We know that a global economy driven by better models of financial management is possible. We also know that harnessing the power of blockchain technology creates endless possibilities for individual investment, dynamic control of finances, and much more.
In light of recent events, trust in crypto and the limitless opportunities it offers might seem more distant than ever. As serious stakeholders, we want to use this opportunity to reach out to our loyal customers and the general public and assure them that Kyrrex remains unaffected while standing strong as ever.
To summarize the problem, FTX mishandled investor funds by using user deposits to make investments of their own. FTX did not inform users before proceeding on this course of action. The funds were used without client consent, meaning that FTX’s ‘side’ investments were unauthorized and therefore illegal.
The recent spate of crypto setbacks reveal a number of gaps and leakages in decentralized finance. The biggest of these gaps is supervision: what guarantee can you, a crypto trader and investor, have that your preferred trading platform will not mishandle your funds?
In the decentralized market, you have a firmer grasp of your crypto assets and greater freedom to trade and invest without someone looking over your shoulder every time. But this comes with the risk of losing all your money if you entrust it to unsupervised third parties.
Crypto exchange platforms provide you a stage to trade and manage your crypto assets. But who/what keeps an eye on these platforms? Without strict oversight by a powerful body, you're essentially giving your money to an exchange do with as they wish.
Where there is no regulation, there is likely to be mismanagement and exploitation. Even if you can wager your life that an exchange platform is honest and will not mishandle your money, you have to admit that having the platform accountable to a higher authority increases your trust in it.
Turning to a centralized exchange like Kyrrex offers you the rewards of crypto without its major risk.
We believe that it is only when the crypto market is reasonably regulated that the crypto industry can flourish. Then, you will no longer have to deal with rugpull projects, fake developers selling you imaginary bridges in imaginary clouds, or situations like FTX that inevitably cause you to lose trust in every crypto exchange platform.
Kyrrex, as you know, is the first crypto-fiat bank. The same way we pride ourselves in being the first global bank, we pride ourselves in playing by the rules. There are several governmental and government-backed institutions that oversee our operations, and so we are licensed to operate in good faith. All of this is so that you can rest easy and continue to trust us.
We would like to place on record that Kyrrex Exchange has no dealing with FTX and its FTT token. Our exposure to FTX is zero. The exposure of our customers' funds to FTX is zero.
Here are a handful of reasons you should continue to trust Kyrrex as your crypto and fiat asset partner:
Kyrrex operates under the Class 4 virtual Finance asset (VFA) License from the Malta Financial service authority (MFA). We obtained this license in November 2021, reinforcing our intentions to comply with every legal requirement and audit condition.
This class of license comes with implicit confidence by the regulatory authority in the licensee. It means that Kyrrex has been thoroughly scrutinized and found to comply with all regulatory rules regarding user deposits and operation models. It means that you can trust us to keep your money safe and secure because Big Brother is watching all our moves.
As a crypto-fiat bank, Kyrrex allows you to use crypto tokens as easily as you use fiat currency. So, with Kyrrex you will be able exchange fiat currencies against digital assets and vice versa. This is because your tokens are safely stored and backed with valuable assets.
At Kyrrex, we promote and use an organic growth model. This means that apart from the charges that our clients are aware of, we don’t touch their deposits or funds. This is another reason we have regulators overseeing our operations. They keep us on our toes and make sure our operations are always prudent and compliant with all legal provisions.
Kyrrex has always favored an uncomplicated and user-friendly operating protocol. Our withdrawal system is like this also. So, our clients do not need to read and sign thousands of pages of T&A before they can withdraw their funds from Kyrrex. Everything is clear and transparent. Your funds are your funds and you can withdraw them at anytime.
Kyrrex is not exposed to FTX, Alameda Research, or any other crypto-related institution that has been implicated in the recent mess. So you can trust us unreservedly, we only build relationships with time-tested, reliable, and/or regulated exchanges.
So, Kyrrex remains worthy of your trust. However, we advise that when you use other exchange platforms, ensure that they are licensed and are committed to playing by the rules. Also, do not invest money that is not your own or spend more than you earn. If you can, avoid tokens that are not backed by tangible assets.
The crypto-verse has moved from the first stage of foundation-building and establishment. Virtually every developed and developing nation in the world today has a share in the global crypto pie. As a result, the current crypto era is all about innovation and the adaptation of blockchain solutions to a variety of old and new problems. But, the crypto industry has to overcome some of the present hurdles first, including the rise in regulations and the relegation of user privacy.
Regulations are popping up left and right. Governments are fighting to safeguard their economies from overexposure to criminal elements. However, crypto proponents are also doing their best to ensure that the entire blockchain ecosystem is not criminalized because of some mischievous users. In the meantime, innocent users are lost in the middle, pondering whether anonymity and privacy are still genuine components of crypto.
The crypto industry has an odd relationship with privacy issues. On the one hand, due to the public verifiability of transactions, the movement of money is easily traceable. On the other hand, privacy and confidentiality are core pillars of the crypto-verse. The system is thus balanced since it offers users a variety of ways to maintain their privacy. However, now that more governments are taking more active steps towards streamlining the crypto industry in a way that they can manage, the balance of security and privacy in the system is no longer reliable.
So, to ensure that your crypto assets, investments, and activities are private, here are 5 things you can do.
The way blockchains operate, anyone who knows your address on the blockchain has automatic access to information that is supposed to be private. Say you want to pay a customer in crypto and exchange addresses. This customer can use any number of tools, including a block explorer, to check your transaction history and find out the size of your crypto pocket.
One of the easiest ways to get out of this situation is to use a new address every time you have to engage in crypto transactions with someone. This helps you spread your activity and asset tracks across a wide range of wallets and addresses. When people look up the address you gave them for a transaction, they will not be able to find out the size of your crypto assets or even the entirety of your transaction history.
You can also be a bit more systematic by using several different wallets at the same time. With each wallet holding a certain amount of your investments and transaction history, you will be able to hide the majority of your crypto activities. This is another reason prominent crypto enthusiasts have accounts with multiple crypto exchange platforms. Each of these platforms serves as a separate bank, so to say, where they can create multiple wallets and use crypto addresses that help them shield their assets and activities from scrutinizing minds.
It is a fact that all crypto platforms, decentralized or centralized, are supposed to prioritize user privacy and security. This is because privacy and security are core components of the crypto-verse, ensuring that blockchains are not perpetually vulnerable to malicious break-ins. However, even though crypto exchange platforms are supposed to be user-centric and therefore give precedence to user security and privacy, this is not often the case.
To be fair, crypto platforms cope with many challenges. They have to ensure efficient transactions, deal with verification problems, maintain liquidity pools, and monitor the flow of tokens per time. Even though automated systems are employed for these functions, these systems are not omnipotent. Therefore, the crypto-verse is made up of many crypto platforms that are biased towards one or two of the foundational components of blockchain technology.
So, very few crypto platforms can effectively handle multiple components at the same time and therefore promote all the advantages of using crypto instead of the old system. You should be on the lookout for these innovative platforms because they use novel methods to prioritize user security and privacy.
One such crypto platform is Kyrrex, the innovative digital bank for all things crypto. The platform prioritizes several core crypto components, including security and privacy, transaction speed, trading ease, wide-range online integration, and user access to support. It uses hybrid cryptographic encryption methods to ensure that user data is hidden behind multiple layers of database security.
So, instead of using platforms that promote anonymous crypto trade or those that say nothing about the privacy and confidentiality of user data, use platforms that value and promote the safety of user assets. This choice covers you from virtually every danger of privacy violation, leaving your crypto exchange platform to worry about privacy and security concerns.
From the way crypto critics talk about the porosity of blockchain ledgers and transactions, you would think that every exchange ends up with one side more vulnerable to the assault of hackers than before the transaction. In truth, security and privacy are fundamental components of the crypto-verse, so every platform regards these components highly. (Only that some platforms, as we have shown, are more particular about them than others.) Therefore, there are privacy tools specially designed to promote the confidentiality of crypto users. Examples of such tools are zero-knowledge proofs, mixers, and ring signatures.
Consider zero-knowledge proofs. These are handy privacy tools because they are straightforward in their function. These proofs enable a user to confirm that they validated a particular crypto transaction and do so without having to provide their public keys to be believed. Ordinarily, publishing your wallet address is the traditional method of verifying transaction claims. However, with zero-knowledge proofs, you don’t have to give away your public address.
Zero-knowledge proofs are a derivative of zero-knowledge encryption, a system that ensures that a user’s access codes are only known to the user and no one else. So far, this system has been adopted in crypto security with the proofs. However, efforts are being made to fully adapt them such that they can become core features on every crypto exchange platform and service. That way, blockchain ledgers can remain transparent at the same time that users can shield their crypto activities and assets from other users and platforms.
Mixers and ring signatures serve similar functions in using both simple and complex methods to hide details of user transactions. Mixers, especially, require a third party whose database becomes the exchange point between crypto users. Therefore, transactions will be traced to the third party instead of the engaging crypto user.
All these tools are useful for protecting user crypto assets, activity, and privacy. Many crypto exchange platforms use them in one way or another. Therefore, you can rely on them as well.
VPNs have become one of the most convenient and valuable features for digital privacy and security. The best selling point of these services is that they can hide your online footprints, especially your IP address, from web trackers, governments, and even some crypto platforms. Therefore, using VPNs whenever you trade in crypto is one of the surest ways to preserve your privacy.
Every knowledgeable crypto user knows that some crypto platforms log users’ IP addresses to increase the efficiency of their services. The problem with this is that whenever hackers gain access to these platforms, they can make away with this information. Once this happens, you can expect clever hackers to try to make as much profit from their theft, including tracing your crypto transactions and finding out ways to defraud you eventually. When you use a good VPN that prevents any platform from logging your IP address, you remove yourself from this narrative of hackers and possible fraud.
One thing to keep in mind is that all VPNs are not the same. To use George Orwell’s words, all VPNs offer privacy values, but some VPNs offer more privacy values than others. You can be sure that premium VPNs (those whose services you have to pay to use) are generally more secure and reliable than free VPNs. So, to be safe, never use a free VPN with your crypto transactions.
The easiest way to lose your privacy and be flushed out of your crypto anonymity bubble is to engage social media with your crypto activities. Social media space is virtual, yes, but it is also all-reaching. With many online platforms integrated, every internet user is a flashing point that can be identified on the web. So, when you publish aspects of your crypto activities on social media, you are essentially throwing out pieces of meat and waiting for wolves to trace them back to you.
Granted, there is no reason a rational crypto user would want to have their crypto activities and assets exposed to the world. We all value our privacy, especially as it has to do with financial assets. But it is also very easy to accidentally compromise this privacy on social media.
Say, a celebrity asks their followers to drop their wallet addresses online so they (said celebrity) can give them (the followers) crypto for free. Once these addresses are posted online, they are almost certainly forever ‘inscribed’ on the walls of that social media platform. Any Tom, Dick, and Harry can follow these crypto addresses back to the user, look into their history, and think up ways to take advantage of them.
So, pay extra attention to how you post your stuff on social media. Keep in mind that it is difficult to erase online posts and that there is no steel-solid guarantee that hackers will not break into your social media accounts, even if temporarily. Therefore, endeavor to keep from posting your public and private keys online, whether in private chats or public posts.
So, to conclude, user privacy is very important to the crypto-verse. The appeal of the blockchain revolution is that it grants users more freedom over their assets and financial choices. However, once user privacy is compromised, this freedom counts for nothing. Therefore, the suggestions submitted in this article are simple but effective in safeguarding your place and future in the crypto-verse.
Like any enterprise with brokers and actors, the crypto market goes through phases of highs and lows. Even though these phases are diametrically opposite, they each have their pros and perks. For the sensitive crypto trader, the best phase turns into a bubble inside which they can make a lot of money and secure assets that will bring even more money later.
So, what is a crypto bubble and what implications does it have on the prospects of crypto trading and investments in the years to come?
Crypto bubbles are periods during which the prices of crypto tokens are at a radically different height than normal. Specifically, crypto tokens or assets sell for higher than they should, thereby allowing their holders to make money within a short while. Thus, the shorter the window of opportunity, the more profit crypto traders typically make, and vice versa.
Crypto bubbles develop from the interplay of numerous social and economic components, for example, the demand for a particular token or the projected prospects of a particular asset. Each of these components can be traced back to an expectation that develops as a response to a situation. The result is a crypto bubble where the price of a crypto asset usually quickly rises above its actual value and forms the basis for a crypto trader’s profiteering.
So, the more crypto actors (traders and investors) are attracted by the upward price trend of the crypto asset, the higher the price will go. Eventually, the asset will be priced for much higher than it is worth, in which case its holders can enjoy significant profits trading it.
Crypto bubbles are not periods of fluctuating prices of crypto assets. As a rule, price volatility is a fundamental characteristic of cryptos. So, when the price of a crypto asset A rises to a new all-time-high and then falls to a new all-time-low within a short period, that is not a crypto bubble.
Also, crypto bubbles do not have a specific time limit. This often makes it difficult to recognize them immediately. So, if you notice that the price of a crypto token has been rising by 5 units every 10 minutes for 4 hours only to dip, you can be sure that that is not a crypto bubble.
Lastly, even though crypto bubbles are seemingly random, they can usually be explained. As noted earlier, these bubbles can be traced to actual (that is, real-life) social and economic conditions, factors, or dynamics. So, if nobody can make sense of why the price of a crypto asset is rising, it is highly possible that it is not a crypto bubble.
The crypto industry has been experiencing a lot of downtime recently. Although some critics insist that this is proof that the industry is falling out of favor with market forces, we know that this is not the case. First, there is a global economic crisis and it is affecting crypto. Second, the ups and downs of the value of many popular cryptos could bring about positive trends in the long run.
From what we know of crypto bubbles, it is the scarcity of information regarding when it starts that makes it a profitable period for crypto traders. If every trader on the block has their eyes on an asset about to spark off a crypto bubble, the bubble will burst in no time. This is one of the reasons unpredictability can be a plus for smart crypto traders since it typically shrouds bubbles from public view until it can no longer do so.
This is not the be-all and end-all of what it takes to seize the initiative and make early and long-lasting profit from crypto bubbles. But it works and helps you see beyond the shroud of uncertainty and unpredictability. An easier way is to keep track of assets with rising prices and wait for said prices to rise above the norm and stay there for a while.
Crypto analysts will never get tired of speculating what great changes the crypto industry will introduce to the world of finance and business management. In reality, we know that the changes will certainly be multidimensional, so it will help you to know what crypto can and cannot do.
Crypto came to the rescue of Ukraine when it was invaded by Russia. That demonstrated that it could revolutionize national finance and tip international borders. Furthermore, it was one of the most convincing proofs that crypto was the future of decentralized finance, whether within the context of national sustainable growth and development or on an individual level.
There are great expectations for the crypto industry. The setups of business organizations will certainly be transformed with the global-scale implementation of smart contracts. New technologies and technological innovations will have to be developed to accommodate the rapidly growing system of blockchain operations and management. Retrieval systems will change, and so will the way the internet interacts with the flow of information. We are already seeing this with Web 3.0.
On an individual level, you will be able to better manage your resources, especially your finances. The extent to which big businesses can access and use your information will also change. So, the future of cryptocurrency is looking genuinely bright and beautiful.
Of course, there are dangers and risks to this future. In the absence of some regulatory standards, the system can be abused to take advantage of people and swindle them. So, while you can place your trust on the crypto system, some of its actors are bad news.
Thankfully, there are reliable centralized crypto platforms around. Some of these, like Kyrrex, are radically innovative as one-stop crypto-fiat banks. You can trust these ones while enjoying the occasional crypto bubble and anticipating the goodies of the imminent crypto future.
The crypto industry in Australia has begun to undergo a much-needed process of transformation and standardization. The current administration is doing what it can to ‘ground’ the industry and its offerings so that they are more tangible, transparent, and reliable. The result of the government’s efforts is the regulatory framework that will now be employed to manage the activities of the crypto industry in Australia. And although regulation typically suggests some level of control and restriction, the core of the new crypto rules in Australia is normalization.
Australia is not the first developed country to take a regulatory stance as regards the crypto industry. Some of its peers have long stamped their approval, while others are working overtime to shut down crypto activities within their economic borders. With Australia’s new regulations, the country has deliberately chosen a side. As such, it will now be listed among the nations that promote crypto activities. More than that, Australia is now one of those that have placed custody regulations on the industry.
Let us see what all that is about and what it means for the average Aussie.
The stipulations of the Australian crypto industry regulatory framework can be summarized in three points:
The new framework for the operations of the crypto industry in Australia is all about one thing: custody regulations. Put simply, the regulatory framework allows the government to hold every individual or organization involved in crypto activities to account. Consequently, crypto service providers will come under the supervision of the framework and be made to answer for whatever shenanigans mischievous crypto platforms and proponents may devise.
The ultimate goal of the regulatory framework is to create a convenient and reliably organized economic environment for Australian crypto users and investors. This will also drive home the certainty for crypto-asset businesses, reinforce their goals, and protect their customers. The stipulations of the regulatory framework are thus straightforward and can be relied on for consistency.
Furthermore, the framework is part of the necessary steps to ensure that the crypto industry in Australia has a focused direction of growth. It is also a mandatory process to increase the confidence of the Australian government and people about the crypto industry. After all, a fraction of Australia’s future, in the form of its people, has committed to the crypto industry. As such, keeping this fraction from harm’s way (economic hardship from poor financial decision-making) is a reasonable course of action. And that is the purpose of the new rules in a nutshell.
There are several positive implications of the framework, especially for Australian crypto users and investors. These are highlighted and developed in the subsequent subsections.
The foremost provision for the Australian crypto regulatory framework is that every company, agency, or business outfit associated with the creation, handling, or supervision of crypto-related things will have to adhere to the new rules. This is the core of the matter. It means that organizations that are crypto-related in their primary or secondary goals have to abide by rules moving forward. It also means that such organizations must answer to the Australian government if things go any way other than expected.
As a result of this renewed basis for organizational accountability, crypto users and investors will be able to trust the guarantee of secondary service providers. Ideally, crypto investors will be able to choose crypto establishments based on shareholder objectives and will be more assured of what they are getting into every time.
With the stipulations for the registration and licensing of secondary crypto service providers, crypto users and investors will now be able to peg legitimate operators. This is the equivalent of unmasking service providers to ensure that the crypto ecosystem is now transparent. As a result, users will be better protected against the wolves and bandits that would want to take advantage of the privacy components of the crypto-verse.
Also, the new regulations ensure that cyber-security measures are now buffed up so that users are no longer exploited for their ignorance. Platforms no longer have the right to provide the barest information on their offerings and the risks involved. Essentially, platforms have to be nicer or face the wrath of the government.
Also, users are now protected against unnecessary risks. Crypto platforms have to offer options for fund recovery in the face of unreasonable loss. This is expected to put an end to crypto platforms running away with investor funds or deliberately using these funds for something other than they claim.
The stipulations for secondary crypto service providers have indirectly created a gap between ‘primary’ crypto developers and the intermediating service providers. The primary developers are not subject to much of the regulations except where it might negatively affect Australian crypto users and investors. But service providers will have to bear more responsibility in assuring the government and people that there would be no overwhelming loss.
The goal of the framework in this respect is sustainable development. In other words, no entity will have to be cheated so that another would gain, and crypto service providers now bear the onus of ensuring a fair market. As such, crypto developers are at liberty to renew, remodel, and create new projects and technologies to advance the use and applications of blockchains and cryptos.
The government also gets to benefit directly from the regulations. For one, the rules now ensure that organizations that are crypto-related in any way have to adopt operational ethics and values against fraud and fraudulent activities. It does not matter if this fraud takes the form of rug pull or money laundering exercise. As long as there is a high possibility of someone being conned using their platform, the government can legitimately fine such platforms or shut down their operations.
As a consequence, crypto-related organizations have joined the anti-money laundering policing efforts. As such, there is a greater possibility of stamping out the cancer of fraud, thereby cleansing the Australian investment economy and improving its ranking on the global board of corruption. An economy that is deemed to have integrity draws all kinds of investment opportunities from all over. Therefore, it is only a matter of time before the joint efforts of the Australian government and the crypto industry yield greater benefits.
Once again, crypto users and investors will be more self-assured knowing that tech-armed bandits will be severely punished. And where there is a dispute regarding the ownership of crypto tokens and investment blocks, the regulatory system will allow for straightforward resolution.
The hallmark of the regulatory framework for the operations of crypto service providers in Australia is bureaucratic certainty and user confidence regarding the crypto industry. The ultimate game is to remove unnecessary uncertainty and financial insecurity, especially for first-time users and investors. Currently, the majority of Australian crypto traders and investors depend on the reputation of crypto platforms as a form of insurance against dubious activities. But this means that users would lose out on the opportunities afforded by new and genuine crypto platforms. With the regulations in effect, users can trust the system and its operators, and be confident in their choices.
Also, crypto users and investors will no longer have to rely on expensive methods to protect themselves from the knotty frameworks of the still-growing crypto industry. The regulations will increase the transparency of the industry. This is especially so for novel but complex innovations, concepts, and opportunities. In brief, users can now take advantage of the entire range of crypto opportunities and offerings, adjusting to the right amount of financial risk and trading or investment complications.
It is important to note that the regulation is based on the findings of evidence-based research, which is why it was derived from a ‘token mapping’ exercise. The implication of refusing to adhere to the regulations is that crypto users will have to look elsewhere to use crypto services confidently. In other words, it will show that the crypto-related platforms operating in Australia have something to hide, intend to exploit and prey on Australians, and consequently cannot be trusted. But trust is a fundamental component of the crypto industry, and the reinforcement of this component is good news to crypto users and investors everywhere and every time.
A few months ago, the cryptocurrency landscape shone bright green, major coins soared in value, and Matt Damon was cast as the poster boy of exciting risktaking with the tagline: "Fortune favors the brave".
Now with the cryptoscape looking decidedly desolate and every major digital asset in freefall, the Hollywood superstar has become a punching bag for online users for his role as face of Crypto.com in the infamous advert.
The commercial had premiered in October 2021 and was soundly panned by critics for comparing investing in crypto-assets to historical feats like traveling to space. With the recent news of layoffs at Crypto.com, the Oscar-winning actor has come in for another round of criticism for promoting a volatile class of assets.
To add insult to injury, Crypto.com last week announced it will be laying off 260 employees or 5% of its workforce as part of cost-cutting measures as the industry deals with plummeting prices and a negative market sentiment.
The company expectedly came under fire after the move, especially online, with many people claiming it as proof that crypto platforms overpromise in good times, and underdeliver when they start feeling the pressure. Many people online jeered the company for being quick to cut employees after having cumulatively spent above $1 trillion in sponsorships.
The company expectedly came under fire after the move, especially online, with many people claiming it as proof that crypto platforms overpromise in good times, and underdeliver when they start feeling the pressure. Many people online jeered the company for being quick to cut employees after having cumulatively spent above $1 trillion in sponsorships.
Matt Damon, as endorser-in-chief, naturally got hit by another round of stray bullets. Fortune, it seems, is no longer favoring the bold. He continues to suffer massive criticism for encouraging the average Joe to invest their money in crypto without highlighting the risks. Nearly everyone has reported losses of some kind and many have even lost all their life savings.
Given that Damon is stupendously rich already and presumably doesn't need more money, he's being described as a greedy opportunist. Indeed, he continues to rake in the big bucks as Crypto.com's brand ambassador.
It must be said that the Singapore-based Crypto.com isn't the only platform showing employees the door as the crypto market plummets. BlockFi, a platform that deals with cryptocurrency lending, has activated plans to cull its workforce by approximately 20 percent.
The most high-profile case of bear-inspired layoffs occurred at Coinbase. The exchange, regarded as cryptocurrency royalty, unveiled plans to move on from 1000 workers, about 18% of its workforce. Gemini, another popular exchange, has earlier announced plans to cut 10% of its labor force. While explaining their motivations for the move, the Winklevoss twins Tyler and Cameron described the market as having entered a "crypto winter".
Even though crypto twitter is letting out some steam at Matt Damon's expense, everyone knows the current situation has little to do with him. The market has shed $1.1 trillion in value in less than 3 months. The global economic downturn has hit the ecosystem hard, with high interest rates, soaring inflation and crashing stocks triggering several rounds of selloffs. The spectacular collapse of Terra and Celsius's flirtations with bankruptcy have also helped to undermine confidence in crypto-assets.
According to an anonymous analyst at a big crypto exchange, the situation clearly highlights the need to bring some degree of regulation into the industry. "With little supervision currently, many platforms try to do too much too soon, spend lots of money on marketing, and end up struggling to meet their obligations to customers and employees alike.
"Even some centralized exchanges try to dip their toes in every single pie but have to scale back down when the market turns in an unexpected direction," he said.
Back to Matt Damon, when he starred in that infamous commercial, we're sure he wasn't expecting to become a meme just a few months later.
As the market continues to tumble, many people who invested in bitcoin and other crypto coins because Matt Damon told them to do so have lost all their money. On the bright side—for Matt Damon, not the rest of us—he gets to keep all of his own.
So, maybe he's having the last laugh. 😃
To stay tuned with latest crypto news, check out our Kyrrex Blog!
Blockchain technology is the gift that keeps on giving. The original goal was simple: a fast and censorless way to digitally transfer value from person to person.
Soon, it became clear that the blockchain is the window to a brave new world of decentralized innovations. Smart contracts followed, along with the ability to issue new tokens on an existing blockchain's protocol.
So far so good, but what really took things to a whole new level were NFTs, or non-fungible tokens. These tokens represent ownership of a physical, digital or virtual asset and each one is unique and cryptographically distinguishable. An NFT can stand for virtually anything—property, a meme, an activity, art, you name it.
NFTs became the anchors for virtual gaming on the blockchain. Blockchain-based games, in their various guises, use NFTs as in-game characters, land, loot, weapons, cards, and other game assets.
The latest games using Web 3.0 technology like Axie Infinity, CryoWar and Star Atlas, blend the current trends in blockchain—DeFi, DAOs, NFTs—with traditional gaming to create fully-developed play-to-earn experiences for digital natives.
This synthesis of gaming elements with core cryptocurrency mechanics defines what is now known as GameFi. GameFi are crypto games with some kind of token economics. Players earn in-game currency as they progress and can convert their winnings to other cryptocurrencies. They can also trade, rent or exchange their assets with other players, depending on the game.
Just like online games are merely one aspect of the overall Internet experience, GameFi is just one segment of the new virtual world powered by blockchain. A crypto game like Mines of Dalarnia creates an action-adventure universe where players can fight enemies, mine new weapons and gear and farm collectibles. But what if you can do other things, besides gaming, in this virtual world?
Welcome to the metaverse.
The metaverse is a catch-all term for the proposed next stage of the internet. It is, or will be, a fusion of web 3.0, distributed ledger technology, decentralized virtual ownership, and financialized virtual worlds. It is a space shared by all the newest virtual worlds, and accessible through VR headsets, AR glasses, smartphones, PCs, and game consoles.
The crypto metaverse is a persistent 3D environment that mirrors reality up to the limits of the specific platform. You can create an online identity unique to yourself alone. You can acquire the NFT metaverse platform's main asset and keep, share, loan or display it as you see fit. Different metaverse platforms have different mechanics but they all obey one central axiom: decentralized ownership of assets.
Metaverse is a hot cake in the industry right now. Many metaverse-affiliated crypto tokens have seen stupendous rises in the fourth quarter of 2021. AXS (Axie Infinity), SAND (The Sandbox), GALA (Gala Games), MANA (Decentraland), ETERNAL (CryptoMines), MBOX (Mobox) and PYR (Vulcan Forged) witnessed hefty increases in valuation as new platforms exit beta and fresh investors jumped on the virtual world bandwagon.
Even traditional tech giants don't want to miss out on the fun. Facebook recently changed its name to Meta, underlying its ambition to become a key player in, if not dominate, this emerging sector. Not to be left out, Microsoft is making plans to join the virtual world revolution.
Though GameFi is currently the most prominent iteration of the metaverse NFT experience, it's in fact a relatively recent development. A brief look at one of the earliest NFT metaverses will clarify the concept.
Decentraland is a virtual reality universe that pioneered the blockchain-based metaverse concept. It uses distributed ledger technology to operate a 3D virtual environment. As the name suggests, it's a decentralized platform that sells land. Users can buy plots of land and do whatever they want with it. They can treat it as investment, wait till the value of the land appreciates, and sell it off. They could also develop any kind of property on it and rent the property out while retaining ownership of the land.
Transactions on Decentraland utilize the native metaverse token, MANA, which is based on the Ethereum Network. As the metaverse hype reached its Zenith in 2020-21, the value of MANA has increased by more than 500%. The same goes for the valuation of real estate in Decentraland. Prices have skyrocketed by more than 5000% since parcels of land first went up for sale in 2017.
Metaverse is a portmanteau of Meta and Universe. As currently understood in the crypto space, the metaverse democratizes the virtual experience and broadens access to gaming, social and other worlds for the ordinary user.
Even though the metaverse is still in its infancy, the broader concepts that all NFT metaverse platforms operate by have been fairly well established. Let's go over some of the features of the next generation of the blockchain revolution, especially compared to real-life practices.
What is a metaverse currency, you might wonder. Simply put, it's the in-world currency for a virtual platform. In the blockchain space, this refers to utility tokens of virtual-world platforms.
In the real world, we spend legal tenders on goods and services. We pay value in return for products of equal value. What qualifies as acceptable currency in one country might not be accepted in another.
Things are a bit similar, but also different, in the metaverse. On any specific metaverse platform, there's one single "universe" which all virtual residents belong to. Everyone buys and sells using the utility token of the metaverse. In The Sandbox metaverse, users pay for trades in SAND tokens.
On the other hand, the metaverse shares similarities with the current political system of countries with their different economic models. Despite, or perhaps because of, the centerless nature of NFT-based worlds, each platform has its own rules and tools with little to no crossover.
A user in The Sandbox cannot move their LAND asset over to the Axie Infinity universe. Nor can they purchase assets on Axie with the SAND token. This is so even though both platforms are based on the Ethereum network.
The same restriction applies for cross-chain crossovers. Much like you need to convert your local currency to US dollars to buy stuff in the United States, you must hold the token that a virtual world supports to live, work, relax, perform or play games there.
According to DappRadar which tracks crypto data, there are currently over 1200 blockchain games. Most of them have their own utility tokens which users need to join the in-game world.
Data from crypto research firm Macro Hive shows that a basket of metaverse coins rallied 37,000% in 2021, an eye-popping increase whichever way you slice it.
Though the basket contained just 5 coins—Axie Infinity, Decentraland, Sandbox, Enjin Coin, and GALA, the findings apply broadly to most serious blockchain-based virtual world tokens.
This implies that the metaverse is only going to keep growing as new technology emerges that brings the world closer to the dream of a fully-realized VR experience. It also signifies investors' confidence in the long-term prospects of decentralized virtual reality innovations.
Everyday, new entrants arrive on the scene as people try to replicate the success of Decentraland and Axie. Though there will assuredly be more duds than success stories, the trajectory keeps moving inexorably in favor of middleman-less mixed-reality experiences.
There is just one single internet but a multitude of websites and online experiences based on it. This seems to be the way the metaverse NFT experience is going. Initially, there was talk of creating a single super virtual universe, where everyone can work, live, and have fun.
The proliferation of different projects, all using the metaverse moniker for hype, makes this a tall order. It's more likely that the current status quo is maintained. Blockchain will remain the backbone for multiple metaworlds with unique selling points for users.
The Holy grail of new virtual worlds would be free movement across the crypto metaverse. This doesn't look feasible anytime soon, because of how the underlying blockchain networks operate. Currently, most distributed ledger networks are not cross-compatible. Transferring tokens across blockchains needs special platforms called bridges.
Perhaps in the future, bridges would be automatically integrated into every metaverse platform. Then users can freely move their avatars and assets across virtual worlds without even thinking about it.
This looks like a simple question. Of course, we will spend the utility token of each virtual ecosystem. Players in Alien Worlds, for instance, need to obtain the in-world currency, TLM, to acquire and upgrade their crafts.
But this question is worth asking again in a broader and more long-term perspective. The metaverse just isn't about creating virtual social systems, it's also a test case for the enduring utility of cryptocurrencies.
According to Haim Israel, a strategist for Bank of America, the metaverse is where people will really start using crypto as currency. Which begs the question: Which cryptocurrencies?
With most fiat currencies in the world, what you see is what you get. You know what to expect from them, the rough value you can obtain from a unit of the currency. You know that if the value of the money rises or falls, it will do so slowly.
This isn't the case with cryptocurrency tokens. The industry has moved so far away from its original goal as a decentralized payment system (although some coins are still that). Now, most major crypto coins serve another role as investment assets.
Digital currencies in general are just so volatile. They can fall rapidly and rise at unbelievable speeds, to absurd levels. Ideally, a currency is expected to be more or less stable. Hence, there are problems with the existing metaverse payment model.
Take a popular token like SAND. It's current value is in excess of 5 dollars. This is from less than 4 cents at the beginning of the year. As it keeps increasing, the cost for new users to join the Sandbox ecosystem by buying LANDS keeps rising. This can and will discourage many people from joining.
On the other hand, if a bear market strikes and the token takes a sharp fall, the rewards for performing activities on the ecosystem will also reduce in value. This will disincentivize many people from using the platform. Whether the token rises or falls, there's always a catch.
So, to reframe the question, what will we spend in the metaverse in the future? To keep everyone happy, what should we spend?
Can NFTs act as the currency of the metaverse? This scenario is unlikely, for several reasons that should be fairly obvious.
First, NFTs aren't fungible; currency is. A fungible token is divisible, and all equal units are identical. An NFT has cryptographic properties that make it unique from every other NFT out there. Or so goes the theory.
NFTs are also digital representations of something. They're always (audio)visual. They kind of have to be. In contrast, you don't need to actually see money to spend it, whether in the real or virtual world.
We already noted that the lands, avatars, characters, weapons, buildings, and other assets in these virtual worlds are actually NFTs. Now imagine using your land or car as a currency. It would be an absolute nightmare.
The aforementioned Haim, who is head of global thematic investment strategy at BofA, suggests that some type of stablecoin is needed.
This looks to be the most sensible solution for all. Stablecoins are a type of crypto that mirror the value of a (strong) fiat currency, such as the US dollar.
This type of coin will bring stability to the metaverse. People will know what their rewards for participating in virtual-world activities will be. New entrants will also know how much they need to pay for assets. The value-cost tradeoff will encourage persistent activity. The value of assets can still rise or fall, but more organically than the current system allows.
More importantly, it's easier to use a stablecoin across multiple blockchain networks because of their inherent stability. Hence, this type of crypto can help to unite the various NFT metaverses into one self-sustaining system.
Bitcoin's exponential growth exposed the world to a new form of trading and exchange system. Different cryptocurrencies have since sprung up, offering other use cases.
We've seen the explosion of smart contracts, decentralized finance, and governance platforms.
However, one of the main reasons for cryptocurrency's mass adoption is the market's profitability.
Buying and selling cryptocurrencies is a new way to make money. And with the market's high volatility, it's easy to maximize profit.
That said, it's also easy to lose all your money if you don't know when to sell a cryptocurrency.
With so many options out there and new crypto platforms springing up every day, things can quickly become overwhelming for casual enthusiasts who want to buy and sell bitcoin and other crypto tokens safely.
With the proper knowledge and a good understanding of buying-and-selling mechanisms, holders and traders can navigate the system more efficiently. Knowing what coins to buy and when and where to sell them will enable you to react to the market accordingly.
In this article, you'll learn how to buy and sell cryptocurrency easily.
You need to have a fundamental knowledge of cryptocurrencies before diving into trading them.
A cryptocurrency is cash that lives on digital devices. Just like physical cash, cryptocurrencies are designed to settle bills and make payments. Also, you can send them to friends and family anywhere in the world.
In reality, crypto payments work the same way bank transfers do. But cryptos offer more privacy, security, and ease.
Bitcoin was created in 2009 by Satoshi Nakamoto. The project's whitepaper promised a digital currency that allows secure, anonymous peer-to-peer transactions.
Bitcoin is based on blockchain technology, a publicly available database that functions as a distributed ledger. It uses cryptography to record transactions and protect user data. Thousands of cryptocurrencies are based on this technology.
You can add new transactions to the blockchain (blocks) but can't delete anything, and it's easy to see every transaction that has occurred on the chain.
Blockchain technology has been used in different ground-breaking applications, not just crypto transactions. For example, the introduction of smart contracts made it possible to leverage blockchain technology in gaming, decentralized finance, and governance, among many other real-world use cases.
While you need to go through a financial organization such as a bank to send money to anyone or make payments, cryptocurrency transactions are done peer to peer. That means there's no middle man: just you and the recipient.
What's more, you don't have to hand over any personal information or sign up to any service to send and receive cryptocurrencies. All you need is a wallet. Cryptocurrencies are also not limited by international borders. You pay the same transaction fees (which are very low) to send tokens anywhere.
However, buying and selling cryptocurrencies is another kettle of fish. While the goal is to, one day, use cryptocurrencies to settle and finalize payments, we're still at a time where the easiest way to own cryptos is using fiat currencies to purchase them.
That's where trading comes in.
Just like fiat currencies and stocks, you can buy and sell cryptocurrencies and make profits and losses. They both involve price movement speculation.
However, unlike fiat currencies and stocks, cryptocurrency prices are highly volatile. For example, daily percentage changes can spike or plunge in double digits.
So, you have to take your time to understand the market before trying your hand.
You can buy actual cryptocurrency assets via exchanges or use a CFD trading account to speculate price movements.
With CFDs (Contract for Difference), you're betting your money on a cryptocurrency's future price without buying the actual token. This type of trading is purely aimed at making a profit.
You can open a short position ("sell" or "go short") if you think a token's price will fall in the future or open a long position ("buy" or "go long") if you think it will rise.
You'll be leveraging a small deposit, known as a margin, to expose yourself to the real cryptocurrency market. Whatever amount of deposit you make, the total size of your position will determine your profits and losses, which amplifies how much you stand to gain or lose.
For example, if you open a $50,000 long position and use a 10:1 (10x) leverage, you'll have to commit a $5,000 deposit, which is your margin.
Going through a cryptocurrency exchange means you're purchasing the real crypto asset, which you can then transfer to a private wallet or sell at a later time. This is the best way to go about things if you're looking at keeping crypto assets long-term.
This form of trading is called Spot Trading. Each trade is settled when there's a price match between a buyer and a seller.
People regularly place buy and sell orders (more on that later) on exchanges, which are filled when the conditions are met. So, for example, a buyer's order of price X will be matched with that of a seller who placed a sell order at the same price.
You can trade cryptocurrency easily on the same day through exchanges.
Firstly, you have to sign up on the exchange and set up your wallet.
After signing up, you'll have to go through the exchange's process of depositing money. Some exchanges require some form of identity verification before you can deposit and start trading.
After depositing your fiat currency, such as Euro, Pounds, or Dollars, you can quickly go to the trading platform's spot market to buy a token.
However, some platforms allow you to buy crypto assets such as Bitcoin, Ethereum, and Ripple using your credit card.
Once bought, the token is transferred to your wallet. After that, you can withdraw the cryptocurrency to any other digital wallet or sell it whenever you choose to on the exchange.
Exchanges work with trading pairs. Each cryptocurrency has its unique abbreviation, known as a ticker. For example, Bitcoin trades with the "BTC" ticker while Ripple trades with the "XRP" ticker.
Trading pairs help you identify how you buy a token. They are assets that can be exchanged for each other.
When you open an exchange's spot market, you'll see many different trading pairs.
A typical example of a trading pair is BTC/USD. You buy the asset on the left with the asset on the right.
So, for example, to buy Bitcoin using the USD (US Dollar) you deposited, you'll have to select the BTC/USD trading pair, enter the amount of Bitcoin you want to purchase, and click on Buy.
To sell, select the trading pair, enter the amount of Bitcoin you want to sell, and click on Sell.
As we mentioned, there are many different trading pairs. You can exchange one cryptocurrency for another. For example, the ETH/BTC trading pair allows you to exchange ETH for BTC and vice versa.
Stablecoins are crypto tokens that are pegged to the value of a fiat currency. A well-known example is Tether (USDT), which is pegged to the US dollar. Other examples include USDC and USDT. You'll find that trading with stablecoins helps simplify things as you're exposed to more USDT and USDC pairs.
So, after depositing your fiat to the exchange, you can convert your funds to a stablecoin without worrying about its value dropping.
As we mentioned earlier, you have to go through spot trading to buy or sell a crypto asset in a centralized exchange, and spot trades involve setting buy and sell orders.
There are different types of orders that allow you to buy and sell cryptocurrencies at a specific price.
These orders serve as tools to help you manage risk, maximize profit, and minimize your loss.
Placing a market order allows you to sell or purchase a token instantly. It tells the exchange to fill your order at the best available price.
When you check your order detail, you might notice that your coin was sold in batches at different prices.
This order type works for people who want to buy or sell as quickly as possible without waiting for a specific price.
While the market order is the fastest way to buy or sell crypto assets, it's not always the best option. Depending on the market's volatility, the trade could be filled at a much worse price than what you anticipated.
A limit order instructs the exchange to buy or sell a crypto asset at a specific price. The asset won't be bought or sold until its price falls or rises to the price you entered.
Suppose you want to buy a token at $9,000, but it's currently trading at $9,500. Then, you can set a limit order of $9,000. This way, your order will only be filled whenever the cryptocurrency's price falls to $9,000.
To set the order, you have to enter the amount of Bitcoin you want to buy. In most cases, the exchange will automatically fill in the price in USD (if you're buying with USD).
You can't set a limit order above a token's current market price since a better price is already available. However, in most exchanges, the cryptocurrency will be bought immediately after you set such an order.
The same goes for setting a sell limit order. Your asset won't be sold until its price reaches the specific price you set, and if you place a limit order at a lower price than the current market price, it will sell immediately.
You should note that there's no guarantee that the exchange will fill your limit order. For example, the limit order will not be executed if the token's price never falls or rises to your set price. Also, in some cases, the exchange might fill the order partially or not at all if the token's price grows too fast and there are no matching orders to execute your buy or sell order.
A stop order instructs the exchange to set a limit or market order when a specific price is met.
There are two types of stop orders: stop-loss order and stop-limit order.
When you set a stop-loss order, a market order is triggered. That means, when the token reaches a specific price, the exchange is allowed to sell or buy it at the best available price.
For example, if you set a sell stop-loss order for Bitcoin at $9,000, the exchange will fill the order at the current market price whenever Bitcoin reaches or crosses $9,000. Note that the order will be filled whether the price goes up or down.
The downside of using a stop-loss order is that the order could be filled at a worse price than you expected.
The exchange will set a limit price order once your stop-limit order is triggered. That means you have to put a stop price and a limit price separately. While you can use the same price for both orders, setting the limit price slightly above or below the stop price increases your chance of filling the order.
For example, if Bitcoin is currently trading at $9,500 and you want to buy it at $9,000, you can set a stop price of $9,100 and a limit price of $9,000. Then, when Bitcoin's price falls to $9,100, the exchange will automatically place the $9,000 limit order.
Unlike the stock market, the crypto market trades 24 hours a day, seven days a week. As a result, you can buy and sell crypto at any time.
That said, your exchange might suspend spot or margin trading due to maintenance or upgrade. Server downtimes can also affect trading.
So, if you've been asking the question, "Does Bitcoin trade 24 hours a day?" you now have your answer.
Day trading is a convenient way to buy and sell crypto for profit. As long as you know the best time of day to sell Bitcoin after buying, you can easily make a lucrative career out of trading cryptocurrencies on the same day.
Crypto prices are highly volatile. Price movements within one hour can make a huge difference in profits and losses. That is why the cryptocurrency market is a fertile ground for those who know what to do.
Day trading allows you to take advantage of the substantial price changes of any crypto asset. That said, you have to be careful as you could also incur huge losses if the market takes a different turn from what you anticipated.
Since you want to profit from cryptocurrency price movements, the best time to sell is when the token rises above your entry price. You have to determine how much profit you want to make and stick with it.
Now that you know how to use the different order types, you can easily set your entry and exit prices.
If you're day trading, make sure you monitor price movements closely. You could also delve into learning Fundamental Analysis and Technical Analysis, tools that advanced traders use to understand and speculate the state of the crypto markets.
Another way to determine when to sell your cryptocurrency is by following the news. First, learn everything there is to know about a token and its project development. Then, follow updates about new changes coming to the project, especially collaborations, that could sway a token's price.
News about government regulations, crypto comments from influential individuals, and security breaches can significantly impact the cryptocurrency market.
So, take all these into account when trading cryptocurrencies.
Cryptocurrency trading is risky. Trade carefully and make sure you're ready to bear the risk of losing your entire deposit.
The race towards stress-free, productive and efficient everyday life is reaching an all-time high. Individuals are not the only ones digging around for methods to reduce the hassles involved in work and play; multinational corporations are also doing so. The Blockchain revolution came at just the right time with its many prospects, including the promise that ordinary people would be able to access services that are continents away without having to pay trolls and gatekeepers. Moreover, the currency of exchange would be finite, never bending to inflationary pressure, exchange rates, and every other factor that currently limits the traditional fiat system. But is this revolution relevant? Are the currencies that are emerging at every turn usable for everyday transactions? In other words, what can you buy with cryptocurrency?
Since the first recorded transaction of Bitcoin by pioneer Laszlo Hanyecz in 2010, the use of cryptocurrency to buy and sell has skyrocketed. In the same way, visionary individuals and organizations have set up trading platforms to keep the ball rolling. What this means is that the use of Bitcoin and its sister cryptocurrencies is doubling, tripling, quadrupling every day. The smartest companies, knowing this, are setting up online and offline platforms where you can use Bitcoin to buy almost anything, from groceries to online games, from computer parts to you-name-it.
So here are ten things you might be interested in buying with your bitcoin:
When Satoshi Nakamoto launched bitcoin, its detractors dismissed it as a gimmick with a short shelf life. One of the concerns centered around what you can buy with Bitcoin. As it turned out, you can buy food with it. Laszlo Hanyecz is the very first person who used Bitcoin to do something other than making predictions on colourful line graphs and regression blueprints. He spent 10,000 BTC to buy two pizzas from a Papa Johns in Jacksonville, Florida, on May 20th, 2010. Ever since then, pizzas have become a kind of symbol for the everyday stuff that can be purchased or retailed using Bitcoins.
Bitcoins are about as precious as gold at the moment, if not more. However, the advantage of Bitcoin is its borderless nature. This means that as long as a grocer accepts cryptocurrencies as payment, you would be able to eat and drink at any private or luxury restaurant anywhere in the world without having to change your money into the national currency. Let’s not forget that the coin is digitally transferrable, which means that a tap on your phone screen could easily get you the most exotic meal ever. Of course, if the nearest restaurant to you accepts them, this is just as well. Today, Papa Johns in Jacksonville is not the only store accepting Bitcoins; Lightning Network has a platform that receives your Bitcoin and 1agets your food to you.
If you happen to be in the right KFC, Burger King, Pizza Hut or Subway branch and somehow left your wallet at home, you can use the wallet in your phone to pay for your meal with Bitcoin. Whole Foods and one or two other supermarket chains also let you buy groceries with Bitcoin.
If Bitcoin cannot be used to purchase the oldest needs of human society, it might be pretty useless to a lot of people. But this is not the case. With a bit of Bitcoin and network connectivity, you could browse through rows and rows of clothes from the comfort of your bedroom, select your choices and pay for them. There are no limits to the kind of clothes you can buy, costly or budget, or the clothing brand. The biggest designers, from Chanel to Clavin Klein, and several others on that grade are investing in and accepting Bitcoins. Even thrift shops are not left out.
Again, the trick is to get clothing stores that accept cryptocurrencies. More and more business organisations are creating online platforms to facilitate the process. However, getting a gift card from the store you want to patronise is one of the easier methods to know whether it accepts Bitcoins or not.
No, Amazon does not directly accept Bitcoin but there is a convenient workaround—there's always a workaround.
All you have to do is find a crypto site like Purse.io or Fold that offers middleman services on Amazon. In a nutshell, they can order a product on your behalf while you reimburse them with the equivalent value, in Bitcoin. Some of them can sell you Amazon gift cards which you can then use to buy whatever you want on the eCommerce service.
For geeks and other lovers of video games, this is one of the biggest selling points of the Blockchain revolution. Video game distributors and other stakeholders in the gaming industry have been using this opportunity rather well since 2016. Steam became even more popular that year when it became possible to buy Steam games with Bitcoin via its partners. Several other game merchants followed Steam's lead and jumped on the crypto wagon.
Now that all kinds of new devices, mobile phones and PCs, especially, are being optimised to provide exciting features and fantastic displays, BTC has allowed vendors to reach out to every corner of the world. There are even more platforms in this regard that help you buy video games directly from developers and retailers. Joltfun, Bitrefill, Keeps4Coins, Green Man Gaming, and several others are there to help you buy from Steam, Xbox, Nintendo, Rockstar Social Club, and even Google Play. Of course, you can buy directly from the big boys, like Xbox and Playstation Network, and not have to rely on these middleman platforms.
Not only can you use crypto to purchase exciting new titles from game distributors, you can buy electronics with bitcoin, including the consoles and computers the games are played on. You don't have to take our word for it. Find your way to Newegg and some other retail stores and you'll be able to pay for pretty much anything you fancy with bitcoin.
If you're looking for where to buy computer parts with Bitcoin, Newegg has got you covered as well.
If you're swimming in eBay gift cards, you can use a service like Paxful to convert them to Bitcoin, Tether (USDT) or Ethereum (ETH).
However, the transaction will not take place on eBay since the site doesn't deal directly with crypto. Simply go to the site of the crypto service and trade in your verified eBay gift card for the desired virtual currency.
There will be several offers listed by different vendors and it's up to you to choose the one with the best rates.
This is exactly the same method you can use to buy Bitcoin with razer gold gift cards on supported websites.
Identity and privacy are a big deal now. Many Virtual Private Network (VPN) providers have joined the crypto wagon long ago, which means that you can protect your identity with a bit of Bitcoin. Thanks to the COVID-19 pandemic that drove most people indoors last year, more VPN providers have joined the train and now accept Bitcoins. These include ExpressVPN, ProtonVPN, NordVPN, SurfShark, CyberGhost VPN, IPVanish, PIA, and many others.
One of the advantages of buying a VPN with Bitcoin is that you can easily evaluate the pricing and services available upon purchase. A single BTC, after all, is a single BTC when transacting with ExpressVPN or ProtonVPN.
For a currency that is digital in its entirety, it would be a bit odd if it could not be used to buy websites and cloud-based services. Whether you are interested in a temporary cloud membership, or just want to build some features on your own website and require add-ons that are on sale, finding web hosting that accepts bitcoin is an easy task. MEGA, one of the biggest cloud-storage services, accepts Bitcoin, and so do others like the Wikimedia Foundation (the establishment behind Wikipedia). So you can buy several gigabytes of cloud-based storage or a domain name, a private server or anything along those lines with BTC.
You can evaluate the terms and pricing of each web hosting or cloud service provider and reward the one that offers you the best value with some of your satoshis (Bitcoin fractions) in exchange for a monthly, weekly or annual plan.
Airline tickets, train tickets, tickets to go out on the sea, tickets for a show in the neighbourhood or the other end of the world, you name them. This is one of the areas where cryptocurrencies, as coins that do not recognise any kind of barriers and borders, come into their own. As more airline companies are finding out, some people prefer to have their wealth with them as they go, and so they have started to create online exchange platforms that not only accept your Bitcoin but also give you some in exchange for fiat currency.
Some of the airlines that accept Bitcoin are Virgin Galactic, CheapAir, Destinia, aitBaltic, Peach Aviation, Abitsky, LOT Polish Airlines, and several others. On their websites are options to pay in BTC, so the entire process is smooth and stress-free.
We have to thank Elon Musk for popularizing the idea of buying cars with BTC. Tesla made a big deal of selling out its cars in exchange for Bitcoins. That is, before Musk pulled out with an excuse.
Others have followed, naturally, which means that there is an entire industry of supercars waiting to be purchased with Bitcoins. Maybe you want something that is neither sleek nor likely to sink your entire savings in one transaction. No worries. There are brands and car dealerships that accept Bitcoin as payment, some of which sell only second-hand vehicles. So, if one of your crypto tokens has mooned enough to support your thirst for a Lambo, Bugatti, Porsche or a similar supercar brand to cruise around in, you can reach out to dealerships like BitCars, AutoCoinCars and others that wheel and deal in cryptocurrencies.
Note that the majority of car dealerships will only take Bitcoin if you are willing to make the transaction in the cryptocurrency. This means that you wouldn’t be able to buy the cars you want at such shops if you are not willing to pay only BTC for it.
One of the selling points of Bitcoin at the moment is the prospect of long-term investment. Because people are still getting onto the cryptocurrency train, there is a tendency for the value to jump sky-high and plunge to the ground. A good example is the May situation when the value of a single Bitcoin fell below $30,000. Considering that the coin was worth about $64,863 a few weeks prior, this was scary. However, it was also an avenue to invest in a sector that is difficult to enlist in: Real Estate.
As the most profitable aspect of Real Estate is in its long-term investment factor, it is a perfect fit for Bitcoins. This is why realtor agencies like Bithome, WeWork, SafeWire, Republic, etc. are becoming increasingly popular. You can take advantage of this and buy properties with Bitcoin especially considering the hassles required when you want to pay with fiat money.
Gold has always been somewhat elusive. It is currently the most precious metal in the world as the gold market is worth about 11 trillion. This is one of the reasons some people take a binary approach to gold and bitcoins. For them, it is not to be or not to be. Why not just buy gold with Bitcoin and have both?
Almost anything can be purchased with Bitcoin today, and the world’s most precious metal is not exempted. If the fluctuation of Bitcoin prices scares you, you might as well buy gold which is considered by many to be stable and more secure. Platforms like European Mint and Bitgild are well-known for their interests in playing the merchant so you can exchange gold bars for Bitcoins and vice-versa at a reasonable rate.
Naturally, you can use Bitcoin to buy other cryptocurrencies. Without question, this is the most popular way for people to acquire other digital tokens. This exchange is currently a mine because different crypto coins have varying exchange rates relative to BTC. If you think that a new coin that is currently worth 0.00001 percent of a penny is likely to significantly appreciate over time, you could buy a bunch of units with your Bitcoin. This is how Ethereum came into the picture and it is currently on the top shelf of cryptocurrencies. So yes, other currencies are a go.
With the price of BTC so high and most analysts projecting even higher gains in the future, it might not look very appealing to hold only BTC if you're a retail investor. Using your BTC to pivot into altcoins with strong base fundamentals and real-world use cases might just be your ticket to financial freedom. And this is perhaps the easiest thing to do with bitcoin: simply go to an exchange or DEX and buy (or swap) your BTC with the equivalent value of an altcoin you fancy.
Exchanging one digital currency for another is pretty easy as long as you're aware of a few ground rules.
You can exchange your crypto on a centralized or decentralized exchange for another one by buying its trading pair. For example, if you hold BTC and wish to buy some Doge, you can do so by going to the Doge/BTC pair on the exchange and selling or swapping some of your bitcoin to acquire the equivalent value in Dogecoin.
Animal meme-rs know doge as a particularly cute breed of the Shiba Inu dog that reached iconic status in the meme community. Crypto lovers know it as the code for Dogecoin, which briefly reached a market cap north of $81 billion on the back of an Elon Musk-inspired pump.
The success of Doge naturally gave rise to a plenty of coins with animal-inspired names and themes. With cats and dogs and their relatives in the animal kingdom playing such important roles in cryptocurrency's modern history, it's only fair to be able to spend some of the coins on animal supply. Stores like Bitshopping provide access to a whole host of pet supplies including but not limited to toys, food, and grooming tools. You just need to select your items, checkout, and then pay in crypto. Some sites out there even let you purchase pets with Bitcoin.
0.00000001 BTC or 100 million satoshis is the smallest unit of Bitcoin. In theory, this is the smallest amount of bitcoin that can be held.
In practice, the minimum amount of bitcoin you can buy depends on where you're buying it from. Each exchange has its own terms and conditions. Some can let you buy as low as 0.000001 BTC while others won't let you buy anything less than 0.0001 BTC.
Are you a newbie to the Blockchain age and have no idea how to get bitcoin? It is relatively easy. There are estimated to be around 10,000 different crypto coins at the moment, some of which are raising money through initial coin offerings (ICOs). This is the easiest way to get crypto coins. Of course, it usually takes a while before a new coin gets you anywhere or anything. Therefore, if you are interested in cryptocurrencies enough to spend some money, you can directly buy established coins from many vendors and wallet providers. Not only can you buy bitcoin for long-term keeping, you can buy things with Bitcoin as well.
Knowing the different rates that these exchange companies charge per unit of Bitcoin is important. Google is your friend, so make sure to determine that you are getting the best rate from a reliable source. Of course, if you have a wallet, that resolves the issue, so you can buy airline tickets, video games, cars, or more crypto coins if you want. There is definitely a store accepting Bitcoin. You only need to search them out.
All in all, having Bitcoin is a gateway to endless possibilities. As more and more people and organizations get interested and involved with elements of the Blockchain revolution, especially crypto assets and currencies, the window of opportunity can only get wider and wider. Naturally, there are still a few limits to the wide usage of Bitcoins, especially since some companies are still hesitating. Nevertheless, the basics and luxuries of life are available for purchase by Bitcoin, you only need to know where these providers are.
So, if anyone were to ask you the question, "What can I buy with Bitcoin?", you can helpfully point them in the direction of this article.
Dogecoin is arguably one of the most popular cryptocurrencies this year, following a series of bull runs thanks to its solid fan base and Elon Musk. You certainly don’t have to be a crypto nerd to hear the word “Dogecoin” tossed around on a few occasions by various people. However, not everyone knows what dogecoin cryptocurrency is all about, why it was created, or how to buy it.
As a result, we have compiled things you need to know about Dogecoin and what to watch out for before you add it to your list of digital assets. In this guide, you will learn how you can buy dogecoin, how to mine dogecoin, and how to use Dogecoin. Today, dogecoin digital currency is ranked the 8th-largest cryptocurrency on Coinmarketcap.
Dogecoin is a community-based, open-source digital currency that runs on its blockchain. It is a hard fork (or copy) of Luckycoin, which is a copy of the Litecoin blockchain. If you are new to cryptocurrency, you can visit our previous post to understand how it works.
Dogecoin is in many ways similar to Bitcoin as they both run on a distributed ledger called Blockchain. However, DOGE takes lesser time to mine as opposed to Bitcoin. Another interesting fact about Dogecoin is that it is inflationary, meaning that it has an infinite supply.
For instance, Bitcoin has a maximum cap of 21 million, and no more of those 21 million BTC can ever be created. On the contrary, there is no limit to the amount of DOGE that traders can mine. As of date, there are over 130 billion Dogecoins in circulation, and many more will continue to be created.
Dogecoin is known for its committed community of supporters. Asides from this, the cryptocurrency has major draws like its low price, speed, and short-term price movement. Due to increased mainstream adoption and several public endorsements, dogecoin has risen above a market cap of about $25 billion.
Despite the recent popularity and meteoric price surge, Dogecoin creators didn’t plan dogecoin to become what it has turned out to be. It was developed as a satirical project to mock the rise in the popularity of Bitcoin and other cryptocurrencies. To know more about Dogecoin, let us have a backdrop by starting with how Dogecoin was created?
Dogecoin was created by two software engineers Billy Marcus and Jackson Palmer, in December 2013, who started as a joke. The creators intended to make a parody of Bitcoin when cryptocurrency started to amass popularity. Dogecoin got its name from the viral image of Shiba Inu Dog (a Japanese dog breed), which later became its logo.
At first, people used DOGE to tip creators for completing specific online tasks like creating content on Twitter or Reddit. After a short while, the meme-inspired cryptocurrency garnered huge followers that later became very loyal ones. Not only are they allegiant to the cryptocurrency but also generous.
In the first quarter of 2014, the community contributed 14 million Dogecoins worth approximately $11,000 to help Kenyans get clean drinking water. Another notable deed was when they donated $30,000 worth of Dogecoin to sponsor the Jamaican bobsled team’s trip to the Olympics that same year. They have also done many more laudable humanitarian acts even without a central authority.
Dogecoin also benefitted from the 2017 bull run as its market cap broke the $1 billion barriers. However, things got a little exciting for the Dogecoin community and the crypto itself when Musk took an uncanny interest in it. At some point, Elon Musk referred to himself as the “Dogefather” alongside other seemingly promotional comments, which in turn drove prices higher.
Musk was also interviewed on Saturday Night Live Show over his obsession with Dogecoin. Whenever Musk commented on the coin, prices always shot upwards. Elon Musk’s act and many more have contributed to the extreme price action of the cryptocurrency this year. The surge was also due to Dogecoin’s ever-enthusing fans that always looked for opportunities to pump its price.
Surprisingly, the hype and attention pushed Dogecoin higher to the top ten cryptocurrencies. The market cap of Dogecoin grew six-fold from December 2020 to January 2021, a remarkable feat while most altcoins are still struggling to keep afloat. Dogecoin received special mainstream attention when Bitcoin consolidated for weeks.
Dogecoin uses Proof-of-work (PoW) consensus mechanism to validate and update new blocks to its blockchain network. Proof-of-work refers to a process where miners attempt to solve a complex mathematical puzzle to add new blocks to the blockchain (mining).
But how hard is it to mine Dogecoin, how long does it take to mine Dogecoin, and how can you get involved in Dogecoin mining? These and many more are the questions we get from people, especially newbies, and we will try our best to answer them in this article. You can catch up on how cryptocurrency works on our blog.
To start with, mining Dogecoin is much easier and faster than mining Bitcoin. Before it boomed, one amusing feature of Dogecoin was that miners could receive their rewards ranging from 1DOGE to hundreds of thousand DOGE. In 2014, the dogecoin reward system for miners was changed to a static reward. Regardless, the block reward is still significantly high – 10,000 DOGE when compared to more popular coins.
Like other cryptocurrencies that rely on PoW, Dogecoin miners attempt to randomly generate a fixed-length value, called “hash,” It is equal to or lower than the target value known as target hash. The first miner to come up with the correct result appends the next block and receives newly minted coins as a reward.
Miners feed block data through a hash function to produce a hash. Unlike Bitcoin that uses the SHA-256 hashing algorithm (or function) to generate a hash, Dogecoin uses a less complex algorithm called Scrypt. As a result, new blocks are added every minute on the Dogecoin protocol. Besides, Dogecoin is also more energy-efficient than Bitcoin.
Another notable perk of the cryptocurrency is the coin’s somewhat unexplainable growth is “merged mining.” It is a term used for the process of mining two cryptocurrencies concurrently without affecting overall mining performance. Since Dogecoin (being a fork of Litecoin) uses the same hash function, miners can easily merged-mine both to earn more profits.
Nowadays, earning free Dogecoin for completing simple online tasks can be pretty difficult compared to earlier times. So, you might want to consider working as a miner if you are looking for alternate methods to earn Dogecoin. As a miner, you can either work solo, join a mining pool, or participate in Dogecoin cloud mining. However, people usually recommend joining a mining pool.
If you have been thinking- Where can I buy Dogecoin? Well, Kyrrex provides you with an easy way to buy Dogecoin using fiat or other cryptocurrencies. You can also buy dogecoin on some other popular online brokerages like Robinhood or eToro. Although, you can improve your trading skills through access to Dogecoin and several other digital assets on the Kyrrex trading platform. You can buy and sell dogecoin cryptocurrency at Kyrrex with ease. Kyrrex also gives room for cryptocurrency exchange.
Since you are purchasing a digital currency, you need a crypto wallet. It’s best to move your Dogecoin to a secure crypto wallet once your purchase is completed. There are several types of wallets, such as online, software, and hardware wallets. Kyrrex offers a secure integrated digital wallet to its users. That way, you don’t have to move your coins all around.
Many people often ask if they can invest in Dogecoin. Yes, you can choose to invest in Dogecoin. The cryptocurrency has been one of the few coins with extreme volatility this year, thanks to Elon Musk and few other celebrities. However, you might want to have a proper analysis of the markets before investing.
Given that Dogecoin has no maximum supply, unlike other cryptocurrencies, it is highly inflationary. Dogecoin is in many ways similar to fiat currency. Therefore, it is not a very good investment in the long term since supply is infinite, giving no motivation for people to hold it for long periods.
A good strategy might be to invest in DOGE in the short term due to its occasional price bursts. For instance, investors made quite a fortune from Dogecoin earlier this year following its massive upward rally. Nevertheless, you should invest with caution because cryptocurrencies generally are very volatile and may incur huge losses.
If you’re wondering-What is Dogecoin used for, or where can I use it? You are in the right place. Apart from short-term investments, you can use your Dogecoin to purchase online stores that support it. For instance, the basketball franchise Dallas Mavericks announced in March that it accepts Dogecoin for tickets and merchandise.
Cryptocurrencies have brought various business opportunities. From the rise of online crypto services to spending cryptocurrencies as cash now, they can be held as a value store. Cryptocurrencies like Dogecoin have fixed some inefficiency of the traditional financial setups due to their speed and low prices.
Right now, there are hundreds of companies and stores that now accept Dogecoin as a payment option. DOGE holders now make purchases online and in stores. Since its inception, dogecoin has come a long way from being a joke cryptocurrency to one currently taken more seriously than ever before.