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Today — May 14th 2021Your RSS feeds

Musk’s Bitcoin concerns sink crypto-linked stocks

Crypto shares from the US to Asia slid as Bitcoin plunged as much as 15%, sinking to a low of $46 045 before trimming the decline.
Yesterday — May 13th 2021Your RSS feeds

Elon Musk slates Bitcoin, but talks up Dogecoin

May 13th 2021 at 21:47
Elon Musk stepped up his criticism of Bitcoin as environmentally unsustainable while also signaling support for Dogecoin.

Bitcoin electricity usage – Why Elon Musk has the wrong end of the stick

May 13th 2021 at 10:28
Elon Musk recently announced that Tesla would stop accepting Bitcoin payments after finding out about the growing energy consumption of Bitcoin mining. This is misguided.

Cryptocurrencies slump globally after Elon Musk shocker

May 13th 2021 at 10:10
Stocks exposed to cryptocurrencies slumped globally after Elon Musk voiced concerns over Bitcoin’s energy usage, delivering a blow to the digital money’s standing.
Before yesterdayYour RSS feeds

Facebook’s crypto plans back on track

May 12th 2021 at 23:32
The Diem Association, a group of Facebook and 25 other companies and nonprofit groups once known as Libra, is moving its main operations to the U.S. and partnering with a bank to issue a cryptocurrency backed by U.S. dollars.

Elon Musk sends Bitcoin tumbling over energy concerns

May 12th 2021 at 23:13
Bitcoin plunged as much as 15%, sinking to as low as $46,045 after Musk said he was worried over the "rapidly increasing use of fossil fuels for Bitcoin mining and transactions".

20 Best Cryptocurrency Copy Trading Platforms

Fresh Unique Article to increase your trading knowledge: 20 Best Cryptocurrency Copy Trading Platforms

Cryptocurrency Copy Trading Platforms feature hundreds, and even thousands, of traders who provide trades and those who follow them. Copy trading bridges the gap involved with traders who struggle to earn a profit in the financial markets and those who have become successful.

🏆 Top 3 Brokers Crypto Trading Platforms

⚡The world’s biggest crypto platform

⚡ Asia’s Biggest Trading Platform

⚡Africa’s Biggest Trading Platform

Choose your quick section of our Cryptocurrency Copy Trading Platforms below.

Our 10 Best Handpicked Cryptocurrency Copy Trading Platforms Revealed:

As the name suggests, ‘copy’ trading involves traders copying the trading habits and strategies of experienced and professional traders onto their own trading accounts. The following trading platforms are some of the best in providing cryptocurrency copy trading.

 

A review about PrimeXTB
 

PrimeXBT

Overview

PrimeXBT is a broker that focuses on providing access to Bitcoin-based accounts which can be used to trade both cryptocurrencies and traditional markets.

The platform features industry-leading technology, fast trade execution speeds, and a professional trading interface which has multiple order types, instant deposits, and cold storage wallets that have low fees of 0.05% per trade.

In addition, PrimeXBT is not only an advanced Bitcoin trading platform, but it also offers traders access to copy trading features which allows for both followers and traders to earn additional income.

Depending on the trading volume, followers could earn between 60% to 75% profits, with the platform taking a 5% to 20% fee, and the manager profiting 20% despite the conditions.

 

Pros and Cons

PROS CONS
24/7 customer support FIX API not offered
Bitcoin-based online trading US, Canada, and several other countries not accepted
Competitive trading conditions
Regulated broker
Sophisticated and user-friendly platform

 

A review about eToro
 

eToro

Overview

eToro exchange was designed and developed with social trading in mind, with eToro being the leading online social trading platform and a reputable broker. The exchange features a proprietary web-trading platform where cryptocurrency traders can trade with ease and the reassurance that the environment is under strict regulation and secure.

eToro provides traders with access to more than 16 cryptocurrencies which can be traded. Beginner copy traders also have access to educational materials, resources, and tools to get them started.

 

Pros and Cons

PROS CONS
Access to eToro Club EU clients have limited leverage
Commission-free trading offered Fixed spreads not offered
CopyPortfolios offered US clients not accepted
Large online trading community
Well-regulated

 

A review about ZuluTrade
 

ZuluTrade

Overview

ZuluTrade is one of the most trusted and popular social copy trading platforms used by cryptocurrency investors and traders from around the world.

However, ZuluTrade offers a slightly different approach to copy trading. Instead of the exchange allowing for trades to be facilitated, ZuluTrade depends on facilitation being done by a variety of brokers that support its platform.

This means that ZuluTrade operates more as a signal service provider that connects all the brokers together, providing users with free access to choose and interact with thousands of other traders, allowing them to provide trades and for others to copy the trades of those providers.

ZuluTrade, when compared to other platforms, offers a more professional and advanced trading platform. It also offers more options and features, allowing traders to customise their signal approach. There are also more advanced approaches to system portfolio management.

 

Pros and Cons

PROS CONS
Advanced and sophisticated solutions offered Commissions may be marked-up to cover ZuluTrade’s fees
Copy trading signals offered Only compatible brokers can be used to copy trade crypto through ZuluTrade
More than 70 brokers to choose from Quality of signals cannot be guaranteed
Social charts offered
Well-regulated and secure

 

A review about Zignaly
 

Zignaly

Overview

Zignaly is another social copy trading platform which is focused on cryptocurrencies and cryptocurrency investors. Investors can create trading portfolios by connecting a variety of cryptocurrency exchanges by making use of API keys.

When connecting exchanges with API keys, traders from whom the copier is copying will control everything that occurs on their trading account and that of the copier’s account. For this reason, the copier must set the maximum funds they are willing to commit in copy trading.

Zignaly provides much more than copy trading, offering traders with trading bots as well as smart trading terminals. Automatic copy trading can also be set up without a hassle and traders merely need a Zignaly account to start the process.

 

Pros and Cons

PROS CONS
Automatic copy trading supported Subscription fee charged up to $500
Smart trading terminals offered Trial period of only 14 days
Trading fees cashback available
User-friendly interface

 

A review about WunderBit
 

Wunderbit

Overview

Wunderbit is a platform that focuses primarily on advanced cryptocurrency social copy trading. Wunderbit has its own built-in crypto exchange where traders can purchase Bitcoin as well as numerous other cryptocurrencies.

Crypto investors can copy trades from other experienced traders, or they can trade by creating automated trading bots, or using smart terminals.

The trading platform grants traders access to both trading and investing opportunities and it can be connected to large cryptocurrency exchanges using API keys.

 

Pros and Cons

PROS CONS
Ease of use Slow customer support
Free trial offered for 30 days Small userbase when compared to other platforms
Large choice of exchanges
More than 2,000 registered users
Transparent track records of traders

 

A review about Aluna Social
 

Aluna Social

Overview

Aluna Social is a new multi-exchange cryptocurrency social trading signal which provides an API trading platform. This platform is seamlessly integrated with several top cryptocurrency exchanges which further connects to integrated social network features, enabling traders to access an intuitive, advanced social copy trading experience.

In addition, Aluna Social also provides traders with the ability to counter copy trades, which means that they can take the opposite side of any single trade.

There is also a substantial amount of focus placed on social communication by enabling intelligent public information sharing. This allows users and traders to provide insight regarding markets while they build their trading expertise.

 

Pros and Cons

PROS CONS
Aluna.Social copy trading and traders social network platform in beta can be tried for free Limited number of integrated cryptocurrency exchanges
Aluna.Social is non-custodial, meaning that traders are in control of their funds
Innovative incentive mechanisms offered such as ROI farming
Integrated with top exchanges
Performance pool split amongst top traders of the month

 

A review about BitForex
 

BitForex

Overview

BitForex is a well-established and popular cryptocurrency trading exchange which features its own social trading platform. This provides less-experienced traders and beginners with the perfect environment to copy trades from more established, professional traders.

BitForex is, in addition, also a large and well-established Bitcoin perpetual and spot trading exchange which provides a variety of cryptocurrencies which can be traded.

The BitForex platform allows for users to find recognized traders along with their trading strategies, allowing users to make informed and accurate decisions on who to subscribe to, and which signals to follow.

 

Pros and Cons

PROS CONS
Integration with TradingView Lack of advanced trading features such as margin trading
Low fees Not a lot of information available on the developers as they remain anonymous
Security features such as 2FA and IP detection when logging on
Variety of cryptocurrencies supported

 

A review about Haru Invest
 

Haru Invest

Overview

Haru Invest offers a cryptocurrency social trading platform where experts automatically take care of the investing of the trader based on a predetermined, expertly designed strategy. There are expert systems which monitor the markets around the clock and makes use of automatic trading to buy and sell cryptocurrencies.

Traders can select the providers whose trades they want to copy, and the Haru platform works to integrate these strategies into the account of the trader, using them in the market to buy and sell cryptocurrencies.

 

Pros and Cons

PROS CONS
Auto trading enabled Performance fee charged
Expert-managed crypto assets
Investment can start from $10
Zero management fees charged

 

A review about 3Commas
 

3Commas

Overview

3Commas is a copy trading platform offering the use of both Bitcoin and crypto trading robots. There is also provision made for a marketplace where professionals can offer their trading strategies to other users of the 3Commas platform.

Traders can choose the trading strategies that they wish to copy, and the crypto robots will take care of the rest, automatically placing buying or selling orders on the trader’s account.

An advantage offered by 3Commas is a blog which has an impressive list of crypto exchanges that are listed, which enable automated cryptocurrency trading. In addition, trader funds are not help on the platform and the trading bots offered cannot make withdrawals from the trading account.

 

Pros and Cons

PROS CONS
3Commas has a good reputation Bots cannot be customised without the use of TradingView
Beginner-friendly interface Complicated tool for beginners
Bots not programmed to make withdrawals Not all exchanges support automatic trading
Substantial number of supported exchanges

 

A review about Coinmatics
 

Coinmatics

Overview

Coinmatics is a cryptocurrency copy trading and analytical platform which has been in operation for the past three years. Developed by Denis Zabauski, the platform is an excellent tool that can be used by beginners as well as professionals.

The service allows investors to copy the cryptocurrency deals in either automatic or manual mode, with the main aim of the platform to provide cryptocurrency copy trading opportunities. Other services offered by Coinmatics includes crypto arbitrage, ticker alerts, and analytics.

There are more than 40 traders registered on the platform, with more than 3,000 registered copy traders. Currently, however, Binance is the only exchange which is available for copy trading.

 

Pros and Cons

PROS CONS
Additional analytical tools Lack of Binance futures
Efficient and dedicated support No margin trading
Intuitive interface which is user-friendly Small number of reviews available
Strategies ratings offered
Unlimited free trial period offered

 

A review about Shrimpy
 

Shrimpy

Overview

ShrimpyApp is a cryptocurrency trading platform which is cloud-based. It allows users to configure a cryptocurrency asset portfolio, specify the percentage weighting of every coin’s value in the portfolio, and set it to be rebalanced automatically at a specified time.

Shrimpy also allows for users to copy and follow the strategies of other users in addition to gaining insight on how other users manage their portfolio. Shrimpy also provides extensively for backtesting of strategies.

As an added advantage, there is a vast number of exchanges that support Shrimpy, including Binance, Bitstamp, BitFinex, and several others. The security features that Shrimpy incorporates includes API encryption, two-factor authentication, and fully secured HTTPS protocol with SSL.

 

Pros and Cons

PROS CONS
Automatic rebalancing Monthly subscription fee charged
Beneficial referral programme offered
Considerable number of supported exchanges
Strict security measures

 

A review about CopyMe
 

CopyMe

Overview

CopyMe offers a unique, high-quality, and effective platform which enables investors and traders to perform trades by experts, enhancing their chances of gaining better returns.

CopyMe helps traders copy strategies from experts without having to install additional software or make use of API keys to integrate exchanges. CopyMe carefully selects traders by doing a performance review over a certain period.

CopyMe involves a monthly subscription and does not waive setup, maintenance, or transaction fees. There are also no commissions charged and there is no profit-sharing involved. CopyMe integrates exchanges such as Binance, Binance US, and Bitmex.

Transactions are secured in the best way possible and traders can set their own prices, providing them with the chance to multiply their trading income.

 

Pros and Cons

PROS CONS
Fast and secure trading Funds are stored on the exchanges
No additional installations required Limited exchanges supported
Traders have full control of their funds No free trials available
User-friendly platform

 

A review about Kryll.io
 

kryll

Overview

kryll is an automated cryptocurrency trading platform which offers powerful Bitcoin and cryptocurrency trading robots for those interested in auto trading. There is also a featured marketplace where professional traders can offer their trading strategies, allowing others to copy these strategies to their accounts.

To start copy trading, traders can open a free account, select the trading strategies that they want to copy to their account, and let the bots do the rest of the work. Traders also can test strategies for free before they go into a live trading environment.

kryll is also available as a mobile trading application which can be downloaded to any iOS and android device. The security features offered by kryll include a direct connection to exchange accounts through an API key in addition to bots not being programmed to make withdrawals.

 

Pros and Cons

PROS CONS
API keys used Funds are stored on accounts
Free and unlimited backtest capabilities
Integration with TradingView
iOS and Android mobile app offered
Powerful strategy editor offered

 

A review about Trade Mate
 

Trade-Mate

Overview

Trade-Mate is a distinctive trading platform that offers advanced functionality for trading on cryptocurrency exchanges such as Poloniex, Binance, and BitMex. Traders and investors can also use the platform to examine the best traders to follow and gain profits by executing wise trades.

Those who are confident in their experience and knowledge can also start earning profits by becoming a Pro trader that offers their strategies to be copied by others.

Trade-Mate offers traders with distinctive features such as Task Editing, Averaging, and TradingView. There is also provision made for the use of trading bots which expose traders to more opportunities for trades.

Trade-Mate makes use of secure servers to store API keys in addition to using two-factor authentication via phone and/or email. There is also HTTPS encryption applied to ensure connection security.

 

Pros and Cons

PROS CONS
7-day trial available Subscription fee charged monthly
Detailed and sophisticated security policy in place There is no customer support
Funds not kept on exchanges
Integration with TradingView
Referral system offered

 

A review about Tradelize
 

Tradelize

Overview

Tradelize is a decentralized social network which was developed by an experienced group of traders with more than 10 years’ trading experience between them. The purpose of this platform is to offer traders with a new level of social networking, increasing the success of crypto traders from around the world.

It serves as a social network and ecosystem for traders and investors, a desktop trading terminal, and a mobile app which offers a unified interface and all-in-one investing portal.

Tradelize makes use of live statistics which are taken directly from top exchanges. It allows for traders and investors to create a profile much like what can be found on LinkedIn and Facebook. When using this profile, traders can gain access to the full range of social features offered by Tradelize.

Network users can rate the profiles of other professionals, including traders, by making use of the statistics offers. Traders can demonstrate their historical profitability as well as success and see the profitability of others on different exchanges.

This allows traders to monetize their success by using a paid channel or to translate their trades into premium content. This offers a distinctively different approach than other copy trading platforms, featuring several advantages to both traders and those who wish to copy signals.

 

Pros and Cons

PROS CONS
Free 30-day trial offered None noted
Mobile app offered
Simple portfolio management system
Two different pricing tiers offered
Wide range of services and functions

 

A review about Covesting
 

Covesting

Overview

Covesting started off as a regular and conventional cryptocurrency venture but in time, it has grown to become a comprehensive trading platform, popular especially among cryptocurrency traders.

Covesting offers a liquidity aggregator which works to ensure that buying and selling orders are executed simultaneously. This allows public traders and their followers to have trades executed at the same rate and to receive their dividend accordingly.

 

Pros and Cons

PROS CONS
Dedicated customer support High fees
Fast trade execution Only native token allowed for fund allocation
Tools are suitable for beginners Traders can only follow up to 20 leaders
User-friendly trading platform
Variety of features offered

 

 

 

Investy

Overview

Investy is a smaller copy trading platform which is suited for all types of traders despite their level of experience. However, Investy only supports a small number of exchange accounts to ensure that there is the best trading experience in terms of both reliability and security.

Investy automatically copies the strategies of the supported exchanges and sends back the changes made to these exchanges. As a result of this, traders do not have to transfer funds between exchanges to Investy as everything is integrated with API keys.

Traders can also partake in TradeBattles which is a game where traders participate and the one with the maximum yield is declared the winner, bagging up to 50% of the total prize pool. The remainder of the prize pool is then divided among participants depending on their positions.

With Investy, traders can subscribe to a variety of portfolios, with notifications displayed on their dashboards, indicating rebalances across portfolios and that it is safe to follow another trader.

 

Pros and Cons

PROS CONS
Competitions offered Exchange connections are not free
Funds need not be moved between exchanges Limited exchanges supported
Suitable for all types of traders

 

A review about NAGA
 

NAGA Trader

Overview

NAGA Trader has built up a substantial reputation with stock trading, however, the platform has recently entered the crypto niche, offering traders with a variety of features including copy trading.

To facilitate traders, NAGA trader offers a wealth of charting tools, enabling traders to make more informed decisions. One of the most futuristic solutions that NAGA Trader offers is the CYBO robot which facilitates 24/7 trading on AI-based algorithms, trading on behalf of the trader.

 

Pros and Cons

PROS CONS
AI algorithms used Low site traffic
Dummy tokens can be used for practice trading Only supports 11 cryptocurrencies
24/7 trading with the help of a bot Web-based trading platform may not attract professional traders

 

A review about Ayondo
 

Ayondo

Overview

This German copy trading platform has seen a substantial boost in popularity in recent years, especially when considering that it presents high usability. The main USP is the renumeration of top traders, incentivising them to trade with improved strategies, remain in the competition, and keep an overall low-risk profile.

The portfolio management system is extremely basic, but it is suited for beginners who are just starting out in the industry. Another advantage is that traders are offered with high leverage ratios and there is a variety of brokers on the platforms that traders can use.

 

Pros and Cons

PROS CONS
High leverage offered Basic portfolio management might deter professional traders
Rewards for top traders Demo account only available for a limited period
Simple and intuitive platform Not available in the US

 

A review about Tradeo
 

Tradeo

Overview

Tradeo is one of the best cryptocurrency copy trading platforms featuring an array of functions that are user-friendly as well as sophisticated.

Tradeo allows users to create a dummy account which can be used to test the entire system before investing real capital. One of the main benefits of the system is that once a model trader develops a strategy and it is live, they can seek help from other professionals on the platform to determine whether the strategy is viable or not.

 

Pros and Cons

PROS CONS
Dummy account available for beginners Limited cryptocurrencies supported
Feedback system provided for experienced traders Not available in the US
Free deposits Only one account allowed per user

🏆 Top 3 Brokers Crypto Trading Platforms

⚡The world’s biggest crypto platform

⚡ Asia’s Biggest Trading Platform

⚡Africa’s Biggest Trading Platform

FAQ

 

How does copy trading work?

Copy trading allows traders to copy the trades and strategies of more experienced traders to their own account.

 

Can profits be made from copy trading?

Yes. Profits can be made from copy trading.

 

Which are the best trading platforms for cryptocurrency copy trading?

The platforms mentioned on this list are the best in the industry.

 

Should you use social copy trading platforms to trade cryptocurrencies?

Yes. There are numerous social copy trading opportunities offered for cryptocurrency traders.

 

Is it safe to trade cryptocurrencies?

Yes. However, traders must ensure that they only make use of reputable exchanges and copy trading providers and platforms.

A review about Binance

A review about Gate.io

A review about Luno

A review about PrimeXTB

A review about eToro

A review about ZuluTrade

A review about Zignaly

A review about WunderBit

A review about Aluna Social

A review about BitForex

A review about Haru Invest

A review about 3Commas

A review about Coinmatics

A review about Shrimpy

A review about CopyMe

A review about Kryll.io

A review about Trade Mate

A review about Tradelize

A review about Covesting

A review about NAGA

A review about Ayondo

A review about Tradeo

New “Internet Computer” cryptocurrency hits market cap of R631 billion

May 11th 2021 at 22:41
A digital token that was launched Monday and goes by the name Internet Computer is already one of the largest cryptocurrencies in the world.

Dogecoin plunges after Elon Musk calls it a “hustle”

May 9th 2021 at 02:24
Dogecoin retreated during Elon Musk’s appearance on “Saturday Night Live,” continuing a decline from a record reached earlier Saturday.

Coin started as a joke turns $1,000 into $277,000 in a year

May 8th 2021 at 14:25
Bitcoin had a tremendous run over the last year, but it is nothing in comparison with the cryptocurrency that was created as a joke.

Bitcoin tax warning in South Africa

May 8th 2021 at 01:00
The South African Revenue Service has cryptocurrency trading in its sights, warns cross-border taxation specialist Thomas Lobban.

One currency for Africa

May 5th 2021 at 07:00
A single currency for Africa, which can be a decentralised cryptocurrency, will make it much easier to trade and invest across the continent. - Michael Jordaan

Bitcoin Cash: The Ultimate Guide

Fresh Unique Article to increase your trading knowledge: Bitcoin Cash: The Ultimate Guide

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Bitcoin Cash is a digital currency that was created in 2017 as a hardfork of Bitcoin. It’s known as an Altcoin (alternative coin) and referred to as BCH or Bcash. In 2018, Bitcoin Cash split into two cryptocurrencies: Bitcoin Cash and Bitcoin SV.

Like its big brother Bitcoin, Bcash is a decentralised peer-to-peer network that uses revolutionary ledger-recording technology known as blockchain. This means transactions are processed, verified and stored in a digital ledger which is impossible to manipulate and close to impossible to hack or attack.

Bitcoin Cash was created by ‘rebel’ Bitcoin miners who were concerned about the future of Bitcoin and the scalability of the cryptocurrency. Bitcoin Cash came to the market to address the limitations of Bitcoin where Altcoins such as Litecoin and Ripple threatened its position on the digital currency leaderboard.

Why was Bitcoin Cash created?

Bitcoin Cash was created to increase Bitcoin’s strength in the electronic cash market. It was designed by a peer-to-peer community to increase the block size limit and speed up the transaction processing time.

The aim of Bitcoin Cash is to extend Bitcoin’s positioning into a transaction payment currency to override the market’s perception that Bitcoin is primarily an investment cryptocurrency that’s mainly bought for speculative trading.

Bitcoin Cash competes against a coin like Litecoin that has jumped in popularity because its block generation time is significantly shorter than Bitcoin. Litecoin reduced its block generation time to 2.5 minutes while Bitcoin processing time is about 10 minutes.

The benefit of a faster processing time allows merchants to confirm a transaction in a shorter space of time. A faster transaction time allows Bitcoin Cash to compete against other Altcoins as an electronic coin.

What are the benefits of Bitcoin Cash?

Bitcoin Cash is a hardfork of Bitcoin but they still share the same technological complexities. Both use the same consensus mechanism and supply is capped at 21 million.

Bitcoin Cash solves scalability issues that have plagued Bitcoin which made it an investment currency rather than a transaction currency. Bitcoin could not handle an increase in the number of transactions that were being processed when the blockchain technology surged. This is due mainly to the fact that Bitcoin’s block size is limited to 1MB.

As a result of this limitation, Bitcoin transactions take too long (up to 10 minutes), processing requires expensive equipment and a lot of electricity and the transaction fees are higher. Bitcoin Cash fixed this problem by increasing the size of its blocks to 8MB and, in some cases, up to 32MB.

The larger blocks mean more Bitcoin transactions per minute. The average number of transactions per block on Bitcoin ranges from 1 000 to 1 500. The average number of transactions per block on Bitcoin Cash is up to 25 000 per block.

This increase in block transactions makes Bitcoin Cash far more effective as a payment mechanism for daily transactions. This means Bitcoin can complete with global credit cards such as Visa and Mastercard as well as Altcoins such as Litecoin. The big difference is the fee to transact with Altcoins is significantly cheaper than using Visa which charges high fees for cross-border transactions.

What is a block?

A block is a link in the blockchain technology. It acts as a file where information is permanently recorded and stored securely. A block is a record of some or all of the most recent Bitcoin transactions that have not been recorded in preceding blocks.

In accounting terms, a block is a page in a ledger. As soon as a block is created, it creates an opportunity for the next block in the chain to be created. Once a block is submitted to the blockchain, it cannot be removed or changed in any way.

A blockchain is made up of millions of blocks that are in a constant state of change. A block is virtually impossible to attack or hack. Blocks are created by a peer-to-peer network (nodes) where Bitcoin miners solve complex mathematical equations. They are rewarded in Bitcoins for their effort in solving the maths problem. The same applies to Bitcoin Cash.

How does the size of Bitcoin Cash’s block make a difference?

Bitcoin Cash has larger blocks in its blockchain. This means it has a larger transaction space which very rarely gets congested. At the moment, Bitcoin Cash has fewer users than Bitcoin so the electronic coins can be sent and received faster and for a significantly lower transaction fee.

This makes Bitcoin Cash a simpler alternative to Bitcoin, which was essentially the aim of the hardfork. The creators of Bitcoin Cash wanted to get as many people as possible using the electronic cash as a daily payment mechanism and they will achieve this eventually because the Bcash transaction fees are minimal.

At the same time, the significantly lower transaction fee should not put miners off mining Bitcoin Cash. In fact, they benefit from the software upgrade because they can process more Bcash transactions in the time they would process Bitcoin transactions.

What is the difference between Bitcoin and Bitcoin Cash?

When the software hardfork happened in 2017, anyone in possession of Bitcoin acquired the same number of Bcash. The main difference between Bitcoin and Bitcoin Cash is Bcash allows larger blocks in its blockchain. This improves the transaction processing time per second.

In August 2017 Bitcoin Cash began trading at about USD 240 where Bitcoin traded at about USD2 700. Some would say that Bitcoin Cash is the ‘poor man’s’ Bitcoin but that’s not the case. Bitcoin Cash is like having silver coins in your wallet while your Bitcoin ‘gold’ sits in the vault.

Bitcoin and Bitcoin Cash function as a peer-to-peer cryptocurrency and use open-source software. They both use the same proof-of-work algorithm to timestamp every new block.

One key difference between Bitcoin Cash and Bitcoin is Bcash does not use Segregated Witness (SegWit). SegWit only keeps information or metadata that relates to a transaction in a block. SegWit makes it more expensive to mine Bitcoin because ordering the transactions in the block is time-consuming.

What is the difference between Bitcoin Cash and Bitcoin SV?

Bitcoin Cash created quite a bit of controversy when it came to market in 2017. One faction were adamant Bitcoin should retain small blocks in its blockchain while another faction wanted large blocks. The latter favoured the use of large blocks because it created a more useable virtual currency for daily transactions. The Bitcoin purists were determined to see Bitcoin retain its status as an investment coin.

In November 2018, a hardfork of Bitcoin Cash occurred when two rival factions created Bitcoin Cash ABC and Bitcoin SV. Bitcoin Cash ABC is now referred to as Bitcoin Cash.

The Bitcoin Cash ABC faction was led by entrepreneur Roger Ver and Jihan Wu of Bitmain. The Bitcoin SV faction was led by Craig Steven Write and billionaire Calvin Ayre. The latter created Bitcoin SV (SV is short for Satoshi’s Version) to increase the block size limit to 128MB.

Bcash and Bitcoin SV is both a solution that add a second layer to the cryptocurrency. The split aimed to increase the number of transactions the network ledger could process. Both achieved this by significantly increasing its block size.

The way the cryptocurrency world looks at these semi-hardforks is the same way you’d look at a new version of Microsoft Word. The blockchain technology is consistent but the processing time and add-ons enhance the original product. Bitcoin Cash and Bitcoin SV are a software upgrade rather than a new product.

Why does the size of a block matter?

At the launch stage, the average size of a block in Bitcoin’s blockchain was less than 100KB and the transaction fee was very cheap, only a few cents. This made the blockchain technology weak and vulnerable to attack. To prevent hackers from crippling the Bitcoin network system, the size of a block was limited to 1MB.

When this was implemented, a Bitcoin block was typically generated in 10 minutes. This allowed enough space and time between transactions to maintain the security of the blockchain. Unfortunately, this security measurement became Bitcoin’s Achilles heel because the processing time was slow and the transaction fees increased.

Bitcoin then increased the size of its block to 600K in January 2015. At the same time, the number of Bitcoin transactions surged which caused a traffic jam in the processing pip

eline. It also pushed up the fee for transaction confirmations. The transaction fee is determined by the Bitcoin miners and they typically push transactions with higher fees to the front of the queue to make more money.

The Bitcoin Core team blocked a proposal to increase the block size again. While a debate was raging in the Bitcoin inner circles; a new, more flexible block size was created in the form of Bitcoin Cash.

Bitcoin Cash introduced a larger block into the mainstream. Where Bitcoin blocks are limited to 1MB, Bitcoin Cash is 8MB.

A larger block in the blockchain effectively speeds up the transaction processing time. This means merchants do not have to wait long for a transaction to be processed which allows Bitcoin Cash to compete with credit cards.

Is Bitcoin Cash a safe investment?

Bitcoin Cash is not so much an investment than a daily transaction mechanism. The average size of a block mined on Bitcoin Cash’s blockchain is larger which has two benefits. The

transaction processing time is quicker than Bitcoin and the transaction fees are lower.

Bitcoin is the gold standard of cryptocurrencies and Bitcoin Cash is a cheaper alternative for electronic cash. At the moment, Bitcoin Cash is relatively low-profile and not well known but it’s popularity should grow as it takes on its own identity and moves out of the shadow of its big brother.

Unfortunately, the benefits of a larger block and increased transaction speed are the same reasons why investors are slow to take up Bitcoin Cash and are sticking with Bitcoin. The blockchain transaction volume and volume traded through exchanges for Bitcoin Cash does not come close to what Bitcoin is producing.

What is Bitcoin Cash used for?

Electronic cash

Bitcoin Cash is processed through a peer-to-peer network in the same way Bitcoin is processed. However, the processing speed is almost instantaneous and the transaction fee for Bcash is significantly lower. This is the purpose of Bitcoin Cash; to challenge other Altcoins such as Litecoin in the market who are gaining a stronghold as a more productive and usable electronic payment mechanism.

Investment currency

Bitcoin Cash is more or less a software upgrade of Bitcoin and uses the same technology. It’s only the scalability of Bitcoin Cash that sets it apart from Bitcoin. Bitcoin Cash will experience the same volatility in the cryptocurrency market as Bitcoin does and this is were you could get a good return on your investment if you hold onto your Bitcoin Cash for a longer period.

How do you trade Bitcoin Cash?

Bitcoin Cash is traded in the same way as Bitcoin and other Altcoins such as Litecoin. As an Altcoin, it’s a lot easier to trade Bitcoin Cash because you can buy the virtual money using fiat money such as US dollars, Euros, Pound Sterlings and Rands.

What makes trading Bitcoin Cash easy is you can buy it using your credit card or doing an electronic fund payment (EFT). This makes Bitcoin Cash significantly more flexible than Bitcoin.

The first step you take to trade Bitcoin Cash is to get yourself a digital wallet. Once you have a wallet, you can send and receive Bcash almost immediately.

You get a digital wallet through a reputable exchange such as Luno. Register with Luno and open an account. Follow the easy steps to obtain a wallet and transfer funds into it.

There are 3 ways to get Bitcoin Cash:

  1. Buy Bitcoin through an exchange or a cryptocurrency broker
  2. Accept Bitcoin Cash in exchange for goods and services
  3. Mine Bitcoin Cash

 

 

 

📢

images

Animal spirits are alive and well in cryptocurrency world

May 4th 2021 at 12:52
Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50% again and crashing Robinhood’s trading app.

Bitcoin’s domination in decline as Ether hits $3,000

May 3rd 2021 at 10:54
Bitcoin’s domination of total cryptocurrency market value is declining as its next-biggest rival Ether reaches the $3,000 milestone.

Top Cryptocurrency Blockchains of 2021

Fresh Unique Article to increase your trading knowledge: Top Cryptocurrency Blockchains of 2021

cryptocurrency Blockchain FI

Cryptocurrency blockchain banner
 

One of several surveys conducted of cryptocurrency blockchains market size has revealed that the blockchain market held a value of 3 billion US Dollars in 2020 and this is expected to grow to more than 39.7 billion in 2025, showing a compound annual growth rate of 67.3% over five years.

 

Choose your quick section of our top Cryprocurrency blockchains below.

Our 10 Best Handpicked Cryptocurrency Blockchains of 2021:

Bitcoin was launched in 2009 and along with it, blockchain technology emerged and took the digital world by storm, resulting in it having become a mainstream technology. Different blockchains cater for different use applications and they are spread across multiple industries and sections including healthcare, logistics, supply chain, legal, and several others.

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A review about bitcoin
 

Bitcoin

Bitcoin is the first digital currency that was launched and its blockchain is therefore the first developed. Blockchain is often referred to as the internet of information and the reason for this is that information, which is published on the blockchain, can be viewed by anyone as there is complete transparency, which is one of the most inherent features of the Bitcoin blockchain.

This blockchain ensures that there is trust as well as identity as the blocks in the chain cannot be edited without the necessary and correct keys being in order. This ensures that blocks cannot be manipulated or corrupted in any way.

Blockchain is specifically used as a store of value in transactions involving Bitcoin and it establishes identity and subsequently contracts. Blockchain uses a Proof of Work (PoW) consensus method or algorithm.

This involves miners who are responsible for the validation of transactions. They work to find the unique hash of a new block so that it can be added to the blockchain. The miner who solves the hash first, is rewarded with transaction fees and the block reward.

 

Pros and Cons

Pros Cons
Large storage capability Consistent threat of attack due to popularity and high value
No third parties involved Modification is prohibited
Technical failures are not possible PoW makes it complex and ineffective
Transactions cannot be reversed Public keys are required in addition to private keys

 

A review about Ethereum
 

Ethereum

Founded in 2013, Ethereum is an open source blockchain that is based on a computing platform proposed by Vitalk Buterin and it is widely known for its ability to run smart contract.

A run-time environment for smart contracts is provided by the Ethereum Virtual Machine and each node in the Ethereum network runs on EVM implementation.

There is widespread adoption of Ethereum in recent years, however, it is crucial to note that the blockchain is permissionless and designed for restricted access as opposed to mass consumption, as is the case with other blockchains.

Ethereum is currently still a platform that uses PoW, which slows it down significantly. However, there are currently plans in motion towards a Proof of Stake (PoS) consensus algorithm.

 

Pros and Cons

Pros Cons
ERC 20 has become the standard for fundraising in the world of ICO Disadvantages of first movers
Ethereum consists of a dedicated team and community Market hoaxes are an issue
Ethereum’s blockchain leverages that of blockchain Pending PoS update
Geographical diversification Slower transaction speeds
Prominent levels of traffic ensure that it has high liquidity
Proven security and consensus
Regulation is not an issue
Reliability has been proven
Truly decentralised

 

A review about Cardano
 

Cardano

Cardano is used for the sending and receiving of digital funds, with Ada as its native token. Like Ethereum, Cardano is a smart contract platform but it offers scalability that Ethereum does not possess in addition to security through a complex and layered architecture.

Cardano has a unique approach which is built on scientific philosophy and peer-reviewed academic research. Cardano is the creation of Charles Hoskinson who is also one of the co-founders of Ethereum.

Cardano is typically seen as the third generation of blockchain where Bitcoin and Money transfers are the first, and Ethereum and its smart contracts are the second of the generation. Cardano takes the positive elements of both previous generations with a few added advantageous elements of its own.

Cardano has unique engineering that aims to become a “High Assurance Code” which can be achieved by ensuring that there is higher belief in the quality of the code being utilised.

 

Pros and Cons

Pros Cons
Secure and reliable Well designed to decentralise well but with some flaws
Strong development team and rapid development

 

A review about Polkadot
 

Polkadot

Polkadot is the brainchild of Robert Habermeier, Peter Czaban, and Dr. Gavin Wood under the Swiss Foundation, Web3, which is dedicated to facilitating a functional and user-friendly decentralised web.

Polkadot connects several individual blockchains to one centralised network. It also aims to do to blockchains what the internet has done to millions of solitary computers around the globe.

Proposed in November 2016, Polkadot works towards solving a significant pressing issue associated with other blockchains. It is unique in the way it processes multiple transactions on more than one blockchain in parallel by using its “Parachain” feature.

Polkadot has been dubbed a sharded multichain network and it can aid other blockchains, such as Ethereum, with its scalability, or the lack thereof. In addition, Polkadot also allows users to add custom blockchains to its network with extraordinarily little to no friction at all.

 

Pros and Cons

Pros Cons
Parachain feature Extended waiting time
Powerful advisors Prominent level of competition
Significant technical prowess Large network of teams
Transparent and flexible No winning strategies as result of factors regarding unknown parameters
The team is not open to dialog on the community

 

A review about Tezos
 

Tezos

The build on Tezos started in 2014 and it is the creation of Kathleen Breitman and Arthur Breitman. An ICO for Tezos was held in July 2017, raising a whopping 3.3 billion ZAR in a mere two weeks.

Tezos is a decentralised and self-governing blockchain platform which establishes a true digital commonwealth, linked to the native token TEZ (fondly referred to as “Tezzie”). However, even though it has a native token, the Tezos platform is not based on the mining of TEZ.

Holders of TEZ are rewarded for their participation in the PoS consensus method. Like Ethereum, Neo, Waves, QTUM, and Ethereum, Tezos is a smart contract and DApp-based platform although its cryptographic mechanism sets it apart from other platforms.

 

Pros and Cons

Pros Cons
Community-based governance Internal conflict between the foundation and Breitman company
Formal verification process Issuance delays
Successful and robust ICO Lawsuits and an investigation by Reuters

 

A review about Solana
 

Solana

Solana was founded by Solana Labs, based in Switzerland, in 2017 to tackle a massive challenge that blockchain technology faces with scalability that stands between it and global adoption.

Solana is not ICO-funded but is supported by funds of more than 361 million ZAR provided by investors such as NGC Capital, Multicoin Capital, and several others.

Solana is open-source, and it uses a high-performance and permissionless blockchain. This unique blockchain is considered a fourth generation blockchain that offers an open infrastructure for more widespread adoption of the technology.

Solana incorporates and introduces several different technologies which works together to allow the blockchain to facilitate increased transaction speeds while maintaining security. These technologies are as follows:

  • Delegated Proof of Stake (DPoS) which is swifter than PoS consensus methods.
  • Tower Byzantine Fault Tolerance System (Tower BFT) which is an upgraded version of the Practical Byzantine Fault Tolerance (PBFT) system that improves network responsiveness. It also allows for validators to vote on the state of the ledger.
  • Proof of History (POH) which applies timestamps to every approved transaction. This allows for network nodes to find the correct event sequence which plays a significant role in the blockchain’s cryptographic clock.
  • Gulf Stream Mechanism which adds additional speed by ridding the blockchain of the mempool which, on a regular blockchain, is the place where transactions queue before being selected by a node for validation before being added onto a new block in the chain. Through this, new transactions are sent to validators before transactions are approved.
  • Sea-level system which develops smart contracts that run parallel using the same protocols as normal, allowing thousands of smart contracts to run simultaneously without slowing the blockchain down.
  • Pipelining minimises the validation times on the blocks.
  • Turbine, which is a broadcasting protocol, breaks data into smaller pieces which are sent to the nodes and uses less bandwidth.
  • Archivers, which are storing mechanisms that provide validators with instant access to the transaction histories on the network.
  • Cloudbreak, which is an account database that allows the system to read and record information simultaneously.

 

Pros and Cons

Pros Cons
Increased speeds through multiple technologies Centralisation is still a problem with less than 200 validators
Integration of several technologies to offer a fast, flawless process Unattractive distribution
Significant potential for further development Unattractive emissions schedule

 

A review about Casper
 

Casper

Casper was developed by CasperLabs and it is a PoS blockchain platform that caters for the needs of a variety of professional enterprises. Casper is open-source, and it aims to help businesses develop an ideal network for their unique needs.

Casper is suitable for developer adoption and offers a variety of tools and features to help developers create and distribute their DApps.

It has unique characteristics that make it a suitable and attractive solution without any compromises. Unlike other blockchain platforms, Casper is a sustainable solution that works according to the needs of users whether they are large, medium, or small enterprises, developers, or everyday consumers.

Casper did not originate as result of a fork in an existing blockchain. It is based on an original Casper CBC specification and the structure is developer-friendly, allowing them to start building instantly once they are on the platform.

 

Pros and Cons

Pros Cons
Developer and user-friendly Cannot finalise blocks if the validating system of Ethereum becomes corrupted
Lower risks of double-spending attacks Unproven efficiency and security
PoS does not require as much computational power as other blockchains

 

A review about Stellar
 

Stellar

Stellar is a distributed ledger based on blockchain technology that is typically used in the facilitation of cross-asset transfers of value. Like Ripple, Stellar also deals with exchanges that occur between digital assets and fiat currencies.

One of the unique characteristics that Stellar’s blockchain offers developers, is the ability to build banking tools, smart devices, and even mobile wallets. Stellar is based on the Stellar Consensus Protocol (SCP) which involves consensus being achieved without having to depend on closed systems to record financial transactions.

SCP optimises safety over licenses by stopping progress in the network until a consensus is achieved if there are either nodes or partitions that misbehave. When SCP is weighed against PoW and even PoS methods, it has modest financial and computing requirements, ensuring a reduction in the entry barrier and easy access to the financial system for participants.

 

Pros and Cons

Pros Cons
Fast transaction speeds Prominent levels of competition in the field
High operational efficacy
Multi-currency transactions are easily processed
Potential for incorporating tech elements
Reduced transaction times

 

A review about Chainlink
 

Chainlink

SmartContract.com was established in 2014, giving birth to Chainlink in the transfer of external data onto the blockchain without breaking the decentralisation rule. Chainlink gave smart contracts a way to connect to data feeds from any given source or API which is a gamechanger for the industry, having ensured further development potential across several technologies.

The oracle solution’s first iteration relied on centralised oracles, posing a challenge in the development in decentralised financial spaces. However, this was addressed during 2017 when the Chainlink network introduced decentralised oracles.

In 2019, the Chainlink Mainnet went live and raised 462 million ZAR. The project has developed into a pillar for the oracle space, and it has become a must-have for credible, legitimate Decentralised Finance, more commonly referred to as DeFi, projects.

Chainlink Smart Contracts are smart contract-enabled blockchains that request data by using the Requesting Contract registered by the network. This creates a Chainlink Service Level Agreement (SLA) which allows for users to gain access to off-chain data and information.

 

Pros and Cons

Pros Cons
Oracles help to ensure reliability and safety of operations Narrow segment of modern problems is solved, slowing development of the project
Reliable and authentic
Smart contract-enabled without becoming centralised
Valuable technology that helped transform the blockchain industry

 

A review about EOS
 

EOS

Launched in 2018, EOS is open-source software which is a blockchain platform established by Block.one, aiming to help the development of DApps. When it was launched, Block.one distributed one billion ERC-20 tokens which secured widespread distribution of the cryptocurrency and which allowed for everyone to be able to use the blockchain.

The goal that EOS has is to offer decentralised applications in addition to decentralised storage of enterprise solutions, hosting, and the capabilities associated with smart contracts, solving the issue surrounding scalability that Ethereum and Bitcoin are known for, while eliminating fees for all its users.

EOS achieves consensus by using multi-threating and DPoS consensus methods. EOS also has its own forum on which developers as well as investors can interact and engage in discussions surrounding the platform.

 

Pros and Cons

Pros Cons
Developer and user-friendly Centralisation concerns
Fully featured and authentication platform Competitive field with many key players and emerging technologies
Governance system that can be used to vote in on the transaction validations
Platform has incredible speed as result of parallel processing technology
Self-sufficient reward model
The EOS platform is free to use
Tokenises governance access

 

A review about IOTA
 

IOTA

IOTA is the world’s first distributed ledger that was specifically designed and developed to accommodate the Internet of Everything (IoE), a network for exchanging value and data between humans and machines.

IOTA is based on a unique Direct Acyclic Graph (DAG) architecture which means that instead of consisting of a chain of sequential blocks that only have one edge allowing connection, multiple free nodes are available at any given movement.

Each node, two, or more than two nodes can be linked, allowing for a unique, diverse, and an interesting advantage that sets it apart from other blockchains.

On conventional blockchains, when there is an increase in the number of users, functions become increasingly complex in addition to the chain becoming slower.

Where IOTA is concerned, however, due to the unique ability of nodes to connect with at least two other nodes, when there is an increase in users, the number of available nodes that can connect will increase, allowing for increased system speeds and scalability.

Through its unique solutions and design, IOTA overcomes a typical problem that more traditional blockchains face with regards to miners and rewards. Traditionally, blockchain miners are given a mining fee for their services rendered in verifying transactions, resulting in a blockchain that becomes more expensive on a large scale.

With IOTA, however, every user must solve a PoW problem, which allows for the blockchain to become self-sustainable. As people are involved in transactions on the blockchains, the PoW is consistently solved and subsequently, it means that there is more space for new transactions without compromising the speed.

 

Pros and Cons

Pros Cons
Micro-payments are allowed Smart Contracts have not been introduced onto the platform yet
Quantum-secure
Self-sustainable and increased transaction speed plus scalability
The platform is lightweight
There are no transaction fees
There is a data marketplace
Zero transaction fees

 

A review about Kusama
 

Kusama

Kusama is referred to as Polkadot’s cousin as it is the pre-production and launch environment for Polkadot. Kusama allows for users and developers to experiment and test new blockchain technology and/or DApps before they are launched on the Polkadot network.

Kusama is considered a sandbox for developers where they can test early versions of their projects in a mirrored live environment but with real cryptocurrency which is being traded on an open market.

Official updates for Polkadot are also tested on the Kusama platform before they are officially released. Due to its primary function in facilitating testing, Kusama aims to offer developers with mass flexibility while they have the freedom to design their projects and test them.

 

Pros and Cons

Pros Cons
Both Polkadot and Kusama have strong momentum and development potential Adoption is not widespread
Dedicated development team Interoperability is not possible yet
Kusama, as Polkadot’s cousin, shows immense potential

 

A review about Terra
 

Terra

Terra is a blockchain which is smart contract-enabled, and which was launched in 2019. Terra harnesses utility of the cosmos project technology associated with Cosmwasm. The blockchain is considered the foundation of many applications that have been developed and built by Terraform labs.

Terra has many partnerships with industry leaders who are spread across a variety of sectors in the world. The blockchain platform is also known for offering innovative solutions in creating multi-collateralised stablecoins, but in a decentralised way.

Terra was developed through the Cosmos software development kit (SDK) which uses a Tendermint PoS consensus algorithm, designed to allow developers to build and launch interoperable blockchain applications instantaneously.

There are a maximum 100 validators across the Terra network which means that it is more centralised than other PoS-based blockchains that are decentralised, such as those on this list. Transactions which take place on the Terra blockchain take only a few seconds to be executed.

Another advantage that Terra has is reduced transaction costs, which are, on average, lower than the gas fees charged on Ethereum. This makes Terra especially attractive to developers who want smart contract-enabled blockchains but who are not willing to face extreme costs.

 

Pros and Cons

Pros Cons
Low fees and fast execution of transactions Centralised
Multi-collateralised Stablecoins Less than 100 validators
Partnership with industry leaders
Terra offers various applications

 

A review about Lisk
 

Lisk

Founded in 2016 by Olivier Beddows and Max Kordek, Lisk is the result of a fork that occurred on Crypti, a similar project which was initiated by Beddows and Kordek in 2014.

The ICO for the cryptocurrency LSK was held in February 2016, raising 14,000 BTC (81 million ZAR) was raised, with 85% LSK’s token supply being auctioned off, with the remaining 15% being distributed between various stakeholders and developers.

Lisk aims to serve the purpose of a platform for the development of DApps, special programs which run across a network of computers run on shared software. The goal behind Lisk is to let developers transfer skills in the building of DApps more rapidly, allowing them to write programs by using JavaScript and Typescript.

In addition, Lisk also allows developers to create their own custom DApps as well as cryptocurrency by using “Sidechains”. These are unique blockchains that operate on the Lisk network and relate to Lisk’s blockchain, customisable to suite the various needs that different Lisk DApps may have.

Developers of these blockchains and DApps, as result of the compatibility that they have with Lisk, have exclusive access to resources such as SDK, coding libraries, and the native token, LSK.

DPoS is used to secure the Lisk Blockchain, and it also ensures that there is synchronisation across the entire network of computers. It also uses a real-time voting system to determine the computers that may add the next block to the Lisk blockchain, allowing any holder of LSK to operate within the network.

 

Pros and Cons

Pros Cons
DPoS is a more democratic consensus method than other systems Extended block time
Orientated towards App Developers Uncertainty with regards to SDK
User-friendly interface and system

 

Conclusion

There are more businesses around the world that are getting involved in what blockchain technology has to offer by getting involved in application development and due to this, the demand for blockchain keeps increasing, resulting in consistent record highs.

 

FAQ

 

What is a blockchain platform?

Blockchain platforms allow for the design and development of blockchain-based applications that are either permissioned or permissionless.

 

What is the most popular blockchain in the world?

Bitcoin is the most popular blockchain in the world with a global volume of 11 million and a traffic rank of 14,497, at the time of writing.

 

What are smart contracts?

Smart contracts are contracts that are self-executing with terms of the agreement between buyer and seller being written into the lines of code.

 

What is a consensus method?

Consensus methods are fault-tolerant mechanisms used in blockchain systems to accomplish the required agreement on single data values, or a single state of the network, among an assortment of distributed processes or multi-agent systems.

 

What is DeFi?

DeFi is short for “Decentralised Finance” which is a holistic term that is used for a range of financial applications in blockchain and crypto.

DeFi comprises of a system of open, permissionless, interlocking financial products and it is also an intersecting network of DApps and smart contracts built on the Ethereum blockchain, concentrating on financial applications including borrowing, derivatives, trading, and others.

 

What are Stablecoins?

They are cryptocurrencies that try to peg their market value to some peripheral reference or currencies, such as the US Dollar.

 

Why is it important for platforms to be decentralised?

It permits for users to partake in a system that is not built on trust. It also lessens the risk of systematic collapse significantly and censorship resistance is known to foster an open culture.

Cryptocurrency blockchain banner

A review about Binance

A review about Gate.io

A review about Luno

A review about bitcoin

A review about Ethereum

A review about Cardano

A review about Polkadot

A review about Tezos

A review about Solana

A review about Casper

A review about Stellar

A review about Chainlink

A review about EOS

A review about IOTA

A review about Kusama

A review about Terra

A review about Lisk

Bitcoin greed warning

April 30th 2021 at 08:30
Don’t invest money in Bitcoin that you can’t afford to lose. - Luno’s Marius Reitz

Where to find Bitcoin ATMs around South Africa – Search and Find

April 30th 2021 at 06:10

Fresh Unique Article to increase your trading knowledge: Where to find Bitcoin ATMs around South Africa – Search and Find

 

Where to find Bitcoin ATMs around South Africa ?– Search and Find. In essence, a Bitcoin ATM functions as a physical Bitcoin exchange, rather than the typical digital Bitcoin exchange, whereby participants can buy and sell Bitcoins with hard currency.

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Choose your quick section of our Bitcoin ATMs in South Africa guide below.

A Quick Overview of our Bitcoin ATMs in South Africa Review:

Bitcoin ATMs in South Africa are not widely available, with kiosks typically only found in major cities. ATMs are more likely to be owned and operated by companies focused on the cryptocurrency industry.

 

Bitcoin ATMs in South Africa and where to find them

In terms of the global dispersal of Bitcoin ATMs, North America takes the lead with 71.9 percent followed by Europe at 23 percent, Asia at 2.3 percent, Australia at 1.3 percent and Africa at 0.1 percent.

Of that minimal percentage throughout Africa, South Africa has the largest amount of Bitcoin ATMS located in four of the country’s biggest cities, namely Pretoria, Cape Town, Johannesburg and Nelspruit.

These machines are equipped to dispense on average between a minimum to a maximum of 100 to 1 million South African Rands (ZAR).

For those seeking to buy more than 5,000 Rands from the ATM, you will be required to conduct a brief identity verification process at the machine.

 

Pretoria

The first Bitcoin ATM every established in Pretoria is located at Saverite Florauna based in Corner West and Brits, and was installed on June 14, 2018.

Operated by Saverite Florauna, this Bitcoin ATM functions as a General Bytes and is open 24/7.

The average Bitcoin fees charged in this ATM are 9.9 percent, and the machine supports the purchase of Bitcoin (BTC) and ether (ETH). The ATM comes with a buying limit of ZAR 10,000 and a daily limit of ZAR 100,000.

The second Bitcoin ATM found in Pretoria is located at Woodlands Boulevard Mall, which is situated at Cnr Garsfontein Rd & De Villebois Mareuil Dr Pretorius Park, Pretoria East, 0081.

The third ATM in Pretoria, called the General Bytes ATM machine, is operated by CryptoShovels and was also installed on June 14, 2018.

Users can buy both Bitcoin (BTC) and ether (ETH) anonymously at a minimum and maximum of R100 – R5,000. However, when buying digital currencies that are above R5,001 – R20,000, you will need to verify your identity using an ID scan.

 

Cape Town

Cape Town is home to one Bitcoin ATM at the time of writing, which is located at 1st Floor 38 Wale Street.

This Bitcoin ATM is a two-way operator that allows users to buy and sell Bitcoin. It was installed on January 3, 2018, and is operated by Cape Town Bitcoin. For added security, this location also offers a private cubicle for transactions.

 

Johannesburg

As with Cape Town, Johannesburg is also home to one Bitcoin AM which is located in Sandton City at Unit U61a, Sandton City 83 Rivonia Rd, Sandhurst Sandton, 2196.

This Bitcoin ATM was first installed on October 20, 2018, and is managed by Bitcoin ATM South Africa.

The machine is available between 9:00 AM to 8:00 PM Mondays to Saturdays and 9:00 AM to 6:00 PM on Sundays.

However, users can only buy Bitcoin using this General Bytes machine at a fee of 14.2 percent. Added to this, it comes with a buying limit of ZAR 10,000 and a daily limit of ZAR 100,000.

 

Nelspruit

Lastly, Bitcoin users can find a Bitcoin ATM in the Mpumalanga capital of Nelspruit, and it is located at Bitmart at 39 Sitrus Crescent, Madison Square.

This Lamassu machine is managed by Bitmart and operates Mondays to Fridays between 8:00 AM and 5:00 PM and 8:00 AM to 1:00 PM on Saturdays, although it remains closed on Sundays.

This particular Bitcoin ATM allows users to buy and sell Bitcoin (BTC), ether (ETH), Dash (DASH), Litecoin (LTC), and Zcash (ZEC).

Given the rapid adoption of Bitcoin in South Africa, it is only a matter of time before more ATM machines are installed in other cities in South Africa.

Although Bitcoin ATMs come with high transaction fees, they have continued to aid Bitcoin adoption in a number of African countries.

 

What is a Bitcoin ATM?

Bitcoin ATMs were developed in order to facilitate the purchase and sale of Bitcoin using cash, and can be used with relatively high anonymity.

In essence, a Bitcoin ATM functions as a physical Bitcoin exchange, rather than the typical digital Bitcoin exchange, whereby participants can buy and sell Bitcoins with hard currency.

The first Bitcoin ATM ever introduced was in Vancouver, Canada in 2013, at Waves Coffee Shop, and the machine consists of a scanner, a cash dispenser, and a computer which manages the transactions.

When using a Bitcoin ATM, the Bitcoins are either dispensed directly to the buyer’s Bitcoin wallet, or to a paper wallet.

In order to dispense Bitcoin to a Bitcoin wallet, the buyer’s mobile device scans a QR code, and when dispensing to a paper wallet, this option is generated and printed by the ATM at the time of purchase.

In terms of the specific purchase price, this factor will be determined by the prevailing Bitcoin exchange rate, which is retrieved by the ATM from the Internet in real-time, in other words at the time of the transaction being processed.

Apart from this, an additional percentage fee is charged by the ATM for the service and factored into the price.

Some Bitcoin ATMs dispense Bitcoin in exchange for cash as well as in exchange for Bitcoin, although most models work only for buy Bitcoin exclusively.

 

Over the course of financial history, it was not until relatively recently that an individual could get cash or make a deposit anywhere other than a bank branch.

The automated teller machine, or ATM, was introduced in the 1970s, and has now become such a common fixture that most are found in almost every community and town around the world.

While the use of banking using the Internet and mobile applications has lowered the demand for some of the ATM’s more common features, this use has been somewhat revived in recent years due to the growing popularity of cryptocurrencies.

Bitcoin ATMs are rarely operated by major financial institutions, so that they do not connect customers to a bank account. Customers instead deposit cash into the Bitcoin ATM, which can then be used to purchase the cryptocurrency.

Often, a Bitcoin ATM will set an upper and lower limit to the amount of cash that can be deposited.

Since the upper limit may be lower than the price of one Bitcoin token, customers are able to purchase fractions of Bitcoin.

After a purchase is made, a record of the Bitcoin will appear in the customer’s e-wallet, though this may take several minutes to process.

Some ATMs require customers to pass these security checks before completing a transaction.

The ATM may require a two-factor authentication, and this may involve the customer supplying a phone number to receive a verification code.

This code would then have to be typed into the ATM. The kiosk may also require scanning a government-issued identification, such as a driver’s license.

Bitcoin ATMs are not widely available, with kiosks typically only found in major cities. ATMs are more likely to be owned and operated by companies focused on the cryptocurrency industry.

In some cases, a Bitcoin ATM may be operated by a company that offers its own trading platform or e-wallet. These companies may require a customer to have an account in order to conduct a transaction, much like how banks do.

Customers are charged a service fee for using a Bitcoin ATM. This fee is typically charged as a percentage of the transaction rather than a fixed dollar value typically seen in traditional ATMs.

 

How to use a Bitcoin ATM

When using a Bitcoin ATM, the price of Bitcoin is dependent on the current exchange rate. However, ATMs also charge a fee for their services. On average, a Bitcoin ATM charges 8-10%—which is a little high for most people.

Despite 8-10% being the average, costs often vary per machine, so that it can appreciate or depreciate, so that it is important to read the instructions of the ATM before using it.

When a person withdraws from a Bitcoin ATM, the currency is dispensed to the user’s Bitcoin wallet via a QR code, or it’s dispensed to a paper wallet that some ATMs can generate.

In most cases nowadays, machines will also require users to provide identification for KYC purposes, so users should be sure to have a form of identification ready

Although the process varies per ATM, there is a general process to follow wen using an ATM to buy Bitcoin:

First, choose the option to buy BTC (only applicable to ATMS that offer both buying and selling services). Then, scan the QR code of your wallet address using the Bitcoin ATM scanner.

Enter the amount you wish to buy, then insert the cash. Give the machine a few minutes to process the transaction. Once you’ve done all that, check your Bitcoin wallet to confirm the sale – making this a very easy process.

 

While buying Bitcoin from an ATM is relatively straightforward, selling Bitcoin using an ATM occurs on more of a case-to-case basis.

As such, it will depend on the type of ATM you are using and the system on which that machine operates. It helps, therefore, to ensure that you research a selected branded ATM before using it to sell Bitcoin.

That said, these machines are very intuitive, so that users can safely follow the instructions displayed on the screen, laid out in easy to understand prompts.

 

Who uses Bitcoin ATMs?

Over the last few years, Bitcoin ATMs like the first one established in Canada have begun to spread, albeit incrementally, around the globe.

As of January 202, there were 4,274 Bitcoin ATMs installed worldwide, and such ATMs can be found in 75 countries, although more than half of these are located in the United States of America.

More often than not, Bitcoin ATMs are used to buy Bitcoin, even though the cryptocurrency has dropped in value over the last year, while in some rare cases there are those that want to exchange Bitcoin for cash.

Even as more Bitcoin ATMs appear in larger cities around the world, they are still a rarity and can be seen as something of a novelty for most who encounter them. In these cases people might use them as a test run to get an idea of what using Bitcoin in the real world entails.

Many shops that install Bitcoin ATMs find this a useful way of getting more feet through the door, while they might not actually intend for consumers to spend Bitcoin. That said, many more hip young consumers today will gravitate towards Bitcoin-supported shops.

Many shops that support Bitcoin through the use of ATMs are also seen as trying to corner a more affluent and tech savvy corner of consumers, as many who trade in and use Bitcoin tend to have more spending power on the whole.

That said, not all Bitcoin users will necessarily fall into the desired category of wealthy and high end shoppers gravitating towards the cryptocurrency trend.

With the prevailing rise in ransomware attacks, by which hackers lock your computer and hold it for ransom until you pay them, many victims have been turning to Bitcoin ATMs in order to obtain payment for the ransom.

According to some observers, even though such transactions can take a relatively long period of time, they are generally quicker than that of opening an account on one of the Bitcoin exchanges, which can often take up to several days.

Other users of Bitcoin ATMs are people who use Bitcoin because it hides the transaction from scrutiny. Once you are using Bitcoin, there are no bank statements or credit card bills with your name on them, listing all your Bitcoin purchases.

As such, Bitcoin ATMs offer an easy way to convert cash into an anonymous form of payment. It’s something that has long attracted users to Bitcoin, which has become popular amongst certain criminal elements of society.

Such ATMs have also become a way to launder money, according to some recent reports, and regulators are already finding ways to handle these new challenges to the evolving cryptocurrency industry.

This is because, even though the value of Bitcoin has dropped significantly over the last few months, the industry is still growing. In January alone, Coin ATM Radar tracked the installation of more than 130 new Bitcoin ATMs.

 

The use of Bitcoin ATMs during the Covid 19 Pandemic

The COVID-19 epidemic has already closed many public spaces across the globe. Those that remain open are subject to restrictions regarding the number of people allowed to gather at one time.

Banks and money transfer institutions are likely to remain open even when many other businesses are closed.

Visiting any office during the coronavirus outbreak, however, is considered a high risk by health officials. Not to mention cash withdrawal limits that can be imposed at any moment during crises like this one.

Cryptocurrencies have proved to be a useful instrument for frictionless cross-border payments, facilitating fast transactions with low fees.

They can always be used to transfer value on a peer- to-peer basis when two parties want to fully benefit from their advantages over traditional money.

And Bitcoin ATMs – teller machines that support purchases and sales of various coins – can be employed for transactions between two fiat currencies using crypto as a medium.

In this case, a sender can buy the cryptocurrency equivalent of a fiat amount they want to send from an ATM near their location.

In many countries that shouldn’t be a problem as over 7,000 teller devices are now operational worldwide. The digital coins can be sent with a crypto transaction to a recipient who can then convert them back into fiat; a local currency for example.

Using Bitcoin ATMs to send money abroad is a safe option, not only because of the high level of security for the transferred funds but also in terms of lower health risks as you can avoid visiting crowded bank branches or standing in lines in front of them.

It is a convenient way to transfer financial assets quickly and at low cost although it does require the sender and the receiver to be familiar with Bitcoin and comply with national regulations and restrictions in some cases.

 

The rise of Bitcoin in South Africa

Africans in general are leading global rates of cryptocurrency ownership, which is according to a recent report released by Arcade Research.

In terms of this ranking, South Africa ranks third globally with 13% of its internet users owning or using cryptocurrencies, while 11% of connected Nigerians own cryptocurrencies in the fifth-placed populous West African country.

Uganda, Nigeria, South Africa, Kenya, and Ghana are listed in the report among the top 10 countries where “cryptocurrency” is Africa also has some of the world’s most inflationary economies where fiscal instability and controversial monetary policies sometimes destroy citizens’ savings overnight.

Apart from governments’ heavy hand, external factors such as sanctions and conflict also threaten savings, making cryptocurrency a less exposed investment.

Sub-Saharan Africa records $48 billion remittances annually but transaction fees go as high as 9%, while some mobile payment transfer services charge around 11%.

As such, cryptocurrency use is also a way to undercut the disadvantages of centralization while eliminating high remittances cost.

That said, a lack of infrastructures such as crypto mining operations, supporting merchants, smartphone penetration, and internet connectivity has also slowed the uptake of cryptocurrencies.

With the majority populations located in the rural areas in some Africa countries, large numbers of the continent are not yet powered, limiting the reach of Bitcoin and other digital assets.

Added to this, a lack of policy clarity, with close to 60% of African governments yet to announce their positions on cryptocurrencies, slows down adoption.

 

Nonetheless, Africa remains one of the most promising regions for the broad based adoption of cryptocurrencies.

This is largely due to the continent’s unique combination of factors, so that while the current overall adoption of cryptocurrencies is still relatively low, the potential remains great.

 

Growth is rapid, and these developments will likely work to define the role of the cryptocurrency markets in the future.

Apart from Africa, South Africa is about to become one of the most prominent Bitcoin adopters.

The adoption of Bitcoin in the last five years has shown South Africa to be a very appropriate location for Bitcoin trading, mining, as well as making payment using Bitcoin.

 

There are already a number of reports and research finding posted across the internet which indicate that people in the country are interested in the presiding and innovative cryptocurrency in the world and in the Bitcoin Future.

 

One surprising aspect of this development is that millennials in South Africa are showing unprecedented growth in using Bitcoin for transactional purposes, resulting in an unprecedented rate of adoption and use in the country.

One prominent reason for this is that the growing use of the Bitcoin has helped to stabilize some areas of the country’s economy.

Given that the improvement in uplifting the economy has been gradual for five years, the adoption has come a long way since 2014.

A published report from African Development Bank Group which is titled “African Economic Outlook 2020: Developing Africa’s Workforce for the Future” stated that Africa’s economic growth saw unexpected stability since early 2019.

 

Before the fallout from the Pandemic forced people to largely remain at home, the study estimated a 3.9 percent increase in the country’s economic stability.

Added, in 2021, the economic growth of South Africa is expected to be 4.1 percent. The country’s financial ministers and overseers are already ruminating on how to provide sustainable stability and improve the country’s financial management going forward.

 

To this end, it can be said that Bitcoin and its concomitant blockchain technology have largely helped to reshape South Africa’s finance industry

Bitcoin is the leading cryptocurrency in terms of market capitalization and price. The ground-breaking features of Bitcoin gave rise to nation-wide adoption in South Africa.

One of the most unique aspects of Bitcoin is the underlying technology, blockchain, a distributed and open ledger that records transactions taking place between two individuals. Blockchain stores the transaction data in blocks using cryptography.

According to Google Trends’ data, in the last five years, Bitcoin has been the most searched across African countries such as South Africa, Nigeria, & Ghana.

 

On the other hand, a report claims that the 30-year-old or below age group population in South Africa comprises 70 percent of total Bitcoin users.

Bitcoin and its underlying tech, blockchain became a new and exciting means of conducting monetary transactions with the use of technology in South Africa.

As such, many people across South Africa can now engage in borderless transactions as they can access distinctive markets from different corners of the globe.

Before the adoption of Bitcoin, South African people faced much adversity due to limitations in the financial system as cross-border transactions in the country before Bitcoin was expensive, unreliable, and time-consuming.

Additionally, cross border payments also comprise of massive complexity; hence it is important to adopt Bitcoin to reduce the cost as well as the complexity.

This led to the widespread adoption of Bitcoin and blockchain, given that there are regulations on cryptocurrency.

The adoption is causing the prevalent fiscal authorities as well as the regulators to see Bitcoin and cryptocurrency trading as an indispensable part of commerce in the country.

As of today, South Africa is one of the leading Peer-to-Peer marketplaces in terms of Bitcoin trading in the whole world.

 

From December 2019, there has been an increase in the number of new users on Bitcoin and accepted cryptocurrency exchanges. These factors seem to indicate that new users are adopting Bitcoin and Bitcoin wallets consistently over time.

Many spectators and analysts have forecast that developing markets would lead as the early adopters of Bitcoin and the various other cryptocurrencies on the market today.

The reason for this forecast was based on the understanding that the majority of individuals that make up emerging markets already have a sound understanding of finance and technology.

This has largely been the reason why many in South Africa have been able to so easily understand the use of Bitcoin, even better than many of those residing in Europe.

It seems that Bitcoin and South Africa are in it for the long haul, as since January 2020, trading volume also witnessed a positive response with regards to the rand.

As such, South Africa is incrementally transforming into an arena in which Bitcoin trading and payment systems can be carried out over the long term, even after the halving.

In the coming months and years before that time, South Africa is likely to undergo several changes that will only further accommodate Bitcoin adoption, particularly as it is one of the fastest-growing economies in the world.

 

Conclusion

The rise of the automated teller machine ushered in a new era of personal finance, and ATMs are even applicable with Bitcoin now.

A Bitcoin ATM gives you the opportunity to cut out some of the fees by buying direct, but there are some hidden agendas we need to discuss before you Google one, rush out the door, and spend your pay check on Bitcoin through a machine.

Bitcoin ATMs connect to the internet, and through the Bitcoin exchange network, you can exchange USD for Bitcoin. These ATMs are directly linked to Bitcoin, so you aren’t running a ton of miner’s fees or anything along those lines.

With a Bitcoin ATM, you directly exchange money for Bitcoin. You can send it directly to a Bitcoin-approved wallet by inputting your receival codes (depending on what wallet provider you use), where the BTC can immediately be transferred.

Bitcoin ATMs are versatile, and offer more utility for your Bitcoin in real-time application. No more waiting for BTC to clean when selling it on the marketplace, even those five to ten minute withdrawal times are a thing of the past.

 

That’s the ideal, two-way cash-dispensing model, but there are some caveats. You can find right on the Bitcoin ATM page (a news site for Bitcoin) that they have multiple options available.

Businesses want to put a Bitcoin ATM in their establishment because it generates foot traffic and revenue, but it’s also going to cost them some based on which model they want.

Buying Bitcoin from a Bitcoin ATMs is as simple as can be. In just a few seconds and with cash, you can buy Bitcoin and other cryptocurrencies in a few simple steps.

You can also sell Bitcoin and other cryptocurrencies and withdraw cash right from our Bitcoin ATMs.

Users can even view the Bitcoin ATMs as currency converters. Because some of the Bitcoin ATMs offer two-way operations, users can turn fiat into cryptocurrency when you buy with cash and turn cryptocurrency into fiat when you sell.

It’s a very fast, convenient, safe and reliable crypto trading method.

 

Digital wallets on phone applications have a QR code that you can scan on a Bitcoin ATM to send the cryptocurrency to that wallet.

You can also have your cryptocurrency wallet somewhere other than your phone, and manually type your wallet’s public address on our Bitcoin ATM.

If you don’t have a wallet, some Bitcoin ATMs will create one for you with a unique public and private keys and print it for you.

Just like any cryptocurrency wallet, your public address can be shared with anyone and is used to receive cryptocurrency.

Your private address on the other hand, should not be shared with anyone. You have to keep that in a safe place because that’s the address you use to spend your cryptocurrency and transfer them to other wallets.

 

Nothing is more private than cash. Buying and selling cryptocurrency online lets the exchanges and your bank know that you own cryptocurrency. Buying and selling cryptocurrency from our Bitcoin ATMs with your own cash is private.

While Africa still trails behind other global continents in terms of the number of available Bitcoin ATMs, South Africa by far leads the pack on the continent in this regard.

Many trendy consumers, as well as new frontier traders in South Africa have started using Bitcoin more and more, making South Africa one of the most important growth points for the cryptocurrency in the future.

More South Africans are using Bitcoin ATMs to trade in the cryptocurrency, as well as rely on it for an anonymous form of transactional trade.

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Cloud Mining – The Ultimate Beginners Step by Step Guide

April 29th 2021 at 06:10

Fresh Unique Article to increase your trading knowledge: Cloud Mining – The Ultimate Beginners Step by Step Guide

 

On the basic level, cloud mining is a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power. Using the rented power means that miners do not have to install and directly run the hardware and related software.

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Choose your quick section of our Cloud Mining step by step Guide below.

A Quick Overview of our Cloud Mining Review:

Cloud mining operations are mining farms — data centres dedicated to mining — that sell or lease hashing power to cryptocurrency miners.

 

What is Cryptocurrency?

Cryptocurrencies are digital currencies, or assets, which have been encrypted by computer software and which is, therefore, secured by cryptography, which explains the name ‘cryptocurrency’.

One of the factors which entails the leverage that cryptocurrency has over fiat currencies, or paper money, is that it cannot be counterfeited due to its encrypted nature, and cryptocurrency has, in addition also solved one major problem attributed to fiat currency, the issue regarding double-spending.

Cryptocurrencies are decentralized networks which are based on blockchain technology which serves the purpose as a decentralized ledger, or DLT, for the recording of transactions involving cryptocurrency.

The DLT ensures that the history of a digital cryptocurrency cannot be altered, and it ensures complete transparency as well, seeing that these transactions can be viewed publically.

Cryptocurrencies are not issued by banks and nor can they be controlled or manipulated by central banks or by the government. They are free from the conventional monetary policies to which fiat currencies must conform.

This is one of the major reasons why governments have all but tried to outlaw them, and failed, and it attributes to the overall value that cryptocurrencies have, and why they are being traded more these days.

They offer people with a form of freedom where dictatorship, economic situations, inflations, and other corrupt practices are concerned which strongly revolve around fiat currencies.

 

What is cloud mining?

On the basic level, cloud mining is a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power.

Using the rented power means that miners do not have to install and directly run the hardware and related software.

Cloud mining companies allow users to open an account and participate remotely in the process of cryptocurrency mining for a basic fee.

This model makes mining accessible to a broader group of people around the globe, due to the fact that mining done via cloud reduces certain entrance barriers such as the maintenance of equipment or direct energy costs.

As such, cloud miners participate in what is referred to as a mining pool, in which users each purchase a specific amount of hash power, earning a pro-rata share of the profits in proportion to the amount of rented hash power.

 

How cloud mining works

Cloud mining leverages cloud computing for the purpose of producing blockchain-based cryptocurrencies.

As such, cloud computing is one of the fastest-growing technology trends whereby computing services such as processing, server capacity, database services, software, and file storage are accessed via the cloud.

The cryptocurrency model is fundamentally reliant on mining, which is the process whereby transactions are verified and added to the public ledger, known as the blockchain.

Added to this, it is the process through which new coins are released into the cryptocurrency ecosystem.

By combining mining with cloud computing, the various possibilities associated with Bitcoin mining are made accessible to people distantly located, and who may not necessarily have advanced technological knowledge.

 

The models of cloud mining

Hosted mining is the most popular cloud mining model, in which the customer either buys or rents mining hardware stored in a miner’s facility.

Using this model, customers have direct control over their cryptocurrency, and the miner remains responsible for maintaining the equipment and ensuring that it delivers on its performance.

Furthermore, the economies of scale using this model mean that the high costs associated with mining, which include electricity and storage, become more manageable for a variety of users. That said, this type of mining does involve considerable upfront costs.

Another model used for cloud mining is that of leased hash power, which is the computing power associated with generating or using a cryptocurrency.

Using this model, the hash power is leased from a mining farm, and customers receive a share of the farm’s overall profits from mining cryptocurrencies.

Leased hash power has become particularly popular for mining altcoins, and the process requires a person to open an account with a cloud mining company via its website.

While cloud mining has become popular for several notable advantages, such as less investment in hardware and ongoing overhead costs, there are some disadvantages as well.

For one, the model has been susceptible to some industry scams, and there is also the possibility of diminishing profits.

 

The fundamentals of cryptocurrency mining

Mining in the sense that it is used to apply to cryptocurrencies is meant euphemistically, and of course is not meant to be understood as actual mining.

Cryptocurrency mining serves a twofold purpose, firstly of generating new cryptocurrency token that are awarded to miners, and more crucially, of maintaining the security of the blockchain.

Rather than being carried out by men with pickaxes underground, Bitcoin mining is performed by high-powered computers that solve complex computational math problems.

These problems are so complex that they cannot be solved by hand and are complicated enough to tax even incredibly powerful computers.

When cryptocurrency miners add a new block of transactions to the blockchain, part of their job is to verify that those transactions are accurate.

In particular, Bitcoin miners make sure that Bitcoin is not being duplicated, a unique quirk of digital currencies called “double spend.”

With printed currencies, counterfeiting is always an issue. But generally, once you spend $20 at the store, that bill is in the clerk’s hands.

With digital currency, however, it is a different story. The miners use their computational power to solve cryptographic puzzles that prevent double spend in a decentralized manner.

 

How to mine Bitcoin

As the advancements in technology continue to accelerate, so have the growing opportunities in the fintech arena.

As a result, participants are constantly seeking new ways to make investments, with Bitcoin largely answering this need in the last few years.

When Bitcoin was first introduced to the world by the pseudonymous Satoshi Nakamoto, it was largely viewed as an unknown and unproven currency.

Today, Bitcoin is accepted by major retailers such as Home Depot, Zappos and Dell, prompting more and more people are searching for answers about digital currency and how it came to be.

As Bitcoin continues to feature as an exciting and lucrative investment for a variety of different players, the currency’s greatest asset, “blockchain technology”, has been hailed as an innovative way to transact, and speaks to the future of moving money.

To understand bitcoin mining, it is important to first have a sound grasp of the intricate inner working of this first cryptocurrency.

First off, one of Bitcoin’s most differentiating characteristics is that it is not tied to any particular country or economy, but is rather completely decentralized in nature, and powered by mathematics that uses complex algorithms generated by powerful computers.

As such, one of the most important aspects of maintaining Bitcoin’s success is to ensure its accuracy and the methodical release of additional currency over time.

To this end, mining accomplishes both tasks as miners discover and obtain bitcoins by completing specific tasks.

People send bitcoins frequently over the blockchain, which acts as the bitcoin network.

For example, Person A may purchase an item from Person B for an agreed price, but there must be a way to record and validate the transaction.

The network completes this task by collecting all transactional data created within a specific period and placing it on a list, which is also known as a “block.”

The miner’s job is to confirm the accuracy of transactions and write them into a general ledger, which is essentially a list of all blocks (more commonly referred to as a “block chain”).

As a result, a detailed list and confirmation of each transaction takes place in the network, and this data which is produced becomes constantly updated and provided to everyone who participate, in order for them to remain abreast of all developments.

As such, Bitcoin miners are essential to the success of this cryptocurrency because they verify transactions, ensuring the integrity of the blockchain network.

 

A short introduction to the mining process

When a “block” of transactions is created, bitcoin miners initiate a process that confirms its accuracy.

In order to do this, they take this block and apply a mathematical formula, turning that initial sequence into something much shorter. The result is a more compact sequence and truncated patterns of letters and numbers that is also called a “hash.”

Each new block is produced using the hash from the block before it, and this is used as one mean of confirming the accuracy of the block.

This process creates a so-called “wax seal,” which indicates that this block and the one before it is accurate.

As an example of the efficacy of this process, if an individual were to decide to tamper with the block, all participants would become instantly aware due to the abovementioned process, and the fake would be easily spotted.

 

The mining process itself can be summarily described in the following steps:

  • The transaction is bundled into a block.
  • Miners verify whether the transaction is valid.
  • They select the header of the most recent block and insert it into the new block as a “hash.”
  • They solve the mathematical problem.
  • When the solution is found, the new block is added to the block chain and then propagated throughout the network.

 

Miners do not only attempt to verify one transaction, but many, and all of these transactions are locked into boxes with a virtual lock.

Miners continuously run software to locate the “key” that opens that lock. Once the computer discovers this key, the box is opened, the transaction is verified and the miner receives 6.25 bitcoins (before the halving in May 2020, the reward used to be 12.5 bitcoins).

As can be imagined, this task is not easy to complete, and very much resembles trying to find a needle in a haystack.

In fact, the estimated number of attempts to find the correct key is about 1.7 billion, and a bitcoin reward is given out about every 10 minutes.

Therefore, the key to any miner’s to success is having the right tools at their disposal.

In summation, it can be understood that during the mining process, miners seek to verify transactions and then ensure their accuracy.

This is a complicated process which makes use of complex mathematical formulas. But, once this complicated process is successfully completed, the miner is rewarded with 6.25 bitcoins.

 

The fundamentals of Bitcoin mining

The first step in starting a Bitcoin mining career is getting a Bitcoin wallet. Each wallet has its own unique bitcoin address.

This wallet is essentially an encrypted online bank account that holds your reward during the mining process.

In addition to the wallet, you also need the right tools – and those tools have changed significantly over the past few years, but a description of the most relevant is given below.

 

CPU versus GPU bitcoin mining

During the first years of Bitcoin mining, miners relied on simple CPUs to mine bitcoins.

At the time, these basic desktops were powerful enough to complete the required tasks. But as time progressed, cracking the codes became harder, and miners found a more robust alternative, namely that of GPU mining on graphic cards.

This was because GPUs were nearly 100 times faster than CPUs, and when it comes to bitcoin mining, faster processing results in greater and more frequent success.

Added to this, GPUs could be used to mine a variety of cryptocurrencies, not just bitcoins. But as time progressed, faster and even more robust options emerged, causing many of the former options to become obsolete amongst miners today.

 

FPGA bitcoin mining

This is a field-programmable gate array (FPGA) which enables mining hardware manufacturers to purchase chips in volume and customize them for bitcoin mining prior to putting them into their equipment.

Since this technology is customized specifically for the task of bitcoin mining, it usually performs much better than CPUs and GPUs.

 

ASIC bitcoin mining

Application-specific integrated circuits (ASICs) are the newest thing in bitcoin mining. They are designed to provide mining power at immense speeds and use extraordinarily little electricity – which is a bonus for miners with high electricity bills slowly eating away profits.

These chips, however, must be designed for the specific task, which does make them time consuming and expensive to produce. Yet many bitcoin miners find the investment is worth the speed. In fact, ASIC devices can run up to 2 tera hashes/sec.

In summation, much of the hardware used at the start of the bitcoin mining era has become obsolete, as it is too slow for the massive scale computation required.

While newer options have become available on the market, they do come with a larger price tag.

 

The use of Bitcoin software

Depending on the type of hardware and equipment a miner selects, they will also need certain software in order to operate this equipment.

In the case of using GPUs and FPGAs, a host computer is needed that runs a standard bitcoin client as well as the mining software.

A standard bitcoin client is the type of software that allows the user to interact with bitcoin clients by relaying data between the miner and the bitcoin network.

Bitcoin mining software is central to successful cryptocurrency mining because it instructs the hardware to do the hard work, passing along transaction blocks to solve.

In nearly all cases, miners will need software for the ASIC miner as well, but manufacturers of some new models do say this is not required. All this equipment and software can make the cost of mining bitcoin add up.

Collectively, miners are estimated to use about 3,176 megawatt hours of electricity per day. With mining becoming increasingly difficult and expensive, many miners are joining pools to ease the expense and workload.

In summation, Bitcoin software enables the Bitcoin hardware to carry out its task in the mining of Bitcoins, making this software crucial to the entire mining process.

 

A closer look at Bitcoin mining pools

Returning to the high costs of bitcoin mining, one option which can reduce these expenses is that of mining pools.

These pools formed when mining became more difficult and it could take years for slow miners to generate a single block. In response, the found that they required a method that would help pick up speed, without too much expense.

Miners decided that if they pooled resources and joined forces, they could generate blocks faster and receive block rewards on a more consistent basis, rather than every few years.

However, all mining pools are not created equal, and they use a variety of operational methods, some of which are described in more detail below.

Firstly, the pay-per-share method provides instant mining output for each share that is solved by a miner. Payment is made from the pool’s balance and a miner can withdraw their money immediately.

This method offers low risk for miners and transfers a large amount of the risk to the pool’s operator.

Secondly, the proportional method allows miners to earn shares until the pool finds a block, which will signal the end of that mining round. After that, each user gets a set number of shares within the round, based on a specific formula.

Thirdly, the Bitcoin pooled mining method, also referred to as the slush system, is one in which older shares from the beginning of a block are given less weight than more recent shares.

This method minimizes the risk of cheating the mining pool system by switching pools during a round for maximized profit.

As can be seen from just some of the methods which are described above, it is important for minders to do adequate research on the mining output method used before joining a pool.

As more miners join the Bitcoin arena, the process is becoming more competitive and decidedly more difficult. A such, today it is harder for miners to unlock Bitcoin profits as more people are participating in the search.

Mining pools make the task easier by allowing miners to pool their resources for greater efficiency.

However, the easiest way for a beginner to get into bitcoin mining is by participating in cloud bitcoin mining.

This is because cloud bitcoin mining allows for an individual to pay for the use of hardware and software needed for bitcoin mining without expending the cost of overheads associated with a personal mining rig.

Companies which offer cloud mining have data centers all over the world that house this hardware, which means they absorb the electrical and heating cost that comes with cryptocurrency mining.

 

Which are the best companies for Cloud Mining?

Before proceeding with cloud mining, traders must understand the great risk which is involved with this type of mining as it is an extremely high-risk speculative investment. Not only because of the mining process, but various factors that surround it.

Success cannot be guaranteed and there is always a risk that miners can incur substantial losses. It is imperative for miners to first evaluate a mining company in great detail and read up on reviews and user experiences before deciding to sign up.

 

Some of the best cloud mining companies include:

  1. Bitcoin Pool
  2. Hashnest
  3. Hashflare
  4. Hasing24
  5. EoBot, and more

 

Advantages and Disadvantages of Cloud Mining

Instant Activation

Miners are only liable to purchase GH, and they can start mining instead of having to gather capital for hardware, having to order it online, and waiting for it to ship.

In addition, it also cancels out having to deal with faulty hardware and having it fixed or replaced and cancels out the tedious task of setting new hardware up.

 

No risk of hardware failing

The data centre, or mining company, is the responsible entity in providing subscribed miners with the hardware that they need. This has to be in good working condition and the company carries the cost should hardware fail, or maintenance has to be done.

The company is also responsible for configuration and supplying the miner with guaranteed up-time in addition to pay-out.

 

No noise, heat, or issues with space

Advanced machines are not suitable for home use due to the heat and noise that they produce in conjunction with their sheer size.

 

No hike in electricity fees

Due to the substantial power that it takes to mine, it consumes a lot of electricity and miners are then subsequently responsible for the bills. However, when cloud mining, the company is liable for those cost and often, they get discounts on electricity based on their location or on bulk pricing.

 

Disadvantages of Cloud Mining

The risk of fraud

Due to the nature of this type of business, the cloud mining industry is littered with scams and due to a lack of regulation, people put their trust in companies without there being any backup for when things go wrong.

 

Lower profits

The profit margin involved with mining is already low and where cloud mining is involved, there is paying for all the conveniences cloud mining brings, which will decrease an already low profit margin.

 

Lack of control

There are numerous cloud mining companies that do not provide miners with full control over their hashing power. Some of these mining companies also have their own mining pools that miners are placed in without a choice of their own.

 

Is Cloud Mining profitable?

The profitability will vary on the kind of cloud mining that the miner is doing however, in most cases, the answer is often no. These methods are often used by those who do not have a background in mining, or those who merely want to make fast profits without putting actual effort and capital into mining conventionally.

There are, however, numerous minders who know what they are doing and who have adequate investment, emotionally and mentally as well as actual investment, into what they are doing. They see an opportunity, purchase GH, and make profits where they can.

There are also those who have made a substantial amount of profit through cloud mining, but it happens seldomly.

Unfortunately, there are more people who are starting new cloud mining contracts, buying GHs, and investing a substantial amount of money in mining in this manner, who may not get a decent ROI due to the cost of the contract in addition to the price on cryptocurrencies such as Bitcoin.

It may seem like a much cheaper option, but when considering that miners pay the contract and the GH and to break even marginally while making a profit is rarely attainable, feasible, or sustainable in the long run.

Mining, not just Bitcoin mining, becomes unprofitable as soon as the cost of running cloud mining is more than the amount of bitcoin which is actually being mined and it would therefore be more efficient to merely buy, trade, and exchange bitcoin than trying to mine it.

Calculating profitability where mining is considered over a long term, becomes quite difficult when considering that the difficult in mining where algorithms is concerned is increasing and the hash rate continues to expand and contract. The hash rate tends to grow and shrink according to the profitability and the market price on these cryptocurrencies.

 

Conclusion

The essence of the service is that a third-party hosts mining equipment and provides access to the rewards associated with the equipment.

Cloud mining has many advantages and disadvantages. For one, the user must trust the cloud provider in a space ripe with scams and frauds. The user is not in control of the equipment or how it is used.

The advantages, of course, are not having to fill your home with computer equipment, not having to deal with the noise, the heat, the power consumption, and the upkeep of the mining equipment, and so on. Essentially, you outsource the work.

In cloud mining, you essentially fund a portion of a mining operation, and the cloud miners do the rest. You are, in effect, an investor in the operation.

A huge advantage of these services is that it is totally hands off — no equipment to buy or manage, no space to find for the equipment, no equipment noise, no heat to deal with. Cloud mining service solves those issues for you.

However, cloud mining can also be somewhat risky. Many are not profitable for the durations specified in the contract and can leave purchasers of these services losing money, in some cases, over the long run.

Users may have been better off simply purchasing the cryptocurrency that their mining contract mines. (That, of course, is often also true of pool and solo mining.)

Note also that there is overlap between pool mining and cloud mining. Some pools will not only use your hash power but will also sell you hash power.

In effect, you are connecting your processors to the pool’s node, but you are also providing cash to the pool to purchase more computing power, which they will then manage for you.

Thanks to some great partnerships that Cloud Mining has established with hardware producers, as well as to the company’s large-scale purchases, it is able to get better prices on its employed technology.

This means that the company buys the hardware cheaper than the market price. What also bears great importance, considering the maintenance costs, is the storage of the miners.

To this end, these companies have several farms around the globe, and each location was chosen to fulfil two important criteria: cheap electricity supply and little or no need for cooling.

There is much beauty in purchasing and setting up your own mining operation, and many do follow this route.

But setting up mining rigs are for those who are skilled technicians, can solve tricky complications, and generally see the fun in maintaining a complex construction.

Cloud mining is for those who want to have the benefits of cryptocurrency mining without maintaining any mining equipment. For most people these are tricky, unnecessary difficulties, and the Cloud Mining solution is targeted exactly at them.

While there are many out there who feel that they can mine cheaper by themselves according to their calculations, they do often forget to factor in one or more of the above listed costs.

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Bitcoin is facing a make-or-break moment

April 28th 2021 at 23:25
Bitcoin is facing a make-or-break moment following a recent bout of selling, according to technical analysis.

Tesla sold Bitcoin to prove cryptocurrency’s liquidity – Elon Musk

April 27th 2021 at 01:25
Elon Musk said Tesla Inc. sold 10% of its Bitcoin holdings to demonstrate the token’s liquidity, while adding that he’s retained his personal investment in the cryptocurrency.

Ethereum Mining – the ultimate beginners step by step guide

April 26th 2021 at 08:55

Fresh Unique Article to increase your trading knowledge: Ethereum Mining – the ultimate beginners step by step guide

The popularity surrounding Ethereum mining and cryptocurrency is only increasing as time wears on crypto regulations in South Africa may be a little more behind on regulating the processes associated with it, as Cryptocurrency itself cannot be regulated in its entirety, but more provision is being made to accommodate it.

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Choose your quick section of our Ethereum Mining – the ultimate beginners step-by-step guide below.

A Quick Overview of our Ethereum Mining Review:

 

Here is a more in-depth look at Ethereum mining, the various way to mine Ether, setup and what is required when mining this cryptocurrency.

 

Understanding Ethereum

Ethereum is the second-largest cryptocurrency platform by market capitalization, behind Bitcoin. It is a decentralized open source blockchain featuring smart contract functionality.

As such, Ethereum is an open-source platform that uses blockchain technology to create and run decentralized digital applications, or “dapps” that enable users to make agreements and conduct transactions directly with each other.

Importantly, these transactions enable users to buy, sell and trade goods and services without a middle man.

As an example of this, users can bypass banks to transfer money, skip using a lawyer to draw up a sales contract and launch their own fundraising site for project crowdsale rather than going through a crowdfunding Internet site.

Ethereum operates across a global network of computers that work in combination to form a supercomputer. The network assembles and runs smart contracts.

Smart contracts are essentially applications that are, in theory, independent from any third party interference or censorship, so that the blockchain is resistant to tampering.

Smart contracts run exactly as programmed, which greatly reduces the risk of fraud, and because they are self-executing they run like an automat or vending machine that carries out the contract terms digitally.

Once certain conditions are proven to have been met, such as the transfer of a payment, then the merchandise is conveyed or made accessible to the buyers.

The difference between the way Ethereum operates and the way the internet operates is that all of these agreements and all the data pertaining to a transaction are stored in individual blockchain ledgers.

With the internet, data I stored not in a central warehouse like Google’s (GOOGL) – Get Report cloud or Facebook’s (FB) – Get Report servers, so it isn’t as likely to be compromised by a data breach.

It is costly and consumers a high amount of power to run the computers that execute code, and to mitigate these factors, Ethereum created Ether.

Ether is the cryptocurrency of Ethereum, and was also created in order to incentivize programmers to run the Ethereum protocol on their computers.

These programmers are compensated in virtual Ether coins for contributing resources and writing quality applications so the network remains functional, much as with the Bitcoin mining setup.

 

The workings of Ethereum

Developed on the basis of the blockchain technology, Ethereum consists of a series of cryptographic, or secure, public records linked together.

Each of these records are very difficult to change because they are stamped with user data, time and date and any changes must be approved by all users.

On the ledger, anyone can create a financial contract or keep debt or ownership registries and eliminate the use of an external record keeper or trust officer.

To this end, these processes are referred to “trustless” transactions because they eliminate the need for trusting the counterparty to the transaction since the contract is self-fulfilling.

For any changes to be made to the platform, there must be a distributed consensus among the software users.

 

Understanding Ether

Ether debuted in a July 2014 initial coin offering (ICO), pricing at about 40 cents a coin. At its height, the cryptocurrency hit a record intraday high of $1,417.38.

Running the computers that execute code to power dapps is costly and consumes a lot of power, so Ethereum created Ether – its cryptocurrency – in order to incentivize programmers to run the Ethereum protocol on their computers.

Those programmers are compensated in virtual Ether coins for contributing resources and writing quality applications so the network remains healthy.

Just as Bitcoin miners get paid to maintain the Bitcoin blockchain by solving computational problems that allow them to add transactions to the public ledger, developers also use ether to pay to build and launch a smart contract on the Ethereum platform.

These miners are awarded 3 ether for each new block they add to the ledger. Ether is also for users who want to access smart contracts on the Ethereum blockchain.

 

A short overview of Ethereum mining

In simple terms, cryptocurrency mining is a process which involves solving complex mathematical problems.

To this end, miners form the fundamental basis of many cryptocurrency networks as they spend their time and computing power to solve those mathematical problems.

In the process, these miners provide a so-called “proof-of-work” for the network, which verifies Ether (ETH) transactions.

Added to this, miners are responsible for creating new Ether tokens through this process, since they receive rewards in Ether for successfully completing a PoW task.

Delivering adequate PoW relies on fundamental properties of the hash function, which is an “encrypted” piece of data that is procedurally derived from some arbitrary input.

The difference between hashes and standard encryption is that the process is one directional.

The only meaningful way to determine which input was used to generate a given hash is to try to hash all possible input combinations and see which one fits.

This process is further complicated by the fact that tiny alterations in initial data will produce completely different results.

Proof-of-work starts by designating a list of desired hashes based on the “difficulty” parameter.

Miners must brute force a combination of parameters, including the previous block’s hash, to create a hash that satisfies the conditions imposed by difficulty.

This is an energy-intensive task that can be easily regulated by turning difficulty higher or lower.

Miners have a certain “hash rate” that defines how many combinations they try in one second, and the more miners participate, the harder it is to replicate the network for outside entities. By putting real work in, miners secure the network.

 

The value of mining Ether

Mining turns the act of securing a network into a complex but usually rather profitable business, making the primary motivation for mining that of earning a profit.

As such, miners receive a certain reward for each block, as well as any transaction fees paid by users.

There are also some other reasons as to why individuals tend to mine Ether. For example, certain altruistic community members could decide to mine at a loss just to contribute to securing the network, as every additional hash counts.

Furthermore, mining can also be useful to acquire Ether without having to directly invest in the asset.

Lastly, an unconventional use for home mining is a form of cheaper heating. Mining devices turn electricity into cryptocurrency and heat — even if the cryptocurrency is worth less than the cost of energy, the heat on its own could be useful for people living in colder climates.

 

Factors affecting the profitability of mining Ether

The potentially profitability of any type or cryptocurrency mining will depend entirely on the cost of electricity in a given area.

As a general rule, anything below $0.12 per kilowatt consumed in an hour is likely to be profitable, though prices below $0.06 are recommended to make mining a truly viable economic pursuit.

As such, these figures would make most home mining attempts unprofitable, especially in developed countries where electricity prices are generally above $0.20.

Even though it may still be possible to turn a profit with such prices, the return on capital could be severely impacted.

As a working example of this, a mining operation that costs $3,000 and generates $200 per month in revenue, of which $45 is spent on electricity at $0.05/kWh, will take 19 months to repay itself.

The same miner used in an area where electricity costs $0.20/KWh will be repaid in 150 months, or over 12 years.

Professional miners can gain the upper hand by moving their operations into regions that offer the cheapest electricity as well as by taking advantage of the generally lower rates reserved for industries.

 

As such, these are actually some of the primary reasons why mining has turned into a serious and capital-intensive industry.

That said, mining Ether at home is still accessible for most individuals, particularly due to the fact that it can be done with consumer graphics cards made by AMD and Nvidia, amongst others.

For those miners living in regions with low electricity prices, mining can turn into a strong source of income. To this end, a variety of online calculators exist which are able to outline the type of profits which can be expected.

 

These calculators provide an estimate of how much a miner can expect to make in a day.

In essence, a miner’s revenue is the total issuance of the network multiplied by their share of the network’s total hash rate.

To make a profit, the miner will need to subtract the cost of the electricity used by the mining operation. For example, a device using 1.5 kWh of electricity at a price of $0.10 will cost $3.6 per day.

The key to successful mining is maximizing the hash rate while minimizing electricity and hardware costs. Therefore, in addition to location, the choice of mining hardware is crucial for mining.

 

Ether mining using GPU, FPGA, or ASIC hardware

Ether was designed as a coin that could only be mined with consumer graphics processing units, also known as GPUs.

This makes it somewhat different with Bitcoin mining, which can only be mined effectively with specialized devices commonly referred to as application-specific integrated circuit machines, or ASICs.

These ASIC devices are hardwired to only do one task, which allows them to achieve much higher efficiency than more generic computational hardware.

Making a mining algorithm that is “ASIC-resistant” is theoretically impossible and very hard in practice as well.

As a result of this factor, ASICs designed for Ethereum’s mining algorithm, Ethash, were eventually released in 2018.

However, these miners offer a relatively modest improvement over GPUs in terms of hashing efficiency. By contrast, ASICs for Bitcoin are substantially more efficient than GPUs due to the specifics of its mining algorithm.

Another type of specialized mining device is the FPGA, which stands for field-programmable gate array.

These create something of a meeting point between ASICs and GPUs, allowing some form of configurability while still being more efficient than GPUs at particular types of computations.

It is possible and financially feasible to mine Ether with all of these devices, but not all are the most practical solution or make the most sense.

For example, FPGAs are inferior to GPUs in most instances. This is because they are expensive and very complex devices that require advanced technical knowledge to be used effectively.

As such, the reward may not be worthwhile for most users, as their mining performance remains very close to that of leading GPUs.

Ether ASICs provide a measurable performance boost over graphics cards but carry a host of drawbacks when practically applied.

The most important concern is that ASICs can only mine Ether and a few other coins based on the same hashing algorithm.

GPUs can mine many other coins and, if push comes to shove, can be resold to gamers or used to build a gaming PC.

Additionally, ASICs are harder to source, as not many outlets sell them, while buying directly from manufacturers may require high order quantities and long waiting times.

In conclusion, for the amateur or hobbyist home miner, GPUs remain the most sensible choice due to their flexibility and relatively good performance for the price at which they are available.

 

A guide to setting up an Ether farm

Successful mining requires careful planning and attention to avoid mishaps and unfortunate results.  As such, all computers present a potential fire hazard, and this risk is magnified in mining due to the constant usage and high energy outputs involved.

For in-home mining settings, it is therefore vital not to overload the domestic electric grid with an excessive power draw.

The grid as a whole and each single-socket are only rated for a certain maximum power, and mining devices can easily surpass those thresholds. The wiring could fail and overheat, posing an immediate fire hazard.

If you are a beginner, it could be helpful in this case to first consult experts to evaluate the safety of your setup.

Choosing high-quality power supply units with ample power rating margins is highly recommended to protect from power surges and other electrical issues.

For GPU and FPGA mining rigs, there are several key hardware requirements for mining Ether effectively.

Investing in specialized motherboards, such as the Asrock X370 Pro BTC+ or the Gigabyte GA-B250-FinTech, can be very worthwhile, as they are optimized for mining.

Each motherboard may support up to 14 GPUs, which is normally impossible on standard motherboards.

The motherboard should be paired with a sufficient amount of RAM, 8 or 16 gigabytes, and at least 256GB of drive storage. The latter part is very important as Ether mining requires a lot of runtime memory, at least 4GB per GPU.

Through an operating system trick called pagefile caching, this requirement can be offloaded to the much cheaper permanent storage with no performance loss.

The GPU’s own RAM must also be at least 6GB to account for the growing DAG, a key mechanism of the Ethash algorithm.

The DAG, which stands for directed acyclic graph, is a large dataset used to compute the hashes for mining Ether. Mining hardware must have enough memory capacity to store it.

The dataset grows at a rate of approximately 1GB every two years for Ether, though other coins may have different growth rates.

Four-gigabyte devices will have been completely unusable by the end of 2020, while 6GB-cards are likely to have been depreciated by 2024. Again, online calculators can help evaluate the exact time schedule.

The central processing unit can be as cheap as necessary, as it has no relevance to GPU mining. Multiple-GPU setups are likely to require risers, an adapter to allow GPUs to be connected to the motherboard.

The mining rig case should be open and wide enough to allow air circulation.

In terms of the operating system, Windows and Linux are both valid options, though Linux may require more command-line interactions to set up.

It is vital to optimize the GPUs in terms of clock speed, power usage and memory timings to achieve the figures outlined earlier, but a full roundup is outside of the scope of this guide.

The most straightforward way to mine Ether is by joining one of many mining pools like SparkPool, Nanopool, F2Pool and many others.

These allow miners to have a constant stream of income instead of a random chance of finding a whole block once in a while.

Popular mining software includes Ethminer, Claymore and Phoenix. It may be worth testing each one to see which is faster for your specific configuration.

Finally, the devices should be regularly maintained, cleaned and dusted to keep the hardware in good standing.

 

Ways to mine Ethereum

 

Pool Mining

Ethereum mining by participating in a pool is the easiest and fastest way to get started. With pool mining, you will work in consort with other miners, all of whom are mining within a single pool.

As such, all the pool miners agree that if one of them finds the secret number, they will share rewards with everyone.

The amount of times these groups find blocks and share rewards depends on the pool size. However, it is important to remember that not all pools are created equally.

 

As such, before joining a pool, it is important to take the following factors into consideration:

  • Pool size
  • Minimum Payout
  • Pool fee

 

Pool size is important to determine because as the number of people that mine increases, so do the correlating chances of receiving awards.  That, as more people join the pool, the size of the awards become more diminished as well.

As such, it is important to test different pools before you find the one that best works for your computer. Joining big cryptocurrency mining pools is usually a safer choice.

While you might receive fewer rewards per block with larger pools, these will still come more regularly than with smaller pools, where miners can go up to a week without receiving any awards.

Next, it is also important to examine the minimum payout, which is the smallest amount of Ether you will need to mine before it gets sent to your wallet.

For example, if the minimum payout is 1 ETH, you will need to stay in the same pool for a long time before receiving your cryptocurrency.

Pools with large minimum payouts are not beneficial to you. You should try to find pools with a small minimum payout, in order to receive as frequent a payout as possible, without having to commit your time to a single mining pool for too long.

As such, affording yourself the flexibility to switch between different cryptocurrency mining pools is essential to success in the long term.

Every pool has a fee associated with it. You have to pay a small amount in order to be able to continue using the pool.

This amount is deducted automatically, and the payments are percentage based, and are calculated into the cryptocurrency you are mining.

The amount you have to pay usually differs from 1% to 3%. You should look for a pool with around 1% fee as these are far more reliable than 0% fee pools.

Operating a mining pool is a full-time job and computing and data centre space can be quite expensive.

0% fee pools are usually supported by donations, making them less stable than pools with a fee to cover the costs.

On the other hand, if the pool fee is higher than 3%, you should consider looking for another option.

 

Mining independently

Mining independently comes with some definite pros, but also with several cons which the beginner miner would do well to consider.

As such, mining Ethereum alone means that you are essentially competing with other miners and will only receive rewards if you are the first one to solve the math puzzle.

Since you are competing with a very large network of people and companies that have a strong set of resources, you would need to get very lucky very often.

Mining alone is only profitable for those who have plenty of resources at their disposal, which can mean up to over 100 graphics cards alone.

 

That said, being able to harness this much computing power also has its own disadvantages, which include the following:

  • Heating problems. If your equipment gets too hot, it could break. Once your equipment breaks, it’s usually not worth the cost to repair it. You would need to spend more money to replace your mining rig and fix the heating issues.
  • Ventilation. To keep everything working correctly, you would need to have a lot of fans moving air very quickly. As already mentioned above, heating is a presents a significant challenge.
  • Noise. All the fans that are spinning and cooling down your equipment would generate a lot of noise, resulting in a very loud environment, so that you would typically need to conduct your mining in a warehouse or other remote location.
  • Electricity costs. Having so much equipment use power at the same time would use up a lot of electricity.

 

For example, with only ten graphics cards you would spend around 3-4 dollars on electricity per day. This would need to be increased to up to 100 cards to stay competitive.

Space. Finding the right location to store over 100 Ethereum mining rigs is not something that is available to most people, particularly beginners.

 

Cloud Mining

When participating in cloud mining, individuals essentially pay other participants to mine on their behalf, and essentially works by renting mining time from other people, and receiving all the rewards which they mine in return.

Cloud mining also comes with some distinctive pros and cons, which are described in more detail below.

 

Pros

  • You are not responsible for any equipment that breaks. Once you pay someone to mine for you, you’re buying a certain amount of work that has to be done.
  • And all of the repair costs are not your responsibility. However, be careful, some companies will make you pay for electricity and repair costs. Read the contracts carefully and avoid this.
  • You don’t have to keep a significant amount of noisy equipment in your home or warehouse.

 

Cons

  • You pay the money up-front if Ethereum price drops, you won’t have a chance to get your money back. And you’re stuck with the mining work you bought.
  • You can’t change the mining software and hardware that the cloud mining provider uses.

 

As such, cloud mining is a safe way for mining providers to guarantee themselves profit for the equipment they have purchased.

The cryptocurrency price does not affect them because you pay them in advance. Therefore, when you buy cloud mining services, you do not have to deal with any of the complications that come with setting up your own Ethereum mining rig.

In an ideal situation, cloud mining is less profitable than mining yourself.

 

 

Mining Ethereum on a PC: step by step guide

The whole process of getting a wallet setup, downloading your miner, configuring things in Windows and setting up your batch file to run should take less than 10 minutes.

 

Install Drivers

Click the Download button for the current driver. Alternatively, choose “Download Previous Drivers & Software” on the right hand side to choose older versions.

Install your GPU Drivers like you normally would (Next, next, Ok, etc.) and reboot. You know your GPUs are recognized correctly if you go into Device Manager (search in Windows search bar) and you don’t see any warning marks on your GPUs.

 

Set up your wallet

Open the Ethereum wallet and generate a new account and contract based wallet. This wallet will contain the payout address to which you’ll receive mining rewards from your pool or directly from the blockchain.

Add your new account, give it a memorable mining name. Store the password securely. After generating the Account, add a wallet and write down or copy to a text file the unique address.

This address will start with the characters “0x”. It’s necessary for receiving ETH mining rewards.

 

Download Miner

Download the current version of your selected mining software from the Google or Mega download links provided. Once downloaded, extract the folder to your Desktop for easy access.

 

Windows settings

Some settings should be modified in Windows to get you ready for mining: First, you don’t want your computer to go to Sleep as it will interrupt your mining so go into your Power Settings and set it to “Never” turn off/sleep.

To minimize the disruptions to your mining and settings you may want to also disable Windows Updates.

 

Join a mining pool

The next step is to set up pool-mining, as solo-mining is unlikely to make you any Ethereum unless you have a warehouse full of GPUs.

 

Start mining

Double click your Bat file to start the miner (if using the Ethermine mining pool). The miner will start, run the set commands to set those environment variables, initialize each of your GPU’s, build the DAG file on each of your GPU’s and start hashing away.

Let it run for about 20 seconds and then click “s” to display your Hashing speed.

 

Conclusion

While Bitcoin aims to disrupt PayPal and online banking, Ethereum has the goal of using a blockchain to replace internet third parties — those that store data, transfer mortgages and keep track of complex financial instruments.

At its core, Ethereum works very similar to Bitcoin. It’s a decentralized ledger that is verified and updated by participants of the Ethereum network. Ethereum is requires mining just like Bitcoin.

The only way to update a new block of Ethereum transactions is by mining that block. However, while conceptually the two are much alike, there are significant technical differences.

Some are more obvious; for example, Ethereum blocks are added every 15 seconds (on average) while Bitcoin blocks which are added every 10 minutes (on average).

As a reward, Ethereum miners receive Ether all transaction and code-processing fees (aka gas) contained in their block, plus a possible bonus for any uncles they include.

 

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Crypto Regulations in South Africa

April 26th 2021 at 07:51

Fresh Unique Article to increase your trading knowledge: Crypto Regulations in South Africa

 

The popularity surrounding cryptocurrency is only increasing as time wears on crypto regulations in South Africa may be a little more behind on regulating the processes associated with it, as Cryptocurrency itself cannot be regulated in its entirety, but more provision is being made to accommodate it.

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Choose your quick section of our Crypto Regulations review below.

A Quick Overview of our Crypto Regulations Review:

 

Here is a more in-depth look at the regulations regarding Cryptocurrency in South Africa.

 

A short introduction to cryptocurrency

There are very few people who have not yet heard the word ‘Crypto’ or ‘Cryptocurrency’ mentioned at some or other point.

Cryptocurrency, or digital currency, is currency which has been encrypted cryptographically. All transactions which involve cryptocurrency are recorded on a public ledger which is more commonly known and referred to as ‘blockchain’.

Blockchain technology has numerous uses, some of which are not specifically only tied to cryptocurrency, it also serves uses in healthcare systems, supply chain management, and numerous others.

When applied to cryptocurrency, it is used to record all transactions and ensures that it is transparent in nature. Bitcoin was the first digital currency launched over a decade ago by the anonymous Satoshi Nakamoto.

After Bitcoin was launched, numerous other cryptocurrencies have been launched, with each having a different use case. All other cryptocurrencies, apart from Bitcoin, are referred to as ‘altcoins’, or alternative coins.

 

Properties associated with Cryptocurrencies

Cryptocurrencies are encrypted

This is an aspect which truly makes cryptocurrencies so reliable and secure, the fact that they are all cryptographically encrypted.

The simple definition of encryption is that it concerns meaningful data being converted into a code which cannot by understood or decoded by any individual who does not possess a key to do so.

As the backbone of cryptocurrencies, encryption is what makes it so secure and when data is encrypted, there is only one key which can encrypt or decrypt it.

Where cryptocurrencies are concerned, however, there are two keys created and they are mathematically linked to one another. While the one is used to encrypt, the other is used to decrypt.

The key which is used to encrypt the data is known as the public key, which can be shared with the public where payment receipt is concerned. The other key used to access cryptocurrencies, the private key, must be secured, kept secret, and never lost.

 

Cryptocurrencies are decentralized

The decentralized nature of cryptocurrencies is a core concept thereof as opposed to banks, which are centralized. Banks are governed by a regulatory body which is in control of all the funds.

The regulatory body also governs the way in which the monetary system operates. Should this governing body fail, it could lead to the collapse of the entire banking system. It is therefore that cryptocurrency supporters believe that there is dire need for a decentralized system.

Cryptocurrencies function according to a set of protocols which are not issued, controlled, or governed by a single person or entity. Instead, these protocols work according to predefined mathematical laws upon which the entire network arrives at a consensus.

 

There is a distributed system involved

Systems which are based on blockchain are known as Distributed Ledger Technologies, or DLTs. This means that blockchain can be located across all computers of the network.

Any transaction which is verified, is recorded in all of these computers. This means that the ledger is accessible by anyone on the network, which provides complete transparency, and transactions must be verified by the members who form part of the network.

As soon as there is an appropriate number of members on the network who have come to, or arrived at, a consensus, the transaction is completed successfully. This ensures that there is no fraudulent or illicit activity during a transaction.

 

Cryptocurrencies are transactable

Cryptocurrencies can be sent from one person on the network to another and it can be used for the same purposes as fiat currencies, such as paying bills, purchasing goods and services, and more, depending on whether it is accepted by a merchant.

As soon as cryptocurrencies are sent from the owner’s wallet to another, the transaction is recorded on the ledger. However, before that happens, the transaction has to be verified by members of the network.

These members ensure that the funds transferred is available in the sender’s wallet and as soon as this is verified, the transaction is then subsequently posted on the ledger.

 

Nodes

All the computers which form a part of the Bitcoin blockchain are referred to as nodes. These are basically the mechanism which are used for verification on the blockchain network.

Every node possesses a copy of the blockchain in its entirety and when a new transaction is initiated, nodes view the unverified transaction and compare it with their ledgers.

Even should a note accidentally validate a transaction that is incorrect, it will not work as the transaction requires a multitude of verifications. This important feature ensures that blockchain is incorruptible as there is no chance for fraud to take place.

Should a node, or a number of nodes, be found approving invalid or fraudulent transactions, it, or they, will be disconnected from the network permanently.

 

Crypto mining

Cryptocurrency mining should not be confused with the exchange or trade in cryptocurrency. Crypto mining results in two things, namely:

  1. The verification of transactions, and
  2. The generation or creation of new cryptocurrency.

 

New cryptocurrency is generated or created to reward those who mine it for the efforts towards the verification of transactions. Anyone who has the required hardware, software, and an internet connection can mine cryptocurrency.

However, it is a process which requires a substantial amount of electricity as it uses robust computational power to resolve complex mathematical problems, or algorithms, which help to solve, or mine, a block.

Once the block has been mined, the miners are rewarded with cryptocurrencies which are more commonly known as block rewards.

 

Is it legal to mine cryptocurrencies?

Despite its popularity, there is still a lot of talk surrounding the safety, security, and regulations surrounding cryptocurrencies. There are numerous countries in the world who have declared Bitcoin as illegal meaning that cryptocurrency mining is also prohibited and considered illegal.

It is not an illicit activity, so it may be difficult for some to understand why cryptocurrencies are outlawed in some jurisdictions around the world, especially when considering that it is decentralized.

Its decentralized nature is actually one of main reasons why there is such harsh hostility towards it along with the fact that it has a stateless nature which surrounds it.

Fiat currencies have the word of governments backing it whereas cryptocurrencies break this. In addition, anyone is allowed to join the network and contribute to its growth, which is another nightmare for certain governments around the world.

 

What do regulations in South Africa say about Cryptocurrency?

Cryptocurrency and blockchain are two of the most popular topics amongst millions of people around the world.

When considering that there are governments in various jurisdictions that have banned the trade, exchange, purchase, sale, and mining on cryptocurrency, it is imperative to explore what South Africa’s regulation is with regards to it.

As the move towards a more digitalized world proceeds, there are numerous countries that have taken a vote of non-confidence in cryptocurrencies whereas others have embraced it with open arms. China, for instance, has outlawed the use of crypto.

When considering Africa as a whole, there are numerous African countries that have banned cryptocurrency entirely. South Africa, on the other hand, as one of the largest economic hubs on the African continent, has substantial potential in becoming a leading country as far as the adoption of crypto and blockchain development is concerned.

However, the sector is experiencing slow growth and it is therefore time to consider what exactly is happening in the South African crypto industry and see which direction it might be headed in.

 

Is cryptocurrency considered a currency in South Africa?

Despite the fact that cryptocurrency has become increasingly popular in recent years, and that it has seen widespread acceptance in numerous countries as a currency, despite its digital nature, the South African Reserve Bank does not view it as such.

Due to the lack of requirements to be considered as a currency, cryptocurrency, and other digital assets, are merely referred to as ‘cyber-tokens’.

The approach which was taken towards cryptocurrency, or cyber-tokens involves the fact that digital assets cannot be considered currencies in the economic sense as they are not considered stable means of exchange, nor are they a stable unit of value.

In changes which were made to the Taxation Laws Amendment Act in 2019, cryptocurrencies were referred to as a hobbyist financial instrument. Until today, there have not been any laws or regulatory frameworks in South Africa that bans or regulates the usage of cryptocurrencies.

 

South Africa and the rest of the world

There are numerous patterns visible in the cryptocurrency industry in South Africa however, in various critical ways, these patterns reflect global patterns. There is great enthusiasm in cryptocurrency which has been expanding relentlessly in every global event, especially during the bear markets.

This is especially unique when considering the relation to both Western and European nations in which a plunge in intrigue can be noted. There are, however, some tendencies recreated from worldwide markets.

The first is one concerned with cryptocurrency being used as a theoretical resource instead of using cash, or fiat currency. This was received in utter amazement, provided that the far-reaching story involving cryptocurrency in Africa having taken a gander at exchanges.

There are experts who observe how their clients are selling their cryptocurrencies as soon as the prices rise and purchase as soon as the prices plunge. This would suggest that cryptocurrency instability is being used as a means to earn profits.

Even as a theoretical resource, cryptocurrencies are providing a much-needed arrangement within a nation as South Africa is one of the largest economies in Africa, next to Nigeria.

 

What is the role of regulation in the South African context?

South Africa has been making some progress where the cryptocurrency guideline is considered. At first, there was no administration and individuals began developing substantial advantage in the lack of administration which forced legislation to step in.

Although guidelines are far from being extensive, there is effort from the South African Reserve Bank and other participants to figure out and actualize some ideal guidelines.

In 2014, the South African Reserve Bank issued a whitepaper which outlined its position and where it stood regarding what it referred to as virtual currencies, or VC, and Decentralized Convertible Virtual Currencies, or DCVCs.

 

Some of the points which are noteworthy regarding cryptocurrencies from the white paper include, but is not limited to:

  1. The fact that cryptocurrencies are not seen as a legal tender such as the notes and the coins which are officially issued by a bank.
  2. The SARB, however, does not have any objection to the use of DCVCs which means that cryptocurrencies can be traded, exchanged, and mined without any legal implications, and
  3. DCVCs are recognized as a store of value which means that cryptocurrencies have the potential to be converted to legal tender in the same way that gift cards and vouchers are received but not as a legal form of payment.

 

Following the whitepaper, in December 2018, the South African Reserve Bank published a review of the National Payment Systems Act, 78 of 1998 pertaining to payment settlement, and the SARB has, reportedly, undertaken to complete overhaul of present regulations by 2020.

This involves the fact that SARB recognises the possible existence of the little difference which exists between domestic and international payments and sees the possibility of similar digital currencies which may be positioned at the heart of national payment systems in the near future.

Should this happen, it has the potential of paving the way for great reduction in how commercial banks are exclusively processing payments and it may also lead to the possibility of a digital South African fiat currency.

 

How to obtain legal recourse

The SARB has explicitly warned the public against cryptocurrencies as they do not possess legal status or a regulatory framework. Transactions which involve cryptocurrency can therefore pose numerous risks to the user.

One of these is the sheer lack of security guarantees and challenges which are faced with the conversion of cryptocurrencies. SARB stated that it does not regulate virtual currencies and it is the user’s own risk when they are used.

Therefore, there is currently no recourse. Authorities have distanced themselves from such, indicating that it is an individual’s own responsibility to decide whether they want to risk using cryptocurrencies.

Should there be any issues experienced when trading or exchanging cryptocurrencies, traders and investors do not have any backing from SARB or any other regulatory bodies.

Despite this, there are, however, plans to regulate cryptocurrencies in South Africa but this may take some time still as SARB tests several regulations which regulate to Bitcoin and cryptocurrency, as a whole.

 

Project Khokha

Project Khokha was launched in 2018 and the goal of it is for South Africa to contribute to global initiatives involved with the assessment on the application as well as use cased of distributed ledger technology, or DLTs.

The initiative ran on a platform which is based on Ethereum. The technology was developed by a blockchain company, Consensus, in collaboration with Quorum. The main objective behind the project was to replicate the South African Multiple Gross Operation Settlement System, or SAMOS, which was long overdue for a substantial overhaul.

Project Khokha was combined with DLT which aids in speeding up transactions while simultaneously reducing overhead costs.

In its third month of testing, Project Khokha received an award for the ‘Best Distributed Ledger Initiative’ ward in Singapore. Not only is Project Khokha a proof-of-concept interbank payment and settlement system which is purely based on the blockchain associated with Quorum.

In addition, Project Khokha is also the first initiative in Africa which is blockchain-based, and which received global recognition.

In testing the project, Project Khokha had the backing and the support of eight banks namely Discovery, FirstRand, Nedbank, and five other banks. The project trial was a success but there has not been any further information regarding the commercialization thereof.

Although no other news was provided on Project Khokha, earlier in 2020, South Africa’s top financial regulators in addition with the SARB, jointly released a policy paper which contained thirty recommendations associated with the regulation of cryptocurrency and related service providers.

This is towards ensuring compliance with the Financial Action Task Force, or FATF, which is the money laundering and terrorist financing watchdog on a global scale.

Contained in the paper are specific recommendations associated with the development of a regulatory framework concerned with cryptocurrency assets including suggestions regarding the required regulatory changes which must be implemented.

The first of these recommendations ensures that there is compliance with the rules that have been set by the FATF as described in the guidance provided associated with crypto assets as well as crypto asset service providers, or CASPs.

 

These CASPs include the following:

  • Cryptocurrency trading platforms
  • Crypto ATMs
  • Issuers of tokens
  • Fund and derivatives service providers
  • Custodial wallets, and other related custodial services, and more.

 

CASPs will be subjected to registration with the Financial Intelligence Centre, or the FIC as it is regarded as an accountable institution which complies with both AML and CFT requirements.

There have also been proposals made that the Financial Sector Conduct Authority, or FSCA, become the authority responsible for the licensing of services which relate to both the buying and the selling of cryptocurrency assets.

 

Can regulations which are put in place work?

When considering the decentralized nature of cryptocurrency, it would never be possible to regulate it as it is not based in one location, nor is it a singular entity, it is spread across the globe in a massive network which connects millions of users.

However, where cryptocurrency in South Africa is concerned, there is still a predominant self-regulatory approach while SARB and other participants finetune the regulation that is coming into effect.

Regulations may have a negative consequences on the growth and the innovation of the cryptocurrency industry which may hinder the development thereof. In addition, technology is moving at an extremely fast pace and may have changed and evolved by the time regulation and laws have been enforced, which will require updates to stay on par with development.

 

How can traders and investors further ensure the safety of their funds when trading or exchanging cryptocurrency?

Cryptocurrency trading may be daunting to many who have never had exposure to it, even to those who are more advanced in trading other financial instruments.

Apart from regulation, it is still important to consider that there are numerous other risks that traders and investors face when trading or exchanging cryptocurrencies regardless of whether they do it through a broker or a crypto exchange platform.

Traders and investors need to ensure that they conduct thorough research as there are scams and illicit companies and malicious individuals spread across the internet. It requires extensive research to ensure that an exchange or a broker is as legit as they appear.

When trading or exchanging cryptocurrencies, making sure that extra security protocols are in place, goes a long way. Regulations will not stop hacking attempts or security threats, so traders and investors need to ensure that they are thoroughly protected.

By making use of security measures such as 2FA, Google Authenticator, and other valid security applications, traders and investors can make sure that both their funds and personal information is protected.

When trading or exchanging, it is imperative to ensure that funds are not located in an online wallet or left on an exchange.

Traders and investors are strongly urged to keep the majority of their funds in a cold, offline wallet or a hardware wallet and to only transfer adequate amounts as they need it to a hot, online wallet.

 

Conclusion

The popularity surrounding cryptocurrency is only increasing as time wears on, and South Africa may be a little more behind on regulating the processes associated with it, as Cryptocurrency itself cannot be regulated in its entirety, but more provision is being made to accommodate it.

With recommendations in place on regulations, it will hopefully provide South Africans with some recourse in addition to allowing for the space which is needed for cryptocurrency to continue growing and to allow for South Africa to keep up and not fall behind the rest of the world as it moves onward and forward into a more digitalized era.

🏆 Top 3 Brokers Crypto Trading Platforms

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A review about Binance

A review about Gate.io

A review about Luno

10 Best Upcoming DeFi Coins

April 26th 2021 at 02:59

Fresh Unique Article to increase your trading knowledge: 10 Best Upcoming DeFi Coins

 

This article seeks to explore the best upcoming DeFi coins, what they are, how it works, the most common DeFi protocols, and what the best upcoming DeFi projects and their coins are and how they play a significant role in the ecosystem associated with decentralised finance.

 

Our 10 Best Handpicked Upcoming Defi Coins:

 

Let’s address each crypto on this list in a bit more detail. Technological innovations are happening at a frightening rapid pace and there are many new concepts as well as projects being developed. View the pros and cons of each de-fi coin. 

 

🏆 Top 3 Brokers Crypto Trading Platforms

⚡The world’s biggest crypto platform

⚡ Asia’s Biggest Trading Platform

⚡Africa’s Biggest Trading Platform

 

A review about Acala
 

Acala (ACA)

Acala is a decentralised stablecoin program which offers users with flexibility and forkless upgradation. Acala combines all-in-one solutions and is based on the Polkadot network and hub, which is an Ethereum-compatible platform that offers a variety of applications.

Applications that are supported by the platform use smart contracts that are built-in, offering various capabilities and ensures robust security. The platform also offers users a broad range of uses including:

  • Trustless staking derivatives.
  • Multi-collateralised stablecoin.
  • AMM DEX, which is where all micro gas fees that are paid in any token.

 

Users who make use of Acala can perform any of these functions:

  • Borrow aUSD and manage any outstanding loans that they may have.
  • Earn interest on aUSD if they are a loan provider, or lender.
  • Trade tokens.
  • Partake in governing ACA holders.

 

The following entities are partnered with Acala:

  • Goodmore Capital
  • Haskey
  • Polkadot
  • Chainlink, and several others

 

A review about DerivaDEX
 

DerivaDEX (DDX)

This is a new decentralised exchange that allows for derivative contracts to be built on the Ethereum blockchain and network. The exchange is owned and managed by the community, operating on a liquidity-mining model which lets users take control.

The native token for the exchange is DDX and it lets users partake in the governance and the operation of the exchange. In the protocol, and with the token, users can also speculate and hedge on leveraged derivative products.

The exchange will be launched within the third quarter of the year and has the following partners:

  • Coinbase
  • Ventures
  • Three Arrows Capital
  • Dragonfly Capital
  • Polychain Capital
  • Electric Capital

 

A review about 1inch Exchange
 

1inch Exchange (1INCH)

1inch Exchange was established in 2019 by Sergej Kunz and Anton Bukov and it integrates various decentralised exchanges including Balancer, Oasis, Balancer, and others.

DEX “aggregators” are some of the largest developments in the digital market and they offer users with the ability to tap into high liquidity. They also allow users to benefit from improved pricing as well.

1inch Exchange is an aggregator that is also non-custodial and incorporates other platforms into one. It sources liquidity from other exchanges and employs smart contract technology to optimise trading.

1INCH is the native token for the exchange and it is its latest endeavour that intends to serve as a utility token and one that can be used for governance. The token is set to operate on the Ethereum blockchain in addition to being distributed across various wallets that have previously interacted with the platform.

There is a total supply of 1.5 million 1INCH tokens, with 30% of these planned to be released in the next four years. Traders will be considered eligible for these tokens if they fulfil one of the three conditions. These conditions are:

  • That traders must have executed a trade on the platform before September 2020 for the first time.
  • Traders must complete at least four trades in total on the platform.
  • Trades executed on the platform must be worth at least $20.

 

The top partners involved with 1inch include:

  • Ontology
  • Neutrino
  • Dragonfly Capital
  • Galaxy Digital
  • Binance
  • Waves

 

A review about Sperax
 

Sperax (SPA/sCOIN)

Sperax is a blockchain company which aims to build a trusted blockchain infrastructure with the purpose of deploying unique token economics that can be used for a scalable decentralised economy.

Sperax offers users with a module that is high-performance by making use of an innovative BDLS consensus protocol, with this work having been recognised by many reputable key role-players.

To allow for a truly decentralised economic ecosystem and to offer developers with more incentive to join, Sperax provides to of its own native tokens SPA and sCOIN. SPA tokens allow users to participate in governance processes on the system while sCOIN is a fiat-pegged stablecoin that is issued and could lower the existing barrier in adoption of blockchain.

Partners involved with Sperax include:

  • FBG Capital
  • Diffusion Digital
  • Chainlink
  • Outlier Ventures
  • Cobak

 

A review about MANTRA Dao
 

MANTRA Dao (OM)

MANTRA Dao is a finance platform that is completely decentralised and specialises in staking, lending, pool returns, and more. MANTRA Dao is based on the Rio Chain that is a substrate-based blockchain infrastructure that is interoperable with the Polkadot network.

MANTRA Dao works to address key issues that are associated with conventional blockchains while they also aim to achieve the mass adoption of DeFi ecosystems. MANTRA Dao has developed its own infrastructure to maintain the platform and help with token holders.

The native token of MATRA Dao is OM and token holders are seen as beneficiaries of the foundation along with having governing rights on the platform. the MANTRA Dao platform makes use of a Karma Protocol that assists in assessing participants’ behaviour in addition to keeping track of their performance on the platform.

MANTRA Dao’s key features are:

  • Credit score that progresses with participation.
  • Liquidity pool
  • Governance rights
  • Borrowing and lending assets.
  • Staking

 

Partners of MANTRA Dao include:

  • Uniswap
  • Poloniex
  • Vendetta Capital
  • Genesis Block
  • LD Capital
  • Rio Defi, and more.

 

A review about Hedget
 

Hedget (HGET/$HGET)

Hedget is a platform that lets its users hedge their cryptocurrencies. One of the inherent features associated with cryptocurrencies is their volatile and risky nature. With Hedge, users can pay a premium to safeguard their positions against sudden price changes that may occur.

Options trading in cryptocurrency is a new concept that has always been riddled with problems due to slow settlements and constraints in technology that can occur on the blockchain.

Digital financial instruments are also based on relational databases due to complex business thesis, requiring exceptional querying, and this is not something that fell into the realm of possibilities for blockchains.

However, Hedget offers the perfect solution to these issues and provides fast and reliable options trading with Ethereum as the underlying asset that is being tracked. The Hedget platform will support ERC tokens, with others being planned as development continues.

The native Hedge Token, HGET or $HGET, allows for utilisation and governance. The platform offers the token as an ERC20 contract which is represented on the Chromia sidechain with two main functions:

  • Governance, which will help to establish transaction fees, asset reserves, and general functions and features on the platform.
  • Prevent the spamming of orders which may lead to API overloading and manipulation in the orderbook.

 

A review about NEAR
 

Near (NEAR)

This is a DeFi platform that has been developed to offer protection of assets and the identity of people. Near also offers protocols that can be used in development of applications. Its native token, NEAR, can be used to incentivise nodes on the network in addition to power transactions and NEAR Smart Contracts.

 

A review about UMA
 

Universal Market (UMA)

UMA is used to create synthetic assets in addition to allowing users to develop Smart Contracts that enforce themselves and guarantee certain economic factors. The idea behind this protocol is to power various innovations that occur in the financial world.

 

A review about Coda
 

Coda

This protocol is one of the first cryptocurrencies that has a blockchain size that remains a constant size. It can also compress the blockchain into a smaller snapshot the size of a few tweets on Twitter.

This means that Coda can process thousands of transactions in a second while it manages to remain decentralised. This makes it simple to produce apps that are user-friendly, and programmers can use it to develop apps and games that can harness the benefits of the blockchain with a simple script tag or JavaScript.

The aim behind it is to make use of zero-knowledge succinct non-interactive argument of knowledge, known as zk-SNARKs. This makes verification of the historical chain data instantaneously available as well as actionable by users without having to rely on intermediaries.

 

A review about Graph Protocol
 

Graph Protocol (GRT)

This protocol focuses on decentralising the internet and to make it possible for multiple networks to connect quickly and to transfer data rapidly and securely by decentralising the API layer of the internet.

Data querying relies on a centralised service provider and by using decentralised APIS and The Graph, which is a query system, this can change in the next few years. Developers can run a Graph Node on their infrastructure, and they will also have access to The Graph’s hosted services.

The Graph also features an incentive system that is based on staking and the participants on the network, called Indexers, stake Graph Tokens (GRT) to participate in the network.

Indexers are provided with rewards for indexing subgraphs and fees. GRT provides economic security by forcing Indexers to perform well. If they are found to perform maliciously, their GRT is cut.

 

Decentralised Finance explained

 

What are DeFi Projects?

DeFi projects exists in the space that cryptocurrencies occupy, and it has been at the forefront of the bull market due to their parabolic increase in popularity as well as its many applications.

Due to this, it is important that investors, traders, current and future users understand what is involved with DeFi, what they are and what their place is along with the potential that they hold to change the world as we know it.

Decentralised Finance, or DeFi and various DeFi projects have the main purpose involved with brining a non-custodial financing service to the major market. The movement associated with DeFi is involved in the creation of an economic system that is both open and freely accessible by anyone, which subsequently minimises the need to rely on centralised authorities.

DeFi projects achieve this by leveraging the interoperability associated with the Ethereum blockchain and smart contracts and capabilities of Ethereum. This movement depends on Ethereum which offers a driving force behind skyrocketing fees due to the number of projects that are interacting with smart contracts on the Ethereum blockchain.

In the cryptocurrency ecosystem, DeFi projects make up for more than $6 billion is assets, at the time of writing, with this number increasing almost weekly. There are currently over 100 DeFi projects, and they offer numerous solutions. As result of the use cases and applications, it is no surprise that the DeFi movement is taking the cryptocurrency world by storm.

 

How does it work?

The most popular DeFi projects are the lending protocols including Aave, Maker, and Compound. DeFi protocols such as these let users borrow crypto instantly, often in substantial amounts, if users can provide proof that they will be able to settle the loan in a single transaction.

Lenders can earn interest based on the loans that they provide to borrowers and thus, this protocol and these projects are beneficial for both lenders and borrowers.

There are several decentralised exchanges that let users trade and exchange Ethereum-based tokens or coins. It also allows users to earn money for adding liquidity to the market associated with a specific token.

DeFi also involves synthetic assets such as Synthetix tokenised stocks, stablecoin, DAI, and numerous others, of which the value is determined by the protocol using algorithms which provides a trustworthy solution as it cannot be corrupted or manipulated.

Another service involves a non-custodial service port from Bitcoin to Ethereum which offers decentralised price oracles, allowing synthetic assets to peg themselves to their non-synthetic likeness more accurately.

 

Most Common DeFi Protocols

 

Decentralised Lending Protocols and Yield Farming

Major DeFi lending protocols such as Aave, Compound, and Maker, among numerous others, have billions of dollars in value that is locked up in their smart contracts.

The premise is simple as cryptocurrency tokens can be loaned or borrowed. The protocols are based on Ethereum, which subsequently means that ERC20 tokens are either being loaned or borrowed. The tokens are non-custodial, meaning that their creators do not have any control over the tokens that are held by users.

Interest rates on these tokens can vary according to various market factors and the tokens have also sparked a craze associated with yield farming.

People who lend cryptocurrency on tokens such as Compound and Aave, are rewarded with a governance token, $COMP and $LEND, allowing them to vote on how the network operates. These tokens can also be sued for speculative purposes on some exchanges.

 

Decentralised Exchanges and Liquidity Providers

Another popular form of DeFi protocol is involved with decentralised exchanges and the largest of these, is Uniswap. Uniswap achieved its highest trading volume of $426 million on August 2020, surpassing that of the centralised exchange, Coinbase.

There are numerous other decentralised exchanges such as Balancer, Bancor, and Kyper, and these are aggregated by 1inch on a central website. Exchanges such as these are examples of automated market makers who have their own liquidity pools that are large vaults of token pairings.

ERC20 can be added onto any of these exchanges as it offers the market with a larger choice. This is as result of centralised exchanges that are not likely to list some tokens due to legal qualms and the number of scammers out there.

There is also an incentive structure that involves users bankrolling liquidity pools to earn fees when trades are executed. These are in addition to various yield farming rewards that are offered by protocols.

 

Decentralised Stablecoins and Synthetic Derivatives

There is more than $24 billion worth in Tether that is currently in circulation as it is one of the major US dollar-pegged stablecoins.

Tether has claimed that its tokens have the backing of the US dollar cash reserves, however, exact information to this is not widely known and Tether has admitted that only 74% of tokens are really backed by the US dollar. This has resulted in major investigations by the New York Attorney General.

A large problem is that traders who trade in US Dollar stablecoins are forced to trust companies that create these coins, believing that they are true to their word and that these tokens can be redeemed for US dollars.

However, many companies tend to break this trust and as result of this, there is a driving force behind the rise in decentralised stablecoins, based on the dictum “Code is Law” by Lawrence Lessig.

The peg of these stablecoin to the asset that they represent is determined by complex, self-sustaining algorithms such as DAI, which is one of the most popular examples of this.

Another popular synthetic asset platform is Synthetix which allows its users to trade other derivatives such as USD, AUD, BTC, and gold, with the trade in ETFs, stocks, and other instruments being planned.

Wrapped Bitcoin, or WBTC is another synthetic that can plug the user’s BTC into contracts, letting WBTC issuing an equivalent in Bitcoin. This protocol allows for Bitcoin investors and traders to join DeFi.

 

Steps in Starting out with DeFi

To start out in Decentralised Finance, users can follow these steps:

  • Obtain a cryptocurrency wallet that supports Ethereum.
  • Connect the wallet to various DeFi protocols.
  • Purchase a relevant coin for the DeFi protocols that the user wants to use.
  • Start lending out cryptocurrency by making use of Yearn.finance to source deals.
  • Become a Yield Farmer by earning governance tokens.

 

Alternatively, users can also place their funds in a decentralised exchange such as Uniswap and subsequently earn fees by becoming a market maker.

Another avenue is for users to start investing in new and upcoming DeFi projects that are still being developed, such as the ones that are explored in the sections below.

However, before moving onto exploring these projects, it is crucial for users to keep in mind that this specific part of the cryptocurrency ecosystem is filled with risks, scammers, and numerous errors.

There are new and upcoming DeFi projects that are still experimental and there are fraudsters, exit scammers, what is known as “rug pullers”, and other malicious individuals who work to expose vulnerabilities in smart contracts.

The projects and coins listed in this article are not experimental and have valid, legitimate partners that are involved, providing them with credibility.

 

Conclusion

In recent times, technological innovations are happening at a frightening rapid pace and there are many new concepts as well as projects being developed. A major area of focus is involved with currencies and there are significant movements towards independence from conventional currencies. This movement is also involved with becoming more reliant on digital currencies.

There are several reasons why there is a shift towards digital currencies, with two reasons involved with the control and manipulation associated with paper money and another that conventional currencies are rapidly losing their value and there is no way for people to get ahead, and remain ahead, of inflation.

Decentralisation is one of many solutions in solving various issues experienced with conventional currencies, with a lot of development occurring in the field associated with Decentralised Financing (DeFi).

 


The 3 Most Trusted Global Crypto Trading Platforms for De-Fi: 

⚡The world’s biggest crypto platform: Binance > Open a FREE Binance Account

⚡ Asia’s Biggest Trading Platform: Gate.io > Open a FREE Gate.io Account

⚡Africa’s Biggest Trading Platform: Luno.com > Open a FREE Luno Account


 

FAQ

What is the definition of DeFi?

Decentralised Finance, or DeFi, involves financial systems that work according to blockchain technology, making it easy to transform traditional services involved with banking, borrowing, and lending.

 

When did DeFi start?

Some say that it started in 2009 when Bitcoin was first launched, while others state that it started with the launch of Ethereum in 2015, which made decentralised finance possible for the first time by employing Smart Contracts.

 

Why is DeFi an important development in digital currencies/assets?

DeFi provides solutions that are transparent as well as decentralised, moving financial systems away from manipulation, control, and corruption, and allowing users to take more control in use applications for these systems.

 

What is the largest DeFi project?

The largest DeFi project currently is Compound which has $630 million worth of assets locked in the protocol.

 

Which are the best upcoming DeFi coins?

The list provided in this article feature some of the best upcoming DeFi coins.

 

Are DeFi coins safe to trade and use?

This depends on the platform being used in addition to the wallet that you connect to. There are inherent risks involved with cryptocurrency as a substantial portion of it is unregulated.

 

Which is the best exchange platform for DeFi?

One of the most popular exchange platforms is Uniswap which is a DeFi protocol exchange that is fully decentralised, and which has already surpassed most cryptocurrency exchange trading platforms.

 

 

A review about Binance

A review about Gate.io

A review about Luno

A review about Acala

A review about DerivaDEX

A review about 1inch Exchange

A review about Sperax

A review about MANTRA Dao

A review about Hedget

A review about NEAR

A review about UMA

A review about Coda

A review about Graph Protocol

Bitcoin bounces back above $50,000

April 26th 2021 at 01:22
Bitcoin rallied Monday as investors took advantage of the lowest levels in seven weeks to pile back in.

Bitcoin drops below $50,000

April 23rd 2021 at 00:35
Bitcoin declined for the seventh time in eight days, extending losses after President Joe Biden was said to propose almost doubling the capital-gains tax for the wealthy.

Unathi Kamlana appointed as commissioner of FSCA

April 22nd 2021 at 15:12
The incoming commissioner believes the top priority will be to provide stability to the organisation, with clarity of strategy and focus.

Mirror Trading International CEO hit with provisional sequestration order

April 21st 2021 at 08:51
The alleged founder and CEO of Mirror Trading International (MTI), Johann Steynberg, has been provisionally sequestrated in the Polokwane High Court.

10 Best Bitcoin Trading Apps

April 21st 2021 at 06:01

Fresh Unique Article to increase your trading knowledge: 10 Best Bitcoin Trading Apps

Bitcoin Trading Apps FI

bitcoin trading apps
 

Using the best Bitcoin Trading apps is vitally important when trading cryptocurrency on a mobile device or PC or Mac. Trading opportunities happen quickly and using the best bitcoin trading app will allow you to take immediate action when favourable trading conditions are prevalent.

 

Our 10 Best Handpicked Bitcoin Trading Apps Revealed:

 

Mobile trading has become a popular venture for obvious reasons; below is a list of the best Bitcoin trading apps which provide traders with more portability while granting you instant access to vast trading opportunities.

 

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⚡The world’s biggest crypto platform

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⚡Africa’s Biggest Trading Platform

A review about Luno
 

Luno

Luno is a crypto exchange trading platform that is aimed at emerging markets. Luno offers traders and investors with an array of services including a crypto trading platform, broker service, Bitcoin wallet, and an API for developers.

Coins can be bought and sold directly on the Luno app and there is a custodian Bitcoin wallet offered for both iOS and Android which is seamlessly integrated into the Luno account, offering traders with great flexibility and instant access to their account on the go.

However, when compared to other exchange trading platforms, Luno offers a limited range of cryptocurrencies that can be traded while accepting a broad range of fiat currencies such as EUR, IDR, MYR, NGN, ZAR, ZMW, PLN, UGX, and GBP.

Fees that are charged for services include deposit fees for certain payment methods, transaction fees for takers, withdrawal fees, and sending/receiving fees from the Luno account to other Bitcoin addresses.

 

Features

Feature Information
OS Compatibility Android, iOS
Supported Crypto Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, USDC
Rating on Google Play 4.2/5
Rating on the App store 4.6/5
Rating on APK Sites (if applicable) 8.8/10

 

Pros and Cons

PROS CONS
User-friendly mobile interface Restriction on most countries
Easy top-up with bank card/bank transfer Limited range of crypto
Desktop version available High limits on deposits and withdrawals

 

A review about Binance
 

Binance

Binance is the largest cryptocurrency exchange where daily trading volume is concerned and provides traders with access to more than 100 digital assets, a variety of reliable payment methods, and the option for recurring buys.

Binance also offers traders with a comprehensive mobile trading app that can be used which is user-friendly and allows traders to effortlessly switch between Lite and Pro interfaces in a single tap. The Binance app allows for advanced trading features while maintaining an air of simplicity.

Binance offers its services to a variety of countries and it has also established country-specific platforms for the United States, and United Kingdom markets namely Binance US and Binance UK.

 

Features

Feature Information
OS Compatibility Android, iOS
Supported Crypto Bitcoin, Ether, XRP, Bitcoin Cash, BUSD, Cosmos, TRX, USDT, etc.
Rating on Google Play 4.1/5
Rating on the App store 4.8/5
Rating on APK Sites (if applicable) 8.7/10

 

Pros and Cons

PROS CONS
Low fees No support in fiat currencies
User anonymity Young exchange
There are no stringent ID verification processes Funds are not insured

 

A review about Gate.io
 

Gate.io

Gate.io has been operating since 2013 and it is a reputable and well-established cryptocurrency exchange that offers a variety of cryptocurrencies in addition to offering a mobile app.

Gate.io offers crypto-to-crypto, spot, and margin trading in cryptocurrencies. In addition, traders are also offered with offline Bitcoin wallet technology (cold wallet), a helpful lending function, 2FA security, low trading and non-trading fees, and access to sophisticated Trade APIs, calendars, and comprehensive charting that is powered by TradingView.

 

Features

Feature Information
OS Compatibility iOS, Android
Supported Crypto More than 150 including Bitcoin, Ethereum, Ripple, etc.
Rating on Google Play 3.5/5
Rating on the App store 2.8/5
Rating on APK Sites (if applicable) Not yet reviewed

 

Pros and Cons

PROS CONS
Sophisticated and user-friendly Unregulated
Range of useful trading tools Limited funding methods
Educational sources offered

 

A review about Kraken
 

Kraken

Kraken has been in operation since 2011 and is a cryptocurrency exchange trading platform that offers traders with spot and derivative trading. Kraken is known for its robust security and it also makes use of stringent AML and KYC requirements to ensure client security.

Kraken offers its mobile trading app to both iOS and Android users and services are extended to all US clients, except those in Washington, DC, and New York. Other than that, it covers a wide global client base but has some restrictions on countries.

The mobile app is user-friendly and offers traders with access to a broad range of supported cryptocurrencies. In addition, traders also have access to unlimited deposits and withdrawals. Stablecoin fees that can be expected range from 0.2% down to 0%, with spot trading from 0% to 0.26%, and dark pool fees from between 0.2% to 0.36%.

 

Features

Feature Information
OS Compatibility Android, iOS
Supported Crypto Bitcoin, Bitcoin Cash, Dash, Montrose, Stellar, Zcash, Ethereum, etc.
Rating on Google Play 4.2/5
Rating on the App store 3.1/5
Rating on APK Sites (if applicable) 7.7/10

 

Pros and Cons

PROS CONS
Robust security Not suitable for beginners
Large range of cryptocurrencies Limited started account
Advanced trading features Slow account funding options

 

A review about Coinbase
 

Coinbase

Coinbase is a popular and reputable exchange trading platform that offers traders and investors the use of its mobile app. The mobile app is suitable for both trading as well as long-term investing.

Coinbase offers clients with a standard trading platform where a variety of coins can be traded, and it also offers a native wallet for retail investors. Coinbase is licensed as well as regulated in more than 40 United States and territories and offers its services to more than 100 worldwide countries.

The mobile app is easily accessible, user-friendly, and compatible with popular mobile operating systems.

 

Features

Feature Information
OS Compatibility Android, iOS
Supported Crypto Bitcoin, XRP, Bitcoin Cash, Litecoin, Ether, etc
Rating on Google Play 4.4/5
Rating on the App store 4.7/5
Rating on APK Sites (if applicable) 8.6/10

 

Pros and Cons

PROS CONS
Widely available in more than 100 countries High fee structure
User-friendly app Limited cryptocurrencies (less than 50)
Robust safety and security Stringent identity verification requirements

 

A review about Huobi Global
 

Huobi Global

Huobi Global is a leading blockchain service provider that was founded in 2013 and offers more than 234 cryptocurrencies that can be traded through proprietary trading platforms, including a versatile and user-friendly mobile app.

Huobi Global offers traders with spot trading that comes with the ability to use leverage of 1:3. Huobi Global is also dedicated to ensuring that a safe, professional, trustworthy service is offered to its client base that is spread across more than 130 countries worldwide.

 

Features

Feature Information
OS Compatibility iOS, Android
Supported Crypto 234+ including Bitcoin, Bitcoin Gold, Dash, Ethereum, EOS, Qtum, etc.
Rating on Google Play 3.9/5
Rating on the App store 4.9/5
Rating on APK Sites (if applicable) 2/10

 

Pros and Cons

PROS CONS
24/7 customer service US clients not accepted
Vast range of cryptocurrencies No regulation
Good selection of education offered

 

A review about Bitfinex
 

Bitfinex

Bitfinex is an online crypto exchange trading platform that allows traders to buy and sell a variety of cryptocurrencies through its proprietary trading platform. Bitfinex is known for its minimal slippage, and technological innovation in the trading of digital assets by offering state-of-the-art, world class trading tools and high levels of customer service.

Bitfinex ensures client fund security by keeping it in offline, multi-signature cold wallets. Bitfinex also offers its services to traders from around the world, however, due to legal restrictions, there may be some countries excluded from its service range.

Useful tools that traders can access when trading with Bitfinex includes Trade API, reporting tools, and several others.

 

Features

Feature Information
OS Compatibility iOS, Android
Supported Crypto Bitcoin, Ethereum, Tether, Tether Gold, Ox, and OMG Network
Rating on Google Play 3.4/5
Rating on the App store 3.6/5
Rating on APK Sites (if applicable) Not yet rated

 

Pros and Cons

PROS CONS
Advanced mobile trading platform Unregulated
Education offered No desktop trading platform
Competitive fees

 

A review about Bittrex
 

Bittrex

Bittrex is an American blockchain technology provider as well as cryptocurrency exchange trading platform. Bittrex offers traders with the exchange in a large variety of cryptocurrencies in addition to offering innovative trading technology, and institutional-level experience for both beginners and professionals alike.

Bittrex offers a user-friendly experience while ensuring reliable trade execution and industry-leading security protocols to ensure client fund security including multiple layers of protection, 2FA, multi-signatures, and more.

Bittrex also offers traders with algorithmic trading through extensive APIs, 24/7 customer support, and more.

 

Features

Feature Information
OS Compatibility Android, iOS
Supported Crypto Bitcoin, Digibyte, Ethereum, Tether, WAXP, XRP, and more.
Rating on Google Play 2.3/5
Rating on the App store 2.3/5
Rating on APK Sites (if applicable) Not yet rated

 

Pros and Cons

PROS CONS
Intuitive and user-friendly app Unregulated
API trading tool provided
Variety of funding options

 

A review about VALR
 

VALR

VALR is a leading cryptocurrency exchange which is based in South Africa that allows investors to buy and sell a variety of cryptocurrencies. VALR aims to bridge the gap that exists between conventional fiat financial systems and the ever-growing world of digital assets.

VALR offers transparent fee schedules, with trading fees that start from -0.1% for makers, 0.2% for takers, and straightforward buy/sell fees that start from 0.1% on crypto-to-crypto pairs, and 0.75% per trade on all crypto-to-ZAR pairs.

While deposit fees with VALR are free for both ZAR and Crypto deposits, there is a flat fee of 8.50 ZAR for withdrawals in South African Rand and variable fees when withdrawing in crypto.

VALR is partnered with Bittrex in providing traders with extended safety and security on their assets. There are multiple layers for protection that are employed to ensure account and fund safety, and when signing up with VALR, users are required to complete the “Know Your Client” or KYC process.

 

Features

Feature Information
OS Compatibility Android, iOS
Supported Crypto Ox, Bitcoin, Aragon, Bancor, Bitcoin Cash, Cardano, ChainLink, DAI, Dash, etc.
Rating on Google Play 4.2/5
Rating on the App store 5/5
Rating on APK Sites (if applicable) Not yet rated

 

Pros and Cons

PROS CONS
Variety of coins Limited funding options
Robust security Only one fiat currency supported (ZAR)
KYC process involved Limited anonymity

 

A review about Kucoin
 

Kucoin

Kucoin is one of the most popular cryptocurrency exchanges that provides for the purchase of crypto via Debit/Credit cards, Apple Pay, SEPA, and numerous other methods. Kucoin also supports peer-to-peer transactions.

There are hundreds of crypto pairs that are supported and Kucoin also issued its own token known as Kucoin shares. Kucoin is especially known for its competitive trading fees, however, the platform has no relationship with fiat currencies, making it hard for beginner traders to enter the marketplace.

 

Features

Feature Information
OS Compatibility Android, iOS
Supported Crypto 100+ including Ox, Bitcoin, MetaHash, Bitcoin Cash, Bitcoin Diamond, Ethereum, XRP, etc.
Rating on Google Play 3.6/5
Rating on the App store 4.4/5
Rating on APK Sites (if applicable) 9/10

 

Pros and Cons

PROS CONS
Large list of supported crypto Not suitable for beginners
Ultra-low trading fees Fiat currencies not supported
Excellent trading volumes and liquidity Cold wallet not offered

 

Conclusion

At the time of writing, Bitcoin has a market capitalisation of more than $600 billion, and it is growing. More traders are trying to harness the volatility and liquidity of the cryptocurrency markets by making use of popular crypto exchange trading platforms. Cryptocurrency and Bitcoin are two words that have grown in popularity in the world of trading and investing, with more traders exploring the potential that cryptocurrency trading holds. Bitcoin is the first official digital currency, it is the most traded and most popular of all.

 

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FAQ

 

What are cryptocurrencies?

Simply defined, they are digital currencies in which transactions are verified. Records of these transactions are maintained through a decentralised system that makes use of cryptography instead of a centralised authority.

 

Is it safe to trade cryptocurrencies?

They are not inherently unsafe to trade as the technology underpinning them is some of the most secure technology in existence. However, exchanges that offer trade often come under attack by hackers that try and gain access to steal client funds.

 

Is my money safe on these apps?

The safety of funds will depend on the level of security that the app offers, and that the user applies to their mobile device. While the apps offer multi-signatures, SSL, 2FA, and other security methods, traders must make sure to use passwords, biometrics, and other security protocols.

 

Why is Bitcoin so popular?

It is the first official digital currency that was created, it is a hedge against inflation, it is decentralised and cannot be manipulated, it is one of the most valuable and popular cryptocurrencies being used as a method of payment.

 

Why should I start trading Bitcoin?

As the supply of Bitcoin becomes fewer, and Bitcoin’s acceptance becomes more widespread, its value is set to increase, thus promising a hefty return on investment in time.

 

Are these apps user-friendly?

Most of these apps are acclaimed for their user-friendliness towards beginners, however, there are some that are more complicated to use.

 

What is the best strategy to use in Bitcoin trading?

There are several strategies that can be used including HODLing (Hold On For Dear Life relating to long-term investing), Hedging, Trend Trading, and breakout trading.

 

 

 

Bitcoin Trading Apps Banner

A review about Binance

A review about Gate.io

A review about Luno

A review about Luno

A review about Binance

A review about Gate.io

A review about Kraken

A review about Coinbase

A review about Huobi Global

A review about Bitfinex

A review about Bittrex

A review about VALR

A review about Kucoin

Best DeFi coins

April 21st 2021 at 03:03

Fresh Unique Article to increase your trading knowledge: Best DeFi coins

Best DeFi Coin to buy

Best DeFi Coins

What is De-Fi?

Decentralised Finance, or DeFi coins, defined as cryptocurrency assets that form part of, or originate from, DeFi protocols. These DeFi coins play a significant role in the ecosystem associated with decentralised finance and they derive their value from the use as well as widespread adoption of these protocols.

Our 10 Best Handpicked Defi Coins for 2021:

 

 

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Let’s address each crypto on this list in a bit more detail. View the pros and cons of each de-fi coin. 

A review about Compound
 

Compound (COMP)

COMP is a decentralised financial protocol that is based on Ethereum’s ecosystem and blockchain. COMP platform has one crucial duty in creating an environment in which both lenders and borrowers of cryptocurrency can operate. The former makes their digital money work form them and the latter is granted access to loans without worrying about third-party regulations.

The COMP platform does not contain intermediaries and lenders are investors who want their coins to gain value. Lenders provide borrowers with loans and they gain interest in return without being forced to interact with their borrowers directly.

Cryptocurrency assets are placed into a liquidity pool that is a series of smart contracts helping to match borrowers with available loans. The platform is entirely transparent as well as decentralised and users who have technical expertise are free to check the open-source code at any given time.

The network is a brilliant alternative to the traditional financial instrument platforms but the mechanics of each is unique. The COMP platform does not have identification verification, lower limits for lending, and there are no specific terms or penalties, borrowers pay back their loan whenever they want.

It also means that locked assets are withdrawable, and lenders receive interest in the form of rewards every 15 seconds or when a new Ethereum block is generated. The COMP coin supply is capped at 10,000,000, with 2,800 coins distributed daily amongst protocol users in proportion to the number of transactions which are completed with a specific coin.

Lenders and borrowers each obtain half and half, and once a user has earned 0,001 COMP, the reward is subsequently transferred to their account.

 

A review about Maker
 

Maker (MKR)

Maker is a new player on the field, and it is not a well-known project. Maker is a cryptocurrency based on a smart contract platform that works in conjunction with other DAI coins that aim to act as currency hedges.

MKR also provides traders and investors with a stable alternative to most other coins that are currency circulating on the cryptocurrency market.

MKR offers a trusted, transparent stablecoin system that can be inspected by anyone on the Ethereum blockchain. Founded three years ago by Rune Christensen, MKR is used for payments, savings, or as collateralisation. MKR also provides crypto traders with a variety additional options when they open or close positions.

MKR is based entirely on the blockchain and the stability of the coin cannot be mediated by either the legal system or any other counterparty. In addition, the coin also helps in the facilitation of trading while simultaneously remining rooted in the digital asset world.

The concept involved with stablecoin is straightforward; it is a token that has a price and/or value which is pegged to a fiat currency, specifically the US Dollar. A stablecoin is a token which exists on a certain blockchain but does not necessarily possess volatility, unlike either Bitcoin or Ether.

In addition, MKR is also a utility token, governance token, and resource of recapitalisation of the Maker system. It has a volatile price as result of the unique mechanics that it is associated with and the role that it fulfils on the Maker platform.

Both MKR and DAI tokens are issued by the same organisation/community and they are imperative in keeping all processes efficient and decentralised, symbolising the crucial relationship between the two tokens.

MKR is not a coin that can be mined, it is a collateral-backed digital currency which is soft-pegged against the US dollar, with the MKR fluctuating in value, assisting in the overall process. There are four broad markets covered by the Maker platform, namely:

  • Gambling
  • Financial Markets
  • International Trade
  • Transparent Accounting Systems

 

A review about Chainlink
 

ChainLink (LINK)

The ChainLink project is a unique and innovative project that is the first of its kind and represents an oracle service which is based on Ethereum. ChainLink makes use of the innovative and unique power of the development in blockchain solutions for conventional businesses and several enterprises.

ChainLink’s network offers reliable, tamper-proof inputs and outputs which are used in smart contracts present on any blockchain.

With conventional Ethereum blockchain, there is a missing bridge to real-world businesses and ChainLink works to address this by creating a link between the blockchain and their applications in the real world, ensuring that smart contracts are more connected.

Users of smart contracts can use oracles in the ChainLink network to fetch data from any API which is offline in addition to data pools and a wide range of other useful resources, which can subsequently be integrated into the ChainLink network and blockchain.

Oracles are simply programs that are used to retrieve as well as verify any external data retrieved by making use of data feeds, web APIs, and a plethora of other resources. These oracles accomplish a variety of tasks including, but not limited to:

  • Obtaining real-time price data from stock exchanges.
  • Retrieving payment information from electronic payment providers, and a variety of others.

 

To harness the power of these oracles, data sources are queried and probed for certain information and they are then linked to the blockchain. This allows for smart contracts to be created to work on this information which can then flow freely from the data feed.

LINK is the native token of ChainLink, and it is an ERC-20 token which has been developed on the Ethereum blockchain and platform.

LINK coins help to provide incentive for Node operators that operate on the network, with the demand and value thereof depending on the number of operators who operate on the off-chain architecture of the network.

LINK coins also get their value from the use cases associated with the network, meaning that the more work is performed on the network, the more valuable LINK coins will become. There are a total of 1 billion LINK coins, and it is not possible for more to be created beyond this number.

LINK coins can be exchanged on most major cryptocurrency trading platforms and exchanges such as Binance.

 

A review about DAI
 

Dai (DAI)

DAI is based on the Ethereum blockchain and its price is kept stable through a system of smart contracts that execute themselves. DAI has a steady value against one US dollar in addition to DAI being the key to the MakerDAO system.

When there are loans processed on MakerDAO, DAI is created, and this is the currency that users borrow and subsequently pay back to lenders. Once DAI has been created, it can only function as a stable Ethereum token which can be used to pay for products and services. It can also be transferred easily between Ethereum wallets.

The smart contract system keeps DAI’s price in check by using algorithms on the MakerDAO system that automatically manage its prices so that one single person is not required to keep it steady.

If the system works as it was designed, one DAI will always be equal to one US dollar. To date, DAI’s price has remained stable over the past three years, with only small fluctuations observed in its one-dollar price peg.

 

A review about Yearn Finance
 

Yearn.finance (YFI)

Yearn.finance was founded in 2020 by Andre Cronje and it is one of the most popular cryptocurrency projects to date. It is a decentralised finance platform that fulfils a series of functions that includes leveraged trading, liquidity aggregations, and it also serves as an automated market maker.

The project is still in its beta phase and its founder has warned that users use it at their own risk. Yearn.finance provides cryptocurrency traders with the opportunity to participate in yield farming where there is interaction with other DeFi protocols.

The farming concept resembles the planting of seeds, or coins, expecting that they will multiply over time. To harvest DeFi on the Yearn.finance platform, investors or traders must lock them in cryptocurrency through the placing of a bet.

Yearn.finance uses services including Aave, Compound, dYdX, a Fulcrum to optimise the process of lending coins. When users deposit cryptocurrency with Yearn.finance, they are subsequently converted into yTokens and rebalanced so that the most profitable lending services are selected.

YFI is the native coin of Yearn.finance and it is an asset that can only be distributed to offer liquidity to the platform when users use yTokens. This is done by placing bets and receiving interest and YFI aims to release the most decentralised digital assets that do not possess pre-mining presale, or by distributing it to the team.

When there are changes that must be made to the network or platform, they are done via online suggestions and voting, providing each YFI holder with a vote.

 

A review about Band Protocol
 

Band Protocol (BAND)

Band Protocol was founded in 2014 by Soravis Srinawakoon, who got involved in cryptocurrency in 2014 when he designed a cryptocurrency “gambling” website that served as a faucet to Bitcoin. The website rewarded users in Bitcoin when they wone casino-based games on the official website.

However, when the website reached its peak, Srinawakoon sold it and used the funds to start the development of a new project that would eventually grow to become the Band Protocol.

This protocol can be defined as a cross-chain data oracle which is a programme that aggregates and connects APIs along with real-world data to decentralised applications, including smart contracts, which exit on various cryptocurrency blockchain.

Cross-chain, as the name would suggest, means that Band Protocol can operate across multiple blockchains and that it is not only bound to Ethereum’s blockchain. This concept is one that is currently underexplored and developed in the digital currency world, which was the major selling-point for Band Project.

The Band Protocol blockchain is also known as BandChain with a native coin known as BAND, used for staking by validators and delegators, incentivising accurate and updated data feeds.

As soon as someone has requested data from the Band Protocol, a smart contract is subsequently submitted to the BandChain and it contains details of data that users want, and how they want it to be aggregated.

Validators are then selected based on a weighted average based on the respective stake that they have for the provision the data which has been requested. Data is then obtained from the relevant resources that have been specified by the smart contract.

The data is aggregated in the specified manner and stored on the BandChain. One advantage with this process is that, once requested, the data becomes freely available on the BandChain for anyone else who may require it.

BAND is available for trade and exchange on a variety of cryptocurrency exchanges such as Binance, Huobi, and Coinbase Pro.

 

A review about Ren
 

Ren (REN)

Launched in 2017, the Ren project is one of the earlier DeFi projects which have ever been recorded. It was formerly known as a “republic protocol” and the project aims to address privacy, security, and the interoperability that exists in OTC by decentralising it.

Founded by Taiyang Zhang and Loong Wang, Ren serves the purpose of making the transfer between different blockchains easier, more transparent, and secure, even in private models. Ren is a secure network consisting of a variety of virtual computers.

RenVM powers interoperability for various decentralised applications which enables cross-chain lending, exchanges, collateralisation, and numerous others. REN is the project’s native coins which allows for node operators to receive incentive for matching orders.

It also pays bonds to the Registrar and allows traders and nodes to participate in the REN Dark Pool as well.

 

A review about Bancor
 

Bancor (BNT)

The Bancor Network is overseen by the Bancor Foundation, with the company having been founded in 2016 and named after the international trade balancing currency which was originally envisioned by John Maynard Keynes.

The Bancor Network is headquartered in Switzerland and it also has a research and development centre which is based in Tel Aviv, Israel. This provides the company with a foothold in Zug, which is the rising blockchain hub along with the rising technology centre which is based in Tel Aviv.

The Bancor Network was created to serve as an elegant solution, allowing its users to swap ERC-20 and EOS coins across a vast amount of 10,000 other coin pairs. This further allows users to convert between two tokens without having to use a counterparty to facilitate the trade.

This can be done from the Bancor wallet that allows for the Bancor network to offer traders with automatic liquidity on their trades. Another important feature of Bancor is that the network remains decentralised as most of its functionality is owed to the use of the native BNT coin in facilitating trades.

The Bancor network is especially known and remembered from holding one of the most successful ICOs that the world has ever seen along with a well-deserved world record which was set in 2017. This was done when Bancor raised more than $153 million in less than 3 hours.

Since its ICO, the Bancor Network has seen more than $1.5 billion coin conversions that has taken place on the platform, facilitated by BNT. In addition, Bancor also makes use of cross-chain conversion technology that allows users to convert without giving up their private keys in the process.

Traders are also offered with a wide range of conversion options and the benefit that there are no fees charged, trades are instantaneous, and available for Ethereum and EOS coins across more than 8,700-coin pairs by using the Bancor wallet.

Another advantage that both Bancor and BNT share is that they provide liquidity to cryptocurrency markets. In an absence of liquidity, most digital currencies are likely to wither and die as the purpose behind them is the quick purchase and sale for a profit.

The Bancor Protocol is a unique solution that offers automatic decentralised liquidity spread across most cryptocurrency assets, even those that are held privately, and they are not limited or held to size or trade volume.

 

A review about Aave
 

Aave (LEND)

Aave is also known as ETHLend, with LEND as the native token for Aave after the winding-up operations associated with ETHLend in January 2020. LEND, or $LEND is also used for the reduction of fees and offering governing rights at a base-code level for future protocol updates.

LEND coins are burned from fees accrued from Aave’s protocol which suggests that LEND coins could increase in value in future. One of the most crucial features attributed to Aave is that it allows “Flash Loans” which allows users to borrow money without any collateral.

Aave can guarantee the safety of funds in liquidity pools as it reserves the right to reverse certain transactions, undoing all actions if the liquidity pool is not returned to certain parameters within a certain time limit.

In addition, Aave also includes a stable rate model that serves the goal to lower volatility in interest rates, which ensures that investors have extended protection. This model is ensured through rate switching, perpetual loans, and a nuanced tokenisation model.

Rate switching allows borrowers to switch between fixed or floating interest rates which is useful when there are volatile conditions in the decentralised market.

 

A review about 0x
 

Ox (ZRX)

Ox is a popular open protocol that was founded in 2016 with the hopes that a world would exist in which representation of each asset as part of the Ethereum blockchain could be achieved. Ideally, according to this, assets which would be included would be anything from digital games to stocks, gold, and fiat currencies.

Ox was designed to offer a platform that is decentralised and which forms part of the Ethereum blockchain. Ox is made by using a protocol involving Ethereum smart contracts, allowing those around the globe to run a decentralised exchange efficiently.

Founded by Will Warren and Amir Bandeali, who are involved with smart contract research and development, Ox features a variety of team members that have different specialisations from blockchain technology, software development, graphic and product design, and several others.

Ox works to address inefficiencies that exist in decentralised cryptocurrency exchanges. It also aims to bridge the inability of various major exchanges to work together. In addition to the Ox protocol, an Ox OTC was also designed which is a consumer-facing product making use of the original protocol.

The Ox OTC allows peers to exchange Ethereum tokens without having to use a Relayer by providing its own. ZRX is the native coin of OX and these coins are used to pay trading fees for Relayers.

ZRX is a decentralised form of governance involved with the protocol upgrade system and ZRX owners have certain input in the protocol, proportionate to the amount owned by individual users.

ZRX has a limited supply of 1 billion and 50% of this was released during its launch in 2017. ZRX can be bought, sold, and/or exchanged on several reputable cryptocurrency trading platforms and exchanges such as Coinbase, Coinbase Pro, and others.

Types of DeFi categories

 

Stablecoins

These are multi-assets which are collateralised for the issuing of a pegged token.

 

Borrowing/Lending

Which involves cryptocurrencies which are borrow or lent against a specific token.

 

Position Exchange

Which involves tokens representing a share in a decentralised exchange swap profit and/or the governance of power.

 

Derivatives

Which involves price tracking of tokens that represent a specific asset.

 

Fund Management

Which is associated with tokens that are used for active and/or passive fund management protocol services.

 

Lottery

Which involves tokens that represent claims on time-dependent draws.

 

Payments

Which are tokens that are used specifically for merchant trading and other payment services.

 

Insurance

Which makes use of tokens that represent claims for insurance.

PROS CONS
Decentralised Smart contracts are not always enough to ensure decentralisation and malicious developers can use the blockchain to create fraudulent projects
There are numerous current and upcoming DeFi projects that are worth investing in There are DeFi projects that are not audited thoroughly
DEX allows anyone to freely trade tokens Investors may invest in assets with which they are not entirely familiar
Level of anonymity associated with DeFi and DEX smart contracts Anonymous profiles may be hiding criminals
There is immense potential in DeFi There are still many risks to consider with any type of trading and investing

 


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⚡The world’s biggest crypto platform: Binance > Open a FREE Binance Account

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⚡Africa’s Biggest Trading Platform: Luno.com > Open a FREE Luno Account


FAQ

When was the term Defi first coined?

DeFi short for decentralized finance was first coined on Telegram in a chat in August 2018 between entrepreneurs and Ethereum developers which included Blake Henderson of 0x, Brendan Forster of Dharma and Inje Yeo of Set Protocol.

 

Where does DeFi get its inspiration from?

DeFi draws inspiration from blockchain which is the technology behind the Bitcoin digital currency.

 

Is Defi controlled by a single source?

No DeFi allows several entities to hold a copies of history transactions, meaning so it isn’t controlled by a single central source.

 

What was DeFi called before it became a common term?

Before it was commonly known as DeFi which stands for decentralized finance, it was often called open finance.

 

What are most DeFi applications built on?

Most DeFi applications are built on top of Ethereum, which sets itself apart from the Bitcoin platform as it’s easier to build other types of decentralized applications beyond simple transactions when using Ethereum instead of Bitcoin.

 

 

 

Best DeFi Coins

A review about Binance

A review about Gate.io

A review about Luno

A review about Compound

A review about Maker

A review about Chainlink

A review about DAI

A review about Yearn Finance

A review about Band Protocol

A review about Ren

A review about Bancor

A review about Aave

A review about 0x

27 Best Bitcoin mining software

April 20th 2021 at 15:35

Fresh Unique Article to increase your trading knowledge: 27 Best Bitcoin mining software

Bitcoin mining software is conducted through specialized computers, and the role of miners is to secure the network and to process every Bitcoin transaction. There is mining software available for Mac, Windows and Linux, and in this article we explore the best Bitcoin mining software as tried and tested.

 

Our 10 Best Handpicked Bitcoin Mining Software Revealed:

 

In order for miners to achieve their objectives, they must solve a computational problem which enables them to chain together several blocks of transactions – referred to as the blockchain.

 

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A review about BFGMiner
 

BFGMiner

BFGMiner features numerous device drivers for Bitcoin, including Drillbit Thumb and Eight, Twinfury USB stick miner, Ztex’s FPGA boards. There are also device drivers for scrypt, such as GAW War Machine and ZeusMiner units.

The software displays summarized and discrete data statistics of requests, accepts, rejects, HW errors, and efficiency and utility. If there is hardware support, the program can monitor device temperature.

BFGMiner features built-in stratum and getwork proxy server, and its heavily threaded code hands out work retrieval and work submission to separate threads, so that working services are not hindered.

The program supports ‘getblocktemplate’ decentralized mining protocol (without proxy), and can pre-emptively generate work prior to the completion of existing work.

BFGMiner comes with a watchdog thread that can restart idle threads, but doesn’t crash the machine if they fail to respond.

 

A review about Awesome Miner
 

Awesome Miner

Awesome Miner works on Windows and Linux, but also offers a web front-end that can be accessed from any computer, tablet, or smartphone.

The program has a built-in C# script engine, which can be used to create customized triggers and actions. You can use the program to set up privileged API access and configure default pools for all Bitmain Antminer ASICs in a single operation.

Having powerful centralized mining management features, Awesome Miner supports more than 25 mining engines such as cgminer, bfgminer, xmrig, srbminer, and sgminer.

It’s also compatible with all popular mining algorithms, such as SHA-256, Scrypt, X11, Ethereum, and Zcash.

You can add, switch, and manage pools for multiple miners in a single operation.

Lastly, Awesome Miner’s comprehensive dashboard lets you monitor the status and temperature of all ASIC and FPGA devices from one location.

 

A review about Easy Miner
 

EasyMiner

Easyminer is a graphical, open-source mining software that lets you mine Bitcoin, Litecoin and other cryptocurrencies.

The software supports minerd, cudaminer, ccminer, cgminer and ASIC mining for Bitcoin. EasyMaker comes with a dedicated “Moneymaker” mode, which is dedicated to mining of LTC on its own stratum pool.

It also features a “Solo” mode, which allows users to choose a pool of their own, as well as a custom hash algorithm corresponding to the coin they want to mine.

Easyminer uses the NHIL (Network Hardware ID Layer) protocol to provide an extra layer of security for the pool stratum and wallet architecture. The only real drawback is that Easyminer is only compatible with Windows.

 

A review about MultiMiner
 

MultiMiner

An open-source project, MultiMiner is compatible with many mining devices. These include Block Erupter, BFL/Bitforce, and HashBuster Micro.

MultiMiner is great for beginners, as it is possibly the easiest Bitcoin mining software to use, and comes as a desktop application that’s jam packed with features.

Available for Windows, Mac OS X and Linux, MultiMiner lets you switch mining devices (e.g. ASICs, FPGAs) between different cryptocurrencies (e.g. Litecoin, Bitcoin) without any effort.

The program uses the underlying mining engine to detect available mining hardware and lets you choose the coins you’d like to mine.

Although perfect for beginners, MultiMiner also has many advanced features such as automatic detection of network devices, as well as the ability to remotely monitor and control other MultiMiner rigs.

 

A review about Hashr8
 

Hashr8

Hashr8 is a new mining software company. It’s mining software made by miners, for miners. To combat the inefficiencies of other mining systems, Hashr8 constantly monitors the performance of your rig and automatically restarts it when there’s an error.

It also comes with a handy mobile app that notifies you of any changes and allows you to control your mining system remotely when you’re on the go.

The app (which is available for both iOS and Android devices) that comes with Hashr8 allows you to control multiple mining rigs from your phone.

It’ll automatically configure the installation based on the hardware in your rig. You also have the option to add overclocking and firmware with the configuration pre-sets that are included.

Hashr8 already supports over 650 different miners and mining pools, so chances are the one you’re using is covered. Your mining rig itself is likely also supported, as Hashr8 is compatible with most CPUs, GPUs, and ASICS and covers mining for multiple kinds of coins.

 

A review about Braiins OS
 

Braiins OS

For the more experienced, tech-savvy users, Braiins OS offers a simple but robust command line interface for their mining software in addition to the more common graphical user interface that most people are used to.

Braiins OS comes with some of the best documentation of all the mining software, and has also implemented its Stratum V2 communication protocol.

This protocol offers truly advanced features for power miners such as bandwidth load reductions, hash rate variance control, and hash rate hijacking protection.

 

A review about Hive OS
 

Hive OS

Hive OS is a dashboard which allows miners to monitor and control all of their ASICs and GPUs from one centralized location. Hive OS supports Bitcoin, Ethereum, Bcash, Monero and many other coins.

One of the great things about Hive OS is that they have a mobile app that allows you to execute all of the same functions and monitor all of the same metrics as the dashboard. With some recent updates the app also appears to function well, based on user reviews.

Whether you have three rigs or a thousand, Hive OS can easily integrate with all of them. Installation is easy as Hive OS automatically detects mining rigs and adds them to the dashboard.

All of this information can be accessed from anywhere in the world, which means that you can manage a mining operation from anywhere, you don’t have to be physically connected to the miners.

You can even use Hive OS to update ASICs (all at one time, it’s not necessary to update them individually) or restart a GPU if it has frozen.

This software supports more than 500 different currencies as well as 85 different mining rigs. Added to this, to increase the efficiency of your miners Hive OS has firmware that can boost hash rates as well as cut down on energy usage by as much as 25%.

 

 

 

CGMiner

CGMiner has become very popular within the crypto community due to its great versatility.

The mining software has a ton of other benefits, like advanced detection of new blocks, remote interface capabilities, and an ability to scale to a hash rate of any size with zero delay.

CGMiner is open source and written in C, runs on Mac, Windows, and Linux, and is compatible with three types of mining hardware: GPU, FPGA, and ASIC.

 

 

 

BTCMiner

BTCminer Limited is associated with Bitcoin mining. Today, when digital money is one of the quickest developing circles of the venture showcase, this advanced organization is engaged with budgetary exercises identified with Bitcoin mining and further exchanging.

BTCMiner is a cloud-based mining software with over 142,315 users. Anyone with a Bitcoin wallet and address, FPGA mining hardware, and an internet connection can mine cryptocurrency on the software.

One of BTCMiner’s most compelling features is that its dynamic frequency scaling is based on error measurement, so the mining software automatically selects the frequency with the highest hash rate.

BTCMiner also boasts other great features like power save mode, overheating protection, and ready-to-use Bitstream, which lets you run the mining software without Xilinx software or a license.

 

 

 

Diablo Miner

DiabloMiner uses the OpenCL framework to swiftly conduct hashing computations and support unlimited amounts of mining pools for its users.

The mining software is compatible with GPU mining hardware and runs on Mac, but if you have any of the current Nvidia drivers or an ATI Stream SDK 2.1, it’ll run on any operating system. You also have the option of either doing solo or pool mining.

 

A review about NiceHash
 

NiceHash

NiceHash is the largest hash power broker marketplace that connects sellers or miners of hash power with buyers of hash power.

NiceHash service is unique in a way that only connects different end-users and is not offering any cloud mining options – meaning NiceHash does not own or rent out any mining equipment.

Buyers participate in an open marketplace where they can select the crypto-currency that they want to mine, a pool on which they want to mine, set the price that they are willing to pay for it, and place the order.

Once the order is fulfilled by miners who are running NiceHash Miner Legacy on their machines, the buyer gets the crypto-currency from the pool.

This means that buyers are not required to run complex mining operations themselves, and there are no capital investments in mining hardware required.

Sellers or miners can run NiceHash Miner software or connect their mining hardware (ASICs) or just regular PCs to NiceHash stratum servers and to the buyer’s order.

Their hashing power is forwarded to the pool that the buyer has chosen for mining. For each valid share they submit, they get paid in bitcoins for the price that is determined by the current weighted average and refreshed each minute.

This is all done automatically and the process does not require complex technical skills.

 

A review about MinerGate
 

MinerGate

MinerGate is the first cryptocurrency mining software pool that supports merged mining. This means that users can mine for several different altcoins on MinerGate’s pool without lowering their hashrate for major coins.

It was created by a group of cryptocurrency enthusiasts who wanted to mine altcoins without sacrificing the ability to mine for BTC tokens. They’ve pooled remote resources together to build a hybrid cloud mining pool delivering high hashrates.

MinerGate’s creators have also coded a mobile miner app for Android. One version of the app has full support for blockchain mining, while the second allows you to check your balance and withdraw coins from your account.

Since it doesn’t offer blockchain mining, it can be installed on phones that don’t accept software from unknown sources. Both options let you buy and control cloud mining contracts.

Since MinerGate’s knowledge base conveniently suggests the best GPU for mining, getting started is easy.

The pool even encourages desktop or server users with their own ASIC card to mine Litecoin. Developers have provided an address port that works with almost any alternative LTC cryptocurrency mining software.

As well as Bitcoin, Bitcoin Gold, and Litecoin, MinerGate works with the following altcoins: Aeon Coin, FantomCoin, Monero, Monero Original, Bytecoin, Ethereum, Ethereum Classic, and Zcash.

 

A review about Genesis Mining
 

Genesis Mining

Genesis Mining allows users to participate in cryptocurrency mining without the hassle of buying mining equipment and maintaining it.

Genesis mining was founded in 2013, making it one of the oldest Bitcoin companies around. It’s definitely one of the most well-known companies when it comes to cloud mining.

According to its website, the company serves over 2m customers from over 100 countries worldwide. The company’s mining farms are located in remote, cool locations such as Iceland and Sweden.

 

A review about MobileMiner
 

MobileMiner

MobileMiner is a CPU miner for ARM64 iOS devices created by Elias Limneos, a jailbreak developer known for popular jailbreak tweaks like CallBar. I’ve been testing MobileMiner for the last few hours, and wanted to show you how it works.

What makes MobileMiner so interesting is that it’s extremely easy to configure and start mining directly from your iPhone, no jailbreak needed.

All you need to do is build and deploy the project using Xcode (or download and install a precompiled build), obtain a wallet address, and start mining.

MobileMiner is a fork of LucasJones’ cpuminer-multi, which has been compiled with ARM64 iOS devices in mind. You can obtain MobileMiner directly from GitHub, and use it to build a project within Xcode for deploying to an iOS device of your choice.

MobileMiner is capable of mining CryptoNote currencies, which is best done on a CPU rather than GPU, making it well-suited for ARM64 iOS devices. CryptoNote currencies include Bytecoin, Monero, Electroneum, and many others.

There have been other attempts at mobile mining, but MobileMiner is the first polished solution that doesn’t rely on a browser, and uses the power of the iPhone’s powerful CPU via an internal process.

Best of all, it doesn’t require a jailbreak in order to side load on to your iOS device.

 

A review about Hashflare
 

HashFlare

HashFlare is a cloud mining service created by the specialists from HashCoins in 2015. In a short time, HashFlare became one of the largest providers of computational power for mining bitcoin, litecoin, ethereum and other cryptocurrencies.

From 2016, HashFlare became an independent company.

The variety of equipment that is used for mining was significantly increased on the account to include such companies as Bitmain, Bitfury, Inno3d and others.

The team of HashFlare LP has always put the task of making mining accessible not only for crypto enthusiasts but also for common users. T

Through tremendous work made by the engineers, developers and other specialists of the company as well as partner companies, HashFlare succeeded in providing mining software to over 2 500 000 users.

 

A review about Slush Pool
 

Slush Pool

Slush Pool was the first cooperative Bitcoin mining operation in history. While it’s been around since almost the dawn of Internet currency, Slush Pool continues to innovate. New features are added democratically.

Anyone can propose new features for the development team. A politically-neutral voting system is used to determine which of these features get worked on first. Users with a high hash rate can receive additional votes.

If you increase your hash rate over time, then Slush Pool will give you an increased say in what projects the programmers work on.

Servers are distributed all over the world. By using an intelligent load balancing and fail-over system, the mining pool boats impressive uptime figures. This also decreases latency, so it shouldn’t be hard to build up your rate if you have decent hardware.

All infrastructure is secured with the latest protocols. You can lock your wallet with two-factor authentication for added security. Advanced monitoring technology will send out alerts if any of your workers are experiencing problems.

Updates are often focused on the Slush Pool AI. Improvements have made it capable of predicting the best times for mining BTC tokens from different locations. Bitcoin miners will also appreciate the powerful dashboard.

It aggregates all pertinent information on a single screen. A full JSON API with stats tied to individual workers, payouts, and rewards has been approved as well.

 

A review about Cudo Miner
 

Cudo Miner

Cudo Miner is a multi-algorithm cryptocurrency miner with advanced per algorithm and GPU overclocking features.

The smart miner automatically switches between hashing algorithms based on coin profitability and re-optimizes the miners GPU hardware, ensuring optimal performance and profitability is maintained.

Cudo Miner also provides remote management and advanced monitoring features enabling the account owner to remotely enable/disable miners, view hashrates, earnings, hardware health stats including temperature and wattage, referrals and transactions.

The application also provides the option for earning and being paid in multiple currencies including Bitcoin, Ethereum, Monero and Ravencoin with other payout coins planned.

Whilst the application is advanced in its features and performance, with no upper ceiling on the number of devices per account, the team has automated everything.

This makes the application also suitable for first-time miners looking to earn cryptocurrency from their laptop or desktop device as well.

 

A review about WinMiner
 

WinMiner

WinMiner is an easy-to-use cryptocurrency mining software that is simple enough to introduce business owners to crypto mining in a digital world.

While WinMiner doesn’t let you completely reshape the optimized algorithm (and you don’t want to), you have a lot of control over it. With good GPUs to back it up, this can result in excellent hash rates

You can easily exchange between various cryptocurrencies, and convert into fiat currency through a host of established, vetted payment systems like PayPal, Payeer, Amazon gift cards, and much more.

This eliminates the need for an intermediary wallet application if you’re not worried about using crypto as a fund storage medium. Elimination of “middle man” applications like this is always good when possible.

 

A review about CoinImp
 

CoinImp

Using JavaScript, CoinIMP is a new take on cryptocurrency mining software you can embed in your site and run through your browser. Since browser mining can use the CPU efficiently for Monero and Webchain, it can use some of the visitors’ CPU resources to work on mining.

Ad blockers prevent you from supplementing and monetizing your website, but CoinIMP is immune to such efforts, due to not being a standard web element that’s easily blocked or tracked down.

Easily trade in your tokens for fiat currency, without the need for complex wallet management. You have a private key, and there’s an established API for talking to standard pay-out services.

This is something a lot of crypto doesn’t do well, and can be a discouragement to business-minded people who want no-nonsense financial solutions where possible.

 

A review about Kryptex
 

Kryptex

Kryptex is a Windows app that pays you for the computing power of your PC. It mines cryptocurrency and pays you Bitcoins or real-world money, in dollars or any other currency.

All you have to do is to install the software on your computer and let it run in the background. Your earnings will depend on the power of the processor and graphics card.

After the first launch, Kryptex will benchmark your hardware to determine whether it is suitable for mining, or not.

You can withdraw Bitcoins directly with the lowest fee possible. Or simply withdraw dollars directly on any bank card of the world.

Kryptex app earns solutions. Solutions are automatically and continually converted into real currency — Bitcoins. Upon mining your PC submits shares for which you are rewarded with solutions.

Those await a confirmation at the pool. Confirmed solutions are those ready to be converted to Bitcoins. Those coins are ready to be withdrawn.

Kryptex chooses the best suitable algorithm for your PC so you do not need to worry to find that for yourself. The app also finds the best coins available to mine.

The site has a light mode that is activated automatically. It prevents any slowdown in your computer. Also, at any moment you can pause or turn Kryptex off.

 

A review about MultiPoolMiner
 

MultiPoolMiner

MultipoolMiner matches users’ machines with profitable mining pools. It comes with an abundance of state-of-the-art features like multi-algo, multi-pool interface accompanied by a multi-device controller, over a 100 configurations, and an open-source coding.

Thus, it is possible to trace and inspect every single input that went into the configuration of the platform and, in turn, offer feedback that could contribute to its betterment.

Unlike the vast majority of the options in the market, MultipoolMiner explicitly prioritizes one’s earnings. It accomplishes this by ensuring that users begin making money as early as they enter the benchmarking stage.

The minimum fee is also below 0.7 percent of the earnings, which is highly competitive. Additionally, MultipoolMiner’s monitoring feature offers real-time scanning of the market, which showcases lucrative mining opportunities.

 

A review about Computta
 

Computta

Computta is a bitcoin miner which uses your computing resources to mine bitcoins. This process is commonly called shared mining.

All you have to do is download the Computta software (smart miner), install and run it on your system. The miner runs on the background and by using your computing resources will mine the cryptocurrency for you in a full automated way.

 

A review about Crypto Loot
 

Crypto-Loot

Crypto-Loot offers a Browser based web miner for the uPlexa Blockchain. This software can be added to your website or app within minutes to start making you another source of passive income without having a negative effect on your users.

Crypto-Loot utilizes Monero as it is the most fitting for web based mining, and supports the underlying principles of privacy and anonymity.

Your visitors automatically run the miner in their Browser and mine XMR for you in return for an ad-free experience, on-site currency or whichever incentives you decide on.

 

A review about CryptoMining Farm
 

CryptoMining Farm

Cryptomining.farm is a cloud mining company that provides its clients with an opportunity to produce cryptocurrency and invest their finances with guaranteed profit. What they offer is virtual mining contracts with bitcoin payments.

Virtual Mining Contracts services became available to many people when the Cryptomining Farm was launched in September 2014. Thailand is the place where this cloud company is based, and it is also registered as a local official authority.

 

A review about Developcoins
 

Developcoins

Developcoins is a leading cryptocurrency development company that specializes in the development of custom cryptocurrency and Altcoin development service solutions that are trustworthy.

They build custom decentralized encrypted digital currency with blockchain technology. Their service helps to realize the unique and powerful technologies used for secure and complete solutions as per business requirements.

Developcoins are experts in providing various services that include crypto coin development, wallet creation, mining, exchange software development and much more.

Developcoins works to create unique and secure cryptocurrency development services with years of experience in the field of highly secure application development. They also provide high-security encryption in all digital coins and wallets.

 

A review about Eobot
 

Eobot

Eobot was one of the earliest on the market to provide cloud mining services. They offer rental contracts from as short period of time as 24 hours to up to 5 years.

Eobot works to remain up to date with new trends, and regularly add new features and upgrade their equipment.

Eobot provides cloud mining facilities for SHA256 and Scrypt algorithms which both follow the difficulty of bitcoin and litecoin respectively.

They offer cloud mining services for 21 different cryptocurrencies and users can also choose their payout currency from this list. The mining rigs consist of miners from the Antminer S series, and currently they are mining on Antminer S7 and S9 machines.

Once a block from the coins is mined it appears immediately on the account of the client, with no need to wait for payout periods.

If clients should so desire, they can invest in only fractions of the cloud instances, with no need to buy the hashpower of a complete mining rig.

Although there are direct electricity costs, hardware cooling and replacement cost can be saved by cloud mining.

To this end, Eobot does charge a maintenance fee, so they can cover their own costs.

The rented Eobot hardware can directly mine the client’s own pool with the MyPool application. This can reduce the maintenance fee to 0% and allows users to mine such coins that are not even supported in Eobot.

 

A review about Minerstat
 

Minerstat

Started in late 2016, Minerstat is an enterprise-level SaaS platform and software for remote mining management.

The Minerstat team’s goal is to make the management of the crypto mining farms of any scale easy and at the same time maintain the flexibility of individual miners’ needs.

There are a lot of collections available on the Minerstat website. These collections will help you to easier explore coins, hardware, software, and everything related to mining.

Minerstat also offers a large collection of useful tools for miners.

Additionally, Minerstat also offers mobile apps that allow fast monitoring of your rigs and ASICs. The Minerstat dashboard is fully responsive so you can use it on any device through your browser.

Minerstat currently supports several different ASICs manufacturers and models. If you are missing any, you can contact them and they will try to add support for it.

 

Conclusion

In return for constructing this blockchain, miners receive newly-created Bitcoins as well as transaction fees. In fact, miners are rewarded with new Bitcoins every 10 minutes.

The issuance rate is set in the code, so miners cannot cheat the system or create bitcoins out of nothing, as they must rely on their computing power to generate the new bitcoins.

Part of this mining power is facilitated by Bitcoin mining software, which allows users to hook their mining hardware into the desired mining pool, and miners need to use the software to direct their hash rate at the pool.

 

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A review about Binance

A review about Gate.io

A review about Luno

A review about BFGMiner

A review about Awesome Miner

A review about Easy Miner

A review about MultiMiner

A review about Hashr8

A review about Braiins OS

A review about Hive OS

A review about NiceHash

A review about MinerGate

A review about Genesis Mining

A review about MobileMiner

A review about Hashflare

A review about Slush Pool

A review about Cudo Miner

A review about WinMiner

A review about CoinImp

A review about Kryptex

A review about MultiPoolMiner

A review about Computta

A review about Crypto Loot

A review about CryptoMining Farm

A review about Developcoins

A review about Eobot

A review about Minerstat

27 Best Bitcoin mining hardware

April 20th 2021 at 09:11

Fresh Unique Article to increase your trading knowledge: 27 Best Bitcoin mining hardware

 

Bitcoin mining hardware processes adding transaction records to the Bitcoin’s public ledger, called the Blockchain. It exists so that every transaction can be confirmed, and every single user of the network can access this ledger.

There is mining software available for Mac, Windows and Linux, and in this article we explore the best Bitcoin mining hardware as tried and tested.

 

Our 10 Best Handpicked Bitcoin Mining Hardware Revealed:

 

Considering all the options that are out there, choosing the right hardware for mining can be quite overwhelming for newcomers, so lets get started.

 

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Things to keep in mind regarding Bitcoin mining hardware

Mining is a process of adding transaction records to the Bitcoin’s public ledger, called the Blockchain.

It exists so that every transaction can be confirmed, and every single user of the network can access this ledger. It is also used to distinguish legitimate Bitcoin transactions from attempts at re-spending money that has already been spent somewhere else.

Essentially, miners are serving the Bitcoin community by confirming every transaction and making sure that every single one of them is legitimate. Every time a new block is ‘sealed off’, a miner gets a reward. As of October 2017, the bounty stands at 12.5 Bitcoins per block.

Miners will store these rewards in a Bitcoin wallet, which can be used as a store, for trading and for making purchases.

A mining rig is a computer system used for mining Bitcoin. The rig might be a dedicated miner where it was procured, built and operated specifically for mining or it could otherwise be a computer that fills other needs.

There are many mining rigs for sale across the internet, and miners would do well to peruse any available specials before making a purchase.

Considering the complexity that is involved in mining Bitcoins, it’s very important to buy the right kind of hardware.

Bitcoin mining hardware is an investment, and as such it has some associated costs. The more powerful your hardware is, the more electricity it is going to require.

Before making a purchase, you need to consider your desired hardware’s electricity consumption in watts and work out how much more expensive your next electricity bill is going to be.

Some miners used to construct their own makeshift, home-made mining machine, but these days in order to mine competitively, miners must now invest in powerful computer equipment like a GPU.

In this article we explore the 27 best Bitcoin mining hardware to help you narrow down your search and choose the best machine for your mining career.

 

A review about Bitmain Antminer S5
 

Bitmain Antminer S5

The Bitmain Antminer S5 isn’t the latest offering from the Beijing-based ASIC manufacturer, but still provides excellent value for money and efficiency.

Unlike later models such as the S7 and S9, the AntMiner S5 operates a lower power supply of 115 volts, drawing an average of 560 Watts.

The low power requirements of the S5 makes it an ideal entry-level Bitcoin mining ASIC that is capable of providing impressive operational efficiency. The S5 generates a hash rate of roughly 1 GH/s for every 0.51 Watts, which equates to 0.51 J/GH.

The S5 is suitable for both hobby miners and entry-level home mining operations, with the added benefit of a low weight profile at just under 2.5KG.

 

A review about Bitmain Antminer S7
 

Bitmain Antminer S7

The Bitmain AntMiner S7 is another older model from Bitmain’s highly popular line of ASIC units but remains one of the most popular devices online today.

Offering lower power consumption than the S5, the S7 is widespread throughout China-based Bitcoin mining farms and boasts impressive adaptability when used in combination with a robust power supply such as the 1600 watt APW3.

While the S7 does deliver reasonable profit depending on power prices, the efficiency of the unit depends on both the power supply used and ambient temperature — the S7 is particularly sensitive to environments warmer than 27 degrees Celsius.

Overall, the S7 is most suitable for miners based in cooler climates, as cooling costs can significantly cut into profitability in warmer regions.

 

A review about Bitmain AntMiner S9
 

Bitmain AntMiner S9

The Bitmain AntMiner, widely touted as the most efficient and most powerful Bitcoin miner on the market, offers miners a highly impressive hash rate of 14 TH/s at a surprisingly low power draw.

The high hash power of the S9 is delivered by a trio of boards, which feature 189 ships between them.

Combined with an Antminer 1600 Watt supply, the S9 yields twice the efficiency of the S7 at 0.1 Joules per Gigahash with a draw of just 300 Watts more than the previous model.

A key downside of the S9 is the loud operational volume — the S9 is unsuitable for home applications, as the sturdy 4.7KG frame has the propensity to magnify operational noise.

 

A review about AntMiner T9
 

AntMiner T9

Released in August 2017, the AntMiner T9 remains one of the most powerful ASIC units available on the market today — as well as one of the most expensive.

The T9 is frequently compared to the S9 in terms of performance and efficiency but contains some notable improvements in chip quality that enhance hardware stability.

Later batch AntMiner T9’s consume around 1450 watts, delivering approximately 11.5 TH/s and an efficiency rate of 0.126 J/GH.

Profitability analysis based on performance alone places the T9 below the S9 in terms of profitability, but stability enhancements make the T9 a more reliable choice for smaller-scale mining operations.

 

A review about AvalonMiner 741
 

AvalonMiner 741

The AvalonMiner 741, released in April 2017, provides hobby and smaller-scale Bitcoin miners with a reasonably powerful miner at an affordable price.

Manufactured by Canaan, the 741 is a significant upgrade over the prior Avalon 721 model, integrating a new cooling design and a stronger chipset.

The Avalon 741 comes with 88 chips and a new cooling mechanism that enhances the efficiency of airflow within the device, alongside dual heatsinks mounted around the PCB.

Canaan’s 2017 741 miner delivers a hash rate of 7.3 TH/s, with an energy efficiency rate of 0.16 J/GH — far more efficient than other ASIC units in the same price range.

 

A review about Bitmain AntMiner L3+
 

Bitmain AntMiner L3+

Bitmain’s L3+ is one of the most popular ASIC units in the world for Scrypt miners and is focused solely on mining this particular algorithm.

The L3+ is based on the BM1485 chip, which provides significant improvements over the chipset used in the previous L3 model — doubling the hash rate and power draw of the L3. The L3 provides a hash rate of 504 MH/s, with a power consumption of 800W.

Running a higher hash rate with the L3+ results in serious power draw, but the lower price point of the device compared to more expensive models such as the Innosilicon LTCMaster makes the L3+ the best miner for Scrypt.

 

A review about Bitmain AntMiner D3
 

Bitmain AntMiner D3

The Bitmain Antminer D3 is the precursor to Bitmain’s 2018 D5 ASIC, but is a highly popular device for miners focused on mining Dash — a cryptocurrency that was originally designed to be ASIC-resistant.

The D3 is currently the most efficient miner for mining Dash, and offers major competitive advantages over other devices.

The D3 delivers a hash rate of 19.3 GH/s, with a power consumption rate of just 1350W. The realized efficiency rate of the D3 is 0.07 J/MH.

When compared to the iBeLink DM384M, which has similar power requirements and produces only 384 MH/s, the D3 remains the more cost-effective option.

 

A review about Dragonmint T1
 

Dragonmint T1

Manufactured by Halong Mining, the Dragonmint T1 is an impressively powerful ASIC that delivers 16TH/s with a remarkably low power draw.

The T1 consumers 0.015J/GH which, compared to the Bitmain Antminer S9’s power draw of 0.098J/GH, provides a significant advantage over Bitmain-focused mining builds.

The T1 integrates ASICBoos technology, which provides an additional efficiency boost of 20 percent when operating with the Bitcoin algorithm. Notably, the T1 uses the DM8475 chipset, which yields more robust profitability over Bitmain’s S9 offering.

 

A review about WhatsMiner M3X
 

WhatsMiner M3X

The WhatsMiner M3X is manufactured by Pangolin Miner, and provides use case-specific functionality for individual miners or mining farms that aren’t restricted by high power consumption and extremely loud operating volume.

While the M3X is not an ideal option for at-home hobby miners, the device itself delivers 12 to 13 TH/s with power consumption that ranges between 1900W to 2100W.

Driven by 28nm ASIC chip technology, the M3X is powered through the WhatPower P5 which, notably, won’t run on 110-120V mains voltage and demands 180-240V mains voltage in order to operate.

 

A review about Avalon6
 

Avalon6

The Avalon6 is currently the best Bitcoin miner for home mining or hobby Bitcoin mining, delivering impressive functionality with a low noise profile and reasonable power draw at an affordable price point.

While the Avalon6 provides a significantly lower hash rate than Bitmains Antminer S7 or S9 at 3.5, the extremely low sound emission of the device along with chip array that consists of 80 18nm A3218 chips, the Avalon6 produces only 55dB of noise within 1.2 meters proximity.

The 500MHz standard frequency of the Avalon6 can be tuned via frequency control, which makes it ideal for miners seeking Bitcoin mining hardware that operates efficiently with complex temperature control — or overclocking opportunities.

 

A review about Dragonmint 16T
 

Dragonmint 16T

Designed with brand new technology and boasting 16 TH/s per miner, the 16T is the most powerful and efficient Bitcoin miner to date. Halong Mining claims they spent $30 million dollars on research, development, and prototypes.

Halong Mining also noted that their miners take advantage of ASICBOOST, an exploit of Bitcoin’s algorithm which improves mining efficiency by 20%. The first batch of miners were announced and made available for pre-order in November of 2017, and are scheduled for shipment in March, 2018.

100 individuals were involved in the development of the chip, including BtcDrak, one of the most prominent pseudonymous Bitcoin core developers.

He is shifting his attention to the mining hardware industry. After helping to set up the company, he claimed that the machines are around 30 percent more productive than the most proficient ASIC on the market, Bitmain’s Antminer S9.

 

A review about Antminer R4
 

Antminer R4

The Antminer R4 hashes at up to 8.6 TH/s, making it the second fastest miner behind the Antminer S9 and just ahead of the Antminer S7.

The R4’s efficiency of 0.098 J/GHs is tied with the S9 as the most efficient Bitcoin miner on the market.

The R4 is so efficient because it uses the 126 of Bitmain’s new BM1387 ASIC Chips, which are 16nm chips. BitFury was the first company to release 16nm chips.

One Antminer R4 costs $1,000. Its price is among its cons because this may be too high for the average hobby miner.

Once you setup your Antminer R4 you will see that its user interface has been well designed with the users in mind.

All you have to do is enter your wallet address and mining pool settings before you start mining. It is also possible for you to customize settings such as the fan speed or the frequency.

 

A review about Pagolin Miner M3X
 

Pagolin Miner M3X

Pagolin Miner M3X is not as energy efficient or effective as its aforementioned contemporaries but is a bigger unit because of its embedded ASIC chips.

It’s the most power demanding Bitcoin mining equipment in the market, with a draw rate of between 1.8kw and 2kw. It appeals to people because of its high hash rate of 13 TH/s.

 

Antminer
 

Bitmain Antminer S9i

The Bitmain Antminer S9i is presently considered the most popular bitcoin miner in the market.

The mining hardware has eclipsed Antminer S9, which is currently sold out on Bitmain, as the largest ASIC model in the Antminer series. Released on May 2018, the S9i is considered to be similar to the S9 model except for a few minor upgrades.

The notable improvement between the two variants is improved energy efficiency for the S9i model.

Bitmain’s engineering team understood the importance of every detail while working to make the power-efficient yet powerful Bitcoin miner.

The S9i utilizes a combination of conduction and convection cooling to make the powerful miner perform best without getting hotter than any other terahash bitcoin miner.

Every chip of the S9i is fitted with custom-made heat sinks that are made of a high-grade Aluminium alloy.

The case of the S9i is made of the same material. Two computer-controlled high speed fans on both ends of the “tube” ensure that the hot air is rapidly replaced by cooler air at the required pace.

 

Antminer U3
 

Antminer U3

Bitmain no longer sells the described product, although is available through different companies. Antminer U3 is a SHA-256 mining equipment manufactured by BitMain. It is able to mine Bitcoin (BTC) with a maximum hashrate of 63,000,000,000H for a power consumption of 63W.

The U3 utilises 4 of Bitmain’s BM1382 ASICs in high quality, domed case. With a nominal has rate of 63 GH/s +/-5%. Its power efficiency is ~ 1 Watt/GH at 0.83V.

The miner is actively cooled with a silent 8cm fan. Power consumption in normal operation mode is ~ 60 W.

 

AvalonMiner 761
 

AvalonMiner 761

The AvalonMiner 761 is an ASIC miner for Bitcoin. The AvalonMiner 761 is made with Reliable Open Quality, now with Airforming Cooling Technology and a built-in Power Supply Unit.

Containing 104 x A3212 16 nm chips, AvalonMiner 761 is a Canaan AvalonMiner with an 8.8 Reliable Hashrate Per Second (RTHS).

By connecting AvalonMiner Controller (sold separately) to a single AUC3 (AvalonMiner USB Converter 3), you may connect five AvalonMiners.

For maximum usage, you may connect the AvalonMiner Controller to 4 AUC3 devices which may each connect to 5 AvalonMiners for a total simultaneous management of twenty AvalonMiner 761 to reach 176 TH/s (RTHS).

If you manage a large installation of AvalonMiners, Avalon team can help you to deploy their openly developed AvalonMiner Management System which enables you to efficiently manage thousands of AvalonMiner machines.

 

AvalonMiner 821
 

AvalonMiner 821

The AvalonMiner 821 is one of the best options to consider, thanks to its ease of use, reduced energy consumption and low cost. This ASIC miner has a processing power of around 11 TH/s and is ideal for running Bitcoins mining both at home and on a large scale.

The AvalonMiner 821 is the ROQ Solid Miner, Refined. The AvalonMiner 821 is made with Reliable Open Quality, now with Airforming Cooling Technology.

Containing 104 x A3210 16nm chips, AvalonMiner 821 is the latest Canaan AvalonMiner with an 11.0 Reliable Hashrate Per Second (RTHS).

By connecting our AvalonMiner Controller (sold separately) to a single AUC3 (AvalonMiner USB Converter 3), you may connect five AvalonMiners.

For maximum usage, you may connect the AvalonMiner Controller to 4 AUC3 devices which may each connect to 5 AvalonMiners for a total simultaneous management of twenty AvalonMiner 821 to reach 220 TH/s (RTHS).

If you manage a large installation of AvalonMiners, we can help you to deploy our openly developed AvalonMiner Management System which enables you to efficiently manage thousands of AvalonMiner machines.

 

A review about Ebit
 

Ebit E9+

EBIT E9+ is an SHA-256 algorithm mining equipment sold by Coin Mining Central. It is able to mine Bitcoin (BTC) with a maximum hashrate of 14,000,000,000,000H for a power consumption of 1300W.

Ebit E9 Plus is a miner which was created to compete with some Antminer (hashrate), if not in absolute performance, then in the relative economic efficiency of the device.

Ebang is a Chinese brand, which began its activities in the market with the production of telecommunication systems.

In the wake of the popularity of ASIC equipment in the environment of cryptocurrency, Ebang expanded the range of products, releasing its version of ASIC, popularly known as Ebit E9 Plus Miner 9TH / S.

The miner is equipped with an installed control board. There are 96 DW1227 14nm chips on two boards.

There are also 2 PCI-e6pin slots on each board, and a network cable connector on the control board. To prepare for the Ebit E9, first the power is connected to the boards, and then the network cable is inserted.

 

A review about Baikal
 

Baikal Miner BK-D

The new Baikal Miner BK-D supports Blake256R14 or Blake256R8 as first algorithm with 280 GHS hashrate and LBRY or Pascal as second algorithm with 70 GHS. You can have the miner mine any of the two pairs of algorithms simultaneously at 1100W of power usage total.

 

A review about Innosilicon
 

Innosilicon T2T-29T BTC Miner

The Innosilicon T2T-29T is an SHA256 algorithm mining equipment sold by Innosilicon. It is able to mine Bitcoin (BTC) with a maximum hashrate of 29,000,000,000,000H/s for a power consumption of 2200W.

The Innosilicon T2T-29T BTC Miner with the high tube and 4-fan frame design will continue to deliver reliable performance for efficient and profitable mining going forward.

 

A review about Antminer
 

Antminer S19 Pro

Fighting for the title of best post-halving bitcoin mining hardware is the Antminer S19 Pro, from Bitmain – the ASICs veterans.

The S19 Pro is a hashing monster that packs a 110 Th/s punch over a 3250W power consumption. With an almost identical price tag, it’s very hard to conclude which of the above 2 is better, at least on paper.

The manufacturer builds Bitmain Antminer S19 pro with its next-gen 5nm chip. The former 7nm chip BM1397 was projected to set a new benchmark in the industry and develop the cryptocurrency ecosystem by enhancing mining performance.

It’s proven with the success of S17 and T17 models that they became the first two models to use the chip. With 5nm chip, the manufacturer brings more leverages on s19 series, especially on the pro version.

Bitmain Antminer S19 Pro features the latest Bitcoin mining technology that allows us to get the fastest and more efficient mining performance. It’s at the top of the SHA256 ASIC miner benchmark with speeds up to 110 TH/s, the fastest by far.

It can potentially mine $12.33 or 0.0012 BTC per day and profit you with $2.97 per day per unit after cut with a daily power consumption of $9.36. All these make Bitmain Antminer S19 pro one of the best available devices to set up a profitable mining rig.

 

A review about MicroBT
 

MicroBT M30s++

The MicroBT M30s++ is billed as the “new hash king” on the company’s website. A bold claim but – at least at the current time – not untrue.

Surprisingly, it uses 12 nanometer chips rather than the newer 7 nanometer chips seen in rival miners. It achieves an extraordinary 112 Th/s and is extremely efficient at 31 Joules / TH.

The miner boasts an impressive power efficiency of 31 joules per terahash and an advertised hashrate of 112 TH/s.

This makes the M30S++ one of the first Bitcoin miners to reach such power efficiency and leads the mining industry into the “3x Era” of power efficiency.

The Whatsminer M30S++ performs as advertised with little to no variation in hashrate, power efficiency, or power consumption.

It comes highly recommended the M30S++ to any serious mining operation looking for the next generation of power-efficient mining hardware.

 

A review about Antminer
 

Antminer S17+

This 7nm miner deployed in March 2019 is Bitmain’s popular and proven miner. The miner can reach 68 Th/s, with a power consumption of around 2680 Watts. It is still able to compete with its newer adversaries – if acquired for the right price.

The Antminer S17 is a profitable piece of hardware (at current conditions) that still yields a positive ROI when mining Bitcoins.

However, as more and more companies emerge in the mining hardware market, it becomes easier to find cheaper alternatives to Bitmain if you can’t find an S17 at a decent price.

S17 miners run on the second-generation BM1397 chip. This is a 7 nanometre chip architecture which was introduced with the Antminer S15, the previous model.

Unlike the S15, the Antminer S17 represents a dramatic increase of hashing power. Compared to Antminer S15, which achieved 18 to 28 terahash per second (Th/s), depending on the operation mode, the latest Antminer S17 model boasts 50 to 56 TH/s.

This significant leap in hashrate – roughly a doubling – is a result of significant technological advances made by Bitmain’s product development team. While the S15’s hashpower failed to impress when measured against its rivals, this new model is a return to form for Bitmain.

As with the previous model, the Antminer S17 comes with a PSU attached to the miner’s chassis so you don’t need to buy one separately.

 

A review about WhatsMiner
 

Whatsminer M20S

WhatsMiner M20S is a Bitcoin (SHA-256) ASIC miner using 12nm ASIC chip technology,
manufactured by Shenzhen Bit Microelectronics Technology Co., Ltd (headquarters in Shenzhen, China). They are also known short as MicroBT.

This is a standalone miner with a built-in controller board and a built-in power supply unit.
The advertised nominal hashrate for this particular model is 68.0 Th/s with a nominal power consumption of 3260 Watts.

 

The MicroBT WhatsMiner M20S technical specifications are as follows:

  • M20S Whatsminer Bitcoin ASIC Miner running @ ~220V~300 produces ~68TH/s and uses 3500W
  • M20S Whatsminer Bitcoin ASIC Miner
  • Hashrate: 68TH/s (+/- 5%) (depends on cooling)
  • Power Consumption: ~48W/Th , 3264W per miner (+/- 10% )
  • Controller: included
  • Operating Temperature: -5C~35C
  • Size: 390mm x 155mm x 240mm / 15.3″ x 5.9″ x 9.4″
  • Weight: 10.80KG

 

A review about Innosilicon
 

Innosilicon T3+

The T3 series from China-based manufacturer Innosilicon includes some of the industry’s leading bitcoin miners.

High-hash mode on the T3+ reaches 57 TH/s, while the high-efficiency mode dials back to 33 TH/s at 1650 W, offering a wide range of capability to suit the unique needs of your farm.

The T3 series also includes the T3+ Pro which operates at a hashrate of 67 TH/s and a power consumption of 3300 W.

Innosilicon T3+ is an SHA-256 algorithm mining equipment sold by Sesterce Mining. It is able to mine Bitcoin (BTC) with a maximum hashrate of 67,000,000,000,000H for a power consumption of 3300W. The $2360 USD price includes the PSU.

 

The Innosilicon T3+ technical specifications are as follows:

  • Hashrate: 67TH/s (+/-5%)
  • Power Consumption : 3300W( +/-10%, on wall, with 93% efficiency PSU, 25°C temperature)
  • Dimensions : (L)338 mm*(W)207mm*(H)293mm
  • Net Weight: 13.53KG
  • Network Connection: Ethernet
  • Allowed ambient temperature range : 0°C to 40°C

 

A review about Canaan
 

Canaan A11 series

Canaan’s AvalonMiner 1166 – released in October of 2019 – features a hashrate of 68 TH/s combined with a power usage of 3196 W, making it a high-efficiency miner for dealing in bitcoin.

The reduced power and cost of the AvalonMiner 1146 will still pack a punch at 56 TH/s but comes with a lesser upfront cost.

 

A review about Antminer
 

Antminer Z11

Yet another option from Bitmain, the Antminer Z11 triples the hashing power of its predecessor (the Z9) and is also more energy efficient, saving 60% on electricity costs compared to the earlier model.

The 12nm chip’s new internal circuit structure is largely to thank for this increase in efficiency.

Antminer Z11 is an Equilash algorithm mining equipment sold by Sesterce Mining. It is able to mine Zcash (ZEC) with a maximum hashrate of 135,000 sols/s with a power consumption of 1418W.

 

Conclusion

Bitcoin mining is performed by high-powered computers that solve complex computational math problems; these problems are so complex that they cannot be solved by hand and are complicated enough to tax even incredibly powerful computers.

The result of bitcoin mining is twofold. First, when computers solve these complex math problems on the bitcoin network, they produce new bitcoin (not unlike when a mining operation extracts gold from the ground).

And second, by solving computational math problems, bitcoin miners make the bitcoin payment network trustworthy and secure by verifying its transaction information.

These days, Bitcoin mining has turned into a lucrative business. There are many people now who pay their bills by operating massive Bitcoin mining farms. These farms are assembled using various mining hardware, as well as graphics cards and coolers.

Since the reward for finding a block is fixed, and the difficulty is adjusted based on total processing power working on finding blocks at any given time, then electricity is the only cost that is variable.

If you can find cheaper power than other miners, you can afford to either increase the size of your mining operation, or spend less on your mining for the same output.

Those wishing to make some money on Bitcoin mining will need to compete against worldwide corporations with virtually unlimited resources to spend on mining farms, as well as hundreds of individual miners joining their forces and forming mining pools.

 

It’s expensive both in terms of the hardware itself, and the power that it requires to run. Hence why, before purchasing all the necessary parts and assembling your rig, it is very important to calculate the mining profitability.

There are several dedicated calculators in existence. You can input parameters such as the cost of equipment, hash rate, and electricity consumption, as well as the current Bitcoin price, in order to figure out how long it will take your investment to pay off. It is also used to distinguish legitimate Bitcoin transactions from attempts at re-spending money that has already been spent somewhere else.

 

🏆 Top 3 Brokers Crypto Trading Platforms

⚡The world’s biggest crypto platform

⚡ Asia’s Biggest Trading Platform

⚡Africa’s Biggest Trading Platform

 

A review about Binance

A review about Gate.io

A review about Luno

A review about Bitmain Antminer S5

A review about Bitmain Antminer S7

A review about Bitmain AntMiner S9

A review about AntMiner T9

A review about AvalonMiner 741

A review about Bitmain AntMiner L3+

A review about Bitmain AntMiner D3

A review about Dragonmint T1

A review about WhatsMiner M3X

A review about Avalon6

A review about Dragonmint 16T

A review about Antminer R4

A review about Pagolin Miner M3X

A review about Ebit

A review about Baikal

A review about Innosilicon

A review about MicroBT

A review about Canaan

17 Best Cryptocurrency Trading Platforms ( 2021 )

April 21st 2021 at 06:09

Fresh Unique Article to increase your trading knowledge: 17 Best Cryptocurrency Trading Platforms ( 2021 )

Best Cryptocurrency Trading Platforms and Brokers

Best Cryptocurrency Trading Platforms and Brokers

Below you will find a comprehensive list of some of the Best Cryptocurrency Trading Platforms and Brokers in the trading market, according to research in South Africa.

🏆 Top 3 Brokers Crypto Trading Platforms

⚡The world’s biggest crypto platform

⚡ Asia’s Biggest Trading Platform

⚡Africa’s Biggest Trading Platform

This list is not meant to be a ranking but rather a comprehensive list of verified cryptocurrency brokers and platforms in the marketplace.

List of the 10 Best Spot Crypto Trading Platforms in South Africa

 

Good luck and good trading.

FXTM Review

FXTM (ForexTime)

FXTM offers 24/7 support over multiple channels and in multiple languages. To add to this, they offer great educational resources. This dedication to their clients is the reason they are an award-winning broker.

Overall Pros and Cons

Pros Cons
Great customer Service Inactivity and withdrawal fees
Strong Educational tools for the beginner trader High CFD fees
Fast account opening Limited product range

 

A review about AvaTrade

AvaTrade

Avatrade is a broker that has won numerous awards.  Some of them include “Best Customer Support”, “Best Alert System”, “Best Financial Derivative Trading Provider”, and “Best Forex Broker of the Year”.

They are one of the largest and most regulated online brokerages in the world; regulated in 6 different jurisdictions and with offices worldwide.

They also have over 2 million trades per month with over 200,000 clients globally.

Account opening is fast and easy with free deposit and withdrawal options.

They offer customer support in multiple channels in multiple languages as well, all of which make this trader a good option to traders of all levels.

Overall Pros and Cons

Pros Cons
Easy and Fast account opening Only CFDs, Forex and Crypto offered
Free deposit and withdrawal options Inactivity fee
No withdrawals fees

Alpari Review

Alpari

Alpari Financial Services Ltd (Alpari) is one of the world’s leading independent forex brokers globally, providing a wide range of products, with a good variety of account types.

They also have very good customer support team with over 30 languages and in multiple channels.

To round out their offering Alpari provides demo accounts and are also considered one of the best broker options for copytrading so that the beginner trader can really learn and grow as a successful trader.

Overall Pros and Cons

Pros Cons
Low minimum deposit Limited educational resources
Best Broker for copy trading accounts Lack of resource tools
Diverse selection of trade-able assets High fees
Demo accounts and social trading available for the beginner trader Withdrawal fees
Good support in over 30 languages

XM.com Review

XM

XM has a fantastic platform which can be attested by its 1.5 million clients with traders in over 196 countries. Impressive right?

The popularity of the XM platform is that it is easy to use for beginner traders but also has enough features to appeal to experienced traders as well.

Another bonus for the less experienced trader is that XM offers a great deal of educational resources as well as a demo account with $100,000 USD of virtual currency with which to trade.

Overall Pros and Cons

Pros Cons
Great Educational tools Limited product portfolio
Easy and fast account opening Inactivity fee after 90 days
No withdrawal fees Only average Forex fees
Low minimum deposit

🏆 Top 3 Brokers Crypto Trading Platforms

⚡The world’s biggest crypto platform

⚡ Asia’s Biggest Trading Platform

⚡Africa’s Biggest Trading Platform

 

 

FP Markets Review
 

FP Markets

FP Markets is a broker that really provides a lot of value to its customers.

Great educational tools, exceptional customer service, large product offerings and great pricing all make the initial deposit worth it, as you get a lot out of the relationship.

They are an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders.

Overall Pros and Cons

Pros Cons
Great Educational tools Limited portfolio
Great Customer Service Web Platform needs to be updated a bit
Large Product offering High fee for international bank withdrawal
Easy and quick account opening

 

GO Markets Review
 

Go Markets

GO Markets have a great deal of experience in the market and are known for providing exceptional research tools and analysis. They also offer very fast and efficient execution of trades and low fees.

These qualities and more have grown GO Markets into a leading broker with a huge client base from over 150 countries. GO Markets’s offering of educational materials are also solid, appealing to the less experienced trader.

Overall Pros and Cons

Pros Cons
Low minimum deposit Only two account types
Very fast execution of trades
Good trading analysis tools on offer
Demo option available
Low Forex fees

XTB Review

XTB

Because of XTB’s proprietary trading platform, they are considered one of the leaders in the trading world. Their Training Academy is top notch with a host of great excellent educational resources.

Great customer service supports their already solid offering.

Overall Pros and Cons

Pros Cons
Award winning platform which is very user friendly Limited product portfolio
Free and fast deposit and withdrawal No website trading platform
Training Academy Poor support
Low trading fees
No withdrawal fees

 
A review on Plus500

Plus500

CFD Service. Your capital is at risk

The Plus500 boast an amazing web-based trading platform and a good selection of tools and instruments. They are listed on the London Stock Exchange and offer low trading fees.

They could do better in their educational and research offerings, however.

 

Overall Pros and Cons

Pros Cons
User friendly platform Lack of in-depth research tools
Listed on the London Stock Exchange Only an average educational section
Low trading fees Limited product range.  Only CFD

eToro Review

eToro

eToro is a broker with a AAA graded support rating through multiple channels, with a wide range of languages on offer as well. They are one of the biggest and most well-known names in the online trading market.

They make account opening fast and easy with no deposit fee.

 

Overall Pros and Cons

Pros Cons
Easy and fast account opening Withdrawing money is slow and expensive
No deposit fees Account only based in one currency
Low minimum deposit High Forex fees

IC Markets Review

IC Markets

With 500,000 trades per day they understandably have high appeal amongst high volume traders. IC Markets is also a favorite amongst copytraders as well due to their proprietary copytrading platform Zulutrade which is one of the best in the market.

IC Markets isn’t limited to copytrading and high volume, however.  They offer many services and features designed for both beginner and experienced traders. They have an excellent trading platform and wide range of products and have a quality 24/7 support team over multiple channels round their offering out.

Overall Pros and Cons

Pros Cons
Low Forex fees No negative balance protection
Easy and fast account opening Only Forex, crypto and CFD trading
Free deposit and withdrawal
Low minimum deposit

 

Read Luno: Join the Affiliate Network Program here

IG Group Review
 

IG

IG have quite a list of pros with very good educational resources, excellent research and trading tools. They have a superb web trading platform and are one of the most regulated platforms in the world making them a powerful broker.

They offer a great amount of educational resources as well. If they are to be criticized for anything, it would have to be poor phone support.

Overall Pros and Cons

Pros Cons
First class web trading platform Limited product portfolio
Excellent Educational programs Poor phone support
Very good deposit and withdrawal options High stock CFD fees
No minimum initial deposit

 

CMC Markets Review
 

CMC Markets

CMC’s Next Generation trading platform is exactly that, a platform that is next gen and at the top of its game with tons of features. They also have an excellent mobile app, and a wide selection of nearly 10,000 tradeable instruments.

They offer great educational materials, fantastic tools and market research as well.

Overall Pros and Cons

Pros Cons
Wide range of products Withdrawing money is slow
Next Generation platform with tons of features Slow support response times
Great educational resources for beginner traders
Low forex fees
No fees for deposit and withdrawals

HotForex Review

HotForex

HotForex is one of those brokers which meets the expectations of most traders. A solid all-rounder, we give them a thumbs up! Traders find this broker appealing due to its no fees for deposits or withdrawals policy as well as low spreads.

They offer more than 45 top currency pairs and can also trade risk free with over 70 CFD trading options available across the board in stocks, indices, commodities, bonds, futures and of course cryptocurrency. HotForex has won numerous awards globally from institutions for their revamped, excellent customer service offering.

Overall Pros and Cons

Pros Cons
No fees for deposits or withdrawals Commissions high on Zero account
Spreads are low on EURUSD and average on other pairs Limited range of instruments
Low deposit requirement for new traders with Micro accounts Account opening not the easiest
Lots of premium trader tools available

Dukascopy Review South Africa
 

Dukascopy

Dukascopy Bank is a broker that is more focused on the highly experienced trader. Their JForex platform suite offers a ton of flexible features, as well as providing industry-leading trading tools and market research, has earned them a solid reputation amongst traders.

They also offer multiple currency accounts and lots of expert news and analysis to inform the seasoned trader. Not only do they allow CFD trading of crypto, they also offer crypto trading itself.

Overall Pros and Cons

Pros Cons
Multiple currency accounts High commissions
Expert news and analysis Withdrawal fees
Great market research tools Minimum deposit is high
Flexible trading platforms

Swissquote Review

Swissquote

Swissquote is a broker that offer access to many different markets, numerous instruments as well as wide range of currency pairs. When it comes to market research tools, Swissquote earns some positive reviews, however not all of their great research services are free.

Swissquote also has a renowned customer service team which operates on multiple channels, such as, live chat, phone, and email.

Overall Pros and Cons

Pros Cons
No inactivity fee High trading fees
Access to many markets Not all research tools are free
Great market research tools Confusing platform
Flexible trading platforms
Low forex fees

Forex.com review 

Forex.com

FOREX.com is one of the easiest trading platforms to use, its features are easy to find and navigate, with charts and layouts that can be easily customized.

Their information really stacks up against the competition with a ton of free to use educational resources for all trading levels. They also make available a host of market forecasts, hosting webinars on trading strategy and updating their forex educational library.

Overall Pros and Cons

Pros Cons
Low forex fees Limited product portfolio
Great variety of currency pairs Non user friendly trading platform
Lots of educational and research tools Inactivity fee
Low minimum deposit Slow account verification

ThinkMarkets Review

ThinkMarkets

If you need the flexibility of mobile trading ThinkMarkets has an excellent mobile trading app that is easy to use and navigate. They offer a range of markets including Forex, CFD offerings on equities, crypto, commodities, indices, futures, and more.

ThinkMarkets offers both the Metatrader 4 and 5 platforms for the trader who expects the best platforms on the market.

Overall Pros and Cons

Pros Cons
Easy and fast account opening Not great on Forex training and education for beginner traders
Good customer support on multiple channels

🏆 Top 3 Brokers Crypto Trading Platforms

⚡The world’s biggest crypto platform

⚡ Asia’s Biggest Trading Platform

⚡Africa’s Biggest Trading Platform

 

 

Read How to Download the Luno App on your Device here

You cannot go online anymore without seeing something about Bitcoin, Ethereum or Cryptocurrency in general. Cryptocurrencies are digital or virtual currencies that use cryptography to secure and verify transactions so that they work as a medium of exchange.

There are three characteristics that all cryptocurrencies have in common

  • They are “Trustless”. Meaning no third party is involved by replacing trust verification with a peer to peer network. Individuals can directly send cryptocurrencies to one another without permission or control from corporate institutions or governments.
  • They are immutable. Cryptocurrency transactions cannot be undone, reversed, double spent, or altered. Therefore, Cryptocurrencies are far more transparent and effective than traditional currencies.
  • They are decentralized. A Cryptocurrency is controlled via its distributed ledger technology, known as the blockchain, which is the underlying technology of Bitcoin and most other cryptocurrencies. The creation of new units is coded into the system and no one entity can control it, according to research in South Africa.

Frequently Asked Questions

How safe is Cryptocurrency trading?

There is always a risk associated with trading and it includes cryptocurrency.

How do you buy and trade Cryptocurrency?

Via an exchange – meaning you need a broker account to do so.

Is Crypto trading profitable?

As long as you know what you are doing, it can be very profitable.

Where can I trade Cryptocurrency?

See the comprehensive list of 17 Best Cryptocurrency Trading Platforms on SAShares
website herehttp://sashares.co.za/best-cryptocurrency-trading-platforms

Best Cryptocurrency Trading Platforms and Brokers

A review about Binance

A review about Gate.io

A review about Luno

FXTM Review

A review about AvaTrade

Alpari Review

XM.com Review

FP Markets Review

GO Markets Review

XTB Review

A review on Plus500

eToro Review

IC Markets Review

IG Group Review

CMC Markets Review

HotForex Review

Dukascopy Review South Africa

Swissquote Review

Forex.com review

ThinkMarkets Review

Bitcoin Trading for Beginners – The Step by Step Guide

April 19th 2021 at 05:39

Fresh Unique Article to increase your trading knowledge: Bitcoin Trading for Beginners – The Step by Step Guide

Bitcoin is a cryptocurrency, or digital form of currency, which is can be bought and sold, or traded on cryptocurrency exchange or trading platforms. It can also be traded through a broker that offers it as a tradable financial instrument.

The exchange of cryptocurrency is internet-based, and it uses cryptographic functions to conduct financial transactions. Blockchain technology is used in cryptocurrencies to gain decentralization, transparency, and immutability.

 

A quick overview of Bitcoin Trading for Beginners review:

 

What is Bitcoin

Cryptocurrency and the exchange, trade, buying or selling thereof cannot be controlled by a central authority and this provides cryptocurrencies with a type of immunity where government control and interference is concerned.

The exchange, or trade of cryptocurrencies, can occur directly between two parties by using private and public keys. Such transactions can mean lower processing fees, which allow the traders to avoid fees charged by traditional financial institutions, such as brokers.

Although, when considering the nature of cryptocurrency trading and the fact that exchanges fall prey to hackers along with the existence of scams, traders are always warned of the security threats and the risks involved with cryptocurrency trading.

Although regulated brokers often charge some fees when trading cryptocurrency, for the safety of the client, and the security of their funds, it is recommended to make use of regulated brokers to facilitate the trade and exchange of cryptocurrency.

There are, however, numerous cryptocurrency exchange platforms that provide a safe trading environment despite the lack of regulation, although there are exchanges that are regulated or covered in regulation due to their affiliation with regulatory entities.

Due to the advances in technology in a Digital Age, cryptocurrency, and especially Bitcoin trading, has become a global phenomenon which is known to most people.

Cryptocurrencies have been researched by numerous establishments such as major banks, accounting firms, prominent software companies, and even governments and many have embarked on blockchain-projects.

 

Smaller units of Bitcoin

Bitcoin can be split into smaller units such as millibitcoin or mBTC which is one-thousandth of a Bitcoin, or 0.001 BTC and further into microbitcoin or µBTC which is one-millionth of a Bitcoin, or 0.000001 BTC.

The smallest Bitcoin sub-unit is that of Satoshi, or one-hundred-millionth of a Bitcoin. This ensures that instant transactions can take place whether it is either making payments or receiving funds.

 

Why is Bitcoin coded?

Bitcoin is encoded to ensure that there is no inflation and that it can be self-sustaining. It also means that the virtual space is not flooded with Bitcoins and by Bitcoin being coded, it allows for purchase at Bitcoin exchanges.

 

Bitcoin – a brief history and insight

Bitcoin first emerged in the registration of the domain name bitcoin.org in mid-2018. Later during the same year, a link to a paper which was authored by Satoshi Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System”, was posted on a cryptography mailing list.

Contained in the paper were methods of utilizing peer-to-peer networks to generate a system intended for electronic transactions without the focus being reliance on trust.

The Bitcoin network officially came into existence in early 2009 when Satoshi Nakamoto mined the “Genesis of Bitcoin” and block number 0, which held a reward of 50 Bitcoins.

The day that the software was released, Hal Finney, who was one of the first supporters, adopters, and contributors of Bitcoin along with being the first Bitcoin transaction receivers, downloaded the software and received 10 Bitcoins in the world’s first Bitcoin transactions.

Bitcoin was handed over to the developer Gavin Andresen after Nakamoto mined an estimated 1 million Bitcoins and Andresen subsequently became the Bitcoin lead developer for the Bitcoin Foundation.

The foundation was the closest thing to an official public face for the ‘anarchic’ bitcoin community and the value of the first Bitcoin transactions had initially been negotiated by individuals who were part of the Bitcoin forum.

 

Bitcoin’s Growth through the years

  • In 2011 other cryptocurrencies started emerging based on the open-source code of Bitcoin with WikiLeaks and other organizations beginning to accept donations made in Bitcoins.
  • During 2012, Bitcoin had been featured in The Good Wife and the Bitcoin Foundation was launched in September, followed by BitPay reporting over 1,000 merchants accepting Bitcoin followed by WordPress accepting Bitcoins as well.
  • In 2013, US$1 million worth of Bitcoins were reported having been sold by Coinbase and The Internet Archive started receiving Bitcoin donations, followed by numerous developments in cryptocurrency and Bitcoin during the same year.
  • By 2014 more announcements were made in using Bitcoin as a payment method and more companies started accepting payment in Bitcoin followed by the release of The Rise and Rise of Bitcoin with featured interviews with Bitcoin users.
  • By 2016, the network rate had exceeded 1 exahash per second and by March, the Cabinet of Japan recognized virtual currencies such as Bitcoin as possessing the same function as real money.
  • 2017 saw the number of businesses which accepted Bitcoin increase with increases in BitPay’s transaction rates. Bitcoin gained substantial legitimacy among both lawmakers as well as legacy financial companies and an increase in trading volumes.
  • By 2019 there were around 5,457 Bitcoin ATMs worldwide with thee highest number in the U.S, Canada, the UK, and Spain.

 

Crypto or Bitcoin Wallets Overview

A Crypto or Bitcoin wallet is a software program, considering that cryptocurrencies are digital of nature and not actual money, in which Bitcoins can be stored.

Cryptocurrencies cannot merely be stored anywhere as they require a private key or secret number which is designated for every individual who has a balance in a Bitcoin wallet. This private key corresponds to the Bitcoin address of the wallet.

Bitcoin wallets are intended to facilitate both the sending and the receiving of Bitcoins along with providing ownership of the Bitcoin balance to the user.

Bitcoin wallets are not conformed to only one platform and can be spread across desktop, mobile, web, and various hardware.

To be able to trade Bitcoins, traders need to first be in possession of a corresponding Bitcoin, or digital, wallet which is analogous to a physical wallet.

Instead of storing physical currency, the wallet stores relevant information such as the user’s private key to access various Bitcoin addresses as well as carrying out transactions.

 

Different Bitcoin Wallets

Desktop Wallets

These types of Bitcoin wallets are created with the purpose that it can be downloaded and used on both personal computers and laptops. The wallets can be accessed regardless of an internet connection and they are available for the following:

  • Ubuntu
  • MacOS, and
  • Microsoft Windows

Due to its vast and notorious safety features and ease of use, Armory is one of the most popular and recommended wallets in the industry although there are numerous others and various traders have their own preferences where Bitcoin wallets are concerned.

 

Mobile Wallets

These wallets are developed specifically for use with smartphones and they provide substantial convenience and ease of access on the move regardless of an internet connection.

Two of the most popular Bitcoin wallets for mobile devices is Blockchain and Mycelium, and they are downloadable on both Android and iOS devices. For users of Blackberry, there is the Bitcoin app which is compatible and one of few available.

Another benefit with using a mobile wallet is that it allows the user to scan QR codes and to make instant payments from their Bitcoin wallets.

 

Cold Wallets and Hot Wallets

The reference to either “Cold” or “Hot” wallets may seem like a foreign term especially to beginners, but it can be defined quite simply as follows:

  • A “Cold” Bitcoin wallet refers to a wallet which is in no means connected to the internet, and thus offline. It is considered the most secure wallet out of the two as it provides more protection against hackers.
  • A “Hot” wallet is therefore one that is online and connected to the internet, which poses some security threats as these are often targeted by hackers.

 

Online Web Wallets

These wallets require an internet connection to be accessed although they are provided on the cloud by third party providers of Bitcoin wallets. Such wallets are provided by exchanges or companies such as Circle and Coinbase.

 

Physical Wallets

These are also known as paper wallets and seeing that Bitcoin is not only limited to being a digital currency, these wallets can be generated by Blockchain.info and Bitaddress.org and they can be kept in a deposit box along with valuables.

Once the wallet has been created, it can be printed onto paper and stored safely.

 

Hardware Wallets

There is a substantial emergence of hardware wallets in the form of small devices which store the user’s Bitcoin and can be used for sending and receiving online transactions as well. One such device is Trezor, which is becoming a popular portable physical crypt.

 

Bitcoin Clients

These wallets are more commonly known as the original wallets which were used for Bitcoin by the founders of the currency.

There are numerous computers which are sold with these wallets installed, which provide online trading clients with access to all transactions executed through the Blockchain.

 

How are wallets kept safe and secure?

Regardless of a Bitcoin wallet storing digital currency, it should not be any different than keeping an actual wallet with banking cards and cash safe.

The convenience associated with Bitcoin in making it possible to transfer value anywhere in an easy way should not provide traders with a false sense of security in believing that they will not fall prey to hacking attempts.

When used correctly, Bitcoin provides high levels of security and despite how the trader goes about using their Bitcoin, or how they trade it, whether through an exchange or a broker, it is the trader’s responsibility to adopt good and secure practises.

 

Some tips on improving and maintaining Bitcoin wallet security include:

  • Heeding caution with online services which are designed to store currency online as many exchanges and online wallets are targets for hackers. Traders need to choose their service carefully and read up on providers extensively.
  • Making use of as many security features as possible such as two-factor authentication, locks, pins, biometrics, and all other security features to prevent ease of access by an external party to the Bitcoin wallet.
  • Making use of small amounts for everyday uses by only keeping small amounts of Bitcoins on a computer, mobile or server for everyday use to keep the remaining balance in a safe environment, such as a cold wallet.
  • Backing up a wallet may protect the trader against both computer failures as well as human mistakes and it allows for wallet recovery when the wallet has been encrypted and in such an event, a computer or mobile device is stolen.
  • These backups should be of the entire wallet as there are various internal hidden private keys. Backups done online must be encrypted to avoid ease of access by hackers and backups should be done over numerous secure locations, not only one.
  • Wallet encryption is an imperative step that must never be skipped or taken lightly as it prevents any withdrawals or fund transfers by anyone except the user. Making use of strong passwords and other security options is highly recommended.
  • Traders need to make use of offline, or cold, wallets for their savings as it is highly secure for large amounts of funds. Traders are recommended to keep small amounts in their hot wallets for everyday use and purchases.
  • In addition to using cold storage, traders are also advised to use offline transaction signing and to also make use of hardware wallets, which are small portable devices on which Bitcoins are stored, for added security.
  • Software on devices must be kept up to date to ensure that security features are updated, and that software remains stable.
  • To further protect traders from theft or hacking attempts, multi-signature features are recommended as it requires that transactions be approved through multiple independent approvals.

 

Bitcoin Trading

Why is Bitcoin valuable?

Bitcoin was the first decentralized digital currency in the world and its value is primarily derived from it being the very first digital currency that no person, organization, or authority has control over.

It can be bought and received, but no one can be told what they should do with their Bitcoins or what they are not allowed to do, or how they should spend or invest it.

Bitcoins are free from dictatorship, oppression as well as hyperinflation and it serves as a financial Safe-haven for those who live under such circumstances.

In addition, Bitcoin is limited as there is only a supply of around 21 million total Bitcoins and this will never change. There is also knowledge of how many are released into the world along with the rate at which they are released.

There is also knowledge available pertaining to when the last Bitcoin will be created. The transparency that exists in the knowledge surrounding Bitcoin is another factor that increases its overall value.

Another factor to be explored is the substantial leverage that Bitcoin has over Fiat currencies as any money is controlled by a central bank and this leaves a lot of space for problems such as governments having control over monetary systems.

Monetary systems are controlled and manipulated in the supply of money, the fact that value is backed by the word of governments, and numerous other controversial issues to be considered.

Bitcoin is designed in a unique way that means that it is poised to have an impact in people’s lives even in the most unstable economies where monetary systems experience a substantial manipulation by governments.

Fiat currency cannot simply fall away and although digital currency and the use and acceptance thereof is increasing, monetary systems are still important as it has been used through the ages and it is still considered the most stable grounds for exchange and trade.

Fiat currency is heavily impacted by inflation whereas Bitcoin is not, amidst other differences which show that Bitcoin is the strongest contender of the two in paving the way forward to a more digitized society and monetary system.

 

Why is Bitcoin traded?

Quite simply answered, trading Bitcoin may be an efficient way to make profit. A lot of stigma surrounded how profit can be made by only trading major currency pairs until more brokers started embracing the cross pairs.

A lot of successful traders does not place sole focus on trading a single currency pair, but a lot of traders have started trading cross pairs due to the high level of market volatility that has built up around these pairs in the market.

 

High volatility is only one of the reasons why traders should consider trading Bitcoin. Other reasons include:

  • That it is very easy to understand market movements as the focus is not solely on the major trends and buying Bitcoin is an easy way to make high profit once traders have learnt more about trading by making use of demo accounts.
  • Bitcoin is less vulnerable to high impact news and traders do not have to spend a substantial amount of time conducting fundamental analysis.
  • Access to lower leverage which decreases the high risk of substantial losses which may exceed the trading account balance.
  • Bitcoin has a global market as it is not centralized or based in a single economy of a country such as with Fiat currencies.
  • The Cryptocurrency market is open 24/7 unlike traditional markets such as Forex or stocks and there is no official exchange, but a variety of exchanges around the globe and neither are there fixed closing times.
  • The Bitcoin market is volatile with quick burst of ups and downs in a short period of time which provides ample opportunity to traders who harness this volatility with strategies that accommodate such conditions.

 

These are merely a few reasons why traders should investigate trading Bitcoin and traders need to understand that some basic knowledge of trading is still needed to survive in the industry as there are still risks involved with trading Bitcoin.

 

How are new Bitcoins created and generated?

The Bitcoin network is secured by miners who also process all transactions. Bitcoin would be vulnerable to attack otherwise and it would inevitably become worthless.

These miners, for all their efforts, security, and processing services, are rewarded with new Bitcoins as well as transaction fees.

Every time Bitcoin’s proof of work algorithm is successfully solved by a miner and a miner subsequently mined a ‘block’, that particular minor or a mining pool which has mined a block is rewarded through what is known as a ‘block reward’.

This reward consists of a set number of Bitcoins which is agreed upon by the network and all the Bitcoins that make up the block reward are new Bitcoins.

The Block reward initially consisted of 50 Bitcoins per block and it halves every 210,000 blocks which means that every block up until 210,000 will reward the miner with 50 Bitcoins but thereafter, for instance from 210,001, will only reward the miner with 25 Bitcoins.

There is a certain level of Bitcoin difficulty in place with ensures that blocks are only found on an average of 10 minutes. Keeping in mind that block rewards halve with every 210,000 blocks, it means that the halving only occurs every four years.

New Bitcoins are therefore generated every 10 minutes, and anyone can publically verify this creation by making use of a block explorer. With the block reward halving a set amount of times, it would mean that it becomes so small that new Bitcoins cannot be created.

 

How is Bitcoin traded?

There are a variety of ways in which Bitcoin can be bought due to its increasing popularity including:

  • Bitcoin and other brokers – a variety of brokers offer the trade of cryptocurrency by offering traders with competitive and comprehensive trading conditions with the benefit that a lot of these brokers are strictly regulated.
  • Bitcoin Exchanges – Bitcoin can also be bought and sold through an exchange such as Coinbase, Binance, Kraken, and numerous others. It requires a short registration and verification before trading can commence.
  • Peer-to-Peer – Bitcoin cannot always be traded or exchanged on all exchanges and some exchanges such as LocalBitcoins allows for the buying and selling of Bitcoin which requires a short registration along with verification of the account.
  • Bitcoin ATMs are becoming more popular in larger cities around the world in the U.S, Europe, Asia, and even in South Africa from where Bitcoins can be bought.

 

Is paying with Bitcoin better than using Bank transfers and other methods of payment?

When considering that Bitcoin can be used as a method of payment, it is important to look at how Bitcoin weighs up to other payment methods seeing that it is becoming increasingly popular and more merchants and companies are allowing for payment in Bitcoin.

 

In contrast to other payment methods, Bitcoin holds the following benefits and advantages over other methods:

  • The transactions between Bitcoin wallets are not linked to an individual bank account.
  • Bitcoin can be used by anyone and there is no need for account verification, identity checks, or proof of residence although this may differ between brokers and cryptocurrency exchange platforms.
  • There is no central authority directing how Bitcoin can or cannot be spent.
  • The Bitcoin account can neither be seized nor closed and the user is the only one who has control.
  • Users’ privacy is enhanced when using Bitcoin and it reduces the chances of identity theft.
  • Bitcoin transfers can be done in mere minutes unlike bank transactions which may take several days.
  • There are no international boundaries where Bitcoin is concerned, and it can be sent and received anywhere in the world without any additional fees charged on transactions.
  • There is unlimited access and users have full control of their funds at any given time, from anywhere in the world.
  • There is absence of high banking and transaction fees along with monthly, annual, overdraft or over-limit fees.
  • There is no maximum or minimum involved with transactions.
  • Purchases have the benefit of being completely anonymous as the user’s name is not tied to their transaction, and
  • Transactions cannot be reversed once processed which frees retailers from the worry of chargebacks on credit cards.

 

Which other Cryptocurrencies are there other than Bitcoin?

Although the most valuable and popular, Bitcoin is only one of numerous cryptocurrencies that are exchanged, bought, and sold daily. Other popular cryptocurrencies include:

  • Litecoin or LTC, which was created in 2011 after Bitcoin. Although like Bitcoin, Litecoin has a faster block generation rate and offers traders with a faster transaction confirmation due to the increased rate.
  • Ethereum, or ETH which was launched in 2015. Ethereum is decentralized and allows Distributed Application and Smart Contracts through which to build and operate fraud, downtime, and control from third parties.
  • Zcash or ZEC which is decentralized and open-sourced. It was launched in 2016 and offers privacy and selective transparency of transactions.
  • Dash was originally known as Darkcoin. It is a substantially more secretive version of Bitcoin which was launched in 2014 and allows for more secrecy in operating through a master code network allowing for near untraceable transactions.
  • Ripple or XRP, which was launched in 2012 and is a real-time global settlement network which offers international payments which are instant, certain, and low in costs.
  • Monero or XMR, which is another open-source cryptocurrency which was released in 2014. The digital currency is not only secure and private, but untraceable.

 

Bitcoin and Cryptocurrency trading through a Broker

The process involved with choosing a broker through which to trade cryptocurrency can be tedious as there is a great variety of brokers that each have their own trading conditions.

It is also imperative to ensure that the broker chosen is a well-regulated broker, and not scam, as client funds protection must be ensured.

In choosing a broker to facilitate the trading of cryptocurrency, and Bitcoin, traders need to ensure that they look at various factors apart from trading conditions and regulation, namely:

  • Cryptocurrency pairs offered
  • A wide range of different coins offered
  • Accessible and reliable payment methods
  • The quality and usability of trading platforms, and
  • The level and quality of customer support offered.

These are but a few points that traders need to investigate before deciding on a broker.

 

Bitcoin and Cryptocurrency trading through an exchange

There is no singular or official exchange for the trading, buying, or selling or Bitcoin and instead, there are numerous exchanges that accommodate traders, buyers, and sellers right across the globe.

 

When looking at an exchange, traders and investors need to consider a few vital factors namely:

  • The liquidity and the market depth of the exchange must be adequate as it ensures that orders are filled and there is decreased chances of a quick dip in the market that may lead to losses.
  • Trading fees charged by the exchange as lower fees allow the trader to take exit regardless of how small the movements are, and this will not only cover the fee but may provide the trader with a small profit.
  • Location and where the exchanges are based along with whether the exchange allows deposits in Fiat currency especially in that of the trader’s local currency as it will allow for easy deposit and withdraw in the trader’s own currency.
  • Regulation and trust – for the major part, exchanges are not regulated but this does not mean that they cannot be trusted. Traders need to investigate the history of the exchange along with their trust through reviews from organizations and individuals.

 

FAQ

What is Bitcoin?

It is a consensus network which allows for a new payment system along with currency and money that is completely digital. Bitcoin is a digital currency, also known as Cryptocurrencies.

Who created Bitcoin?

The official specification and proof of the concept was published by Satoshi Nakamoto in 2009, although Wei Dai first described the concept of cryptocurrency in 1998 on a cypherpunks mailing list.

Who controls the Bitcoin Network?

No one owns the Bitcoin Network although it is controlled by all Bitcoin users globally.

Is Bitcoin legal?

In most jurisdictions, there are no legislations that prohibit Bitcoin, but there are some jurisdictions that restrict foreign currencies severely, or they are banned within these jurisdictions.

Can Bitcoin be regulated?

The protocol with Bitcoin itself cannot be modified without the unanimous cooperation of all users who control and choose the software that they use according to their own preferences which makes it practically impossible to regulate the entire Bitcoin network.

However, numerous brokers who offer trade in cryptocurrency have regulation and authorization along with some exchanges who may be regulated or at the very least licensed or registered with entities.

Can I make money with Bitcoin?

Bitcoin is not a way to make a substantial amount of money in a short amount of time. It does allow for some profits but there are still risks involved which may lead to substantial losses.

Am I liable to pay taxes on Bitcoins?

Bitcoin is not a Fiat currency and therefore does not conform to the same legal tender status in jurisdictions, there are however tax liability accrues despite the medium which is used.

Is Bitcoin safe to use and trade?

Yes, but it is imperative to consider that the extent to which it is safe will depend on various factors and despite the security features employed, there is a constant risk associated with cybersecurity threats where online activities are concerned.

Is Bitcoin anonymous?

The design behind Bitcoin allows that users can send and receive payments with a level of privacy which is acceptable although it is not as anonymous or private as cash.

What happens if I lose my Bitcoins?

When Bitcoins are lost, they remain on the blockchain, but they remain dormant forever as there is no way for the private key or keys to be found to allow for the coins to be spent again.

 

 

Bitcoin Trading: How to Trade Bitcoin

April 19th 2021 at 04:34

Fresh Unique Article to increase your trading knowledge: Bitcoin Trading: How to Trade Bitcoin

Bitcoin may be a foreign concept to some, but to most in the trading community it is a common concept, even to those who do not actively partake in it and who would rather trade other financial instruments such as Forex, commodities, and others.

Bitcoin and its other cryptocurrency counterparts are a frequent point of discussion amongst most investors, entrepreneurs, and stock traders. It has become increasingly popular in recent years with the advent of technology and the trading industry expansion.

 

Bitcoin is a digital currency which cannot and is not controlled by a central authority such as banks or the government. Bitcoin is created by what is known as a ‘miner’ who use computers as well as special hardware to:

  • Process transactions such as the buying, selling, trading, and exchanging of Bitcoin
  • Secure the network for and of the currency, and
  • To collect Bitcoins in exchange for their services.

 

Miners work to solve Bitcoin’s proof of work algorithms and every time this is successfully done, a ‘block’ is mined. The miner or mining pool that mine these blocks are rewarded by receiving a ‘block reward’.

The block reward consists of a set number of Bitcoins agreed upon by the network. The Bitcoin contained in the block reward are all new Bitcoins which have been generated and mined and this is how new Bitcoins are created.

There are 50 Bitcoins per block and the block is halved after every 210,000 blocks are mined. For every block up until 210,000 mined, the reward is 50 Bitcoins and, for instance, from 210,001, the reward will be halved to 25 Bitcoins.

The Bitcoin difficult level which is in place ensures that blocks are found on an average of every 10 minutes which subsequently means that, seeing that blocks halve at 210,000 blocks mined, a halving occurs every four years.

The more blocks are mined, and the more halving occurs, it would mean that blocks will, in due time, become so small that new Bitcoins cannot be created.

There are more than 4,600 cryptocurrencies in the market and Bitcoin is the oldest and the most highly valued cryptocurrency of them all. Although it has a rocky and controversial history, its popularity has not decreased since its creation.

 

A quick overview of our best Bitcoin trading bots review:

 

Bitcoin – despite controversy, it is a growing trend

Cryptocurrency has been around for approximately a decade and in recent years, it has become a growing mega-trend which has unlimited potential and endless opportunities.

When cryptocurrency emerged, there was a lot of controversy and it was believed by a lot of opposing parties that the trend would not survive but over time, as its popularity increased and more platforms were created, these naysayers have almost been silenced.

The questions that rose regarding the survival of cryptocurrency have subsequently been replaced by questions regarding the extent of the cryptocurrency industry’s evolution.

There are numerous sceptics who have raised issues and questions over the power of the digital currency in overturning financial landscapes, those of fiat currency, as it currently exists.

Some of the greatest concern regarding Bitcoin and cryptocurrency trading remain the volatility of the market, the fact that it is decentralized and there is no way to control it, and the potential for money laundering and elaborate scams.

 

Digital currency has been banned in numerous countries for various reasons, amidst a few of them the concerns raised, these countries include:

  • Afghanistan
  • Pakistan
  • Algeria
  • Bolivia
  • Bangladesh
  • Saudi Arabia
  • Qatar
  • Vanuatu
  • Vietnam, and
  • The Republic of Macedonia

 

There are also countries that have restricted Bitcoin trading and the use of cryptocurrency as payment instead of fiat currencies. These countries include:

  • China
  • India
  • Ecuador
  • Indonesia
  • Morocco
  • Zambia
  • Nepal
  • Egypt
  • American Samoa

 

Despite being banned and it being illegal to trade in cryptocurrency in these countries, Bitcoin has not been explicitly eradicated as it remains decentralized and no government, bank, or other authority has control over it.

There are, however, more than 111 countries where Bitcoin is recognized by law, and it is legal to buy, sell, and trade Bitcoin.

 

Is Bitcoin Legal in South Africa?

The short answer is yes, Bitcoin trading, buying, and selling is legal. Although, cryptocurrencies in South Africa, as in many other countries, is unregulated due to its decentralized nature.

There have been numerous warnings from the South African Reserve Bank, or SARB, regarding the absence of Bitcoin’s legal status or regulatory framework and the number of risks that it poses to transact in cryptocurrency.

In being unregulated, and there not being any way to regulate cryptocurrency, traders and investors cannot be protected by regulatory entities that ensure that client funds are secure. There is also a wide range of scammers as well as internet hackers on the prowl.

Bitcoin does not fall within the “Legal Tender” where the South African Reserve Bank Act, 1989 (Act no. 90 of 1989) is concerned as far as the SARB’s sole right to issue coins and notes are concerned.

The SARB’s legal right begins and ends with fiat currency and this is the same for all banks around the world, so it would make sense that most, if not all, banks are against cryptocurrency although they do not have the power to eliminate or disband it.

 

There are more merchants who accept payment in Bitcoin and more Bitcoin ATMs which are being installed all over the world. There are currently 9 Bitcoin ATMs in South Africa in the following locations:

  • Cape Town – 4
  • Durban – 1
  • Johannesburg – 2, and
  • Pretoria – 2

 

These ATMs allow for the buying and selling of Bitcoin with the following coins supported:

  • Bitcoin or BTC
  • Lightning BTC or LBTC
  • Bitcoin Cash or BCH
  • Ether or ETH
  • Dash or DASH
  • Litecoin or LTC
  • Zcash or ZEC
  • Monero or XMR
  • Dogecoin or DOGE
  • Tether or USDT, and
  • Ripple or XRP

 

How is Bitcoin Traded?

Bitcoin can be traded legally in South Africa, but it is imperative for traders to ensure that they do it through the correct channels due to the decentralized and unregulated nature of cryptocurrency trading.

 

South Africans can buy, sell, and trade Bitcoin through in the following ways:

  • Forex Brokers who make cryptocurrency a part of their offering and provide traders with competitive and comprehensive trading conditions.
  • Bitcoin and other Cryptocurrency Exchange Platforms such as Coinbase, Binance, Kraken, and others.
  • Peer-to-Peer – which allows for the trading of Bitcoin through exchanges such as LocalBitcoins where there is extraordinarily little, or no intervention from the exchange apart from providing a platform for the sale and purchase of Bitcoin.
  • Bitcoin ATMs in most major cities such as Cape Town, Durban, Johannesburg, and Pretoria.

 

Two of the predominant ways to trade Bitcoin in South Africa is the use of either a broker or a cryptocurrency exchange platform as it provides some security, although the security of funds remains the responsibility of the trader.

 

Trading Bitcoin through a broker

There are hundreds of brokers that welcome South African traders and there is an array to choose from. The process involved with selecting the right broker may seem tedious, but there is a starting point for all traders in this regard.

The first step before selecting a broker is that traders need to know their needs. Beginner traders need to prioritize educational resources, comprehensive glossaries, and access to support in the process of learning to trade.

There are some fundamentals involved in learning to trade, regardless of the financial instrument being traded and beginners must first gain some insight into the basics of trading before proceeding to what cryptocurrency trading involves.

By making use of guides and tutorials, along with demo accounts, beginners can start familiarizing themselves with the trading industry and how it operates. It may take some time, but this will minimize substantial losses in capital that traders cannot afford.

Traders need to ensure that they know what their trading objectives are, whether it is to secure additional income, become a professional trader, trading as a hobby, or looking for a way to secure long-term investments.

 

Regulation, Safety of Funds and Legal Issues

Regulatory compliance of a broker means that the broker’s activities are governed by an official regulatory entity which is in place to protect and promote the broker’s operations.

Brokers who are regulated by a reputable and official regulatory entity must comply with a set of rules and regulations to ensure that investor assets and capital is safeguarded.

This is one of the most important reasons why it is important to only deal with regulated brokers as regulations dictate that client funds be kept in segregated accounts separate from the broker’s funds and it may only be used for trading activities.

 

Broker Types

Brokers can be divided into two categories namely Dealing Desk, or DD, and No Dealing Desk, or NDD.

 

Dealing Desk

Dealing Desk brokers are also known as Market Maker brokers make money through spreads and provide their clients with liquidity. Dealing Desk brokers create a market for their traders and it subsequently means they take the other side of a trader’s trade.

This may be regarded as conflict of interest, although it is not as Market Makers provide traders with a sell and buy quote. This means that both the buy and sell orders of their traders are filled and they are indifferent to the decisions of a trader.

Due to the nature of their business, Market Makers are not at great risk when they set fixed spreads for traders. A spread is the difference between the bid/ask price represented in pips, and this is how brokers make their commission.

Fixed spreads are set in place and remain that way, at the discretion of the broker, regardless of the market conditions where floating or variable spreads change as the market conditions change.

 

No Dealing Desk

No Dealing Desk, or NDD, brokers can be sub-divided into two different types of brokers namely STP and ECN brokers.

Straight Through Processing, or STP brokers route the orders of their traders directly through their liquidity providers who can access interbank markets. Liquidity providers act as Market Makers in financial markets and they act as both the buyer and the seller.

STP brokers often have an array of liquidity providers who each provide their own bid and ask price. It is important to note that STP brokers often add mark-up on their spreads, which can be variable or fixed, as means to be compensated for their services.

 

Electronic Communication Network, or ECN brokers allow the orders of their traders to interact with those of other participants in the ECN. These participants can include:

  • Banks
  • Retail Traders
  • Hedge Funds, and
  • Other brokers.

 

These participants trade against each other in offering their best bid and ask prices, and thus financial instruments are traded back and forth between participants with little intervention from the broker.

ECN brokers, in addition, also allow their traders to see the Depth of Market which displays where the buy and sell orders of other participants in the market are. Due to the ECN nature, brokers cannot add a fixed mark-up, and instead charge commission on trades.

ECN brokers do however offer accounts where commissions are not paid, but traders may find that the spreads offered are much wider than when paying a small commission when trades are executed.

Tighter spreads make it easier for day traders and scalpers to make small profits as there is much less ground to cover for the market when considering transaction costs. Wider spreads are more favourable for long term swing or position traders.

 

Types of Traders

It is important for traders to realize what type of trader they are. Often traders will not be able to differentiate in the beginning, but through making use of demo accounts and even cent accounts from brokers may help identify the type of trader.

Once traders have established this, it makes it significantly easier to select a broker as brokers do not cater for all trading styles and traders may find that the offering of one broker is more suited to their needs than another.

 

Traders can be divided into the following types:

  • Position traders – who try to hold a profitable position over a long period of time whether it is over days, weeks, or even a few months.
  • Swing traders – who seek to hold a profitable position for a few hours or even a few days at the most.
  • Day Traders – who buy and sell assets within the same day and who make use of leverage to increase their chance of gains on small price movements.
  • Scalper – who are like day traders who try to take advantage of small price movements but who often execute a substantial number of trades.

 

Trading Conditions

This is one of the next important things that traders need to have an in-depth look at as it must be in accordance with their trading plan and any budgetary requirements or limitations that they may have.

 

Broker Fees

These are fees that brokers charge for their services that they provide. This is centralized around the facilitation of transactions between buyers and sellers and will depend on the type of broker as well as the type of service that they offer.

This can be predominantly summarized by Dealing Desk Brokers and their spreads while ECN brokers charge spreads as well as commissions.

 

Commissions and Spreads (Fixed and Non-Fixed fees)

Traders need to ensure that they understand the key difference between fees and commissions. This difference is that fees are represented as flat charges while commissions may vary depending on the financial instrument and the contract size.

Spreads can either be floating and variable with ECN brokers or they can be fixed, such as with STP brokers and Market Makers. Commissions are either fixed or they may depend on factors as previously mentioned.

Brokers offer different types of accounts with these fees set out which makes it easier for traders to determine whether the broker and trading fees are suited to their trading needs, objectives, or any restrictions and limitations they may have with trading capital.

 

Premium Services

These are additional services and perks which are offered by brokers such as education and research tools and resources, trading tips, news, trading and analytical tools, and numerous others that help provide traders with a dynamic trading experience and environment.

 

Overnight fees, swaps, or roll overs

These fees are applicable to Forex trading when traders hold positions or trades open for longer after the trading day has concluded. The broker considers the national currency that the trader has bought relative to the other national currency of the pair.

Should the interest-rate difference favour the currency that the trader has bought, the rollover interest, swap or overnight fee will be credited and should it be against the currency that the trader has bought, it will be debited from the trading account.

There are numerous brokers that make adequate provision for Muslim traders by offering a swap-free or Islamic Account option where Muslim traders are exempted from paying such fees.

Muslim traders who follow the Sharia Law are prohibited from paying any interest when trading and thus brokers accommodate them.

There are, however, some brokers who waive additional charges such as higher commissions or wider spreads to compensate for the absence of overnight fees, swaps, or roll over fees.

In addition, such accounts and account options are often only available to certain jurisdictions such as the Middle East whereas some brokers do allow for other traders who are not Muslim to open a swap-free account.

 

Margin and Leverage

Margin allows the trader to borrow from the broker with the intention of opening and controlling larger positions which the trader cannot do based on his initial capital or the current balance of this trading account.

Each trade has a margin requirement that must be paid to execute the trade. Traders are offered with varying levels of leverage that make it possible for them to open larger positions to meet, and even exceed the margin requirement.

Leverage is a useful tool, but should be used with caution as it not only increases the chances of great gains, but it increases the risks of losing substantial capital and the trading account going into a negative if negative balance protection is not offered by the broker.

 

Minimum Deposit Requirement

This is the first deposit that the trader makes with a broker and it is often required to finalize an application for a live trading account. These deposits vary from one broker to the next and often brokers offer deposit bonuses to new traders.

There are brokers who require incredibly low deposit amounts below ZAR 100 and although this seems quite attractive, traders need to acknowledge that there are still margin requirements to be met when executing some trades despite using leverage.

 

Bonuses and Promotions

These are offered by brokers and are marketing tools to draw in new clients or to reward active traders and loyal customers.

 

Customer Service

Customer Service is a crucial component despite the trading experience of the trader. Should there be any issues, problems, concerns, or questions, the broker must make adequate provision for communication avenues.

Traders need to weigh the availability of Customer Service with the promptness of responses and whether queries are dealt with adequately.

 

Trading Platforms

A trading platform is what connects the trader to the markets, and it serves as the tool for executing trades, developing, and testing strategies, performing analysis, managing trading accounts, and more.

Traders will need to research the trading platform that the broker offers thoroughly to see what the platform offers and whether it caters to the trader’s needs and objectives.

 

Deposits and Withdrawals

It is important for traders to be able to deposit funds and withdraw them from the trading account in a quick, safe, and reliable manner. Traders need to look at the payment methods that the broker supports, the deposit currencies, and processing times, amidst others.

 

Minimum Balances

This is the balance of the trading account and it is imperative for traders to know whether there are certain requirements pertaining to this to avoid any penalties or fees imposed by the broker.

 

Financial Instruments

Depending on the financial instrument that the trader wishes to trade, it is important to investigate what the broker has to offer before signing up for a live trading account.

Not all brokers offer cryptocurrency as a financial instrument and when trading Bitcoin through a Forex broker, it is imperative to ensure that the broker adequately provides the means to do so.

 

Broker Comparisons

It is unlikely that traders will find the perfect broker in their first search. Traders are advised to make a list of brokers that more adequately cater for their needs, narrow down their list, and then compare between them.

Once the trader has narrowed down their options, they are advised to open a demo account with their last choices in brokers so that they can explore the brokers offer and trading conditions in a mimicked live, but risk-free, trading environment.

 

Trading Bitcoin through an exchange

The process involved with finding the perfect Bitcoin or cryptocurrency exchange may be as tedious as finding a broker, but traders need to keep in mind that seeing that cryptocurrency trading is unregulated, there are additional security checks involved.

When trading through a cryptocurrency exchange, the security of the trader’s funds is predominantly in their own hands although exchanges offer a variety of security measures to protect traders.

Exchanges need to have transparency regarding hacking attempts that have been made as well as whether these attempts were successful. Exchanges also need to prove their actions taken should hacks have been successful.

Traders need to ensure that they adequately protect themselves and their funds by making use of passwords, two-factor authentication or authorization, cold wallets as opposed to hot wallets, keeping small amounts of funds on the exchange instead of large sums, and more.

 

Other factors that traders need to consider when choosing an exchange include:

  • The liquidity and the market depth of the exchange. It must be adequate so that orders are filled out and there are decreased chances of any quick dips in the market that may result in losses.
  • Trading fees along with non-trading fees which are charged by the exchange.
  • The location and where the exchanges are based in addition to whether the exchange allows fiat deposits especially if the trader’s local currency is supported to allow easy deposit and withdraw in a fiat currency.

 

Bitcoin trading Pros and Cons

Pros

Cons

Bitcoin is building a track record despite many challenges and controversies Little history on support and resistance levels
Bitcoin payments are being supported and used more often There are dangers involved with blindly trading trends
Bitcoin offers a hedge as well as diversification Price volatility
Bitcoin is being accepted more readily as payment and storage of value The market sentiment is not fixed
Cryptocurrencies curb high inflation, capital controls, ultra-high fees, and the confiscation of assets Uncertainty about the internal direction and future of Bitcoin
High price movements and opportunity for profits Conflict with central banks as well as economic growth
Paving the way for a more digitalized world Conflict with the financial world and threatening the prospects of banks
Clear and transparent information and often lower trading costs Competition with other cryptocurrencies and uncertainty about whether Bitcoin will remain in the lead
Bitcoin cannot be controlled or manipulated by governments or banks Competition with other more established markets creates uncertainty
 There are less risks involved with Bitcoin as transactions cannot be reversed

 

FAQ

What is Bitcoin?

Bitcoin is a digital currency also known as cryptocurrencies which can be bought, sold, traded, and exchanged. In addition, it can be used to make payments and purchases.

Who created Bitcoin?

Wei Dai, a Computer Engineer who made substantial contributions towards cryptography and cryptocurrencies first mentioned the concept in 1998 but proof of the concept was officially published by Satoshi Nakamoto in 2009, marking Bitcoin’s official birth.

Who controls the Bitcoin Network?

The Bitcoin Network is neither owned nor controlled by a singular entity but is controlled by all Bitcoin users globally.

Is Bitcoin legal in South Africa?

Yes.

Can Bitcoin be regulated?

The protocol associated with Bitcoin itself can neither be modified, controlled, or regulated as there is unanimous cooperation of all users with regards to control as users choose the software they use according to their own processes.

This makes it near impossible to regulate the entire Bitcoin network. There are, however, regulated brokers and exchanges with affiliation with regulatory entities who are regulated or at the very least licensed who offer cryptocurrency trading.

Can I make money with Bitcoin?

Bitcoin cannot be regarded as a ‘get-rich-quick’ scheme or a way to make a substantial amount of money in a short amount of time. It does allow for some small profits but there are risks involved that may lead to losses.

Is Bitcoin safe to use and trade?

Yes, but the level of safety and security will depend on various factors such as that provided by the broker or the exchange along with what the trader does to ensure the security of their own funds.

What happens if I lose my Bitcoins?

Should a trader lose their Bitcoins, they will remain on the blockchain, but they become dormant and remain that way forever as they cannot be returned to circulation after they have been mined and subsequently lost.

Bitcoin trading involves private keys held by the trader which are linked with their Bitcoins and subsequently the keys are lost with the Bitcoins with no way of finding them.

It is therefore imperative for traders to ensure that their Bitcoins are kept safe in addition to ensuring the safety of their private keys. Traders are urged to make use of physical or paper wallets.

These wallets allow for the wallet to be printed so that it can be stored safely in a safety deposit box for safekeeping.

Ethereum Berlin upgrade live – what it means for transaction fees

April 17th 2021 at 07:00
A scheduled upgrade to the Ethereum blockchain, referred to as the Berlin upgrade, has been deployed.

27 Best Bitcoin Trading Bots

April 16th 2021 at 09:11

Fresh Unique Article to increase your trading knowledge: 27 Best Bitcoin Trading Bots

 

The cryptocurrency market, unlike other financial markets, runs 24/7. It would be humanly impossible for traders to remain at their trading terminals for this duration of time and thus more traders, who trade Bitcoin, have started making use of trading bots or robot traders.

Another factor that has increased the popularity of Bitcoin trading bots is the level of volatility which is present in the cryptocurrency market. Using bots provides traders with a level of control in their trading as trading bots can trade 24/7.

Trading bots also allow for the faster execution of trades along with trading being executed more efficiently than it would have been done manually as the factor of emotion and trading psychology is removed from the equation.

With the increase in trading bot usage came the increase in trading bots offered, whether they are free to use from open source platforms or licensed to traders and users in exchange for flat fees.

With such a great variety of trading bots available, it is often difficult to ascertain which will work as intended and which may end up being a waste of time and money. This article explores 27 of the best Bitcoin Trading bots that have been tested and reviewed.

 

A quick overview of our best Bitcoin trading bots review:

 

A review about Cryptohopper
 

Cryptohopper

Overview

Cryptohopper is one of the most established trading bots in the auto trading industry for more than merely one reason. The bot is run on the cloud which means that there is no need for downloads or installations, which makes 24/7 trading run seamlessly.

The bot’s dashboard is intuitive, and setup of the bot takes around 5-minutes before it can be utilized to start trading.

 

Pros and Cons

Pros Cons
User-friendly Not as widely known
No download or installation Free signals lack quality
Quick setup Bugs have been reported
Partner regulation in place  Small delay on sell orders
Multi-lingual Shortening option is not an actual short

 

Features

Feature Information
Scam or legit? Legit – GDPR compliant and partner agent regulation
Easy account opening? Yes
Trial offered? Yes – 30-day trial
App, Web- or cloud-based? App available
Minimum deposit $19 per month

 

A review about 3Commas
 

3Commas

Overview

3Commas is a popular trading bot which is compatible with a few exchanges such as Bittrex, BitFinex, Binance, Bitstamp, and several others. The bot can operate 24/7 with a device as it is a web-based service.

This allows traders to monitor their trading dashboard on desktop as well as mobile without much hassle. 3Commas allows for the setting up of stop-loss and take profit targets and there is a social aspect included allowing for the copying of trade signals.

 

Pros and Cons

Pros Cons
Web-based – no installation necessary Trade bot commission on lower tiers
Supports a wide variety of exchanges
Offers more than 30 indicators and supports more than 90 candle patterns
Copy trading supported
System is cloud-based

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes – Free Trial
App, Web- or cloud-based? Web-based
Minimum deposit $29 per month

 

A review about Coinrule
 

Coinrule

Overview

Coinrule is an emerging trading bot which is suited for both technical and non-technical traders. Popular exchanges such as Binance, BitMEX, Coinbase Pro, and Kraken can be accessed with ease for free by using a Starter Account.

 

Pros and Cons

Pros Cons
Variety of exchanges supported Best features available on premium accounts only
Web- and cloud-based bot
Free trial available

 

Features

Feature Information
Scam or legit? Yes
Easy account opening? Yes
Trial offered? Free Trial offered
App, Web- or cloud-based? Web- and cloud-based
Minimum deposit $29.99 per month

 

A review about APEX Trader
 

Apex Trader

Overview

Apex Trader offers an easy intro into auto trading using trading bots and offers bots which can be used to employ various trading strategies. The bots work via API connections and are compatible with an array of exchanges such as Binance, Kraken, KuCoin, and ByBit.

The trading bot can be configured easily and offers advanced features as well with over 100 technical indicators. This allows traders to create their own customized automated trading strategies which can be deployed over a 24-hour period, 7 days a week.

 

Pros and Cons

Pros Cons
UK-based company Only supports four exchanges
Setup is easy and hassle-free Mobile app not offered
Wide range of enhancement Newer platform
ByBit support offered

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes – 7-day free trial
App, Web- or cloud-based? Web-based
Minimum deposit £30

 

A review about CryptoTrader
 

CryptoTrader

Overview

This trading robot is purely cloud-based and offers traders with fully automated trading solutions without the hassle of having to download and install the bot onto their devices.

One of the most attractive features of this bot is the ‘marketplace’ for strategies which allows traders to buy their favourite trading strategy and allows for the selling of strategies that traders develop themselves.

 

Pros and Cons

Pros Cons
Ease of use There is no developing team info available
Cloud-based system No indication of a free trial
Support for popular exchanges
Adequate learning materials

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? No
App, Web- or cloud-based? Web-based
Minimum deposit 0.0007 BTC

 

A review about HaasBot
 

Haasbot/HaasOnline

Overview

Amidst newer trading robots, Haasbot has been around since 2014 and is still one of the most popular trading robots in the industry. Haasbot is compatible with a wide variety of exchanges and traders are not restricted on the number of altcoin pairs to trade with.

Despite the experience level of the trader, Haasbot makes adequate provision by allowing for flexible price structuring. Haasbot also supports fully programmable script bots which allows for the creation of bots which are highly customizable.

 

Pros and Cons

Pros Cons
Transparent info on developers Trial version not offered
Supports over 20 exchanges Slight learning curve involved with getting to know the bot
Over 100 bots available Apple OS support not available
Wide variety of indicators, securities, and insurances available Not a cloud-based bot
Great options available for developers and advanced traders

 

Features

Feature Information
Scam or legit? Yes
Easy account opening? Yes
Trial offered? No
App, Web- or cloud-based? Web-based
Minimum deposit 0.04 BTC for a 3-month license

 

A review about Zignaly
 

Zignaly

Overview

Zignaly is a terminal used for trading which offers traders with cryptocurrency trading robots which allow for automatic trading with help from external cryptocurrency signal providers.

The platform is not only easy to use but it can also be used as a passive income machine. Traders can easily connect to their TradingView accounts to gain access to their favourite indicators and Zignaly can also be used to create various trading strategies.

 

Pros and Cons

Pros Cons
Funds not kept on Zignaly Limited exchanges supported
Strong security measures
Fairly low monthly fee
30-day trial available

 

Features

Feature Information
Scam or legit? Yes
Easy account opening? Yes
Trial offered? Yes
App, Web- or cloud-based? Cloud-based
Minimum deposit $12

 

A review about Cap.Club
 

Cap.Club

Overview

Designed in Russia, Cap.Club only operates on three exchanges namely Poloniex, Binance and Bittrex. This platform allows traders to buy and sell algorithms along with providing traders with advanced order types.

Cap.Club offers two versions namely a free version which provides access to all trading strategies but with limitations on how many can be used simultaneously. The full version provides traders with all features along with alerts through email and Telegram.

 

Pros and Cons

Pros

Cons

Easy setup and use Only supports three exchanges
Ready-made and highly customizable Free version only allows for email support
High processing speeds New platform that is still being developed
Suitable for both beginners and experts Live support not offered

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes – unlimited
App, Web- or cloud-based? Web-based
Minimum deposit Pro – $30 per month

 

A review about Exchange Valet
 

Exchange Valet

Overview

Unlike more common options with regards to trading bots, Exchange Valet also provides a trading toolset along with crypto portfolio management. When using MetaTrader 4 or MetaTrader 5, traders can set both stop loss and take profit orders.

 

Pros and Cons

Pros Cons
Stop loss and take profit orders can be set when using MT4 or MT5 Not a wide variety of trading bot features such as other platforms
Supports crypto portfolio management Only supports two exchanges
Provides trading toolset Ownership not transparent
Free trial offered Not cloud- or web-based

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? 14-day trial
App, Web- or cloud-based? App-based
Minimum deposit $29

 

A review about Live Traders
 

Live Traders

Overview

Live Traders not only offers traders access to up to 1,000 unique trading bots but it is also compatible with some of the largest cryptocurrency exchanges such as Poloniex, Bitstamp, Bitfinex, Binance, Binance.US, KuCoin, and Kraken.

The platform is predominantly cloud-based which makes it accessible on any devices. Traders are offered with advanced order types, a deep selection of automated trading algorithms, and even an algorithm marketplace.

 

Pros and Cons

Pros Cons
Wide variety of trading bots Only compatible with 7 exchanges
Compatible with largest crypto exchanges Free trial is only valid for 7 days
All indicators supported on all plans Starter account only features one strategy and 20 bots
Trials available on all plans

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes – 7 days
App, Web- or cloud-based? Cloud-based
Minimum deposit $19 per month

 

A review about Gunbot
 

GunBot

Overview

GunBot is not as well-known as some of the trading bots on this list, but it offers the use of individual strategies with a high level of customizability to fit the different trading styles of traders.

GunBot can be used on Bittrex, Binance, Poloniex, Bitfinex, Cex.io, and over 100 more. The bot can be run from a desktop or it can be used through VPS with the option of manually adding various coin pairs, pick a certain strategy and allowing it to trade.

 

Pros and Cons

Pros Cons
Various plans offered Recommended for advanced traders
Works on Windows, Linux, and Mac Desktop version only
Offers an online community and adequate customer support
Compatible with more than 100 exchanges

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes
App, Web- or cloud-based? App only
Minimum deposit 0.02 BTC

 

A review about Gekko
 

Gekko

Overview

Gekko is not only an open-source trading bot but also a platform which can be used for extensive backtesting. Gekko is compatible with, and supports, 18 different Bitcoin exchanges.

Gekko is free to download and use and can be found on the GitHub platform. The trading app is easy to use and it features an interface and basic strategies from the outset, providing traders with more comfort in using the bot to automatically trade Bitcoin.

 

Pros and Cons

Pros Cons
Open-source and free to use Not a high-frequency trading bot
Supports 18 Bitcoin exchanges Effectiveness depends on user configuration
Easy to use
Variety of plugins available

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Not Applicable
App, Web- or cloud-based? App-based
Minimum deposit $0

 

A review about Zenbot
 

Zenbot

Overview

Zenbot, similarly to Gekko, is an open-source trading bot which can be used for automatic trading in Bitcoin on cryptocurrency exchanges. Zenbot can be downloaded and the code thereof modified as necessary according to the needs and preferences of traders.

 

Pros and Cons

Pros Cons
Open-source and free to use Lacks updates
Supports quite a few exchanges Uncertainties in the development of Zenbot
High-frequency trading offered New exchanges have not been added
Support in multiple cryptocurrencies

 

Features

Feature Information
Scam or legit? Legit – although there are discrepancies in developments
Easy account opening? Yes
Trial offered? Not Applicable
App, Web- or cloud-based? App-based
Minimum deposit $0

 

A review about Bitcoin Loophole
 

Bitcoin Loophole

Overview

Bitcoin Loophole is one of the most popular cryptocurrency market bots which has thousands of users from around the world. The software provides users with an auto-pilot cryptocurrency trading option which offers a variety of trading tools.

The trading tools offered are simple to learn and the bot itself is easy to use, which has attributed for its popularity. This bot can easily be used by beginners and caters for a variety of traders despite their differing trading strategies.

 

Pros and Cons

Pros Cons
Reliable trading bot with a high win rate High minimum deposit
Demo account offered
Wide variety of coins offered
Suited for beginners and professionals
No hidden or additional fees

 

Features

Feature Information
Scam or legit? Yes
Easy account opening? Yes
Trial offered? Yes
App, Web- or cloud-based? Web-based
Minimum deposit $250

 

A review about Autonio
 

Autonio

Overview

Autonio is a decentralized trading robot which is AI-powered and uses market indicators to analyse cryptocurrency trends. The bot then uses this information to generate buy and/or sell signals and proceeds to execute trades.

Autonio can be used by traders of differing levels of experience and the bot combines multiple indicators to produce clear buy and/or sell signals. Trades are executed in high frequencies according to the trader’s trading needs and preferences.

 

Pros and Cons

Pros Cons
Makes use of AI technology High subscription fee
First decentralized trading bot
Caters for beginners and professionals
Allows for personalization of trading strategies
User is in control of trading

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Uncertain
App, Web- or cloud-based? Uncertain
Minimum deposit $50 per month

 

A review about Autoview
 

Autoview

Overview

The Autoview trading bot functions as a simple web browser extension with the ability to perform trades on supported cryptocurrency exchanges based on TradingView alerts.

The trading bot is beginner-friendly and is available free for download. Autoview only works with a few exchanges such as BitMEX, Deribit, Gemini, and a few others.

To control what Autoview does, traders can insert specialized syntax into their TradingView.com alert message box.

 

Pros and Cons

Pros Cons
Low monthly costs Requires a browser to operate or Windows VPS Hosting
Works with a variety of exchanges Trades cannot be monitored if traders are not logged into exchanges
Setup is easy for first-time users
Offers a low monthly subscription

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes – account opening with exchanges
Trial offered? Free version available
App, Web- or cloud-based? Web-based – Web browser extension
Minimum deposit $24.99 monthly

 

A review about BTC Robot
 

BTC Robot

Overview

BTC Robot is an automated trading engine which is one of the longest running trading robots out there. It is compatible with most popular exchanges and is easy to install and use.

There are however features associated with this bot that will be hard to grasp for beginners and predictions made by this bot are not always guaranteed to be accurate. Despite this, BTC Robot offers a 60-day refund should traders not be happy with the product.

 

Pros and Cons

Pros Cons
Easy setup Predictions are not always accurate
Adequate number of tutorials Some features not suited for beginners
Adequate and dedicated customer support
Three different plans offered
60-day refund policy

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? No
App, Web- or cloud-based? App-based
Minimum deposit $19.99 per month

 

A review about Shrimpy
 

Shrimpy

Overview

Shrimpy is a popular trading bot in the trading community which offers a range of services at no cost. Business is conducted in a transparent manner and users are updated frequently should there be any updates.

Shrimpy makes provision for rebalancing, backtesting, and social trading. The bot is compatible with a variety of exchanges such as Binance, Bittres, KuCoin, Coinbase, Kraken, and numerous others with more planned.

 

Pros and Cons

Pros Cons
Variety of free features Relatively undertested
Low subscription fees Mobile app not offered
User-friendly, responsive design Does not provide as many high yields as other bots
Built-in social network

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Free version offered
App, Web- or cloud-based? Web-based
Minimum deposit $13 per month

 

A review about TradeSanta
 

TradeSanta

Overview

TradeSanta is a cloud-based tool which has a well-established reputation even though it is new. It supports basic order types and can execute advanced strategies.

TradeSanta’s functionality, however, is something that may take time to get used to. Options with regards to automation include a long and short bot template and a custom template.

TradeSanta also makes provision for technical indicators, extra order features, the ability to buy coins for a commission, and more. Trades can also be opened at market prices and more of an asset can be bought should the market go against a position.

 

Pros and Cons

Pros Cons
Free version available Only suited for trusted strategies
Relatively low monthly prescription for a basic account Few beginners use this bot
Compatible with several large exchanges Customer support is not the best
Variety of automated trading options
Intuitive interface

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Free account offered
App, Web- or cloud-based? Cloud-based
Minimum deposit $10.50 per month

 

A review about Profit Trailer
 

Profit Trailer

Overview

Profit Trailer has acquired a good reputation in its few years of operation and although there are conflicting reviews on this bot, it is worth a try. ProfitTrailer offers free signals which come standard with the most basic package which is a bonus for a lot of traders.

Traders can conduct technical analysis with specific indicators and Profit Trailer offers VPS in three of its five pricing plans. Another feature and benefit are that Profit Trailer is also available for download on mobile devices which run on Android and iOS.

 

Pros and Cons

Pros Cons
Compatible with a variety of exchanges Hard to configure
Mobile app available There is no existing documented proof of performance
Live support offered The bot requires regular reboots
Technical analysis can be done using a variety of indicators
Variety in pricing plans offered

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes – free account available
App, Web- or cloud-based? Web-based and mobile app available
Minimum deposit €30

 

A review about Kryll.io
 

Kryll.io

Overview

The team behind the creation of Kryll.io have collective experience in software development, trading, law, machine learning and economic sciences as well, therefore offering tailored solutions to traders despite their automated needs or objectives.

The technologies employed are simple and the bot ensures control of the strategies regardless of the simplicity or complexity thereof. Custom strategies can be created with ease and there is a Marketplace available.

Kryll.io has a unique approach towards fees. Should traders create strategies and test them, there is no charge, but when using their own strategy or that of another trader, traders are charged a fee.

The fees are determined by KRL tokens generated from activity on the platform.

 

Pros and Cons

Pros Cons
Does not offer a paid subscription Using strategies or copying them requires a fee
Unique approach Still in a nascent stage
Easy to use despite the strategy Strategies may be expensive to use and to copy
Marketplace for strategies provided
Reasonable fee structure

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Free account offered
App, Web- or cloud-based? Cloud-based
Minimum deposit KRL 5,000

 

A review about Margin
 

Margin.de (Leonardo)

Overview

This service was merely known as Leonardo before it was acquired by different owners and changes were made to it. Not only was the interface improved after the acquisition, but there were numerous functionalities added.

Traders have access to technical trading, visual trading, and drag and drop customization when making use of Margin.de. As opposed to most trading bots and services, Margin.de does not offer a subscription service but a one-time payment.

 

Pros and Cons

Pros Cons
Wide combination of indicators available Variable fee structures not offered
Customizable interface Large initial investment
Robust security features Custom strategies may be too complex for beginners
Compatible with a variety of exchanges

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes – free demo available
App, Web- or cloud-based? Uncertain
Minimum deposit $129 one-time payment

 

A review about Quadency
 

Quadency

Overview

This digital asset management platform offers traders with automated trading as well as portfolio management solutions. These solutions cater for both retail and institutional trades to great extents.

There is a comprehensive range of features which are designed with the purpose of streamlining the trading and investment process associated with cryptocurrencies.

These include pre-configured trading bots which also have the option of being customizable along with advanced charting, and portfolio analytics capabilities.

 

Pros and Cons

Pros Cons
Easy to use Online presence still being developed
Integrates with most leading exchanges Small Telegram group
Free Hodler Account Mobile app not offered
Free trials on the 3 to 6-month pro plans

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes
App, Web- or cloud-based? Web-based
Minimum deposit $49.99 per month

 

A review about Bitsgap
 

Bitsgap

Overview

Bitsgap is a powerful trading platform which offers automated trading robots along with offering capabilities in semi-automated arbitrage trading and advanced trading charting.

The bots offered by Bitsgap have been back tested and the platform itself has an extensive portfolio history along with management controls.

 

Pros and Cons

Pros Cons
Back tested Monthly subscription fee waived
Full-scale arbitrage trading is supported Incentivized trading plans which are offered
Relevant skill-level support and trading insights provided
Broad range of digital currencies supported

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes – on each plan
App, Web- or cloud-based? Web-based – offers cloud-based bots
Minimum deposit $19.99 monthly

 

A review about HodlBot
 

HodlBot

Overview

This cryptocurrency trading bot is highly customizable and provides traders with the ability to index the market, create custom portfolios and automatically rebalance such portfolios.

Instead of mainly focusing on technical trading such as with conventional trading bots, HodlBot focuses more on indexing and rebalancing.

HodlBot links to the trader’s Binance account and makes use of API to execute trades so that assets in the traders account can be matched with that in the target portfolio.

 

Pros and Cons

Pros Cons
Offers great solutions for indexing and balancing Not recommended for traders who rely more on technical trading bots
Low monthly subscription fees
Compatible with some of the larger exchanges
Highly customizable

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes
App, Web- or cloud-based? Uncertain
Minimum deposit $3 per month – based on investment size

 

A review about deepTradeBot
 

DeepTradeBot

Overview

DeepTradeBot works with the purpose of making profit from the margin of digital asset prices. The bot has four different trading modes, each designed to work seamlessly despite the changing market conditions.

 

Pros and Cons

Pros Cons
Multiple cryptocurrency payment options available Card-based and non-crypto payment options not offered
Free plan offered
Low trading capital requirements

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Free account option offered
App, Web- or cloud-based? Web-based
Minimum deposit $15

 

A review about Bitcoin UP
 

Bitcoin UP

Overview

Bitcoin UP is a trading robot which employs both AI and machine learning to identify and glean insights from any BTC related news. This bot only works with highly regulated brokers and it is open for use by traders despite their level of experience.

 

Pros and Cons

Pros Cons
Makes use of advanced technology to perform functions High minimum deposit
Excellent reputation
Suited for beginners and experts
Demo trading offered

 

Features

Feature Information
Scam or legit? Legit
Easy account opening? Yes
Trial offered? Yes – demo trading
App, Web- or cloud-based? Web-based
Minimum deposit $250

 

Pros and Cons of using Bitcoin Robots to trade

Pros Cons
Efficiency is increased greatly Not recommended for beginner traders or inexperienced traders
It is emotionless and thus less stressful Requires monitoring especially during high volatility periods
Increased speed especially in volatile market conditions Security concerns are always present
Trading bots can run 24/7 without pause

 

 

 

 

A review about Cryptohopper

A review about 3Commas

A review about Coinrule

A review about APEX Trader

A review about CryptoTrader

A review about HaasBot

A review about Zignaly

A review about Cap.Club

A review about Exchange Valet

A review about Live Traders

A review about Gunbot

A review about Gekko

A review about Zenbot

A review about Bitcoin Loophole

A review about Autonio

A review about Autoview

A review about BTC Robot

A review about Shrimpy

A review about TradeSanta

A review about Profit Trailer

A review about Kryll.io

A review about Margin

A review about Quadency

A review about Bitsgap

A review about HodlBot

A review about deepTradeBot

A review about Bitcoin UP

27 Best Bitcoin Trading Tips and Strategies

April 16th 2021 at 08:15

Fresh Unique Article to increase your trading knowledge: 27 Best Bitcoin Trading Tips and Strategies

 

A quick overview of our best Bitcoin Trading tips and strategies review:

 

Bitcoin Overview

When trading Bitcoin, it is the simple process involved with buying low and selling high. Instead of holding Bitcoin over a long term, as with investment, trading deals try to predict certain price moves through studying the industry and price graphs holistically.

The price of Bitcoin can be analysed by using two methods namely fundamental analysis and technical analysis.

 

Fundamental Analysis

Fundamental analysis involves the evaluation of mainly both economic and financial variables along with several others. The purpose of this is to determine the true value of a security.

In the evaluation of the price movements of Bitcoin, investors are keen to evaluate key aspects associated with the cryptocurrency’s underlying technology. In doing this, investors can see, for example, how scaling challenges may affect the value of Bitcoin.

Using fundamental analysis in evaluating Bitcoin may be complex and it has taken the development of a new set of metrics to refine the art thereof which resulted in the starting point for Bitcoin fundamental analysis being the supply and demand that derives prices.

 

There are numerous variables that influence the demand of Bitcoin including:

  • User adoption
  • Transaction activity, and
  • Trading

 

User adoption is important as it is crucial to the long-term viability of cryptocurrency, and the driving force behind user adoption is the fact that money has various uses. Money is not only a store of value but a medium of exchange along with being a unit of account.

Bitcoin has never quite been used as a unit of account, but it has, however, managed to gain significant traction as a medium of exchange due to the increasing acceptance since its inception.

There has been a steady increase in the number of confirmed transactions per day with transactions surging in 2012 with a steady rise to more than 7,000 transactions per day.

Despite the informative nature of such data, it is unfortunately not the best indicator when applying fundamental analysis. This is due to blockchain transactions which are generated by automated systems and therefore cannot represent actual economic activity.

Traders rather face having to figure out which transactions consist of an actual participant sending to or accepting Bitcoin from another person.

When considering that the demand for Bitcoin is a complex study, supply appears to be a lot more straightforward as there is a set amount of Bitcoin; 21 million, and the rate of new supply is subsequently determined by Bitcoin protocol.

In weighing Bitcoin to conventional monetary systems, it contrasts sharply as central banks possess the ability to print money whenever they want or need. Despite this, it is, however, important to note that some caveats exist that affect the supply of Bitcoin.

The fact that the creator of Bitcoin, Satoshi Nakamoto, supposedly holds around 1.1 million bitcoins which have shown no movement since they were mined, and the Bitcoin community simply think that they should be considered “dead coins”.

The price of Bitcoin, such as with other currencies, is also determined by major events which directly relate to Bitcoin such as when a major exchange experiences a hack, or there is a setback in the Bitcoin community’s push to solve the dilemma surrounding scaling.

Traders need to leverage fundamental analysis on Bitcoin as it provides them with a better sense of the true value of the cryptocurrency and subsequently it allows them a better sense of when it is a good time to buy and when they should consider selling.

Fundamental analysis is strongly criticised as it reflects more what a security should be considered in its worth than what the actual market price for it is.

There should not be too much reliance placed on fundamental analysis and technical analysis should be done alongside fundamental analysis.

 

Technical Analysis

Technical Analysis in Bitcoin trading requires traders to read charts and it is an essential skill in trading Bitcoin successfully. Although it may seem intimidating and daunting at first, with time and practice it begins to make a lot more sense.

Bitcoin trading is like stock trading with the difference being the asset itself. Both use the same fundamentals and traders are advised to spend some time studying some of the greatest stock traders in the world to provide some edge.

The most important thing is to understand the psychology associated with the market and this requires research into existing strategies of established traders who have mastered their trading skill through the years.

The biggest benefit with conducting a timely technical analysis in Bitcoin trading is that it aids both investors and traders in being able to predict the market. It also helps investors and traders determine when the best and most profitable entry and exit points may be.

When approaching a Bitcoin technical analysis, it is imperative to note that there are various groups of chart patterns with the most well-known patterns occurring on all timeframes.

Bullish patterns on a chart indicate the likelihood of a trend going upwards while a bearish pattern indicate that the price is likely to move more downwards.

The third pattern involves reversal patterns which signal that the predominant trend is about to end and a price breakout in the opposite direction can be expected.

Despite these distinctive patterns, they cannot fully guarantee certain market behaviour as they only show the likelihood of movements that can be expected.

Technical analysis and chart analysis can be used by traders to create their trading plan in advance which can be based on the analysis on where orders should be set depending on what the trader expects the market to do.

Among an array of analysis tools, Fibonacci retracements are often used in conjunction with chart patterns as they indicate the likelihood for certain reversals and breakouts of price.

These targets provide the trader with an idea of the ideal position where targets should be placed in advance but despite this, traders should note that they provide the likelihood of movements and in being right, more than 50% of cases are enough to make some profit.

 

Ways to Trade Bitcoin

There are numerous ways in which Bitcoin can be traded with two of the most predominant ways being the trading of Bitcoin and other cryptocurrencies on Forex and thus through a Forex broker, or by trading through a cryptocurrency exchange platform.

There are numerous Forex brokers who allow traders to deposit, withdraw and trade on a Bitcoin-based account. There are, however, some legal implications involved for some traders, such as Americans, as CFDs are not allowed in the United States.

 

Bitcoin CFDs are traded on a variety of trading platforms that are designed for just the purpose, with the most popular being MetaTrader 4. It is one of the best trading platforms which provides traders with an array of tools such as:

  • Advanced charting tools
  • A wide range of timeframes to choose from
  • Different order types, and more.

 

A lot of traders may prefer to make use of a Forex broker that offers cryptocurrency trading as a tradable financial instrument for various reasons, one of the main reasons being that regulation.

Bitcoin and cryptocurrency trading are, for the greater part, unregulated and this means that client funds cannot be secured. Forex brokers, through regulatory requirements, must keep client funds in segregated accounts.

In doing so, the funds may only be used for trading activities and it must be withdrawable at any given time. Cryptocurrency exchange platforms do not keep client funds, although some make provision for proprietary hot and cold wallets.

A hot wallet is a type of storage which is kept online while cold wallets can be kept and managed offline.

When considering that cryptocurrency platforms often fall prey to hacking attempts, traders are not advised to make use of hot wallets to store great amounts of funds, but rather to keep enough funds in these wallets for everyday purchases.

Cold wallets are recommended as they are more secure and traders are, in addition, not advised to easily make use of wallets provided by exchange platforms due to the level of security threats that they face frequently.

 

How to choose the right broker through which to trade Bitcoin

Numerous Forex brokers have started making provision for the trading of Bitcoin by offering cryptocurrencies as a financial instrument in their portfolios of assets offered.

 

But before traders can start with selecting a broker, there are some key points that need to be considered in choosing the right broker namely:

  • Traders need to know their needs whether it is educational sources, as a beginner, trading tools, research sources and tools, and more. It is also imperative to understand what trading goals and objectives the trader has.
  • Narrowing down the field – as soon as the trader knows what they need, they can look at brokers to identify which ones will more sufficiently meet those needs.
  • Consider the fees – there are numerous fees, both trading and non-trading, that need to be consider and that need to be in line with the trader’s trading plan and framework that they set up for trading Bitcoin.
  • Test the broker’s platform by opening a demo account which mimics live trading in a risk-free manner and in a safe environment where the trader’s funds will not be at risk.
  • Apart from education, traders need to consider, most importantly, the broker’s regulation, the level of customer support, the ease through which deposits and withdrawals can be made, the trading platform supported, and more.

 

When trading Bitcoin through a Forex broker, traders will see currency pairs such as BTC/USD or they may see specific Bitcoin CFDs, and at times, both. Both these ways in which Bitcoin can be traded have distinct differences such as:

  • Bitcoin currency pairs are traded in the same way as conventional Forex pairs. Should the trader buy a Bitcoin currency pair, they are speculating that Bitcoin will strengthen against the quite currency.
  • When dealing with Bitcoin CFDs, traders can profit from the change of price in Bitcoin without owning the asset.

 

When trading Bitcoin through a Forex broker, traders must not only pay attention to the price of Bitcoin, but to that of the fiat currency as well and this involves fundamental knowledge of how fiat currency prices are affected and by which factors.

Trading cryptocurrency and trading Bitcoin as a CFD does not mean that the trader owns the asset, and this is where there is a distinct difference between trading and investing. Trading only allows traders to benefit and profit from price movements.

 

After selecting a Forex broker to facilitate the trade in Bitcoin and other cryptocurrencies, traders can follow the following steps to start trading Bitcoin:

  1. Open an account with the selected Forex broker.
  2. Create a trading plan.
  3. Conduct analysis along with research, and
  4. Place a trade.

 

How to choose the right Cryptocurrency Exchange Platform

Bitcoin and Cryptocurrency exchanges allow for the sale and purchase of Bitcoin. It can either be bought or sold through regular, or fiat, currencies, or it can be done by using cryptocurrencies.

To select a cryptocurrency exchange, a similar process has to be followed as with selecting a Forex broker and this involves key factors that must be considered such as safety, transparency, record, user experience, and the fees involved.

Cryptocurrency exchange platforms are not regulated by regulatory entities as Forex brokers may be and thus client funds are not held or secured by the exchange.

It is imperative for traders to test and rate the level of security that the exchange platform offers along with seeing what their record is in terms of hacking attempts and how they mitigate and manage such attempts.

It is also important to view the exchange’s history pertaining to hacking attempts and the exchange’s transparency regarding such issues.

It is important to gain insight into the experience of other users when considering a platform as it may highlight any issues that other traders have, or have had, with a platform.

The fees involved need to be considered and it is imperative for traders to first understand their own trading needs and any financial limitations that they have as they have to compensate of trading and non-trading fees along with any losses that they may suffer.

 

The steps involved in trading Bitcoin through an exchange involve the following:

  1. Selecting a cryptocurrency exchange platform.
  2. Opening an account.
  3. Verifying the trader’s identity.
  4. Depositing money into their account, for exchanges that require this, and
  5. Opening the first position on the exchange, whether to buy or to sell.

 

Do not risk more than you can afford to lose

Traders must know what their budgetary needs and requirements are before they start trading Bitcoin. This needs to be laid out in their trading plan as it provides a good idea of how much can be put towards trading.

In addition, it also helps traders avoid spending more than they can afford along with compensating for any losses which may occur.

Should traders put more on the line than they can afford to lose, they risk losing everything and there is always a chance that the trading account can go into a negative if the trader does not have negative balance protection.

Learning to trade in small amounts and to control position sizes is a key element that beginners need to learn from the start.

 

Ensure that there is a plan

It would be detrimental for traders to start trading blindly as there is no framework provided for the needs and objectives of the trader and essentially traders also have no idea where their entry and exit parameters are.

Traders need to formulate a trading plan to ensure that they know when and were to buy, and when and where to sell, or exit a trade, to lock in profits and minimize losses.

 

Do not leave funds on an exchange

Earlier in this article, hot and cold wallets along with the issues surrounding security on exchanges was discussed. Traders are cautioned in never leaving funds on an exchange that they are not actively and currently trading with.

Should traders leave funds on exchanges, it takes away from the control that the trader has over it and should the exchange experience a successful hacking attempt or the exchange goes offline or out of business, traders may lose their funds.

 

Beware of giving into fear or greed

These are two emotions that tend to control and drive the actions of traders. Both emotions may be detrimental as traders may experience fear and prematurely close their trades when they hear disturbing news or a rumour which may affect their trade.

Greed may also be based on the fear of missing out when traders are informed of new trends, or new opportunities and it may lead to opening trades too soon, or a delay in closing existing trades.

Traders need to be aware of the psychology involved with trading and they need to understand their own emotions and emotional triggers to avoid making mistakes that may lead to substantial losses.

 

Learn the lessons

Regardless of whether traders are successful or not, there are lessons to be learnt in trading. No trader will ever only experience profitable trades and in the art of making profits, traders will lose some along the way to becoming more profitable.

Traders need to focus on the insights that can be gained while trading, not only on making profits as learning lessons can lead to improved skills, knowledge, and experience.

 

Know and Analyse Bitcoin Market trends

Firstly, traders need to learn the basics of Bitcoin trading followed by what both fundamental and technical analysis entails and how it must be done.

This will allow traders to get to know the Bitcoin market and more proficiently analyse the trends as Bitcoin prices are extremely speculative and they do not agree with traditional financial theories.

Traders will need to consider the factors which impact the price of bitcoin such as the demand, supply, news, and events. By collaborating both fundamental and technical analysis, traders can more accurately learn when to buy and when to sell Bitcoin.

 

Plan a long-term goal

Bitcoin trading needs to be done at a set pace as it is not a sprint to see who can make the most profit in the most efficient or fastest way.

Traders need to map out their long-term goals and adapt their strategies to work for them especially where manual trading is concerned.

Traders need to determine the time that they can put into trading along with what they want to achieve over a long period of time and whether they can sustain those goals as well.

 

Know the risk factors

Trading involves a lot of risks and it is imperative for traders to ensure that they have risk management protocols in place to minimize their losses.

The Bitcoin and cryptocurrency market is extremely volatile and when trading, it is important to make use of stop loss orders to avoid substantial losses that may exceed the capital of the trader.

 

Correct use of Leverage

Leverage is a useful tool in trading, despite the financial instrument being traded, as it allows the trader to open larger positions despite their initial capital. Where there are great profits to be gained, there are also substantial losses which can be incurred.

Leverage in itself has a lot of risks while cryptocurrency trading has its own as well and traders will find that Forex brokers do not offer a high level of leverage while most cryptocurrency exchange platforms do not offer any leverage at all.

When using too much leverage, traders run the risk of becoming reckless and losing more than their initial capital while too little leverage may hamper the trade performance as premium trades cannot provide traders with their expected returns.

 

The use of programmatic strategies

This involves experience, skills, and knowledge in coding as it opens a new world for traders to refine their trading skills and to tailor their strategies to precisely what they need.

By learning to create strategies from scratch, traders can make use of algorithms as they trade based on finite parameters and there are thousands of ways to incorporate various factors and parameters into conducting analysis and executing trades.

 

Learn different methods

There are various ways in which Bitcoin can be traded where strategies, utilities, and methods are concerned, and traders should take time in exploring different options to find ways which cater specifically to their needs and objectives.

 

Size positions accordingly

While trading, traders are urged to put the correct amount of funds into a trade while keeping tabs on specific sizing methods to ensure that the risk and reward ratios are correct and to avoid putting too much funds at risk.

 

Find a broker or exchange that caters for trading needs

Before selecting a Forex broker to facilitate trades or a cryptocurrency exchange platform through which to buy, sell, or trade, traders need to identify their trading needs and objectives.

This allows traders to refine and narrow down their search on finding a broker or exchange that caters more specifically for them.

 

Make use of demo accounts

Before trading in a live environment or choosing a specific broker or an exchange, it is imperative for traders to make use of demo accounts to test the platform and offering of a broker or an exchange.

Demo accounts can also be used to test strategies in a risk-free environment as it mimics a live trading environment without posing threats to the trader’s own capital.

 

Explore automated trading

For traders who do not have a lot of time to trade manually, there are numerous options involving making use of trading bots which trade 24/7 and trade on their own accord based on rules and parameters set by the trader.

These trading bots are able to open and close trades without the trader intervening and provide traders with peace of mind that they will not miss out on opportunities when they are not able to trade manually and look for trends or changes in the market.

 

50-period and 100-period moving averages

This strategy forms part of the trend-following aspect of Scalping and features two moving averages which can be utilized in identifying the short-term trend of Bitcoin.

The cross of a shorter 50-period moving average is placed above the longer 100-period moving average which signals an uptrend while the shorter moving average below that of the longer signals a downtrend.

 

Stochastic indicator with a (5,3,3) setting

The Stochastic oscillator is used by traders to identify market conditions where overbuying or overselling is present. This signals the trader of a turning point in the current trend.

 

Long Entry

Should the faster 50-period moving average cross over the lower 100-period moving average, the trader is signalled of a short-term uptrend in bitcoin.

Stochastic values above 80 signals the trader to overbought market conditions while anything below 20 signals oversold conditions.

 

Short entry

A short signal is returned when the 50-period moving average crosses below that of the 100-period moving average. This signals the trader of a short-term downtrend.

When using this strategy on short timeframes such as 1M or 5M, it tends to return the best result. Traders should ensure that stop losses are placed just above the recent swing high in case of short positions.

Stop losses can also be placed just below the recent swing low in case of long positions. The profit targets of the trader should be the approximate size of the Stop Loss so that the trader can at least have a 1:1 return to risk.

 

Bitcoin Breakout Trading

When using this strategy, the focus is on identifying breakouts around familiar price ranges and chart patterns such as:

  • Head and shoulders
  • Double tops and bottoms
  • Various triangle patterns
  • Channel and trendline breakouts, and numerous others.

When a breakout occurs, it is often followed by a substantial buying or selling momentum in the direction of the breakout with traders attempting to catch the momentum to profit from it.

 

Bitcoin Trend-Following

This day trading strategy is based on the trade of the underlying trend of Bitcoin. This used to be a profitable approach when the cryptocurrency market knew only an upward direction but with ranging cryptocurrencies, a breakout approach would be better.

Although, should a new trend in Bitcoin be established and it is characterized by higher highs and higher lows in uptrends, or lower lows and lower highs in downtrends, this trading strategy may yet again become more viable.

 

Bitcoin Countertrend Trading

This strategy refers to catching price corrections which may go against an established trend. This strategy is not recommended for beginners as it involves a substantial amount of risk associated with the level of volatility in the cryptocurrency market.

 

Automated trading

The name of the strategy is self-explanatory. Automated trading involves making use of AI technology such as trading robots, or Expert Advisors, to trade on behalf of the trader.

There are numerous trading bots available with different parameters programmed which can be downloaded or purchased. A lot of Forex brokers and crypto exchanges also provide such robots to traders.

The trading bots are programmed according to different strategies and when choosing a bot, it depends on the traders trading needs, objectives, and parameters in deciding which one to use when trading.

 

HODLing

HODLing, or “holding on for dear life” is a famous Bitcoin strategy which was developed in 2013 and revolves around maintaining a long position on Bitcoin and hoping that the price increases over a long term.

This strategy is, however, notoriously risky as the cryptocurrency market is volatile and in using this strategy, it may lead to substantial losses. This strategy is rarely recommended, and it requires a strict risk management plan.

 

Hedging

In Hedging Bitcoin, traders open strategic trades to decrease or eliminate the risk of existing positions. Traders hedge an existing holding by opening a position to short their current position.

This involves the selling of the asset on the current market price in the expectation that it will decline. Should the market price fall, traders will then buy their asset back for the lower price and coin profits from the difference.

 

News-based Trading

This means that, when using this strategy, traders will be trading on times when massive news breaks. This includes instances where the news reports events such as natural disasters, terrorist attacks, and others which cause assets to fall.

However, this is a risky strategy as there is a likelihood that prices on these assets may fall even lower.

 

“Buy the Dip” Strategy

This strategy entails that a trader enters a position as the price dives should the expectation be that the current trend will endure.

This also involves a lot of discipline in trading psychology as it may trigger the overwhelming urge to close the position should the price continue declining in a downward trend.

 

Conclusion

Trading, and Bitcoin trading, deserves a lot of consideration and tactic with the goal on making profits and minimizing any losses. Therefore, it is imperative for traders to ensure that they start with a basic understanding of Bitcoin trading first before trading.

There are numerous strategies that can be employed when trading Bitcoin and traders are urged to ensure that they thoroughly research and learn their strategy before moving to another.

The general rule concerning strategies is that it is better to have one good strategy that works instead of having numerous strategies that increase the chance of losses while they do not make profit at all.

In addition, traders need to realize that there is no holy grail of strategies where trading, Bitcoin included, is concerned and one trading strategy that works for a trader will not work the same for another trader as each has their own trading styles, needs, and objectives.

 

 

27 Best Bitcoin Brokers Brokers

April 16th 2021 at 05:00

Fresh Unique Article to increase your trading knowledge: 27 Best Bitcoin Brokers Brokers

 

Bitcoin, or BTC, is the most predominant and popular cryptocurrency, or digital currency, in the world. Bitcoin can be traded either through a cryptocurrency exchange, or through a broker that facilitates the trade in cryptocurrency as a CFD.

There are numerous Forex Brokers in South Africa that not only facilitate the trade of Bitcoin but offer some of the most competitive conditions for cryptocurrency trading.

 

A quick overview of our best Bitcoin Brokers in South Africa review:

 

A review about Plus500
 

Plus500

Overview

Established in 2008, Plus500 is a multi-regulated, reputable online trading broker that facilitates the trade in numerous financial instruments including Forex, commodities, cryptocurrency, and more.

Plus500 offers traders with competitive trading conditions, access to its proprietary trading platform, and more.

 

Pros and Cons

PROS CONS
Regulation through multiple regulatory entities Only a few payment methods supported
Variety of trading instruments Only one account option offered
Competitive trading conditions offered MetaTrader 4 and/or MetaTrader 5 not offered
Adequate leverage offered
24/7 customer service provided

 

Features

Feature Information
Regulation FCA, CySEC, ASIC, MAS, FMA, AFSP, FSP
Minimum deposit from $100
Average spread from 0.6 pips on EUR/USD
Commissions from $0
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:300
Bonuses Yes
Customer Support 24/7

 

A review about JP Markets
 

JP Markets

Overview

JP Markets is a well-regulated ECN and STP broker based in South Africa. JP Markets offers traders with the opportunity to trade in global markets through its competitive trading conditions and user-friendly trading platforms.

JP Markets facilitates the trade in numerous financial instruments such as Forex, cryptocurrencies, stocks, indices, and more.

 

Pros and Cons

PROS CONS
Strictly regulated Lack of additional trading tools
Zero deposit or withdrawal fees Spreads and commission charges are high
Negative balance protection offered MetaTrader 5 not supported
MetaTrader 4 supported Limited trading instruments
No US Clients

 

Features

Feature Information
Regulation FSCA
Minimum deposit from ZAR 3,000
Average spread from 2 pips EUR/USD
Commissions from $0.02 per 0.01 lot traded
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses Yes
Customer Support 24/5

 

A review of IC Markets
 

IC Markets

Overview

IC Markets is a reputable and well-regulated broker with headquarters in Australia. IC Markets offers traders the opportunity to trade in global markets through its comprehensive trading solutions.

Traders have access to an array of financial instruments which can be traded through advanced trading platforms.

 

Pros and Cons

PROS CONS
Strict regulation US Clients not allowed
Low fees and tight spreads Fixed spread accounts not offered
Various trading styles supported including hedging and scalping
Social trading offered
Competitive trading conditions

 

Features

Feature Information
Regulation ASIC
Minimum deposit from $200
Average spread from 0.0 pips
Commissions from $3
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

 

A review about AvaTrade
 

AvaTrade

Overview

AvaTrade is an online trading broker which has become more popular in recent years. AvaTrade facilitates the trade in more than 250 financial instruments spread across an array of asset classes including forex, options, commodities, cryptocurrencies, and more.

 

Pros and Cons

PROS CONS
Well-regulated No US Client
Multiple awards obtained Variable spread accounts not offered
Fixed and tight spreads Lack of account type options
Zero-commission trading
Variety of trading platforms

 

Features

Feature Information
Regulation ASIC, BVI, CBI, FFAJ, FSA, FSCA
Minimum deposit from $100
Average spread from 0.9 pips
Commissions from $0
Deposit/Withdrawal Fees None
Maximum Leverage 1:400
Bonuses Yes
Customer Support 24/5

 

A review about FXTM
 

FXTM

Overview

FXTM is a reputable ECN and STP broker which has offices in the UK, South Africa, Cyprus, and Mauritius, with respective regulation and authorisation in each jurisdiction that it offers its services.

Traders are offered with the best and most competitive trading conditions which consist of tight spread, fair execution speeds, low commissions, and access to an array of financial instruments including Forex, commodities, shares, cryptocurrency, and more.

 

Pros and Cons

PROS CONS
Well-regulated No US Clients
Variety of financial instruments Restricted leverage for EU-clients
Variety of account types
Commission-free trading offered
Low minimum deposit

 

Features

Feature Information
Regulation CySEC, FCA, FSC, FSCA
Minimum deposit from $10
Average spread from 0.0 pips
Commissions from $2
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:2000
Bonuses Yes
Customer Support 24/5

 

A review about eToro
 

eToro

Overview

Established in 2006, eToro is a well-regulated, popular, and reputable Market Maker broker in addition to being the leading social trading platform in the industry.

eToro offers traders with a great variety of financial instruments which can be traded through its proprietary platform. Traders are offered with competitive trading conditions with low trading and non-trading fees, commission-free trading, and more.

 

Pros and Cons

PROS CONS
Strictly regulated US Clients not allowed
Zero commission charges Fixed spread accounts not provided
Large online trading community MetaTrader not offered
Social trading supported
Variety of financial instruments provided

 

Features

Feature Information
Regulation ASIC, FCA, CySEC
Minimum deposit from $200
Average spread from 3 pips on EUR/USD
Commissions from $0
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:400
Bonuses None
Customer Support 24/6

 

A review of IG Group
 

IG

Overview

IG is a reputed, trusted, well-regulated broker which has been in operation since 1974. IG holds regulation and authorisation in numerous countries and jurisdictions in which it offers its comprehensive trading solutions.

Traders have access to more than 16,000 financial instruments when trading through IG and, in addition, IG offers traders with some of the most competitive trading conditions in the industry.

 

Pros and Cons

PROS CONS
Regulated by multiple reputable entities High minimum deposit requirement
Over 16,000 financial instruments
Variety of account options offered
Competitive trading conditions
Longstanding history and good reputation

 

Features

Feature Information
Regulation FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF.
Minimum deposit from $250
Average spread from 0.1 pips on Indices
Commissions from 0.10% CFD EU
Deposit/Withdrawal Fees None
Maximum Leverage 1:200
Bonuses None
Customer Support 24/5

 

A review about Markets.com
 

Markets.com

Overview

Established in 2008, Markets.com is a well-regulated STP broker with offices in Australia, Cyprus, and South Africa. Markets.com has an impressive offering of more than 2,200 financial instruments spread across numerous asset classes.

There are around 5 million registered traders who benefit from the competitive trading conditions that Markets.com offers its traders.

 

Pros and Cons

PROS CONS
Strict regulation No regulation by FCA
Great variety of financial instruments No US Clients
Commission-free accounts offered Best trading conditions requires a professional account
Advanced trading tools
Fixed spreads offered

 

Features

Feature Information
Regulation ASIC, CySEC, FSCA
Minimum deposit from $100
Average spread from 0.6 on EUR/USD
Commissions from $0
Deposit/Withdrawal Fees None
Maximum Leverage 1:300
Bonuses Yes
Customer Support 24/5

 

A review about Core Liquidity Markets
 

CLMarkets

Overview

Established in 2013 and based in Saint Vincent and the Grenadines, CLMarkets is a reputable broker providing traders from around the world with the opportunity to trade in global markets.

Traders have access to numerous financial instruments, including cryptocurrencies, along with competitive trading conditions, and more.

 

Pros and Cons

PROS CONS
Well-regulated US Clients not allowed
Competitive trading conditions Only two account types
MetaTrader 4 supported Islamic account not offered
Scalping and Hedging allowed
Low minimum deposit and low trading fees

 

Features

Feature Information
Regulation ASIC
Minimum deposit from $100
Average spread from 0.0 pips
Commissions from $3 per side
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

 

A review about IQ Option
 

IQ Option

Overview

IQ Option has been in operation since 2013 and is one of the largest online trading brokers in the world. There are more than 20 million traders who have registered accounts.

IQ Option offers traders with access to global markets, competitive trading conditions, and trading solutions that cater for a variety of traders despite their trading needs, objectives, styles, and trading experience.

 

Pros and Cons

PROS CONS
Strictly regulated US Clients not allowed
Segregated client funds and member of ICF Restricted leverage for non-professional traders
Great variety of financial instruments Fixed spread accounts not offered
User-friendly trading platform
Advanced trading tools

 

Features

Feature Information
Regulation CySEC
Minimum deposit from $10
Average spread from 5 pips on GBP/USD
Commissions from $0
Deposit/Withdrawal Fees Some fees may apply
Maximum Leverage 1:30
Bonuses No
Customer Support 24/5

 

A review about BDSwiss
 

BDSwiss

Overview

BDSwiss has been in operation since 2012 and is an ECN and STP online broker based in Cyprus, Mauritius, and Seychelles. BDSwiss is a well-regulated, award-winning broker which offers the trade in more than 250 financial instruments.

Traders have access to global markets through the competitive trading conditions that BDSwiss offers in addition to powerful trading platforms. When trading with BDSwiss, traders can expect tight spreads, low commissions, and more.

 

Pros and Cons

PROS CONS
More than 250 financial instruments US Clients not allowed
Strict regulation Fixed spreads not offered
Commission-free accounts offered Restricted leverage for EU-clients
Advanced trading tools offered
Competitive trading conditions

 

Features

Feature Information
Regulation CySEC, FSC, NFA
Minimum deposit from $200
Average spread from 1.1 pips
Commissions from $4
Deposit/Withdrawal Fees Some fees may apply
Maximum Leverage 1:400
Bonuses None
Customer Support 24/5

 

A review about Alpari
 

Alpari

Overview

Alpari was established in Russia in 1998 and has years of experience in offering trading solutions to more than 2 million traders from 150 countries worldwide.

Traders can expect competitive trading conditions that consist of tight spreads, low commission charges, and adequate maximum leverage, amidst numerous other conditions.

 

Pros and Cons

PROS CONS
Strict regulation Several countries restricted from making use of Alpari’s services including US, Japan, and more.
Longstanding history of superb service Limited tradable financial instruments offered
MetaTrader 4 and MetaTrader 5 offered Fixed spread accounts not offered
PAMM Accounts offered
Customer support in more than 30 languages

 

Features

Feature Information
Regulation FSC, FSA
Minimum deposit from $5
Average spread from 0.4 pips
Commissions from $1.5 per lot per side
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:1000
Bonuses Yes
Customer Support 24/5

 

A review of FP Markets
 

FP Markets

Overview

FP Markets is a reputable ECN, STP, and DMA broker which has a rich history in providing various traders from around the world with favourable trading conditions.

FP Markets is an award-winning broker which provides traders with access to more than 10,000 financial instruments spread over numerous asset classes such as Forex, commodities, indices, cryptocurrencies, and more.

 

Pros and Cons

PROS CONS
Strict regulation US Clients not allowed
Variety of tradable financial instruments Fixed spread accounts not offered
ECN-pricing model Restricted leverage of 1:30 for EU clients
MetaTrader 4 and MetaTrader 5 offered Admin fees charged on Islamic Account
Demo Account and Islamic Account option offered

 

Features

Feature Information
Regulation ASIC, CySEC, SVGFSA
Minimum deposit from AU$100
Average spread from 0.0 pips
Commissions from US$£ per lot per 100,000 traded
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:500
Bonuses No
Customer Support 24/5

 

A review on OctaFX
 

OctaFX

Overview

OctaFX has been in operation since 2011 and it is a well-regulated STP and ECN broker based in Saint Vincent and the Grenadines. OctaFX makes adequate provision in facilitating the trades of numerous traders from around the world.

When trading with OctaFX, traders can expect competitive trading conditions, access to numerous financial instruments, the use of powerful trading platforms, and more.

 

Pros and Cons

PROS CONS
Well-regulated No US Clients
Commission-free trading offered Limited financial instruments
Fixed and floating spread accounts offered
Negative balance protection
Hedging and Scalping allowed

 

Features

Feature Information
Regulation FSA SVG, CySEC
Minimum deposit from $100
Average spread from 0.0 pips
Commissions from $0.02
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses Yes
Customer Support 24/5

 

A review of XM
 

XM

Overview

XM has been offering comprehensive trading solutions and services since 2009. XM is a reputable ECN and STP broker regulated and authorised by multiple regulatory entities.

XM offers traders with a variety of tradable financial instruments, competitive trading conditions consisting of tight spreads, low commissions, and more.

 

Pros and Cons

PROS CONS
Well-regulated US Clients not allowed
Negative balance protection offered Fixed spreads not offered
Competitive trading conditions

 

Features

Feature Information
Regulation FCA
Minimum deposit from $5
Average spread from 0.0 pips
Commissions from Between $1 and $9
Deposit/Withdrawal Fees None
Maximum Leverage 1:888
Bonuses Yes
Customer Support 24/5

A review about OANDA
 

Oanda

Overview

Oanda is a reputable, multi-regulated broker which has been in operation since 1996. Oanda offers its services to numerous traders from across the globe.

Traders are offered with competitive trading conditions, comprehensive trading solutions, and access to more than 10,000 financial instruments spread across different asset classes.

 

Pros and Cons

PROS CONS
Well-regulated in multiple jurisdictions Restricted leverage
Segregated client funds Social trading not supported
Member of FSCS and CIPF Fixed spread accounts not offered
Advanced trading tools and platforms Spreads are not the tightest in the industry
No minimum deposit requirement

 

Features

Feature Information
Regulation CFTC, NFA, IIROC, FCA, MAS, ASIC, FFAJ
Minimum deposit from $0
Average spread from 1.2 pips EUR/USD
Commissions from $0
Deposit/Withdrawal Fees None
Maximum Leverage 1:100
Bonuses None
Customer Support 24/5

 

A review about Pepperstone
 

Pepperstone

Overview

Established in 2010, Pepperstone is a well-established, popular online trading broker with cutting-edge technology, competitive trading conditions, and numerous trading services.

Traders have access to some of the most favourable pricing fees and schedules in addition to a dynamic trading experience. Pepperstone offers the trade in a great variety of financial instruments which can be traded through powerful trading platforms.

 

Pros and Cons

PROS CONS
Strictly regulated US Clients not allowed
Award-winning customer support Fixed spread accounts not offered
Competitive trading conditions offered
Social trading supported
Hedging and scalping allowed

 

Features

Feature Information
Regulation ASIC, FCA, DFSA
Minimum deposit from $200
Average spread from 1 pip
Commissions from AU$3.5
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses Yes
Customer Support 24/5

 

A review about Forex.com
 

Forex.com

Overview

Forex.com was established in 2001 and has more than 200,000 registered trading accounts from traders worldwide. Forex.com offers traders the opportunity to trade in global market using competitive trading conditions and powerful trading platforms.

Forex.com is a leading global online broker which has earned the trust and loyalty of its clients. In addition, Forex.com offers traders with low trading and non-trading fees, fast execution, and more.

 

Pros and Cons

PROS CONS
Well-regulated Limited payment methods supported
US Clients allowed Fix spreads accounts not offered
Advanced trading platforms
Advanced trading tools
Exceptional execution scorecard

 

Features

Feature Information
Regulation ASIC, CFTC, FCA, FSA, IIROC, JFSA, NFA
Minimum deposit from $50
Average spread from $0.11 on XAU/USD
Commissions from $0 – $5
Deposit/Withdrawal Fees No
Maximum Leverage 1:50
Bonuses Yes – Active Trader
Customer Support 24/5

 

A review about Axi
 

Axi

Overview

Established in 2007, AxiTrader, now known as Axi is an award-winning online broker established by traders with the aim of providing others with some of the best trading conditions.

Axi caters extensively for all types of traders, whether they are beginners, or professional traders. Traders can expect competitive trading conditions in addition to access to a great variety of financial instruments.

 

Pros and Cons

PROS CONS
Well-regulated No US Clients
Commission-free trading No fixed spreads
MetaTrader NextGen offered Restricted leverage for EU clients
Access to AutoChartist and PsyQuation

 

Features

Feature Information
Regulation ASIC, FCA
Minimum deposit from $0
Average spread from 0.0 pips
Commissions from $7 per round turn
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

 

A Review of FxPro
 

FxPro

Overview

FxPro was established in 2006 and is a multi-regulated, multi-asset broker offering Forex and CFD financial instruments which can be traded through cutting-edge trading platforms.

FxPro serves more than 1.3 million traders from over 173 countries worldwide. Traders have access to more than 250 financial instruments which can be traded through advanced, powerful, reliable trading platforms.

 

Pros and Cons

PROS CONS
Strict and multiple regulations No US, Iraq, or Canada clients
Multiple modern trading platforms No managed accounts or social trading
Premium trader tools No cryptocurrency trading
VPS access Not the tightest spreads
Expert analysis from Trading Central Not the lowest commissions

 

Features

Feature Information
Regulation FCA, CySEC, FSCA, DFSA, SCB
Minimum deposit from $100
Average spread from 0.0 pips
Commissions from $4.5
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

 

A review about EasyMarkets
 

easyMarkets

Overview

Established in 2001, easyMarkets is a Cyprus-based broker offering its services to numerous traders from more than 160 countries worldwide. easyMarkets is one of the largest, long serving brokers that has earned the trust of numerous traders since its inception.

Traders have access to more than 200 financial instruments when trading through easyMarkets, including Forex, shares, indices, cryptocurrencies, and more.

 

Pros and Cons

PROS CONS
Well-regulated US Clients not allowed
Negative balance protection Variable spread accounts not offered
Fixed spread accounts offered Forex spreads start from 1 pip
Commission-free trading offered
Free guaranteed stops

 

Features

Feature Information
Regulation ASIC, CySEC
Minimum deposit from $100
Average spread from 0.9 pips
Commissions from $0
Deposit/Withdrawal Fees None
Maximum Leverage 1:400
Bonuses Yes
Customer Support 24/5

 

A review about RoboMarkets
 

RoboMarkets

Overview

Established in 2012, RoboMarkets is an award-winning, international, and multi-asset broker which is headquartered in Cyprus, and offers its services and solutions to a great variety of traders from around the world.

Traders have access to numerous financial instruments which can be traded through powerful trading platforms using RoboMarkets’ competitive trading conditions consisting of tight spreads, low commissions, and more.

 

Pros and Cons

PROS CONS
Strictly regulated US Clients not allowed
Commission-free trading accounts provided Fixed spread accounts not offered
Transparent fees
Variety of accounts offered
Competitive trading conditions

 

Features

Feature Information
Regulation CySEC, IFSC
Minimum deposit from $100
Average spread from 0.0 pips
Commissions from $0.0045 US Stocks
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:30 (retail)
Bonuses Yes
Customer Support 24/5

 

A review of XTB
 

XTB

Overview

Established in 2004, XTB is a multi-regulated broker with regulation and authorization in numerous jurisdictions through a few regulatory entities.

Traders have access to a wide range of markets in addition to competitive trading conditions provided by XTB.

 

Pros and Cons

PROS CONS
Strictly regulated US Clients not allowed
Competitive trading conditions offered EU clients restricted to leverage of 1:30
Negative balance protection provided Fixed spreads not offered
Variety of financial instruments
Standalone Islamic account provided

 

Features

Feature Information
Regulation ACPR, BaFin, CNMV, FCA, IFSC, KNF
Minimum deposit from $250
Average spread from 0.1 pips
Commissions from $3.50 on Forex
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses Yes – subjected to jurisdiction
Customer Support 24/5

 

A review of ThinkMarkets
 

ThinkMarkets

Overview

ThinkMarkets is a reputable, reliable online trading broker which focuses on the provision of competitive trading conditions and trading solutions to traders from around the world.

When trading with ThinkMarkets, traders have access to online trading technology along with the provision of advanced trading platforms, and an array of financial instruments spread across a few global markets.

 

Pros and Cons

PROS CONS
Strict regulation US Clients not allowed
Commission-free trading account EU clients restricted to leverage of 1:30
VPS service Fixed spread accounts not offered
Islamic Account option and demo account provided Higher minimum deposit than other brokers
Competitive trading conditions

 

Features

Feature Information
Regulation ASIC, FCA
Minimum deposit from $250
Average spread from 0.1 pips
Commissions from $3.5 per side
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/6

 

A review of Exness
 

Exness

Overview

Exness is a reputable, multi-regulated, multi-asset online trading broker established in 2008. Exness provides traders with some of the best trading conditions in the industry in addition to catering for both retail and institutional clients.

Traders have access to a wide array of financial instruments when trading through Exness in addition to the use of powerful, reliable trading platforms.

 

Pros and Cons

PROS CONS
Well-regulated No US Clients
More than adequate maximum leverage offered No multi-currency account-opening options
Provision of various trading platforms
Great variety of financial instruments offered

 

Features

Feature Information
Regulation CySEC, FCA, SFSA
Minimum deposit from $1
Average spread from 0.0 pips
Commissions from From $3.5 per lot per side
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:2000
Bonuses None
Customer Support 24/5

 

A review of RoboForex
 

RoboForex

Overview

Established in 2009, RoboForex is a reputable Market Maker, ECN, and STP broker which offers traders the opportunity to trade in numerous global markets.

RoboForex provides traders with numerous financial instruments which can be traded through powerful, user-friendly, and flexible trading platforms.

 

Pros and Cons

PROS CONS
Strictly regulated No US Clients
Flexible account types No fixed spread accounts
Multiple trading platforms

 

Features

Feature Information
Regulation IFSC
Minimum deposit from $10
Average spread from 0.0 pips
Commissions from $0.0045
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:2000
Bonuses Yes
Customer Support 24/7

 

A review about Instaforex
 

InstaForex

Overview

Established in 2007, InstaForex is a well-regulated broker with offices in numerous countries. InstaForex has obtained numerous awards since its inception and boasts with more than 7 million registered traders from around the world.

Traders have access to more than 300 financial instruments that can be traded through powerful, user-friendly trading platforms.

 

Pros and Cons

PROS CONS
Well-regulated US Clients not allowed
Commission-free trading offered EU-clients restricted on leverage
MetaTrader 4 and 5 offered
Variety of financial instruments
Variety of account types offered

 

Features

Feature Information
Regulation CySEC, BVI, SVGFSA
Minimum deposit from $1
Average spread from 0.0 pips
Commissions from 0.03%
Deposit/Withdrawal Fees None
Maximum Leverage 1:1000
Bonuses Yes
Customer Support 24/5

 

FAQ

What is Bitcoin?

Bitcoin, or BTC, is the most predominant and popular cryptocurrency, or digital currency, in the world.

How is Bitcoin traded?

Bitcoin can be traded through a cryptocurrency exchange or as a CFD through a broker.

Who are the best Bitcoin brokers?

The brokers on this list are some of the best brokers that cater for cryptocurrency trading for South African traders.

Is it better to trade Bitcoin through an exchange or a broker?

Each method of trading will have its own pros and cons. Traders must research the pros and cons involved with each method of trading and decide upon their own discretion which method will be suited to them.

Is it safe to trade Bitcoin?

Yes, although there are always risks involved with trading, client fund security, and other factors that traders must ensure that they understand before trading Bitcoin.

 

A review about Plus500

A review about JP Markets

A review of IC Markets

A review about AvaTrade

A review about FXTM

A review about eToro

A review of IG Group

A review about Markets.com

A review about Core Liquidity Markets

A review about IQ Option

A review about BDSwiss

A review about Alpari

A review of FP Markets

A review on OctaFX

A review of XM

A review about OANDA

A review about Pepperstone

A review about Forex.com

A review about Axi

A Review of FxPro

A review about EasyMarkets

A review about RoboMarkets

A review of XTB

A review of ThinkMarkets

A review of Exness

A review of RoboForex

A review about Instaforex

What is Bitcoin? – The most common questions answered

April 16th 2021 at 03:05

Fresh Unique Article to increase your trading knowledge: What is Bitcoin? – The most common questions answered

The simplest definition of a cryptocurrency is that it is a digital or virtual currency or asset. It is secured by cryptography, thus the name cryptocurrency, and it is near impossible for it to be counterfeited or double-spent.

Cryptocurrencies are, for the greater part, decentralized networks which are based on blockchain technology.

 

A quick overview of our what is Bitcoin review:

 

Blockchain technology is a decentralized ledger which is distributed with the purpose of recording the provenance of a digital currency or an asset. The Distributed Ledger Technology, or DLT, makes the history of a digital currency unalterable and transparent.

Cryptocurrencies are neither issued nor controlled by any government or entity, thus making it impossible to interfere with it or for it to be manipulated.

 

The history and development of Bitcoin

Bitcoin has been around for more than a decade and was officially mentioned in a paper titled Bitcoin: A peer-to-peer Electronic Cash System by Satoshi Nakamoto, who posted the paper to a cryptography mailing list.

The official Bitcoin project was soon after registered in an open-source-projects community resource called SourceForge.net.

Bitcoin came into existence in 2009 when the first open source Bitcoin client was released, and the first Bitcoins were released. The first Bitcoins were mined by Satoshi Nakamoto from the first block of bitcoins ever.

This block was known as the genesis block and had a reward of 50 bitcoins. Hal Finney, a programmer, was one of the first supporters, adopters, and contributors to Bitcoin along with being one of the first receivers thereof after downloading the software on the first day.

Later, Nakamoto provided the reins to Bitcoin to a developer, Gavin Andresen, who subsequently became the lead developer at the Bitcoin Foundation. The foundation is the closest thing to an official public face that Bitcoin has, and ever will have.

 

Bitcoin’s growth through the years

  • By 2011 more cryptocurrencies begin to emerge and they were based on the same open-source code of Bitcoin. WikiLeaks was one of the first who had begun to accept donations in Bitcoins, with others following in these footsteps in years to come.
  • Bitcoin features in The Goodwife in 2012 and the Bitcoin Foundation saw its launch later the same year.
  • During 2012, BitPay reported that over 1,000 merchants had begun accepting Bitcoin.
  • By 2013, there were around US$1 million worth of Bitcoins sold by Coinbase. During the same year, The Internet Archive started receiving Bitcoin donations followed by several developments in both cryptocurrency and Bitcoin in the same year.
  • By 2014 Bitcoin was more readily accepted as a payment method.
  • The network rate of Bitcoin exceeded 1 exahash per day at the beginning of 2016, and by March, the Cabinet of Japan recognized virtual currencies such as Bitcoin as possessing the same function as real money, or fiat currency.
  • A substantial number of businesses had begun accepting Bitcoin by 2017 with increases in the transaction rate of BitPay. Bitcoin had gained substantial legitimacy by this time by both lawmakers and legacy financial companies.
  • 2017 onwards saw an increase in trading volumes and by 2019, there are around 5,457 Bitcoins ATMs worldwide in the United States, Canada, the UK, Spain, South Africa, and other jurisdictions.

 

What makes Bitcoin so valuable?

One of the key factors which determines the value of Bitcoin is that it was the first cryptocurrency which was created in addition to the fact that it is the first recognized currency over which no person, organization, or authority has controlled.

It can be bought, sold, and received, but no one can be told what to do with it or how it should be spent or invested.

Bitcoins are free from dictatorship, oppression, and hyperinflation. It serves a purpose as a safe haven for individuals who live, and who have lived, under these circumstances.

There is a limited supply of Bitcoin, which is another factor that makes it so valuable. There are only 21 million Bitcoins and there will never be more created than this.

In addition, there is complete transparency surrounding the knowledge of how many there are, the rate at which they are released and when the last Bitcoin will be created or released.

Bitcoin possesses a substantial amount of leverage over fiat currencies as they can be controlled by central banks and governments who have control over conventional monetary systems.

Monetary systems are controlled and manipulated as there is a certain supply of money and it is backed by the word of governments. This is only one of many controversial issues surrounding fiat currencies that cannot be applied to Bitcoin.

Bitcoin presents a unique design and it is poised to have an impact on the lives of people despite the unstable economies where monetary systems are greatly manipulated by key players such as banks and governments, amidst others.

Although fiat currency cannot simply fall away, it is impossible to ignore the fact that digital currency is being accepted and used more often. Monetary systems are, however, still important and they have been used for ages.

Monetary systems are still, for the greater part, considered the most stable grounds for exchange and trade. Fiat currencies are heavily affected by inflation whereas Bitcoin is not. In this, and other instances, Bitcoin is the strongest contender.

 

Why is Bitcoin exchanged?

Bitcoin is an efficient way to make profit. There is a lot of stigma that exists around how profit can be made from trading something that technically does not exist as it cannot be seen, touched, or physically handled.

There is also a lot of belief that the only way that profit can be made when trading currencies is when major currency pairs are traded, but this is slowly changing as more brokers and traders start embracing cross pairs between crypto and fiat currencies.

Successful traders do not only focus on one currency pair through which to make profit and a lot of traders have started trading cross pairs. Cross pairs often provide a higher level of market volatility and this is increasing as more of it is being traded in the markets.

 

The presence and onset of high volatility is but one reason why traders consider moving from fiat currency trading to trading cryptocurrencies or focussing more on cross pairs. Some of the main reasons surrounding this include:

  • The market movements are easy to understand as the focus is not merely on major trends. Buying and selling Bitcoin is an easy way to make profits once traders have learnt more about trading in theory and by practising trading.
  • The price on Bitcoin is less susceptible to high impact news and traders are not forced to spend as much time doing fundamental analysis.
  • Bitcoin trading does not involve leverage as high as with other instruments and this significantly reduces the risk of losses.
  • There is a global market for Bitcoin as it is not centralized or based in one economy of a country as is the case with fiat currencies.
  • The Cryptocurrency Market is open 24/7 unlike traditional markets such as Forex or Stocks and there is no official exchange. Instead, there are a variety of exchanges around the globe without fixed closing and/or opening times.
  • The Bitcoin market is volatile and features quick bursts of up and down price movements in a short amount of time. This provides traders with ample opportunity to harness the volatility with strategies that accommodate the conditions.

 

How are new Bitcoins created and generated?

All Bitcoin transactions are processed by miners. Miners secure the Bitcoin network and provide a level of security against attacks as these would render the network vulnerable and it would inevitably become useless.

For their efforts, security, and processing services, miners are rewarded with both Bitcoins and a certain amount of transaction fees, which varies between brokers and exchanges.

Every time a miner successfully solves the proof of work algorithm of Bitcoin, the miner would have mined a block. The miner, or mining pool, is rewarded a block through what is commonly referred to as a ‘block reward’.

The reward is made up of a set number of Bitcoins agreed upon by the network. It should be noted that the Bitcoins which make up the block reward are all new Bitcoins.

There are 50 Bitcoins per block and the blocks halve at every 210,000 blocks. Every block up until this point rewards miners with 50 Bitcoins and as soon as it is halved, for instance when block 210,001 is mined, the reward would only be 25 Bitcoins.

The process involved with mining Bitcoin presents some level of difficulty to ensure that blocks are only found on an average of 10 minutes. When considering that blocks halve with every 210,000 blocks mined, it means that blocks halve every four years.

There are therefore new Bitcoins generated every 10 minutes when a block is mined. This can be publically verified by making use of a block explorer and provides some insight into the level of transparency there is in Bitcoin trading.

With the block reward halving a set amount of times, the blocks will become so small in time that new Bitcoins cannot be created.

 

How is Bitcoin exchanged or traded?

Bitcoin can be bought, sold, or exchanged and traded in a variety of ways, including:

  • Trading Bitcoin – there are numerous brokers who make Bitcoin a part of their offering as a tradable financial instrument such as CFDs.
  • Bitcoin or cryptocurrency exchanges – such as Coinbase, Binance, Kraken, and others. Each exchange works in a different manner and some are either decentralized or centralized.
  • Peer-to-peer – sites such as LocalBitcoins allows for the buying and selling of Bitcoin directly between two participants with little to no intervention from the facilitator.
  • Bitcoin ATM – these are quite popular in major cities around the world and offers the opportunity for Bitcoin to be bought and sold.

 

What is a Crypto or Bitcoin Wallet?

As an actual wallet is used to store cash and bank cards, a Crypto wallet is used to store cryptocurrencies. It is a software program, due to the digital nature of cryptocurrencies, in which Bitcoin can be stored.

Cryptocurrencies cannot be stored anywhere as they carry significant monetary value. They require a safe storage which has a private key or secret number. These keys are designated for every individual who has a balance in a Bitcoin wallet.

The key or number corresponds with the Bitcoin wallet address. Bitcoin wallets work for the sending and the receiving of Bitcoin in addition to providing ownership of the Bitcoin it contains to the user.

Bitcoin wallets are not confirmed to only one given platform and it is possible for a wallet to be accessed from a desktop, mobile device, a web browser, and even other hardware.

To exchange Bitcoins, it is necessary for traders to be in possession of a Bitcoin wallet. Due to the digital nature of Bitcoin, they cannot be stored physically. Instead the wallet stores relevant information such as private keys to Bitcoin addresses.

 

What are the different types of Bitcoin wallets available?

Desktop Wallets

These wallets are created with the purpose of it being downloadable onto, and used by, personal computers and laptops. These wallets can be accessed even when a trader is not connected to the internet.

Desktop Wallets can be downloaded onto laptops and desktops that run the following operating systems:

  • Ubuntu
  • MacOS, and
  • Microsoft Windows.

One of the most popular and most used Bitcoin wallets on the market at the moment is Armory. It has vast and advanced safety features and ease of use.

 

Mobile Wallets

With the advent of technology and the move towards a more digitally portable trading industry along with trades being executed on mobile devices, it is only fair that Bitcoin wallets can be accessed on mobile devices.

Mobile Bitcoin wallets can be downloaded onto most smartphone devices. They offer a lot more convenient access to the wallet and provide ease of access whether the trader is connected to the internet or not.

Two of the most popular wallets developed for mobile devices is Blockchain and Mycelium. Both can be downloaded for use on Android and iOS devices. Users of Blackberry mobile devices can make use of a Bitcoin app which can be downloaded and installed.

With mobile devices and the corresponding Bitcoin wallets, users can easily make use of QR codes which allows them to make instant payments from their Bitcoin wallets, much like banking apps allow.

 

Cold Wallets and Hot Wallets

A Cold Bitcoin wallet refers to one which is not connected to the internet and thus offline. This type of wallet is considered the most secure between the two types as it provides added protection from hackers.

A Hot wallet is an online wallet and connected to the internet. This poses a security threat as they are mostly targeted by hackers.

Traders are advised to keep both types of wallets. A cold wallet is recommended for the storing of larger sums of Bitcoin whereas the hot wallet is merely used when transacting, trading, or making everyday purchases in Bitcoin.

 

Online Web Wallets

These types of wallets are connected to the internet, as the name suggests. They are accessed through cloud services by third parties and grant traders with access to their Bitcoin wallet.

Developers and providers of such wallets include Circle and Coinbase.

 

Physical Wallets

Due to the nature of Bitcoin this may seem contradicting however these wallets, also known as paper wallets, are generated by Blockchain.info and Bitaddress.org and feature a physical copy of the Bitcoin address and private keys which can be printed and stored safely.

 

Hardware Wallets

These are small devices which store the user’s Bitcoin and can be used for sending and receiving Bitcoin through online transactions. One such device is Trezor, which is becoming an increasingly popular portable physical crypt.

 

Bitcoin Clients

These are the original wallets which were used by the founders of Bitcoin. The computers that have these wallets installed are being sold in the community and provide online trading clients with access to all transactions executed through the Blockchain.

 

Is it better to pay in Bitcoin than other methods of payment?

One of the greatest features of Bitcoin is that it can be used as a method of payment, and its uses as such are increasing as merchants accept payment in Bitcoin.

It is imperative to consider how Bitcoin weighs up when compared to other payment methods seeing that it is increasing in popularity and being more widely accepted.

 

When compared to other payment methods, Bitcoin has the following benefits and advantages:

  • Transactions between Bitcoin wallets are not linked to an individual bank account – which provides a little more anonymity and security.
  • Bitcoin can be used by anyone and in a lot of cases, account verification is not necessary. There are infrequent identity checks and proof of residence is not mandatory. This, however, differs between brokers and exchanges.
  • There is no central authority which directs how Bitcoin can or cannot be spent.
  • The Bitcoin account cannot be seized or closed. The user is the only one who maintains control over it.
  • User privacy is more enhanced when using Bitcoin thus identity theft is reduced.
  • Bitcoin transfers are processed quickly unlike some payment methods, such as bank transfers, which may take several days to clear.
  • Bitcoin has no international boundaries, it can be sent or received anywhere in the world.
  • There is unlimited access and users have full control of their funds at any given time, from anywhere in the world.
  • Some payment methods often involved high transaction fees in addition to monthly and annual overdraft or over-limit fees.
  • There is hardly any maximum or minimum involved with transactions although some exchanges impose maximum exchange limits based on certain conditions.
  • Purchases can be made anonymously as the user’s name is not tied to the transaction, and
  • Transactions cannot be reversed once made which aids merchants and frees them from worries concerning chargebacks on credit cards.

 

How is Bitcoin bought, sold, and traded or exchanged?

Through a Cryptocurrency Exchange Platform

Considering that there is no singular or official exchange through which Bitcoin can be traded, sold, or bought, there are numerous cryptocurrency exchange platforms that facilitate such transactions.

 

The process involved with choosing a Cryptocurrency Exchange Platform is one that requires thorough research and traders and investors need to consider a few vital factors such as:

  • Both the liquidity and the market depth of the exchange. There needs to be an adequate amount of both to ensure that orders can be filled. It also decreases the chances of a quick dip in the market that may result in losses.
  • Trading or transaction fees which are charged by the exchange for its services. Fees should be low as it allows the trader to exit despite how small the movements are which will cover the fee and allow traders to make a small profit.
  • The location of the exchange and whether it allows fiat deposits or withdrawals. This allows traders to deposit and/or withdraw in their own currency.
  • Regulation and trust – the crypto market is, for the greater part, unregulated but this does not mean that they cannot be trusted. Traders must investigate the history of the exchange and the current security measures that they have in place.

 

Brokers

Bitcoin is offered by numerous brokers as a CFD instrument and the process in choosing a broker may be tedious as there are a great number of brokers in the industry.

It is imperative for traders to look at several factors when considering trading through a broker such as regulation, fees, spreads, commissions, funding options, education, and more.

When using a broker to facilitate the trade in Bitcoin, traders need to ensure that they keep the following in mind:

  • The amount and variety of Cryptocurrency pairs offered
  • Accessible and reliable payment methods which are offered
  • The quality and usability of the trading platforms offered, and
  • The level and quality of customer support offered.

 

Conclusion

In understanding what Bitcoin is in addition to how it can be bought, sold, traded, and/or exchanged, traders will understand why it has become such an important, popular, and valuable financial instrument.

The future surrounding cryptocurrencies is still uncertain, but it is clear that cryptocurrencies are increasing in popularity although it will never be able to replace fiat currencies.

Instead there is a type of symbiosis expected between the two along with close correlation.

It is easy for beginners to start trading Bitcoin, provided that traders have consulted adequate amounts of education to learn about the theory behind Bitcoin. In addition, beginners must make use of demo accounts to practice trading and to build on their skills.

Bitcoin is the most popular cryptocurrency and it is uncertain whether any of the various other cryptocurrencies will be able to overthrow it. Amidst other cryptos, Bitcoin is still the most popular which is more widely accepted as an alternative method of payment.

Although there is still a lot of stigma and controversy surrounding cryptocurrencies, they have established their place in a digitized age where there is as much reliance on them as a currency as there is on conventional currencies and monetary systems.

 

 

 

Luno’s journey from a small startup to R121 billion in transactions

April 15th 2021 at 04:05
Cryptocurrency exchange Luno recently revealed it recorded 300% year-on-year growth in the first month of 2021, hitting $8.3 billion (R121 billion) in transactions worldwide.

Bitcoin hits $64,000 for first time

April 14th 2021 at 01:39
Bitcoin advanced Wednesday, breaching the $64,000 level for the first time after eclipsing its most recent record in March a day earlier as the mood in cryptocurrencies turned bullish ahead of Coinbase Global Inc.’s listing this week.

MTI bigwigs hit with R2.5 million claim over previous crypto scam

April 13th 2021 at 03:25
Key people linked to Mirror Trading International have been served with a High Court summons related to a previous cryptocurrency scam - BTC Global.

One of South Africa’s oldest cryptocurrency exchanges shuts down

April 7th 2021 at 08:09
The first South African cryptocurrency exchange to offer an Ethereum-Rand trading pair is shutting down.

Why hedge fund manager Jean Pierre Verster is not investing in Bitcoin

April 3rd 2021 at 04:01
Protea Capital Management CEO Jean Pierre Verster explains why he steers clear of cryptocurrencies like Bitcoin.

Bitcoin worth R1 billion recovered from Mirror Trading International broker

March 30th 2021 at 05:01
The original broker of Mirror Trading International has transferred bitcoin that lay in its frozen accounts to the Financial Sector Conduct Authority.

Luno: The Ultimate Guide for Beginners

Fresh Unique Article to increase your trading knowledge: Luno: The Ultimate Guide for Beginners


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What is Luno?

Luno is a digital currency exchange facility that offers clients a technology platform to buy, sell and store digital currencies as well as pay for products and services using a cryptocurrency wallet. Digital currency is also known as a cryptocurrency and the two most famous examples are Bitcoin and Ether, the latter being the digital currency used to power Ethereum.

Formerly known as BitX, the company headquarters are in London, United Kingdom; and the company is represented in 40 countries around the world. However, Luno is focused on developing countries which have proven to be lead adopters of cryptocurrency. This includes South Africa, Nigeria, Indonesia, Zambia and Malaysia.

Please note: Naspers and Rand Merchant Investments have sold their stakes in Luno to Digital Currency Group. Naspers-backed cryptocurrency exchange Luno has been acquired by Digital Currency Group (DCG), a US based blockchain investor, for an undisclosed sum

Luno was established in 2013 and is one of the early industry pioneers. By end of 2020, Luno had processed more than 8 billion dollars in transactions; offering exchanges between traditional global currencies and cryptocurrencies like Bitcoin and Ethereum.

 

How to download the Luno App on your Device? 

 

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What is a cryptocurrency exchange platform?

 

A cryptocurrency exchange platform facilitates the exchange of cryptocurrencies for traditional fiat money. Companies that operate exchange platforms came into being in 2009 with the launch of a decentralised cryptocurrency called Bitcoin. Many more cryptocurrencies have been launched since then, including the second most-popular one called Ether which is used to power Ethereum and Bitcoin Cash which was created through a Bitcoin Hard Fork.

A cryptocurrency exchange is either a ‘bricks-and-mortar’ business much like a bank that exchanges traditional fiat currencies (such as US Dollar, Euro and Pound Sterling), or it is a web-based platform that facilitates the exchange of fiat currencies and cryptocurrencies.

The business accepts credit card payments and electronic fund transfers in exchange for cryptocurrencies. It pays out cryptocurrencies into a customer’s cryptocurrency wallet or, in some cases, transfers it to a prepaid gift card that can be used to withdraw funds from any ATM in the world.

You typically access a cryptocurrency exchange platform by signing up on a website such as Luno, downloading an app from the App Store or you access it via Google Play.

What does Luno offer?

 

Luno offers its clients a simple and secure way to buy and sell Bitcoin and Ethereum using a built-in cryptocurrency wallet. It supports several global fiat currencies such as the US Dollar, Euro, Pound Sterling and the South African Rand.

Luno offers a brokerage service as well as offers training and consultancy services to help the general public understand the complexities of cryptocurrencies such as Bitcoin and Ethereum.

The company’s full-service offering includes:

 

Luno cryptocurrency trading platform

The cryptocurrency trading platform is core to the Luno website and is designed to facilitate the electronic process of buying and selling digital currency using fiat currency such as US Dollars, Euro and Pound Sterling.

The trading platform creates a linked account with your bank and you can immediately start trading Bitcoin or Ethereum as soon as your Luno account is verified.

Luno clients with registered accounts can trade digital currency with each other and Luno earns commission on all sales.

 

Luno wallet

A Luno wallet is the software programme (app) that stores private and public cryptographic keys and interacts with the blockchain technology so that Luno clients can buy and sell cryptocurrency, store it and monitor transactions.

Basically, if you want to buy or sell any cryptocurrency, you need to have a cryptocurrency wallet. The public key stored in a Luno wallet facilitates payments to the wallet’s address; the private key facilitates spending of cryptocurrency from that address.

 

Luno brokerage service

Luno’s brokerage service facilitates the buying and selling of cryptocurrency through a dealer network, as opposed to a centralised exchange. A Luno broker connects sellers with buyers and pairs them for a sale. Cryptocurrency is sold or bought at a quoted exchange rate which includes a brokerage fee. The fee percentage varies according to market conditions.

The Luno brokerage service is the preferred option for larger trades as it tends to provide both parties with a better price and is more flexible and convenient.

 

API for developers

Luno API provides developers with financial information and trading capacity in the digital currency market. This functionality allows developers to work with Bitcoin and Ethereum to access blockchain technology which is required for tasks such as accessing current and historic cryptocurrency market data.

 

Learning portal

Cryptocurrency is a revolutionary decentralised digital currency and it’s confusing for even the most tech-savvy clients. Through Luno’s learning portal, you can learn more about the world of cryptocurrency, understand the language around Bitcoin and Ethereum and learn to trade cryptocurrency in a responsible manner.

 

Luno Store

 

The Luno Store is much like Google’s Play Store. It’s where Luno clients can go to find new and interesting crypto-based apps and services that have recently been launched in the digital currency space. The apps promoted in the Luno Store have been pre-screened and carefully vetted so they are safe to use.

 

btc to zar

How does Luno exchange currencies?

You can exchange cryptocurrencies such as Bitcoin and Ethereum in three easy steps through Luno:

Step 1: Sign up for a free Luno Wallet

Access Luno through your web browser or Smartphone and follow the easy registration process to set up your Luno profile.

Step 2: Deposit money into your Luno Wallet

Deposit any fiat value into your Luno Wallet using  your preferred method of payment. This could be an electronic bank transfer or credit card payment.

Step 3: Buy the cryptocurrency of your choice

Purchase the amount of cryptocurrency you desire. It can be securely stored in your Luno Wallet or you can transfer it out of the Luno exchange.

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How to buy Bitcoin or Ethereum through Luno?

 

Luno is different to many cryptocurrency exchanges in that it is designed primarily to simplify the process of buying Bitcoin (BTC) and Ethereum (ETH) with fiat currency, as opposed to trading one cryptocurrency for another.

Buying Bitcoins or Ethereum through Luno is a straightforward process but trading fees and conditions do depend on your country of residence. Certain countries require you to provide a unique reference number or deposit account as a security measure.

To buy Bitcoin and Ethereum, you first create a Luno account and go through a verification process to link it to your bank. Follow the easy steps to sync your bank account with your Luno account.

When your Luno account is verified and officially created via an email address of social media platform; you will be directed to WALLETS in the main menu.

Find the right wallet for your currency needs and make your first deposit. Depending on your location and whether there are further requirements to sync your bank account with Luno; you should be able to make an immediate fiat transfer from your bank to your Luno wallet.

When the funds have been transferred successfully, you will receive an email from Luno. From here on, you will be able to buy Bitcoin and Ethereum through Luno.

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Where does Luno store my cryptocurrency?

 

Any Bitcoin, Bitcoin Cash or Ethereum that you receive is stored in your Luno wallet. This is not a physical wallet; it’s software that contains the private keys that authorise the owner of the cryptocurrency to send his or her “coins” to another wallet.

Cryptocurrency coins and cash are stored on the blockchain. The latter is a decentralised network that records digital currency transactions in much the same way as an old-fashioned accounting ledger. The individual blocks contain transactional information, and can be thought of as pages of the ledger.

 

Does Luno support Ethereum?

 

As of November 2017, Luno clients can create an Ethereum wallet which operates independently of a Bitcoin wallet. An Ethereum wallet is required to buy, sell and store Ethereum; it’s not possible to use a Bitcoin wallet to buy and sell Ethereum.

 

Is Bitcoin Cash available to trade on Luno?

 

Bitcoin Cash is now available to trade on Luno. To create a Bitcoin Cash (BCH) wallet, you select your BCH trading pair on the exchange and place an order. A new BCH wallet is automatically created for you which you can use to buy, sell or store your BCH. You can also create a BCH wallet manually by adding the function to your Luno account.

You send BCH to and from Luno wallets in the same way you send Bitcoin and Ethereum. You need to provide the sender or receiver with an appropriate address or your QR code. You can find these in the WALLET tab in the main menu.

Bitcoin Cash was launched in August 2017 through a community-activated update to the protocol or code from the Bitcoin blockchain; otherwise known as the Bitcoin Hard Fork. A fork occurs when a group of miners run a different version of the software. The purpose of the Bitcoin Hard Fork was to increase the block size so more transactions could be processed per block.

Bitcoin Cash is designed to be used for everyday cryptocurrency transactions and is cheaper and faster to trade than Bitcoin. Essentially, Bitcoin Cash is designed to be used as digital cash for regular currency transactions and competes with the likes of PayPal and Visa.

 

How much does Luno charge?

 

The fees Luno charges vary depending on your location, the currency you are trading and how active the cryptocurrency network is at the time of the trade. The fee to send Bitcoin or Ethereum to a wallet is dynamic, meaning it is adjusted according to the cryptocurrency network traffic.

A fee is charged to receive Bitcoin or Ethereum via an address. Sending and receiving Bitcoin and Ethereum via a mobile platform or an email address is free.

There is a fee charged for all fiat withdrawals and it differs depending on the country where the trade occurs. Likewise, Luno trading fees differ based on the national currency and the size of the transaction.

 

How to download the Luno app on your device?

 

Is Luno safe to use?

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Since it was launched in 2013, Luno has established itself as a trustworthy exchange website. The company offers an advanced level of security where a Luno wallet is secured via two-factor authentication and the account passwords are stored in a hashed form.

SSL encryption is used across the trading platform and Pretty Good Privacy (PGP) encryption is used to secure Luno wallets. Essentially, Luno keeps its clients’ funds stored in a series of “deep freeze” cold storage wallets which are significantly more secure than hot wallets.

The cold storage wallets are encrypted, multi-signature wallets where private keys are stored in individual bank vaults. The multi-signature features means that no one individual can access a Luno wallet without the cooperation of other parties.

What is two-factor authentication?

 

Two-factor authentication (2FA) is an extra layer of security, usually the addition of a unique once-off password. It typically requires a Luno client to have a second device such as a mobile phone to which the once-off code is sent. It’s much the same as a one-time password (OTP) used for banking transactions.

When two-factor authentication is required, you need to provide both your unique password and the once-off code for the Luno trading platform to authorise sign-in access or a digital currency transaction.

You might like: How forex trading is changing Africa. 

What is a multi-signature wallet?

 

The multi-signature (MultiSig) feature built into a Luno wallets requires multiple authorisation from different people to successfully send a transaction to a blockchain. If five people are authorised to send Bitcoin from a MultiSig Luno wallet, then at least 3 of the 5 must approve the transaction before it is authorised.

Luno provides a ‘hot wallet’ facility that is secured. Luno holds one of the required keys and the other key is held by BitGo. The latter is a prominent payment processor that safeguards essential key information through its multi-signature technology. An attacker would have to penetrate both Luno and BitGo to access a client’s wallet.

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Where is Luno available?

 

Luno is currently available in the following developing countries:

  • South Africa
  • Indonesia
  • Malaysia
  • Nigeria

Luno is available in the following countries in Europe:

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Greece
  • Guernsey
  • Hungary
  • Iceland
  • Ireland
  • Isle of Man
  • Italy
  • Jersey
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Monaco
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • San Marino
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom

 

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1 BTC TO ZAR

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