 0,05%. Compared to Bittrex and Changely, that’s 500% cheaper!

Binance is the leading exchange app, which makes transfers fast and convenient.

You can use it to store your Bitcoins, convert them, and watch the crypto-market evolve in real-time, all at the same time.

The Most Efficient Way To Exchange Bitcoin

So you want to make as much profit as possible. The approach will change based on the game you play. Are you looking to make fast moves, or accumulate larger amounts? In other words, are you a passive or active investor?

Let’s start with the passive strategy, the most recommended model for the public. Once you save a big Bitcoin amount, you can do a peer-to-peer exchange. It’s slower but keeps fees as low as they can be.

Say you want to cash out 100$ worth in Bitcoin. In peer-to-peer, you find a person who wants to do the contrary, buy Bitcoin at $100.

There’re many sites to find trustworthy investors. You can either meet in person or trade online. You coordinate both payments, so you send Bitcoins to his crypto-wallet right after he pays the amount. Transfers range from ten minutes to an hour, but you save a fortune in fees.

As an active investor, you look for a balance between cost and time. Binance is perfect for this method. The cost is low enough to trade frequently and fast enough to get accurate sums.

If you day-trade, combine this method with the right trading equipment.

You can turn BTC into USD exchanging in countless of sites. The offer you choose will depend on your transaction volume and frequency.

Remember, you can lend the Bitcoins you don’t want to convert, so you make money from interests. You can always make your investment more efficient.

This post was written by Colleen Nguyen, freelance blockchain developer, Bitcoin trader and mother. In free time, she likes playing tennis, reading awesome books and wearing bitcoin shirts.