Review of the Crypto Exchange Bittrex. Recommendations for Deposit/Withdrawal of Funds

Bittrex

There is a huge number of exchanges on the cryptocurrency market that offer different working conditions for their clients. The right choice of a site for the sale and purchase of digital coins is almost half the success in cryptocurrency trading. Less popular projects can boast of a small commission fee, while larger sites attract customers with a high level of security. In this article we will conduct a detailed review of the Bittrex exchange and understand how to profit from its services.

Contents:
(please, click the topic to scroll down to it)

  1. How to register with the exchange?
  2. Deposit/withdrawal of funds and commission fees
  3. Security of the exchange
  4. Disadvantages of Bittrex
  5. Conclusion

1. How to register on the exchange?

Any user who is more or less familiar with the computer and the Internet will be able to successfully perform the registration procedure. To start, you need to click Register and enter your e-mail address in the window that appears (you must have access to it) and preferably, a complicated password, which will contain both numbers and letters.

bittrex crypto exchange

After that, a letter will come to the mail with a link to confirm the new account. Further, in order to get full access to all the functional of the exchange, it is necessary to undergo the procedure of verification (that is, confirmation) of the person. To do this, you need to provide a certain package of documents (depending on the country of residence of the trader, this package may differ), which will be indicated in the personal account.

2. Deposit/withdrawal of funds and commission fees

There are two types of Bittrex accounts, functional and limits on which differ significantly from each other:

Basic. Here, the user must specify only his full name, date of birth and place of physical residence, without the need to attach documents.

Advanced. You need to send your own photo, with documents in hand.

bittrex crypto exchange

If you plan to replenish your account by bank transfer, you must provide documents that confirm your identity. And in order to be able to display more than 4 bitcoins per day, it is necessary to install two-factor authentication in your account, that is, confirmation via: login-password + message to phone number.

If we talk about commission fees that are levied on users, then they are absolutely average for the market. Trading on Bittrex costs the trader 0.25% of the amount of each executed order.

3. Security of the exchange

The creators of the site pay special attention to security issues. If we operate with facts, for the entire existence of the exchange (and this is already 4 years), hackers have not managed to do much harm to it. The most successful attack on Bittrex was in the spring of 2016, then the number of accounts was stolen. But it is worth noting that only those users who did not install a two-factor confirmation (which the exchange’s creators strongly recommend to install) were found to be vulnerable.

At the site, a complex multi-level strategy for diversifying wallets is organized. More than 90% of all users’ assets are stored on Bittrex cold wallets.

Market experts leave pretty flattering reviews about the safety of this project, but remember that 100% integrity of your funds can not be guaranteed by any crypto exchange in the world.

4. Disadvantages of Bittrex

For an objective evaluation of this project, we are obliged to identify a negative aspect, which still present.

Slow support. At many trader forums, you can find whole branches devoted to long-term expectations of answers from the technical support service.

5. Conclusion

The Bittrex exchange is one of the most popular in the industry. It has many advantages over competitors, such as: user-friendly interface, fast work speed, a large set of tools for advanced users, high level of security, average commission fees, etc. If the creators of the platform translate it into several other popular languages and solve the issue with technical support, then Bittrex has every chance to break out into the leaders.

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What Cryptocurrency Exchanges Own the Wealthiest BTC Addresses?

It is quite obvious that a single person can not own the richest crypto wallet, it obviously has to a company, in our case, a crypto exchange.

5 major digital asset exchanges currently possess around 3.5% of the total amount of BTC. At the rate of approximately $5300 per BTC in monetary terms, it is almost 600 thousand BTC (more than 3 billion dollars).

Let’s find out who made it to the top-5.

1. Binance, which is also #1 in the CoinMarketCap rating in terms of trading volumes. It owns over 141 thousand BTC (almost 750 million dollars).

2. Bitfinex. #3 on the CoinMarketCap and holds almost 139 thousand BTC (around 737 million dollars).

3. Huobi. This exchange ranks 4th on the rating according to its trading volume and owns a bit more than 108 thousand BTC (almost 575 million dollars).

4. Bittrex. Being only the 32nd on the CoinMarketCap, Bittrex managed to become the 4th richest BTC holder with its approximately 107 thousand BTC (around 570 million dollars).

5. Bitstamp. Last, but not least is Bitstamp, #15 on the rating. Almost 98 thousand BTC (close to 520 million dollars) belongs to this exchange.

Here are the richest crypto exchanges holding Bitcoin. As for the famous crypto personalities who can boast of their BTC wallets, we can’t help mentioning Roger Ver and the Winklevoss twins. These two own $11 million worth of Bitcoin.

We remind you:

Founders of Alibaba, Bitmain, Binance, Huobi, OkCoin Got On the List of 2018 China’s Richest Businessmen

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Investors Lost $135 Million Due To OKEx’s Decision To Close BCH Futures Too Early

OKEx upset its customers once again, this time the crypto exchange cancelled their investments too early, as a result, they lost quite impressive amount of money – $135 million.

These investments include Bitcoin Cash futures; OKEx has implemented such investments recently, however, they were not approved by any regulated business.

The exchange took all the measures due to Bitcoin Cash hard fork last week:

“Due to the upcoming hard fork, strong volatility is observed in the BCH spot and futures markets. We expect an even greater volatility…The final outcome of the BCH hard fork is still unpredictable, and so are the responses of other constituent exchanges to the new forked coins.”

Nevertheless, the disruption happened and caused drastic drop in cryptocurrencies’ prices. The Hong Kong-based OKEx decided to deliver the contracts before their due dates. It caused losses to some investors. According to Bloomberg, Qiao Changhe, one fund manager, lost $700,000.

We remind you

Bitcoin Cash: Overview, Advantages and Disadvantages, Details of The Hard Forks

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A Communist Party Committee Will Be Opened Up in China by Huobi

As stated by South China Morning Post, one of the world’s largest cryptocurrency exchanges Huobi, more specifically, its filial, will launch a special Communist Party Committee. This is the first time a crypto or blockchain-related enterprise has done so.

The firm Beijing Lianhuo Information Office, owned by Huobi’s CEO, will now operate a communist division. There are two reasons for that: firstly, the law of China dictates that any company that has more than 3 members of the Communist Party as employees must have such a committee for promoting the Party; secondly, this will strengthen Huobi’s position on the legislative level.

This might be a very wise decision, taking into consideration the attitude of the Chinese government towards cryptocurrency.

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Poloniex Crypto Exchange Adds 6 USD Coin Trading Pairs

One of the major crypto exchanges in the world, Poloniex, decided to implement six more trading pairs which include Goldman Sachs-backed stablecoin USDC.

Users can trade the following trading pairs since November 16:

XRP/USDC
XMR/USDC
STR/USDC
DOGE/USDC
LTC/USDC
ZEC/USDC

Moreover, Poloniex claimed in its blog post that it had become the first crypto exchange to offer users the ability to trade tokens linked to Bitcoin Cash (BCH): Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC).

We want to remind you that such crypto exchanges as OKEx, Huobi, BitPay, Coinbase, Binance have already listed USDC stablecoin on their listings.

The Stablecoins: What Is It and Why Is It So Popular Now?

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The Stablecoins: What Is It and Why Is It So Popular Now?

Cryptocurrencies and increased volatility are almost synonymous. The digital coins market can easily fall or grow up in price by 10% -15% in a day. But along with unstable coins in the industry there are also so-called stablecoins, which will be discussed in this article.

Content
(please, click the topic to scroll down to it)

1. What is the stablecoins?

2. The list of the most famous stablecoins

3. Advantages and disadvantages

4. Further prospects

5. Conclusion

1. What is the stablecoins?

The main idea of ​​cryptocurrencies is creation of the absolutely decentralized payment instrument, which will not have any relations with usual valuable assets. But at this stage of cryptocurrencies development it is not possible to completely abandon fiat yet. In any case, currency of digital coins is counted in dollars, euros and other fiat currencies for convenience.

In order to popularize cryptocurrencies, it is necessary to create a bridge between traditional and digital financial sectors. Therefore, in 2015, for the first time, the best qualities of cryptocurrency and fiat money were combined, and so the stablecoins appeared.

The first stable cryptocurrency was Tether, it is still the most popular stable digital coin. Tether is backed up by the US dollar. This coin takes 8th place in the global Coinmarketcap rating , with total capitalization almost $2.5 billion.

But it is worth noting, that there are already enough of such stablecoins on the market. Each of them is reinforced by a certain physical asset:

  • other fiat currencies (the euro, the pound, the yen, etc.);
  • the gold and other precious metals;
  • the minerals;
  • the property;
  • etc.

It is only beginning, since it is already obvious that a digital coin can be pegged to absolutely any physical product. Thus, it is possible to maximally protect assets from cryptocurrency volatility, and at the same time to enjoy all the benefits of decentralization.

2. The list of the most famous stablecoins

So, as it was mentioned before, the very first stable USD Coin was Tether. Its rate is backed up 1:1 to the US dollar. This project was started in 2015. Literally a year later, its euro equivalent  EURT was represented to wide audience. After some time, the Japanese yen cryptocurrency appeared. As many analysts had suggested, these two coins were not widely spread.

At the beginning of  2016, DigixDAO coin was started, its rate was pegged to the gold: 1 token equals the cost of 1 gram of gold. It should be noted, that there were quite many projects, which tried to peg their coins to the gold (OneGram, GoldMint, HelloGold, AutumCoin, etc.). The silver was not forgotten either (EthereumLink, Silvercoin, Silver Back Coin, etc.). In Israel, the group of developers released stablecoin Carat, the currency of which, as the name implies, was pegged to the diamonds.

As you might have guessed, there is a huge amount of coins on the market, which are somehow backed up by physical assets, but let’s take a closer look at two more sensational dollar projects.

Gemini Dollar is the world’s first regulated stable digital coin, which is pegged to the US dollar. This project is still too young and it is not clear how it will show itself in future. Now the coin took a 1723th place in the global Coinmarketcap rating.

TrustToken is another project whose developers want to connect real and digital economy. They themselves estimate it in 256 trillion dollars. Within of this platform, the TrueUSD token was issued, it`s rate was pegged to the US dollar. Soon the developers promise to release tokens, which will be pegged to other popular fiat currencies. On the one hand, this project has many advantages (ability to implement blockchain into real sectors of economy, introduction of smart contracts, strong team), and on the other hand, there are many disadvantages (lack of roadmap, centralization, possible vulnerabilities of smart contracts, etc. ).

3. Advantages and disadvantages

First of all, let`s list the main advantages of stablecoins, there are quite a lot of them:

  • Holders of such coins can use all benefits of the digital economy, and at the same time be relatively calm about their capital`s safety. As a rule, cryptocurrency exchanges do not work with fiat currencies. And with stablecoins help it is possible to operate with dollar (or any other currency) right on an exchange. It substantially simplifies a digital coins trading process.
  • Thus people, who have no confidence in banks, can secure their capital without contact with traditional financial structures.
  • Stablecoins can be effectively used in trade and business, because their price does not change with time. A seller can safely accept $1,000 in coin equivalent, since its value will not fall down, even in conditions of market fluctuations.

Unfortunately, stablecoins are not without flaws, and now let’s take a closer look at them:

  • Such coins are absolutely useless as an investment asset. After all, 1,000 coins purchased for 1,000 dollars today, will cost the same 1,000 dollars in a few years (and it is, at best, if the project does not close).
  • Pegging to the value of a particular physical product does not protect against fluctuation of the asset itself.
  • There is a risk of freezing company’s reserve accounts, which will lead to impossibility of fulfilling debt obligations to tokens holders.
  • Stablecoins can be stolen at once in two ways (digital and physical).
  • Storing of a physical asset entails additional expenses, which often fall on its owner’s shoulders.

4. Future prospects

Because of several factors, today stablecoins are only a good concept, which is still far from widespread use. To a large extent, this direction has good prospects in future. Financial transactions which will be made through stable cryptocurrencies, will be able to bring the real economy to a qualitatively new level. With their help, bureaucratic procedures can be avoided, and due to smart contract technology, it will be possible to do without intermediaries.

5. Conclusion

The stablecoins are digital coins, whose currency is not exposed to increased volatility, because it is pegged to the value of a certain physical asset. With such coins it is possible to connect real and digital economy. But at this point, stablecoins have a number of problems which need to be solved, only after that it will be possible to talk about their widespread use.

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Bitcoin Cash: Overview, Advantages and Disadvantages, Details of The Hard Forks

In this article we will talk about the most famous bitcoin`s hard fork – the Bitcoin Cash: it`s advantages and disadvantages, forecast for the future, as well as the hard fork, which will happen on November 15, 2018.

Content:
(please, click the topic to scroll down to it)

  1. Briefly about the Bitcoin Cash and comparison with Bitcoin
  2. Disadvantages of Bitcoin Cash
  3. Briefly about the hard fork Bitcoin Cash
  4. Conclusion

1. Briefly about Bitcoin Cash and comparison with Bitcoin

The main popularizer of the “new” coin is Roger Ver. He is quite famous person in crypto world. He was one of the first cryptocurrency investors. Due to increased attention to this industry, he became known as Bitcoin Jesus. But later, Ver decided to actively promote the hard fork (a branch) of the first cryptocurrency – the Bitcoin Cash. The network split occurred on August 1, 2017.

What is the difference between the BTC and the BCH?

  • Increasing of transaction`s speed in several times. The main feature of the new coin is an increased block`s size to 8 MB. On May 15, 2018, developers released the update, after which the block`s size increased to 32 MB. This solution made it possible to record much more transactions in one block, and thereby to increase network bandwidth.
  • Low commissions. Bitcoin Cash has very small commissions $0,05 – $0,010, which is significantly lower than that of the “older brother” $8 – $15.
  • With the current network load, a queue of unconfirmed transactions does not exceed 200 – 250, whereas with the original Bitcoin, this number can reach 7,000 – 10,000.

2. Disadvantages of Bitcoin Cash

Significant disadvantage of this fork is the automatic adjustment of the network`s computing complexity. Unfortunately, it has direct dependence on the speed of extraction of new data. That is, if for a certain amount of time miners get an insufficient number of blocks, then complexity decreases. This pattern works in both directions.

Miners started to use this vulnerability and got BCH in periods of complexity recession, and when the situation changed, they turned to BTC. Such actions led to the network`s destabilization and increased volatility of the BCH rate. This problem has not been solved till this day, but the development team manages to restrain it.

Cryptocurrency investors do not consider Bitcoin Cash as a long-term asset yet. This coin is more used as a speculative tool. For this reason, at the moment BCH has rather vague and uncertain future.

3. Briefly about the hard fork Bitcoin Cash

The hard fork of Bitcoin Cash was on November 15, 2018. After this event, the network received two incompatible consensus protocols BCHABC и BCHSV. The community of coin divided into two parts: on the one hand Roger Ver, and on the other Craig Wright. The outbreak of the conflict is considered to be Bitcoin ABC update, which began to support smart contracts and atomic swaps. In response to this update, Craig Wright offered the community his vision for the future development of the project. He proposed to increase the block`s size up to 128 MB. Such decision was not supported by Roger Ver and his part of miners. Because of this, another coin will now appear in the cryptocurrency world.

This is very good news for BCH holders. The matter is that after hard fork, investors received the same amount of coins of the new network, which complies with their BCH`s balance.

Against this background, the Bitcoin Cash rate grew up by almost 50% only for the first week of November.

Source: https://coinmarketcap.com/

This growth was artificial, therefore, we observed the same rapid rollback before the hard fork.

Source: https://coinmarketcap.com/

4. Conclusion

Bitcoin Cash is a project with rather big ambitions, ultimate goal of which is to push the original Bitcoin from the first place. In fact, BCH has fewer problems with scaling, and also can boast of low transaction commissions. But on the other hand, there is conflict between developers, still unsolved problem of automatic control of complexity, as well as increased volatility. Now it is hard to make long-term forecasts for Bitcoin Cash, as it is not clear yet, which of two networks will be more stable.

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