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“What is a Bitcoin Marketplace?”

In keeping with this era of evolving technology and how digitally dependent most of society has become, money has transformed in numerous ways. Traditional physical cash is no longer the only method of transaction. Our assets and savings have taken on a more virtual form, becoming cryptocurrency. Since their initial launch, cryptocurrencies have left a […]

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In keeping with this era of evolving technology and how digitally dependent most of society has become, money has transformed in numerous ways. Traditional physical cash is no longer the only method of transaction. Our assets and savings have taken on a more virtual form, becoming cryptocurrency.

Since their initial launch, cryptocurrencies have left a mark on the world of finance that is difficult not to notice. Originally infamous for acting as safe havens for criminals and money launderers, cryptocurrencies have completely changed their reputation, both from a technological perspective and their general popularity. In the media, various online forums, and even everyday conversations, digital currency has managed to sneak its way into the public consciousness. Even those who are not familiar with the mechanics of cryptocurrency are at least aware of what it is.

Having taken on a life of their own, so to speak, the creation of a marketplace for cryptocurrency seemed like a natural progression. With a wide variety of digital currencies for the masses to choose from, it only makes sense that they build their own market. A bazaar dedicated to the countless types of crypto; over 10,000 to be exact.

The big names in the crypto marketplace include Ethereum, Tether, Litecoin, and – the most popular of them all – Bitcoin. In this article, we will explore the Bitcoin market and explain how these innovative exchanges work.

A market turned digital

A Bitcoin exchange functions as a digital marketplace where traders can purchase and sell bitcoins using different altcoins or fiat currencies. A Bitcoin currency exchange is an online platform that takes on the role of an intermediary between the cryptocurrency’s buyers and sellers.

The purpose of a Bitcoin exchange platform is to match buyers with sellers. Similar to a conventional stock exchange, traders have the option to buy and sell bitcoin by inserting either a market order or limit order. As soon as a market order is chosen, the trader starts allowing the exchange to trade the coins for the best price available in the online market. With an established limit order, the trader instructs the exchange to trade coins for a price lower than the current ask or exceeding the current bid. This will ultimately depend on whether they are planning to buy or sell.

Transacting on a Bitcoin exchange requires that the user be registered with the exchange and undergo several verification processes to confirm their identity. Successful authentication will open an account for the user, who in turn can transfer funds into this account prior to buying any coins.

Every exchange has its own payment method that facilitates the deposit of funds. Some include direct bank transfers, bank wires, bank drafts, debit or credit cards, money orders, and gift cards. A trader looking to withdraw money from the account could do so with their exchange’s provided options. Some noteworthy examples of these options include cash delivery, check mailing, bank wire, or a transfer via PayPal, bank, or credit card.

Decentralization in markets

The introduction of cryptocurrency and blockchain technology to the financial industry has effectively created more opportunities for decentralized markets to operate in.

The technology running a decentralized market allows investors to do business directly with each other as opposed to working from within a centralized exchange. An example of these types of markets is virtual markets that utilize decentralized currency (i.e., cryptocurrencies).

Decentralized bitcoin exchanges operate without the involvement of a central authority. These exchanges enable peer-to-peer digital currency trading without a need for an exchange authority figure to play a part in the transactions.

There are a variety of benefits that come from using decentralized exchanges. To start with, most cryptocurrency users see decentralized exchanges as being better matches to the decentralized structures of most digital currencies. Furthermore, many decentralized exchanges require less personal information from their participants than other exchanges. Another advantage is that if users directly transfer assets to other users, it will eliminate any need for transferring assets to the exchange. As a result, there is less risk of larceny from hacks and other fraudulent activities. The third benefit of decentralized exchanges is their capability of being less vulnerable to price manipulation and other forms of illegal trading.

With that in mind, decentralized exchanges – as is the case with all cryptocurrency exchanges – need to preserve a basic level of user interest, specifically in the form of trading volume and liquidity. Not every decentralized exchange has been successful in achieving these crucial baseline qualities. Moreover, decentralized exchange users may have less recourse should they fall victim to fraud than those who use exchanges that operate with centralized authorities.

For the most part, virtual markets are not regulated, which many of their supporters believe to be a good thing. A virtual marketplace’s mediums — including decentralized currency — and intrinsic technology provide investors with a strong sense of security and confidence when it comes to their transactions. However, with the growth of markets that utilize decentralized currencies for transactions, there has been a surge of discussions pertaining to potential regulations.

Common fees

Every bitcoin exchange has transaction fees. These are typically applied to finalized buy and sell orders that have been executed within the exchange. The fee rate is determined by the volume of bitcoin transactions that have been conducted.

There is always a price that comes from making deposits and withdrawals, depending on the payment method used to transfer funds. If there is a high risk of a chargeback from a type of payment, the fee will also be higher. There is a lower risk of a chargeback in wiring money to an exchange or creating a bank draft in comparison to funding your account with PayPal or a credit/debit card.

On top of fees for transactions and fund transfers, traders will often find themselves being confronted with fees for currency conversions. However, this depends on the currencies the Bitcoin exchange accepts.

Conclusion

Despite cryptocurrencies continuing to provoke both indignation and admiration from the public, crypto marketplaces are thriving. With ongoing expansions and more digital currencies being created, it would be fallacious to assume that the Bitcoin marketplace will slow down anytime soon.

Image by PIRO4D from Pixabay

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/company/what-is-a-bitcoin-marketplace/

Blockchain

Wisebitcoin Opens Aggregate Trading For STORJ Against USDT

[PRESS RELEASE – Please Read Disclaimer] Wisebitcoin listed the STORJ/USDT aggregate trading pair on June 3, 2021. With aggregated trading, instead of supporting deposits and withdrawals, Wisebitcoin uses an aggregate trading system that automatically takes buy and sell orders from its own users and places those orders on other exchanges. In this way, users can […]

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[PRESS RELEASE – Please Read Disclaimer]

Wisebitcoin listed the STORJ/USDT aggregate trading pair on June 3, 2021.

With aggregated trading, instead of supporting deposits and withdrawals, Wisebitcoin uses an aggregate trading system that automatically takes buy and sell orders from its own users and places those orders on other exchanges. In this way, users can rest assured that the assets or tokens that are purchased via aggregated trading are all real assets that are in full reserves.

Aggregate trading makes it easy for growing platforms such as Wisebitcoin to quickly provide users with access to new and popular crypto tokens and assets.

The local and external order matching mechanisms used in Wisebitcoin’s aggregate trading system provide transaction speeds and user experiences that are similar to those seen when placing orders for other trading pairs on Wisebitcoin.

To meet the deposit and withdrawal requirements of users, Wisebitcoin will evaluate the volume of its aggregate trading tokens to determine whether to dock with project wallets that contain a large number of tokens or assets.

By providing liquidity, fast transactions, low fees, and a clean, intuitive UI to traders, Wisebitcoin makes it easy to invest in the crypto space and to trade popular, high market cap tokens and assets. By adding aggregate trading for STORJ to the platform, Wisebitcoin opens the doors to investment in one of the most popular decentralized file sharing and storage projects seen in the last few years.

About STORJ

Storj delivers secure, private, reliable, affordable, and decentralized cloud object storage for developers. Storj’s Decentralized Cloud Storage (DCS) files are encrypted, broken into pieces, and then distributed across a global cloud network instead of being stored on a single, centralized server. This makes data breaches impossible, and default encryption comes standard for all files. A decentralized network of Storage Nodes also makes data always available when it is needed, and open-source, full-stack compatibility makes it easy to build on the network.

You can learn more about the project here and you can read the project whitepaper here.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/wisebitcoin-opens-aggregate-trading-for-storj-against-usdt/

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Blockchain

Dave Portnoy Disasgrees with Donald Trump That Bitcoin is a Scam

Barstool Sports founder Dave Portnoy said he disagrees with Donald Trump and that bitcoin’s not a scam.

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The CEO and founder of Barstool Sports – Dave Portnoy – admitted that at the beginning, he thought Bitcoin was a ”Ponzi scheme.” Eventually, he changed his stance and even opposed Donald Trump, who called the primary cryptocurrency a ”scam.”

Trump Is Wrong

In a recent interview for ”Varney & Co,” the founder of Barstool Sports – Dave Portnoy – shared his current view on bitcoin and the crypto market. He revealed that years ago, when the primary digital asset was introduced, it looked like a ”Ponzi scheme” to him, but later he started realizing its merit:

”I thought when Bitcoin was first introduced and for a long time that it was a Ponzi scheme. I’ve come around on it. It’s too widely accepted, there are too many people using it, too many big people believe in it, too many stores accepting it. There’s liquidity. You can get in and out of it easily.”

Recently, the ex-US president Donald Trump said Bitcoin looks like a scam and backed up the dollar as the ”world’s currency.” Portnoy opposed Trump even though he also had his doubts about the asset in its first years :

”I don’t know what it started as, but I certainly wouldn’t say it’s a scam now.”

Later on, the founder of Barstool Sports commented on the recent decline of the crypto market. He raised hopes that soon enough, digital assets will increase their fiat currency value. In his opinion, investors should be patient with them and hold on ”for the long game:.”

”Crypto isn’t going anywhere but it’s hard to brag about how great everything is going when you are down 50%.”

Portnoy’s Change of Heart

In September 2020, Portnoy pointed out that bitcoin lacks accountability due to the anonymity of Satoshi Nakamoto. As a result, if investors end up losing money or being scammed, they would prefer to know who’s the person behind the entire operation. He went even further, calling it ”one big Ponzi scheme.”


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It is worth mentioning that at some point, Dave Portnoy invested in the primary digital asset. He tweeted about a loss of $25,000 and stated that he currently owns zero bitcoins. Additionally, he vowed to interact with the stock market rather than the crypto one:

”I don’t need this. I know how the stock market works. I own the stock market. This Bitcoin – I don’t trust this market at all.”

In any case, it now seems that he has changed his stance on the primary cryptocurrency and he even flat-out said that he was wrong about it.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/dave-portnoy-disasgrees-with-donald-trump-that-bitcoin-is-a-scam/

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Rich Millennials Have a Large Chunk of Their Wealth in Crypto: CNBC Survey

47% of millennial millionaires have invested at least 25% of their wealth in the cryptocurrency market.

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Nearly half of the young investors with at least $1 million in their portfolio responded that they had located a large share of their funds in cryptocurrencies. Older generations, though, prefer fiat money.

Crypto Is a Trend among The Millennials

According to a CNBC survey with 750 participants, almost 50% of millennial millionaires have invested at least 1/4 of their wealth in cryptocurrencies. In comparison, more than 30% of them have located at least half of their assets in crypto. The company, which conducted the analysis, was Spectrum Group. Its president – George Walper – explained why the younger generations find the market so tempting:

”The younger investors jumped on it early when it was not as well know. They were more intellectually engaged with the idea even though it was new.”

On the other hand, the majority of older investors owning at least $1 million are not fond of digital assets as 83% of them do not believe in the crypto market and have none of their wealth in it. As a matter of fact, only 1 in every 10 keeps more than 10% of their funds in cryptocurrencies:

”Older investors and the boomers were largely saying ‘Is this legit?’ Older generations are further behind on the understanding.”

In addition, nearly half of millennial millionaires revealed owning NFTs while 40% consider it as a future option. Interestingly, most survey participants were not familiar with what exactly non-fungible tokens are, but they still described them as ”the next big thing.”

14% of Americans Own Crypto

At the end of April, the Winklevoss-run crypto exchange Gemini conducted another survey indicating that roughly 14% of US citizens had purchased digital assets. Two-thirds of the respondents classified themselves as ”crypto curious” while 23 went into the “disinterested” graph.


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Somewhat expectedly, bitcoin (BTC) has remained the most popular cryptocurrency as nearly all questioned people (95%) answered that they are familiar with it. 87% of those who have invested said that BTC is what they own. The Americans showed good knowledge of altcoins too, as 36% have put some of their wealth in ether (ETH), 22% in Bitcoin Cash (BCH), and 16% in Litecoin (LTC).

Like the CNBC survey, Gemini found out that most crypto investors are young people between 25 and 44. According to the collected data, the trading venue noted that ”the ”average” cryptocurrency owner is a 38-year-old male making approximately $111K a year.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/rich-millennials-have-a-large-chunk-of-their-wealth-in-crypto-cnbc-survey/

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Texas Banks Can Now Provide Bitcoin Custody Services For Clients

Texas banks have received greenlight to store bitcoin and other crypto-assets for customers.

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With the recent increase in Bitcoin adoption, the Texas Department of Banking has confirmed that Texas state-chartered banks will now be allowed to store BTC and other cryptocurrencies for their clients.

Texas Banks to Hold Bitcoin

In an official notice issued Friday, the regulator noted that state-chartered banks can provide crypto-related services to their clients as long as they have “adequate protocols in place to effectively manage the risks and comply with applicable law.”

The financial agency also explained that since these digital currencies exist on the blockchain, holders will have to access them using private keys.

As a result, banks can either store clients’ private keys for them or hold the crypto assets in the bank’s custody, with total control over its new private keys. Whichever way, the decision is entirely up to the bank.

“As with the method of custody services, several secure storage options are available to the bank, each of which has distinctive characteristics pertaining to the level of security and accessibility. The bank will have to determine which storage option best fits the circumstances.”

Banks Can Partner Crypto Exchanges

The agency also stated that the bank needs to confirm the existence of adequate coverage with its insurance carrier to guarantee the safety of clients’ crypto assets.


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To be on the safe side, banks are advised to seek professional knowledge of the risks associated with dealing with cryptocurrencies.

The Texas Department of Banking also said that banks can partner with cryptocurrency exchanges to help them provide these services to their clients.

While crypto businesses might see this as a new and welcome development, the agency noted that it is not entirely new within its department.

“Texas state-chartered banks have long provided their customers with safekeeping and custody services for a variety of assets,” the regulator wrote.

“While custody and safekeeping of virtual currencies will necessarily differ from that associated with more traditional assets, the Texas Department of Banking believes that the authority to provide these services with respect to virtual currencies already exists pursuant to Texas Finance Code § 32.001.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/texas-banks-can-now-provide-bitcoin-custody-services-for-clients/

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