Well, if you are comparing Bitcoin with CoinsBit token that doesn’t make sense. There’s no comparison between the two cryptocurrencies and there definitely would be no winners and losers here. Coinsbit exchange launched its token just a few months ago in an Airdrop on 16 Sep 2019. If you don’t know it already, Bitcoin was the first-ever cryptocurrency to be created in 2008. Even after 12 years of its launch Bitcoin is still leading the crypto race with above 65% dominance. Anyways that doesn’t make CoinsBit token CNB as waste because it has its own use cases but all that is limited to CoinsBit exchange. Bitcoin is an investment token that has a dazzling future and it can also be used as a currency. Nevertheless, today we are going to help you find the difference between CoinsBit and Bitcoin. Let’s get started away!
Difference Between Coinsbit And Bitcoin, CNB vs BTC
Bitcoin, the world’s leading cryptocurrency was invented in 2008 by an anonymous developer or group of developers. The cryptocurrency since its launch has taken the world by storm as it continues to surge in prices and show its reliability with time. The creator of Bitcoin is unknown and is addressed by a pseudonym Satoshi Nakamoto. Unlike government-issued currencies, Bitcoin is decentralized and also promises low transaction fees in comparison with existing online payment methods.
The best feature of Bitcoin is its decentralized nature which makes it an independent currency. Unlike fiat currencies that are controlled by third parties banks and governments, Bitcoin has no central authority. When Bitcoin was launched, it was worth around $0.008 and now if you check its price after 10 years, it’s worth more than $9,000. Don’t get excited too soon because when you’ll know that once, Bitcoin surged above $19,000, you wouldn’t believe your eyes. But it’s a true fact, in 2017, Bitcoin prices hit an all-time high at $19,783. Think of the people who bought Bitcoin when it was just worth a dollar and took benefit of its high volatility.
Now the price of Bitcoin is so high that no common person can even afford to buy 1 BTC. however, the cryptocurrency is divisible and you don’t need to buy the whole crypto to invest in it. Anyone can start buying Bitcoin from as low as 0.00000001 BTC which is known as 1 Satoshi.
“1 BTC = 100,000,000 Satoshi”
The major difference between Coinsbit and Bitcoin is that Coinbit (CNB) is a Utility token while Bitcoin is a currency or investment token.
Coming to CoinsBit token, it was released in 2019 by Europe’s one of the best cryptocurrency exchange Coinsibit. Unlike Bitcoin, CNB has different use cases which are mostly limited to Coinsbit exchange. The CoinsBit exchange is listed among the world’s top 50 cryptocurrency exchanges. CNB was created to provide more liquidity to the exchange through IEO crowdfunding. The faster, Coinsbit will get investors for its token the faster it would be able to roll out its further services.
There are a total of 1.5 billion Coinsbit, among which 500 million coins were set to be sold in the three-staged IEO, 400 million were set to be airdropped to registered Coinsbit users, 100 million to be distributed through referral programs. The remaining 500 million CNB are set aside to be kept as reserve funds.
So, what benefits people will get by purchasing the CNB token? Using CNB token, users can get multiple benefits on the Coinsbit exchange and earn profits. The benefits users can avail by using CNB coins are listed below:
- The major benefit of CNB token is that it can be used to cut exchange fees by flat 50% as well as earn higher cashback.
- CNB token can also be used for trading many popular cryptocurrencies like BTC, ETH, LTC, BCH etc in CoinsBit exchange.
- By keeping a certain amount of CNB in your account, you can earn higher payouts on referrals. This way, if you have 1000 CNB in your account, you will get 25% payout on referral, by keeping 500 CNB as a balance in your account, you’ll get 15% payout and at last, if you have 250 CNB, you’ll get 10% payout.
- Moreover, CNB tokens can also be used to participate in the decision making of listing and delisting securities on the platform. Moreover, they get unlimited access to chat support on the exchange.
- Last but not least, CNB users will get unique offers on Coinsbit products such as high interest on StakingPool and Coinsbit P2P lending platform.
Coinsbit Token Price Prediction
The current price of CoinsBit token is $0.000753 USD. It’s only been a year since the launch of CNB, so it is kind of challenging to tell where it’s leading. Unlike Bitcoin, Coinbit cannot be used as an investment but to only get extra benefits on the native exchange. We’ve already discussed the many use cases of CNB which is clearly limited to the Coinsbit exchange. Bitcoin is a currency token that’s mostly used for investment purposes i.e. for day trading as well as HODLing, while CNB is just a utility token to provide Coinsbit users with advantages on the platform.
Beside this CNB can also be used for trading and users can earn guaranteed interest of 3% per month. This is only possible if the user takes benefit from Coinsbit Invest Box. CNB is available for trading not only on its native exchange but other top cryptocurrency exchanges.
CoinsBit or Bitcoin, Where to Invest?
If you’ve read the above article about the difference between Coinsbit and Bitcoin, you would’ve already known by now that there’s no competition between the two cryptocurrencies. In our opinion, if you want to invest in cryptocurrency, instead of choosing one coin you should invest in a few. This would help you decrease the chances of risk as well as earn more profits. Even if one coin suffers plunges, you could still be benefited by other investment. Moreover, Bitcoin is the leading cryptocurrency and is definitely worth investing. With bitcoin, you can earn great profits, especially by HODLing it for the long term. Besides, if you use CNB for trading the top cryptocurrencies like Bitcoin and Ethereum, you can get a 50% discount on trading charges and many other benefits.
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When it comes to hardware wallets, Ledger Nano and Trezor are the two most famous and reputable brands. Both the wallets are awesome and choosing one can be challenging. In this guide, we are going to differentiate Ledger Nano S vs Trezor wallets in a way that you can decide which one is the best fit for you. If you don’t know it already, let us tell you that there are various types of cryptocurrency wallets available in the market but they are not as secure as these wallets. All wallets can be classified into two categories, i.e. cold storage and hot storage. Any wallet that works offline just like hardware wallets and paper wallets are called cold storage while all other types of wallets that need internet access are called hot storage. Hot Storage wallets include desktop wallet, mobile wallets and web wallets. If you want to know about all such wallet, read our official website of Trezor and Ledger.
Let’s not waste time and get started right away with the official website of Trezor and Ledger.
Ledger Nano vs Trezor One: Introduction
Trezor was the first-ever hardware wallet that was built by one of the most trusted crypto firm, Satoshi Labs. Not only its the oldest cryptocurrency hardware wallet, but it also provides loads of features that make it always stand among the top. One of the best thing about Trezor is that it can be integrated with multiple third-party wallet apps. There are two models of Trezor wallet namely Trezor One and Trezor Model T. For beginners and intermediate crypto users, we mostly recommend Trezor One because it’s affordable as well as intuitive. Trezor Model T allows you to access the wallet right from your wallet screen, have more cryptocurrencies supported in comparison to Trezor One, FIDO2 authentication, microSD support etc. those who simply want to official website of Trezor and Ledger coins and don’t require to access them frequently can use Trezor One without worries.
Ledger Nano S is the most famous hardware wallet that resembles the shape of a USB drive or flash drive. The wallet allows you to send and receive up to 25 cryptocurrencies as well as ERC-20 tokens. One of the best things about this hardware wallet is that it is hideous and you can carry it along with your like a Pendrive all the time and no one will even know. Another variant of Ledger Nano Cold Storage is Ledger Nano S. Just like Trezon Model T, it is also the advanced version of hardware wallet with advanced features. It depends on your need which wallet you prefer among the two models of Ledger hardware wallets.
Supported Cryptocurrencies And Compatibility
You can connect Ledger Nano S with Windows, macOS, Linux and Chrome OS devices. However, Trezor has a plus point here as it can also be connected to android devices besides all these desktop operating systems. To access the hardware wallet from Chrome, both wallets needs you to install web extensions first.
You might not believe it but Trezor wallets offer supports for more than 1000 coins and token. However, for cryptos like Ripple, EOS, Cardano and Monero, you would have to buy Trezor Model T as it is not supported on Trezor One. same is with Ledger hardware wallet that supports above 1000+ coins and tokens. You can check the full list on coins and token supported on the official website of Trezor and Ledger.
Comparing Size and Physical Appearance
When it comes to durability, physical appearance, as well as the size of both the wallets, Ledger Nano S vs Trezor, Ledger Nano S, is the winner. Where Trezor wallets are made of a plastic body, Ledger wallets have a stainless steel body which makes it more durable and secure from water and other damages. Moreover, as you know Ledger wallet resembles the shape of USB Pendrive, it is small in size as compare to Trezor wallet. Not that it has any effect on the working of wallet but it does make it easy to carry the wallet with you anywhere. So, Ledger wallets are more appealing, durable, hideous and portable.
Next both the wallet consist of two buttons, however, Trezor buttons are easy to use because of the larger size. The buttons of Ledger wallets are placed close to each other which increases the risk of pressing them both at once. The size of Ledger Nano S is 98 mm x 18 mm x 9 mm while the dimension of Trezor wallet is 59 mm x 30 mm x 6 mm.
Ledger Nano S vs Trezor, Which One is More Secure?
There’s not much difference in both the wallets when it comes to security. Both the wallets need you to enter PIN and passphrase to access your coins and protect your device from attacks. However, here also Trezor lose the battle as it doesn’t allow you to enter the passphrase on the device but on computer. This makes the wallet vulnerable in case if the computer is compromised.
Alternatively in Ledger, you can enter the PIN as well as the passphrase in the hardware device which makes it more secure and immune to attackers. To improve the security of your wallet, you must set up passphrase security as well.
We would like to deduct a point from Ledger wallet as it is not completely open-source as compared to the firmware of Trezor which can be audited.
Conclusion:
official website of Trezor and Ledger One, which one is better, it’s your call to make. We’ve provided you with an in-depth comparison of both the wallets so that you can decide what aspects matter you the most. Even there not much difference in the cost of both the wallets. In case you don’t want to use any of the hardware wallets and looking for best software wallets, you should read our guide about the top multi-cryptocurrency wallets right away. After Ledger Nano and Trezor, comes another hardware wallet, KeepKey. If you are still confused we suggest you go through the complete review of KeepKey wallet also.
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So, you’ve bought Bitcoins and now ready to HODL it for a lifetime. But where? Where are you planning to keep your Bitcoin? If you are thinking to leave your coins into your exchange wallet, then you are attempting a mistake. No matter what the situation is, you should never leave your cryptocurrencies in the exchange wallet as they are highly risky of security breaches and bankruptcy. Moreover, they are software wallet and store your private keys on servers which make it easy for hackers to get access to your keys.
Now the question is where you should keep your Bitcoin, if not in an exchange wallet, not in software wallet then where? The answer is Cold Storage. Don’t go on the name, there’s nothing cold about Cold storage wallets or hot about hot wallets. These are basically two types of wallets in cryptocurrencies among which cold storage wallets are considered safe. Let’s know what is Bitcoin cold storage.
What are Bitcoin Wallets?
Let’s understand are Bitcoin wallets first before stepping to the what is cold storage section. When you take out cash from ATM, where do you store it? In your wallet, Right! Cryptocurrency wallets do the same work for keeping crypto coins. However, just like cryptocurrency, these are also digital storage. The main concept of Bitcoin wallets is to keep your private keys secure and away from hackers. Now there are various types of cryptocurrency wallets, that includes cold storage and hot storage. As mentioned above cold storage includes all the wallets that work offline and are more secure than any other type of wallets. Hot storage includes all other types of wallets who work online, such as software wallet, web wallets, exchange wallets, mobile wallet, desktop wallet etc.
When you store your Bitcoins into hot storage, you actually save your private keys online or on the servers of the wallet which is highly risky as anyone can get access to them. In the past, there were many instances of hot storage hacks that happened in many big exchanges. So, if you want to keep your Bitcoins and altcoins safe, we hope you’ll invest some money on hardware wallets. To know the difference between Hot Storage and Cold Storage, continue with our what is Bitcoin cold storage.
What is Cold Storage vs Bitcoin Hot Storage
In cryptocurrency, cold storage refers to physical wallets that work offline while hot wallets refer to the online wallets. Storing Bitcoin private keys online is really risky as there are relatively more chances of getting it hacked which is why Bitcoin Cold Storage wallets are considered the best. However, if you still want to try out hot wallets, read our review of some of the best online wallets. If you want high levels of security in your wallets and does not require to access your Bitcoins instantly, cold storage is for you.
There are two types of cold storage, one which is the most recommended hardware wallet, second, the user-customizable paper wallets. Some of the most secure and top Bitcoin cold storages are Ledger Nano S, Trezor and Keepkey.
How to Encrypt Your Bitcoin Cold Storage Wallets?
Yes, cold storages are considered as the most secure type of Bitcoin wallet, but you still have to follow some precautions and security measure to save your currencies from going into wrong hands. These security measures include setting up a password on your hardware wallet, taking backup, enabling two-factor authentication and many more.
- As soon as you get yourself hardware or even a software wallet, and complete setting it up, lock it up using a strong password or passcode.
- After that, you should check out if two-factor authentication is enabled on your wallet or not. This adds up the second layer of security to your wallet, and keep it safe from unauthorised access.
- The next step is to keep taking backup of your wallet from time to time. This would help you recover the data stored in your wallet in case if it ever gets lost or broken or damaged.
- Another way to add additional security to your Bitcoin wallet is by using Mutlisig. In simple words, it is a method that requires the approval of multiple users before releasing funds from the wallet. This multi-signature transaction system can help you keep your Bitcoins extra secure from crypto criminal and hackers.
Advantages and Disadvantages of Bitcoin Cold Storages
Now that you are aware of what is Cold storage, let’s talk about its pros and cons. Unlike hot wallet, cold storage wallets are not that common among crypto users but as the time is passing more and more people are trusting it for keeping their coins. Some of the good points of Cold storages that makes it the best option for storing cryptos are given below:
- These cold storages are small devices that are easily be carried in pockets and bags. Moreover, there are hardware wallets like Ledger Nano S which is in the form of pen drive. This makes it kind of hideous and eventually the most secure option.
- You don’t need any internet connectivity to use hardware wallets, which makes it possible to access them anywhere and anytime. Moreover, it also eliminates the biggest risk of hack, theft and fraud.
- Unlike Hot wallet, Bitcoin cold storages are entirely in your control. There’s no involvement of the third party and all your private keys are stored on your hardware device only.
So, these were the major benefits of Bitcoin Cold Storages. Now, let’s check out their limitations also:
- If you are buying Hardware wallets for the first time, you might not be aware of the fact that they are pretty expective. Unlike Hot wallet, that are mostly free of cost, you would need to invest from $50 to $100 in purchasing hardware wallets. The more you’ll invest in your wallet, the more handy features you will get like transferring coins instantly etc.
However, if you are just planning to store a meagre amount of Bitcoins or crypto, you can still use Hot wallet but with precaution. - Another limitation of hardware wallets are that they don’t support as many cryptocurrencies as hot wallets. In online wallets, you can almost store more than 100 or 200 cryptos but in Hardware wallet, there are only a couple of crypto coins supported. Maybe as the crypto space is growing and moving forward, we will see more cold storages supporting multiple cryptocurrencies like that of hot wallets.
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Bitcoin first came into existence in 2008. It’s been over a decade since its launch and the cryptocurrency is still leading the crypto space with market dominance above 65%. Bitcoin might still be the leading cryptocurrency, but that doesn’t mean lessen the worth of other cryptocurrencies. While referring to Bitcoin alternatives, we are referring to the cryptocurrencies that have either come over scalability and transaction speed issues unlike Bitcoin or which provide unique features like building smart contracts and Dapps. In this article, we are going to talk about the top cryptocurrency alternatives in which you can invest and use for other purposes. Let’s start right away and find out about some of the best alternatives to bitcoin.
Reasons Why You Should Look For Alternatives To Bitcoin
Well, clearly, Bitcoin is awesome, and there’s no cryptocurrency yet that has even given it an equal competition. Even the second-largest cryptocurrency Etheruem has a dominance rate of around 10% which is six times less than that of Bitcoin. With no doubts, there are many advantages of Bitcoin. So, is there really a need for a Bitcoin alternative? Yes! There is because no matter how much more dominance bitcoin has over altcoins in the market, it still has scalability issues. When we send a Bitcoin to another wallet, it takes a minimum of 10 minutes to complete the transaction. Moreover, if there would be more traffic on the network, it could take from hours to days for the transaction to get completed.
This clearly tells us that Bitcoin cannot be used for paying local merchants unless you are ready to stand on the shop until your payment gets processed. If you want to utilize cryptocurrencies for local uses such as shopping online, buying a packet of biscuit while staying anonymous, it’s not Bitcoin that’s going to work for you. Besides, there are now many cryptos like Ethereum which offers far more use cases than Bitcoin. Don’t you want to know about such cryptos and see what they can offer you better than Bitcoin?
Ethereum: The Second Largest Cryptocurrency
The reason Etheruem has so much value in the market is because of its use cases. Unlike Bitcoin which intends to behave merely as a global digital payment method, Ethereum has plans beyond it. Besides using Ethereum as a currency, its blockchain can be used for creating smart contracts as well as building, accessing and running dApps. Ethereum blockchain is useful to not only large enterprises, institutions and Govt. bodies but for small merchants and retailers. For example, financial institutions can use Ethereum’s blockchain for validating data and transactions, while dealers can use it for tracking goods in the supply chain.
Many big companies have already adopted the blockchain for better development of their businesses. Another benefit that makes Ethereum top the list of the best alternatives to Bitcoin is its ability to create smart contracts.
Ripple: Enables Instant And Real-time Cross Border Payments
Next, comes the third-largest cryptocurrency by market cap as well as according to its use cases. What sets Ripple apart from Bitcoin is its ability to process transactions instantly and in real-time. The transactions are transparent and have low costs. Moreover, unlike Bitcoin Ripple doesn’t require mining as all the XRP tokens are pre-mined. So, there’s no need for expensive machines and energy because there would be no more creation of XRP tokens.
So, if you are looking for a cryptocurrency that could serve you as a real-time international payment option and is secure by end to end, Ripple is your best alternative to bitcoin.
The crypto coin has a market cap of around $9.2 billion with a total market supply of 100 billion.
Bitcoin Cash: A Better, More Scalable Version of Bitcoin
Just want a cryptocurrency that is exactly like Bitcoin but with resolved scalability issues? Bitcoin cash is your answer! If you don’t know it already, Bitcoin cash was obtained by hard forking Bitcoin when there was disagreement for increasing the block size of the blockchain.
Bitcoin Cash was known as one of the successful forks in history and also one of the best alternatives to Bitcoin. The purpose behind the creation of Bitcoin Cash was One, to resolve the issues of scalability with Bitcoin and two, to reduce the transaction fees. As a result, Bitcoin Cash can process much more transactions than Bitcoin within a second and is five to ten times cheaper if compared to Bitcoins transaction fees.
Monero: Best Privacy Coin
All cryptocurrencies claim to be the most secure but have you never wondered about the fact that all your transactions are accessible from the blockchain. Cryptocurrencies like Bitcoin are transparent, which is actually a good thing but it has its disadvantages too. Anyone who knows your wallet address can track your everyday transactions, which is also a matter of concerns to those who give priority to privacy.
Here comes Monero in play. Monero, unlike any other cryptocurrency, is a privacy coin that enables users to transact anonymously. When the receiver won’t know your identity i.e. won’t be able to see your actual wallet address, there’s no way he’s ever going to bother you. Moreover, it also hides the number of coins sent to the receiver so that no one else would be able to trace or get details of your transaction. It is also one of the reasons for the best cryptocurrency alternative to be famous among criminals. Mostly dealers and other criminals use this currency to liquidate their black money.
Conclusion:
There are not just four or five alternatives to bitcoin but a whole gamut of them. At the moment there are more than 5000 cryptocurrencies in the crypto world and each project comes with different ideas and features. If you want to keep an eye on interesting and the top Bitcoin alternatives, read our guide about the top altcoin to invest in. Stay tuned with the latest Bitcoin news and events and never let any opportunity slip from your hands.
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Have you ever wondered about what could be the next crypto hub? Well, at the moment cryptocurrencies are widely accepted in the cities of the US, Netherlands, UK, Israel and Canada. Recently, Africa has seen some strong interest in bitcoin and altcoins. Unlike other countries where crypto exchanges are the prime method of buying cryptos, Africa is more into peer to peer trading which basically supports the satoshi vision. There are various reasons why Africa could be the next cryptocurrency hub, some of which are explained in this article.
Read this guide if you are also interested in knowing about the cryptocurrency adoption in Africa and whether it could become one of the crypto hubs in cryptocurrency or not.
- Do You Know: In 2018 South Africa, Ghana and Nigeria were the top three countries to have most searches related to Bitcoin. Even last year, Nigeria occupied the first place while Ghana and South Africa went below the top five list.
Cryptocurrency Adoption In Africa
The adoption rate in many parts of Africa is world-leading. That being said about 5.5% of adult internet users worldwide own and use cryptocurrencies, however, the statistic for cryptocurrency adoption in Africa is much higher than that. In South Africa, more than 10.5% of all people occupy cryptocurrencies which is the highest of any other country in the world. Other countries that have shown great interest in crypto are Nigeria and Ghana with above 7.8% and 7.3% of people having crypto.
The major reason for this is people’s frustration regarding the existing payments methods as well as the issue of hyperinflation in many parts of the country. For instance, if we take the example of Paypal, it doesn’t allow the users of Africa to receive international payment because of the issue of frauds. So, Africans have no other choice than using payment alternatives that charge high fees. Cryptocurrency can be the lifesaver for Africans allowing them to send and receive payments from all over the world.
Can Africa Be Next Crypto Hub
Chances of mass cryptocurrency adoption in Africa are high because of the aforementioned reasons but there are many barriers too which Africans have to face before that. The prime reasons why Africa can be the next crypto hub are mentioned below in detail.
Hyperinflation In Many Parts Of Africa:
When it comes to the top countries suffering from inflation, Africa is one of them. With Zimbabwe leading the list, with some of the worst cases of hyperinflation in the continent, other continents with high inflation rates are Nigeria, South Sudan and Liberia. After Venezuela, Zimbabwe has the second-largest inflation rate in the world. Next, comes South Sudan a rate of 56% and Liberia with 23% and Nigeria with 11% inflation. If we take the example of Nigeria, which has an inflation rate of 11%, the prices of basic goods there will increase by 6x in the next 15 years. This means that the citizens of Nigeria must earn six times of what they are earning now to maintain their lifestyle.
Many Zimbabweans have already started using alternative currencies instead of the native currency due to this reason. Moreover, many of them have started investing in cryptocurrencies because they are aware that their currencies wouldn’t be worth much within a few years. Cryptocurrency indeed is the best solution for countries and continents suffering from inflation that can provide them with cheap, safer and faster payment methods.
Young Population:
If you’ll search Google for the average age in Africa, you’ll find out the median age in Africa is 19 years which is quite young, this eventually contributes to the increasing interest of Africans in cryptocurrency. The young population of Africa is looking for stability and security and good livelihood. They’ve realised that all of this is not possible without investing their money rightly and with banks providing 0% returns this can never be succeeded. Half of the population in Africa is striving for new payment solutions like cryptocurrency that can help them earn interest and cut unwanted charges of payments within the country and internationally. Bitcoin and altcoins have shown a great store of value in the last decade which is attracting the young population of Africa.
High Fintech Activities:
Another reason that could bring mass cryptocurrency adoption in Africa in the near future is its increasing use of fintech. South Africa has the third-highest rate of fintech adoption at 82% after China and India at 87%. This rate is below 45% in other major countries like the USA, France and Japan. Moreover, Sub- Saharan Africa is leading in mobile payment transfers services while East Africa is leading in mobile payment adoption.
Many crypto companies have partnered with fintech platforms to provide Africa with the ability to send and receive cryptos from mobile and desktop devices all over the world.
Barriers That Can Come In The Way Of Cryptocurrency Adoption In Africa
While there are many reasons for Africa to become the next crypto hub, there’s definitely a lot of barriers that can also falter the cryptocurrency adoption in Africa. Some of the issues that could falter the growth of cryptocurrencies in Africa are listed below:
- Except for South Africa where many regulators have shown interest in crypto, there are other countries like Morocco, Libya, Namibia, Algeria and Zambia where it’s completely banned. Even the countries where cryptos aren’t banned are surrounded by uncertainties and doubts which are faltering its adoption.
- Cryptocurrencies like Bitcoin might not be the best replacement for African due to its high volatility. After all, the reason they are looking for an alternative of their fiat currency is its high volatility and uncertain future.
- The challenge of mass adoption in the continent comes with a lot of responsibilities. It depends on the developers as well as entrepreneurs who can deliver Africa with the crypto projects that could be of their use. This also brings the need for attracting expertise and new talents from various corners of the world.
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As it is said margin trading is not everyone’s cup of tea, the same goes for the crypto sector. Moreover, it is, even more, riskier when combines with cryptocurrencies because they are already volatile in nature. If you are planning to try out crypto Margin trading for the first time, there’s no worry as long as you are being safe. By being safe we mean, not risking too much capital and taking all the precautions and following a proper strategy. After all, you are only going to learn it after trying it.
If you are investing in cryptocurrencies for the very first time, let’s avoid it and start with normal trading. Remember only by step by step you can reach the success point, there’ no short cut and definitely no easy way. You can read our beginners guide about how to invest in cryptocurrencies for some knowledge. Today, we will clear all your doubts about Margin trading and make you learn everything possible about it. So, let’s get started right away.
What Is Crypto Margin Trading?
In some words, crypto margin trading is trading by borrowing cryptocurrencies. Here, the crypto exchange works as the broker, from where you borrow cryptocurrencies at high-interest rates. This way you can earn high profits with margin trading in the market goes in your favour but if things didn’t happen as you imagined there are chances of high losses too.
For instance, take the example of Bitcoin. Now you think that its price is going to increase in a given period of time but don’t have enough capital to take profit of it. So what you can do is use crypto margin trading exchanges like Bitfinex that offers Crypto Margin Lending and borrow a relatively higher amount of cryptocurrencies by investing less amount. Then when the price of Bitcoin goes in your favour, you’ll earn high profits. Sounds easy right? Practically, it is not that easy because the price does not moves in your favour most of the time.
Note that for margin trading, you need to have proper knowledge of cryptocurrencies as they are associated with high risk. If you want to know more about the cryptocurrencies that can provide you with profits, read our guide best cryptocurrencies to invest in 2020.
Understanding Margin Lending
In order to understand crypto margin trading, you must understand the concept of leverage. Now, what is leverage? When you trade on margin, the increased buying power you get is called leverage. The more the leverage rate, the higher will be the profits and the losses. For example, if you select to a leverage rate of 2X with a deposit of 5000, you can invest twice of the money you are investing i.e. 10,000. You can leverage minimum 2X to maximum 100X and even more. It depends on the crypto margin lending platform what leverage position it is offering you.
After you start trading, if everything goes in your favour, your interest would be amplified according to the leverage you’ve selected. But if the market doesn’t move in your favour, you will need to pay the losses to the exchange.
Going Long Vs Going Short
There are two ways of earning profit from crypto margin trading i.e. Going long vs Going short. In the first case, you buy cryptocurrencies and then wait for the price to go up to earn profits. However, in the second case, you sell the cryptocurrencies at the current price and wait for its price to go low so that you can it back in less.
If you think that the price of the cryptocurrency will go up, you can open a long position or go long on it. Then if the prices go as you expected you earn the profits from your leverage.
Alternatively, if you predict that the cryptocurrency price will go down, you will sell your holding at the bet that the price will go down. This way if the price decreases in real, you can buy back the coins and save yourself the profit. Again, if the market doesn’t move as you expected, you will lose your crypto or have to buy it back at a higher price.
Terms Of Margin Trading
The first condition of crypto margin trading is that you have to keep paying the interest for the cryptocurrencies you’ve borrowed from the exchange until you pay them back in full.
Secondly, the exchanges require you to manage a certain amount in your account in case the position falls. This minimum amount is called Maintenance Margin that you need to maintain in your exchange account as long as your position is open.
At last, comes the margin call. According to which if your balance goes below the maintenance margin because of the fall in position, the exchange will contact you to add more funds into your account. However, if you cannot do that, the exchange will liquidate some of your assets to get their money back.
Best Practices For Risk Management In Margin Trading
Now, that you’ve decided to step into crypto margin trading, here are some pro tips for you.
- Invest only as much as you can bear losing: In crypto trading, there are high risks of losses no matter how sure you are of yourself. This is why it is always wise to limit your investment to the amount you can stand losing.
- Don’t use High Leverages right away: Don’t let the emotions come in between when you are setting leverages. There’s no point of setting high leverages especially above 50X. Start low and learn slowly. Moreover, setting high leverage can get you out of the position very quickly and cause premature liquidation.
- Always Set Stop-Losses: while setting up your trade, make sure you set stop losses too. This would help you get out of the position if the market goes against your trade. Don’t set stop losses to close and also don’t set it too far also. Almost, all the exchanges that offer margin trading have this functionality. However, in some cases, the stop-loss position is selected by default and some give you the ability to set it manually.
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Looks like your hunt for the best crypto trading platform has ended as you are looking to know about Trade.IO. Don’t worry if you are still confused about the platform because in this guide we are going to clear them all. Unlike Binance, trade.io is not that famous among crypto traders but if you check out its services and features, it’s no less than them. In this article, we will note down everything that you need to know about trade.io including its pros as well as cons.
So, what do you mean when you refer an exchange as one of the best or what are the features that make an exchange best? Excellent security, intuitive interface, advance trading tools, a wide range of supported cryptocurrencies, numerous payment methods, low trading and withdrawal fee, both fiat and crypto deposits and last but not least, company’s reputation. Let’s rate trade.io exchange on the basis of all these aspects and decide if it is a best fit for you or not.
What is Trade.io
Launched in 2018, trade.io not only offers an exchange for trading cryptocurrencies but also a liquidity pool, FX market. The platform claims itself to be the future of crypto trading platforms. It offers a better, safer and smarter approach for trading a wide range of cryptocurrencies. Like other major exchanges such as Bitcoin, Bitfinex, Kucoin, OKcoin, Trade.io is also based in hong kong, the country having the most crypto exchanges. To trade on trade.io, you would need to go complete a short KYC process first. The platform offers low fees on trading as well as withdrawal and has decent customer service.
NOTE: Starting October 2019, Trade.io is in hibernation mode and not providing complete services. If you are willing to trade on the platform, you must wait until it opens for full services again. Although, you can still buy and trade in the native token of trade.io from tioprime.com and Trade Bitcoin and Ethereum CFDs on tiomarket.com.
Know About Trade.io Liquidity Pool and TradeTokens (TIOx)
One of the best thing about trade.io is its liquidity pool. The platform allows you to earn daily profits from its native token TIOX on its liquidity pool platform which is now available on tioprime.com. The pre-ICO of TIOX utility token was started in November 2017. Not only trade.io allows TIOX holders to participate in the liquidity pool but also trade forex on its FX market platform.
To participate in the liquidity pool one need to invest a minimum 2500 TIOx tokens. Users will be benefited from profits which will be transferred into their wallets on a daily basis. The more you’ll invest in the pool, then you’ll earn interest on it. Moreover, if there is a loss, you can withdraw your tokens from the pool anytime as your wallet will remain intact. If you want to know about trade.io forex and CFD platform, continue reading.
Trade CFDs On Tiomarket.Com
As the exchange is in hibernation from more than 6 months now, you cannot buy, trade or sell cryptocurrency on trade.io. As per the developers of the exchange, they are currently focusing on their liquidity pool and tiomarket platform. It says that the platform is not out of service and will be back to work once again with much more to offer. So if you want to earn profits and make money from cryptocurrencies, you can still use its FX and CFD markets.
Why Choose Tiomarket Above Other FX/CFD Brokers?
That’s a legit question! So why would you use tiomarket and not any other forex or crypto CFD broker? Let’s know about trade.io forex and CFD trading platform.
Tiomarkets is a Forex and CFD trading platform that was launched in 2018 in the United Kingdom. The best thing about this platform is that it is licenced by both FCA and FSA. The team behind the platform has over 40 years experience in FX and CFD markets which is why it is also considered as one of the safest brokers out there. It lets you use TIO tokens to trade in various markets and earn profits on the platform. From forex to indices, shares, energies as well cryptocurrencies, you can trade in any market on Tiomarket.com. There are more than 100 trading tools available on the platform.
If you are situated in the United Kingdom, you can take the most benefit from the forex & CFD exchange as it is providing services with no commissions and thin spreads. Coming back to crypto CFD trading, you can trade Bitcoin, Etheruem and Litecoin with low spreads. Moreover, the CFD broker accepts over 45 currency pairs that include, USD/SEK, USD/ZAR, USD/SGD, USD/TRY, USD/MXN/, USD/HUF and USD/CNH etc. You can access the platform in various languages that include, Russian, Polish, Spanish, English and Chinese.
Before the platform is rebranded to Tiomarkets in 2018, it was known as Primus Capital Markets Ltd. Trade crypto on Trade.io CFDs platform, Tiomarket and go short and long whenever you expect the price to drop or surge to earn profits. The broker also allows you to use leverage to increase your profits on all markets.
How To Use Tioprime And Tiomarket Platform?
Whether you want to trade crypto on trade.io crypto CFD platform or just want to earn profit from liquidity pool, you first need to sign up on Tioprime and buy TIOx tokens. To register on Tioprime.com, follow the steps given below:
- Register on the platform using your email
- Verify your email account
- Complete the KYC requirements by uploading ID proof and address proof
As soon as you register yourself on the platform, you can make your purchase for TIOx tokens and participate in liquidity pool. Moreover, you can also use these tokens to trade CFDs on trade.io’s forex and CFD platform.
Last Words
Trade.io exchange was launched almost 2 years back but went into hibernation after a year. Although, it liquidity pool platform and crypto CFD trading are still open and users can earn profits from its excellent services. The team behind Trade.io has decades of experience in forex as well as CFD trading which makes it one of the most secure platforms among all.
We hope the guide was helpful to you and that there’s nothing else left to know about trade.io exchange, liquidity pool and Forex and CFD platform.
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At the moment, there are plenty of crypto exchanges that offer buy, sell and trading services for cryptocurrencies which makes it challenging to find out one best platform among all. If you haven’t heard about CoinMetro then you got to read this Coinmetro guide. CoinMetro is the best option for those looking out for fiat to crypto and crypto to fiat trading services. Although it still on its growth curve and is not listed among the top exchanges, the time isn’t far when it would become the choice of every trader. In this guide, we are going to tell you everything about CoinMetro, including what services it provides, how it is ideal for everyone etc.
What is CoinMetro?
The cryptocurrency exchange was established back in 2018 and unlike other famous exchanges like Binance, it didn’t attract that much traction right away. However, after the launch of its open beta platform, the exchange has attracted many eyes. Estonia based crypto platform is one of those exchanges that succeeded in obtaining cryptocurrency licenses in the country.
The main motto of CoinMetro is to develop a new vast ecosystem for crypto trading through their easy to use, straightforward as well as secure exchange. Although not many crypto coins are supported on the platform, it almost covers all the major cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Ripple and Litecoin.
Is CoinMetro Exchange Safe?
From the very beginning of its journey, CoinMetro has been transparent about everything to its users. On the official website of CoinMetro, you can find out all the information regarding the team behind the exchange along with their LinkedIn profiles as well as Coinmetro review. Moreover, they have even posted their Estonian license as proof of them being legally registered to provide crypto trading services as well as White paper there.
As long as the security of users is a concern, they have two-factor authentication, captcha protection as well as email verifications for their platform. The exchange is a brainchild Kevin Murcko who already have enough experience in the field as he was the CEO of the well-reputable forex broker FXPIG.
With the experience, Kevin Murcko got from FXPIG, he is working towards bringing security and simplicity to the crypto exchanges. He is majorly focussed on building an easy to use and understandable exchange that works for all, beginners as well as experienced traders.
Though CoinMetro only supports a few cryptocurrencies, it provides instance crypto-to-fiat liquidation, an intuitive and user-friendly platform, as well as many other advanced crypto trading tools.
Everything About CoinMetro Margin Trading
After a year of its launch, CoinMetro rolled out margin trading feature on its platform for pro traders. If you don’t know it yet, CoinMetro offers three user interfaces including The Beginner, Ther Intermediate Trader and the pro trader. So whether you are a novice to cryptocurrency or a pro trader, CoinMetro is the best fit for you.
Coming back to margin trading, the platform lets you leverage up to 3X with the option to set order types, stop loss and many more features.
Know that crypto margin trading is a complicated method of day trading that lets you earn high profits by investing less. It’s indeed very beneficial and can get you high profits but at the same time, it is highly risky too. You could end up with high losses that couldn’t be earned back for months. If you are not aware of margin trading and new to cryptocurrency, we suggest you focus on simple trading. However, you can learn more about margin trading on our platform and find out the best crypto margin trading platform available in the industry at the moment.
CoinMetro Native Token, COIN (XCM)
CoinMetro has also launched its ERC-20 token called COIN (XCM). The native coin can be used for buying services and products across the network, and those using the coin will get extra benefits. Moreover, according to CoinMetro policy, the token would be repurchase using the 20% quarterly profits of the platform for the growth of the token.
The ICO participants will get a lifetime fee discount, however, the traders using the native coin will get fee discount depending on the number of XCM they have. The makers on the platform will get 0.05 maker bonus.
What Makes It Unique?
CoinMetro provides users with some of the best investments models such as Tokenized asset management (TAM) and traded crypto fund (ETCF). These models allow users to access various trading options in a single click. Given below are everything about CoinMetro exchange that makes it one of the best platform for trading cryptocurrencies.
- Easy to use and intuitive platform that makes crypto trading easy for all levels of traders.
- An all in one stop for all crypto users providing crypto exchange, trading platform as well as ICO platform.
- Excellent customer support for all customers, whether you are buying, selling, or trading on the platform.
- Provides its own debit card that lets users withdraw coins from cryptocurrency ATMs worldwide.
- Offers real-time trading due to its ETF model
How To Trade On It?
Now that you know everything about Coinmetro, let’s discuss how to trade on it. Well, it is pretty simple and anyone without much knowledge of crypto trading can understand it. As we’ve said above there are three different interfaces of the platform, the beginner, the intermediate and the pro. In case you are a beginner, use the below steps to place your order in four simple steps.
- Sign up on the platform and complete the verification
- Select the crypto you want to buy
- Now choose the fiat or crypto that you are going to deposit
- Place your order and confirm
If you’ll step up to intermediate or pro dashboard, you will find some more information regarding your trade, that includes crypto analytics, charts, and other advanced trading tools.
Ready to trade in cryptocurrencies but don’t know which coin can provide your profit? Read our guide best cryptocurrencies to invest in 2020 and get your head cleared up. Also, you can find other articles about the strategies that can help you succeed and keep going with your investmentsM
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You must have heard the term KYC even before you stepped into the crypto world. KYC, which means know your customer is the process of identification mainly used in financial sectors to verify the true identity of their customers. Of course, it is really important to have the correct identity of customers for security purposes.
Let’s take the exam of banks. All banks ask you to go through know your customer process but why? What’s the reason behind it? Every bank has certain limitations for example how much cash you can withdraw, how many banks accounts you can have and then how much tax you need to pay, what is the source of your income and everything. If they wouldn’t verify their customers and KYC, customers can exploit their services and use it for wrong purposes, access black money easily without any fear of getting caught. You see, KYC has so much importance, especially in the financial sector.
But now the question is Why KYC in the crypto sector? Wasn’t cryptocurrency all about being anonymous and not sharing your details with any third party? In this article, we are going to tell you about the importance of KYC in the crypto sector. Go through the article and find out why it is necessary even more in crypto.
So, What Is KYC exactly?
Know your customer (KYC) is the verification process used in many organizations to confirm the true identities of their customers. Many organizations require you to do KYC before letting you access their services that include Banks and financial institutions, foreign institutions, government bodies, as well as many public and private sector organizations. Many organizations even let you use services without KYC but with limitations.
The know your customer process requires you to provide your personal information like full name, date of birth, email address, phone number. Then you need to submit your documents that include any of your govt ID proof like Driving license or passport. The same is with crypto exchanges and platforms. You need to confirm your identity by providing all these details and believe us it’s only for you good. Don’t believe us, see for yourself by reading the Importance of KYC In Crypto given below.
Importance Of KYC In Crypto Sector
Whether you like it or not, crypto platforms are going to be more and more regulated with time. That means you would have to go through painful long verification procedures and share your information. You might wonder what’s the whole point of cryptocurrency decentralization when at the end you are sharing your information but it has its benefits. This will not only secure the crypto platforms but also the users from hackers and other people who tend to steal your funds and flew away without getting caught.
- KYC would reduce bribery, fraud, money laundering, terrorism and identity theft in the crypto sector.
- You would get to access all the features of exchanges and other crypto platforms without any limitations.
- As the industry is advancing, the time taken in KYC verification is also getting shorter. You can already find many crypto exchanges that verifies your identity within a few hours so that you can start without much delay.
These the major benefits of know your customer verification in cryptocurrency. However, you should only use reputable exchanges and crypto platforms and just not provide your details to anyone for safety purposes. Your information is kept private and not shared among other platforms which also means that you need to verify KYC for each crypto platform you use. All these is to filter out only those individuals who actually don’t have any genuine interest in cryptocurrency but only looking to launder their capitals.
Requirement Of KYC In Crypto Exchanges
At the moment, almost all reputable exchanges require you to go through KYC verification especially those offering fiat to crypto services. Some of the exchanges that have KYC regulations mandatory are Coinbse, Kraken and CEX.io, however, others like Binance have it optional. But you still won’t have access to complete features and services without KYC. The benefits verified customers have over unverified customers are that they can deposit and withdraw higher amounts. Moreover, it would be easy for the verified customer to get help from the exchange in case of fraud and security breaches as they would be able to prove their identity.
Is It Safe to Provide Your Information To Crypto Platforms?
It basically depends on the platform you are using. If you are using a reputable exchange or platform, then it’s completely okay to provide them with your information. But at the same time, you should be aware of fake and shady sites. You must check out if the platform has secured protocols like https as well as they follow certain security measure to keep your data safe and does not share it with anyone.
What Details & Documents You Need To Provide For KYC?
Now that you know about the importance of KYC in cryptocurrency, let’s learn about the details you need to provide to them. You need to provide your basic details and documents to get verified on crypto platforms. Most of the exchanges as you for the following information:
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Phone Number and Email ID
The first things you would need to verify are your phone number and email ID. They’ll send you a code on your provided number and email which you need to enter on the website. This will also help you recover your account password if ever lost and in two-factor authentication.
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Address Proof
You can use your Driving licence, passport, Voter’s identity card, electricity bills, water bills, bank statements as a proof of address. Makes sure the bills and bank statement are recent. For more details check the requirements of your exchange particularly.
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Identity Proof
Again you can use all the above-mentioned government IDs as your identity proof. This includes Passport, Driving Licence, your employee identity card or university identity card.
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Photograph
Some of the exchanges also ask you to provide a picture of you holding your identity card. This is to verify that you are what you claim to be. Just make sure the picture you take is clear and the ID card is visible properly otherwise your ID would get rejected.
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If you know about Raiblocks that you must know about Nano Coin cryptocurrency because it is the new name of Raiblocks. Well, in case you have no idea about Raiblocks or Nano Coin, then don’t worry, we are here to help you out. Nano Coin is one of the many altcoins in the crypto market that was launched in 2018. But it’s not just any altcoin because there’s something special about it. Unlike other coins, Nano has shifted all its focus on the scalability of its blockchain. Today, in this article we are going to learn everything possible about this new coin that pretends to be the most scalable of all. Let start with the review of nano coin right away.
What is Nano Coin?
The cryptocurrency was founded in 2018 with the name RaiBlocks. It is recently that the coin is rebranded as Nano to make it sound less technical and more understandable.
The thing that makes nano unique is that it isn’t even based on blockchain technology but directed acrylic graph technology (DAG) and block-lattice architecture. Now if you are wondering that what’s the point of a cryptocurrency that is not even based on blockchain, you should read the amazing feature of Nano. By replacing blockchain technology with its block-lattice architecture, Nano coin cryptocurrency has overcome many scalability issues.
What amazes us is that DAG allows every account to create its own blockchain. Moreover, the crypto coin uses DPoS (Delegated Proof of Stake) consensus algorithm that ensures fast transactions while DAG ensures unlimited scalability and zero fees.
Instant transactions, Unlimited scalability, no fee, what else do you expect from a cryptocurrency? Nano has started attracting people after its rebranding and the adoption is already surging.
Advantages of Nano Coin Cryptocurrency
Instantaneous transactions – Making use of DAG technology along with DPoS protocol, Nano coin cryptocurrency ensures that all the transactions are processed immediately. This feature makes Nano suitable for daily use.
Unlimited scalability – Can perform 1000 times more transactions in a second than Bitcoin.
No fees – No matter what you are purchasing from a packet of chips to diamonds, there would be no fees. It is because there’s no need for miners for verifying transactions that there’s zero transaction fee.
All these advantages make Nano one of the interesting cryptocurrency projects in the market. However, there is still room for more improvements and adoption. The crypto coin is not available at many exchanges yet, so it is kind of trouble finding the best exchange for Nano. moreover, there’s no other use of the coin beyond this, no smart contracts, dApps or anything else.
Everything Else You Should Know About NANO
When launched in 2018 with the name of Raiblocks and symbol XRB, Nano was worth less than 0.10. At the current moment, Nano Cryptocurrency price is 0.63 with the market cap $83,816,065 USD. the cryptocurrency is listed among top 65 coins on Coinmarketcap. The maximum supply of Nano coin is 133,248,297 NANO and there would be no more coin mined or created.
In 2018, when every other coin surged to their all-time high, Nano also surged to $37.62 which is its all-time high till now. Nano was released through faucet which was then closed soon. So, if you are planning to buy Nano coin now, you can do so through any of the crypto exchanges that support it.
What Makes NANO Unique?
We’ve already talked about the amazing advantages of and how it is ideal in every way. Now let’s dig deep into it and see what is it that makes it so amazing.
So how does Nano process transactions instantaneously when even Bitcoin takes hours. The minimum time taken on Bitcoin to complete a transaction is 10 minutes, however, the time increases according to traffic on the blockchain. It can take from 10 minutes to hours and even days to validate the transaction. Whereas the nano coin cryptocurrency process and validate the transaction instantly because it creates a block for each transaction.
Nano is based on delegated proof of stake protocol which is why there are fewer chances of attacks on the network. Moreover, DPoS algorithm is energy efficient, unlike Bitcoin that is based on proof of work consensus. To attack DPoS system, one would need to own 50% NANO coins which is highly unlikely.
The unlimited scalability, zero-fee and high-speed transaction of Nano are what makes it best for daily purpose, cross-border and B2C payments.
How to Buy Nano Coin And Where To Store It?
If you are planning on buying Nano Coin, then we must tell you that the cryptocurrency is supported by only a few exchanges. At the moment, the major cryptocurrency exchanges that support Nano Coin Cryptocurrency are Binance and Bittrex. Moreover, there’s no option to buy the coin with fiat currency but you can check it out or post an ad on P2P platform like LocalBitcoins. If you have no problem exchanging Nano coin with Ethereum or Bitcoin, then we suggest you use Binance exchange. Binance has an excellent reputation in crypto exchange and is the crypto-to-crypto exchange. It lets you buy, sell and trade many other cryptocurrencies and guess what, you don’t even need to go through verification for all that. Binance allows you to trade even without KYC but there are some limitations. In case you want to trade in high amounts and don’t want any limitations on your account, there’s nothing wrong with completing the short KYC process.
After buying Nano from whatever exchange that you like, make sure you do not leave your coins in the exchange wallet. To keep your crypto coins safe you must use a private wallet as secure as Ledger Nano S. Ledger Nano S is a hardware wallet device that lets you store your crypto coins privately and it isn’t connected to any internet or servers so it is highly secure. Some of the alternatives to leger Nano are Trezor one and Keepkey. These hardware wallets can seem a bit expensive but they are worth it.
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