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Ultimate glossary of crypto currency terms, acronyms and abbreviations
Bitcoin (BTC) is a peer-to-peer cryptocurrency that aims to function as a means of exchange that is independent of any central authority. BTC can be transferred electronically in a secure, verifiable, and immutable way.
Launched in 2009, BTC is the first virtual currency to solve the double-spending issue by timestamping transactions before broadcasting them to all of the nodes in the Bitcoin network. The Bitcoin Protocol offered a solution to the Byzantine Generals’ Problem with ablockchainnetwork structure, a notion first created byStuart Haber and W. Scott Stornetta in 1991.
Bitcoin’s whitepaper was published pseudonymously in 2008 by an individual, or a group, with the pseudonym “Satoshi Nakamoto”, whose underlying identity has still not been verified.
The Bitcoin protocol uses an SHA-256d-based Proof-of-Work (PoW) algorithm to reach network consensus. Its network has a target block time of 10 minutes and a maximum supply of 21 million tokens, with a decaying token emission rate. To prevent fluctuation of the block time, the network’s block difficulty is re-adjusted through an algorithm based on the past 2016 block times.
With a block size limit capped at 1 megabyte, the Bitcoin Protocol has supported both the Lightning Network, a second-layer infrastructure for payment channels, and Segregated Witness, a soft-fork to increase the number of transactions on a block, as solutions to network scalability.
Bitcoin is a peer-to-peer cryptocurrency that aims to function as a means of exchange and is independent of any central authority. Bitcoins are transferred electronically in a secure, verifiable, and immutable way.
Network validators, whom are often referred to as miners, participate in the SHA-256d-based Proof-of-Work consensus mechanism to determine the next global state of the blockchain.
The Bitcoin protocol has a target block time of 10 minutes, and a maximum supply of 21 million tokens. The only way new bitcoins can be produced is when a block producer generates a new valid block.
The protocol has a token emission rate that halves every 210,000 blocks, or approximately every 4 years.
Unlike public blockchain infrastructures supporting the development of decentralized applications (Ethereum), the Bitcoin protocol is primarily used only for payments, and has only very limited support for smart contract-like functionalities (Bitcoin “Script” is mostly used to create certain conditions before bitcoins are used to be spent).
In the Bitcoin network, anyone can join the network and become a bookkeeping service provider i.e., a validator. All validators are allowed in the race to become the block producer for the next block, yet only the first to complete a computationally heavy task will win. This feature is called Proof of Work (PoW). The probability of any single validator to finish the task first is equal to the percentage of the total network computation power, or hash power, the validator has. For instance, a validator with 5% of the total network computation power will have a 5% chance of completing the task first, and therefore becoming the next block producer. Since anyone can join the race, competition is prone to increase. In the early days, Bitcoin mining was mostly done by personal computer CPUs. As of today, Bitcoin validators, or miners, have opted for dedicated and more powerful devices such as machines based on Application-Specific Integrated Circuit (“ASIC”). Proof of Work secures the network as block producers must have spent resources external to the network (i.e., money to pay electricity), and can provide proof to other participants that they did so. With various miners competing for block rewards, it becomes difficult for one single malicious party to gain network majority (defined as more than 51% of the network’s hash power in the Nakamoto consensus mechanism). The ability to rearrange transactions via 51% attacks indicates another feature of the Nakamoto consensus: the finality of transactions is only probabilistic. Once a block is produced, it is then propagated by the block producer to all other validators to check on the validity of all transactions in that block. The block producer will receive rewards in the network’s native currency (i.e., bitcoin) as all validators approve the block and update their ledgers.
The Bitcoin protocol utilizes the Merkle tree data structure in order to organize hashes of numerous individual transactions into each block. This concept is named after Ralph Merkle, who patented it in 1979. With the use of a Merkle tree, though each block might contain thousands of transactions, it will have the ability to combine all of their hashes and condense them into one, allowing efficient and secure verification of this group of transactions. This single hash called is a Merkle root, which is stored in the Block Header of a block. The Block Header also stores other meta information of a block, such as a hash of the previous Block Header, which enables blocks to be associated in a chain-like structure (hence the name “blockchain”). An illustration of block production in the Bitcoin Protocol is demonstrated below. https://preview.redd.it/m6texxicf3151.png?width=1591&format=png&auto=webp&s=f4253304912ed8370948b9c524e08fef28f1c78d
Block time and mining difficulty
Block time is the period required to create the next block in a network. As mentioned above, the node who solves the computationally intensive task will be allowed to produce the next block. Therefore, block time is directly correlated to the amount of time it takes for a node to find a solution to the task. The Bitcoin protocol sets a target block time of 10 minutes, and attempts to achieve this by introducing a variable named mining difficulty. Mining difficulty refers to how difficult it is for the node to solve the computationally intensive task. If the network sets a high difficulty for the task, while miners have low computational power, which is often referred to as “hashrate”, it would statistically take longer for the nodes to get an answer for the task. If the difficulty is low, but miners have rather strong computational power, statistically, some nodes will be able to solve the task quickly. Therefore, the 10 minute target block time is achieved by constantly and automatically adjusting the mining difficulty according to how much computational power there is amongst the nodes. The average block time of the network is evaluated after a certain number of blocks, and if it is greater than the expected block time, the difficulty level will decrease; if it is less than the expected block time, the difficulty level will increase.
What are orphan blocks?
In a PoW blockchain network, if the block time is too low, it would increase the likelihood of nodes producingorphan blocks, for which they would receive no reward. Orphan blocks are produced by nodes who solved the task but did not broadcast their results to the whole network the quickest due to network latency. It takes time for a message to travel through a network, and it is entirely possible for 2 nodes to complete the task and start to broadcast their results to the network at roughly the same time, while one’s messages are received by all other nodes earlier as the node has low latency. Imagine there is a network latency of 1 minute and a target block time of 2 minutes. A node could solve the task in around 1 minute but his message would take 1 minute to reach the rest of the nodes that are still working on the solution. While his message travels through the network, all the work done by all other nodes during that 1 minute, even if these nodes also complete the task, would go to waste. In this case, 50% of the computational power contributed to the network is wasted. The percentage of wasted computational power would proportionally decrease if the mining difficulty were higher, as it would statistically take longer for miners to complete the task. In other words, if the mining difficulty, and therefore targeted block time is low, miners with powerful and often centralized mining facilities would get a higher chance of becoming the block producer, while the participation of weaker miners would become in vain. This introduces possible centralization and weakens the overall security of the network. However, given a limited amount of transactions that can be stored in a block, making the block time too longwould decrease the number of transactions the network can process per second, negatively affecting network scalability.
3. Bitcoin’s additional features
Segregated Witness (SegWit)
Segregated Witness, often abbreviated as SegWit, is a protocol upgrade proposal that went live in August 2017. SegWit separates witness signatures from transaction-related data. Witness signatures in legacy Bitcoin blocks often take more than 50% of the block size. By removing witness signatures from the transaction block, this protocol upgrade effectively increases the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second. As a result, SegWit increases the scalability of Nakamoto consensus-based blockchain networks like Bitcoin and Litecoin. SegWit also makes transactions cheaper. Since transaction fees are derived from how much data is being processed by the block producer, the more transactions that can be stored in a 1MB block, the cheaper individual transactions become. https://preview.redd.it/depya70mf3151.png?width=1601&format=png&auto=webp&s=a6499aa2131fbf347f8ffd812930b2f7d66be48e The legacy Bitcoin block has a block size limit of 1 megabyte, and any change on the block size would require a network hard-fork. On August 1st 2017, the first hard-fork occurred, leading to the creation of Bitcoin Cash (“BCH”), which introduced an 8 megabyte block size limit. Conversely, Segregated Witness was a soft-fork: it never changed the transaction block size limit of the network. Instead, it added an extended block with an upper limit of 3 megabytes, which contains solely witness signatures, to the 1 megabyte block that contains only transaction data. This new block type can be processed even by nodes that have not completed the SegWit protocol upgrade. Furthermore, the separation of witness signatures from transaction data solves the malleability issue with the original Bitcoin protocol. Without Segregated Witness, these signatures could be altered before the block is validated by miners. Indeed, alterations can be done in such a way that if the system does a mathematical check, the signature would still be valid. However, since the values in the signature are changed, the two signatures would create vastly different hash values. For instance, if a witness signature states “6,” it has a mathematical value of 6, and would create a hash value of 12345. However, if the witness signature were changed to “06”, it would maintain a mathematical value of 6 while creating a (faulty) hash value of 67890. Since the mathematical values are the same, the altered signature remains a valid signature. This would create a bookkeeping issue, as transactions in Nakamoto consensus-based blockchain networks are documented with these hash values, or transaction IDs. Effectively, one can alter a transaction ID to a new one, and the new ID can still be valid. This can create many issues, as illustrated in the below example:
Alice sends Bob 1 BTC, and Bob sends Merchant Carol this 1 BTC for some goods.
Bob sends Carols this 1 BTC, while the transaction from Alice to Bob is not yet validated. Carol sees this incoming transaction of 1 BTC to him, and immediately ships goods to B.
At the moment, the transaction from Alice to Bob is still not confirmed by the network, and Bob can change the witness signature, therefore changing this transaction ID from 12345 to 67890.
Now Carol will not receive his 1 BTC, as the network looks for transaction 12345 to ensure that Bob’s wallet balance is valid.
As this particular transaction ID changed from 12345 to 67890, the transaction from Bob to Carol will fail, and Bob will get his goods while still holding his BTC.
With the Segregated Witness upgrade, such instances can not happen again. This is because the witness signatures are moved outside of the transaction block into an extended block, and altering the witness signature won’t affect the transaction ID. Since the transaction malleability issue is fixed, Segregated Witness also enables the proper functioning of second-layer scalability solutions on the Bitcoin protocol, such as the Lightning Network.
Lightning Network is a second-layer micropayment solution for scalability. Specifically, Lightning Network aims to enable near-instant and low-cost payments between merchants and customers that wish to use bitcoins. Lightning Network was conceptualized in a whitepaper by Joseph Poon and Thaddeus Dryja in 2015. Since then, it has been implemented by multiple companies. The most prominent of them include Blockstream, Lightning Labs, and ACINQ. A list of curated resources relevant to Lightning Network can be found here. In the Lightning Network, if a customer wishes to transact with a merchant, both of them need to open a payment channel, which operates off the Bitcoin blockchain (i.e., off-chain vs. on-chain). None of the transaction details from this payment channel are recorded on the blockchain, and only when the channel is closed will the end result of both party’s wallet balances be updated to the blockchain. The blockchain only serves as a settlement layer for Lightning transactions. Since all transactions done via the payment channel are conducted independently of the Nakamoto consensus, both parties involved in transactions do not need to wait for network confirmation on transactions. Instead, transacting parties would pay transaction fees to Bitcoin miners only when they decide to close the channel. https://preview.redd.it/cy56icarf3151.png?width=1601&format=png&auto=webp&s=b239a63c6a87ec6cc1b18ce2cbd0355f8831c3a8 One limitation to the Lightning Network is that it requires a person to be online to receive transactions attributing towards him. Another limitation in user experience could be that one needs to lock up some funds every time he wishes to open a payment channel, and is only able to use that fund within the channel. However, this does not mean he needs to create new channels every time he wishes to transact with a different person on the Lightning Network. If Alice wants to send money to Carol, but they do not have a payment channel open, they can ask Bob, who has payment channels open to both Alice and Carol, to help make that transaction. Alice will be able to send funds to Bob, and Bob to Carol. Hence, the number of “payment hubs” (i.e., Bob in the previous example) correlates with both the convenience and the usability of the Lightning Network for real-world applications.
Schnorr Signature upgrade proposal
Elliptic Curve Digital Signature Algorithm (“ECDSA”) signatures are used to sign transactions on the Bitcoin blockchain. https://preview.redd.it/hjeqe4l7g3151.png?width=1601&format=png&auto=webp&s=8014fb08fe62ac4d91645499bc0c7e1c04c5d7c4 However, many developers now advocate for replacing ECDSA with Schnorr Signature. Once Schnorr Signatures are implemented, multiple parties can collaborate in producing a signature that is valid for the sum of their public keys. This would primarily be beneficial for network scalability. When multiple addresses were to conduct transactions to a single address, each transaction would require their own signature. With Schnorr Signature, all these signatures would be combined into one. As a result, the network would be able to store more transactions in a single block. https://preview.redd.it/axg3wayag3151.png?width=1601&format=png&auto=webp&s=93d958fa6b0e623caa82ca71fe457b4daa88c71e The reduced size in signatures implies a reduced cost on transaction fees. The group of senders can split the transaction fees for that one group signature, instead of paying for one personal signature individually. Schnorr Signature also improves network privacy and token fungibility. A third-party observer will not be able to detect if a user is sending a multi-signature transaction, since the signature will be in the same format as a single-signature transaction.
4. Economics and supply distribution
The Bitcoin protocol utilizes the Nakamoto consensus, and nodes validate blocks via Proof-of-Work mining. The bitcoin token was not pre-mined, and has a maximum supply of 21 million. The initial reward for a block was 50 BTC per block. Block mining rewards halve every 210,000 blocks. Since the average time for block production on the blockchain is 10 minutes, it implies that the block reward halving events will approximately take place every 4 years. As of May 12th 2020, the block mining rewards are 6.25 BTC per block. Transaction fees also represent a minor revenue stream for miners.
Will China become the game-changer in digital currency with the policy of supporting blockchain technology？——DCEP is coming and Token Pocket is helping.
On October 24th, 2019, the Political Bureau of the Central Committee of the Communist Party of China (CPC) made a collective study to put blockchain industry applications in a very important position when blockchain has opened a new chapter in the global competition for digital currencies.
Digital currencies become the competitors to fiat currencies, thereby affecting the shape of finance
From the perspective of the development trend of digital currency, the emergence of bitcoin has overturned people's cognition. Now, from the perspective of the central bank or the perspective of the enterprise, there are three payment instruments---digital currency, currency, e-payment, which will change the governance structure and financial form. In a world full of fierce competition, China must seize the opportunity and go with the flow. Digital currency has always had the dimension of financial competition and confrontation with countries. In history, the competition among the great powers in the world can be traced to the time when the pound against the franc, the dollar, and the euro against the dollar. The same thing will happen in digital currency competition. Digital currencies with such broad consensus, such as bitcoin and Libra, could have a big impact on fiat currencies once they enter the market melee. On June 18th, 2019, Facebook released "Libra white paper". G7 finance ministers objected to the issue of Libra, as did US President Trump, based on the fact the foundation of fiat money is not so solid. Although Libra insists that it will not fight against sovereign currencies, as a means of payment and a stable currency with collateral, the problem is that in the future financial markets will experience turbulence and people's confidence in mainstream currencies will be shaken, so Libra, a digital currency with collateral for wealth, will be more attractive. In other words, regardless of whether Libra wants to be a contender, it is bound to be a contender to fiat currencies.
The countries along the "One Belt One Road" or become the regions to the implementation of the DCEP system.
The money in the future should have four characteristics: credit-based, inflation limited, a mechanism for wealth to flow to the bottom, and multi-currency composition. Thus, although some current digital currency projects, including Libra, have some advantages and may have a good momentum of development in the short term, they are difficult to be sustainable as future currencies in the world. China seize the historical opportunity, promote the digital currency targeting the future, and take the upper hand in the competition and construction of the global financial restructuring. With the reference to the Eurodollar principle in the 1950s, wide implementation of the DCEP system along the “One Belt One Road” as digital currency system of regional circulation with independent relation to RMB own currency system which can use RMB credit endorsement for domestic capacity in overseas output, realize the diversification of the terminal consumer, will benefit the promotion of the internationalization of RMB in the form of digital currency. In the future, currencies will have different forms. For example, food stamps in the United States can be taken to the supermarket to buy food and daily necessities, but cannot be invested. China, for example, has targeted cuts to required reserve ratios and industrial policy bias, which can also be achieved through different currencies or the common currency. At present, most mainstream blockchain experts generally believe that in the future, the digital currency world will be dominated by sovereign digital currency, trusted institution digital currency, virtual currency. Surprisingly, China's central bank leaders said in December 2019 that the central bank has been studying digital currency since 2014 and had made positive progress. By combining digital currency and electronic payment tools, the China central bank will launch a package plan to replace some cash.
Token Pocket is helping.
China is keenly aware of the development opportunity of the digital currency revolution, and its leading reaction in the world will make China an important game-changer in the international digital currency market in the future. At the same time, Token Pocket as a Chinese blockchain digital wallet, which aims to provide ordinary users with a safe and secure, simple and easy to use, powerful digital asset wallet application and support all the leading chains/cryptocurrencies (EOS, Bitcoin, Ethereum, IOST, TRON, Binance, BOS, Cosmos, MOAC and Jingtum), is welcoming the change of the national currency system and actively providing latest news and forms to adapt to the inconstant blockchain world. By using the Token Pocket, you can follow the trend and direction of the blockchain world and seize the opportunities in investing the digital currency. More information about Token Pocket, only on https://www.tokenpocket.pro/
here it is AMA time!Introducingu/ChaoWang — COO Bitpie Wallet andu/Kongour ambassador from China!AMA Duration: 35 minutesRounds: Team Round (first 20 min) and Community Round (last 15 min)
Thx DanielAbout myself, I heard bitcoin in 2013, started buying and a little bit mining by end of that year. And of course, I lose a lot of money during the market collapse in 2014–15, just like a lot of friends just suffered in the past weeks.Luckily, as a hodler, I didn’t sell any coin during bear market and most of those coins are still in my wallet until today.In 2017 I joined Bitpie. Prior to that, I have been in the traditional IT industry for more than a decade. During my 15-years career, I have worked for organizations including online service company, big data company and IT services company. Responsible for IT system, product R&D, business management and has been stationed in the United States to manage a series of project cooperate with IT giants such as Microsoft and Cisco.My last role before joining Bitpie was the general manager of a business division at one of largest IT service companies in China, managing the solution business related to new technologies such as cloud computing and AI, also got some chance to work with partner for business-oriented blockchain PoC projects.It is a tough time for everyone, it is my great honor to have the opportunity to meet and learn from you guys at this special moment.
Hi, all. I am Kong from Bitpie Wallet. Also ambassador of Algorand Beijing. I have been working for Bitpie since 2018 and now mainly in charge of marketing job. Tonight, Mr Wang chao will bring us his presentation and I will help answer questions if needed.Long for Bitpie and Algorand
Thanks a lot for sharing your introductionu/ChaoWangu/Kong! Seems you have been in the industry since a long while! Glad to have your experience and support for Algorand!Really appreciate Bitpie as a global partner of Algorand and you have also supported ASA these days. Could you tell us more about Bitpie Wallet and what do you think about the cooperation with Algorand?
Bitpie is an industry-leading non-custody wallet with very high market penetration in Asia area. We have been focused on the blockchain wallet for more than six years.As a professional wallet service provider, we have 3 wallet products.Bitpie Wallet — a multi-chain wallet with DeFi and DApp portal along with a lot of other crypto-based scenarios.Bither Wallet, a bitcoin.org recommended open-sourced bitcoin wallet.BitHD — an open-sourced multichain Hardware cold Wallet.Among 3 products, Bitpie is the most famous one.Our products helped millions of global users manage dozens of billions of US Dollars’ worth of cryptocurrencies in the past 6 years with 0 security accident. We are also very proud of being a contributor to the early blockchain community for we introduced a variety of novel technologies in the field of cryptology and security.The cooperation between Algorand and Bitpie began in 2018 when we met Professor Micali and Steven for the first time in Beijing. The conversation was very pleasant and soon determined willingness of both parties to cooperate.In 2019, with the launch of the Algorand mainnet, we have 360-degree cooperation with Algorand in technology, network, marketing and ecosystem support.With the launch of Algorand 2.0 and ASA assets, great innovations are emerging on Algorand blockchain. We are very happy to participate in this process and look forward to more cooperation in the future.
Thank you for the detailed introduction about Bitpie and your cooperation with Algorand!Do you have large market share for BTC, USDT or any other currencies in Asia?
Yes, we are the most popular BTC wallet in Asia, and for stable currencies, we are probably the wallet with №1 volume in the world 🙂I would like to say more about USDT.
Sure please go ahead!
We all know Stable coin is extremely important for a public chain ecology.As a wallet operator, our experience in this area is direct, and we have observed a lot in the past when the stable currency market and the underlying public chain were constantly changing. Before the launch of Algorand USDT, we had several conversations with foundation and shared our understanding of this market.Each public chain has unique development route, and this route also determine the market development route of stable currency on that Chain. The application-oriented blockchain is still in a very early stage, now it is difficult to determine which direction is better and more likely to succeed.But no matter which route you take, one thing is for sure, which is to increase the usability as much as possible and help users reduce the barrier. This is the main reason why erc20 USDT can take most of the market share from omni USDT.Market promotion is also very important. If Algorand has some related plans in the future, Bitpie as the direct entry point to reach users, is very willing to provide help as much as we can.
Glad to see our goals align Chao 🙂 We wish to have Algorand- USDT as major value capture on Algo public chain! Really excited to explore more use-cases and co-marketing opportunities with you.While on the subject, I noticed you have DeFi and Dapp portal. As a leading wallet provider, what do you think is the future of wallets ? Is it DeFi, something else?
Yes, DeFi and DApp are extremely important for wallet. But that not all we are aiming for.In the past, wallet is viewed as a tool that managed private keys to send and receive assets. With the emergence of various scenarios in the blockchain world, the functions integrated on the blockchain wallet today have far exceeded asset sending and receiving.Almost all major wallets on the market have integrated different forms of coin trade. Staking, voting, Borrowing & Lending functions have also been integrated into wallet.More wallets have even begun to support Dapp and DeFi based on different blockchain networks, thereby introducing more open scenarios.But we see that the users of the wallet are all users who already have crypto assets and already has some understanding of the blockchain.However, the proportion of such users in the entire society is very small, and currently there are few wallets or applications that can develop people who do not know the blockchain through their own scenarios. I think that will change in the future.There will be a variety of innovations constantly emerging, and some of them, although possibly a small part, will draw quite a lot of people from the general community to blockchain world.They are not typical crypto asset holders, and they do not understand what a blockchain is or what an oval algorithm is.In fact, they don’t need to understand. Both public chains and wallets will evolve, allowing ordinary users to enjoy the innovation brought to them by the blockchain without perception.At that time, the wallet, as a carrier of rights and on-chain identities, will be closely related to people’s daily lives. And the form of the wallet will be very different from now.For the simplest example, suppose a billion people have entered the world of blockchain. Can you imagine all one billion people are writing down mnemonic words like current wallet users? That’s not possible.
You make quite a few interesting points Chao. Mnemonic words is an interesting one as well! Since we are running low on time, my last question would be on Algorand itself.What are your thoughts about Algorand? 🙂
I have worked in the IT service industry for many years. The clients I have dealt with involve various industries, finance, manufacturing, retail, transportation, government.My major business focus was to provide them with the underlying business support systems. This gives me some understanding of the fundamental supporting of commercial facilities.In these mature business ecosystems, there is a complete and meticulous industry chain collaboration. Some are responsible for basic technical/science innovations, and some are responsible for the implementation of the underlying platform based on these innovations.Some people use their technical capabilities to design solutions suitable for the industry, and some people apply these solutions to help them expand their business.In the end, no matter how many layers are passed, it is the consumers who pay for all of this. Of course, consumers also enjoy the convenience brought by technological development and industrial chain collaboration.Blockchain system will also play the role to support business. However, blockchain technology and ecology are still very early, such industrial collaboration cannot yet be formed.Some public chains have focused on faster and more direct 2C scenarios. This is understandable, but in my opinion, industrial collaboration will eventually come, and at that time, tens of millions of people will enjoy the beauty that blockchain technology brings to everyone.Compared with other public chains, Algorand’s path is very solid, and it is constantly laying the foundation, not only the technical foundation, but also the basis of industrial chain collaboration. This process may not be that fast, but I think it is all necessary.
Appreciate you sharing your thoughts Chao! We are really committed towards industrial collaboration. You summed it all up really well! I will be compiling a full blog-post and publishing it for those who couldn’t join the AMAu/hereCommunity Round can start now! You can ask any questions that you have! This one would run for the next 15 minutes.
Really appreciate the time you guys are taking to have this AMAFor Bitpie, which countries are most popular for using your wallet service?By the looks of it asia, but curious on where the majority of users are from? 😄
As a team from China, users from China take the largest part. But our penetration in Southeast Asian countries is also very high.Some of our users are in China, our team are based on Hong Kong. We welcome and embrace regulation relate to wallet service. This is a must done thing before blockchain permeate everyone’s life.
Will you be offering any kind of staking on the POS networks you support?
Yes, we are providing Staking services for blockchains such as Cosmos and EOS .
I suppose there’s interest in increasing the number of tokens that can be staked on your platform yep?
Yes, everyone want to manage their asset in one wallet rather than install wallet for each blockchain network.
You’re right .. Binance is quite fierce in adopting new staking servicestoo it must be a challenge to gain market share
does the wallet support other cryptocurrencies/erc20 tokens?
Yes, we support 30+ blockchain network including BTC/ETH/Algorand.All ERC20 Tokens is supported.
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The sum which isn't dispatched lays on the solicitation book diligently until it is filled or dropped. Brief or Cancel (IOC) Limit Orders – The sum is filled at or better than a given expense. The sum which isn't filled rapidly is dropped and doesn't lay on the perpetual solicitation book. Maker or Cancel (MOC) Limit Orders – The sum lays on the solicitation book continually at a foreordained expense. Furthermore, the entire solicitation is dropped if there is any sum that can be filled immediately. All solicitations made on this stage are totally sponsored and fill in as a full hold exchange. In any case, there is no edge trading Gemini. Despite that, reliably the customer's record equality should have more balance than the exceptional excitement on demand books. Also, all open solicitations decline your available leveling until they are fulfilled or dropped Gemini Fees In the event that there ought to be an event of moves, Gemini crypto exchange has a low cost technique and stage customers can store Bitcoin, Ether, at freed from charges for both bank and wire moves. In any case, banks will charge a cost for the customers to wire money to their Gemini account. Withdrawals on the stage are free and all customers will have 30 free withdrawals for each calendar month. Any withdrawals more than this total will pull in costs comparable to the mining charges payable on either sort out. The costs are around 0.001 BTC or 100,000 Satoshi per trade on the Bitcoin Network and 0 GWei or 0 ETH per trade on the Ethereum Network. MakeTaker charges 0.25% is the trading costs for both sellers(makers) and buyers(takers). If it shows up at certain trade volumes, charges will be reduced. The maker charge is 0% for 30-day trading volumes that outperform 5,000 Bitcoin or 100,000 Ether. For a comparable trading entirety, the taker run after will bubble to 0.10%. Gemini uses dynamic maker and taker charge or reimbursement timetable, and sellers can get reimbursement on liquidity-creation trades. The particular entireties depend upon net trading volumes and the buy and sell extent over a multi day time allotment. The data are adjusted as expected and more information on charges can be found here. https://preview.redd.it/exgucn9gwaj41.png?width=225&format=png&auto=webp&s=34fc66d46df40444abcc9ac61308106b2e3f57c0 charges Concerning purchases, the base purchase whole for Bitcoin is 0.00001 BTC, or 1000 satoshis, for Ether, the base sum is 0 .001 ETH Security-at-Gemini Bitcoin Gemini Reviews, is a strong exchange that has a better than average reputation in everyone. The exchange goes about as a way into the universe of cryptographic cash trading. This may be in light of the fact that various customers first quit concerning purchasing Bitcoin and Ethereum. In comprehension to Coinbase, Gemini has a near space. Wherein it allows its customers to make trade clearly to and from their records. Gemini is a not too bad choice, for people looking to securely trade either Bitcoin or Ethereum. The exchange is a potential decision for new competitors to the market similarly as logically settled sellers who like to make trades by methods for their monetary adjusts. Latest News Dec 17, 2019: Well realized cash related pro association State Street picked Gemini exchange for the new propelled asset pilot adventure. Nov 19, 2019: Gemini exchange wanders into NFT's and acquired Nifty Gateway Solution, a phase to buy Non-Fungible Tokens. Nov 14, 2019: The exchange added Stop-Limit to the solicitations being executed on the stage. Sep 11, 2019: Gemini dispatches Gemini Custody with 18 cryptographic types of cash Sep 5, 2019: Gemini Clearing™, a totally electronic clearing and settlement answer for off-exchange exhibited by the stage Aud 27, 2019: Gemini Joins the Silvergate Exchange Network Aug 22, 2019: Gemini loosens up and reaches to Australia April 15, 2019: Gemini wallet support Segwit Gemini Bitcoin Exchange Review Rundown: How to Buy Bitcoins by means of Gemini Register a record at Gemini and check email code sent to you. Set up two-factor validation (2FA). Give checked ID as a major aspect of the confirmation procedure. Include ledger. Store cash by clicking "Move Funds", "Store into Exchange" and afterward picking the sort of bank move. Snap "Purchase" catch and round out the buy structure to get BTC. Is Gemini Safe? Gemini is extremely worried about its clients' wellbeing, in this manner it utilize three arrangements of security... MORE Gemini Comparison with Other Exchanget To exchange bitcoins you have to initially peruse and think about various BTC trades... MORE In Which Countries Is Gemini Available? You can arrange bitcoins through Gemini nearly in any nation, yet discover where you can't... MORE Guide: Buying BTCs at Gemini It is anything but difficult to purchase bitcoins on Gemini trade, knowing the essential standards and prerequisites... MORE FAQ Discover to what extent the exchange takes, how to pull back BTCs and what strategies for... MORE Practically equivalent to Bitcoin Exchanges We have arranged a rundown of trades, notwithstanding Gemini, that can assist you with requesting bitcoins... MORE With developing worth and system, bitcoin is ready to turn into the main online resource in the realm of ventures. Gemini bitcoin trade survey This article is worried about one of the most well known trades with regards to BTC exchange, Gemini. What Is Gemini? Gemini is one of the realized digital money trades that offer an assortment of exchange apparatuses for speculators that have some involvement with the business. The organization that claims the stage is enrolled as LLC in New York State, USA, offering USD to BTC and USD to ETH exchange trade. Purchase BTC at Gemini Propelled in 2015, Gemini offers two unmistakable commercial centers, them being: customary trade administrations; bitcoin barters. Upon its appearance, the stage offered its administrations in the US just, bit by bit including different nations all the while. The organization is possessed by the Winklevoss twins, who guarantee that they are have about 1% of the complete BTC volume. Winklevoss siblings are Gemini's proprietors Gemini Security With regards to the wellbeing of your assets, Gemini applies three arrangements of safety efforts that should be referenced. To start with, the stage applies advanced money safety efforts by offering hot and cold stockpiling wallets, where cold wallets have multisig capacities to forestall hacking endeavors at your equalizations. Gemini security The subsequent measure is identified with the exchange where the entirety of the exchanges at Gemini are led through pre-financed accounts, implying that merchants and purchasers can't post orders on the off chance that they don't have adequate BTC or fiat monetary forms in their parities. Finally, the site security comprises of two-factor verification (2FA) and HTTP encryption of all data in regards to merchants and stage's exchanges from outsiders. Accessible Payment Methods As of now, Gemini acknowledges stores communicated distinctly in ACH (for US dealers) and wire moves (for every other person) communicated in USD. Credit or check cards, money stores, PayPal and numerous different alternatives are wanted to be remembered for the future however are not accessible at the present time. Buy bitcoin by means of wire move You ought to buy in to the Gemini news source since the organization will promote the new store strategy through that channel of correspondence. Shouldn't something be said about Fees? While saving or pulling back your assets communicated in fiat or computerized monetary forms, dealers would find that the administrations are done totally free. Then again, Gemini charges exchange expenses are charged dependent on a month to month net exchange volume. Taker charges can extend from 0.15% to 0.25% while creator expenses from 0% to 0.25%. Expenses at the trade Does Gemini Have Limits? Cryptographic money and wire stores and withdrawals don't have any constraints forced on dealers, implying that in the event that you utilize the said administrations, you can buy, sell and pull back bitcoins with no deterrents. Singular American financial specialists utilizing ACH move, then again, have $500 every day and $15.000 month to month while institutional individuals have $10.000 day by day and $300.000 month to month store limits. No restrictions for purchasing bitcoin Gemini Comparison When thinking about exchanging at any trade, you should hope to analyze the administrations, expenses and impediments with other comparative stages. In this manner, we have assembled an examination investigation where we benchmarked Gemini against two other well known decisions with regards to BTC buy: Kraken and Coinbase. Gemini versus Kraken Kraken, much the same as Gemini, acknowledges bank moves just, with the significant contrast being that Kraken permits 5 fiat cash stores. Notwithstanding bitcoin, there are 14 more altcoins that you can exchange with at Kraken while the two trades force check on their customers as they are both controlled organizations. Gemini versus Kraken Kraken is fundamentally the same as Gemini as far as expenses, as creatotaker charges go somewhere in the range of 0% and 0.26%. Bank moves do accompany little expenses at Kraken while Gemini acknowledges stores for nothing. In conclusion, while Gemini exchanges two or three nations in particular, Kraken is all around accessible. Coinbase versus Gemini Coinbase is viewed as one of the biggest bitcoin suppliers on the planet, offering its administrations in 32 nations, USA notwithstanding. The installment strategies at Coinbase are PayPal, bank moves and credit/check cards, two more than Gemini. Request bitcoins by means of Coinbase trade Confirmation is an absolute necessity have at Coinbase, much like in Gemini while expenses are a ton lower at Gemini, as you pay between 1.49% to 3.49% from exchange's an incentive at Coinbase. The two trades offer BTC vaults and wallet administrations while Coinbase additionally exchanges with Litecoin which are inaccessible at Gemini. Gemini BTC Exchange in Different Countries Gemini's administrations are accessible in a bunch of nations around the globe, them being the US (5 states not upheld), Canada, Japan, South Korea, Hong Kong, Singapore and the United Kingdom. The five US expresses that are not bolstered are Alaska, Arizona, Hawaii, Oregon and Wisconsin. Gemini trade in various nations Is It Legal? Gemini is an American LLC that adheres to New York Banking Law guidelines, actualizing BSA (Bank Secrecy Act) and AML (Anti-Money Laundry Compliance Program) arrangements, implying that customary reviews of the BSA/AML programs are being executed. Moreover, the firm requires all merchants to have reserves pre-saved before the exchange. Bitcoin Gemini Price, is legitimate Another significant factor of the stage's lawfulness is the way that since its beginning, Gemini has promptly accessible money related report dating 7 years back. Does Gemini Support Its Customers? Concerning the client service, Gemini has a thorough FAQ page where a large portion of the exchanging questions have been replied. Notwithstanding the FAQ, you can likewise top off a shape and present a solicitation to the Gemini group with respect to any issue that you may look on the stage. Gemini client service Because of the regular upkeep of the site's administrations, Gemini has a "Status" page where financial specialists can see which administrations and API instruments are working right now and which are definitely not. Manual for Buy Bitcoins from Gemini When you have gotten the cash at your Gemini account, click "Purchase" button on the dashboard page. Buy page for bitcoins at Gemini Presently, round out the structure on the right, giving request type, volume or estimation of BTC you wish to get and click "Purchase" to get bitcoins in your record immediately. Try to check the BTC cost at the upper left piece of the "Purchase" page to ensure it has not changed at the time you have begun the buy procedure. Enrollment It is totally allowed to enroll a record at Gemini bitcoin trade and the procedure begins once you click "Register" button at the upper right corner of the site. Give your complete name, email address and secret key in subsequent stage and snap "Make My Account". Make account at Gemini You will get an email code which you should duplicate glue into the Gemini's check page. Contribution of enactment code on Bitcoin Gemini Registration The accompanying advances will open up for you to finish, in this way you have to arrangement your 2FA security apparatus, include a financial balance and give checked ID to finish the enrollment methodology. To what extent Should I Wait for Verification? Check stage can take between an hour and a day, contingent upon various enlistment applications Gemini has right now you have begun the procedure. You ought to set up every single essential report before you start and arm yourself with persistence as a stage would set aside effort to process your data. Confirmation process at Gemini Would you be able to Get Bitcoins Without Verification? At the enlistment page, you are required to check your personality and frog your financial balance. When you have presented the records, you can't enter the stage's exchange page until the help affirms your subtleties. In this way, it is unimaginable to expect to buy supply of bitcoins without confirmation. Obligatory confirmation before purchasing BTCs at Gemini How to Add Money to Account? When you have finished the enrollment and confirmation of your record, click button "Move Funds", situated in the top segment of your dashboard page. In following stage, click "Store Into Exchange" and pick either USD or Wire alternative, contingent upon what financial balance you have included at enrollment stage. Add assets to Gemini account You can likewise store bitcoins in your Gemini wallet too. Store BTCs in the Gemini wallet At the last phase of wire move subsidizing process, you have to give bank's wiring data, for example, your record number and other significant data that can be found by clicking "Bank Settings". Give bank's wiring data When data has been given, basically click "Store" button which will show up at the base of the page. Secure Your Account Keep the entirety of your record and wallet passwords out of the programmer's compass by continually evolving them. Monitor the new secret key by keeping in touch with them down on a bit of paper as to not overlook them meanwhile. Record with 2FA on trade You as of now have 2FA from the enlistment stage and don't give your private data to some other dealer on the stage. FAQ To what extent Does It Take to Make Transaction? It takes 4 to 5 days to store assets in your Gemini account while exchanges themselves are done following you the exchange started. Diverse request types have distinctive length, contingent upon what dealer wishes to accomplish. Sitting tight for exchanges on the trade Would i be able to Buy Bitcoin with PayPal at Gemini? Now, brokers can't utilize PayPal as store technique at Gemini. You ought to buy in to the trade's news channel as to get warnings if the strategy opens up to store alternative later on. Does Gemini Have a BTC Wallet? The stage offers two kinds of wallet administrations, one being "hot" wallet and another being vault stockpiling. Both are based just, with the principle contrast being that vault stockpiling gives extra security keys that are utilized while moving bitcoins all through the wallet. Along these lines, vault administrations are esteemed as more secure than the standard BTC wallet. Gemini wallet Pulling back Your Bitcoins from Gemini At the dashboard page, click "Move Funds" and afterward "Pull back From Exchange" to begin the procedure. Pick bitcoins to continue towards the withdrawal structure. Determine the measure of BTC you with to escape the trade and give your wallet address. Snap "Survey Withdrawal" and check the data. When you are fulfilled, click "Affirm" to end the procedure. Your coins will show up inside 24 hours to your ideal area. Pull back BTC from Gemini Instructions to Order BTC with Credit/Debit Card at Gemini As with PayPal, it is preposterous to expect to buy bitcoins with the assistance of credit or charge cards at Gemini, since the choice isn't accessible right now. Stay aware of trade's news and declarations as the CC/DC choice may open up later on. Gemini Mobile App Portable stages are yet to be created by Gemini, implying that exchange is accessible on perusing stage as it were. Watch out for the declaration, as the organization may make the push towards telephone exchange not so distant future. Purchase BTC just on Gemini perusing stage Gemini Analogs Aside from Gemini, we at BitcoinBestBuy have checked on numerous different stages that can assist you with getting bitcoins effectively and securely. They all change regarding local accessibility, expenses, buy strategies and confirmation necessities, so make a point to check different articles also. Get BTC at digital money stages Coinbase Exchange Review Being one of the biggest BTC exchanging stages the world, we made a survey of their charges, store choices and other important data with respect to the trade. We have likewise given bit by bit controls on the best way to buy and pull back assets and coins from Coinbase. Coinbase survey Full Review Coinbase Bitcoin Gemini Exchange Find out About Kraken Kraken is another trade that offers bitcoins through bank moves and its administrations are all inclusive accessible. We made a survey of Kraken's advantages and disadvantages, giving our customers a diagram of the trade as far as expenses the organization charges, check prerequisites and buy procedures of the stage. https://www.cryptoerapro.com/bitcoin-gemini/ http://www.cryptoerapro.com/ https://twitter.com/cryptoerapro https://www.instagram.com/cryptoerapro/ https://www.pinterest.co.uk/cryptoerapro/ https://www.facebook.com/cryptoerapro https://www.facebook.com/pg/bitcoingeminibot https://www.facebook.com/events/282310836080639/
Hey all, I’ve spent some time during my flight back home to discuss in detail the experience in Singapore, what talked about, things the mods and team are working on, improvements that can be made and some other things too. This post has also had input from the other moderators too. I don’t think any of the mods were massively pleased with the outcome of how we portrayed our time in Singapore during the last update and it certainly didn’t put across all the fantastic things we learnt or discussed while we were there. There was a quick turnaround with the update and with some of us were travelling and heading to other countries for various reasons it wasn’t ideal – anyway let’s begin. P.s. I apologise in advance for the lengthy post.
As most of you are aware there is a rebranding process going on for Request currently, it was really exciting to hear Robbins experience and to see the scope of the project. Request are working with an industry leading full-service digital agency to improve the understandability of Request through educational content. The current Request website is mainly catered towards ICO investors and hasn’t really changed much since the token sale – when visiting the site, it’s extremely difficult to understand what Request is, how it works and who can it benefit from the platform. One of the goals of the project is to revamp the website to cater for developers, businesses, users, community members, early adopters and investors. The concept of the blockchain, Request, and its products is daunting for the non-technical audience. While the team know it’s important to cater for developers and other industry professionals having an easy to understand project with easy to consume information is an important step towards adoption. The Request Hub will also play a critical part in the growth of the Request Network. The new website will have a focus on developers and businesses and pushing them towards the hub and how they can use the funding to help create their projects. Most of you will probably be aware that the dApps + the core protocol are different projects entirely. Internally, this is also the case. You can see an visual image of the structure here: https://imgur.com/pXF1gEK The core platform team is responsible for protocol development, things like scaling solutions, data encryption, extensions, features like cross-currency etc. Whereas the dApp teams focus on creating applications built on the Request platform, crowdfunding, invoicing, payments etc. Although this isn’t new information it’s important for sections later in the write-up.
Fiat integration is vital for the success of the Request Network for medium to long-term. What we focus on today is making sure the protocol has enough features and a solid developer experience to attract developers to build reliable financial tools on top of the Request Network. The foundation prioritizes its own development goals based on direct feedback coming from the developer community. We receive requests for features that are needed by developers, as their product depends on it. Today, the main feedback coming from the developer community is to make it easier to use the library, implementation of encryption, cross currency support and adding more cryptocurrencies. Apart from these requests, scalability of the protocol itself and developing extensions such as escrow are also prioritized as it is crucial for adoption of the protocol by developers. The above are our current priorities in development, while we in parallel are researching several fiat integration options mentioned in an update last December.
Oracle with Chainlink
Integration by partnerships with banks
Oracle and bank APIs
Partnership with credit card companies or processors`
All of the above bullet points are things the team are actively researching and looking into, we discussed how the Singapore government is looking at tokenizing the Singaporean Dollar and how many more governments in the future will look at taking this route, however this is a long way off. A decentralised Oracle with Chainlink would be ideal but it’s not ready yet. Integrations by partnerships with banks / partnering with credit card companies or processors (like Stripe) is incredibly difficult (especially being decentralised) but it’s something the team will actively work on / towards. Oracle and bank APIs – we discussed several projects here like StellarX, OmiseGo and more – each have their own pros and cons but nothing in the space is really ready for FIAT, some options are close and the team are keeping a close eye on several projects in this space. There are tonnes of regulatory issues surrounding FIAT and the blockchain, governments are dubious about the blockchain technology and banks are having a tough time getting involved too – even big companies like Binance, Coinbase and Circle still can’t obtain a banking license after many years of trying. The regulatory situation will change, crypto is still a young industry and it will take time for governments to catch up. Instead of spending time trying to achieve FIAT which wasn’t viable, their time has been spent on far more productive things such as scaling solutions, data encryption, working on various dApps, working with partners, hiring and much more. The better the platform the more impact having FIAT will have when it comes. Yes, not being able to stick to the roadmap isn’t ideal, but the team have realised there are limitations and made the best of the situation. Would it have been good if the team have been more transparent about FIAT and the issues they faced? Absolutely. Detailed articles about subjects like this do take time, and raise further questions which also take up the team’s time. We want to find a good balance going forward of keeping the team on track and keeping the community informed. We will also work with the team to improve communication for things like this (if they ever arise in the future) and how the mods can alleviate some of the time-pressure if possible. The team do realise the importance of FIAT, it hasn’t been forgotten and will be something the team will keep on the roadmap – in the future when FIAT is possible we will have a much more mature platform and many use cases live and ready to integrate FIAT.
One of the most discussed things over the past months is marketing, this is a very important topic and it’s something that can make or break a project. As per the ‘Rebranding + Restructure’ section, marketing will be broken down into two different groups, dApps and the core Request platform. The marketing for each of these aspects is very different. So, why aren’t the team marketing right now? Quite simply – the platform just isn’t ready yet, there isn’t enough value to risk marketing at this stage. This is the same with some of the dApps, they are close, but they still aren’t quite there yet. In my case if we take a look at the WooCommerce + Shopify plugins, if I go ahead and run a PPC (pay-per-click) campaign before BTC is integrated, then users may leave the site and never return. In this instance I will have lost money as well as a potential customer. This is just one example but it’s the same for other dApps too. Right now, The team are making active steps towards marking when the platform and dApps are, as well as hiring dedicated marketers. I do want to say that the team truly understand the importance of marketing, they will market the project and the dApps– it’s critical they do so. To break it down there are entirely separate game-plans to consider when marketing, the core platform and dApps.
Core Platform (Foundation)
Marketing for the core platform will focus on; educating the community about the platform, educating developers / businesses / potential partners about the Request protocol and how it can be used by / integrated into business workflows. The rebrand will have a big focus on education and driving adoption of the Request Hub + Fund. In the meantime, we are discussing ways to improve the Request Hub and how we can get more developers involved at this stage, I have covered this in more detail in the ‘Request Hub’ section.
Each dApp will in essence be its own entity (business) and will act independently of the foundation. Each dApp will have a dedicated team, individual aims and goals, potentially a custom roadmap, a proprietary marketing strategy and much more (everything you expect from a typical business). Marketing for individual dApps will vary greatly depending on what the dApp is, some will be focussed on B2B, some B2C, some dApps might be a combination of both.
Hiring + strategies to find new devs
The foundation growing at a quick rate and one of the things we discussed in Singapore was hiring and strategies to find new devs. There are several strategies that the Request team can adopt alongside job advertisements to help entice developers, not only to the foundation but also to the Request Hub. We discussed potentially using freelancers and then hiring if they are a good fit, more engagement from the team with people that contribute to the Request Hub and how the team can help (financially via the fund + time set aside for devs), hackathons with prize incentives, speaking at developer conferences (very important). Some ways of engaging with developers do require the platform / ecosystem to be more mature but we are actively working on making these things a reality. Also, improving the community sentiment will also drive hype which in turn hopefully attracts more developers.
Request Hub + Request Fund
In my opinion one of the best selling points of Request is the Request Hub + Fund. Although there is activity in the hub and some projects have receiving funding it is nowhere near as widely used as it could be. As I’ve discussed in the marketing section, the renewed website will have a big focus on pushing the Hub + Fund. Aside from the marketing aspect I have also been speaking to teams in the Hub for a while about how the flow for funding can be improved, we have discussed the barrier to entry for the fund (MVP limitations), the turnaround time for responding to funding applications (needs to be quicker), having the team engage more with the Request Hub devs as well as actively helping them with their business needs. In the future I will also look at creating a suite of tutorials, and potentially workshops, for the Request Hub to help get developers up and running.
One of the hot topics since returning from Singapore has been the bi-weekly updates, we have been discussing with the team how they can be improved without taking up too much time for the team. There are several things which are actively being discussed:
Have more clarity on what developers are working on
Talking about blockers and potential problems the developers have faced, if things are delayed – why?
Have an insight into why certain decisions have been made e.g. FIAT, transparency goes a long way here.
Is it possible for there be previews of dApps or upcoming features?
Talking about things going on behind the scenes without committing to firm dates / jeopardising anything.
Can the team promote the Request Hub projects more on social platforms?
Can we talk about the Request Hub projects? From an outsider’s perspective reading just the bi-weeklys it looks like not much is going on which couldn’t be further from the truth – it's clear there are exciting and innovative things going on behind the scenes and we want to demonstrate that as much as possible in the bi-weeklys.
This will be an ongoing discussion with the foundation, it will take time to refine the bi-weeklys and we also need to find a happy medium that suits both the foundation and the community too.
The Community Managers and our role
The goal as community managers is to firstly ensure that the social channels e.g. Reddit, Discord, Slack and Telegram are a good place for investors, the team and developers – we want to ensure it’s good for open discussions (both positive and negative) and a place where we can educate people about Request too. As community managers we want to try and stay as impartial as possible, we will help to educate when we can, we’ll shut down any false information and we’ll help alleviate any concerns where possible. We don’t want to take sides, we are simply there to be a bridge between the team and the community. We want the Request community to be an open place where anyone can discuss what they want, we want to see discussions about good things and bad – we don’t want Request to be a place where negativity is censored. We (the mods) are just normal guys, we love technology, we love the blockchain, we are just investors like all of you, and we want the best for the Request Network. We are continually improving how we and the team deliver information, but things can still be improved massively – we are already actioning some things to improve communication between the community and the team and we have plenty of other things lined up too.
During the rebrand the website will rework the dynamic roadmap to something potentially similar to Ark (https://ark.io/roadmap), with percentages (or something similar) and a breakdown of each goal on the roadmap. This will help with transparency and also allow the community to track progress more easily. I’ll cover my perspective on the dynamic roadmap looking from a developers point of view, as a lot of people are still unsure as to why the roadmap has changed and in turn it raises lots of questions. From a developers point of view. As a dev it can be incredibly difficult to hit deadlines that are more than a few weeks / over a month or two away, the further away the date the harder it is to estimate + hit deadlines. This is the case for a normal business, but as crypto is insanely fast paced and such a new industry this is even more prevalent. In the normal development world you typically work in weekly / bi-weekly sprints to produce features in small iterations which contributes to the overall project, at the end of each sprint you re-evaluate the previous weeks and re-adjust timings / resources if necessary – estimating deadlines months in advance is almost impossible. The biggest issue about committing to a firm date is that crypto adoption is moving at a fast rate, non-blockchain businesses are getting involved with cryptocurrencies and a great platform like Request is an attractive option for them. On-boarding these businesses takes money, expertise and most importantly team resources. The team is growing but for now the time spent with these partners needs to come from somewhere, and unfortunately features can sometimes get affected. Let's take BTC support - if the team was fully focused on BTC I would have no doubt there would have been no delay. But PwC came along, which took up development resources and, unfortunately, impacted the deadline. Long-term, having PwC onboard will have a more positive effect on the overall Request Network ecosystem. Partnerships won't wait around, Bitcoin support will. With these partnerships there will be a push for features they want to see. PwC for example, would be focused on the accounting so they would likely be pushing for accountancy related dApps (http://accounting.request.network/) - when the roadmap was first created the team could never predict such a huge entity like PwC would come onboard, so changing focus is sometimes required from a project. Once again, long-term this will benefit Request massively. From a development perspective changing the roadmap is a fantastic move in my opinion, the team never know what is around the corner and being able to quickly adapt to new opportunities, on-boarding companies are critical for the long-term viability of the network. As the team grow there will be more development resource available to focus on the core platform and partners which will allow the team to better predict features in the future. Once again, I’d like to reiterate things do need improving here, the team can be more transparent, and the roadmap can, and will, be improved.
The Singapore trip was fantastic, and it was an incredible experience working closely with the team and it was great to see their passion and talent while working away through the week, it’s an excellent work environment too. Every bit of feedback is incredibly important, please don’t hesitate to get in touch at any time to me or any of the mods, either by Reddit, Discord, Slack or Telegram. There is a lot of work ahead for the mods and the team, but rest assured we have every single one of your concerns in our scope; the community and the perception you guys have is so important to the team and the project. There are a lot of great things going on that we will continue to improve and lots of things that need changing – it won’t be something that happens overnight but something that will be continuously improving for the entirety of the project – we are dedicated to working hard and improving Request and the community every day. At the end of all this, actions speak louder than words, and we will take everything into consideration to help ensure Request thrives, we are already in the process of actively making changes. Apologies for the lengthy post but hopefully this clears some bits up and helps to put across some of the great things we saw in Singapore, if you have any other questions feel free to leave a comment or get in touch privately. Cheers.
Why we shouldn't be asking for regulation and why we need the RIGHT to make bad investments.
I have deleted some of my old accounts but I have been frequenting bitcoin since 2014 and I am rather disappointed with the change over the last year and calls for regulation of crypto. So I thought I should make a reasoned argument as to why regulation is a terrible idea.
1. There aren't THAT many scams
4 out of 5 startups fail crypto or not. Failing is does not equate to scam. Further more sometimes the difference between a scam, just a poorly run startup, slimely business, and a bad idea isn't so clear. I'd guesstimate that at least 95% of crypto projects actually are acting in good faith.
2. Fraudsters don't follow laws anyways
Scammers are often already breaking laws, if they promise they will do X, Y, and Z and they don't they have already broken a contract and are liable to civil suits, and yes even just a promise in a whitepaper can already be considered a contract! Even emails can be considered to be legally binding between two parties in most countries and most freelancers already know this. If a fraudster is going to really scam people they will be one of those projects with an anonymous team or a fake one. And guess what since the government can't stop people from making crypto transactions a scammer from Russia is still going to be taking your ETH regardless of the regulation because they are anonymous!
3. Regulation favors the rich
In America you often have to be an accredited investor to invest in early startups. In other words to invest in a young company that is having an ICO, if the same rules applied to crypto, you would have to be accredited. So what is an accredited investor?
To be an accredited investor, a person must demonstrate an annual income of $200,000, or $300,000 for joint income, for the last two years with expectation of earning the same or higher income. An individual must have earned income above the thresholds either alone or with a spouse over the last three years. The income test cannot be satisfied by showing one year of an individual's income and the next two years of joint income with a spouse. The exception to this rule is when a person is married within the period of conducting a test. A person is also considered an accredited investor if he has a net worth exceeding $1 million, either individually or jointly with his spouse. The SEC also considers a person to be an accredited investor if he is a general partner, executive officer, director or a related combination thereof for the issuer of unregistered securities.
source This means you basically have to be a millionaire to invest in early stages of a startup. So that means 99% of people in this subbreddit could no longer participate in ICOs if the same rules applied. Furthermore the people that will be writing these regulations are going to tend to be older people who have more traditional and conservative investments, so why would someone who is invested in say paypal, want to make it easy for their investment to be made irrelevant? They have disincentive to create good and fair regulations. They lack what Nassim Taleb calls "Skin in The Game" which leads to poor or selfish decisions.
4. No one seems to actually know what "regulation" means
I see people commenting about how they don't like project A and that its a "scam". Truthfully I feel this is often because sometimes it isn't always the best technology or startup that is the best investment so people can get butt hurt over it when they see projects they don't like become successful and then they say "oh I wish there was regulation so this wouldn't become popular." What the fuck are you guys talking about? How do regulate whether or not a shitty technology is favored by people over a good one? Do you really think the government should be deciding what is "good" or "bad" technology? Because if they did Bitcoin would have never been invented in the first place. Also "regulation" isn't some magic thing that will stop bad things or even scams. Because of the nature of decentralization people can very easily be anonymous and setup ICOs.
5. Regulation will be ineffective and will cause brain drain
Like it or not tax/regulation havens will always exist. So companies will tend to move to places with the least regulation, Binance is a good example of that. And since crypto transactions are trustless the actual company can be in Malta even if the token or coin is used primarily in somewhere like the US. Which means that these crypto companies will still be able to reap the benefits without any of the cost of physically being in some country. That's a lot of tax revenue that will be lost because of regulation. This also creates more inequality as it means most of the worlds wealth will end up be more concentrated in tax havens. Not to mention anonymous scammers don't follow regulations anyways.
6. You are telling the government you are too stupid to handle your own money
Why on earth should you or the government or anyone tell me I can't throw $1000 bucks at some startup on the other side of the world? Regulation is only going to add more red tap for small startups, I have some experience with this personally as I work for two blockchain startups. One of these startups I suggested they add an equity function to their utility token, turning it into stock + utility token, as I think that is way more valuable to investors and they will likely be able to raise more money in their ICO. However they have determined that the paperwork alone costs way too much time and money. So these regulations are already hurting both investors and startups. Regulation KILLS innovation. You can't get 1000x return on one investment without taking a 95% loss on 10, in the end it is still worth it and you still win but regulations will make it damn near impossible for regular people to invest in projects in their early stages or from new better startups being created, so you will only be "protected" from insane profits with maybe a slight improvement in your losses. More regulation means less profit, and lets be real, most of you are here and want "regulation" because you want more money but this is the worst way to go about it. If you are too stupid to do basic research and to have diversified your portfolio then you are bad at investing and you shouldn't be playing this game, no amount of regulation will make you a better decision maker. We need the right to make bad investments that fail because that's how investing is done, you tend to make a loss on most investments but the few that profit more than make up for the sum of losses. Just think of the potential of millions of world changing startups that will never be because of red tape. It's like taxing people because they are dumb.
The Solution: Lawsuits
You can still sue people for things that are not explicitly breaking a law, but breaking a contract. The only regulation should be a business license so the government knows who they are, after that its not harm no foul rule. That means that if ICOs or cryptos try to trick people that they can be taken to court and sued to hell so they still are culpable for wrong doing without hindering young startups. Stricter regulations would have made a lot more sense in a pre-internet and pre-crypto world. This is because only people who could make researching and educating themselves a full time job could really understand if a business had a reasonable proposition and model since researching anything pre-internet was way more difficult. However with the democratization of information with the internet and of value with crypto these regulations don't make as much sense because the informational asymmetry has almost entirely disappeared between accredited investors and regular motivated people. The only difference now is the size of the wallet, this is a terrible world to live in where only rich have the options. I highly recommend everyone in crypto read Nassim Talebs "Incerto" collection particularly his latest book "Skin in The Game".
Following up on my other post which shared only a few high level points I thought people would be interested in, here's a more in-depth summary of the meetup. THIS IS VERY LONG! I don't really have a TL;DR beyond my other short highlight thread, but I think there are some other high level summaries. This is for those who want a very thorough recap of what was discussed. I'm happy to update this with anything shared in the comments which I remember and think is additive to the summary, definitely didn't catch every single thing. I'm leaving out a few talking points/questions that either 1) I didn't totally catch, 2) provided no incremental information or 3) were just bad questions (there were some). Sunny's Speech Sunny began with a history of blockchain, from the bitcoin whitepaper to the first few alt coins to the advent of Ethereum. He then went on to discuss the extent to which these various stages involved meaningful/useful innovation: original alt coins did not, ethereum of course did, but is heavily flawed for enterprise use. He then went on to discuss what those primary flaws are and how VeChain is trying to solve them (scalability, governance, cost, etc.) He noted that technology is not blockchain's biggest obstacle, it's adoption. He talked about how, although some people will tell him to "get lost or something" he doesn't really believe in full decentralization. I think his point was that although it's nice in theory, it just isn't really practical, and it's a bad approach in particular for trying to get this new blockchain technology adopted in the mainstream. This goes back to something he said in another interview at some point - you can't just come in with totally new, radical technology outside the existing framework and replace everything that exists from the outside. You have to start within the existing framework, show people what's possible, and then change the system from the inside out. He went on to discuss what he sees as problems with some of the existing projects. Talked about how projects in the top 20 have ecosystems worth 2 billion dollars, hold hundreds of millions of dollars worth of their own tokens to be used for the project's development etc., but they don't have a CFO. He thinks that should concern people. I don't remember exactly where it fit in the narrative, but he discussed valuation/speculation. He pointed out that they have a number of their university research partners trying to work out token valuation models. He made a general point that more utility should equal more value, the implication being VeChain will have more real utility (and should therefore have more value) than any other blockchain. They had a slide showing some calculations and pointed out that if you look at the known metrics, the dividends, etc., the price of Google's stock is 85.7% speculation. Only $161 of it's $1,128 value (at the time they ran these numbers) can be tied to the current value. For Tencent, it's 93.5% speculation. He jokingly pointed out that in crypto it's about 99.99%, but I think one of the unspoken points here is that it's silly to think that on mainnet launch speculation about the future value is going to go away and you'll just have token value based on current Thor production. That isn't how markets or valuation work. He then basically mocked people complaining about the code not yet being open source, and there being no whitepaper - the people who think these are red flags and that the project might be a 'scam'. As if PwC and DNV GL didn't do extensive diligence. On this point, I'll quote GarzyWarzy from another thread: "Sunny mentioned that the crypto community as a whole doesn’t seem to appreciate the level of reputational risk that these multi billion dollar enterprise partners take by publicly backing a blockchain startup (“what do people think would happen if PwC backed us and we failed in 6 months?”). As an investment banker who deals extensively with corporate governance issues and every type of business risk imaginable, I will add my two cents that this risk is massive and that is it a clear sign of extensive diligence and extreme trust in the VeChain team to execute their business plan for developing their ecosystem. Always remember, “it takes many years to build a reputation, and seconds to ruin it”." I'm a corporate lawyer and couldn't agree with this more. The people who think a whitepaper (which they likely wouldn't even understand) is more reassuring than the endorsement by DNV GL, PwC, Draper and Breyer (who would never, ever make such an investment without extensive due diligence) have no idea how things work in the corporate world. DNV GL and PwC are recommending VeChain to clients, and Draper and Breyer have made investments through their funds, where they have a fiduciary duty to the investors in those funds. The amount of diligence that occurs before taking those reputational and legal (negligence, breach of fiduciary duty, etc.) risks is truly exhaustive. Back to adoption, Sunny went on to compare blockchain to TCP/IP, as he's done in the past. Most people use email every day, but do they care about TCP/IP? Of course not. Blockchain will be the protocol infrastructure for things people use every day, whether they know it or not. At this point, continuing to talk about adoption and use cases, he mentioned that they signed a top 3 insurance company in China as a client, and he also mentioned a CRM use case that's in the works. He said the whitepaper will be out in a few days, and will explain a lot of what they're doing/what they're trying to do, and what some of the use cases are. They are focused on developing as many practical use cases as possible - this is how you get adoption. Once the use cases are defined, you can start "developing killer dApps" in relation to them. I think this is, to some degree, a subtle shot at Ethereum - his point here being that developing lots of dApps on a platform doesn't really mean much unless those dApps actually relate to a practical, defined real world use cases which ensures they will be used and adopted. The whitepaper took so long because, in Sunny's words, his "english sucks" and after he wrote it, his teams needed to double, triple, and quadruple review/edit/refine what he wrote so that it is in professional english. Back to adoption, he stated there are around 13/14 crypto projects they are working with who intend to use VeChain (either porting over from Ethereum or launching an ICO on the platform. More on this in the Q&A section). One of them is a company that already generates $50 million/month in revenue and want to 'blockchain-ize' their business. He pointed out here this is a company that isn't just interested in padding their coffers - they have money, that isn't an issue. These are the types of projects they like to work with. They aren't interested in being a 'shitcoin generator' (this was said by Sunny in the Q&A and got a laugh and round of applause). Last point on this, he noted that BitOcean is taking so long because the "Japanese government are being assholes". That's a direct quote. Sunny is hilarious. I can't overstate how likable he is - he comes off as a down to earth, cool, funny and easy going guy. Kevin's Speech Next, Kevin spoke. This was a short update on authority nodes and the mainnet. He mentioned that most projects have masternodes as basically a marketing tool, they aren't that meaningful or necessary. VeChain's authority masternodes are essential to the ecosystem. You can not become an authority node if you can not meaningfully contribute to growing the ecosystem. There is no room for negotiation on this. They aren't interested in having random people running validating authority nodes for profit and nothing else. As far as the application process, they received over 100 applications and are expecting more (authority node application and monitoring process will be ongoing to make sure VeChain has the best authority nodes possible and that each node is continuing to fulfill all of its obligations). As far as the applicant pool, they were about 71% enterprise, 29% individual. About 52% China, 23% America, then a mix of HK, Singapore, Japan, and others. He then addressed the mainnet. Internal testing is done, they are now moving on to the public alpha testing, which is by invite only and is not the open source phase. This phase starts today and includes a number of professional firms auditing the code: PwC's cybersecurity team, secureware.io, Slow Mist, and Hosho. They will also be putting a bug bounty on Hacken eventually, finding a critical vulnerability could get you up to 2000 VEN tokens. This private testing will go on for a few weeks, before the public testing begins in early June which involves the code becoming open source - as of now, they expect it to start in the first week or two of June. Then, he announced the 1 VEN to 100 VET token split. The example he gave was talking to friends about buying Bitcoin - some responded "it's already $8000, I can't buy a bitcoin I can't afford it". Kevin would respond, well actually you can buy .001 bitcoin if you want... and then they'd lose interest. I think what he's getting at is they want to be prepared for years down the road when demand is enormous - they don't want people dealing in fractions. Yes, I'm also sure they are aware of the implications for this in terms of price and the attractiveness of a 5 cent token verses a 5 dollar token. I don't deny that. Look at fucking Tron. The Q&A Session Someone asked about how the authority nodes will be monitored. Kevin explained there will be a dedicated team for this. They are serious about having the highest quality authority nodes and holding them to the standards they expect. There will be a quarterly review process, and any issues will be brought to the Steering Committee, which may decide to remove/replace an authority nodeholder if they aren't contributing and fulfilling their obligations. He noted that the whitepaper will include a thorough section on their governance model. Question about it being difficult, currently, for companies (especially in the west) to find out how to contact them and work with them. What are VeChain's plans in terms of a business development team, marketing, etc. Sunny explained that while obviously they'll have an internal BD team, and this is being built out, they also want to heavily leverage the resources of the community. In a way, the community will be a giant business development team, and they will create standard toolkits for the community to use to market/introduce VeChain to people in the first instance. The guy then asked what if I got you Pfizer - that's enormous, what's my incentive? Sunny responded there will be rewards in VET tokens for bringing them clients. I don't remember what the exact question was, but it was noted at this point that although the private, consortium chain is an Ethereum fork, the mainnet was built from scratch and is not an Ethereum fork. They did intentionally use the Ethereum Virtual Machine, though, so that Ethereum dApps can be easily ported over to VeChain. It sounds like they expect this to happen quite a bit. They also talked about how they went through the web3 libraries and 80% will be able to work directly with VeChain. They want interoperability, compatibility, and ultimately, an easy transition for Ethereum developers and dApps. Someone asked about them building out their own IoT business or letting others do the IoT work. Sunny talked about how he believes IoT is the way to connect blockchain to the physical world. There was a story not worth sharing about why they initially acquired an IoT team, but he gave this example: when Apple first released the app store and the ability to develop, nobody knew how or used it. So, Apple built the apps themselves and basically showed everybody what was possible and how to do it by example. So too will VeChain take this approach. They are partnering with IoT manufacturers and developing some of their own IoT solutions, and they'll continue to do this, but the point isn't to dominate IoT. They are showing the world by example what can be done in terms of IoT on the VeChain platform, and they ultimately want people/enterprises to be able to create their own value and their own IoT solutions on the VeChain blockchain. Anyone who wants to do so will be able to. Question about enterprises buying once the enterprise pool runs out - what happens if enterprises aren't comfortable doing what all of us have done (wiring money to a fiat gateway exchange, buying bitcoin/ethereum, moving it to binance, buying in the market, transferring out of binance, etc.). Kevin isn't really worried about this. They are talking to exchanges and service providers about it, they're talking to Circle about fiat pairing, etc., but realistically Kevin can see that exchanges are becoming more advanced and that ultimately they will be institutionalized in a way that basically just mitigates this concern. Question about storage of VET tokens after mainnet. There will be a mobile wallet launch at the exact same time. This mobile wallet will 1) facilitate the token swap from VEN to VET (most people will probably do this on exchanges, but eventually you'll be able to do it in the mobile wallet if you missed doing it on an exchange), 2) have a module that shows you what kind of node you are, 3) automatically receive your generated Thor, and 4) eventually allow you to hold other ERC-20 tokens. They also mentioned that although they're talking to ledger, etc. they are developing their own hardware wallet. Kevin explained this is essential for enterprises serving as authority nodes or holding large amounts of VET. They aren't going online and ordering a ledger and setting it up. VeChain needs to be able to provide this service and assurance for them, and they will. This is why these guys are lightyears ahead in terms of enterprise adoption. They've thought about these things. Question about 'competitors' like Waltonchain. First, Sunny goes "who?" and Kevin goes "what's Waltonchain?" But then Sunny went on by saying the "right" thing - there are no competitors in such a fledgling industry. He would love to hold hands with the other blockchain projects trying to do good things, and walk into the future together. He thinks projects can learn from each other and help each other. They aren't trying to crush competitors or beat anyone or anything like that. However, Sunny also jokingly asked "Seriously, why do people think Waltonchain is our competitor? We are what, 15th biggest project, and they are...?" He also went on to say that he is judging some competition or tech demo later this month on the 26th-28th, and that Waltonchain is the demo product. He thinks this is sort of funny, but also said if their product is great and the demo is good, there is no reason he wouldn't support them, vote for them, etc. Question about Breyer and Draper relationships. Draper is invested in many cryptocurrency projects and many companies, has tons of connections, and he gives VeChain a way of talking to all of those projects/companies. Breyer was the one who set them up with the research team at a Chinese university, he was the link to Circle to discuss fiat onramps, etc. The connections these guys bring are tremendous. I should note here that in a small group conversation with Kevin during the networking portion after the speeches, which was initiated by GarzyWarzy (perhaps he can elaborate further), he confirmed that Breyer and Draper are both meaningfully invested in tokens, not just equity of the technology portion of the company. Some clown actually used up time to ask "is CCK here?" Sunny said someone asked him this at Harvard also, and he was absolutely adamant that he doesn't know who this person is or how they are getting the information they have. He did not comment on it beyond that. He clearly thought it was a dumb question and said seriously that once and for all, he really doesn't know who it is. Question about how many projects will be running on the mainnet day 1. Sunny said it's hard to say for sure, but that there are currently between 20 and 25 use cases deployed on the consortium chain, all of which will be moved over in the first few months. He also mentioned the 15ish crypto projects that will be moving over to or launching on the platform, and the fact that their client pipeline is now over 250. He transitioned a bit from this point to discuss how they "don't want to be a shitcoin generator". If you come to them with a project that is just an ICO with a whitepaper and no product, no proof of concept, etc., they're not going to want you to launch that. They would rather invest in you if they think you're a good project, help you develop those things, prove out what you're trying to do, then help you launch a serious ICO or dApp with a real use case. Again, they are all about practical use cases, this is the path to adoption. That said, the project will be open source ("you guys asked for open source, so") there will be some shitcoins, it's unavoidable. I think that covers most of what I remember. Hope you all enjoy!
How Did I Discover Cryptocurrency and Why I Choose BitcoinCash
How Did I Discover Cryptocurrency and Why I Choose BitcoinCash. One of the first questions always asked in the Crypto sphere is how did you learn about Bitcoin? Then followed up by which coin or coins do you hold? The answer to this first question is not as easy to answer as you would think. Right before the split between Bitcoin and BitcoinCash I met someone very involved in the community we were discussing how I became a libertarian which naturally lead us to a discussion about economic freedom, Ross Ulbricht and then Bitcoin. The following day I ran home and researched Silk Road and Ross Ulbricht. Five minutes later, I had signed the petition. My interest was piqued, I started to do my own research in regards to Bitcoin. I bought several books but all that did was confuse me more. I started watching YouTube videos and remember thinking to myself “who are these people” and “are they even speaking English” but I kept researching determined to learn about economic freedom, I just couldn’t grasp how someone could gain economic freedom with online money. Fast forward to the Bitcoin/BitcoinCash fork, I knew this was a big deal but I didn’t know what was going to happen. So I called my friend and set up another time to meet, well this time I was prepared I had my notes laid out from the books I had read and I was pretty proud of myself after all Bitcoin is not easy to understand with words like nodes, Raspberry Pi's (what does pie have to do with economic freedom), miners, QR's, checkpoints, lightning (still waiting) and why only 21 million and do I have to buy a full coin? I mean this list goes on (after all I am much older than the usual crypto enthusiast) little did I know I had already entered the rabbit hole and from the look I received from my friend he knew it. So after 2 days that was it, I needed to get my hands on Bitcoin. As soon as I got home I joined Coinbase and I saw a few coins listed and thought Bitcoin is really expensive and I can get 4 times the amount with this coin called Litecoin so I put in a buy order for that, Etherum and BitcoinCash. I had never been a huge fan of Social Media but at this time I decided I needed to join Twitter to see what others were experiencing and oh God what a jolt to the senses that was. Everyone tweeting why this and that coin is bad and this person is bad and that person is good, Crypto Twitter can be a shit show especially in the beginning and being new to both Twitter and Crypto my brain was in overload. I followed my friend on Twitter and just started to pay attention to him and basically began stalking his feed and Youtube channel but I never really engaged (I truly felt like a stalker). But I was learning my way around and who did what in their relative fields. As everyone knows Coinbase can be very frustrating because it seems like forever before you have access to your coins and the whole time I’m thinking what have I done? So a month went by and I finally received an email saying my funds are now available in Coinbase I opened up that app and to my surprise, my money had just quadrupled. I had learned while investing once you make back your initial investment sell that portion and that is exactly what I did! But the damage had been done I was hooked and immediately took that initial investment and bought every altcoin I could get my hands on via Binance, which can seriously do some damage to your wallet. I still really did not know what to do with Cryptocurrency, there were all these wallets, but why were they needed if all it did was sit there like digital gold. So I started to engage with people on Twitter to discover what others were doing, I didn’t have any followers so outside of a few likes here and there I would never really get any feedback. I asked my friend about this and he started to respond to me and soon after that, others started to respond to me, then I was included in threads and I had my first Crypto Twitter follower, he was no joke and little did I know at that time how much of an influence this person would have in my Twitter and Crypto life. But Crypto Twitter will have to be its own story. As I started to learn how to navigate my way through Crypto Twitter and began to understand the correct questions to ask I began to get the answers I needed. These questions amounted to where/who accepts crypto and why is this coin better than that coin? The people that came forward were the BitcoinCash community, I couldn’t understand why was it only the BitcoinCash people that would respond to me, after all, there are so many coins out there? But these were the people that had a passion for what they were doing and believed in that passion, from the CEO to the developers down to the end user. It was like a breath of fresh air to find people passionate about rewarding hard work and not caring about who you are and which country you are from along with giving back to communities that are far less fortunate by no fault of their own they just don’t have access to resources that are available to Western Nations, Europe, and Asia. I discovered the philanthropic work was incredible and still to this day I still am overwhelmed by how much the BitcoinCash community does and feel very fortunate to be a part of it. Downloading wallet after wallet, I discovered some were easy some were difficult and well some were just ridiculous. I started to tag random developers on Twitter and honestly was surprised when they responded to me and offered their help after all these are really busy people why would they take the time to help one person. The reason is simple they want Cryptocurrency to be a success and they understand how difficult it is, especially for an older person who just got her first smartphone 2 years earlier. After learning about the importance of 12-word seed phrases how a QR code works and legacy addresses I now felt comfortable enough to begin introducing people to cryptocurrency and more importantly BitcoinCash. Little did I know how difficult this would be, I mean who doesn’t want money even if it’s free. After months of interaction on Twitter and other platforms, I decided I needed to do something besides just talking about Crypto I needed to shout it from the rooftops. I desperately wanted to find others around me that I could share my experiences with so I created a Meetup in my area and began talking about it at work with my friends and family I just started telling everyone I ran into have you heard about BitcoinCash? “No” here let me show you” inevitably I started to hear oh that’s for drug dealers or it’s a scam. So now I thought how do I get past this obstacle that CNN and Fox News has put in front of me? I became more determined than ever to beat them at their own game. I had another hurdle to jump, so my path now came to what is an everyday product I can buy with Bitcoincash? Well, there are tons you just have to find them, and since my area of the country is about 10 years behind the rest of the country this was very difficult. But one thing I do a lot is travel and I was about to buy a plane ticket so I found CheapAir.com which accepts BitcoinCash, so I used that and discovered how easy it is, I can literally lay in bed find a flight and/or a hotel and right there without turning on the lights or getting up for my credit card number. What about overcoming only drug dealers use it (which my stepmom throws in my face almost every day) so for Christmas I purchased her some beauty products with BitcoinCash. I am constantly scouring the internet looking for more ways to spend Crypto instead of government-funded cash. My meetups started out with 2 people 1 of which was my dad to 12 strong and growing (which does not include my dad). That may not seem like many but those 12 people have become strong and confident users of Cryptocurrency and one of them even accepts BitcoinCash for his business. My story does not end here, and with every day there is a change with some great, some good and some not so good stories. Keep your eyes out for updates to my never ending and exciting Crypto life.
How Did I Discover Cryptocurrency and Why I Choose BitcoinCash
One of the first questions always asked in the Crypto sphere is how did you learn about Bitcoin? Then followed up by which coin or coins do you hold? The answer to this first question is not as easy to answer as you would think. Right before the split between Bitcoin and BitcoinCash I met someone very involved in the community we were discussing how I became a libertarian which naturally lead us to a discussion about economic freedom, Ross Ulbricht and then Bitcoin. The following day I ran home and researched Silk Road and Ross Ulbricht. Five minutes later, I had signed the petition. My interest was piqued, I started to do my own research in regards to Bitcoin. I bought several books but all that did was confuse me more. I started watching YouTube videos and remember thinking to myself “who are these people” and “are they even speaking English” but I kept researching determined to learn about economic freedom, I just couldn’t grasp how someone could gain economic freedom with online money. Fast forward to the Bitcoin/BitcoinCash fork, I knew this was a big deal but I didn’t know what was going to happen. So I called my friend and set up another time to meet, well this time I was prepared I had my notes laid out from the books I had read and I was pretty proud of myself after all Bitcoin is not easy to understand with words like nodes, Raspberry Pi's (what does pie have to do with economic freedom), miners, QR's, checkpoints, lightning (still waiting) and why only 21 million and do I have to buy a full coin? I mean this list goes on (after all I am much older than the usual crypto enthusiast) little did I know I had already entered the rabbit hole and from the look I received from my friend he knew it. So after 2 days that was it, I needed to get my hands on Bitcoin. As soon as I got home I joined Coinbase and I saw a few coins listed and thought Bitcoin is really expensive and I can get 4 times the amount with this coin called Litecoin so I put in a buy order for that, Etherum and BitcoinCash. I had never been a huge fan of Social Media but at this time I decided I needed to join Twitter to see what others were experiencing and oh God what a jolt to the senses that was. Everyone tweeting why this and that coin is bad and this person is bad and that person is good, Crypto Twitter can be a shit show especially in the beginning and being new to both Twitter and Crypto my brain was in overload. I followed my friend on Twitter and just started to pay attention to him and basically began stalking his feed and Youtube channel but I never really engaged (I truly felt like a stalker). But I was learning my way around and who did what in their relative fields. As everyone knows Coinbase can be very frustrating because it seems like forever before you have access to your coins and the whole time I’m thinking what have I done? So a month went by and I finally received an email saying my funds are now available in Coinbase I opened up that app and to my surprise, my money had just quadrupled. I had learned while investing once you make back your initial investment sell that portion and that is exactly what I did! But the damage had been done I was hooked and immediately took that initial investment and bought every altcoin I could get my hands on via Binance, which can seriously do some damage to your wallet. I still really did not know what to do with Cryptocurrency, there were all these wallets, but why were they needed if all it did was sit there like digital gold. So I started to engage with people on Twitter to discover what others were doing, I didn’t have any followers so outside of a few likes here and there I would never really get any feedback. I asked my friend about this and he started to respond to me and soon after that, others started to respond to me, then I was included in threads and I had my first Crypto Twitter follower, he was no joke and little did I know at that time how much of an influence this person would have in my Twitter and Crypto life. But Crypto Twitter will have to be its own story. As I started to learn how to navigate my way through Crypto Twitter and began to understand the correct questions to ask I began to get the answers I needed. These questions amounted to where/who accepts crypto and why is this coin better than that coin? The people that came forward were the BitcoinCash community, I couldn’t understand why was it only the BitcoinCash people that would respond to me, after all, there are so many coins out there? But these were the people that had a passion for what they were doing and believed in that passion, from the CEO to the developers down to the end user. It was like a breath of fresh air to find people passionate about rewarding hard work and not caring about who you are and which country you are from along with giving back to communities that are far less fortunate by no fault of their own they just don’t have access to resources that are available to Western Nations, Europe, and Asia. I discovered the philanthropic work was incredible and still to this day I still am overwhelmed by how much the BitcoinCash community does and feel very fortunate to be a part of it. Downloading wallet after wallet, I discovered some were easy some were difficult and well some were just ridiculous. I started to tag random developers on Twitter and honestly was surprised when they responded to me and offered their help after all these are really busy people why would they take the time to help one person. The reason is simple they want Cryptocurrency to be a success and they understand how difficult it is, especially for an older person who just got her first smartphone 2 years earlier. After learning about the importance of 12-word seed phrases how a QR code works and legacy addresses I now felt comfortable enough to begin introducing people to cryptocurrency and more importantly BitcoinCash. Little did I know how difficult this would be, I mean who doesn’t want money even if it’s free. After months of interaction on Twitter and other platforms, I decided I needed to do something besides just talking about Crypto I needed to shout it from the rooftops. I desperately wanted to find others around me that I could share my experiences with so I created a Meetup in my area and began talking about it at work with my friends and family I just started telling everyone I ran into have you heard about BitcoinCash? “No” here let me show you” inevitably I started to hear oh that’s for drug dealers or it’s a scam. So now I thought how do I get past this obstacle that CNN and Fox News has put in front of me? I became more determined than ever to beat them at their own game. I had another hurdle to jump, so my path now came to what is an everyday product I can buy with Bitcoincash? Well, there are tons you just have to find them, and since my area of the country is about 10 years behind the rest of the country this was very difficult. But one thing I do a lot is travel and I was about to buy a plane ticket so I found CheapAir.com which accepts BitcoinCash, so I used that and discovered how easy it is, I can literally lay in bed find a flight and/or a hotel and right there without turning on the lights or getting up for my credit card number. What about overcoming only drug dealers use it (which my stepmom throws in my face almost every day) so for Christmas I purchased her some beauty products with BitcoinCash. I am constantly scouring the internet looking for more ways to spend Crypto instead of government-funded cash. My meetups started out with 2 people 1 of which was my dad to 12 strong and growing (which does not include my dad). That may not seem like many but those 12 people have become strong and confident users of Cryptocurrency and one of them even accepts BitcoinCash for his business. My story does not end here, and with every day there is a change with some great, some good and some not so good stories. Keep your eyes out for updates to my never ending and exciting Crypto life.
Current State & The Future Of Digital Assets From Ariel Ling, BitMax COO.
Ariel Ling, co-founder and COO of BitMax, has shared her thoughts on the current state of digital assets and what to expect in the next years, what retail investor should take into account when buying any cryptocurrencie and the key factors that drive the value of the token/coin. Ariel Ling, BitMax COO Why, when and how have you started your crypto journey? I started my crypto journey at the beginning of 2018 when my long-time friend, the co-founder and CEO of BitMax.io, Dr. George Cao “pulled” me out of the traditional Wall Street and asked me to join him in launching this exciting venture. Three main drivers are 1) to learn more about blockchain technology and its transformational applications in different industries; 2) to leverage in-depth traditional finance expertise to improve overall crypto trading and exchange market structure for better efficiency and transparency; 3) to have a chance to work with a talented and driven team who share similar vision, passion and conviction to build a top global digital asset trading platform as well as a wonderful organization from good to great! If your friend will ask you: should I consider cryptocurrencies as investment opportunity? What will be your answer? Will you recommend any specific digital asset? Coming from traditional finance perspective, I would explain my thoughts process from three angles — 1) types of crypto or digital assets as the foundation for understanding; 2) whether they, are more for short-term trading or mid-term investment 2) what are elements for investment valuation and decision-making so our friends can assess and make decision for themselves. First, in general there are three types of digital assets:
Major currency / coin-type like Bitcoin, ETH, XRP, Litecoin, etc. and stable coins;
Security-type tokens representing some equity or debt rights of underlying projects;
Utility tokens for usage on specific blockchain platform or network.
Each type represents different type of opportunity and risk. Second: is digital asset good for trading or investment? due to the nascent nature and very short history of market development with most of retail investors’ participation and lack of proper regulatory framework globally, there are quite some market manipulation, speculation and fraud activities in the current market, causing significant volatility and investors loss across all types within very short period of time. This made it very hard for any investors to assess the real valuation and momentum drivers behind those large swings. So at this point, I would think with its high volatility and risk, digital asset in general is more of very short-term trading product than investment vehicle. From liquidity perspective, major currency/coin-type will have more market depth across exchanges, hence more suitable for short-term trading-focused strategies. Third, from traditional investment perspective, it is critical to assess digital asset investing from valuation and fundamental perspectives, such as business model, future growth, economic return vs. person’s risk tolerance and investment objectives. For major coins, especially Bitcoin itself with its longest history among all the digital assets, have started to provide certain payment function similar to fiat currencies in certain countries. Hence, there are more interesting dynamics to the Bitcoin investing based on one’s view of Bitcoin usage over mid-term horizon and the relative valuation vs its production (mining cost) especially with the price down to 3,500–3,650 USD. For security-type or utility tokens, the performance over short-to-medium term really comes down to combination of intrinsic value of underlying blockchain projects and token economics. Similar to Internet in 1990s, blockchain technology projects are still at the early stage of development and looking for meaningful and applicable use cases to bring real economic benefit from the economics and business model perspective, so it becomes very difficult to apply traditional finance valuation and assess the real intrinsic value of those projects. Recent market crash has brought many of those tokens down to near zero value. So the investment in those tokens are extremely high risk and everyone should be really careful and prudent in the evaluation of any specific projects for the decision-making and risk protection. What is the story behind BitMax? Who are the foundefounders? When it was founded? Q1 2018, Dr. George Cao and I founded Global Digital Mercantile (GDM), global operator of digital asset platforms, including BitMax.io based on Singapore for overseas markets and North America’s trading platform aiming for the first half of 2019. BitMax.io started public beta testing mid July, 2018, and was officially launched later mid August. On November 18th , we launched our mining mechanism, the industry very first transaction-mining & reverse-mining mechanism, which has made us the industry leading third-generation cryptocurrency exchange — after first generation of traditional exchanges like Binance, Gemini, Coinbase, etc. and 2nd generation of transaction-mining ones like FCoin, Bitthumb, etc. Just a quick introduction of my partner. Dr. Cao studied Computer Science in the University of Science and Technology of China, and earned his PhD degree from the University of Chicago. Dr. Cao was the Founder and the Chief Investment Officer of Delpha Capital Management, LLC., New York, specializing in trading equity, ETFs and commodity future products in all major exchanges across the globe. He is also the founder and managing partner of Whitestone Investment Group, a New York based venture fund that invests in a large variety of startup companies that are in the high tech, fintech, big data and medical area. Before founding Delpha Capital, Mr. Cao worked at the Equity Division of Barclays Capital in both the New York and London offices. During that period, he oversaw equity electronic trading in the U.S., European and Asian markets. Prior to Barclays, he researched and traded U.S. equity as a Portfolio Manager at Knight Capital Group. For me, I have built more than 18-year extensive experience in strategic planning, business development, financial risk management and regulatory implementation across major trading asset classes (Equity, FX, and Fixed Income) at several top global banks. Previous to jumping into digital asset trading, I ran USD liquidity and investment product for top financial institutions and corporate clients at tier-one global investment bank. Before that, I ran US Broker Dealer as COO and head of Business Development for Germany 2nd largest bank. Earlier from 2007 to 2012, I was global equity trading COO across Lehman Brothers and Barclays Capital, building out trading franchise and market making businesses globally. I have four degrees — graduated top of class from Nankai University with two Bachelor degrees in Finance and English Literature and got my MBA from NYU and Master of Mass Communication from University of Georgia. Where is Bitmax located? Are you a distributed team or do you have an office to work together? How many people work for Bitmax? Our global team of 50 members are based off two main location — New York with 20 members, including all the founding members, and Beijing with 30 members. Would you be so kind to introduce briefly the core team members? Both George and I are very proud of our 10-member founding team. Similar to us, they are all from Wall Street top firms like Morgan Stanley, Deutsche Bank, Goldman Sachs, Bloomberg, and top high-frequency hedge funds with deep experience in the fields of financial engineering research and development of large-scale quant trading infrastructure. Our educational background span across multiple prestigious institutions including Columbia University, University of Chicago, Carnegie Mellon University, and New York University in the United States, as well as Peking University and Tsinghua University in China. So one special thing about BitMax.io is that very few exchanges in the crypto trading space are built by solid team like ours with strong traditional finance mindset and trading background. You’ve started BitMax during market downtrend in pretty competitive environment. What is your value proposition? Why traders should switch to BitMax? I think BitMax.io is actually very special in this market, and our team is very proud of what we have built in the short period of six months. There are at least three reasons I think traders should chooseBitMax.io:
It’s our real-word professional trading experience and expertise;
It’s is our platform, resilient, high volume quantitative-trading platform;
It’s is our top-quality customer-centric strategy.
First of all, as I mentioned in the last question, architected by a group of Wall Street veterans, BitMax.io builds upon the core value of blockchain, transparency and reliability, and delivers high-quality client services and trading experience through its innovative trading platform. Second, our quant-driven tech platform. Our development members were all from high frequency and quantitative systematic trading shops. They definitely make sure the platform was resilient and it can actually handle billions of volume during the design and build. The platform resilience and scalability were fully being tested when we launched the transaction mining and reverse-mining. The first day, we actually had, within the first 24 hours, the trading volume of 1.6 billion in notional; and our system didn’t flinch, didn’t slow down, and didn’t shut down. This is very rare in any of today’s exchanges where you can frequently see the slowdown, the crash, and very slow user responses, especially with transaction mining exchanges. Third, what we are extremely proud of and all the users can see, is our 24/7 customer services built upon the core Wall Street client-centric concept. Besides our customer support team who never sleep, George actually stands behind the platform almost 24/7 answering questions from the customers, seeking solutions for their issues, and providing the most responsive customer service for the entire crypto trading space. BitMax CEO, George Cao, is often seen in official Telegram group answering different questions. We constantly remind our team: customer first. When we design a product, when we launch a system, and when we look at user needs, we all look from customers’ perspective, from how we can protect the users. When we look at primary listing, we only select the high-quality projects because we want our users to have the best investment and trading experience on BitMax.io. Are you satisfied with the current results of BitMax? Is transaction mining model giving expected volume? What is the % of traders using this model? We are very pleased with current business development and delivery results from client acquisition and trading perspectives. On the business development side, we completed the global setup for both 50-member team organization and comprehensive legal entity structure from Asia to North Americas in 2018, which laid down foundation and paved way for 2019 business expansion especially with US. Since our platform launch in mid Aug, we successfully started Industry FIRST transaction mining and reverse-mining exchange and built out the most active global communities and users within four months in the bear market, with registered users more than 95k; average daily active traders more than quadrupled since the start of transaction mining; average daily trading volume of $465mm through the month of January and February in 2019. Those are extremely promising under this tough market condition. From the composition of trading volumes, there are two parts — transaction mining which grows exponentially; second is organic, the regular trading which has experienced healthy increase as well because of all the listing activities and all the incentives we have. The regular trading takes about 5% of total trading volume, which is very good for an exchange which was launched in August and running right into the bear market. What are the key factors that drive the value of the token/coin? From traditional finance /investment view token economics is really a balance act between business / economic model and exchange market force, driven by three factors: intrinsic value and sustainability, supply and demand, and liquidity and depth. First, from a traditional finance perspective, we need to look at the intrinsic value, the economic valuation behind a project. How does this project make money? Do they really have fundamentals? Do they really have a viable business model? Do they really have a solid user base for future growth? For example, our exchange business model is very simple. We are exchange; People trade on our platform. The more they trade, the more transaction fee the exchange collect — the revenue source. The exchange will last when people keep trading on the platform and the transaction revenue generated covers the operating cost of running an exchange. Second, it is the supply and demand of token on the market — who will buy and for what purpose; who will sell and under what scenarios. For major currency coins like Bitcoin, people might buy and sell for potential investment or use in actual payment processing. For other types of token, it is more driven by short-term trading pattern and profit taking. So it is extremely important to set up certain token mechanism to support the equilibrium of supply and demand like how Central Banks manage the supply of currency in circulation through monetary policies. Third, when the market force comes in, it comes down to the liquidity and depth. Exchange is about liquidity and market depth. That means there has to be enough of trading volumes at each pricing level for each token. For BitMax.io, we have very sophisticated market making model that is similar to Designated Market Maker model of New York Stock Exchange. We focus on providing liquidity and maintaining a fair and orderly market for those token listings who agree to engage our market making services. Every exchange is looking for good projects in order to become a premiere market for this new asset. Can you name some projects that impressed you recently (even if you are not discussing possible listing with them)? BitMax.io has strict listing requirements in order to identify high-quality projects for our users. Very proud that we have listed five industry star projects in the last several weeks, with more in the pipeline. All of them have the following attributes that made them successful — viable and profitable business model, growing user bases, strong community support, and comprehensive funding sources. One of the shining examples is European project named LTO Network listed mid Jan. Its price has been steadily rising since then, as more and more people get to know their business model and more project support comes into the market place to buy the tokens — It uses blockchain technology to streamline a lot of legal processing for one of EU governments, which is very easy to understand its economic value from a revenue perspective. This is simply what people need to see eventually, clean and clear from business economic model perspective. Let’s imagine a crypto market in 5 or 10 years. Can you make any prediction what the market will look like? What customers will expect from exchange in 5–10 years? Based off my long-time experience in traditional trading, especially how equity market evolved last twenty years, I would imagine maturing market structure and entrance of institutional investors are key mandatory and healthy development of digital asset market. First, As the market develops and expands globally, traditional institution participation is a must, in order to upgrade and strengthen the overall market structure and maturity, making it more transparent and resilient, and most importantly enabling the real broad-base adoption of digital assets. Most institutional investors, such as mutual fund, pension fund and other financial institutions, hold the majority of world investment assets, not individual retail investors. Only when those big guys join the market, will there be real revolutionary improvement and expansion of the digital asset just like any other financial markets. Second, I would expect the market to become more structured with major building blocks for transparent trade life cycle processing and separate risk analytics supporting services. Current crypto trading market is very fragmented with exchanges taking on different roles of trading, wallet management, custodian, etc. Also the lack of clear and consistence regulation on market structure has led to many aspects of market inefficiency — inconsistent liquidity and depth, wide spread, high transaction cost, high volatility, speculation, etc. This definitely hampers the broader adoption of digital assets from institutional investors. Forward looking, multi-tier structure under some level of regulatory framework with clear guidance is required for future maturing market. Similar to security market, there should be at least three layers of different and independent roles: the role of broker dealer to handle the client relationship with good KYC/ AML processes, retail clients, other financial institutions, blockchain players and to take client order as agent or dealer; the role of exchange to focus on listing and trading — liquidity provision and order matching; the role of clearing house to provide clearing and settlement and custodian on custody of assets with proper control and independence. It is very clean and clear with good check and balance in place. What are the key challenges for 2019? During our 2018 business planning, we clearly view 2019 to continue being full of challenges with market uncertainty from both asset price and valuation as well as regulatory development globally. In prep for that and further growth of our platform, we have laid out the following four main strategic objectives and they are all well underway:
To launch North America trading platform for high networth and institutional clients. With North America being heavily regulated market, there are two aspects of our plan — First is to leverage a trust structure to facilitate the major coin trading with fiat, and the second is broker-dealer license application with potential for securitized tokens pending regulatory guidance in place.
To enhance BitMax.io platform and reach global top-tier exchange. We will continue listening to our users and working hard to enhance user interface and experience by upgrading website vs. other competitors for better client retention.We will continue leading product innovation among the competitors with margin trading (successfully launched in mid Feb) and then derivative to attract new clients.
Relent focus on implementation and expansion of current business lines — listing, Market Making, marketing advisory services to grow current revenue base; and further seek new revenue opportunity through North America platform while maintaining cost discipline.
we are always on the lookout in terms of exchange alignments, acquisition target, and any business partnership from different aspects of the value chain.
When do you expect a market recovery or next bull run? What are the factors that will influence the start of the market recovery? With current market crash or correction, there are two possibilities from trading perspective — recovery depending on whether this is a V down or U curve. The U curve occurs when the market collapses, it takes a longer time for market to find the bottom and struggle to rise up. The V down is like a quick collapse — dropping down very fast and reaching the bottom, and then, with some catalyst event, either catalyst from market structure, or catalyst from the market expansion itself, suddenly it gives a boost and bounces right back up. For market recovery, besides all the investment and economics elements I’ve discussed above, I believe one critical factor is the regulatory development especially clear guidance from key regulatory bodies of those major financial markets such as US, UK, EU, etc. on those key building blocks I mentioned in the maturing market structure. Once those in place, more traditional institutional investors will be ready to get in and hence boost the liquidity and valuation of the digital assets. That is the new beginning of digital assets being accepted as part of Main Street investment globally.
The above can happen in a matter of days. With a good store of value, it should be challenging to flood the market with new units. In other words, your piece of the pie should dilute very slowly, if at all. Taking gold as an example, we know that its supply is finite. We also know that it’s very difficult to mine. So even if the demand for ... For example, Bitcoin can be traded with 143 different coins, so we say that Bitcoin has 143 trading pairs on Binance. In this example, our account is funded with Ethereum, so we are only able to trade with Ethereum. To find out which cryptocurrencies are offered for trading with Ethereum, select ETH in the top right corner. You’ll now be able to see that Ethereum has 140 different trading ... If launched today, Bitcoin would likely not be listed on Binance, the world’s biggest cryptocurrency exchange by volume — according to its listing guidelines. Getting Your Foot in Binance’s Door Getting listed on the world’s biggest exchange is the holy grail for any coin that wants to be taken seriously. At the same time, Binance has… Reviewing the Binance exchange. Bitcoin exchange and Chinese cryptocurrencies Binance known for its low transaction fee (0.1%) as well as its fast transaction processing. Technology of Binance Exchange Capable of handling 1.4 million orders per second, this makes it the most potential trading platform of the future in terms of trading volume. At the time of Virtual money blog In writing this ... Binance was founded by Changpeng (CZ) Zhao in 2017. The name comes from a combination of the words “Binary” and “Finance”. Binance is originally from China. However, due the harsh crypto regulation procedures in the country, the Exchange moved to more conducive jurisdictions outside China. In other words, it is quite easy to create the output from the input, but relatively difficult to go in the opposite direction (to generate the input from the output alone). Generally speaking, the more difficult it is to find the input, the more secure the hashing algorithm is considered to be. How does a hash function work? Different hash functions will produce outputs of differing sizes ... Binance vs Bitcoin Chart. As a result, Binance was one of the best performing top 10 market cap coins, and even with it’s post-June decline in price it generated exceptional returns for investors. Throughout 2019 and into 2020, the BNB has deviated from Bitcoin’s price trend. Binance, in the words of Ethereum’s Vitalik Buterin, is an exchange that has “too much power,” one that might be perpetuating centralization while its CEO harps on about decentralization. In fact, similar accusations were made last year after Binance was accused of playing ‘kingmaker’ and wielding too much power following the Bitcoin SV delisting episode. In other words, the last trade in the trading history defines the last price. It’s used for calculating your realized PnL (Profit and Loss). Please note that the mark price and the last price may differ. Types of Binance futures order. There are many order types you can use on Binance futures to trade Bitcoin. Limit Order Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. BTC can only work correctly with a complete consensus ...
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