Community-associated with cryptocurrency and Blockchain technology is increasing gradually. There has been a rising number of products and services which are captivating the interests and also investments of enthusiasts. But with the expanding community, confusions have also started engulfing the minds of the enthusiasts. People are using some concepts and terms interchangeably because of the huge similarities and are blatantly ignoring the differences among them. In this article, we will try to induce more clarity, while clearing confusion related to commonly misinterpreted terms of Blockchain and cryptocurrency.
Digital Currency | Virtual Currency | Cryptocurrency
In the world of digital financial systems, digital, virtual, and cryptocurrency are used interchangeably without realizing the difference among the three of the terms. Let us try to know what three of them actually mean and how they differ from each other.
Digital Currency
Digital currency is the diversified term among three. It is a blanket term that signifies electronic money including both virtual and cryptocurrency which can be both regulated or unregulated. As the name suggests, it does not exist in the physical form like note or coin but in digital form and is intangible. Transaction takes place on the dedicated connected digital networks with minimal transaction fees.
Virtual Currency
Virtual currency which is sometimes interchanged with digital currency while other times with cryptocurrency. It is a kind of digital currency that is generally administered by the creators and transacted between the people of specified virtual communities. Most of the time, they are unregulated and not backed by any central authority. Virtual currency represents an issuance of monetary value to a currency that involves peer-to-peer transactions. Cryptocurrencies such as Bitcoin and Ethereum are considered as virtual currency.
Cryptocurrency
Cryptocurrency is digital currency with encryption algorithms and “cryptographic” techniques to ensure the security of the connected network. The major difference between virtual currency and cryptocurrency is that cryptographic techniques maintain a high level of security and make the currency hard to counterfeit in crypto space. Many cryptocurrencies operationalize blockchain-based decentralized systems without any need for an intermediate party.
Thus, digital currency is not a cryptocurrency or virtual currency; virtual can be digital currency or cryptocurrency, and cryptocurrency is both digital and virtual currency. So, besides digital currency vs cryptocurrency, it is crypto which is digital itself.
Crypto coins | Tokens (Blockchain and Cryptocurrency)
In crypto market places, coins and tokens are interchangeably used and many times people just use the term without considering the difference between coin and token in cryptocurrency.
Coins
Coins are the cryptocurrencies that work on their independent Blockchain network like that of Bitcoin. Coins are like self-made from scratch to hatch and the network is exclusively meant to fulfill their vision and mission. Generally, projects associated with coins adopts the innovative technologies and integrate them together for specific purposes. Just like Ethereum which designed the Blockchain network to implicate the all-new experience of smart contracts and Decentralised Apps or DApps in crypto space. Coins are exchanged on cryptocurrency exchanges as they are made on non-standardized code protocols.
Tokens
Token or crypto-token is also cryptocurrency but they are the derivatives of the primary Blockchain. Tokens are basic functions in an application ecosystem to incentivize particular behavior or paying fees. For instance, ERC 20 token DAI is native to MakerDAO DApp on Ethereum which lets users access credit instruments on the network like lending or borrowing. Tokens can be exchanged with internal applications in a hassle-free manner as they are made on standardized code protocols.
Blockchain | Distributed Ledger (Blockchain and Cryptocurrency)
Blockchain and distributed ledger? Do they relate to each other or are they the same? When I was a newbie I used to think that they both are more or less the same but now after learning a bit about them, I can acknowledge that “distributed ledger technology: beyond blockchain”. Let us find out how they are different and their application to the industries.
The distributed ledger is a technology that works on the decentralized concept and removes the role of intermediaries while establishing the direction of communication or transaction between two parties. Blockchain technology is just a type of distributed ledger which works on the consensus mechanism of “Proof-of-work” (most of the time!) to validate and update a block on the connected network. Distributed ledger need not to have blocks or any consensus mechanism or any data structure. Thus, Blockchain is a subset of distributed ledgers which is meant to record transactions in highly secured and transparent networks but the vice-versa is not true.
Blockchain | Cloud Computing
Many times, Blockchain technology is conceived as cloud-based technology, but they both are completely different technology.
Blockchain technology offers ledger databases to record immutable and cryptographically signed consensus-based validating protocol. Blockchain follows the decentralized model where parties involved in the transaction agree on the details and the community of miners validates the transaction and maintains the trustless network.
On the other hand, cloud computing is an infrastructure that provides the accessibility of technological components along with services related to them like application development and integration. Unlike, Blockchain model, cloud computing is based on a centralized client-server model. In fact, some of the companies are planning both the technologies to revitalize the digital world with Blockchain hybrid cloud.
Summing Up
Blockchain and cryptocurrency, both of the concepts are not easy to understand as they are relatively new to the community and did not receive that exposure till now. But, they both have the potential to accelerate the digital revolution in the coming years. Are you clear with both of the terms? Right? So, cryptocurrency is the Blockchain technology-based digital currency that aims to revolutionize the payment system across the globe.
Cryptocurrency is gaining the hype since the price skyrocketed to $20,000 in 2017 and also storming the financial markets amid the pandemic. Blockchain technology though misconceived as only meant for fintech or crypto industry, but recently other industries are also deploying this technology to increase the efficiency of their particular sectors. Thus, both Blockchain and cryptocurrency are here to stay, therefore you must brush up your basics as soon as possible with this article on commonly misinterpreted concepts.
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Blockchain technology and cloud computing are separately revolutionizing the operations of many industries. Both the technologies are relatively new and often get misinterpreted due to their less exposure in the mainstream. The community of techies is gradually expanding so the scope of innovations and integration of different possibilities are taking place. One such combinations of Blockchain and cloud computing is seen as the game-changer for future processes like database management, financial transactions, transparent and secured connected networks to share information, and many more. In this article, let us explore the application of Blockchain in Cloud Computing and try to understand more about their potential integration.
What Is Cloud Computing? | What Is Blockchain Technology?
In your daily life, you must have encountered Google Drive, Dropbox, Gmail, and many more services. Have you ever thought about what they are actually called technically? They are basically examples of cloud storage, i.e. one of the services of cloud computing. Cloud computing is the process to deliver computing services as storage, databases, networking, and also data processing but not through the personal server but with the help of internet-based cloud. It works on traditional database architecture to store the data on a single cloud (online) which can be utilized by the participants connected to that particular network. Cloud storage ensures the security of data as various encryption techniques are deployed.
Blockchain technology is another breakthrough that follows the decentralized model of peer-to-peer networking while transferring the information or currency between two parties. Blockchain network is operated by the participants called miners rather than managed by any central authority, who solve the complex algorithms by lending their computing power and validating the transaction. Blockchain network assures impeccable security and privacy of the network, while maintaining the transparency across the connected systems.
Application Of Blockchain In Cloud Computing | Integrating Technologies
Many of the companies are working on the integration of Blockchain technology with cloud computing thereby planning for blockchain hybrid cloud with the best of both the technologies. Let us just find out how the Blockchain can revamp the services provided by cloud computing:
- Cloud computing follows the centralized model to store the information which sometimes results in the manipulation of data. Blockchain is a distributed ledger technology which can make the tampering of data difficult and also aids in creating robust audit trails.
- Security of data is ensured by the infrastructure of cloud computing but many times when the information travels from one point to another, issues related to security arise. Blockchain technology assures point-to-point encryption by breaking up the data into small chunks and adding an extra layer of security before distributing it, thereby maintaining the security of data while transiting also.
- Blockchain technology with its highly strikethrough features is capable enough to provide geo independence to the network of cloud computing. When the network of cloud computing (particular company) is filled up to full in multiple countries, generally to process load, one has to switch to the other fully operating network node on system. Here, Blockchain can be deployed to connect the cloud networks to broaden the network and increase resilience.
- Cloud computing is based on the client-server model meaning if a system fails, the whole of the process of transiting the information stalls down till the system recovers. But if Blockchain integrates with the cloud, then this problem can be overcome. Blockchain records the transaction on a distributed network, failure of a node or a system does not affect the process of transition. All other nodes continue to operate, and once the dysfunctional system gets repaired, it can easily catch up with the process.
- Blockchain technology-induced with cloud computing possibly collaborates millions of single computer nodes to function as a massive distributed supercomputing system. Some of the projects need massive computational processing which can be easily managed by combined efforts of integrated systems with each system incentivized depending on the work done.
Thus, Blockchain as a service to cloud computing can turn the unrealized capability of both the technologies into the reality of mainstream. The integration of technologies not only can be utilized by the private organization, but it can be successfully implemented in government agencies to ease out the day to day work to maintain the large chunk of data.
Blockchain-Based Cloud Projects
Several renowned companies are already offering collaboration of cutting edge technologies to their clients for all new experiences.
- Microsoft, the computer giant, launched its Blockchain application development platform Azure in 2016 which is meant to be hosted by its cloud computing platform. Azure facilitates a platform for businesses to develop and deploy highly secured Blockchain apps.
- IBM, an American technological giant, launched a full integrated blockchain platform to enable businesses to enjoy the advantages of the technology on their cloud-based platform in 2017. The trusted channel of IBM had already convinced some of the banking institutions to deploy their Blockchain-based cloud platform.
- Oracle, one of the prominent names for providing cloud applications and service platforms, launched Oracle Blockchain Cloud Service in 2017 to facilitate the clients with enterprise graded distributed ledger platforms to establish the trustless network for the transactions across the globe.
- SAP, a significant enterprise for providing business intelligence tools, launched a cloud-based Blockchain platform to digitally empower the businesses by scaling their services via Blockchain and cloud services, in 2017.
Many other enterprises and tech giants are working to combine both the technologies and provide better solutions to their customers, aiming for Blockchain in edge and cloud computing.
Summing Up
As the digital era is progressing exponentially, the need for decentralized cloud computing providers and also their demand is increasing day by day. Several projects are already storming the tech industry while others are on their way to complete the designing and deploying them into the real world. It can be concluded that the application of Blockchain in cloud computing is just starting to be explored or the architectures are still in their nascent stage having the scope for improving the quality of service, performance, scalability, and many other paradigms so as to foster economic growth.
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Blockchain technology came into notice when the cryptocurrency started to storm the financial markets. Distributed ledger or Blockchain technology follows the decentralized model which is creating breakthroughs not only in financial sectors but also in government agencies and private companies. Blockchain is like a digital file which records the data or transaction taking place on the network from send to receiver end. As the mentioned technology started to become a hype, many of the myths popped up the headlines. In this article let us try to clear the Blockchain confusion and try to find out the thin line between the reality and myths associated with technology.
Myth Or Reality? | Blockchain Confusion
Many of the concepts related to Blockchain technology are misinterpreted by the community which is not properly self-educated by the latest distributed ledger or Blockchain technology. Let us try to burst some of the myths which are commonly confused with reality associated with the latest technology.
Blockchain = Bitcoin | Reality Vs Myth
Blockchain came into the picture when the cryptocurrency started gaining popularity though the concept of Blockchain technology was introduced much before the invention of crypto coins. As the digital or cryptocurrency is based on the Blockchain technology, both the terms are commonly mixed up. Both the terms are not synonymous, Bitcoin is based on Blockchain technology. Blockchain allows the peer-to-peer exchange of the digital currencies and maintains the record of distributed ledger throughout the network. On the other hand, Bitcoin is a cryptocurrency which can actually be exchanged between two people without any need of intermediary or central authority.
Blockchain Is Meant for Cryptocurrency ONLY!
Is Blockchain only for cryptocurrency? As cryptocurrency is being one of the sectors which hyped the position of Blockchain technology in the digital revolution, many times it is being interpreted that Blockchain is only meant for cryptocurrency. But, this is obviously not true. The reality is that Blockchain technology has recently seeped through the various sectors like healthcare, automotive, supply chain management, tracking of logistics, and many more. As the Blockchain is recently new to many of the sectors, it is not known to the majority of the community that this technology can be successfully deployed in other industries too. Blockchain without cryptocurrency can exist on its own, thereby bursting Blockchain confusion.
Blockchain = Database Storehouse ONLY!
Blockchain is considered as the storehouse of each transaction taking place between the people associated with that particular network. But, one must be clear with the fact that maintaining the distributed ledger is one of the functions not the only function of Blockchain technology. It is used in maintaining the network for the transaction, tracking the movement of the payments or the movement of goods from one place to another, and many more. Blockchain also allows the operations of smart contracts and DApps. And when integrated with technologies like Artificial Intelligence, Internet of Things, and many more, Blockchain can function differently, thereby accelerating the digital revolution.
Blockchains Is Public | Blockchain Is Private
Some of the people know that Blockchain is publicly available while others believe that Blockchains are private. Besides the debate Blockchain myth vs reality, there is blockchain confusion related to the availability of data. So, to clear out some of the confusion, it must be advocated that Blockchain can both be public and private, i.e. permissionless and permissioned depending on the team of developers who actually designed or owned it. Type of Blockchain depends on the usage and purpose of the deployment of technology in the network. For instance, if an online media house deploys Blockchain in their network, it may keep the Blockchain public which could be accessed to all without any permission. While on the other hand, if banking systems integrate the Blockchain with its system, then it might give access of confidential documents to some of the members associated with the network.
Blockchain Is Cloud-Based Technology
Blockchain technology is based on a consensus mechanism that validates and updates the block for every solution of a complex mathematical problem. Assuring the temper proof and highly secured network, Blockchain is a technology-based platform with different AOI tools. While on the other hand Cloud computing actually provides access to the technological components for better integration and operation. It is a highly centralized model on the contrary to the decentralized model of Blockchain technology. Thus, Blockchain and Cloud computing are completely different though both offer the facility for storage of data. Blockchain-based networks or services can be downloaded and worked upon while using other tools and cloud can be deployed for the storage of data at one commonplace (not physically but digitally!). Blockchain validates the existence of documents while cloud stores the validated data.
Summing Up
Blockchain is the distributed ledger technology that has the true potential to emerge as the solution for various challenges faced by industries. Blockchain assures the efficient database management, secured transaction while maintaining privacy and anonymity, and that too with minimal transaction cost and fees. Blockchain is also capable of disrupting the older business models while adopting the new ones. With the widespread need for digital technology, Blockchain is investigating the challenges of various sectors, both government and private, and trying to fulfill the requirements of the stakeholders of a particular industry. The future predictions of Blockchain technology tend to incline towards the positive paradigm of digital revolution not only in the sector of finance but also in healthcare, supply chain management, logistics, automotive industry, entertainment sector, and all other newly evolved sectors.
Thus, it can be concluded that this article aims at resolving Blockchain confusion, busting out the myths related to the functioning of technology, equating it with Bitcoins, issues related to accessibility, and limited availability to fintech companies. I hope this article had aid you in understanding the Blockchain or distributed ledger technology is much crisper way and had unveiled the truths related to it. Bursting the myths won’t only allow you to understand the technology but also makes you realize the real potential of one of the infant development in the present digital era.
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Blockchain or distributed ledger technology has reached far beyond its crypto beginnings. Blockchain is now not limited to the financial sector, but expanding in healthcare, supply chain management, automotive sector, the fashion industry, and many more diversified fields. Presently, companies and organizations are exploring the opportunities to integrate Blockchain with Artificial Intelligence, the Internet of Things, and many other technologies for an all-new experience. In the financial sector particularly crypto space, where Blockchain is coming with better products and services like tokenization, smart contracts, stable coins and many more to revamp the payment system all across the world. According to Gartner (research and advisory firm), Blockchain stands among the top ten strategic technologies for 2020. In this article, let us understand the future trends of Blockchain technology.
Future Trends of Blockchain Technology
What is Blockchain? It is a technology that follows the model of decentralization eliminating the need for intermediary while transferring the currency or information from one end to another. A distributed ledger system is maintained which is open to the participants connected to the particular network ensuring the transparency, non-immutability, and traceability of any transaction. It not only reduces the time in transferring the particular data or assets but also negates the cost of transaction. Blockchain growth is undeniable in the 21st century due to the number of advantages associated with it.
Let us find out the Blockchain opportunities waiting in 2020:
Blockchain As A Service (BaaS)
BaaS or Blockchain As A Service is the new trend of emerging blockchain technology which started to integrate with start-up companies and prominent organizations. As BaaS is a cloud-based solution it offers users to design, host, and adopt their own digital products, applications, and smart contracts on the blockchain. Technology is slowly evolving the Fourth Industrial Revolution and deploying the appropriate Blockchain as a service provider could help any business to survive till the end. BaaS aids in introducing skilled Blockchain developers, process, and governance experts along with complete cloud infrastructure to start up or any other company without huge overhead costs. BaaS can be part of the future trends of Blockchain. Some of the service providers are Microsoft, Amazon, and many more.
DeFi Apps In Banking And Finance
As per the latest report PWC, Blockchain technology could be adopted in more than 77 percent of financial institutions by the end of 2020. DeFi or Decentralised Finance Apps made on Blockchain Technology have the potential to create an infrastructure for borderless savings, loans, trading, insurance, and many more services that could be accessed through smartphones with internet access. Being disintermediated, it creates the permissionless flexible user experience. DeFi can be included in blockchain trends in 2020 which will be more transparent with a better-secured network. Also, Blockchain can reduce the additional bureaucracy while providing faster transactions with negligible transactional costs in the banking system.
Distributed Ledger In Government Agencies
Government agencies of many countries across the globe are considering the importance of Blockchain to manage the massive database. Decentralization of information can help in the integration of information from various sectors of a particular citizen, thereby reducing the time and cost incurred while running the files between the departments. Thus, effective database management with utmost transparency and security can advance the experience of both agencies and citizens. For instance, the majority of public services in Estonia have access to X-Road, decentralised ledger systems of information related to residents and citizens, making it easy for them for data management. Thus, the future of blockchain might be associated with government departments also.
Integration of IoT and Blockchain
As per the reports of International Data Corporation, many IoT Companies are looking forward to implementing Blockchain technology in their solutions in 2020. The Internet of Things or IoT is itself the latest technology which is facing challenges of security and scalability. Blockchain has the capability to aid IoT in overcoming the problems and revamping the framework for communication in the IoT network. With billions of devices already connected and the gradual diversification of the network, IoT has become a target of cyberattacks. Blockchain technology offers the chance to IoT to double its power as blockchain securely extends the data without tampering the previous set of blocks. The integration of IoT can be noticed as a blockchain technology future ahead.
Adoption Of Smart Contracts
Smart contracts are the contracts based on Blockchain technology which allows the automatic transaction of assets after the completion of specified conditions. For instance, once the delivery of goods is completed, the transaction will automatically process. Without any need for intermediary and maintaining the long manual book for database management, smart contracts can help in transforming the insurance industry, Accounting firms, and even the taxation process can also be reformed. One of the challenges of handling the disputes among the parties involved in smart contracts needs to be addressed. Otherwise, smart contracts offered by Blockchain technology have the true potential to be a part of future trends of Blockchain technology.
Blockchain Professionals
Scalability, interoperability, and technical complexity considered as the buzzwords related to the problems faced by most of the organizations. The latest technology of Blockchain has the solutions for most of the challenges currently faced by the industries. But to deploy this technology, advisories and professionals are needed by the particular company. Thus, as the technology rolls out gradually, the demand for experts will accelerate. Blockchain practitioners with enough practical knowledge and experience could be new trendsetters and their demand in the industry could increase. The technology is relatively new with few of the practitioners present in the marketplace, so the coming years could prove a boon to them. Blockchain’s future predictions include that professionals related to Blockchain could prove as differentiators in the future.
Regulatory Clarification
Blockchain technology is based on a decentralized model of sharing the information or completion of transactions so there is no central authority to back or regulate the network. As the hype of cryptocurrency is increasing and the need for Blockchain is growing, government agencies across the world are planning to regulate the network to protect their citizens along with providing the best of Blockchain technology. The regulatory landscape is muddling and struggling to completely understand the technology and put some checks for the better utilization of Blockchain technology. The importance of regulation cannot be ignored in the present era of increasing cyber crimes and other scammers, so besides looking at the new projects of Blockchain, future trends of Blockchain technology holds the importance of regulation also.
Summing Up
Either you call the current scenario as blockchain hype, or really considers Blockchain as the way to evolve the industrial space, future trends of Blockchain technology tends to be inclined towards the positive side. It seems to be clear that the adoption of Blockchain and its implementation in the private and government agencies is undeniable to resolve the challenges of the present and upcoming space. As all of us are becoming socially aware and expecting for the hassle-free sharing of information and completion of transactions in the near future, Blockchain technology seems to resolve the number of issues and have the potential to become part of daily routine either alone or integrating with other technologies.
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Cryptocurrencies are in the mainstream debate since its price skyrocketed in 2017 up to $20,000 on some of the crypto exchanges. Blockchain-based cryptocurrency was launched in 2009 as an all-new concept of currency that is not backed and managed by any central authority but by a complex mathematical algorithm. Presently, crypto markets are expanding all across the world, luring the investors with huge profits associated with both short and long term investment plans. Besides mining and buying the digital coins, many of the crypto enthusiasts are exploring the other ways to own cryptocurrencies. But Is it possible in any other way? How to make money with cryptocurrency 2020? In this article, let us explain how to make millions with cryptocurrency.
Ways To Make Money With Cryptocurrency
Crypto community consists of both advanced traders who analyze the historical trends and speculate about the future prices of currencies while others are curious crypto beginners who just wish to earn profits associated with cryptocurrencies. Whether you are a professional or newbie, the next section might be useful for every person who has embraced the crypto community. Let us read how to make money with Bitcoin 2020.
Buying and Hodling
The most common method to make money with Bitcoin is to buy and hold. Besides getting involved in trading based on speculation, you can wait for a little longer after purchasing your coins to sell. As cryptocurrency is highly volatile, a long term investment plan can reap you better profits. Hodl (Hold On for Dear Life) is a term associated with the crypto community which signifies that holding coins for the long term can be profitable one day.
Staking and Lending
How to make money with altcoins? You can simply choose the staking and lending method to earn from altcoins. You just need to lock your coins in your crypto wallet and can easily receive rewards to validate transactions on a Proof of Stake (PoS) network. In this method, a transaction is validated by the people who have committed to stake their coins. You do not need mining hardware and software to validate transactions by the method of staking. This process is a kind of lending coin to the blockchain network in order to maintain the security and verify transactions. Also, you can lend your coins to other investors and earn interest over it with the help of platforms of crypto exchanges, P2P lending sites, and also DeFi Apps.
Arbitrage Trading
How To Make Money With Cryptocurrency 2020? Crypto arbitrage is simply a method of trading in which you can earn profits by taking advantage of the difference in prices of particular digital assets on different exchanges. Arbitrage is the approach of constantly buying and selling currency in different markets to gain the profits. Prices of particular assets differ on exchanges due to the reputation of exchanges, market capitalization and trading volume, and on many more factors. There are several tools like trading bot which can help you in easily finding the price difference and notify you for selling the coins.
Binary Trading
Binary trading is all about setting up your options while trading. In binary trading, a trader has to purchase either of an option with a fixed expiration time. For instance, the price of BTC is $4000 now (at 9 AM), you either invest a certain amount for more or less price than $4000 by 6 PM. If at that time (6 PM), BTC is higher than $4000, you can earn “payout” of the difference of prices (means profit of the difference between the price at 9 AM and 6 PM) if you had chosen the option of “call” priorly. Similarly, you can choose the option of “put” for lower prices and can earn the profits even if the price of BTC goes down. Thus, binary trading can let you earn money with cryptocurrency even if the prices shrunk.
Masternode
Masternode is another method to make money from altcoins. It is a method to earn passive income by helping in maintaining the master node of the cryptocurrencies (deploying a consensus mechanism of Proof-of-Stake) with a certain minimum number of coins of a particular currency. Master node is a dedicated node keeping the track of Blockchain in real-time. Master node not only saves, validates, and announces valid transactions but ensures smooth protocol operations, broadcast transactions, and many more. So, if you offer the services to maintain the master node by keeping certain coins at stake, you will be incentivized for the same. Some of the coins like DASH, PIVX, Coin, etc, offer you the opportunity to earn from Masternode.
Affiliate Marketing
In the crypto space, many of the platforms offer you the opportunity to earn passive income or income even while you are sleeping through affiliate marketing. How to make money online? When a company or organization in the crypto space allows you to earn crypto tokens for endorsing their products and services or directly selling them, it is called affiliate marketing. In crypto space, companies will incentivize you to endorse their service like online tutorials, newsletters, daily notifications of cryptomarkets, and many more. You just have to log in to their site and get the link which you can forward to others, if business comes through your link then you will be paid.
Crypto Faucets
If you are traveling in the metro and done with your scrolling, and also don’t mind looking at a few advertisements and answering random surveys, you can google any Bitcoin faucet website. These websites generally earn the revenue from ads posted on their pages. How To Make Money With Cryptocurrency 2020? Any crypto enthusiast answering the short questions or doing other microtasks like downloading apps, watching videos, and many more on their website, will be paid a small percentage of the website’s revenue. Some of the sites like Bituro, Coinbucks, Microworkers, Cloudfactory and many more aid you to get paid in crypto.
Summing Up
Now if somebody asks you- How to make money with cryptocurrency 2020? then you might be able to answer a few of the methods which you had learned in this article. You can try them too even if you are a newbie or an advanced trader in the cryptomarkets. Besides the usual method of mining and investing in Bitcoins, you can easily earn money with cryptocurrencies with indirect methods and putting less effort. So, just get connected with crypto space and keep exploring the methods to earn more!
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Blockchain technology-based cryptocurrency is storming the financial markets with its unique model of decentralization. It is believed that cryptocurrency is highly secured as it is backed by the complex mathematical algorithm and deploys cryptographic techniques to assure that your transaction is cryptographically encoded. But as the crypto market started to grow, the number of currencies and exchanges being launched and the investors started to join the crypto movement from all across the world, methods of attacking the funds particularly cyberattacks also came into notice to the crypto community. Two striking features of decentralized and technology-driven has turned to the opportunities for cybercriminals. Calm down because you need not worry about the cybersecurity of your investments after you completely read this article related to tips to maintain cryptocurrency cybersecurity.
Brief Overview Of Cyberattacks | Cryptocurrency Cybersecurity
Cyberattacks are an attempt to expose, alter, or gain unauthorized access to steal your data, information, or money with the help of your computer network. Specifically, in crypto space, attackers can hack exchange platforms, online crypto wallets, ransom digital assets by hacking your account, and many more. According to co-founder of Chainalysis, Jonathan Levin, computer or cyber-attacks are the most common cryptocurrency cyber threats. Some of them are:
- Ransomware: When cybercriminals attack your wallet or exchange and threaten you to leak your data or ask digital currencies as ransom (through Ransomeware program). This is untraceable cyber crimes that take place on the system of the network.
- Malware: In crypto space, the attacks of malware are majorly associated with the mining machines where the cyber attackers steal the mining resources after infecting the computer. It also occurs in online crypto wallets too.
- DDoS: Distributed Denial of Service or DDoS attacks commonly shakes the crypto exchanges. It targets to disrupt the service of exchanges mostly by flooding the server with unlimited fake requests to respond.
- Pyramid scheme: Pyramid or Ponzi scheme is the result of the social engineering cyberattack when the High Yield Investment Program or HYIP is being used by perpetrators to bamboozle the innocent investors or especially newbies. Attackers lure the victims to invest in a fictitious fund in return for high profits and then take away their digital assets.
- SIM Swaps: SIM swap is one of the common attack in recent times where criminal acts as the owner of victim’s mobile phone number and asks the telecom providers to grant access to their calls and messages along with SIM card. Once the attackers get credentials, they can bypass the authentication methods and can steal your funds easily.
- Hacking of trading platform and crypto hot wallets: Attacks on crypto exchanges and hot wallets are commonly seen in crypto space.
As the crypto market is flourishing, cybercrime is turning into a real threat hampering cryptocurrency cybersecurity. Sophisticated hacking techniques are being deployed by scammers to steal the digital assets and further utilizing for illicit activities and for the purpose of laundering. But, these crimes can be avoided by taking the appropriate precautions and being extra cautious in digital space.
Maintaining Cryptocurrency Cybersecurity
As cybercrimes are increasing in the crypto ecosystem, you need to secure your funds by following some of the practices related to cryptocurrency cybersecurity.
- You must set up an all-new email account which would be connected with your crypto account. This practice could help you in not missing any warning or notification from the crypto account (sometimes warning too!) Make sure your password be as difficult as it can be like a combination of small and capital letters, numeric and special characters.
- Keep your investments in various places like on different exchanges and wallets, so that if an account is hacked, you can avoid losing all of your funds.
- Diversifying portfolio means investing in more than one type of coins (some risky ones and some traditional ones) can protect your majority of funds when coins or exchanges of particular types get hacked.
- Hot wallets or online wallets are highly prone to cyberattacks than those of cold crypto wallets. So, it is being recommended to keep almost all of your funds in cold wallets whether on a hardware device like Ledger Nano, Trezor, and many more or in paper wallets generated by wallet generator (Example BitAddress).
- Trading on decentralized exchanges like Shapeshift, Changelly, and many more are preferred more over the centralized crypto exchanges in recent years as decentralized exchanges do not actually hold the funds of investors. In this way, you own and control your own funds.
- The two-factor Authentication process is turning of no use in present days due to the increasing SIM swap frauds. But, still you should not skip the step and authenticate your account.
- You must constantly update your Intrusion Prevention System (IPS), Intrusion Detection System (IDS), and also Anti Virus System (AVS) to assure the security of your digital assets from various malware, viruses and ransomware.
Thus, security issues with cryptocurrency can be overcome by deploying some of the techniques and keeping your eyes open for the details and suspicious threats.
Summing Up
Blockchain and cybersecurity, walk hand in hand but every technology has loopholes that can be turned into an opportunity for attackers and scammers to dupe the investors and steal their funds. Novice in the industry might think cryptocurrency cybersecurity as a myth, but through this article, I just wish to clear that Blockchain-based digital currency is highly secured which assures the utmost transparency while maintaining the privacy. Non-involvement of intermediaries, allow you to completely own and administer your funds while transferring from the sender wallet to the receiver wallet. The benefits of cryptocurrency outweigh the risks associated with crypto space which can be easily avoided by taking some of the precautionary measures. Some of the tips which are mentioned in this article can also help in securing your funds from moderates attacks.
So, next time either you are creating your account, trading in digital currency on any crypto exchanges, or transferring your funds to or from crypto wallets, just follow some of the tips and get your funds secured!
Have a safe and secure crypto journey!!
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Cryptocurrency is gaining traction in financial markets due to the inflationary nature of fiat currency and the increasing dependency on US dollars. Blockchain technology-based cryptocurrency has gained the attention of the traders of traditional markets and also of new investors due to its highly volatile nature and the huge profits associated with an investment. It is being advised to crypto traders not to invest all of their money in one type of coin but in a variety of coins to rebalance the profit and loss associated with crypto markets. Traders generally hesitate to put a variety of eggs in their basket or maintain a variety of coins in their crypto wallets or diversify their crypto portfolio. But presently, many apps and websites have emerged in markets to help you in tracking the prices of coins so that you can maintain your portfolio. This article is all about helping you to find the best cryptocurrency portfolio tracker to maintain your digital currency.
What Is A Cryptocurrency Portfolio? |Best Cryptocurrency Portfolio Tracker
A crypto portfolio is like a basket with the collection of investments owned by the trader across a variety of crypto assets. Like, if a trader owns a few Bitcoins, some Ether, and some stablecoins, then collectively they can be termed as a crypto portfolio of traders. Regularly updating your portfolio aids you in hedging the risks and gaining more profits associated with digital assets. A few years ago, traders and newbies had to face a number of challenges to update their portfolio as keeping the records of various currencies was not a hassle-free exercise. But as the crypto industry started growing, many crypto portfolio Apps flooded the market which allows the traders to manage their assets in the best possible ways, saving a lot of time and obviously money too.
Best Cryptocurrency Portfolio Tracker Apps
Portfolio tracker apps are turning to be mandatory for both novices and advanced traders. Tracker apps help in monitoring changes in prices of so many cryptocurrencies on a single platform and also suggest adding or subtracting the particular coins from your portfolio to balance the risks associated with digital assets. In the next section, a few of the tracker apps will be reviewed so that you can choose the best cryptocurrency portfolio tracker for the management of your single or multiple crypto portfolios aimed for both the long and short term investments.
If someone googles, “best crypto portfolio tracker Reddit”, then you might end up in downloading the “Delta” Portfolio App for tracking your crypto portfolio. It is one of the widely accepted app as it provides a variety of charts along with analysis, trading volume, market capitalization, and many more. With 3000+ crypto coins and 300+ exchanges, Delta provides the feature of portfolio tracking with advanced price action alerts. Delta Portfolio App is available for both mobile and desktop users with a user-friendly and API synchronized interface. You can use the app in a normal version but have to pay for the premium one.
BlockFolio Signal, currently, 400+ teams including the leaders of best crypto exchanges are managing the portfolio of over 5 million crypto traders across the globe. Available as a completely free version, BlockFolio successfully provides the real-time updates, notification alerts on price levels, latest crypto feeds and publications, and handy communication tools. BlockFolio with its intuitive interface, emphasis hugely on the better security and privacy protection of the crypto traders.
CoinTracking is considered more than a cryptocurrency excel spreadsheet tracker as it makes sure that traders make the decision after analyzing the information related to coins and exchanges. This app provides the interactive charts along with trend analysis of past years and connects the renowned crypto exchanges using API. Along with the feature to set price alerts, CryptoTracking suggests the options related to real-time trade profitability. Available in both desktop and mobile app versions with a highly user-friendly interface. CoinTracking is mostly preferred by advanced crypto investors with long term investment plans.
Cryptocompare is not only a cryptocurrency tracker, but also offers the various services related to the crypto ecosystem. With a cloud-based platform, Cryptocompare manages your portfolio with the added features of risk analysis and tracking the ICO along with timeline function. With Cryptocompare, you can manage multiple portfolios with different objectives of both long term and short term. With a free mobile app and web interface, Cryptocompare helps you in visualizing the changes in the portfolio with an intuitive interface. Either a trader is a newbie or already experienced, Cryptocompare can definitely help in managing their portfolios.
CoinStats can be the most popular crypto portfolio tracker 2020, as it allows you to manage your crypto holdings by just getting connected with your crypto exchange and crypto wallet. Why to choose CryptoStats? Not only because it tracks more than 8000 cryptocurrencies over 400 exchanges, but it also helps in choosing the best crypto portfolio by comparing pie charts and many other statistics. With a number of different filtered alerts, Crypto Stats also facilitates traders with trends associated with bearish and bullish markets. Moreover, it is available not only for Android or iOS users but also as a Chrome extension, Mozilla add ons, and many more.
Summing Up
Portfolio trackers apps are more than crypto spreadsheet trackers and suits differently with different users. These apps offer you the opportunities to assess your funds residing in different wallets and exchanges on a single interface. While saving time, effort, and chances to lose huge amounts of money, crypto portfolio tracker apps manage your assets in the best possible way. But while choosing any crypto portfolio tracker, you must read about their reviews, check about the number of coins and exchanges they are supporting, safety and security, and also don’t forget to check your pockets if the trackers are not available as free apps.
I hope this guide will help you in choosing the best cryptocurrency portfolio tracker as per your requirements to manage your diversified portfolio and thereby balancing the profits and losses associated with your digital assets in crypto markets!
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Blockchain or distributed ledger technology has the potential to transform not only the financial sector but various other sectors like healthcare, agriculture, logistics, supply chain management, and many more. Blockchain technology is based on a decentralization model where information is transferred directly from source to destination without any intermediary. Transaction records are distributed all across the blockchain network rather than maintained by a central authority. Breakthrough cryptographic techniques deployed by distributed ledger technology assures the trustless network with utmost security and privacy. Another feature of non-immutability ensures that data duplicity and tampering are next to impossible to the data maintained on the Blockchain network. In this article, we are going to understand how this innovative technology can overcome the challenges faced by the healthcare sector. Also, learn about the latest inventions associated with Blockchain in healthcare sector 2020.
Challenges In HealthCare Sector | Blockchain Healthcare Sector 2020
The Healthcare sector is one of the most important sectors which needs continuous evolutions and development in terms of maintaining records, developing new vaccines, tracking the supply of pharmaceuticals, analyzing the data of any patient, and many more. As the countries are dedicating more of their annual budget in this particular sector, they need the sector to be as efficient as it can be.
According to a report by BIS Research, adoption of the Blockchain technology has the potential to save the healthcare industry around $100-$150 billion by 2025 by saving the costs related to a data breach, Information Technology, operation, and logistics; and also through reduction in frauds and counterfeiting. The report further concluded that healthcare might spend approximately $5.61 billion on Blockchain by 2025. Let’s find out how the challenges in the health sector can be countered with Blockchain Technology and also Blockchain in healthcare sector 2020.
Disparity of Data| Fragmented To Connected | Effective Supply Chain Management:
Pharmaceutical companies face the problem of fragmented data scattered among different companies with different data structures. At the time of drug development, information from various researches need to be collected, but the disparity of data makes the accessibility of data difficult. Also, the process of gathering the data and analyzing it all over again turns out to be a time-consuming process, leading to more problems. Handling process for pharma needs a major shift.
As the Blockchain is a distributed ledger system, it has the capability to connect the fragmented data related to blockchain in healthcare research paper, clinical trials, already analyzed information, and many more just like Health Information Exchange. Thus, Blockchain can help in generating better insight and accessibility of the information. Managing the supply chain comes with the added risk and complexity for pharma companies as it directly impacts the safety of the patients and health outcomes. By using the transparent network of Blockchain, end to end management can be easily traced, eliminating falsified medication and reducing revenue loss. Pharma giant GlaxoSmithKline collaborated with Blockchain company Viant to utilize the track and track technology based on Blockchain for an efficient pharma chain of supply.
Hurdles In Research | Improved Research Process | Eliminating Intermediaries
Pharma sector is turning competitive day by day which leads to more centralization of researched data. Centralized databases creates the difficulty for researchers and drug trial clinics to share the data with the people who actually need it.
Biotechnology is one of the sectors of the healthcare industry which is constantly involved in developing new techniques, drugs, or treatments. If the data related to researches taking place all across the globe get systematically arranged through Blockchain technology, it would not only save the lives of many patients but can break through the research process by reducing the time in data collecting, researching, and analyzing. For instance, MIT Enigma provides the secret-sharing platform based on Blockchain to allow researchers to share the data of clinical studies with utmost privacy. Whether it is the transfer of medical records or the transferring of documents from research media to others, huge transaction costs of intermediaries need to be incurred. With the help of Blockchain, friction due to the intermediaries can be eliminated easily. Also, security along with privacy can be assured by the digital Blockchain for healthcare data.
Difficulty In Bookkeeping | Handy Bookkeeping
Bookkeeping is an exercise to maintain the records of costs incurred in different processes. In the healthcare sector, research from many companies combines to finally launch any drug or vaccine. Keeping track of the cost of processes like clinical trials, chemicals used and many more and that too of a number of companies is a difficult task, which leads to mismanagement in health expenditure.
In the Blockchain network, data can be stored and easily sorted related to cost incurred at every stage and that too in a tamper-proof manner. Not only, data can be utilized for auditable records but it could also help in making the treatment feasible by getting the insights from the analysis of figures associated with the costs of each process. For instance, pharma company Boehringer Ingelheim recently announced to integrate Blockchain n their network for reducing the complexity related to financial reporting activities.
Counterfeiting Of Medicines | Combating Counterfeiting
Some companies and groups are spoiling the healthcare industry by faking the medicines and introducing them into markets (which might end up in taking lives!). Poor manufacturing techniques, improper storage facilities, drugs stealing, and also the penetration of counterfeited drugs are a few of the major challenges of the health industry which shakes the credibility of the sector.
Maintaining and tracking the records associated with particular medicine with the help of Blockchain health informatics can not only reduce the huge loss encounter by the pharma companies due to counterfeiting of drugs but also increase the credibility and makes a healthy competitive environment for the manufacturers of drugs and other medical equipments.
Fragmented Data of Patient | Hassle-Free Accessibility of Medical Records
Before any treatment, number of diagnostics, data related to medical history, and diagnosis need to be submitted. And supposedly, if the treatment of one doctor does not suit you then you have to move to another doctor or any specialist and have to submit the documents again. Centralization of data to the patient creates trouble for him every time he thinks of switching the doctor. Also, permissions from patients or family need to be taken before performing certain operations, which usually takes the time in the consultation process and exploring other options of treatment. Along with the consent process, privacy and security of data also need to be assured.
Blockchain medical records can help in organizing the complete and accurate records across the whole medical industry (with limited accessibility) ensuring the effective diagnosis of disease and the most efficient treatments. Blockchain can ensure the data of the patient can be easily transferred from one doctor to another by just providing him accessibility of records of patients rather than carrying from one hand to another. For instance, healthcare blockchain companies like 4Medica, HealthVerity, and many more are deploying Blockchain to maintain the data of patients in an efficient and cost-effective manner and serve as the platform for managing and sharing the data.
Long Process of Medical Claims | Quick Medical Claims
Generally, people are having their health insurance policies which they try to utilize as and when needed. But, the insurance companies consume a lot of time and energy while verifying the terms and conditions of the medical claim of the insurer. Digital payment systems are not deployed by most of the companies.
Smart contracts or digital contracts that can be utilized by the Blockchain network have the potential to transfer the medical insurance industry. Blockchain in health insurance can help in easing the process of receiving claims and completion of transactions by drawing the contracts between hospitals or clients and insurance companies. For instance, Project Dovetail utilizes the smart contract platform of Intelligent Healthcare Network and TIBCO’s smart contract project for hassle-free and verifiable transactions.
Summing Up
The benefits of Blockchain in healthcare cannot be ignored but must be capitalized to revolutionize the healthcare industry. Blockchain aims to reduce the complexity and boost the security and non-immutabilty of the healthcare network. Several challenges are involved in implementing blockchain in healthcare 2020, but can the results outweigh the risks and challenges associated with the sector. Thus, Blockchain can completely transform the Healthcare sector if implemented properly.
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Crypto trading is a process of selling and buying of cryptocurrencies in the crypto market place with the motive of gaining profits associated with the digital coins. The community of crypto traders is expanding day by day as crypto space provides excessive opportunities for investment. But the fact cannot be ignored that cryptocurrency is highly volatile, so as a trader you can strike gold overnight but can also hit the bottom in the twinkle of an eye. Thus, trading in crypto markets need improved skills and careful analysis of trends. Also, you need to prepare yourself to avoid the common mistakes and learn from the past experiences of crypto space to become a successful trader. This article is based on experiences of a number of crypto traders over the past few years which would help you in identifying mistakes to avoid while crypto trading.
Common Mistakes To Avoid While Crypto Trading
In the following section, we tried to mention the common mistakes which you need to avoid while crypto trading:
- FREE FLOW OF FUNDS | LIMIT YOUR INVESTMENT
Before starting the crypto trading, you must be clear in your mind about the funds you wish to invest in cryptocurrencies or at least calculate the amount you can afford to lose. Losing or winning is part of crypto trading. But investing more than your affordability to lose just to gain a few more profits might not sound a good idea. So, just account for the money or deposit in the wallet only that sum of money, you wish to spend.
- LACKADAISICAL ATTITUDE IN TECHNICAL ANALYSIS
Newbies or beginners generally lack the efforts to properly analyze the market trends and to strategize the investment plan. Whether you are involved in long term investment or short term speculation, you need to calculate the risks and analyze the markets dedicatedly. You can take the help of OTC brokers, trading bots, analysis tools, trading charts, and many more available in the crypto sphere.
Unrealistic profits expectations are the result of lacking in the practice to interpret the technical data available for analysis, which will end you up in losing most of the funds. You might be involved in the practice of “Holding” your coins on the basis of expectations for better prices due to inappropriate or not even studying the history of trends, experiences of veterans, past practices, and many more.
Thus, you can avoid the practice of buying or selling the currencies on the basis of opinions shared on Twitter, Medium, or any other websites unless it has analyzed the data based on several factors.
- PRICE OVER MARKET CAP? | DON’T DO THAT!
Many of the newbies just try to buy as many coins as they can when the crypto coins are following the downtrend. They just forget to understand the reasons and extent of the falling prices. Also, many of the traders invest in the altcoins just because they are cheap without estimating the future prospects of the growth of that particular coin. Thus, while trading in crypto, you need to overlook the prices and assess the market cap (number of shares multiplied by one share price) of a specific coin or company. Also, cheap coins might be fraudulent at times due to ease of launch of ICOs in crypto space. So, just be careful! You can also take the help of CoinMarketCap Website, which can give you the figures to examine the best coin for investment.
- IGNORING VOLATILITY | TIME IS MONEY
Unlike traditional stock markets, the crypto market space is highly volatile in nature where holding the coins for a week means holding stocks in traditional markets for three months. Many traditional traders when turned into crypto traders, just buy the coins and forget them to study for months, which increases their chances of losing due to opportunity cost incurred. Thus, you need to consider that time is money, more time and effort you put into studying the trends, possibilities of profits will increase more. And if you cannot give much of your time, so you can always start with small amounts and try to understand the market.
- ONLY BITCOIN! | DIVERSIFY PORTFOLIO
You must be well aware that unpredictability is an inbuilt characteristic of cryptocurrencies. You never know that the currency which is almost touching the peak might fall in the next few hours and hit the rock bottom. Novices sometimes end up buying similar types of coins( like “only” BTC) with all of their money. Investing in one coin (not the amount but type) always increases the risks to lose. Warren Buffet quoted once “ Don’t put all your eggs in one basket”, similarly you should avoid investing in one coin and instead diversify your crypto basket or portfolio with different coins (different kinds and types both) to balance the profit and loss.
- IGNORING SECURITY | MANAGE PRIVATE KEYS
As cryptocurrency is based on Blockchain Technology, many of the crypto traders considered it as highly secured. But, as the industry is growing, sophisticated processes of cyber crimes are also increasing. You need to be extra conscious about the scammers and hackers who are constantly keeping an eye to your funds. You can assure the security by completing the two-factor authentication process while registering on any exchange, transferring your private keys from online exchange wallet to your own hot or cold wallet, keeping your recovery or seed phrases up to yourself only, installing the antivirus and anti-malware to your system (either phone, desktop or any other medium) and many more.
- OVERFLOW OF EMOTIONS | BE RATIONAL
Emotions like fear of loss, gut feeling, over-optimistic growth, regret for lost profits, and many more do not have any place in the crypto trading. Being emotional is just not a quality of a successful trader. You just cannot buy or sell the coins, just because you feel likely. You can avoid this mistake by setting up the plan for your goals, rechecking the data analysis, and reconciling the past experiences. Fear and greed are two of the emotions which might turn your profit into loss but placing the target sell demand and stop loss to initial level to the particular might save your massive funds.
- FEAR OF MISSING OUT (FOMO) | ENDURANCE IS THE KEY
FOMO! All the young traders might read this modern term on social media posts. But in crypto markets, how can FOMO be a common mistake to avoid while crypto trading? In the crypto space, Fear of missing out is linked to a situation where traders used to sell an asset early due to fear of losing profits and buying at maximum while missing out the insider information. But, FOMO can be avoided if you follow the certain set rules associated with markets and limit the possible allowed losses and profits. Also, endurance is the key to the problem of FOMO. You just need to keep and don’t be anxious about slipping any deal and rely on your analysis.
Summing Up
Crypto trading can help you in enjoying the financial freedom if you can successfully avoid some common crypto trading mistakes. Advanced successful traders are continuously involved in trend analysis and in enhancing their knowledge to earn the profits wished. Thus, to become the millionaire from trading cryptocurrencies, you certainly need to focus on mistakes to avoid while crypto trading. Be patient, don’t be greedy, and try to learn from your own and others mistakes while launching the rocket of crypto trading.
Have A Safe Crypto Trading!!
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On March 4, 2020, after the landmark decision of the Supreme Court of India of lifting the two-year banking ban on crypto venture capitalists (misinterpreted as the blanket ban on crypto markets) declared by the Reserve bank of India in 2018, Indian crypto space started to gear up again. Crypto enthusiasts started investing their money, new partnerships with Indian Exchanges were initiated, and also the new wave with better opportunities initiated in Indian crypto space. Some of the popular Indian exchanges started noticing the increase in trading volume after the verdict. One of the most popular Indian crypto exchanges, WazirX co-founded by Nishchal Shetty, Sameer Mhatre, and Siddharth Menon, again became the first choice for Indian traders to purchase and withdraw the cryptocurrencies. This article aims to give you a chance to understand the WazirX P2P exchange and procedures associated with trading on its platform.
Why To Choose WazirX P2P Exchange?
WazirX is one of the Indian crypto exchanges which opened its platform on March 27, 2019, for crypto traders all across the world. Just in 6 months, WazirX news announced that it has been acquired by one of the most renowned international trading platforms, Binance which encouraged the concept of borderless trading in crypto space. But when you have a number of platforms to trade, then why choose WazirX Exchange (especially for Indian traders)? Here are a few reasons:
- Real-time open order book system facilitates the exchange of cryptocurrencies.
- Two-factor authentication system makes it highly secure.
- Available as both a desktop interface(both Windows and macOS) and a mobile app.
- It can handle millions of seamless and smooth transactions.
- Backed by international exchange, thereby enhancing the trust factor.
How To Create An Account On WazirX P2P Exchange?
The intuitive user interface of WazirX allows you to create your highly secured crypto account in just a few steps (both mobile and desktop)
- Firstly you need to search for the website WazirX or download the mobile app.
- Create your account by submitting the personal details like email address(be careful! As you cannot change your mail address afterward) along with a super-strong password.
- The next step is to confirm the verification mail (within 15 minutes)you receive from WazirX in your mailbox and get back to the WazirX login on the website or your mobile app.
- As WazirX is based on two-factor authentication, next you have to verify your mobile number by entering your number and One Time Password (OTP) you receive on your phone.
- WazirX is compliant with the Know Your Customer (KYC) process. You need to fill the personal details like Name, Date of Birth, Permanent Address, and many more. (You can skip the KYC process if you only wish to deposit and trade (not withdraw) from your account)
- Then you need to upload PAN card details along with your passport size scanned photo. You have to upload identifying documents for the purpose of verification.
- After a few minutes of verification, you are ready to either buy, sell or trade cryptocurrencies available on the list of WazirX P2P Exchange.
How To Deposit And Withdraw From Your WazirX Account?
Two of the major processes associated with any crypto account is deposit funds when you need to purchase more coins and withdraw the coins when you need funds.
- Depositing is the process when you need to exchange or buy more coins which can be done by adding funds to your WazirX online wallet from your bank account with the help of Debit/Credit card, UPI transaction, or net banking. You just need to click on the funds on top of the screen, select the coin you want to deposit, and finally click on the Deposit button. Then, a window will appear asking for the Destination address, you just have to copy and paste it to the wallet or exchange from where you are going to deposit these coins to your WazirX wallet. Your work is over now, you just need to sit back and wait for the funds to reflect in your WazirX account (it may take up to 12 hours). There are two WazirX news related to deposit, first that the process of deposit is totally free and there is no minimum limit to deposit (you can even deposit 1 WRX coin).
- Withdrawing is the process when you need to transfer your funds from your WazirX account to any other wallet or exchange. You can start by clicking on the option of “Funds” displayed on the top of the screen. Now you need to select the withdrawal option and the coins which you wish to withdraw or transfer to another exchange or to any other wallet. Type or paste the address of the destination to your wallet along with entering the amount of coins. For withdrawal make sure you have completed the two-factor authentication process because you need to verify the link sent to mail address and OTP sent on the mobile number to withdraw funds. One point must be noticed while withdrawing the coins that you need to bear a minimal amount of transaction fees which is determined by the blockchain load.
How Much Does WazirX Charge As Trading And Withdrawal Fees?
Every crypto exchange charges a minimal amount of transaction fees for both trading and withdrawal based on different factors. WazirX fees can be categorized as follows:
- Trading Fees: WazirX follows the model of flat fees where both makers and takers are charged the same amount i.e. 0.20 percent in case of WazirX exchange. It is a bit higher than the average fees charged by other exchanges, so the exchange is considering lowering it down in the near future.
- Withdrawal Fees: When you withdraw Bitcoins from your account on WazirX, you will be charged with 0.0005BTC as withdrawal fees. With lower than average industry fees (almost lower than 40%), WazirX stands out as a tough competitor with other crypto exchanges.
Summing Up
WazirX P2P exchange can prove to be a good option if you wish to trade in Indian fiat currency (Rupee) or you are an Indian crypto trader. With WazirX Binance, this Indian crypto exchange stands out as one of the popular exchanges among Indian traders. With better prospects and upcoming new services and products, WazirX aims to expand its presence in a number of countries and accelerate the crypto movement.
