Why is Bitcoin valuable?

So you’ve been reading the latest news and can’t help but wonder: how has Bitcoin become so powerful?

What we can see from outside the blockchain is a digital currency that amassed great attention, going so far as to spike institutional investors’ interest. 

But if we look a bit deeper, it appears that the Bitcoin boom wasn’t just a fluke.

On the contrary, Bitcoin has a lot going for it. 

Initially, it seems to have been a necessary development in the global economy, presenting a new, courageous model of decentralized financing. Bitcoin was primarily popular among the tech-savvy population, but it gradually gained strength as the entire world moved in a virtual direction. Somehow, the ongoing pandemic happened to be the turning point when everyone started talking about Bitcoin. 

The truth is, it only accelerated the rise of this virtual space and the rush for high adaptability. 

However, ever since its introduction, Bitcoin’s purpose has remained the same: an alternative to fiat money with a precisely outlined set of rules, free from central banks and corporate regulators. 

Hence, apart from all feverish popularity and influencers’ tweets, certain traits give Bitcoin a currency value, the very same we consider when discussing all other fiat currencies. 

And as most Bitcoin-related statistics show, the interest, usage, and ecosystem surrounding cryptocurrency have grown significantly.

Here, we’ll discuss on what basis Bitcoin keeps shaking the ground of the international economy. What does make Bitcoin valuable?

Bitcoin as a Currency 

Bitcoin was designed to perform the same role as money. In general terms, money features three main functionalities: they serve as a store of value, a medium of exchange, and a unit of account. 

No legislation across the globe recognizes Bitcoin as a legal tender, nor does it forbid cryptocurrencies to perform both functionalities.

Or that was the case until June 2021, when El Salvador adopted Bitcoin as a legal tender.

Store of Value

Frequently referred to as the digital gold, Bitcoin seems to be fitting better in its role as store-of-value so far. But why is that? 

Despite being present for over a decade, Bitcoin and other cryptocurrencies are usually referred to as the money of the future. 

If we observe the price history of Bitcoin, it’s clear that it’s been heading in a positive direction despite the sharp and frequent fluctuations. Most price estimations based on technical analyses project realistic expectations that one unit of Bitcoin will reach around 100,000 USD by 2025. So, it’s a simple turnaround: people invest in Bitcoin expecting new all-time highs values in the years to come.

Medium of Exchange

On the other hand, Bitcoin doesn’t seem to be fully prepared for its role as a regular medium of exchange. The reason is rather understandable: short-term price shifts discourage people from using crypto assets for buying goods and services even though an increasing number of retailers allow crypto payments. 

Based on Bitcoin’s chronological price graph with a valuation from $0.0008 to $63,774, the amount of Bitcoin you’d spend on monthly rent in 2019 could easily have paid off your mortgage at the beginning of 2021.

In this regard, it’s noteworthy that Bitcoin has turned out to be a “jackpot” asset for seasoned traders diving into the newly discovered crypto-exchange marketplaces with great enthusiasm.   

The immense market caps and trading volumes of well-established trading platforms such as Binance and Coinbase Pro clearly prove that the volatile market provides a suitable environment for those who want to earn from price speculations. Furthermore, Bitcoin has become commonly used as an underlying asset by several financial products such as futures, ETFs, and derivatives.

Scarcity

The fundamental factor determining the currency’s existence is its supply. A good example would be diamonds – the reason they are so expensive is that they seem to be scarce. Thus, the limited supply drives the diamonds’ price higher.

In any case, excessive supply of a currency will result in devaluation, leading to huge spikes in the price of goods and services, which can, in turn, lead to a financial crash. 

The opposite scenario is also unfavorable for economical maintenance. When it comes to Bitcoin, the creator(s) specified its supply in the protocol according to which Bitcoins total supply would be limited to 21 million Bitcoin units.

To get a clearer picture, currently, there are approximately 18 million BTC in circulation, coming out at a decreasing release rate called halving. 

More specifically, since this asset is primarily acquired through Bitcoin mining, each time a Bitcoin miner provides a solution to a complex puzzle, they are rewarded with a certain amount of Bitcoin known as a subsidy. Every four years, the subsidy is halved. At the moment of writing, it’s around 6.25 BTC.

Utility

Utility represents the currency’s effectiveness. I.e., the ability of a currency to allow its users to trade its units in exchange for various goods and services. 

In fact, this was the reason why currencies were initially created. This is where Bitcoin and all other altcoins like Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) show their strength.

Cryptocurrencies are run on a blockchain network, which by its very nature is completely trustless, meaning that transactions don’t need to be based on trust in order to be executed seamlessly. The Bitcoin network does so through a robust system consisting of automated verifications and checks and shows extraordinary flexibility to maintain utility outside the crypto ecosystem.  

Divisibility

An affluent currency must feature a flexible system concerning divisibility in order to set a convenient basis for fulfilling its role as a medium of exchange. As a result of the strictly limited supply, Bitcoin fractions are substantially smaller than US dollars, British Pounds, and all valid cryptocurrencies worldwide. That being said, the smallest unit to which Bitcoin can be broken into equals 0.00000001 BTC. That subunit is called a Satoshi, named after its founder(s).  

Counterfeitability

The complex blockchain technology and the ledger on which transactions are recorded don’t allow Bitcoin to be easily “counterfeitable.” 

Technically, when somebody produces a fake Bitcoin, it can be done only through the double-spend method, meaning that the scammer managed to create a double record. If this happens, the user will spend the same unit of Bitcoin several times in different settings. However, such a situation is almost impossible to come true in reality, as the blockchain is designed to prevent it.

Durability

In order to achieve proper effectiveness, a currency has to maintain decent durability. Bitcoin doesn’t have a tangible representative in the actual world, so it automatically passes the durability test. This means that Bitcoin can’t be physically damaged, lost, or stolen. 

However, this shouldn’t lead you to the wrong conclusion that Bitcoin is by any means invulnerable to malicious actions. 

Bitcoin is stored in a digital wallet that keeps records of your Bitcoin transactions and encrypted private keys. Once you lose your private keys, you lose ownership of your funds. The Bitcoin, however, is not destroyed in this case; it’s just you that don’t have access to it.

Transportability

People are massively shifting toward digital payments, and e-shopping routines, so easy transportability is a key feature of a valuable currency in a world where virtual payments have already beat cold banknotes. Cashless payment is a typical example of the so-called “Network Effect,” which suggests that the value of a particular product increases as more people are utilizing it.

In the cryptocurrency sphere, the existence of different sorts of wallets and cryptocurrency exchanges have upgraded this feature, allowing funds to be transferred in real-time, irrespective of the type and the size of cryptocurrencies being exchanged. 

Exchanges also offer fiat gateways with multiple payment methods such as credit cards and PayPal. On top of all that, costs for such interparty crypto transactions are drastically lower than regular transnational orders. 

Final Thoughts

After all, it’s simple math: as Bitcoin is getting closer to the maximum limit, the demand for it is reaching new heights. 

The favorable ratio between its supply and demand is reliable proof that the value of Bitcoin is likely to grow even higher than we could possibly imagine. Furthermore, corporate investors are putting considerable trust in this new wave of financial practices, setting a solid ground for Bitcoin’s utility as a medium of exchange despite the initial lack of intrinsic value.

Nonetheless, nothing can be taken for granted in the volatile field of cryptocurrency. Just a single tweet from Elon Musk, announcing that Tesla wouldn’t accept Bitcoin payments any longer, managed to affect Bitcoin’s price negatively, and then another one to shift the attention to Dogecoin. However, nothing seems to affect the level to which Bitcoin has been incorporated into mainstream culture.

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Is Collapse of The Russian Ruble Bullish for Bitcoin?

The only reserve asset, which Russia controls, is gold, meaning that the country might soon open its arms to bitcoin, Bill Miller opined.

Legacy investor, fund manager, and philanthropist Bill Miller believes that the financial sanctions imposed on Russia could cause bitcoin’s price to soar. He pointed out that gold is the only reserve asset the largest country by landmass controls on its own, meaning that BTC might gain traction in the days to come.

BTC’s Surge Following The Crash of The Ruble

The military conflict in Ukraine changed the tides in the financial world drastically. NATO and the EU declared economic war on Putin’s regime. The USA, the UK, Germany, and many others cut their monetary connection with Russia and excluded the many Russian banks from the major payment system SWIFT.

As a result of those sanctions, the ruble plummeted by over 25%, while Russian citizens started looking for alternative financial instruments to preserve their savings. Bitcoin trading volumes in the region spiked to record levels.

In a recent interview for CNBC, the former Chairman of Legg Mason Capital Management – Bill Miller – outlined that Russia keeps 16% of its reserves in dollars and 32% in euros. Those assets are managed by “people who want to do them harm.” He further stated that the only part of their reserves, which other nations can not control, is gold (22%). According to Miller, these metrics are a “very bullish” sign for bitcoin.

Miller’s Bitcoin Stance

Despite his skeptical BTC opinion in the past, the American has turned into a keen supporter of the primary cryptocurrency recently.

In May last year, he argued that investing in it is safe even during price drops. In fact, traders should find it more attractive when the value has decreased:

“If I liked something at higher prices, it is a safe bet I will like it even more at lower prices.”

Several months later, he made a somewhat interesting comparison between bitcoin and gold. In his view, the digital asset resembles the luxurious sports car Ferrari, while the precious metal is old-fashioned – like a “horse-and-buggy.”

Earlier this year, the legacy investor admitted he had allocated 50% of his portfolio to bitcoin.

Verdict

Indeed, I believe the Ukraine-Russia situation will likely expediate mass adoption of the likes of Bitcoin as it provides a real case for a viable decentralised, tamper-proof, unconfiscatable monetary system.

Not only does crypto allow financial institutions to work seamlessly together, it will also help individuals send and receive payments. This is becoming especially critical amid reports that banks in Ukraine have put a limit on withdrawals at a maximum 10,000 roubles or $129 per day from ATMs, and/or are completely shut. 

In short, due to The Law of Unintended Consequences, the need for an alternative payment for most sovereign nations has been laid bare – and cryptocurrencies will be amongst the major beneficiaries.

7 Potential Cryptocurrencies To Invest In 2022

 Cryptocurrencies have been a hot topic for years now, and as the development and adoption continue, they are likely going to grow bigger and bigger — not only in terms of value, but popularity, use, number, and more.

With that said, it is important to identify the right coins to invest in. The crypto industry is alive, and its evolution continues to produce new coins that are replacing the ones belonging to past trends. There are some exceptions, of course, such as Bitcoin and Ethereum, which do not belong to trends but are universally desired and leading coins due to their importance in setting up the crypto industry and helping it evolve.

On the other hand, there are projects that are emerging due to their relations with the currently dominating trends, such as DeFi, Metaverse, and NFTs. These are currently the most popular trends in crypto, and they show no signs of stopping or being replaced as of yet. In fact, they are showing signs that they will stick around for years, and that means that they are still in their early stages. As such, this is the time to invest in them, especially when it comes to the cheap ones.

With that said, here are our top 7 suggestions for cheap coins that have tremendous potential to blow up in the future.

1. Cardano

The largest of the 7 coins that we aim to recommend, and the one with the greatest potential, is Cardano (ADA). This is a project that aims to create a development platform, similar to Ethereum. However, unlike Ethereum, Cardano is trying to be infinitely more scalable, faster, and cheaper.

The project has come up with 5 stages of development — 5 Eras, as it calls them — and so far, it completed the first two. While this took a lot of time, Cardano has ensured that it will progress slowly, and focus on quality, rather than quantity. With its smart contracts only emerging in October 2021, the project’s development platform is extremely young, and already uncomparably better than what Ethereum has to offer.

Ethereum still has massive importance in the crypto world — it is the first development platform, it showed everyone that blockchain is a lot more than just a ledger, and it is the father of pretty much every trend that ever emerged in crypto. However, when it comes to its technical capabilities, it has reached its limit a long time ago, and it cannot accommodate the demand anymore. Fortunately, Cardano can, and Ethereum’s high fees have pushed many towards the younger and more capable project. Cardano is blowing up at a massive speed, and for the time being, its native coin, ADA, is still only $1.04, after an exceptional dip. With ADA bound to blow up again when the market allows it, this is the perfect time to buy the dip and wait for the change to happen.

To learn more about this token visit our How to invest in Cardano guide.

2. Polkadot

The next on our list is Polkadot (DOT) — a project that aims to use its secure network to achieve two things — scalability and interoperability. Polkadot can achieve both of these things with its unique approach that includes running a main blockchain, and alongside it, a number of parallel chains called parachains.

These parachains can be used in two ways — to take over a portion of the work that the network has to deal with and reduce the load on the main chain, as well as to connect to other blockchains in the crypto industry. As such, they allow Polkadot to spread out, expand, and create a network, which makes it one of the leading projects in the area of interoperability.

In fact, Polkadot is one of the most important Web 3.0 projects because of this. Since Web 3.0 will almost certainly run on blockchain technology with the goal of achieving real decentralization, and projects like Polkadot enabling that — Polkadot and its token DOT have a long and successful journey ahead of them.

To learn more about this token visit our How to invest in Polkadot guide.

3. Avalanche

In the third spot, we have Avalanche (AVAX). Avalanche is a project that is similar to Cardano, in a sense that it is a development platform that puts speed, affordability, and security ahead of everything else. The project claims to be the fastest smart contracts platform in the blockchain industry, with low transaction cost, and eco-friendliness as its main selling points.

Of course, speed and low cost are crucial for development, but eco-friendliness has also emerged as one of the most important aspects that define a good project. Concerns about the carbon footprint of crypto have always been high, but they skyrocketed higher than ever in 2021, after Elon Musk announced that Tesla will stop accepting BTC payments due to its massive energy consumption that has a negative impact on the environment.

Ever since, eco-friendliness became a major requirement for projects, and Avalanche is offering it with the promise that any smart contract-enabled app can outperform all competition simply by deploying on its blockchain.

To learn more about this token visit our How to invest in Avalanche guide.

4. Shiba Inu

On a bit of a lighter note, we have Shiba Inu (SHIB). Now, SHIB is not a coin that aims to change the world or dominate the cryptocurrency industry. It is a memecoin — which is a trend kickstarted by the success that Dogecoin, the original memecoin has seen. After it was created as a joke cryptocurrency in 2013, DOGE was meant to bring a bit of lightheartedness to crypto, and disappear in a few months.

Instead, it managed to stick around for nearly a decade now, and about a year ago, it saw the largest surge of popularity in the history of crypto. In fact, it became the top performer of 2021, which inspired the memecoin trend.

Now, SHIB itself was created before DOGE’s massive rise to power in early 2021, but it was this event that made SHIB itself popular. The DOGE clone even managed to outperform the original at one point last year in every aspect except for the price, even achieving a greater market cap. This led to countless listings, great demand, and massive popularity. And, while DOGE has reclaimed its position of a “top dog” among memecoins since then, SHIB remains under the spotlight, right next to Dogecoin.

To learn more about this token visit our How to invest in Shiba Inu guide.

5. Decentraland

Speaking of popularity, the biggest and most popular trend in the crypto industry right now is metaverse. Metaverse exploded in late 2021, and its popularity continues to grow in 2022, as people around the world are learning of it and its possibilities. With Decentraland (MANA) being one of the oldest and most advanced metaverse projects, it is believed that this project has a great future ahead of it.

Decentraland offers a digital world where users can purchase plots of land — which come in the form of NFTs — and use them for a variety of purposes. This digital land can be used for anything from organizing digital events for friends and fans, to being used for app and game development.

In the last month alone, there were several noteworthy instances of its use, including the digital event revolving around the new year’s celebration, as well as the launch of digital events organized by the Australian Open. With the Australian Open being one of the four Grand Slams, and one of the biggest and most popular sporting events in the world, so drawing attention to Decentraland is likely to have massive long-term effects. Unfortunately, due to the bearish market, MANA is currently failing to grow in response to the increased usage and attention. However, once the bearish trend passes, the coin is likely to explode.

To learn more about this token visit our How to invest in Decentraland guide.

6. Axie Infinity

Nearing the end of the list, we have Axie Infinity (AXS), which is another metaverse and NFT-based project. However, rather than selling digital land like Decentraland does, Axie created a blockchain-based game set into a vast digital world, which contains monsters in the form of NFTs.

These monsters — not unlike those from Pokemon — can be used by players in battles against other users. As NFTs, they can be bought and sold, and whoever owns the NFT will keep owning the monster, as well, for as long as that NFT remains in their possession. Furthermore, players can also breed monsters and upgrade them with over 500 different body parts belonging to all kinds of creatures.

However, the real attraction of Axie lies in the fact that it uses the so-called play-to-earn model, which allows users to earn real money simply by winning battles or breeding monsters and selling the newly created beasts. Winning in battles grants players AXS tokens, which can then be used to buy new monsters or upgrades, or simply withdraw it to an exchange and convert it into another crypto or fiat currencies.

Axie is the biggest and most popular blockchain game as of January 2022, and likely for a long time to come, so with only a small investment and then some fun gameplay, you can even make some income. It is easy, user-friendly, a great way to pass the time, and it lets you earn money. With all that, it is easy to understand why we believe that this project has so much potential.

To learn more about this token visit our How to invest in Axie Infinity guide.

7. The Sandbox

Finally, we have The Sandbox (SAND) as the last entry on the list. Another metaverse project, Sandbox aims to revolutionize the gaming industry, or at least take the first step towards doing it. The project is not like Axie Infinity, but also not like Decentraland.

It does offer a blockchain-based virtual world, but it uses it in a different way. Essentially, it allows users to create, build, buy, and sell digital assets in the form of a game. It combines the power of DAO and NFTs to create a thriving gaming community that runs itself, decides for itself, and can create multiple games for other community members to play, and earn from.

This approach will grant community members an easy way to express their ideas, but also to experience games that came from their own peers, rather than companies and official studios. And, as mentioned, thanks to the play-to-earn model, they also stand to make a decent profit.

To learn more about this token visit our How to invest in The Sandbox guide.

Conclusion

The crypto industry is bigger and more diverse than ever before, and while it is currently going through a rough patch in terms of prices — major drops can also mean massive opportunities to buy the dip and earn excellent profits once the bearish wave passes, and prices return to normal. All you need to do is learn which coins to go for, and the list above presents you with some of our top recommendations on which coins have the potential to go big in the future

TLOS Price Prediction 2022 March

What is Telos?

Telos is a networked ecosystem that is powering the future economy. It has been the second most used network by transaction volume for over two years.

Telos has been at the forefront of innovation since 2018 and is home to over 100 distinct applications (dApps), attracting well-known companies such as Taikai, Qudo, Qubicles, Appics, Wordproof, Seeds, Zeptagram, and NewLife. These applications benefit from Telos’ robust on-chain services for voting, sentiment, decentralised file storage, location, and many other things. On the Telos network, developers can create blockchain applications with user experiences similar to traditional applications. The crypto network also provides dApp developers with 0.5-second block times (24 times faster than Ethereum), over 1,000 transaction rates per second, and free transactions. Let us review the TLOS price

The Telos Network is based on the EOSIO software, and is around 17,000 times more energy-efficient than other networks. The telos coin is marketed as an environmentally friendly coin and part of a sustainable world.

Since the mainnet went live in 2018, launching with no ICO or venture capital funding has helped the blockchain network grow in a decentralized fashion. The cryptocurrency’s founders were given 18 million tokens at the launch and the Telos Foundation 6 million. As of 6 January 2022, there was a total supply of 355 million TLOS, with 270 million TLOS in the circulating supply. You can purchase the coins from KuCoin, Gate.io, Uniswap, MEXC and Bitfinex.

TLOS Price Prediction

Bullish Scenario: If TLOS manages to break above the resistance level at $1.04055 then it would be bullish. If it gains some momentum and buying pressure builds up then we might test the next resistance level at $1.1083 and $1.19. Breaking above $1.19 price level with significant buying volume will lead to a good chance of making a new ATH and crossing above $1.2694.

Bearish Scenario: TLOS has been in a downtrend channel since the last few weeks. Also, If the support level $0.9366 doesn’t hold then it will hit $0.839, $0.768 and below sooner or later.

Telos news

According to the Telos’ whitepaper, its governance structure gives developers and the community members significant control of the blockchain platform, compared to other cryptocurrencies. Telos coin news has been focused around three major themes in the past few months: Telos EVM, DeFi partnerships and Telos Foundation board elections. 

Elections will be complete by 4 January 2022, and the new Telos Foundation board will roll out. Telos EVM has been live since November 2021, bringing high-speed DeFi. While Guido Vranken of Sentnl was auditing the Telos EVM smart contract, he discovered a security vulnerability in Go Ethereum (Geth) code. 

Additionally, Telos announced DeFi partnerships last year. It partnered with SushiSwap, allowing users to take advantage of Telos EVM’s speed and scalability. The DeFi platform currently moves over $500m in daily trading volume. It also partnered with Multichain (formerly known as AnySwap) to enable community members to easily move tokens, like USDC, USDT, ETH, BNB, MATIC, FTM and AVAX, via the Telos EVM.

One Telos project is TelosPunks. The concept is based on CryptoPunks. It will feature 10,000 collectible characters, created for the Telos EVM, courtesy of NFT artist The Big Gooey. Initially, TelosPunks will be airdropped to random Telos EVM wallets and be available from the TelosPunks.com website. The goal is to generate approximately 10 million TLOS in revenue by the time all 10,000 TelosPunks have been sold.

Bittrex Exchange Review

After the success of Bitcoin and the subsequent introduction of numerous altcoins, it didn’t take long for crypto trading to become mainstream.

However, to this day, traders struggle to find a secure exchange that is also easy to use. Not only has Bittrex never been hacked, but it is also based in the USA, intrinsically making it safer to use than other platforms.

But does the company comply with regulations? Does it have a responsive customer service team? More importantly, is the platform worth your time and money? In this in-depth Bittrex review, we will answer those questions and more.

INTRODUCTION – WHAT IS BEHIND BITTREX?

Bittrex is one of the most widely used crypto exchanges in the USA. It was founded by three former senior security managers from Amazon back in 2014. The founder’s Bill Shihara, Richie Lai, and Rami Kawach currently serve as Bittrex’s CEO, CIO, and CTO. The three founders make a formidable team, lending over 50 years of combined cybersecurity experience to Bittrex.

It’s also worth mentioning that all three of the co-founders worked at Microsoft at some point in their careers, and looking at their CV, it’s not hard to see why the Bittrex has a security-centric focus. Post its launch in 2014, Bittrex quickly grew to become one of the most popular crypto exchanges in the industry. The company employs a self-regulatory model called The Blockchain Act, as a result of which all of Bittrex’s customers must undergo stringent KYC and AML checks. 

A year after its launch, Bittrex applied for the BitLicense so that operations could expand to New York. However, four years after the initial application, the state of New York rejected the application stating “a seriously deficient customer identification program” as the reason. The company has denied these claims.

In 2019, the company also revamped its trading engine, making the platform nearly 20 times faster than before. The company also added new features and support for USD and EUR markets, and in the same year, the company launched Bittrex Global to expand its user base. The two exchanges now share liquidity.

Who is Bittrex for?

Initially, Bittrex did not allow users to buy cryptocurrencies using fiat currencies. However, as of 2021, the company has added this feature, making it a lot more accessible to traders. To buy cryptocurrencies with fiat currencies using Bittrex, you will need to pass its bank verification process.

Bittrex enables its customers to buy more than 680 different cryptocurrencies and tokens. What’s more, the company boasts 284 unique trading pairs, making it the right platform to use if you want to experiment with trading lesser-known altcoins.

But perhaps what’s more important is that more popular currencies like Bitcoin, Tether, Ethereum, and Litecoin are available for purchase on the platform. Bitcoin and Tether have the most trading pairs on Bittrex, with Bitcoin alone having more than 450 trading pairs.

Buy and sell crypto

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The relatively low transaction fees of 0.25% make the exchange that much more enticing to both beginners and seasoned traders. While the fees are not the lowest in the industry, the fact that only one fee applies to all transactions makes keeping track of expenditure that much easier.

Another advantage the company offers is lightning-fast trading speeds. The company employs elastic computing technology, enabling trades to process instantly. 

It’s also worth noting that Bittrex has a set of unique APIs, enabling users to set up automated trading bots for convenience. All of these features, coupled with the uncomplicated interface and the easy-to-use mobile app, make Bittrex an excellent option for beginners. But the elastic computing tech and access to APIs make an equally enticing option for seasoned traders looking for a secure trading platform.

How to trade with Bittrex?

Like with other exchanges, you must fund your account before you can execute a trade.

Head to the Markets dropdown that appears on the top of the main screen and clicks on the pair you want to trade.

Next, choose how many units of the cryptocurrency you selected you want to buy and at what price. You can check to see what users are selling the currency for in the website’s Order Book section. Make sure you don’t bid too lower than the asking price, or your order may never go through.

You can optionally place a limit on the order, indicating that you will certainly buy the units at the price you’ve stated – that is, unless you cancel the order.

After all your details are set, confirm your order’s details before finalizing the purchase. After the order is complete, the coins will appear in your Bittrex wallet automatically.

Deposit and withdrawals with Bittrex

Bittrex does not verify user accounts itself – it has partnered with Jumio to take care of the verification process. The ID verification solution provider processes users from 200 countries on behalf of numerous companies. 

Nonetheless, you will need to verify your identity with the company before you can make a withdrawal. There are no deposit fees whatsoever, regardless of which currency you buy, which is typical of crypto exchanges

Security measures:

The company puts an emphasis on user and data security by employing the most reliable security technologies out there. The protection offered is undoubtedly the company’s most defining feature.

Bittrex uses an elastic, multi-stage wallet strategy to keep users safe. This is done by moving the coins from cold to hot wallets securely as and when required.

The 50+ years of security expertise the founding team has to offer, coupled with the fact that security is always prioritized in all developmental decisions, makes Bittrex one of the world’s most secure exchanges. Bittrex uses an elastic multi-stage wallet, putting away 90% of its funds in cold storage. It makes the exchange that much harder for hackers to break into. 

The company’s domain is encrypted with industry-standard SSL, which means all of the data communicated between you and the site is 100% secure.

The company also offers two-factor authentication, and you can also use Google Authenticator for it rather than using SMS to receive the code. However, the company does not enforce the use of 2FA like some other platforms do.

Whitelisting features are also available:

Wallet whitelisting: Gives users control over withdrawals. Using the feature, you can ensure that your funds are never withdrawn to wallets that are not yours.

IP whitelisting: You can “whitelist” IP addresses to ensure that account activity from IPs other than yours is blocked.

One other feature that makes Bittrex stand out is its cross-chain recovery service. If any of your deposits are worth more than $5000, the company will recover the funds for you if you accidentally send it to a wallet of the wrong coin type.

However, using the service costs 0.1 BTC, and you can use it if you request a recovery within seven days of transferring the funds. It is important to remember that the company cannot help you if you transfer the funds to the wrong wallet. All of these features make Bittrex a reliable exchange – and reliability is the one thing traders look for in their exchange of choice.

VERDICT

Not only is the veteran exchange safe, but it is also easy to use, making it an attractive choice for both new and experienced crypto traders alike. And with all the updates made to the platform recently, it has only become more of an attractive choice.

While it does not offer margin trading, the exchange does enable you to sell your coins for USD or EUR and withdraw them into your bank account. So, if you’re on the lookout for a fiat-to-crypto exchange that offers a wide variety of cryptocurrencies to pick from, Bittrex will not disappoint.

The security measures the company takes to make it one of the best cryptocurrency exchanges in the industry.

Advantages of Bittrex: 

High secure trading platform

More than 600 coins are available

Fiat deposits and withdrawals

Low trading fees

Professional trading platform

Ultra-fast account verification

SafeMoon Coin Review 2022

SafeMoon is one of the newest and fastest-growing altcoins, even in the crazy cryptocurrency market that’s seen a good number of tokens increase in value by thousands or even tens of thousands of percent in 2021.

Launched on March 8, 2021, it is a BEP20 token that exists on the Binance Smart Chain. It’s also quite unusual in a world of cryptocurrencies trying to reduce transaction fees to promote trading because it actually taxes sellers, thus penalizing users for trading the token.

In some respects, it seems like SafeMoon is following the same approach to cryptocurrencies that value investors like Warren Buffet and Charlie Munger take to stocks. That is to follow a buy and hold philosophy, where those who hold the longest receive the greatest rewards.

The development team hopes this approach will help cryptocurrencies move away from the wild west perception they currently have. As it says on the SafeMoon Facebook page:

Remember, getting to the moon takes time, and the longer you hold, the more tokens you pick up.

With the prospect of infinitely increasing token generation (so long as you don’t sell), and with a price that’s jumped thousands of percent in just under three months, and a unique take on rewarding investors, it’s no wonder the project has attracted a good deal of attention.

Chances are it’s caught your attention too, which is why you’re here. If you are considering adding SAFEMOON to your holdings, then read on and be sure to take your grain of salt.

Remember that cryptocurrencies are inherently risky investments, even the oldest and most stable. New projects like this can create new fortunes almost overnight, but they can just as easily crash and burn. So make sure you never invest more than you are able to lose and be sure to do your research and due diligence before making any investment.

That said, maybe you’re just here because you’ve heard the hype over SafeMoon and just want to learn more about what it is and what problem it solves. If that’s the case, then read on.

What is SafeMoon?

SafeMoon is an altcoin created on the Binance Smart Chain. It was launched on March 8, 2021, in a fair launch where the devs burned all their tokens and participated in the coin offering just like everyone else. In the short time SafeMoon has been in existence, it has added nearly 2.5 million users to its protocol while burning over 40% of the total token supply.

What Problem does SafeMoon Address?

With the explosion of DeFi has come the problem of impermanent loss. Because so few investors understand the mechanisms that create impermanent loss, many have been sucked into the high APY yield-farming trap. It’s not surprising.

Seeing an APY of 100% or greater brings out the greed in most of us. But unfortunately, what inevitably happens is the greedy trader gets pushed out by early investors who collect their profits and create the bursting of the valuation bubble.

Due to this dynamic, the adoption of static rewards, also known as reflection, is gaining increasing popularity. Reflection seeks to eliminate the problem of impermanent loss caused by yield-farming.

And SafeMoon uses three simple functions in each trade to combat impermanent loss and create a better protocol. These are Static Rewards (Reflection), Manual Token Burns, and Automatic Liquidity Pools.

Static Rewards

The SafeMoon developers feel that using static rewards, also known as a hold-farming model, can solve several problems associated with yield-farming. For one thing, because the reward amount is conditional on the trade volume of the token, there is a reduction in selling pressure of the token caused by early adopters selling tokens after farming the insanely high APYs.

Secondly, the mechanism is an incentive for users to continue holding their tokens, thus collecting an even greater number of tokens, similar to the way dividends work for stockholders.

The rewards work like a type of auto-compounding that doesn’t require the user to actively hunt for yields, incurring transaction fees along the way. In addition, large wallets with exchanges, dapps etc., are excluded from getting the rewards, incentivising individual wallet holders to contribute, thereby making the system more decentralised and less prone to whale activity.

Manual Burns

Burns have been used by a number of protocols, and sometimes they can make a difference, but not always. For example, continuous automated burns tend to have a positive impact in the project’s early days; however, the effect slowly loses its momentum since the burn can’t be controlled to maximise its impact.

By contrast, a burn controlled by the team and based on project achievements can help keep community engagement high and the impact on the token just as high. In addition, Crypto communities appreciate the transparency that comes with advertised burns that can be tracked.

SafeMoon has implemented a burn strategy that’s meant to benefit the community in the long term. This is achieved by distributing some rewards to a public burn address. The community is fully informed regarding the burns, and the total amount of tokens burned is always located on the homepage of the SafeMoon website, making it a simple task to identify the circulating supply at all times.

Who Created SafeMoon?  

The token is run by a group of six that all look to have some degree of previous work history together.

According to LinkedIn profiles The CEO, John Karony, CTO, Thomas Smith and Community Manager, Trevor Church, founded and worked together at an indie game studio called TANO, an acronym for Technically A New Operation.

TANO's site only has the words "Alpha Launch Coming." So it's unclear if this is a functioning business or something yet to come. 

The CTO, Thomas Smith, has the most established work history of the group with various software engineering roles held at a number of companies.

The rest of the team seems to have varying degrees of experience in web development, game development or general management. Henry "Hank" Wyatt, SafeMoon's VP of research and development, also founded a game development company, according to his LinkedIn. Unforetunealty, the website leads to a 521 error from the host's end. SafeMoon's web developer, Jacob Smith, apparently worked for this game development company as well. 

On Jacob Smith's LinkedIn he states that he "Worked as the lead website developer working on several of their projects. Work is on hold atm due to the lack thereof."

Henry Wyatt is the only team member to have earned a four-year degree. The rest look to have spent brief periods at universities or colleges. 

While education or experience at larger companies is not prerequisites for creating a cryptocurrency, their previous work history and credentials seem a bit unclear. They promote SafeMoon on their Twitter accounts, which isn't that out of the ordinary from crypto project leaders, but it's hard to say how genuine the project is or how qualified they are.

The Uniqueness of SafeMoon

The SafeMoon white paper pointed out that a major problem in the emerging decentralized financial industry is that the existence of high-yield liquidity mining raises the threshold for latecomers to enter the field. SafeMoon aims to eliminate the pressure that may be generated on the tokens when the tokens are sold through the concept of static rewards (making the reward depend on the number of tokens traded). 

The white paper also pointed out that its “reflect mechanism” has enhanced the incentive for SafeMoon holders to be more willing to hold tokens for a long time. SafeMoon’s automatic liquidity pool (LP) also provides holders with the reserve price/price buffer, which has increased the stability of the protocol. According to the white paper, SafeMoon’s manual burn strategy will also benefit SafeMoon token holders in the long run.

VERDICT

SafeMoon has undoubtedly made some people quite rich in its first months of existence. Of course, that’s very attractive, but it is also how all Ponzi schemes get started and build momentum.

People learn of early adopters making 500% or 5,000% returns, and they get excited and pour their money into the scheme. Maybe it even keeps going for years, but eventually, all Ponzi schemes go bust.

As it stands, SafeMoon has no utility other than to make money. And that only works if people remain excited and the token’s price continues rising. Only you can decide if that’s a risk you can afford to take. Because you could end up holding a bag of worthless shitcoins.

On the other hand, the team has said they have plans to provide utility to the platform. Linking it with online gaming could undoubtedly bring in tens of millions of new users, but keep in mind that already well-established projects are tackling the online gaming vertical.

There’s no lack of ambition for what they want the ecosystem to encompass, what with a DEX, an NFT marketplace, and even a cold wallet, not to mention the many initiatives under Operation Phoenix. However, given the team they have assembled so far, I do have my reservations about how much of that can become a reality. Also, how actively are they pursuing commercial entities to accept SFM in their daily operations?

And then there are the smart contract vulnerabilities that have been uncovered that certainly do point to the likelihood of a rug pull at some point in the future.

Yes, you might make money with SafeMoon, but you might get burned as that rocket tries to shoot to the moon too. So be careful out there, folks.

Secret Network (SCRT) Review

Since its creation, cryptocurrency has had a difficult task: balancing transparency and privacy. Once upon a time this balancing act was easy – transactions were publicly viewable but the people behind the addresses making those transactions were anonymous.

Today, there are dozens of firms which specialize in analyzing these transactions. Some governments are even on the cusp of making it mandatory to tie your personal identity to your crypto wallet. This degree of regulatory overreach has been rightfully seen as unacceptable by many in the crypto space.

However, the fact of the matter is that some degree of oversight is necessary if large institutions and the public are going to fully embrace cryptocurrencies. With privacy coins like Monero at one extreme and fully compliant cryptos like Stellar at the other, Secret Network is a cryptocurrency project that seems to have found the middle ground everyone has been looking for.

A brief history of Secret Network

Secret Network has its roots in another cryptocurrency project called Enigma. Enigma was founded in 2014 by MIT graduates Can Kisagun and Guy Zyskind. Enigma was a layer-2 scaling solution for Ethereum which added privacy to smart contracts.

Guy Zyskind was a research assistant in the MIT Media Lab prior to founding the Secret Network. He was the author of all the Secret whitepapers (which have over 2,500 academic citations) and remains as the CEO of SCRT Labs.

Can Kisagun has extensive experience in the business sector, having founded several companies of his own before co-founding the Secret Network.

What is Secret Network?

Secret Network is the first cryptocurrency blockchain to offer completely private smart contracts. This means that all smart contract inputs and outputs are completely encrypted. Transactions made on Secret Smart Contracts cannot even be viewed by the nodes running the Secret Network blockchain.

That said, Secret Network’s native SCRT coin is not a privacy coin. All transactions made in SCRT are publicly viewable just like those on Bitcoin or Ethereum. By contrast, Secret tokens issued on the Secret Network preserve privacy by default like Monero.

Secret Network believes that this balance of transparency and privacy is what is required for cryptocurrency to achieve mainstream adoption. It also unlocks multiple use-cases for cryptocurrency that were previous unavailable due to their transparent blockchains which could reveal sensitive information.

How does Secret Network work?

Secret Network was built using the Cosmos SDK. As such, it uses the Tendermint Byzantine Fault Tolerant consensus mechanism – delegated proof of stake.

Like Cosmos, Secret Network has a block time of 6-7 seconds and can process close to 10,000 transactions per second.

Secret Contracts

Secret Contracts are privacy preserving smart contracts built on the Secret Network. These are coded in Rust and compiled using WASM. All Secret Contract transactions are made inside Trusted Execution Environments (TEEs).

Secret Tokens

Secret tokens on the Secret Network can be made using the SNIP-20 standard. As you may have guessed, this token standard is like Ethereum’s ERC-20 token standard except that all Secret tokens have their privacy preserved by default (balances and transactions). Secret tokens are used in Secret Contracts.

Secret token holders will have access to something called a Viewing Key which can be given to third parties to prove ownership of their secret tokens if necessary. This is to make it possible to comply with regulators if need be. The first Secret token is secretSCRT (recall SCRT is public by default).

Secret Network Staking

Staking on the Secret Network can be done in two ways: as a validator or as a delegator. Validators on the Secret Network only need to stake 1 SCRT token to participate. However, there is currently a limit of 70 validators on the Secret Network. As such, to be a validator you must stake enough SCRT to rank among those top 70.

Secret Network Governance

Everything about the Secret Network can be changed through community vote wherein 1 SCRT equals 1 vote. Each voting period lasts 2 weeks and occurs in two stages: proposal and voting. To table a proposal, 1000 SCRT worth of votes must be locked during the first week of voting.

For that proposal to pass, more than 33.4% of all SCRT must participate and at least 50% must vote in favor during the second week. Delegators can choose to vote differently than the validator they are staking on but will vote in the same way as the validator by default. All SCRT in vetoed votes are burned.

Secret NFTs

Secret users can create and issue NFTs. NFTs (non-fungible tokens) are unique to other cryptocurrencies in that they can represent a singular asset. Notably, there are millions of NFTs in the market today. They represent real estate to digital art and everything in between.

Secret NFTs are private and blockchain verifiable. The added level of privacy also makes Secret NFTs ideal for use as restricted access tokens. Content creators can distribute these tokens and then host private events, concerts, gatherings, and giveaways. This flexibility enables creators to connect with their fans on another level.

VERDICT

Secret Network may just be one of the most important projects in the cryptocurrency space. This is because they have developed a protocol that has found that balance between transparency and privacy. To understand the significance of this, we must take a step back and consider the bigger picture.

If you want to preserve your privacy in the cryptocurrency space, how do you do it? Using a privacy coin like Monero and others which hide transaction histories and balances by choice or by default. Almost every other cryptocurrency has a completely public record of all transactions and balances.

The problem is that this privacy extreme is not ideal since transparency is necessary to get regulators and institutions on board. However, those same institutions and regulators are not too keen on entirely public blockchains either because they too want to be able to maintain some degree of privacy.

How to Mine Ethereum Coin – Ethereum Mining Pools

Ethereum is the largest altcoin on the market to date. Besides its different uses as a platform, it can also be very profitable for you. This article will lead you through the process of how to mine the Ether by providing you a step-by-step tutorial. Choosing the proper hardware and learning to set up and configure your mining equipment.

If you don’t want to deal with hardware and configurations, there is another, easier alternative. You can also mine Ethereum making a cloud mining contract.

What is Ethereum?

Back in 2012, Vitalik Buterin, at age 17, his father proposed bitcoin to him. Besides, Vitalik is very interested in its technology. However, he started writing for Bitcoin Magazine and proposed improvements to the Bitcoin platform. But, when he didn’t make that improvement, he decided to make his own cryptocurrency instead. The Vitalik idea was Ethereum, and it went live in 2015.

Ethereum is created to enable developers to build and publish smart contracts. Simultaneously, it can be used without the risks of downtime, fraud, or interference from a third party.

However, Ethereum calls itself “the world’s programmable blockchain.” It distinguishes itself from Bitcoin as a programmable network that serves as a marketplace for financial services, games, and apps. These can be paid for in Ether and are safe from fraud, theft, or censorship.

How to Mine Ethereum

The first thing to consider is the consensus algorithm that Ethereum uses. In fact, the algorithm is called Ethash. However, Bitcoin mining often uses ASICs. Besides, ASICs are computers built to mine crypto in a cost and energy-efficient way. Therefore, Ethash, as engaged to Bitcoin’s mining algorithm, is ASIC resistant.

For the miner, this indicates that a computer with a GPU graphics processor will work most and the special ASIC hardware. This technology is made so those specific users can mine Ethereum.

Both variants use complex calculations to do math problems. However, a block reward, Ethereum tokens, is put into the miner’s Ethereum wallet. Notably, this can then be traded, changed on exchanges, or sent between other Ethereum wallets.

Future variants of the algorithm are more ASIC resistant. In addition, there is the chance of the ProgPOW change, which will give GPUs an even bigger advantage.

Either way, you will require a computer with a suitable GPU or an ASIC machine to mine. Most home miners will have a GPU. The greater the hardware, the higher calculations the machine can do. The more calculations the computer can do, the more possible it is to solve a block reward problem.

How to Mine Ethereum on Android

Since 2018, various Android users have used the Minergate app to mine Ethereum on their Android phones. However, Google banned crypto-mining apps. Besides, it is still possible to mine Ethereum on Android by using cloud mining apps.

How to Mine Ethereum With a Computer

Most users would be more suitable for mining Ethereum on a PC. Moreover, this way is the most profitable way to mine Ethereum and add value to your Ethereum wallet.

Know the challenges

You’ll need to do some research to ensure this productively in the country where you live. Notably, electricity costs fluctuate wildly around the world – and in some developed nations. The electricity bill you’ll get every month could far exceed any returns you make. It’s also worth watching the levels of hardness that are associated with Ethereum mining.

According to Etherscan, they stood at only 0.121 Terahashes in July 2015. But it soared to a staggering 3,784,431 Terahashes by December 2020. Aside from electricity expenses and difficulty, you’ll need to invest in hardware that’s up to the task of completing the Ethereum mining pool. Plenty of computing hardware is required to solve the complex mathematical puzzles that subsequently validate a block – but if you are successful, the rewards can be handsome.

At present, 2 ETH rewards offer those who manage to add a block to the chain towards the end of 2020. This had a cash value of about $1,500. Miners will be given the total of the fees generated from transactions within the block, too. This is showing to be a more important source of income for miners – and congestion on the network brought about by the surge in DeFi protocols caused fees to reach record highs in 2020.

Buy the equipment

The next step in your Ethereum mining pool journey will involve investing in reliable graphics cards that have a high hash rate – and, as you’d expect, you’ll want this to be as high as possible. One of the more recent and desired players on the market has been Nvidia’s GeForce range, but getting your hands on one of these GPUs is easier said than done because of the unique level of demand among gamers.

Another suggested brand is AMD, and some claim that this company’s cards are better. Online, you’ll find a calculator where you will be able to get an estimate of ETH mining profitability. The estimations received are based on the current difficulty factor in the Ethereum ecosystem, your GPU hash rate, the block reward offered at present, the current trading price of ETH/USD, and your electricity costs.

Furthermore, don’t forget you’ll also need a powerful computer, ideally running on Windows or Linux. Make sure it will support your graphics cards as you begin to build a mining rig. GPUs are a crucial element of your setup because they are hundreds of times faster than conventional CPUs.

Once you update the drivers for your graphics cards, it’s time to install an Ethereum wallet. Next, you can open an account and download the blockchain. Lastly, you also need to perform research on the best Ethereum mining software for your machine.

Join a pool

Although your new rig will be flowing power, it’s frequently more efficient to enter an Ethereum mining pool. In fact, several miners combine their resources – increasing the chance to select on the validate blocks. The rewards produced are then distributed proportionately, based on how much power was provided by each member.

As an alternative to establishing your rig, you might also want to consider cloud mining. This process effectively involves leasing hardware based in a data center where electricity prices are a lot more competitive – and, generally, these savings will outweigh the cost of hiring these services in the first place.

Although cloud mining does have its advantages – as it means that you won’t have to worry about maintenance issues – you must select a reputable provider, as you may end up in an inflexible contract.

How to Calculate Ethereum Mining Profits

Accurate Ethereum mining calculator patronized by millions of crypto miners. Best Ethereum mining profitability calculator with difficulty, hash rate, power consumption (watts), and kWh preloaded for 2021.

The Ethereum mining calculator gives it simple and easy to quickly see Ethereum mining profitability based on hash rate, power consumption, and costs. Default inputs are loads with the latest Ethereum difficulty target and Ethereum mining hash rate for the best Ethereum miner.

Ethereum Mining Pools

Three factors usually categorize Ethereum Mining pools. Firstly pool size, larger pools have more chance of finding a block but offer smaller payouts. Secondly, fees, how much the mining charges miners in management fees. Lastly, payouts, the number of payouts, and how often they should be expected.

Ethermine

The number one choice is Ethermine. The best and the most common Ethereum mining pool between the Ethereum miners. With over 200k miners, it is one of the biggest Ethereum mining pools, contributing more than 100 TH/s, more than 20% of the overall network hash rate.

Ethermine uses a real-time PPLNS payment scheme and charges a 1% fee on each reward that you receive. It also allows you to set the payment threshold needed to receive your rewards. You can set your point to 0.05 ETH minimum to a maximum of 10 ETH.

Moreover, Ethermine pool does not require you to pay the transaction fees. Instead, it mines your transaction on their blocks, saving you the transaction fees and is advantageous for small miners.

Flexpool

Flexpool is small but a fast-growing Ethereum mining pool. It appears under the top 15 Eth pools that provide a little over ~6 TH/s. Even though it is a small mining pool, it has got a lot of attention among the Ethereum mining community. To bring in more profits to miners and be highly transparent.

Moreover, Flexpool profit is similar to Ethermine’s but is way more profitable than Nanopool and few other ETH pools. It has the lowest fees of 0.5% and uses the PPLNS payment system, which is excellent for long-term miners.

However, the difference between Ethermine and Flexpool is that Flexpool doesn’t avoid the charge of transaction fees when you withdraw funds. Anyway, you get the choice to set the maximum payout so that you can wait for a lower gas payout. The minimum payout is 0.01 ETH. Besides, you can set the min pay to 0.2 ETH or higher to offset the cost of the transaction fees. But remember, you’ll have to wait until you gather enough ETH needed for the payout.

Whether you are a small miner or one with a lot of hash power, Flexpool is one of the best Ethereum mining pools available for mining. Moreover, it would be best to see that joining a small pool supports decentralization and is healthy for the network.