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  • YouHodler Review – Earn Interest on Crypto or Take Loans with Crypto Collateral

    YouHodler Review – Earn Interest on Crypto or Take Loans with Crypto Collateral

    YouHodler Review

    Many cryptocurrency investors are no longer satisfied with simply storing their cryptocurrencies in a wallet, but want to leverage their crypto holdings to earn extra income. This is reflected in the growing popularity of decentralized finance protocols as well as cryptocurrency lending companies. Today, we’ll be taking a look at YouHodler, a company that has built out a comprehensive selection of products that open up new possibilities for cryptocurrency holders.

    Before we describe the different services offered by YouHodler in more detail, let’s first learn some basic information about the platform and its most apparent pros and cons.

    YouHodler was established in 2018, and is led by Ilya Volkov (CEO). The company is a member of the Crypto Valley association in Switzerland, but it also has operations in Cyprus, giving it access to the European Union market. In addition, YouHodler leverages the Ledger Vault cryptocurrency custody technology, which comes with a $150 million pooled crime insurance policy.

    On YouHodler, cryptocurrency holders can either use their crypto as collateral to take out loans, or simply deposit their cryptocurrency in the YouHodler Wallet to earn interest on a weekly basis. These are the basic features of the platform, but as you’ll see further below, YouHodler’s suite of services extends much further.

    YouHodler Pros:

    • Supports a large variety of cryptocurrencies
    • Users have a lot of flexibility when setting up a loan
    • The »Earn Interest« product can be a solid source of passive income for crypto holders
    • Uses Ledger Vault technology to secure deposited cryptocurrencies
    • Help section does a good job explaining the company’s products and most commonly asked questions

    YouHodler Cons:

    • YouHodler is not a DeFi service, so KYC is mandatory
    • Not available in all countries – the United States and some other countries are restricted

    A closer look at YouHodler

    Now, let’s take a closer look at the most important aspects of the YouHodler platform and describe its main services in more detail.

    Which cryptocurrencies does YouHodler support?

    YouHodler has integrated a pretty big selection of cryptocurrencies that can be used as collateral for loans or earn interest when deposited into the YouHodler Wallet. Over 20 different cryptocurrencies are supported on both the lending and borrowing side of YouHodler’s offering. You’ll find most of the large market cap cryptocurrencies, with some smaller altcoins sprinkled in for good measure. Here’s a few examples:

    • Bitcoin
    • Ethereum
    • Binance Coin
    • XRP
    • Dogecoin
    • Chainlink
    • Uniswap
    • Dash

    The company is also steadily implementing new cryptocurrencies on its platform – for example, YouHodler says it’s planning to add coins like Cardano, Ethereum Classic, Monero, Tezos and TRON.

    Instant crypto loans

    Instant crypto loans are one of the main aspects of YouHodler, and the premise is pretty simple – you can use your cryptocurrency as collateral to take out a loan in the form of fiat currency. This can be useful for those who want to hold on to their crypto but would like quick access to cash.

    When taking out a loan from YouHodler, users have several options – the money can either be withdrawn to a bank account using a SEPA or SWIFT transfer, or to a Mastercard/Visa credit card. The funds can also be kept on YouHodler and exchanged for stablecoins or cryptocurrencies via the platform’s exchange feature.

    The loans are quite customizable, depending on the user’s specific needs. There’s 3 main loan plans, which are primarily differentiated by their loan-to-value (LTV) ratios. A loan’s LTV ratio tells you how much fiat currency you can loan compared to the value of the cryptocurrency that you’re putting up as collateral. Here’s a rough example to illustrate what LTV means – if you use $10,000 worth of Bitcoin to take out a loan at a LTV of 70%, you can borrow up to $7,000.

    YouHodler offers loan plans with 3 different LTV ratios: 90%, 70% and 50%. The higher the LTV ratio is, the sooner you will have to repay the loan. However, it’s worth mentioning that loans can be extended by paying a fee.

    Loans on YouHodler offer quite a few customization options, making the platform very flexible. For example – under certain market conditions, users have the option of borrowing more fiat without having to provide any additional crypto collateral. There’s also the option of using the value of the collateral, alongside a fee, to instantly close a loan. This feature can be very useful if the value of the cryptocurrency increases significantly after you use it as collateral to take out a loan.

    Of course, the cryptocurrency market is known for its volatility, and platform’s like YouHodler need to have sistems in place in order to mitigate risk. Every crypto-collateralized loan facilitated by YouHodler comes with a price-down limit (PDL).

    This is the price level at which the cryptocurrency used as collateral will have to be liquidated by YouHodler. In the event that the PDL level is triggered and the collateral is liquidated, the loan is considered as completed and the user doesn’t have to make any payments to YouHodler. Users who want to avoid the PDL being triggered can supply additional collateral, but the availability of this option will depend on market conditions.

    Earn interest on cryptocurrency holdings

    On YouHodler, it’s possible to earn weekly compound interest payments for depositing cryptocurrency to the platform’s wallet. It’s similar in principle to a crypto savings account, but this feature provides a lot of flexibility, as users can withdraw their cryptocurrency whenever they please.

    Among all the supported assets that users can deposit, the best rates are available for stablecoins – this is in line with industry standards. By depositing stablecoins, users can currently earn over 10% a year. At the moment, the best rate (12.7%) is offered for users depositing the USDT stablecoin.

    You can also deposit non-stablecoin crypto assets. While the interest rates are lower, they can still be substantial and YouHodler can be a viable alternative to simply holding cryptocurrencies in your own wallet. For example, the current annual interest rate for Bitcoin deposits is 4.8% at the time of writing.

    Of course, conditions in the cryptocurrency market can change quickly, which can translate to fluctuations in the offered rates. The best way to keep up with the available rates is to go to the official YouHodler website.

    Advanced users can take advantage of Turbocharge and Multi HODL

    The crypto-backed loans and interest-earning products offered by YouHodler are pretty straightforward, but the platform also caters to users who want to try and maximize profits through some more advanced strategies.

    The first product we’re going to talk about is Turbocharge, which is essentially a way of getting leveraged exposure to cryptocurrencies. In Turbocharge, the YouHodler system creates a »cascade« of loans, where the funds obtained from an initial loan are then used to buy cryptocurrency. Users can elect to repeat this process several times to effectively increase their leverage.

    Turbocharge gives users the option to increase their cryptocurrency holdings, provided the price of the cryptocurrency they’re using as collateral is increasing. If the market is dropping, however, losses can pile up fairly quickly, depending on how much leverage is being used. This product will primarily be of interest to users that don’t mind taking on more risk for a chance at amplified profits, and is primarily designed for those that want to take advantage of bullish periods in the cryptocurrency market.

    The second product for more advanced users is called Multi HODL, which has some parallels with Turbocharge. However, MultiHODL isn’t just for those who predict a bullish trend in the market, as it can also be used to go short on a cryptocurrency. MultiHODL is YouHodler’s alternative to futures contracts and crypto CFDs, which are quite popular amongst cryptocurrency enthusiasts. It offers leverage of up to 30x, which should be plenty enough for most traders.

    YouHodler’s built-in exchange

    YouHodler features a cryptocurrency exchange feature that facilitates trades between the different cryptocurrencies and fiat currencies supported by the platform. YouHodler’s exchange can be used to buy/sell cryptocurrency with fiat currency, making it a solid way to enter the cryptocurrency market or cash out some profits. While YouHodler’s integrated exchange can’t quite compete with dedicated cryptocurrency exchanges, it’s still a very welcome feature that should prove convenient for many YouHodler users.

    Security practices

    YouHodler uses Ledger Vault, which is a cryptocurrency custody solution created by Ledger, the company that made a name for itself with its hardware cryptocurrency wallets. Crypto assets that are held with Ledger Vault are covered by a $150 million pooled crime insurance policy, and this also covers the funds stored by YouHodler.

    The company has also partnered with prominent blockchain forensics firms Elliptic and Ciphertrace in order to monitor potentially suspicious blockchain activity and protect the platform from risks posed by money laundering and other illegal activities.

    Conclusion

    YouHodler has created an appealing platform that caters to cryptocurrency investors’ desire to do more with their holdings. Its crypto-backed loans feature distinguishes itself with a lot of flexibility, and provides a nice selection of different LTVs as well as other customizable parameters. The interest that YouHodler offers on cryptocurrency deposits is competitive with the rest of the industry, particularly when it comes to stablecoins. YouHodler also realizes that there’s more to cryptocurrency than just Bitcoin and Ethereum, and the platform supports a nice variety of cryptocurrencies. However, it’s important to note that it’s impossible to make a profit without taking on some risk, and those who are not comfortable with depositing their cryptocurrencies with a third party might not be interested in a platform like YouHodler.

  • Game Client Gauntlet eSport Intends to Collect 600 ETH on the KickICO Platform

    Game Client Gauntlet eSport Intends to Collect 600 ETH on the KickICO Platform

    June 03, 2021 – The Gauntlet eSport gaming client, which will allow users to play their favorite games, interact with a variety of other features and receive rewards in cryptocurrency, announces the launch of an open funding round. The launch of the campaign will take place on the KickICO platform on May 31st, 2021, and the HardCap is set at 600 ETH.

    “Players will be able to purchase games, accessories, and other items in the store, as well as integrate their existing desktop games into the client. Users can stream, donate, participate in esports events, create their own events, and interact with their audience beyond just live chat, ” the company explained.

    You can pay for purchases within the game client using the GAUX token. In addition, the token will be used for the following purposes:

    As a means of payment for the purchase of rank, items in the store, or donations to other players.

    • To pay for a monthly subscription for updates;
    • To pay rewards to players who take part in testing new games;
    • To pay for ads on the Gauntlet eSport platform;
    • To buy new games and apps for them;

    “Gauntlet pays real rewards in cryptocurrency, unlike popular customers who only pay with their own coin, which can only have value in this system. GAUX will have a global value or value opportunity where it can be sold, exchanged, or donated, and can also be used to purchase items, upgrades, and more in the Gauntlet ecosystem, ” the company says.

    The sale of GAUX tokens on the KickICO platform will begin on May 31st and will be available to registered users who have passed the KYC procedure.

    You can buy GAUX tokens and learn more about the project here.

  • Top 3 Coins to Watch – Week 22

    Top 3 Coins to Watch – Week 22

    After a period of stormy weather on the cryptocurrency markets we are now in what seems to be the calm after the storm. Most of the investors are uncertain whether the recent dip was just a bear trap, and the market will soon continue following the upward trend, or just a sneak-peak of what is about to come as we dive towards finding an even lower bottom. While the total capitalization of the cryptocurrency market managed to climb above $1.75 trillion on several occasions throughout the previous week, the total market cap only increased by mere 3.6% ($1.43 trillion at the beginning of the week as compared to $1.48 trillion on Sunday, May 30). However, the coins and tokens featured in our this week’s selection of Top 3 coins to watch are less likely to trade sideways, as mainnet deployments, upgrade rollouts and other important events put these projects in the centre of the crypto community’s attention.

    1. Binance Coin (BNB)

    Binance Coin (BNB) originally launched in 2017 as an ERC-20 token sold through an initial coin offering (ICO). In April 2019, the Binance Chain went online, and all the ERC-20 tokens were replaced with the BNB coin, which became the native cryptocurrency of the new blockchain. Binance Chain is still completely centralized, with Binance having complete control of block management. Binance users who utilize BNB to pay for trading, withdrawal and listing fees can enjoy significant discounts. While this used to be pretty much the only use case of BNB, the coin has a far greater utility now as it allows users to pay for gas fees, stake BNB, as well as participate in DeFi, liquidity pools, DEX trading and earn token airdrops from projects featured in the Binance Launchpad. Every quarter, Binance burns a portion of their BNB holdings as their goal is to cut down the maximum BNB supply from 200 million to 100 million.

    Buy/Sell BNB

    It is About Time for Another Launchpad or Launchpool Project

    As already mentioned, BNB’s use cases expand far beyond just trading fee discounts. Launchpad, for example, is Binance’s IEO platform on which they launch new projects and Binance users will get a portion of the token’s distribution amount based on their BNB holdings. Launchpool, on the other hand, is used to launch new or propel existing projects through token farming. By committing different assets to the pool (usually BNB and BUSD), users farm new tokens and get the rewards on a daily basis. The last project to be featured on Launchpad was FC Barcelona Fan Token and the token distribution concluded on April 21. Similar goes for Launchpool, the staking period to receive TLM tokens concluded on May 7. Holders are now eagerly awaiting new project so they can commit their BNB that are “sitting” in their Binance spot accounts. Judging by the historical frequency a new project should appear on Binance Launchpool every moment. The addition of a promising project to the Launchpool could even increase the BNB demand and boost BNB price, which has lately been in a rapid decline.

    The BNB price corrected heavily in the second half of May. It dropped from the coin’s ATH of $689 on May 10 to $214 on May 23 – that is a whopping 68% decrease in less than two weeks. Since then, BNB is up by 63% and is changing hands at around $350 at press time. However, due to the lack of activity on Binance Launchpool and the news that US and German authorities are investing the exchange, BNB lost #3 spot, which it claimed for a short period of time. BNB is now again on the #4 spot by market cap, behind Tether (USDT) and just $1 billion above Cardano (ADA). Will BNB manage to reclaim the #3 spot?

    2. Fetch.ai (FET)

    The Fetch.ai aims to build a scalable, open access, tokenized, decentralized machine learning network by utilizing a combination of artificial intelligence, blockchain and DAG (directed acyclic graph) data structures. The blockchain operates using useful proof-of-work (uPoW) consensus algorithm. The algorithm differentiates from the classic proof-of-work the computational power that is used to secure the ledger is used to perform useful tasks for the network’s participants.

    Buy/Sell FET

    Mainnet 2 Bridge Limit to Get Doubled on June 1

    The Fetch.ai team is transitioning from the FET ERC-20 token on Ethereum to a native FET token. Currently most exchanges offer ERC-20 FET tokens, which can be staked using Metamask, but the native FET tokens, which can be staked on Fetch.ai Mainnet 2, can already be accessed by swapping them for existing ERC-20 tokens through the token bridge. Initially, APY for Mainnet 2 staking will be above 70%. As more tokens get staked, the estimated APY will adjust. To grant a greater influx to the mainnet and higher staking capabilities, the token bridge transaction limit will be increased from 60 million FET to 120 million FET on June 1 at 14:00 UTC. This will be the cap until July 16, when we will see another limit increase to 250 million FET. If you are a FET holder or interested in staking FET, you should rea more about the transition and staking process here.

    3. XRP (XRP)

    XRP is a cryptocurrency that was launched in 2012 by Chris Larsen, Jed McCaleb and Arthur Britto. Ripple’s network uses a unique Ripple Protocol consensus algorithm (RPCA), which is neither proof-of-work nor proof-of-stake to facilitate fast and cheap transactions. The maximum supply of XRP is 100 billion coins and all the coins were created at launch. At launch 80% of the total XRP supply was given to fintech firm Opencoin, a company that was later renamed to Ripple Labs in 2015. As of today, Ripple still holds more than half of the total XRP supply. However, most of the company’s XRP holdings are locked in escrow and can only be accessed periodically. In 2020 Ripple became entangled in a lawsuit in which the U.S. SEC claims that the company sold unregistered securities. Following the lawsuit numerous regulated exchanges halted XRP trading or even delisted the coin. Ever since December 2020 the legal battle between Ripple and the SEC is one of the key factors influencing XRP price.

    Buy/Sell XRP

    Ripple CEO Reveals the Company Could Go Public After the SEC Lawsuit Is Over

    The recent developments and news from the courthouse indicate that the SEC does not have a very strong case against Ripple and that the cryptocurrency developer and issuer will likely be deemed the winner of this legal battle. Just recently news came out that the District Judge Sarah Netburn denied SEC’s access to Ripple’s legal memorandum, dealing another blow to the SEC. Some of the XRP holders and supporters, joined under #XRPArmy, are already expressing their optimism by calling for a lawsuit win and predicting that XRP will moon after that. In addition, Ripple CEO Brad Garlinghouse stated that the chance of Ripple becoming a publicly traded company in the future is “very high”, which could further entice the bulls. Nevertheless, Ripple must resolve the regulatory dispute first, as the securities regulator would be the one approving Ripple’s public offering.

    Pricewise, XRP faced a heavy correction from the cycle high of $2 (April 14) to the cycle low of $0.66 (May 23). This represents a 66% correction, which is a lot more than Ethereum’s and Bitcoin’s corrections over the same time frame.

    Interestingly, XRP is the only coin apart from BCH and XLM to have never reached an ATH in the 2021 bull run. XRP ATH stands at $3.92 and dates back to Jan 4, 2018. Currently, XRP is changing hands at exactly $1.00, but it could increase if positive news keeps coming from the courthouse. In addition, users entering the market seem to love XRP due to its low nominal price in USD, low fees, and the speculative opportunity, as it could be trading at a heavily discounted price because of the lawsuit.

  • Top Meme Cryptocurrencies Inspired by Dogecoin

    Top Meme Cryptocurrencies Inspired by Dogecoin

    Since the creation of Bitcoin by its pseudonymous founder, Satoshi Nakamoto, in 2009, we have witnessed a host of other coins enter the market over the years. While some have gone extinct because they did not find favor amongst traders, others are doing well because of the massive support that they have witnessed over the years. Initially, Bitcoin was created as a peer-to-peer method of exchanging cash without using a financial institution but has now gone on to satisfy more than that use. The same goes for other digital assets like Ethereum, which has continued to serve members of the decentralized finance ecosystem.

    While much has been said about the top assets in the cryptocurrency market, there’s a new kind of cryptocurrency that’s grabbing the attention of traders – we’re of course talking about Dogecoin-inspired meme tokens.

    In this article, we will be looking at some of the meme tokens that have emerged because of the recent success of Dogecoin. These are generally spin-offs that are trying to capitalize on  Dogecoin’s viral meme potential, but some of the tokens do try to introduce new features.

    Dogecoin

    Dogecoin is a peer-to-peer cryptocurrency that made its debut in the crypto market in December 2013. While the digital asset was created as a parody of Bitcoin, it managed to attract a large community of its own. Dogecoin has a large supply and no supply cap, which results in a relatively low price per coin. DOGE has always had a presence in the cryptocurrency market since its release, but the coin skyrocketed to new heights in 2021 thanks to endorsements from Elon Musk, Snoop Dogg and other celebrities.

    Shiba Inu

    Modeled after Dogecoin, Shiba Inu, was created in August 2020 by a pseudonymous developer known as Ryoshi. The developer locked half of the token’s supply into Uniswap and gave the other half to Ethereum inventor Vitalik Buterin as an unsolicited gift. Dogecoin’s performance led many crypto traders to look for alternatives, and Shiba Inu was the biggest beneficiary of this trend. On May 10, the token saw its price peak close to $0.0000388. However, the Shiba Inu took a turn for the worse after Vitalik Buterin started selling the tokens he was gifted, and donated the proceeds to charity.

    SafeMoon

    Going by its name, Safemoon, the digital asset was launched in March by the CEO of the firm, John Karony. This phenomenon was first heard when Dogecoin started to gain popularity, seeing bullish runs as adoption began to increase. Safemoon was created with the mindset of solving various issues regarding volatility in the decentralized finance market. Just like the Shiba Inu token, Safemoon’s pegged total supply is around one quadrillion.

    HOGE Finance

    HOGE has been described as a deflationary digital asset that is also useful in the decentralized finance sector. This means that the meme coin works on a spend and burn policy. A breakdown of how this is done shows that 2% of the transaction made is shared amongst the holders and burned from the fixed supply once a transaction takes place. This means that HOGE is a deflationary token, as its supply gradually decreases over time.

    Dogelon Mars

    The Dogelon Mars token was launched with the anticipation that the first settlers on Mars would adopt the coin. According to the developer of the token, from time to time, victims who suffer from scams and rug pulls in the crypto market would be sent a portion of the coin. Following a similar blueprint as Shiba Inu, 50% of the coin’s supply was sent to Vitalik Buterin. The other half on Uniswap under the ELON/ETH pair.

    Kangal

    Just like most of the tokens on this list, the Kangal token was created after the rise of Dogecoin. It was created initially to become the native token of the Kangal ecosystem, giving members voting power and holding value simultaneously. Even though the token represents the amount of voting power that the community members will have, the developers claim to have fairly launched the token. Anyone who wants to assume maximum power will have to purchase it, including the developers.

    Akita Inu

    Launched in February, the Akita Inu token has been pulling interesting numbers since it was first launched on Uniswap. Sharing similarities with the Shiba Inu token, the token has made an appearance on other crypto exchanges across the globe. The Akita Inu token was created on the Ethereum blockchain. The project is a community-based project in the sense that it is entirely democratized. Over the last few months, since it made its debut, nothing less than 15,000 investors have purchased the coin adding to the list of about 22,000 traders that previously hold the token. According to the community, the coin is based on a token burn and staking to earn passive income.

    Kishu Inu

    When Kishu Inu was launched, the development team claimed that they did a fair launch, which means they didn’t automatically have a token. This means that just like every other person in the crypto market, they had to buy it. The community members are the strongest force of the Kishu Inu growth. They own a fund where members contribute regularly, one of the reasons the coin has seen massive growth since it was developed. The developers also claim that Kishu Inu is deflationary, which means that every 1% of transactions made would be burned, and the holders of the token would share the rewards equally.

    Hokkaido Inu

    Hokkaido Inu has been described as the little brother of DOGE due to the many similarities between both the meme cryptocurrencies. Just like Kishu Inu, Kokkaidu Inu also relies on the burn and reward method. This means that for every transaction carried out with the digital asset, every 1% of such transaction is burnt, and holders are also rewarded with 1% of it. With this, the developers believe that the token holders would refrain from selling it while encouraging others to invest in the coin. Built on the Ethereum blockchain, the Hokkaido Inu token has its total supply capped at 100 quadrillion.

    CoShi Inu

    Coshi Inu was created and launched on April 20 on the back of the success witnessed by the developers of Dogecoin and the Shiba Inu token. It is a meme coin based on the Ethereum blockchain, boasting a practical step toward the decentralized finance sector.

    Shih Tzu

    Shih Tzu is a community-based token that was officially launched in March. The developers claim to have its liquidity locked for one year while having no team tokens. They also claimed that the token has a fair tokenomics with its maximum supply figure fixed at a 100 billion tokens.

  • Chinese Inner Mongolia Region Passes Harsh Crypto Mining Rules

    Chinese Inner Mongolia Region Passes Harsh Crypto Mining Rules

    Bitcoin mining farm. IT hardware. Electronic devices with fans. Cryptocurrency miners.

    The government of the Inner Mongolia region is cracking down on cryptocurrency mining

    Cryptocurrency mining activity in the Inner Mongolia region of China is set to take a beating after the region’s government rolled out eight measures to crack down on miners.

    The recent proposal is scheduled to undergo a public consultation period which will run through June 1. The proposal’s details show that the laws are targeting facilities that use fossil fuels for mining, and they are also going after the power stations that provide the facilities with the power to operate. Cafes that use their computers for mining purposes are not left out as the proposal entails sanctions against them.

    In addition to the strict rules against mining activities, the proposal also mentioned that individuals or entities choose to use digital assets for money laundering activities or raise funds with sanctions. The proposal also mentioned that any company or business that chooses to get involved with crypto mining would be added to the Social Credit Dishonesty List of China. With this, such a company or business would not be able to carry out various social activities, including having access to banking services and booking travel tickets by air or train.

    China is aiming for carbon neutrality

    The region took this latest move to effect the goal of China, which is to make sure that majority of the carbon produced is neutralized. The local government had already announced that a measure to rid the region of crypto mining activities would be undertaken in March. This latest proposal would see that the plan would be effected in the coming months with specific sanctioins for those who fail to comply. Since the proposal’s release, miners around the Inner Mongolia region have taken swift action.

    Many miners are now relocating their mining businesses to other regions while others are going out of the country. The question on everyone’s lips is whether Sichuan and Yunan, provinces that are known for their mining prowess with hydroelectric power, would follow Inner Mongolia’s lead. A brief run-through of the proposal document shows that there would be an explicit legal sanctions for any power station that either openly or secretly provides power to miners according to the country’s Energy Conservation Law.

    The second part of the proposal pointed out that any policy favoring power stations that provides power to miners would instantly be revoked. The third and fourth part says that Communications companies found in breach of the law would have their license seized while Cafe’s would be suspended by the overseeing agency. The fifth part of the proposal mentioned that Private power stations would also be dealt with according to the law. The last two parts talked about adding businesses to the Dishonesty List and specified sanctions for individuals.

  • CoinSmart Review: Best Crypto Exchange in Canada?

    CoinSmart Review: Best Crypto Exchange in Canada?

    “This is a paid-for submitted article. CoinCheckup does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in this article. CoinCheckup urges readers to conduct their own research with due diligence into the company, product or service mentioned in the article.“

    CoinSmart is a good choice for Canadian cryptocurrency investors as the exchange trades top cryptocurrencies on the market, and had low, competitive commission rates and transaction fees.

    If you want to buy cryptocurrency in Canada, an option is CoinSmart. CoinSmart is a Canadian exchange registered with FINTRAC. With CoinSmart it possible for investors with Canadian bank accounts to make Interac transfers for free when they are $2000. Or there is only a 1.5% fee for transactions that are less than $2000.

    Let’s take a closer look at some of the features that make CoinSmart a good choice for Canadian, as well as international, cryptocurrency investors.

    CoinSmart currently buys and sells the following cryptocurrencies: Bitcoin, Ethereum (ETH), Litecoin, Ripple, Bitcoin Cash, EOS, NEO, Stellar (XLM) and Cardano (ADA).

    Easy Transactions

    Users can link their bank accounts to their CoinSmart wallet. This makes it easy and fast to exchange your cryptocurrency for fiat currency. The verification process is very straightforward, and it takes about 24 hours to confirm your identity.

    Because CoinSmart is FINTRAC registered, the ID process is linked to Canadian Equifax, which makes it fast and easy. And, with increasing regulations surrounding cryptocurrencies, it is can be nice to use an exchange that is up to date with the necessary Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

    Security

    CoinSmart uses cold storage to store the vast majority of the cryptocurrency they hold. That means that only about 5% of their cryptocurrency holdings are ever held on the exchange. Cold storage is the best way for exchanges, and traders, to keep cryptocurrency safe from theft.

    When cryptocurrency is held in hot storage (online), it is easier to steal. It is best to keep only the requisite amount of crypto in hot storage for trading and use.

    The company also uses BitGo wallets. BitCo is an industry leader when it comes to digital asset storage. The wallets are insured by Lloyd’s of London for $100 million.

    BitGo wallets security features include:

    • Multi-signature access to the wallets: which means that in an emergency wallets can be accessed by multiple sources. This is important in the event of private key loss, or death.
    • Wallets are rigorously put through security checks.
    • Whitelisting wallet addresses so that withdrawals can only be made to listed wallet addresses.

    Backed by Canadian banking institutions

    CoinSmart is also backed by several Canadian financial institutions. That means that CoinSmart’s funds remain in Canada. This is a plus for Canadian bank holders, as legislation around cryptocurrencies is in a state of flux. That means it is conceivable that if your cryptocurrency is being held in Switzerland or Bermuda, regulations could change. At that point, it may become more difficult to access funds, or it may mean that surprise fees or penalties are incurred.

    Special Services

    SmartPay is a feature that lets users accept payments in cryptocurrency. It also means that your BTC can be converted the same day into CAD, and then deposited into your bank account. The feature also gives users guaranteed exchange rates to reduce the effects of price volatility.

    CoinSmart also offers CS Premium to traders who want to make high-volume trades. For accounts of $25,000+, CoinSmart can offer individual investment support, deep liquidity, and same-day settlements.

    Another service available is Smart Guarantee. This service guarantees the date of your transactions for a fee.

    And, CoinSmart has a referral program for recruiting new clients.  Each time a user successfully refers someone new their account is credited.

    Easy To Use

    CoinSmart has a clean and easy-to-use interface, both on your desktop and smartphone. Clarity and usability are at the forefront of CoinSmart’s design and customer support. They also have a clear FAQ and quick response times from customer support.

    Fees

    Lastly, compared to other exchanges, CoinSmart’s fees are very competitive.

    Deposit Fees:

    • 1.5% for E-mail/Interac Transfers
    • 0% for E-mail Money Transfer (for $2000 plus)
    • 8.75% for Credit Cards (min. $10 fee)
    • 0% Wire Transfer

    Withdrawal Fees:(Canadian Dollars)

    • 1% for Electronic Funds Transfer
    • 1% for Wire transfers

    Trading fees:

    • as low as 0.2-0.4% (this depends on if it is a single or double trade)

    As is the case with most exchanges, high-volume trades come with lower exchange fees. However, with low commission fees, CoinSmart is also a great exchange for traders moving smaller volumes.

  • NBA Hall Of Famer Paul Pierce to play against Phil Ivey and Joe Lubin in a Charity Poker Tournament Hosted By Virtue Poker

    NBA Hall Of Famer Paul Pierce to play against Phil Ivey and Joe Lubin in a Charity Poker Tournament Hosted By Virtue Poker

    May 27, 2021, Ta’ Xbiex, Malta — Scheduled for June, the charity tournament hosted by the P2P platform Virtue Poker will feature 12 participants in a no-limit Texas Hold’em tournament, including NBA Hall of Famer Paul Pierce, ConsenSys Founder Joe Lubin, Hall of Famer Phil Ivey, Brian Rast, Ethernity Founder Nick Rose, SuperFarm Founder Elliotrades, Winston Wolfe, Mr. Beast, and Ran Neuner. The three remaining seats will be given away to one community member each from the corresponding Virtue Poker, SuperFarm, and Ethernity communities.

    The event, which will be streamed through the main Twitch channel alongside player’s private channels, has two starting tables with three players advancing from each to the final table. The winner of the event will select the charity of their choice to receive the proceeds from the event.

    VirtuePoker is a ConsenSys-incubated poker platform that delivers provably fair poker on the blockchain, the company is licensed and regulated by the Malta Gaming Authority and most importantly never has custody of players’ funds. Following a successful investment round in April to the tune of $5 million, Virtue Poker is now approaching its upcoming Initial Dex Offering (IDO) to be held on SuperFarm’s SuperStarter launchpad on May 28th that will coincide with Virtue Poker’s real-money launch. The ongoing tie-up with SuperFarm will play an instrumental role in the NFTs set to be featured and given away during the charity tournament.  

    Per Virtue Poker CEO Ryan Gittleson, “Virtue Poker is excited to take this next step to drive awareness and adoption of the world’s first blockchain-based P2P poker platform. Through our partnership with SuperStarter and our execution of our Celebrity Poker Charity event, Virtue Poker will be able to grow our community’s foundation as well as showcase the platform to a broad audience.”

    “After working with the Virtue Poker team for over 3 years,” says Hall of Famer and Virtue Poker Team Pro Phil Ivey, “I’m excited to see the platform launch and be part of their first live stream event on this innovative platform.”

    About Virtue Poker

    Developed within ConsenSys in 2016, Virtue Poker is a decentralized peer-to-peer poker platform based on the Ethereum blockchain. By design, the platform delivers a safe, honest, and fun experience for players. Backed by ConsenSys, DFG Group, Digital Strategies, Fenbushi Capital, Flurry Capital, JRR, Pantera Capital, and others along with stakeholder Phil Ivey, Virtue Poker endeavors to bring blockchain-based betting to the mainstream globally with its recently acquired Malta Gaming License.

  • A guide to buying products with cryptocurrencies

    A guide to buying products with cryptocurrencies

    Cryptocurrency may sound daunting at first. After all, some baseline knowledge is needed before you can even get started holding the currency. For those who don’t know, cryptocurrency is an internet-based currency secured by the technology cryptography. Or in layman’s terms, it is a type of money that exists online. Cryptocurrency platforms secure digital currencies with special codes. 

    In some cases, cryptocurrency users must convert their coins to fiat to make purchases from leading retailers. The platform’s hesitation in accepting cryptocurrency has created a new opportunity for online businesses and marketplaces to bridge this gap. As a result, many consumers have since turned to a crypto marketplace to facilitate their purchases.

    Buying cryptocurrencies

    Cryptocurrency isn’t in the same space as fiat currencies. Therefore, rather than buy it at a local bank, users will need to open an account with access to the cryptocurrency market. Currently, the top three cryptocurrencies are Bitcoin, Ethereum, and XRP. Since Bitcoin is the most well-known, it is also one of the most accepted currencies. That said, the price of buying a single bitcoin on April 15, 2021, was 63,095 USD. Most users don’t have 63,000 to purchase a single bitcoin, so how can they make purchases with cryptocurrencies? Like, other currencies you can buy fractions of the coin similar to how you would for a penny, nickel or dime. Due to its high value, users can buy fractions of a bitcoin up to 8 decimal places. The smallest being the Satoshi. 

    More companies are warming up to the idea of cryptocurrency. Therefore, users may purchase currencies with slightly lower valuations to use in the purchase of goods. Users can buy Bitcoin, Ethereum, XRP and Litecoin from Cryptoexchange. The process is simple and will require the creation of an email and password. After, users can choose to fund the account with a wire transfer, credit or debit card and determine the fiat amount they would like to upload. Next, the cryptocurrency is selected, and the transfer will be completed in a matter of minutes.

    Shop online with crypto

    There are still a limited number of retailers that take Bitcoin in exchange for goods, including Newegg for electronics and Overstock for home furnishings. The eCommerce platform Shopify also allows small business owners to accept over 300 different types of crypto. On Shopify, users can browse through a variety of handcrafted items. For those looking for one-off or more high-ticket items, a cryptocurrency marketplace will offer the most variety.

    A cryptocurrency marketplace is similar to a normal marketplace where users buy and sell goods and sell products such as luxury watches, supercars, domains or real estate. CryptoExchange is one of these platforms and is known for being a digital currency exchange and crypto marketplace. The platform’s multi-use and user-friendly design make it ideal for beginners. 

    Alternatively, a user may find a product or service offering on a non-crypto currency marketplace. Conducting a crypto transaction is still possible if both the buyer and seller agree to exchange it. However, cryptocurrency is immutable due to the blockchain underlying it. In case of disagreements, users must use a cryptocurrency escrow service to help facilitate the transaction.

    Conducting a cryptocurrency transaction

    Regardless of what users decide, the process of purchasing will be relatively simple. Users can browse most online sites as they would any other eCommerce platform and add items to their virtual cart when they find an offering they hope to purchase. Users can then proceed to the checkout page to provide shipping information and select crypto as their payment option. The platform will prompt users to include a wallet address. Wallets are a string of numbers and letters that identify the virtual location of a cryptocurrency. Users can find their addresses by accessing their digital wallets and copying out the code.

    If users transact through a cryptocurrency escrow service, the process is similar to the one stated above. The only difference is that instead of transferring your coins to the retailer directly, users will go through the escrow agent. Funds are then held in escrow while the Seller ships the project and the escrow agent marks the transaction as complete.

    Conclusion

    As a reminder, cryptocurrencies still exist with minimal supervision by the government. Therefore, users should exercise caution and continue to understand the implications of buying and selling cryptocurrencies. With easy-to-use online crypto exchanges, purchasing these digital currencies is not difficult but can be subject to volatile price swings. 

    Before purchasing Bitcoin, users can engage a trusted platform or escrow service to facilitate the terms and conditions of the agreement. 

  • 1inch Network partners with Mercuryo

    1inch Network partners with Mercuryo

    Thanks to the integration with Mercuryo, 1inch Wallet users will be able to buy DeFi assets using a fiat-on-ramp gateway.

    As DeFi solutions are finding wider adoption, it’s essential to lower the entry barrier to crypto space, enabling enthusiasts to buy crypto for fiat in a simple and fast way.

    What does this integration mean for users?

    Before the creation of 1inch, it was impossible to access all major DEXs at once. Even worse, users struggled to set up a wallet and were frustrated by the commission fees.

    Buy/Sell UNI

    It’s time for a change: from now on to make things easier even for newbies the 1inch Wallet for iOS enables the fiat feature for millions of people worldwide by using the Mercuryo fiat-to-crypto gateway solution.

    This update makes the 1inch Wallet a genuine single-entry point to DeFi, offering users access to the deepest liquidity and the cheapest and most secure swaps within a single mobile app.

    Why does the 1inch Network partner with Mercuryo?

    Mercuryo, a cross-border payment network providing global access to fast and cheap money transfers, has already partnered with 250+ crypto industry leaders. Following the mobile-first approach, Mercuryo allows users to buy ETH, DAI, USDT using bank cards and one-click payment methods through Apple Pay and Google Pay in 180+ countries.

    Mercuryo provides a seamless bridge between fiat and crypto worlds and handles blockchain fees for users, while the 1inch Wallet opens up the whole DeFi world. Thus, this integration is a huge step forward for the DeFi community.

    “To date, some users have been discouraged from entering the DeFi space because most of the existing options for buying crypto are too complicated and inconvenient,” says Sergej Kunz, co-founder of the 1inch Network.

    “The integration between 1inch and Mercuryo offers everyone a user-friendly way to enter the space, buy crypto with fiat and begin trading or securely hold their assets,” he goes on to say.

    The CEO and co-founder of Mercuryo Petr Kozyakov adds:

    “It’s not possible to ignore DeFi if you look at how fast the industry is evolving. We see great demand from our users and partners to enable fiat-on-ramp solutions for DeFi enthusiasts. And we are proud to be integrated into the 1inch Wallet, as we value the power of its supportive community.”

    All you need is the 1inch Wallet installed on your smartphone – it’s that simple and convenient. More 1inch integrations are coming! Stay tuned!