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Why Is Bitcoin Cloud Mining the Way Forward?

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Cloud mining allows you to access data centre processing capacity and obtain cryptocoins without the need to purchase the right hardware, software, spend money on electricity, maintenance, and so on. The essence of cloud mining is that it allows users to buy the processing power of remote data centres.

The whole cryptocoin production process is carried out in the cloud, which makes cloud mining very useful for those who do not understand all the technical aspects of the process and do not want to run their own software or hardware. If electricity is costly where you live – for example in Germany – then, outsource the mining process in a country where electricity is cheaper, such as the US.

Types of Bitcoin cloud mining:

There are currently three ways to conduct mining in the cloud:

1. Leased mining. Lease of a mining machine hosted by the supplier.

2. Virtually Hosted Mining. Creating a virtual private server and installing your mining software.

3. Renting hash power. Renting a certain amount of hash power, without having a dedicated physical or virtual equipment. (This is by far the most popular method of cloud mining).

What are the advantages of Bitcoin cloud mining?

– Not dealing with the excess heat generated by the machines.

– Avoiding the constant buzz of the fans.

– Not having to pay electricity.

– Not selling your mining equipment when it is no longer profitable.

– No ventilation issues with the equipment, which is usually heated a lot.

– Avoiding possible delays in the delivery of hardware.

What are the disadvantages of Bitcoin cloud mining?

– The possibility of fraud,

– Operations with bitcoins can not be verified

– Unless you like to build your own Bitcoin hash systems, it might be boring.

– Lower profits – Bitcoin cloud mining services carry expenses.

– Bitcoin mining contracts may allow cessation of operations or payments if the Bitcoin price is too low.

– Not being able to change mining software.

Risk of mining in the cloud:

The risk of fraud and mismanagement is prevalent in the world of cloud mining. Investors should only invest if they are comfortable with these risks – as they say, “never invest more than what you are willing to lose.” Research social networks, talk to old clients and ask all the questions you consider appropriate before investing.

Is cloud mining profitable?

The answer to this question depends on some factors that affect the profitability of investments. Cost is the most obvious factor. The service charge covers the cost of electricity, accommodation and hardware. On the other hand, the reputation and reliability of the company is a determining factor due to the prevalence of scams and bankruptcies.

Finally, profitability depends on factors that no company can predict or control: just remember the high volatility of Bitcoin in the last three years. When you buy a mining contract, it is better to assume a constant price for Bitcoin, since your other alternative is to buy bitcoins and wait for the price to rise. Another important factor is the capacity of the entire network, which depends on the number of operations per second. Over the past few years, power has increased exponentially. Its growth will continue to rely on the value of Bitcoin and innovation in the development of integrated circuits for particular applications.

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Dogecoin Price Drops Almost 10% Following China’s Crypto Ban

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Dogecoin Price Drops Almost 10% Following China's Crypto Ban

Dogecoin’s price has dropped almost 10% following China’s statement that crypto transactions and services are illegal in the nation.

As China Declares Crypto Transactions Illegal, Dogecoin Plunges Almost 10%

According to a report from Bloomberg, China’s central bank has put out a statement saying that all crypto transactions and services are illegal in the country.

The central bank, called The People’s Bank Of China (PBOC), has announced that the ban includes activities like derivatives trading and exchange services offered by offshore organizations.

Following the news, most of the cryptos have noticed a sharp drop in their price as investors panic sell. Dogecoin’s price has tanked almost 10%.

Here is a chart showing the trend in the price of the coin over the last day:

DOGE's price crashes down in response to China's crypto ban | Source: DOGEUSD on TradingView

As you can see in the above graph, Dogecoin’s price was around $0.222 before the announcement, but it dived down sharply all the way to a $0.196 bottom after.

Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum

Since then, DOGE has recovered a bit as its price is now around $0.202. Though, it’s not clear at the moment if that was it for the crash or if the price will move further down.

Bad Month For DOGE As Coin Loses Over 36% In Value

It has been a pretty bad month for Dogecoin as the crypto has seen many moves down in the period leading to a loss of over 36% in value.

The below chart highlights how DOGE’s price has changed during this period:

Dogecoin Price

Dogecoin keeps on falling off before a significant recovery can be made | Source: DOGEUSD on TradingView

During this period, DOGE has also lost significant trading volume as the coin has fallen down to the number 10 cryptocurrency in terms of market cap.

Related Reading | Bitcoin.org Hacked By Scammers For A Few Minutes. Someone Sent Them 0.4 BTC

Here is a table showing the top 10 coins by market capitalization:

Dogecoin Market Volume

DOGE is now last in the top 10 crypto list | Source: coinmarketcap

As you can see in the table, Dogecoin’s market cap has declined to just $26 billion. Although this figure is $11 billion clear of the 11th largest cryptocurrency, DOGE’s place in the top 10 list could still be in danger if the coin keeps on declining like this.

The recent state of the memecoin has made some believe it could be losing steam as its daily transactions count has also dropped to levels not seen since 2017. This shows a lack of trading activity on the blockchain that hasn’t been seen since 4 years.

Some others believe that the meme status of Dogecoin means it will once again explode in popularity and make a come back eventually.

Featured image from Unsplash.com, charts from TradingView.com
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Ethereum Steers into Support, Time For A Return to ATHs?

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KingTiger Casino Temporarily Shuts Down Due To Ethereum Congestion

Ethereum follows the general sentiment in the market and trends downwards in the daily and weekly charts. After news about a confirmed FUD on China banning crypto-related operations, a portion of the market reacted negatively and created selling pressure.

This sent Bitcoin and Ethereum back to their critical support zones. At the time of writing, ETH trades at $2,842 with an 8.2% and 20.4% loss in the daily and weekly charts, respectively.

ETH moving into support in the daily chart due to China FUD. Source: ETHUSD Tradingview

Ethereum technical indicators turned red as the price retraced south of the $3,000 territory with momentum in favor of the bears. However, the Relative Strength Index (RSI) remains neutral at a 39.51 value.

Related Reading | TA: Ethereum Lacking Bullish Momentum, Why ETH Holders Are Safe

This could suggest a reversal in the current trend if combined with the fact that the FUD coming from China was already price-in by another portion of the market. Trader Rekt Capital commented the following on the price action and those affected by “FUD from China”:

BTC investors who have been in the market for a while have heard many different iterations of FUD from China. But newer investors, unarmed with this experience, are the ones who are affected most. Their panic selling is what is fuelling this recent downside.

What Could Trigger A Rebound On Ethereum?

Ethereum’s recent low stands at $2,652, the price is reached at the beginning of the weak on the back on the potential default of Chinese real state company Evergrande. Thus, why ETH’s price must hold that level in case of further downside.

For the bulls to have a fresh shot at reclaiming the $3,000 area, Ethereum must close the daily above $2,900. The Exponential Moving Average (EMA – 10) could be the next objective from there standing at $3,136.

In the short term, strength in Bitcoin or Ethereum could push the market back to the green. The first cryptocurrency by market cap has bullish fundamentals that could benefit the entire crypto market.

Related Reading | As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation

As pointed out by Glassnode founders Jan Happel and Jann Allemann, the Relative Transfer Volume Breakdown, a metric used to measure transaction volume in the market, suggest that institutions are still betting big on Bitcoin (BTC). Alleman and Happel said:

Bitcoin transaction volumes continue to reflect big money moving in the space. Institutional sized capital ($1M+ transaction sizes) represent around 82% of settled volume over the past week. Note the growth in institutional size capital really kicked off since October 2020.

Ethereum ETH ETHUSD
Source: Glassnode via Twitter

In addition, as pseudonym trader LilMoonLambo said, banking giant JP Morgan seems more bullish on Ethereum than Bitcoin. The bank has been dabbing into crypto for a while and their estimates for ETH and BTC mini futures are optimistic for the bulls.

Ethereum ETH ETHUSD
Source: LilMoonLambo via Twitter

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USDA Loan Indiana

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There are a lot of things to understand when trying to get financing for a home and qualifying for a USDA loan. I am going to explain the most important factors when considering the home you are buying, the finance company you want to use, as well as what the criteria are in order to get pre-approved.

The first and most important thing to know is that there are strict income qualification factors. By going to the USDA eligibility site you can actually calculate what your family size is and how much money you make in order to see if you can even qualify for a USDA loan. Typically a family of four or less in Indiana with an income of less than 75,000 will qualify. A family of five or more can make up to 100k and still qualify for a USDA loan. There are other considerations like disabled children or dependants as well that you want to look into. Speaking with a professional loan officer will help you understand the process a little bit better.

The second thing is making sure that the home you desire is in a USDA qualifying area. You can Google USDA eligibility and type in the address of the property to see if the address qualifies. If that doesn’t work you can ask me or your local lender if the property you like will qualify. Once you are approved via USDA your realtor should know what areas qualify and what don’t so make sure when choosing a realtor they know that you are financing the new home purchase with a USDA loan. Also speaking to a professional loan officer will help you understand more clearly what areas qualify and which ones don’t. Typically cities with less than 25,000 people are going to qualify. Rural areas also usually qualify as well.

The third step is to get with a loan officer to get approved. Usually you will need at least a 620 credit score to get a USDA loan. Some lenders go down to 600 but it is more difficult to get approved with lower scores and most professional loan officers will not do it, because there is a chance you would not close. USDA also has strict income qualification factors beyond gross income. Their debt to income ratio is more strict than any other program. Your maximum debt to income can usually be no more than 41%. So all of your debts combined plus your new house payment cannot be more than 41% of your total GROSS income. Your loan officer can help you understand based upon your budget what homes you should be looking at based upon value and total payment with taxes and insurance.

Lastly and tying into the approval process don’t be afraid to shop a few lenders. Don’t talk to 20 loan officers or you will get confused and overwhelmed. Keep shopping to 2-4 loan officers and do business with not only who you feel comfortable with, but who has the experience necessary to get the loan completed, who has a good reputation in the local community (look at reviews and things online), and who offers the best loan for your situation.

Also remember that USDA is strict on what home can qualify for the loan. So make sure you ask your realtor if the home you love will qualify for USDA!

I hope I have helped you understand the USDA process a little more clearly if there is anything I can do to help please feel free to reach out.

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How to Work Out an Automobile Debt Settlement

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All of us are tired of the problems pertaining to transportation, and who does not like to possess a car of his own? In addition, sometimes we need to buy automobiles like trucks and vans when we have our own business and they are required for the easy transportation of goods and services. In addition, when we do not have enough funds of our own, we opt for automobile loans. In addition, all our mirth of getting a new car or truck soon changes to despair when due to unforeseen circumstances we find that we are unable to pay back the loans and most likely, our beloved car would be foreclosed. Knowing a few things about automobile debt settlement could come in handy in such cases.

Reasons for High Interests in Car Loans: This might be a little more difficult than other types of debt settlement programs. Moreover, the rates of interest for automobile loans charged by the creditors are significantly higher than other types of loans. This is because of the highly volatile nature of the asset itself. Even if you have had put the car up as a collateral while applying for the loan, the creditor might find that it is simply not there when they decide to go for foreclosure.

Because the car might have been damaged beyond repair in an accident, and the insurance might refuse to pay up citing a variety of excuses or an unfaithful debtor might simply have driven it out of town without informing them. Alternatively, maybe, the car may simply lose all its value due to poor maintenance. So, before taking out an automobile loan, be sure about your methods to pay them back.

How Can you Negotiate: Because the creditors usually look forward to the collateral for the repayment, chances are that they would settle for a loan reduction if they find the condition of the car less than satisfactory. In addition, if they find that the reduced amount that they would get from the debtor would be more than the value of the automobile, if foreclosed.

This usually happens in the case of accidents when rising medical bills and car loans have to be settled together. Also, if you can provide proper documents and slips regarding your financial distress, considerate creditors would often agree to a negotiation. Providing the address of your garage, for their security can also help you to gain their trust. You can also show them your record of successfully paying off your previous debts, which again helps in most cases.

With a little bit of saving and careful negotiation it is indeed possible to save your car from foreclosure. You should know your options and the laws to make it as better as you can

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Can A Credit Union Help Build Or Rebuild Your Credit?

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The most important way of upgrading or reconstructing your credit is establishing a new credit history. And, an excellent place to go for assistance is a Credit Union because they live by the philosophy of “People Helping People”. They are dedicated to their local communities and focus on improving the quality of life for their members.

They offer financial tools designed to reconstruct blemished credit scores. Credit Unions understand that having “less than perfect” credit makes it difficult to obtain a loan; so they want to help guide their members with get back on track” loan programs. Here are some ways that some credit unions nurture your finances back to health:

Loyalty Loan Programs: These loans will help with immediate needs and also help rebuild your credit. These loans reward the members with on-time payments with a lower interest rate and loan payment over the life of the loan.

• Ability to borrow with an unhealthy credit score

• Flexible qualifying guidelines

• Incentives to lower your loan interest rate and monthly payment

• Improves your overall credit rating and credit score

Credit Builder Loans: These loans are usually made by Credit Unions to help members build or rebuild their scores. This type of loan is approved for a small amount, normally not much more than $1,000. Instead of the member getting the loan amount like they would with a conventional loan, the money is placed into an interest-bearing account. The member makes payments monthly, and after a year or two, the loan is paid off and the money, plus interest is given to the member.

• No qualifications necessary, except a reliable source of income.

• Usually a 12-month term

• Member’s repayment behaviors are reported to the credit bureau

Free Credit Counseling: Many Credit Unions offer free financial counseling. Members that take advantage of this program eventually see increases in their scores which helps create a more financially healthy member.

Repair your credit with a secured credit card: A secured credit card can be a creditworthy tool for people with less than perfect histories. Most of the time, a savings account is used as collateral for the secured card. Secured credit cards are the first step for members who can’t qualify for a regular unsecured credit card. Just be aware that most credit unions don’t promote their unsecured card options, so make sure you ask.

The quickest way to build up a satisfactory score is to borrow and pay back the loan on time. It isn’t difficult, it just takes some discipline. Locate a Credit Union near you and check out what options they have to offer. Rebuilding or establishing new credit is easier with a Credit Union so start constructing a healthier credit history today!

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A New Cryptocurrency Has Everyone Buzzing in Mongolia – 10 Million USD Within 30 Seconds

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IHC

“Decentralized finance is the future. Cryptocurrency helps people live in a community without the traditional middleman expenses. It provides equal opportunities for everyone.” – Ider-Od, co-founder of IHC.

Mongolia is a landlocked developing country, sandwiched between two giant neighbors – China and Russia, located in the center of the Asian continent, far away from seas, oceans, and most importantly, from international trading networks. It is also the 17th largest country by its territory, with a land richly endowed with natural resources. Nevertheless, its unfavorable geographical position has prevented the country from becoming an export-oriented economy and achieving sustainable economic growth. Moreover, Mongolia’s economy, which is the 132nd largest based on its gross domestic product, has experienced the worst setback since its economic transition in the early 1990s due to the strict COVID-19 restrictions imposed by the government over the past two years.

Five entrepreneurs, Ider-Od Bat-Erdene, Erkhembayar Byarsaikhan, Gantig Bayarmagnai, Munkhjin Otgonbaatar, and Munkh-Erdene Burenjargal, are seeking innovative solutions for achieving economic growth and alleviating poverty by making cryptocurrency the main driving force for generating and bringing wealth into the country.

“Cryptocurrency is borderless. It is the key solution for countries like Mongolia for tackling economic issues. We want to empower the powerless by keeping big money, government, and federal banks in check to provide equal opportunities for everyone.” – Gantig, co-founder of IHC.

With over 100 billion token orders fulfilled after its launch at 11 a.m. on August 25, the Inflation Hedging Coin (IHC), a new cryptocurrency created by tech-savvy entrepreneurs, broke the internet. Within just 30 seconds, thousands of enthusiasts invested 10 million USD in the newly created tokens, making it one of the fastest-selling cryptocurrencies in the world.

IHC released 100 billion tokens with 25 billion equally placed on four different cryptocurrency exchanges: coinhub.mn, trade.mn, complex.mn, and dax.mn. IHC has a total supply of one trillion coins, of which 100 billion are now publicly owned. It took only 11 seconds on DAX, 43 seconds on Coinhub, 1 hour on Complex, and Trade for people to buy up all the available tokens, with two of the platforms crashing and overwhelmed by over 100 thousand visitors.

Based on blockchain technology, Inflation Hedging Coin aims to introduce an ecosystem of financial services, including seamless transactions. IHC founders share a vision for creating a decentralized solution to combating inflation.

 

Image by jorono from Pixabay

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Win Rare NFT Tokens in the Massive FTX Cup #1 Tournament

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Win Rare NFT Tokens in the Massive FTX Cup #1 Tournament

Throughout August, TradeLink together with FTX has worked hard to please traders with a large-scale tournament. The main difference from other events is the maximum prize fund of more than $50,000 and NFT prizes, which will be given to the winners. 

The tournament starts on September 25, the duration is one month. You can register by following this link.

The NFT market is quite young, but it has already gathered a lot of hype. The nice thing about NFT is its uniqueness. You can record anything you want in it, from text to video. So recently artist Mike Winkelmann sold his painting for a record amount of $69 million. The FTX exchange has released its own NFTs, as well as a marketplace where users conduct auctions. 

Winners of the FTX cup#1 tournament will receive unique tokens that provide privileges and opportunities when using the platform. 

Just look at the beauty of the girls in the unique artwork of professional artists: NFT collection

These tokens provide unique bonuses and privileges. For example, on the TradeLink platform, a token can be used as an achievement in your personal profile, and in the future, it will allow you to use TradeLink services absolutely free. In addition, each token will have unique characteristics, which will be used as an element of gamification of the platform and will open a lot of interesting opportunities to the owners. Just like any other NFT, it can be sold or bought on secondary markets. 

More about the platform:

TradeLink is a startup, a young project among analytics services. By adding API-key read-only – users get detailed trading statistics (in the near future there will be a trading log with information about every deal). Most of all users like the rating system on the platform in which anyone can participate. This allows you to compare your trading activity with other traders.

For professional traders, the platform has over 25 different indicators for account analytics, as well as a widget that can be added to your website to show trader statistics. To give traders additional incentives, tournaments are regularly held where you can compete for prizes and additional achievements.  

1632478140 381 Win Rare NFT Tokens in the Massive FTX Cup 1

At the moment, the platform works with the 4 top exchanges:

Disclaimer: This is a paid Press Release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

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Bitget KCGI Trading Competition Opens for Registration on 20, October with a Prize Pool of 100 BTC

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Derivatives exchange Bitget announced the launch of King’s Cup Global Invitational (KCGI). According to the announcement, the contest has set up a prize pool of 100 BTC and 500 million BGB as well as other custom-made prizes. The registration will open from 20 October to 4 November (UTC+8), and the competition will start from 10:00 am on 30 October to 10:00 am on 20 November (UTC+8).

It is reported to be an annual event for global elite traders held under the principle of unity, fairness and competitive spirit. “This contest aims to provide a level playing field for trade lovers. The competition rules are very user-friendly. All traders are welcome to participate in this game,” says Sandra, Bitget’s CEO.

Total Prize Pool: 100 BTC

The competition includes Team Battle and Individual Competition, each with a prize pool of 50 BTC, adding up to a total of 100 BTC.

The prize of Team Battle or Territory Battle will depend on the number of teams.1-100 teams will unlock 10 BTC. 101-300 teams will unlock 20 BTC, 301-500 teams will unlock 30 BTC. 500+ teams will unlock 50 BTC. A captain can form a team to join the battle if there are more than 30 team members. During the registration period, eligible users can pick their favorite captain to win rewards through futures trading.

The total prize pool will be divided among the ten teams with the highest profits. Within each team, the captain can receive 10% of the team’s total prize. The remaining prize will be distributed among other players according to the proportion of their profits. The 1st place will receive 30%, 2nd place will receive 20%, the 3rd place will receive 10%, and the 4th-10th places will share the remaining 30% according to the proportion of their profits. Among them, the top 7 team captains in terms of revenue can also get customized NFT. For teams ranked Top3 by trading profits, the top3 profit contributors in the team can each receive a PS5 game console.

Individual Competition is divided into Super Leaders (ranking by PNL%) and Super Heroes( ranking by profits) sessions. The total prize pool is 50 BTC each, which will be released according to the number of participants. 10,000 participants will unlock 5 BTC, 10,000-20,000 participants will unlock 10 BTC, 20,000-30,000 participants will unlock 20 BTC, 30,000+ participants will unlock 50 BTC.

The total prize pool will be shared by the top 10 teams/participants with the highest PNL% and profits respectively. In each session, the top 1 can share 40%, the second place will share 20%, the third place will share 10%, and the 4th-10th places will share the remaining 30% according to their proportion of trading volume or profits. Top3 traders can also receive DJI drones or HHKB keyboards, etc. It is worth noting that users participating in the Team Battle are also qualified to join the Individual Competition and share the prize.

Special Benefits: 5 million BGB

To attract more regular and new users, there are also additional events such as City Assembly, Lords Assembly, Airdrop for All, Lucky Lottery, Post-Competition Bonus and Early Bird Benefits, offering a total of 5 million BGB. All participants have the chance to win cool electronic devices and NFTs featuring the competition.

City Assembly: For the division with the most winning seats in Territory Battle, all the participants within the division will receive an airdrop of 50BGB on a first-come, first-served basis. The total supply of the airdrop is 500,000 BGB. Lords Assembly: Lords (Captains) of the team will unlock the BGB rewards pool if they can obtain active users. The Top1 team’s rewards pool will be doubled. Within each division, the Top10 captains in terms of obtaining new users will get an exclusive benefits package from Bitget to be “signed” as the co-ambassador for the next trading contest.

Participants whose total trading volume reaches 50,000 USDT during the competition will receive an airdrop of 99 BGB by following our official Twitter and joining our Telegram. The total supply of the airdrop is 1 million BGB. Users can earn points by completing tasks. For every 3 points accumulated, participants will be qualified for the “Lucky Lottery” to draw from meebits NFT, HTC-VIVE VR glasses, DJI drones, PS5 game consoles and HHKB keyboards.

At the end of the competition, participants who have a net deposit of 2000 USDT and a cumulative trading volume of no less than 500,000 USDT during the contest will receive 1 chance to draw an exclusive NFT custom-made for Bitget’s first trading competition. In addition, Bitget has prepared Early Bird Benefits. Captains who sign up and complete their team formation 5 days before the competition will receive 50 USDT trial funds for futures prior to the contest, While Individuals who sign up 5 days before the competition will receive 20 USDT.

Theme for KCGI-2021: Fight Pixel Intrusion

The theme for KCGI 2021 is “Defend the Earth against Pixel Invasion”. It tells a story of how the quantum civilization six light-years away plans to attack the Earth with its advanced weapon that can rapidly transform entities into pixels. Seven young people from different countries form the strongest battle team, each mastering one of the seven different elemental skills: silicon, gold, earth, wind, water, fire, and thunder to defend the Earth.

Bitget used this as a backdrop to create a set of NFT artworks representing the different forms of energies and objects in the story. The collections will be given as prizes to the Captains and lucky users who performed well in the Team Battle.

 About Bitget

Bitget is among the fastest-growing derivatives exchanges, with 1.6 million registered users worldwide and an average daily trading volume of $5.6 billion. With the mission of Better Trading, Better Life, Bitget is committed to offering liberal, ultimate and fair trading services, including futures trading, spot trading and digital asset purchasing.

As a platform in pursuit of perfection and innovation, Bitget has pioneered to launch three flagship products of USDT-Margined Futures, One-Click Copy Trade, and Quanto Swap Futures to provide the best services to users. It is now the six-largest derivatives exchange and the largest crypto asset copy trading platform in the world.

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BTC Proxy Lists on AscendEX

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BTC Proxy Lists on AscendEX

AscendEX is eager to announce the listing of the BTC Proxy token (PRXY) under the trading pair USDT/PRXY on Sept. 24 at 1 p.m. UTC. To celebrate the listing, AscendEX and the PRXY team will launch a number of limited-time promotional events, taking place between 1:00 a.m. UTC, on Sept. 24, and 12:00 a.m. UTC, on Oct. 1, 2021, offering users a chance to share pooled rewards up to 60,000 USDT!

BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20, utilizing a Proxy Protocol called the “Proxy Relay”. The protocol gives Bitcoin holders a decentralized bridge to stake their Bitcoins into custody and transfer that value into an ERC20 token without the need for centralized exchanges and systems that exponentially increase the counterparty risk of theft or loss. Independent of liquidity conditions, BTC Proxy allows for the transfer of value without price slippage, directly affecting prices on exchanges. 

Improving on the design of wrapped token protocols, BTC Proxy utilizes a side-chain to “RELAY” the confirmations of Bitcoin transactions to the ETH smart contract. The Relay side-chain is significant because it allows for further transparency and the pairing of ETH and BTC transactions on the block for confirmation. This design reduces the cost of verifying BTC blocks on an ETH smart contract while speeding up minting and redemption functions to real-time settlement. No intermediaries are required to execute the transaction. 

While most of the development of DApps and Decentralized Finance (DeFi) is being built within the Ethereum ecosystem, Bitcoin continues to dominate the cryptocurrency market capitalization. The DeFi sector is burgeoning with fintech innovation with decentralized exchanges (DEXs), digital swaps, derivatives, and micro banking applications, all using smart contracts. BTC Proxy brings BTC liquidity into the Ethereum ecosystem and DeFi applications.

Most ERC20 tokens trading in centralized exchanges today are done with a BTC pair rather than with ETH. In contrast, most decentralized exchanges offer only ETH/Token but not BTC/Token trades. BTC Proxy tokens bridge this technological gap and provide more BTC-based liquidity on decentralized exchanges and pools. 

AscendEX’s listing of BTC Proxy highlights its commitment to supporting the growth of the DeFi ecosystem and DEX-related projects.

About AscendEX 

AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. 

AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum.  AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

For more information and updates, please visit:

About BTC Proxy

BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20 utilizing our Proxy Protocol called the Proxy Relay. The protocol gives Bitcoin holders a decentralized bridge to stake their Bitcoin into custody and transfer that value into an ERC20 token without the need for centralized exchanges and systems that exponentially increase the counterparty risk of theft or loss. 

For more information and updates, please visit:

Disclaimer: The opinion expressed in this article solely author’s. It is not interpreted as investment advice. The NewsCrypto team encourages all to do their own research before investing.

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Mining Company Offers First-Ever “Mine-to-Token” Cryptocurrency to Investors Looking for Exposure to Gold

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AABB Gold

Cryptocurrencies are highly volatile assets. Even Bitcoin, the most valuable cryptocurrency in the world by market capitalization, is still subject to 20% to 30% swings in price on any given day.

This despite the fact it is the pioneering crypto project responsible for birthing the entire blockchain technology industry beginning with the publishing of the original Bitcoin whitepaper by Satoshi Nakamoto way back in 2008.

Today, cryptocurrencies offer investors and users all kinds of benefits and built-in utility, including self-executing smart contracts, decentralized finance projects that pay out a higher annual yield than a centralized bank would ever give to a customer, non-fungible tokens that provide owners with social status and the potential for huge profits, and more.

Although each of the above benefits of cryptocurrencies stretches well beyond a basic decentralized peer-to-peer payment system like Bitcoin, they don’t necessarily fit the goals of every investor. There is an in-between investor that still wants their cryptocurrencies backed by real-world assets such as precious metals.

That’s where Asia Broadband (OTC: AABB) comes in.

Why Clients Are Choosing Asia Broadband

Asia Broadband supplies both precious and base metals mined in Mexico to clients across Asia. The company is in its 25th year of doing business. It is publicly listed in the United States and allows clients to benefit from the vertical integration of its value chain.

The company’s move into cryptocurrency marks an adventure into uncharted waters. But for clients, it marks an opportunity to benefit from the flexibility, security, and transparency offered by cryptocurrencies while giving them exposure to perhaps the most tried, tested, and true hedging instrument in all of human history; Gold.

Given gold’s history and the fact that blockchain technology is now in its 13th year of existence, tokenizing precious metals is not a new concept. There are several other competitors serving customers in the gold-backed crypto market. So why are investors choosing Asia Broadband over other options?

It’s because unlike other players in the market, Asia Broadband is not a crypto-first company.

It’s a publicly traded mining company available to investors via the over-the-counter market under the stock symbol AABB with over $100 million in assets. That means it’s one of if not the only company in the gold-backed token sector of the crypto market that gives investors access to gold in a “mine-to-token” fashion. All of this is accessible through the AABB Gold Token, which lives on the Ethereum blockchain and is ERC-20 compliant.

Why The AABB Gold Token is Both the Present and the Future of Gold-Backed Cryptocurrencies

The minimum price of the AABB Gold Token is always linked to the spot price of gold at any given moment. Investors worried about the potential of currency debasement coming to fruition because of exorbitant money printing by governments around the world in response to the coronavirus pandemic now have a way to separate themselves from that possibility.

Not only is Asia Broadband actively mining precious metals just the way it has been for the last 25 years, but it also maintains a minimum of $30 million USD worth of physical gold in its reserves at any given time.

The company is pledging to use third-party sources for gold only when it is necessary, with its own physical reserves and mining operations offering investors precious metals exposure while they hold the token and benefit from any increase in market demand.

The fact that the token is 100% backed by gold and investors will benefit from the vertical integration of Asia Broadband offers a very clear value proposition no other market participant can. The overwhelmingly positive reception of the token is a reflection of that.

Over $1 million worth of tokens were sold in the first two weeks of the token’s launch and more than 9,000 active users are currently holding over 245,000 tokens.

Asia Broadband is committing wholeheartedly to giving investors an entirely new way to balance their interest in both cryptocurrency and gold. The time to benefit from a one-of-a-kind “mine-to-token” project like AABB Gold is now.

 

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