Reporting Information on Crypto Transactions to the Tax Authorities: There is no Date yet, but You Need to be Prepared for it

Both at European and global levels, new rules are being developed that will require crypto asset service providers to submit tax authorities’ information on their clients’ transactions. Experts from the Lewben tax group focus on the main changes that are underway. 

Information on crypto asset transactions

The European Commission has prepared a draft of new rules requiring crypto asset service providers to report to tax authorities on crypto asset transactions (DAC8) carried out by clients resident in the European Union.

The aim is to ensure the taxation of crypto assets both on a European and global scale. The Organisation for Economic Co-operation and Development (OECD) recently unveiled its crypto asset reporting system (CARF) and amendments to the OECD Common Reporting Standard (CRS). While the CARF imposes fewer requirements than DAC8, these rules also aim to ensure that respective information on crypto assets is collected and transmitted for tax purposes. 

The DAC8 is due to be submitted to the Council of Europe and the new tax transparency requirements are expected to enter into force in 2026. An international CARF implementation agreement is underway. There is no exact effective date yet: CARF will become operational once the states have transposed its provisions into their national legislation. 

Plans to expand the scope of information exchange

‘The new requirements aim to allow the tax authority to access information about crypto asset transactions made by individuals through crypto asset service providers, such as data on the amounts paid by the clients, the units of crypto assets purchased or the number of related transactions,’ says Eglė Burbaitė, Senior Tax Consultant at Lewben.

Burbaitė points out several of the most important things that tax authorities should be informed about in the future.

Client information

Tax authorities should be provided with the name, address, country of tax residence, tax payer’s number, and other data of the clients using crypto asset services. There is no requirement to provide information on proxies, agents, guardians, investment advisers, and other intermediaries acting on behalf of or for the benefit of another person.

Crypto assets

Information on all crypto assets is to be provided, except that which cannot be used for general payment or investment purposes. 

Reporting obligations would include payment tokens (Bitcoin, Ethereum), stablecoins (USDC, Tether, BUSD), equity tokens representing ownership rights in legal entities, debt tokens related to debt instruments, and, in some cases, non-fungible tokens (NFT).

On the other hand, the utility tokens that are spent in close-loop systems in order to provide digital access to applications, services, or resources available only on the network of the issuer of those tokens on the blockchain, should not fall within the scope of the exchange of information requirement, as they cannot be used for general payment or investment purposes.

Crypto asset transactions

The tax authorities should be informed about the exchange of crypto assets for fiat currencies (e.g. EUR, USD), including changes in the form of crypto assets and other related operations, such as:

  • crypto asset-fiat currency (e.g. EUR, USD) exchange;
  • one-time or multiple changes in the form of crypto assets;
  • payment for goods or services in a crypto asset in excess of EUR 50,000 or USD;
  • transfer of crypto assets, i.e. where crypto assets are transferred from one crypto wallet to another crypto wallet held by the same owner, regardless of the fact that such a transfer should not invoke any tax consequences.

Reporting requirements would not apply exclusively to advisory activities, the issue of crypto assets, or portfolio management.

Additional requirements

Moreover, Burbaitė points out a number of additional requirements that should be implemented by crypto asset service providers (i.e. cryptocurrency exchanges, cryptocurrency brokers, cryptocurrency ATMs, etc.) if their clients are tax residents in the EU.

Obligation of registration

Crypto asset service providers working with clients resident in the EU will in all cases be required to be registered in one of the EU Member States. This obligation will apply even to those crypto asset service providers that are based in third countries. The aim is to ensure that crypto asset service providers cannot evade the reporting obligation by relocating outside the EU. 

Client due diligence obligation

With the aim to establish the identity of a client and their tax residence (including the tax residence of the heads of legal entities), crypto-asset service providers should require that their clients fill in self-certification questionnaires before the date of entry into force of the DAC8 rules. This information should be obtained in case of new clients and those with whom the crypto asset service provider had a commercial relationship 12 months prior to the entry into force of the DAC8 rules. 

The clients who fail to provide the requested data will not be able to use the services of crypto asset service providers. Should the client fail to provide the requested information even following two reminders (but not until after 60 days have passed), the crypto asset service provider will be obliged to prevent the client from carrying out any crypto-asset transactions.

Reporting obligation

Crypto asset service providers would be obliged to report on the above-mentioned crypto asset transactions that took place both within and outside the national borders. The reports should be submitted by January 31 of the year following the year to which the transactions relate.

Penalties for violations of requirements

Rokas Košuba, Tax Consultant at Lewben, explains that fines ranging from EUR 20,000 to EUR 500,000 are to be imposed on the crypto asset service providers who fail to report in due time or furnish incomplete or false information. Member States retain the right to impose higher fines and introduce additional sanctions for other violations. If a crypto asset service provider established in a third country provides services to clients in the EU but does not report, its registration may be canceled and its operations in the EU may be banned.

In order to continue providing crypto asset services to their clients without any interruptions, crypto asset service providers should prepare in advance to collect the missing information from their clients. It is likely that a significant amount of data on the country of tax residence has already been obtained as part of meeting the anti-money laundering and terrorist financing requirements. However, there is a need to check whether respective internal processes are functioning properly. Clients must be provided with questionnaires in order to determine their (and in case of legal entities also their managers’) country of tax residence. Moreover, it should be established whether there are ways and means of verifying the information in case of any doubts about the reliability of the data provided. 

More transparency alongside more complications

According to Košuba, the above-mentioned rules are only part of the legislative initiatives aimed at regulating crypto assets. As in the case of financial assets, consistent reporting of crypto asset transactions is necessary to ensure that taxpayers properly comply with their tax obligations. 

‘Crypto assets are often believed to be used in illegal activities and thus remain untaxed. The introduction of the obligation to inform the tax authorities about crypto asset-related operations will provide additional transparency in terms of crypto assets as a form of investment. On the other hand, the rules have certain loop holes and in some cases result in uncertainties. The problem of untraceable transactions that are performed using decentralized exchanges and self-managed cryptocurrencies remains unsolved. The transactions of this kind do not include any intermediaries acting as third parties capable of obliging to submit reports to respective authorities,’ says Burbaitė, Senior Tax Consultant at Lewben

It is also noteworthy that the DAC8, which would apply in the EU, leaves room for various interpretations of the definition of reportable crypto assets. As reporting should be limited to crypto assets that cannot be used for general payment or investment purposes, Member States may have different understandings and ways of adhering to this requirement, which could affect the efficiency of collecting information. 

There are plans to extend the reporting requirement to all crypto asset service providers, regardless of their size. As a result, small and medium crypto asset service providers will incur significant additional administrative costs in order to ensure compliance with the law, which will make their operations significantly troublesome, predicts Košuba, Tax Consultant at Lewben.

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Aurox Launches Crowdfunding Campaign on tZERO Markets Platform

tZERO offers a range of primary capital raising services, including equipping early-stage private companies to turn their communities into owners

SALT LAKE CITY–(BUSINESS WIRE)–tZERO, a financial technology company providing transformative market-based solutions for companies, entrepreneurs, and retail & institutional investors, announced today the launch of Aurox’s crowdfunding campaign on the tZERO Markets platform. Aurox, a cryptocurrency DeFi-focused software development company, is seeking to raise capital from the public to continue product development and expansion.

This campaign, which is conducted under the Regulation Crowdfunding (CF) promulgated by the Securities and Exchange Commission (SEC), will allow qualified retail investors to purchase shares of Aurox. This is a major step in the democratization of capital raising in pre-IPO companies, using a transparent and self-directed platform operated by an SEC and FINRA regulated broker-dealer.

“We are thrilled to be working with Aurox on their crowdfunding campaign,” said tZERO CEO, David Goone. “With tZERO Markets platform, we are providing a fully regulated environment for investors to access and invest in innovative companies like Aurox. Our goal is to democratize access to capital and make it easier for companies to raise funds while providing investors with access to a diverse range of investment opportunities in a compliant environment.”

Investors can now participate in Aurox’s crowdfunding campaign on the tZERO Markets platform: https://www.tzero.com/issuance/asset/42294.

Aurox CEO, Giorgi Khazaradze, added, “We are delighted to be working with tZERO on our crowdfunding campaign. This is a great opportunity for us to raise capital from our community and the broader public on a leading fully regulated platform. We are confident that the tZERO Markets platform will provide us with the exposure and reach we need to attract a diverse investors to support our business growth.”

About tZERO

tZERO Group, Inc. (tZERO) and its broker-dealer subsidiaries provide an innovative liquidity platform for private companies and assets. We offer institutional-grade solutions for issuers looking to digitize their capital table through blockchain technology, and trade on a regulated alternative trading system. tZERO, through its broker-dealer subsidiaries, democratizes access to private assets by providing a simple, automated, and efficient trading venue to broker-dealers, institutions, and investors. For more information on tZERO, please visit https://www.tzero.com/.

About tZERO Markets

tZERO Markets, LLC is a broker-dealer registered with the SEC and a member of FINRA and SIPC. More information about tZERO Markets may be found at https://brokercheck.finra.org/.

About Aurox

Aurox is a leading crypto software ecosystem – offering traders, investors and institutions a suite of tools that make DeFi easy. Today, an estimated 70,000 crypto traders trust Aurox. Co-founded by crypto traders Giorgi Khazaradze, Ziga Naglic, and Taraz Andreyevich in 2020, Aurox launched its free trading terminal, an all-in-one platform that integrates 50+ exchanges, 100,000 pairs, advanced market trend indicators and real-time data that help crypto traders make better decisions. The company released its web3 wallet in 2022, offering users industry-leading security, a simplified user experience and a first-of-its-kind rewards and loyalty program. For more info, visit: https://getaurox.com/.

Investor Notice

Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by tZERO or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Forward-Looking Statements

This release contains forward-looking statements. In addition, from time to time, tZERO, its subsidiaries, or its representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which is derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of tZERO and its subsidiaries to change the direction; tZERO’s ability to keep pace with new technology and changing market needs; performance of individual transactions; regulatory developments and matters; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. tZERO, its subsidiaries, and its representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or its representatives might not occur.

Additional Crowdfunded Offerings Matters

Crowdfunded securities are generally offered by early-stage companies and investors should be prepared to lose some or all of their investment. Investors should read all of the risks and disclosures prior to making any investment decisions.

Securities are offered through tZERO Markets, LLC, an SEC-registered broker-dealer and member of FINRA and SIPC. Neither tZERO Markets, LLC, nor any of its affiliates provide any investment advice or make any investment recommendations to any persons, ever, and no communication through herein or in any other medium should be construed as such. Investments in early-stage companies are speculative, involve a high degree of risk, are generally illiquid, and can be different from traditional markets. You should be prepared to lose some or all of your investment. Crowdfunding may not be appropriate for every investor. Any discussion of liquidity is purely speculative. Offers to sell, or the solicitations of offers to buy any security can only be made through official offering documents that contain important information about risks, fees and expenses. Investors should conduct their own due diligence, and are encouraged to consult with a financial professional. Past performance is not indicative of future results. There is no guarantee that a diversified portfolio will enhance overall returns, outperform a non-diversified portfolio, or prevent against loss.

Contacts

tZERO
Anastasiia Litvinova

[email protected]

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How and Where to Buy Osmosis Crypto? OSMO Coin Exchange Guide | StealthEX

The crypto industry offers not only a number of successful projects in the fields of DeFi or GameFi – there are plenty of utility companies that offer their services on the crypto market. One of such service companies is Osmosis. Read more about where to buy Osmosis crypto in the new StealthEX article.

Where to Buy Osmosis Crypto

Osmosis is an automated market maker (AMM) built on Cosmos that enables cross-chain transactions through Inter-Blockchain Communication (IBC). This gives the protocol an added layer of interoperability and composability. Unlike most existing AMMs, Osmosis is a deeply customizable decentralized ecosystem and allows developers to leverage many different changeable parameters to build truly unique AMMs that can dynamically fit a variety of outcome goals. Ultimately, Osmosis enables developers to design and deploy custom AMMs that can quickly adjust to changing market conditions and allow market participants to decide which iterations provide the most optimal results, rather than relying on the protocol itself.

Where to Buy Osmosis Crypto?

There are many exchanges where to buy OSMO crypto, and StealthEX is one of the safest options. This platform offers users to get OSMO coin with no extra fees and with the best floating and fixed rates. This meme cryptocurrency is always freely available for purchase via StealthEX.

How to Buy OSMO Coin?

Just follow the guidelines below. Let’s imagine you want to exchange BTC for OSMO. To make an exchange, you need to take a few simple steps.

First, you should choose Bitcoin in the left drop-down list. Then choose Osmosis (OSMO) in the list of coins on the right.

After setting the pair it is necessary to enter the amount of BTC you want to exchange.

Where to Buy Osmosis Crypto

Here you will see the estimated amount of OSMO coin that you will receive after the exchange.

Now, when everything is set, press the START EXCHANGE button and you will be taken to the next page.

How to Buy Osmosis Crypto

In the second step, you need to provide the OSMO crypto recipient address. The recipient address must match the crypto you are going to receive. Remember to double-check the information you enter prior to the exchange as the transaction you make cannot be canceled.

As soon as you have carefully checked all the details, you can press the NEXT button and you will be redirected to the CONFIRMATION page.

Where to Buy Osmosis Coin

Here you can revise the address provided and the amount of OSMO token you will receive. Don’t forget to read and check the Terms of Use and Privacy Policy box. Without checking the box you will not be able to continue the exchange.

Pressing the NEXT button you will be redirected to the EXCHANGE page.

At first, you will see the address where you need to send your BTC coin to continue the exchange. StealthEX will also provide you with the exchange ID. It will allow you to keep all the information about the swap. It is recommended to save your exchange ID or the link to your exchange.

Exchange Statuses

After sending BTC coins to the shown address, the information on the EXCHANGE page will be renewed automatically. The EXCHANGE page has several statuses that will change during the time of the exchange.

  • The first status is Awaiting deposit.
  • The following status is Confirming. This means that StealthEX is confirming the transaction you made.
  • The next status is Exchanging. During this time the exchange is being made.
  • Then the status will be changed to Sending to your wallet. This indicates that there are just a few minutes until you receive your Osmosis crypto.

Completion of the Exchange

Finally, you will be redirected to the FINISH page. This shows that the exchange has been successfully made and you will receive crypto to the address provided. To be sure that the OSMO coin was sent to your wallet you can also use the Output hash shown on this page and check it in the blockchain list of transactions.

From here you can either create a new exchange on StealthEX.io or leave the page and check your OSMO coin wallet to be surprised at how fast you get the Osmosis token to your address. Usually, the process is quite rapid so you won’t need to wait long: Solar crypto swaps are processed in a matter of minutes.

Keep reading StealthEX’s article to learn more about the project itself and OSMO crypto.

What Is Osmosis Crypto?

As said, Osmosis is an automated market maker. An AMM is a system of autonomous liquidity providers that determines digital asset pair pricing using smart contracts. Most existing AMMs are confined to operate within the native blockchain in which they were originally built. While there are workarounds, this places certain limitations on developing a truly chain-agnostic AMM that can execute transactions across different networks seamlessly and efficiently.

In addition, while the features between AMMs can vary quite significantly, they are often hardcoded into the protocol, leaving a rigid infrastructure that is unable to adapt quickly to the demands of an ever-changing market. There is no single solution that fits all AMM design goals, and an additional layer of customization helps developers fine-tune optimal strategies around fees and liquidity provision, and takes into account other factors that may directly impact success of the AMM.

Osmosis attempts to solve these shortcomings in many different ways. As mentioned before, the protocol was developed using the Cosmos SDK which allows it to operate across chains. This gives Osmosis access to any chain built on the Cosmos ecosystem. It also allows the project to integrate with non-IBC enabled chains, such as Ethereum, giving it even more composability and interoperability.

Additionally, Osmosis is focused on user experience and a deep level of customization. The protocol extends AMM functionality beyond simply token swaps and implements a host of other features such as bonding curves, dynamic fee swaps, and multi-token liquidity pools. It therefore enables developers to build, design, and deploy their very own AMM, fully customized with novel parameters and fully connected to the IBC ecosystem and beyond.

Osmosis Validators and Delegators

As a PoS network, token holders participate in securing the blockchain through staking the protocol’s native token, OSMO. Token holders can participate in network security as a delegator or validator. Validators actively participate in network consensus by operating validator nodes, while delegators can delegate their staked OSMO to validators. By delegating to a validator, the user is allowing the validator to use their delegated stake to participate in consensus. A validator must garner enough stake (self-bonded + delegated) to become active and earn rewards for participating in consensus. The validator ‘active set’ is composed of the top validators ranked by stake, the number of which is determined by on-chain governance.

While operating a validator requires a level of technical competency, there is no deep technical knowledge needed to delegate. Any token holder can stake by delegating their OSMO to a validator and earn rewards in return. Delegated OSMO is locked and requires unbonding to become liquid again. Once a delegator initiates an unbonding, the tokens are locked throughout the unbonding period (21 days) and do not receive any staking rewards. If delegated to a validator outside of the active set, unbonding is immediate.

Governance for OSMO Stakers

OSMO stakers can also participate in on-chain protocol governance. There are many ways in which OSMO stakers can participate in governance, from discussing topics in the Osmosis governance forum to submitting a proposal on-chain. Governance is especially important in Osmosis as it allows for the community to decide on protocol upgrades, parameter changes, community pool spends, decision signaling, and more.

History of Osmosis

Osmosis Labs, originally founded by Josh Lee and Sunny Aggarwal, created the majority of the Osmosis protocol’s initial code. During an October 2021 token sale headed up by Paradigm, $21 million was raised for the platform’s development. Since the start of 2022, Osmosis’ popularity has skyrocketed, with its TVL increasing drastically and crossing the $1 billion mark.

Osmosis: Features

The Osmosis DEX’s innovative features give it key advantages over some of the other DEXs that are currently available.

  • Customizable and self-governing liquidity pools. The customization capabilities of Osmosis’ liquidity pools provides a more flexible fee structure than those of other platforms, who exclusively take token pair rarity into account. Liquidity providers can optimize earnings from fees and staking rewards by compensating for market volatility and other factors. To encourage longer-term commitments to the pools, those who make such commitments gain more liquidity mining rewards and have greater voting power. And those who have a greater financial investment in the platform have more say in the direction their pools take.
  • Superfluid staking. Osmosis is the first platform to offer enhanced staking rewards, which it calls Superfluid Staking. When users stake OSMO tokens, they can also contribute to a liquidity pool. This allows them to receive two types of rewards at the same time, including earning a proportional amount of transaction fees from the liquidity pool and earning staking rewards.
  • MEV Resistance. MEV (maximal extractable value) resistance makes it impossible for malicious forces to identify such trading opportunities, which protects users against losses from nefarious actions.
  • Osmosis thirdening is a model adopted to create scarcity for the OSMO token and increase its price. Every year, Osmosis will release a set number of tokens. However, the amount of tokens released will decrease by a third with every thirdening. Osmosis thirdening occurs in June.
  • Greater trading opportunities. The many single-blockchain platforms in use today only permit native token trades, which places significant restrictions on users’ activities. As a multi-chain DEX, Osmosis works with other blockchains via the IBC protocol, dramatically increasing trading opportunities for Osmosis users.

Osmosis Crypto Price Prediction

When it comes to the future price of the token, most crypto sources provide crypto enthusiasts and investors with an optimistic forecast. For instance, PricePrediction believes that by 2032, OSMO crypto may reach a maximum of $44.78, hitting $3.35 in 2025, $10.25 in 2027, and $20.75 in 2030 along the way. DigitalCoinPrice experts are less enthusiastic: they believe that Osmosis token will reach $18.39 by 2032 as a new all-time high. However, they also estimate the progress OSMO crypto will be making in 2025 at a $3.42 mark.

Osmosis ranks #79 on CoinMarketCap, which signifies that the project is quite popular in the field. Its main cryptocurrency, OSMO, may go beyond what’s expected of it once the crypto market recovers if its developers keep expanding.

We’d like to remind you that if you’re looking for an Osmosis (OSMO) coin exchange or simply want to buy OSMO crypto right away, you can do it via StealthEX. Our users can purchase cryptocurrencies using fiat and we still offer the opportunity to buy crypto at fixed rates.

Buy OSMO crypto

Make sure to follow us on Medium, Twitter, Telegram, YouTube, and Publish0x to get StealthEX.io updates and the latest news about the crypto world. If you need help, drop us a line at [email protected]

Please make sure to always research any cryptocurrency and assess your risks before you invest.

Tags: Cosmos exchange cryptocurrency how to buy crypto OSMO Osmosis



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Best Bitcoin Credit Cards of 2023

Gemini Crypto Credit Card

Gemini is not just a leading cryptocurrency exchange; they also offer a crypto credit card.

Read our review

SoFi Credit Card

SoFi is a US-based financial services company that offers personal loans, mortgages and other banking services; it’s teamed up with Mastercard to offer cryptocurrency credit cards.

Read our review

Upgrade Bitcoin Rewards Card

Upgrade’s offering is a bitcoin credit card that allows you to earn bitcoin rewards when making purchases.

Read our review

Venmo Credit Card

Venmo is a mobile payment service that provides everyone a means to send, receive, and store their money.

Read our review

Crypto credit cards (sometimes called bitcoin credit cards) are the next generation of credit cards. They look like a typical credit card and act like a typical credit card: you can generally use them anywhere Visa, Mastercard, or Amex are accepted.

(Don’t confuse crypto credit cards with crypto debit cards, which are more like a prepaid card. See our list of best crypto debit cards here.)

Typically crypto credit cards are issued by banks or financial institutions, who give you a credit line. Alternatively, you may have your credit limit linked to your cryptocurrency balance.

There are various benefits of crypto credit cards, including:

  • Earning rewards in cryptocurrency (like cashback rewards, but in crypto)
  • The ease of making purchases directly with crypto
  • Withdrawing cash from an ATM without converting it back into fiat currency first

However, while these cards have benefits, smart investors must remember to spend responsibly, beware of tax obligations, and pay the balance off every month to avoid excessive interest fees.

Bitcoin Credit Cards Compared

We’ve rated and reviewed the best crypto credit cards on the market; read on for our top picks.

CardFeesCrypto SupportedCrypto Rewards?Availability
Gemini Crypto Credit CardNo annual fees. APR: 17.24% – 29.24% variable APR. $10 or 3% for cash advances (whichever is greater). No ATM withdrawal fees.Offers rewards in bitcoin, Ethereum and 60+ other cryptocurrencies (Full list).Yes: 3% crypto rewards for dining (up to $6k annually then 1%), 2% for groceries, and 1% for other purchasesUnited States residents. Cardholders can spend with the Gemini card in outlets around the world accepting Mastercard
SoFi Credit CardNo annual fees. APR: 17.24% – 29.24% for purchases and balance transfers. 31.24% for cash advances. Balance transfer and advance fees attract a $10 or 5% fee, depending which is greater. Late payment and returned payments up to $39.Bitcoin and Ethereum.Yes: 3% for the first year if you have direct deposit to a SoFi bank account. 2% afterwards. Additional $250 bonus for new customers who open an online bank account and receive deposits.Can be used around the world wherever Mastercard is accepted
Upgrade Bitcoin Rewards CardAPR: 14.99% – 29.99%. No annual fees. 1.5% fee for selling Bitcoins.BitcoinYes: 1.5% Bitcoin on purchases when the statement is paid. Up to 10% cashback with Upgrade Shopping powered by Dosh.Upgrade Bitcoin Rewards Card is not currently available in Hawaii, Iowa, Louisiana, Nevada, New Hampshire, North Carolina, West Virginia, Wisconsin, and the Disctrict of Columbia.
VenmoAPR: 15.24% to 24.24%. No annual fees. No foreign transaction fees. 10$ or 5% on cash advances (whichever is greater). 3% standard fee when used to make person-to-person paymentsBitcoin, Ethereum, Bitcoin Cash, and LitecoinYes: Automatically earn 3% and 2% cashback on your top and second spend categories, respectively. Earn 1% cashback on all eligible purchases.Can be used anywhere worldwide where Visa credit cards are accepted

geminiGemini Crypto Credit Card

Gemini is not just a leading cryptocurrency exchange; they also offer a crypto credit card.

The company lets you spend your digital currency anywhere in the world just as you would with any other credit or debit card. The exchange provides over 50 types of cryptocurrencies; account holders get their rewards immediately.

The card does not charge any extra fees for purchases or ATM withdrawals and offers other features like 24/7 customer support and fraud protection.

Fees: No annual fees. 17.24% – 29.24% variable APR. $10 or 3% (whichever is greater) for cash advances. No ATM withdrawal fees.

Cryptos Supported: Offers rewards in bitcoin and 60+ other currencies. (Full list here.)

Rewards: 3% crypto rewards for dining (up to $6k annually, then 1%), 2% for groceries, and 1% for everyday purchases.

Availability: United States residents only. Cardholders can use the Gemini card anywhere in the world that accepts Mastercard.

Pros:

  • Cryptocurrency awards converted in real-time.
  • Cashback on dining, groceries, and other purchases.
  • No annual or exchange fees.

Cons: High ATM withdrawal fees.

Conclusion: The Gemini credit card is good for United States residents who dine out regularly, want to earn rewards in real-time and earn cashback for everyday spending.


sofiSoFi Credit Card

SoFi is a US-based financial services company that offers personal loans, mortgages and other banking services; it’s teamed up with Mastercard to offer cryptocurrency credit cards.

Sofi’s credit card comes with multiple benefits, including cashback for spending with high-profile brands like Lyft and DoorDash, and Mastercard ID theft protection.

Along with the 2% cashback, SoFi gives customers two reward points on every dollar spent when making eligible purchases.

Fees: No annual fees. Balance transfer and advance fees attract a $10 or 5% fee, whichever is greater. Late payment and returned payment fees cost up to $39.

Cryptos supported: bitcoin and Ethereum.

Rewards: 1% if used against your SoFi credit card account; 2% when paying off qualifying debt, saving or investing with SoFi.

Availability: You can use the SoFi crypto credit card wherever Mastercard is accepted.

Pros:

  • No foreign transaction fees
  • Users who pay 12 minimum monthly credit card payments on time qualify for an APR reduction of 1%.
  • Unlimited cashback.

Cons:

To get the full 2%, card holders must use their rewards to pay down loans or redeem as cash back to a qualifying SoFi account. If you use rewards to pay off credit card debt, your crypto rewards falls to 1%.

Higher transfer fees and cash advance fees than some competitors.  Cash balance transfer fees are $10 or 5%, while cash advance fees are 3-5% or $10, whichever is higher.

Conclusion: SoFi looks like a great deal, but as usual it’s wise to look at the small print. To get the highest level of rewards, cardholders must hold a qualifying account, offering less value. On the plus side, SoFi does offer some great additional bonuses like MasterCard anti-fraud protection.


upgradeUpgrade Bitcoin Rewards Card

Upgrade’s offering is a bitcoin credit card that allows you to earn bitcoin rewards when making purchases.

You can pay down your balance in equal monthly payments in return for a fixed interest fee, making it easier to budget.

Another advantage of the Visa card is the ability to use it to access a personal loan that gets paid directly to your account.

Once you’ve earned your bitcoin rewards, you can let the balance grow and the NYDIG platform stores your coins. When you sell the bitcoin, they’re then applied as statement credit.

Your bitcoin rewards are subject to a 90-day holding period.

Fees: None, except bitcoin fees of 1.5% when you sell.

Cryptos supported: Bitcoin

Rewards: Unlimited 1.5% cashback. Other benefits include baggage insurance, purchase protection, and extended warranty coverage.

Availability: Not available in Hawaii and North Carolina.

Pros:

  • Lower monthly payments and no annual fees.
  • Flexibility. Users can spend their crypto at any merchant that accepts Visa, or transfer funds to their bank account.
  • Fixed rate monthly payments.

Cons:

  • You can use the card to buy from retailers and ecommerce stores, but not for withdrawing cash from ATMs.
  • 1.5% fee applies if you sell your bitcoin rewards.
  • Bitcoin rewards are stored on the NYDIG platform with no choice to transfer them to your crypto wallet.
  • There is a 90-day holding period after your first Bitcoin sale for redemption.

Conclusion: Although the rewards could be more generous, the bitcoin reward credit card serves as an introduction to cryptocurrencies and their associated volatilities. It also wins points for not having any fees, other than bitcoin sales fees and the usual APR. However, the limitations on how cardholders can use the crypto rewards may seem too restrictive for some.


venmoVenmo Credit Card

Venmo is a mobile payment service that provides everyone a means to send, receive, and store their money.

The peer-to-peer payment platform has partnered with Visa for the Venmo Credit Card. It works like a traditional cashback card, except you can convert your “Cash Back to Crypto,” meaning they will buy crypto on your behalf, which you can hold or sell anytime.

The Venmo card is printed with a personal Venmo QR code on the front that takes friends and businesses straight to your Venmo profile when scanned and activated.

Notifications will also be sent straight to your phone and email when transactions are completed, providing an easy way to keep tabs on your card activity.

Fees: 3% standard fees when used to make person-to-person payments. A cash advance fee of $10 or 5% of each cash advance amount, whichever is greater, also applies.

Cryptos supported: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin

Rewards: The Venmo Credit Card has three tiers of cashback rewards depending on eligibility:

  • 3% cashback on the top spend category
  • 2% cashback on the second top spend category
  • 1% on other eligible purchases

The card calculates your top spend categories each statement period and subsequently applies the reward rates. And remember, all cashback rewards can be converted to crypto.

Availability: Can be used anywhere worldwide where Visa credit cards are accepted.

Pros:

  • Competitive cash back rewards
  • No annual fees or foreign transaction fees
  • Printed QR code to connect directly to Venmo Account

Cons:

  • No low intro APR
  • Currently limited to select Venmo account holders

Conclusion: As Venmo is becoming ubiquitous for paying friends and family, a Venmo credit card could make sense — especially if all those cashback rewards can be converted to crypto.


Remember: Pay Off in Full, Every Month

From a crypto investor standpoint, crypto credit cards offer a huge benefit: they let you keep earning crypto while making everyday purchases. It’s another form of steady-drip investing.

But this only makes sense if you are paying off your credit cards in full, every month. Otherwise, the exorbitant interest rates will eat up any possible gains you could make on your crypto investments.

Credit cards are a tool to make payments easier, but don’t let them drag you into debt. It’s far better to cut up the cards and pay cash, rather than using cards to buy crypto on credit.

Tips on Using Bitcoin Credit Cards

At Bitcoin Market Journal, we’re all about helping you make smart financial decisions using crypto. This goes double with bitcoin credit cards, which come with their own set of cautions.

Read the Fine Print

Problem: Crypto cards have complicated fee structures and lack of consistency between cards. This is because the “bridge” between digital and traditional payment systems (e.g., VISA and crypto) is still being built.

Solution: Do your homework. Some of these cards don’t have the same perks as traditional credit cards. They also have higher annual fees. As sexy as it sounds to earn bitcoin rewards, you may still be better off with a traditional credit card (once a year, you can still use your cashback rewards to buy bitcoin).

Make Sure It’s Really a Credit Card

Problem: Although many companies label their products as “crypto credit cards,” they don’t work the same way as traditional credit cards. Many are really crypto debit cards, where you’re taking funding from the crypto in your account rather than establishing a credit line.

Solution: Credit card companies should be clear about what is a “crypto credit card” and a “crypto debit card,” and educate investors on the pros and cons of each (as we’re doing here).

Be Sure It’s Available in Your Country

Problem: Because this industry is new, most cards are only available in certain jurisdictions, and all cards have conversion fees if you want to use them internationally. These international fees can be confusing; sometimes it’s cheaper to just pay cash.

Solution: Bitcoin credit card apps and websites should auto-detect your country and just give you clear language on where it can be used and the fees to use it internationally.

Beware of Processing Delays

Problem: Consumers are used to credit cards making instant transactions, but crypto doesn’t work that way. A single crypto transaction can vary from a few minutes to over an hour, or even a few days.

Solution: Bitcoin credit card apps should include clear communication on the transfer process and a constantly-updated “tracking number” (like FedEx tracking) that shows what’s happening.

Beware of Volatility and Fees

Problem: If you’re holding your native assets in crypto, understand that it can swing wildly in price from day to day. (Warning: some “bitcoin credit card” providers convert you into a native token, which means now you have volatility and a different token.)

Solution: Bitcoin credit cards should have an easy three-swipe “tutorial” that walks you through how digital assets work, clarifying how your holdings may change over time.

Pros and Cons of Bitcoin Credit Cards

ProsCons
You can use them worldwide in outlets that accept Visa and Mastercard. However, depending on the card type, some geographical restrictions may apply.Some have limited options for spending your coins.
Risk-free access for cardholders new to crypto.High conversion fees are associated with some cards.
Ability to hold both fiat and cryptocurrencies.Geographical limitations may apply.
Crypto cashback rewards and flexible spending.The volatility of cryptocurrencies means any cashback may lose its value.

Crypto Credit Cards vs. Crypto Debit Cards

A crypto credit card allows you to buy things and pay for them later. A crypto debit card must be loaded up with value first (either cash or crypto).

Crypto debit cards come in two flavors:

  1. Prepaid, where you add crypto to your card, which then gets converted into fiat currency for spending.
  2. Connected to your crypto account, and your cryptocurrencies are converted to fiat when you spend them.

See our guide to Best Crypto Debit Cards for more.

How We Choose the Best Crypto Credit Cards

Here are some key factors our editors consider when choosing this list of crypto credit cards:

Card Issuer

We look for reputable card issuers with a history of providing reliable financial services to consumers. Most crypto credit cards are co-branded Mastercard or Visa cards, so we look at the sponsoring company as well.

Reward Rate

Your reward rate is how much you’ll get in crypto for each purchase. Sometimes the reward rate may be conditional (based on purchase category or account qualification, for example).

We look for good reward rates across the board, without luring you into spending more in categories you may not really need (e.g., dining out).

Fees

Any fees eat into your crypto investments, so we also look at total fees including:

  • Membership fees: Monthly or annual membership fees are usually the big one, and these add up over time.
  • Foreign transaction fees: For card withdrawals outside of the U.S., these can add up for frequent travelers (usually 3% to 5%).
  • ATM withdrawal fees: These can vary from $2.50 to $3, sometimes more.

Investor Summary

For most investors, the best deal is a credit card that allows you to pay off your monthly balance in dollars, while giving you cashback rewards denominated in bitcoin.

In this way, you get the best of both worlds: it behaves like a regular credit card, but with the added bonus of earning crypto, which has delivered eye-popping returns over the last decade.

For more crypto tips, don’t forget to sign up for our free blockchain investing newsletter.



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Popular Game Bondee’s Plan of Integrating NFTs into the Game Draws Different Reactions From Players

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Editing by Nathaniel Cajuday

  • Bondee is currently receiving different reactions from its players after they found out that its developer, Metadream, is planning to integrate blockchain technology and NFTs into the game.
  • As its policy read: You can create a blockchain-based wallet on the public blockchain within the Platform, purchase B-Beans by using fiat currency; and then use such B-Beans to purchase NFT products publicly available on the Platform for yourself or your friend.
  • While NFTs are still not within the app, some of the outfits for the avatars are currently available for a “limited free trial,” which may indicate that those might have to be purchased using B-Beans once the trial ends.
  • Metadream has yet to comment on the date of the game’s NFT integration.

Although it was launched quietly a few weeks ago in selected Asian countries, Singapore-based social networking app Bondee, which allows its users to create avatars, has definitely made a name for itself in a short span of time.

However, as its popularity grows, controversies and mixed reactions towards the app also increase. One of its latest announcements—integrating non-fungible tokens (NFTs)—is now drawing various responses from its users.

Bondee attracted its users with features such as allowing them to personalize 3D avatars, decorate rooms, and do activities with their friends. It is a social networking platform developed by tech firm Metadream. The app became so popular that it already has more than one million downloads in the Google Play Store, just two weeks after its launch. It is currently available in countries like Singapore, Malaysia, Thailand, the Philippines, Japan, and South Korea.

Currently, the application is receiving backlash as the users find that its Privacy Policy indicates that Bondee will integrate NFTs. However, the date of implementation of the tokens has yet to be determined.

“You can create a blockchain-based wallet on the public blockchain within the Platform, purchase B-Beans by using fiat currency; and then use such B-Beans to purchase NFT products publicly available on the Platform for yourself or your friend. Your NFT products will be stored in your blockchain-based wallet by using the blockchain technology. We will collect data generated during the aforementioned purchases, including wallet balance, B-Beans order information, and NFT order information. Please note that your wallet mnemonics phrase, private key, wallet password and other private data will only be stored on your local device, and we are not able to access such data,” the policy read.

While NFTs are still not within the app, some of the outfits for the avatars are currently available for a “limited free trial,” which may indicate that those might have to be purchased using B-Beans once the trial ends.

As of this writing, the conversion rate for the app’s currency, B-Beans, to fiat is::

  • 100 B-Beans – ₱49
  • 500 B-Beans – ₱249
  • 1000 B-Beans –₱499
  • 2000 B-Beans –₱999
  • 3000 B-Beans – ₱1,490
  • 5000 B-Beans –₱2,390

Among gamers and casual users, the reputation of having NFTs within games has always been a bad thing. Bondee users are no different, as many of them immediately expressed distrust for the app after finding out about its NFT aspect.

Some users even pointed out how the NFT aspect of the app was omitted in their marketing strategy.

“While reading the privacy policy of Bondee, I noticed that it mentioned a lot about ‘NFTS’, and turns out they’re creating NFT products, which can be bought by an NFT currency they invented. This was never mentioned in any promotional media AT ALL,” a user tweeted.

The majority of those who said they would delete Bondee cited that because NFTs are harmful to the environment.

Are you curious if NFTs are truly harmful to the environment? Read this: Cryptoday 067 – Masama nga ba sa Kalikasan ang NFT Art? 

Other users expressed that they immediately deleted the app as soon as they learned that it had NFTs in it. However, it should be noted that just like Facebook, Instagram, Twitter, Reddit, and other social media applications that integrated NFTs in them, Bondee is not so different; users may still use the app freely and they have the choice whether to purchase and use NFTs or not.

Currently, Metadream has yet to comment on the date of the game’s NFT integration.

Prior to this, Bondee faced allegations regarding its users’ credit card information being leaked through the platform. The issue was immediately addressed by its developers, stating that “such rumors are false and untrue, as Metadream does not currently collect users’ credit card information or any other financial information.”

Last year, “Ni no Kuni: Cross Worlds,” a sequel to the popular role-playing game (RPG) Ni No Kuni, also received backlash from gamers after it was announced that the game will have NFTs.

What are NFTs?

Non-fungible tokens, in layman’s terms, are items that are not interchangeable, not exchangeable, not transportable, and not replaceable—meaning that each NFT is, more often than not, distinct, unique, and easily verifiable. It could be an image, an audio file, a video file, digital art, an in-game asset, a virtual land, or even actual real-life-objects. For real-life items, these objects may be represented by a digital version or something else that may prove your ownership over your NFT.

To learn more about NFTs, visit BitPinas.

This article is published on BitPinas: Popular Game Bondee’s Plan of Integrating NFTs into the Game Draws Different Reactions From Players

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.



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Best Crypto Wallets 2023 – Check Out These 10 Different Wallets – Visionary Financial

Choosing the right cryptocurrency wallet is crucial for the safe keeping of your digital assets. With the increasing popularity of cryptocurrencies, the market is flooded with different types of wallets, each with its own set of features and limitations. In this article, we will take a detailed look at some of the best crypto wallets currently available, and help you make an informed decision on which one to choose.

There are several types of crypto wallets, each with its own advantages and disadvantages. The most common types are:

Desktop wallets: These are software applications that are installed on a desktop or laptop computer. They provide a high level of security, as the private keys are stored on the device and not on a third-party server. Examples of popular desktop wallets include Exodus, Electrum, and Jaxx.

Mobile wallets: These are apps that can be installed on a smartphone or tablet. They are convenient for on-the-go transactions, but the private keys are stored on the device, which can be lost or stolen. Examples of popular mobile wallets include Mycelium, Coinomi, and BRD.

Hardware wallets: These are physical devices that store private keys offline. They provide the highest level of security, as the keys are not exposed to the internet. Examples of popular hardware wallets include Trezor, Ledger, and KeepKey.

Web wallets: These are online wallets that are accessed through a web browser. They are the most convenient type of wallet, but they also present the greatest security risk, as the private keys are stored on a third-party server. Examples of popular web wallets include Coinbase, Blockchain.com, and MyEtherWallet.

When choosing a crypto wallet, it’s important to consider the following criteria:

Security: The wallet should provide a high level of security for your digital assets. This includes features such as two-factor authentication, multi-sig, and seed phrase backup.

Ease of use: The wallet should be user-friendly, with a clear and intuitive interface.

Compatibility: The wallet should be compatible with the cryptocurrencies that you plan to store.

Support: The wallet should have active development and a strong community, in case you need help or have questions.

Here are some of the best crypto wallets of 2021, based on the criteria outlined above:

ZenGo Wallet: ZenGo, created in 2018 by a group of founders from Tel Aviv, Israel, began as a secure storage solution for digital currencies. However, due to its growing success, it has since added several noteworthy features, including 3-factor authentication for added security, the ability to recover access to your account even if you lose your password through methods such as facial recognition, a built-in WEB3 firewall to prevent hacking and harmful transactions, 24/7 customer support, and a modern smartphone app with no additional requirements.

Trezor Model T: The Trezor Model T is a hardware wallet that supports over 1,000 cryptocurrencies. It has a color touchscreen, making it easy to use. It also has advanced security features, such as two-factor authentication and seed phrase backup.

Ledger Nano S: The Ledger Nano S is another popular hardware wallet that supports over 1,500 cryptocurrencies. It has a simple and compact design, making it easy to carry around. It also has advanced security features, such as two-factor authentication and seed phrase backup.

Ledger Nano S Plus

Exodus: Exodus is a well-established multi-chain wallet that has been in operation since 2015. It has grown from a simple desktop application to a comprehensive ecosystem of smartphone apps and other services. Exodus offers a wide range of features, including the ability to exchange over 260 different digital currencies across different protocols, as well as 24/7 customer support. Some of the key features of Exodus include its flexibility, with wallets available via a smartphone app, desktop software, or browser extension, support for 260+ digital currencies, and NFTs, excellent connectivity with third-party apps and devices, and the ability to purchase fiat-crypto assets directly via Apple Pay.

Crypto.com Wallet: Crypto.com, a major player in the cryptocurrency industry with over 50 million customers worldwide, spent much of the early 2020s growing its brand through high-profile sponsorship and advertising. This strategy was successful, and the exchange quickly rose to become one of the most well-known in the industry. As part of its expansion, Crypto.com introduced a non-custodial DeFi wallet that seamlessly integrates with its main trading platform.

This wallet offers features such as the storage of over 700 digital currencies and NFTs, integration with DeFi earning services that automatically find high-yielding protocols, a DApp browser for the best DeFi experience, the ability to swap hundreds of assets cross-chain through an in-app bridge, and a Chrome/browser extension for added connectivity. The Crypto.com DeFi wallet is free to download and can be installed on Apple or Android smartphones, as well as linked to a browser extension or desktop software, reflecting the company’s philosophy of making advanced blockchain concepts accessible to beginners.

Coinbase: Coinbase is a web wallet that supports over 40 cryptocurrencies. It is one of the most popular and widely used wallets, with a user-friendly interface and convenient features such as built-in exchanges and instant buying and selling. However, it should be noted that as a web wallet, it presents a higher security risk due to the private keys being stored on a third-party server.

Trust Wallet: Trust Wallet may be an ideal storage option for cryptocurrency investors who like to diversify their portfolios with obscure altcoins. This non-custodial wallet was introduced in 2017 by a group of anonymous developers, providing a user-friendly way for individuals to manage their digital currencies. With the ability to store over one million cryptocurrencies, it is one of the most comprehensive options on the market. Trust Wallet was acquired by Binance in 2018.

Key Features:

  • Allows customers to buy and stake digital currencies within the app
  • Send and receive NFTs
  • Backup and import existing wallets from certain providers (e.g. Metamask)
  • Lightweight and simple, making it a great option for new crypto investors
  • Allows access to assets from multiple chains such as Ethereum, Bitcoin, and BSC
  • Fully decentralized and user-controlled, despite being owned by Binance
  • No requirement for personal data to be stored or shared on the application (except when buying crypto from a third-party, connected exchange)

However, Trust Wallet does have some limitations. It does not offer many features beyond buying, selling, and staking digital currencies, sending and receiving NFTs, and some data importing support. Additionally, there is limited customer support, DeFi connectivity, and hardware compatibility, and users cannot withdraw to a bank account.

MetaMask: Metamask is a browser extension wallet that has gained recognition for its seamless integration with decentralized finance. It was launched in 2016 by Consensys and initially intended to simplify the use of Ethereum-based DApps. Over time, it has grown in popularity and now supports over 10 million users. The team has also added compatibility with other blockchains such as Polygon and Binance Smart Chain.

Key Features:

  • Can be accessed through a browser extension or mobile app
  • Easy-to-use and lightweight design
  • Native and simple to connect to most Ethereum-based DApps
  • Can be set up to support various blockchains beyond Ethereum, including Polygon and BSC.

Metamask is an ideal wallet for Ethereum and ERC-20 tokens on DApps. It is easy to set up through a browser extension or mobile app and offers basic functions such as cross-chain swapping and buying ETH, AVAX, MATIC, and more directly. Additionally, it can automatically find the best exchange rates from hundreds of decentralized crypto exchanges. However, it is important to note that Metamask is a “hot” wallet that is connected to the internet, making it slightly more vulnerable to hacks and compromise compared to hardware wallets. Despite this, it is a secure wallet with private keys generated and stored on a physical device. Overall, Metamask is a great option for convenient and fast transactions on decentralized applications, particularly in the ever-evolving DeFi sector.

Atomic Wallet: Atomic Wallet is a decentralized, non-custodial cryptocurrency wallet that was originally developed as an exchange called “Atomic Swap.” The company behind the wallet, based in Estonia, shifted its focus to creating a private, secure, and multifaceted crypto wallet. Since 2017, the wallet has been downloaded over 3 million times, has its own native token, and continues to add support for new digital currencies. It offers key features such as support for over 500 cryptocurrencies, 24/7 customer support, and a user-friendly interface for buying, selling, swapping, and staking crypto directly in-app. 

Additionally, private keys are encrypted and stored on local physical devices. Atomic Wallet is suitable for both beginner and experienced crypto users, with its focus on privacy and security appealing to advanced investors, while its ease of use makes it a great choice for newcomers. However, it should be noted that the in-built exchange for buying digital currencies is limited and some obscure tokens may not be supported. Transactions made via Atomic Wallet are 100% anonymous, and it does not require to Know Your Customer (KYC) verification. The wallet is free to download, but transactions will incur gas fees.

ELLIPAL Wallet: The ELLIPAL wallet is a cutting-edge cold storage solution, designed to provide an unparalleled level of security through its air-gapped, disconnected nature. Utilizing QR codes for data transfer, eliminates the need for wireless connections, making it almost impossible to hack. Its added security feature is the automatic erasure of private keys in the event of an attempted hack, ensuring the safety of your assets. Additionally, the ELLIPAL wallet offers wide-ranging support for over 1,000 tokens from 41 different blockchains, making it a suitable choice for experienced investors with diverse crypto holdings.

Conclusion

In conclusion, choosing the right cryptocurrency wallet is crucial for the safe keeping of your digital assets. With different types of wallets, each with its own set of features and limitations, it can be difficult to make an informed decision. By considering factors such as security, ease of use, compatibility, and support, you can make an informed decision on which wallet is best for you.

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.

This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal, and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article. Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.



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How To Make an NFT For Free

The growing popularity of cryptocurrencies and blockchain contributes to the development of new trends. Currently, NFT is a dynamically growing trend. We’ve already introduced the basics and investment opportunities; in addition, we have shared tips and tricks for NFT beginners. This article will give you a guide on creating NFT for free.

Non-fungible tokens or NFTs are digital artifacts, often called crypto collectibles, that represent ownership and authenticity of digital goods. This is the most popular and innovative way of purchasing, selling, and trading digital objects, from artwork to videos and other digital products. As NFTs become more popular, their value, use cases, and impact are dynamically increasing.

Creating an NFT is a simple process and, in many cases, can be done for free. In the following steps, we will guide you on how to create and sell an NFT.

Creating a crypto wallet account

The first step is to create a crypto wallet. Such wallets are used to store and trade assets. Plenty of crypto wallets are running on various blockchains, but we will show you how to open a Metamask wallet. Here’s a guide on how to create an account:

  • Install the extension for your browser or download it onto your phone by visiting https://metamask.io/

  • Create a new wallet or restore an existing one, then choose a strong password.
  • Write your seed phrase on a piece of paper and store it in a safe place.
  • Confirm your seed phrase: After you have backed up your seed phrase, you will be prompted to confirm it by entering a few of the words

Your Metamask wallet account is now ready for use.

Making an account on an NFT marketplace

NFT marketplaces are websites that allow people to create, explore and trade crypto assets. The most popular platforms are OpenSea, Rarible, TofuNFT, etc. When you visit the marketplace, click on “Connect wallet” in the upper right corner. Then you will be prompted to sign the connection in your crypto wallet.

Painting some art

As a physical artist, you can dive into NFTs by converting your drawings into digitalized ones. You can decide between creating 3D paintings with a design and collectible characters painted in different styles with different clothes. Follow crypto market trends to understand what assets are in demand right now. It is also worth keeping an eye on news portals such as CoinDesk.

Uploading your art

When you have a new NFT artist profile, you must create a new collection first. Add logo image, description, and external links, and choose a network. In order, you upload your digital art, find the “Create New Item” and click it.

Choosing free minting

NFT mint means converting your data into a crypto asset. Sometimes, NFT creators need to have enough cryptocurrency in their wallets to cover a transaction fee. This fee is called a gas fee, it varies depending on the network’s congestion, but it usually ranges from a few cents to dollars. But most marketplaces provide free minting or so-called “lazy minting”, which allows minting without paying up-front, as the buyer covers the fees once the asset is sold.

The NFT is minted

Congratulations! You have minted an NFT. It can now be listed and sold. Once the NFT is created, you may want to promote it to increase its visibility and value. This can include social media advertising, influencer marketing, or other forms of promotion.

FAQs

What’s a blockchain?

Blockchain represents a decentralized ledger of transactions. Information stored in blocks can’t be hacked or changed. These blocks are linked together using cryptography. As it is decentralized, it is protected from any malicious tampering or censorship by its network of participants. Please take a look at our recent article, where we discussed why blockchain is a game changer for NFTs.

What gives an NFT value?

Non-fungible tokens are valuable because they provide a way to prove ownership and authenticity of digital assets. They allow creators to monetize their digital creations allowing collectors the ability to own exclusive, one-of-a-kind digital assets.

NFT technology is built on blockchain, which provides a tamper-proof, decentralized ledger that registers all transactions. This ensures that the ownership of a crypto asset can be easily verified and tracked and that the NFT cannot be replicated or replaced. This gives NFTs value as proof of ownership of non-fungible crypto assets.

Another factor that gives NFT value is that they are unique, one-of-a-kind digital assets that can’t be replicated, making them appealing to collectors willing to pay a high price for the exclusivity.

Why is an NFT jpeg worth so much?

The price of any token is determined by the market demand for it and the uniqueness and rarity of the digital asset. In the case of NFTs, the value can be driven by the artist’s reputation, the uniqueness of the work, and the perceived cultural significance of the artwork. For example, a digital artwork created by a well-known artist or a limited edition NFT will be more valuable than a common artwork.

How much does it cost to make an NFT?

The cost of making an NFT differs widely depending on the complexity of the project and its size. Generally, creating a simple NFT is relatively inexpensive and can cost from a few cents to some dollars, depending on the blockchain. Most marketplaces offer free minting, a process when the gas fee is paid by the buyer.

What kinds of NFTs sell the best?

The types of NFTs that sell the best depend on the type of asset and the target market. Common types of NFTs that are popular include digital artwork, unique collectibles, and crypto apes. Images, music, videos, event tickets, and digital apparel are also highly demanded. Below are shown the top traded NFT collections on OpenSea.

Can I avoid gas fees without using lazy minting?

A gas fee is necessary when minting, purchasing, or selling tokens on any blockchain. Many marketplaces offer lazy minting, a way to mint an NFT without paying the gas fee in advance.

The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.

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2023 Crypto Outlook: The Top 3 Coins to Watch Out For in Your Wallet

With the current crisis of digital currencies leading to a sharp drop in prices, it is really hard to make predictions about cryptocurrencies that could grow the most in 2023.

In an industry that experts believe increasingly resembles traditional risk markets, there are many aspects that can affect the future of a particular cryptocurrency.  On Quickex you can exchange USDT to BNB with an easy to use interface and a great rate.

However, despite all the complexity, there are many prognosticating pages that have already made their predictions. For our part, we offer a look at 3 of them, which according to many predictions could grow this year and are worth having in your cryptocurrency wallet.

Cosmos (ATOM) 

Compatibility is a big problem for most blockchains when exchanging usable data and interchain communication. Because blockchain is decidedly hard, developers have only two options: either create a fork of code to create their own chains, or use middleware or middleware systems to solve these problems. Cosmos focuses on personalization, and that’s how the Cosmos interconnect protocol thrives. The tools it provides make it easy to create decentralized applications on the Cosmos network.

What is Cosmos? 

The Cosmos project aims to facilitate a network that bridges the gap between chains to exchange data without centralized oversight and in a way that facilitates transactions. Cosmos Hub is a central network that connects the various chains into a dedicated area so that they can interact with each other. A proprietary token (ATOM) is used to maintain the ecosystem through stakes and rewards for validators.

Immediately after its launch, Cosmos rose in the cryptocurrency market as one of the most promising investments of 2021.

Cosmos Hub uses the Proof-of-Stake (PoS) mechanism to enable communication between all areas of the Cosmos network. This communication between different blockchains, known as the Inter Blockchain Communication (IBC) protocol, helps extend communication beyond Tendermint-based blockchains. For example, any crypto currency with a share confirmation mechanism, such as Cardano (ADA), can connect to IBC.

Cosmos also intends to make it easier for users to create and run decentralized applications (dApps) on the network by solving sovereignty problems in other networks (such as Ethereum).

Binance Coin

What is Binance Coin? 

Binance Coin (BNB) is a cryptocurrency created by the Binance Exchange, one of the world’s leading crypto exchanges. It was launched in 2017 and has since become one of the most popular digital assets in circulation today. BNB is used to pay for trading fees on the exchange as well as other services offered by Binance such as its decentralized finance products, staking rewards, and more.

The main purpose of BNB is to provide users with discounts when they use it to pay their trading fees on the exchange. These discounts are available at various levels depending on how much you hold; holding larger amounts will give you higher discount rates up to 25%. Additionally, users can also earn rewards from participating in events hosted by Binance or through staking their coins into specific projects supported by them such as DeFi tokens or stablecoins like USDT or USDC which offer additional returns over time that can be withdrawn back into your wallet balance if desired. 

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Advantages over Ethereum 

Binance Coin (BNB) is a cryptocurrency created by the popular exchange Binance. It was initially launched as an ERC-20 token on Ethereum’s blockchain, but later migrated to its own mainnet in April 2019. Since then, it has become one of the most successful cryptocurrencies in terms of market capitalization and daily trading volume. 

One major advantage that BNB has over Ethereum is its lower transaction fees and faster processing times. Transactions on the BNB network are much cheaper than those conducted using ETH because they do not require users to pay gas fees for miners or other middlemen services such as relayers or custodians like with Ethereum transactions. Additionally, since there are no third parties involved in a transaction when using BNB tokens, transactions can be completed within seconds instead of minutes or hours which helps reduce latency issues associated with traditional cryptocurrencies such as Bitcoin and Ethereum. 

Polkadot (DOT)

Polkadot (DOT) is a blockchain project. Polkadot provides compatibility between different blockchains by providing them with enhancements. Its native token is DOT.

When we talk about crypto Polkadot, we should know that we are dealing with a truly innovative project, as it aims to become a network of networks. The goal of the project is to facilitate transactions from one blockchain to another while keeping them secure. Its token, DOT, is the perfect complement.

What is DOT? 

It is an open-source protocol that aims to facilitate the development of blockchain technology. Its purpose is to allow the exchange of cryptocurrencies or data from different blockchains without the need for centralized exchange. In this way, better applications, products and services can be developed and implemented between different blockchains. Polkadot’s main blockchain is called the Relay Chain. It also has separate blockchains called parachains. The idea is to be able to easily exchange information between them.

DOT is a Polkadot blockchain token whose main purpose is to keep the project running. It was created to make it easier to reach consensus on the network through stacking, and to make the network more secure. It acts as a bridge to add new parachains to the network, resulting in DOT tokens remaining locked for a certain amount of time during the process. In addition, users who own DOT tokens are entitled to decentralized control. This gives them the right to vote for proposed network updates or to determine fees for the latter.

Conclusion

Currently, many investors tend to trade crypto currencies using short-term strategies to take advantage of volatile price swings. However, the best way to deal with this huge market is to invest in the best cryptocurrencies for the long term.

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This will allow you to overcome market volatility and therefore take a much more practical approach when investing in cryptocurrency over the long term.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.



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Conservative Prediction: Can Shiba Inu reach $1 in 2023?

Shiba Inu coin has benefited particularly strongly from the rise in cryptocurrencies in the past few days. In the last 7 days, the price was able to rise again sharply and saw a gain in value of over 20 percent. Many investors expect massive increases in the coming months and years. But can Shiba Inu reach $1 in 2023? What are some conservative predictions for Shiba Inu? Let’s analyze, without hype 😉

Shiba Inu

What is Shiba Inu Coin?

Shiba Inu is an Ethereum-based altcoin with the Shiba Inu hunting dog as its emblem. It is referred to as “the Dogecoin killer” by its fans, a group known as the SHIBArmy, and is commonly regarded as a Dogecoin alternative.

Shiba Inu’s price soared more than ten times on October 29, 2021, giving the business a $41 billion market value. Despite a steep fall in market value to the current $6.2 billion as of September 25, 2022, Shiba Inu remains just behind Dogecoin in the top 10 of all meme cryptocurrencies.

Being an ERC-20 token based on Ethereum, Shiba Inu was created on and is housed on the Ethereum blockchain rather than its own blockchain. Ryoshi, the founder, claims that he chose Ethereum as the platform on which to build the Shiba Inu ecosystem because it was already secure, dependable, and allowed the project to preserve its decentralized character.

Shiba Inu Price prediction

How much does a Shiba Inu cost?

Shiba Inu prices differ based on supply and demand. Also, different exchanges have slightly different prices. The current Shiba Inu cost at the time of writing is around $0.000012.

How much is 1 million Shiba Inu worth?

Given the current price of $0.000012 for 1 SHIB, 1 million SHIB tokens would be worth around $12. Don’t get fooled when someone tells you they own millions of millions in Shiba Inu tokens, they might be worth a couple of hundred.

How to Mine Shiba Inu?

As stated previously, Shiba Inu operates on the Ethereum blockchain. Since Ethereum moved from PoW to PoS, there is no more mining for Ethereum or any other token that operates on the Ethereum blockchain. Hence, you cannot mine Shiba Inu anymore. However, you can stake Shiba Inu.

How to mine Ravencoin

Shiba Inu Coinbase – How to Buy?

Coinbase is a good exchange that offers Shiba Inu coin as an option to buy and sell. You’ll always be in charge of your SHIB holdings. You only receive incentives while keeping your cryptocurrency secure with Coinbase; your SHIB never leaves your account.

You can start buying and selling right away by simply purchasing SHIB on Coinbase or adding SHIB tokens to your Coinbase account from an external wallet. To start right away, create a Coinbase account here.

Is Shiba Inu up?

The Shiba Inu price has seen a stronger surge over the past few days. In the last 7 days, the Shiba Inu price saw an 18 percent increase. Unlike the other major meme coin, the dogecoin, the Shiba Inu coin has surged over the past week.

SHIB Course 15 Days
Shiba Inu course in the last 15 days, source: gocharting.com

This continues the positive development of the Shiba Inu course at the beginning of 2023. In the first days of the year, the increase in the SHIB price was even smaller. However, since January 13th in particular, we have seen multiple strong rallies that have pushed the price higher.

exchange comparison

Why is Shiba Inu price up?

The course of the Shiba Inu Coin has achieved one of the strongest increases among the major cryptocurrencies in the last few days. Earlier in the year, the rises in meme coins DOGE and SHIB were even smaller. However, since the middle of the month, it has been particularly strong as it has triggered a lot of FOMO.

We have also seen an increase in meme coins with a certain delay in other market rallies. The fact that the Dogecoin price could not rise as much as the Shiba Inu price is probably due to the fact that Dogecoin already saw several strong rallies in the fourth quarter of 2022.

How high can Shiba Inu price reach in 2023? 

In the coming weeks, we will have to see if cryptocurrency prices can continue to rise in the coming weeks. It is quite possible that the Bitcoin price can even rise again to a value of 30,000 dollars in the next few weeks. But there can also be a final crash of the Bitcoin price below 20,000 or even below 15,000 dollars. 

Shiba Inu Coin

However, the Shiba Inu course could continue to rise in the coming weeks and months. Theoretically, it could already rise to 0.0001 US dollars in the next few months. That would be an increase by a factor of 8 to 9. It seems like a very optimistic forecast. However, if the Bitcoin price rises above $ 50,000 this year, we could move to this mark for the Shiba Inu price.

SHIB Price Prediction – What are the targets of Shiba Inu?

Knowing where Shiba Inu is current up, we anticipate a further rise in SHIB’s price as soon as the price of $0.000018 is crossed. When this occurs, we anticipate that the whole cryptocurrency market will be back on a positive trajectory at that point. Thus, the majority of cryptocurrencies have already overcome their particular barriers.

If this happens, here are the targets that Shiba Inu can reach:

  • $0.000021
  • $0.000025
  • $0.000030

We can notice that SHIB price is not likely to increase overnight. In fact, those targets need at least 2 months as SHIB might continue lower toward the lower trendline in the short term. That’s why it might be risky currently to open a long position in SHIB.

Can Shiba Inu reach $1?

Reaching 1$ per Shiba Inu coin means that the total market cap of SHIB would hit around $550 trillion. This is definitely a very high valuation, as the total budget of the US for 2022 was around $5 trillion. SHIB is never likely to reach a 1$ price.

ex-trump-advisor-steve-bannon-is-building-a-cryptocurrency

Can Shiba Inu reach $0.01?

For Shiba Inu to reach 1 cent, the market cap of SHIB would be around $5.5 trillion. This valuation is almost the same as the total US budget for the year 2022. Shiba Inu is never likely to reach 1 cent, especially in the current market dynamics.


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How to Buy Bitcoin with Prepaid Card

Bitcoin has been quite popular since its launch in 2009. Back in 2010 and 2011, very few people were fascinated by the crypto world. However, currently, the entire world seems to be intrigued by the digital coin. With this in mind, many people are interested in buying Bitcoin.

As more and more crypto enthusiasts want to hold a small part of the most popular cryptocurrency, crypto companies developed many ways to buy Bitcoin.

In this article, we are going to talk about how to buy Bitcoin with a prepaid card.

What Is a Prepaid Card?

Prepaid cards are also known as prepaid debit cards, pay-as-you-go cards, or stored-value cards. It’s a type of payment card that you can buy and load with money before using to make purchases. Basically, it is like a gift card, but instead of being limited to a specific store, you can use it anywhere that accepts the brand on the card (Visa, Mastercard, etc.). It’s like having debit cards without the need of a bank account.

They can be found at banks or retail locations like grocery stores and drugstores.

The card has a set balance, or you can add money and use it to make purchases until it is depleted. Once the money runs out, you need to reload the card before making any more purchases. They work similarly to other cards, where you can swipe or insert them into a payment terminal to make a purchase and, sometimes, withdraw cash from an ATM.

It’s also great for budgeting your money or for people who are trying to avoid debt.

How to Buy Bitcoin with Prepaid Card 

The Prepaid card companies have made buying crypto with prepaid cards even more effortless. Also, prepaid cards are widely used as billions of cardholders use them to purchase products and services. These cards’ popularity extended to the crypto space as more crypto investors decided to buy Bitcoin with prepaid cards.

Buying Bitcoin with prepaid cards doesn’t make the process cheaper. However, prepaid cryptocurrency purchases have several advantages for the buyer. There are several steps to buying Bitcoin with prepaid cards, as outlined in this article.

Read on to discover all you need to know about how to buy Bitcoin with a prepaid card.

Step 1: Choose a Bitcoin Exchange

Several Bitcoin exchanges accept prepaid cards when purchasing Bitcoin. (Some of these exchanges will be discussed in detail later in the article). So, make sure you choose an exchange that accepts prepaid cards first. In order to make your steps as straightforward as possible, we will use the Coinbase exchange.

Step 2: Create an Account

Coinbase - create an account

Once you decide upon a Bitcoin exchange, you must create an account. The account will allow you to deposit funds through your prepaid card, which you can use to purchase the amount of Bitcoin you want.

Also, we recommend that when you create your account, follow the verification procedure to access the most important features of the chosen platform.

Before you begin the verification process, ensure you have all the necessary documents, such as a government-issued ID and proof of residence (billind address). The required documents may vary depending on the exchange, so check their website for specific information.

Step 3: Deposit Funds into the Created Account

Deposit Funds into the Created Account

Buying Bitcoin through a crypto exchange will require depositing some funds into the account you have just created. The funds deposited should be equivalent to the amount of Bitcoin that you intend to purchase. Before using the wallet, you should ensure that your internet connection is fast and stable before using your wallet so that you do not have any trouble.

Step 4: Purchase the Amount of Bitcoin Selected

Buy Bitcoin with Prepaid Card

The final step is purchasing how much Bitcoin you intend to. Click on “Buy,” which will later give you the option to select the amount of Bitcoin you want based on the number of funds you have in your wallet.

Where You Can Buy BTC with Prepaid Card

The number of Bitcoin users who want to buy Bitcoins with their prepaid cards has increased. This has led to a surge in the number of services that let one buy BTC with a prepaid card. Here are some of the platforms where you can buy Bitcoin with a prepaid card.

Coinbase 

Coinbase is one of the most famous names in the world of crypto. Based in the USA, this service aims to facilitate digital exchanges. Its existence since 2012 has allowed it to deal gain market value since it has gained popularity as gradually and as steadily as Bitcoin. Currently, on Coinbase, there are 236 coins and 550 trading pairs, and it serves at least 107 countries.

In the previous section, we presented all the steps you need to take to deposit money into your Coinbase account via a prepaid debit card.

If you want to find more, you can check our Coinbase review.

Binance

Binance is currently the most popular cryptocurrency exchange that enables users to buy, sell, and trade a wide range of digital assets. Founded in 2017, Binance quickly established itself as one of the leading crypto exchanges in the industry, thanks to its user-friendly interface, high-security standards, and wide variety of trading options. The platform supports more than 350 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. Binance also offers a variety of trading pairs, including both crypto-to-crypto and crypto-to-fiat options, making it easy for users to trade their preferred assets.

In order to deposit money on your Binance account using a prepaid card, you have to log in to your Binance account and tap on the “Wallet” from the bottom right section of the screen. Now, you can select the “Deposit” button, the “Cash” option, choose the currency you want to make the transaction, and select your prepaid debit card introduced in the app. Confirm your transaction, and now you are able to buy crypto on Binance using money from your prepaid card.

However, for your prepaid card to be used on Binance, the Binance platform must be part of that list of companies accepted by the bank issuing the prepaid card (only bank-issued prepaid cards are accepted on Binance) or that are crypto-friendly. Otherwise, the transaction will not take place on Binance. This information has been obtained and highlighted by the CSS Binance team.

If you want to find more, you can check our Binance review.

eToro 

eToro is a highly rated platform, particularly in Europe, where it is widely promoted. One of the key benefits of using this platform is that it stores funds in reputable banks to provide added security. eToro claims to charge a 1% commission on all cryptocurrency trades and no commission on stock trades.

Launched in 2007, eToro developed a crypto exchange that is perfect for buying Bitcoin with a prepaid card. Creating an account is an easy and quick process, as all users have to do is enter personal information and a copy of their ID.

You can deposit money into your eToro account by going to the top left menu and clicking on the “Deposit Funds” button. Then, select from the top toggle the debit/credit card option, enter the amount you wish to deposit and choose the prepaid debit card you have entered in the app and click on the bottom “Deposit” button.

For in-depth information on eToro, check out our comprehensive review.

Crypto.com 

Crypto.com, previously known as Monaco, was founded in 2016 to bring cryptocurrency into the mainstream. The platform gained popularity with its MCO Visa Card, powered by an MCO token which was released through the ICO in 2017.

Users can buy Bitcoin directly via Crypto.com App by debit card or credit card. Crypto.com now promotes buying crypto at a 0% credit card fee until the end of June 2020 with payment by credit card or prepaid card.

Users can also buy Bitcoin via fiat currencies by bank transfer.

To deposit money on your Crypto.com account using a prepaid card, you have to log in to your Crypto.com account, tap on the “Deposit” button from the main page, choose fiat, then select the currency in which you want to make the transaction, choose your prepaid card introduced in the app and that’s it.

Crypto.com supports up to 8 fiat currencies (USD, JPY, EUR, etc.) deposits and 251 different crypto assets, so Crypto.com is a perfect place to buy and sell cryptos, as well as to perform Bitcoin payments.

Get a complete understanding of Crypto.com by reading our thorough review of the platform.

CEX.io 

This exchange has been in operation since 2013, established in London, UK. Apart from Bitcoin, this exchange deals with several other cryptocurrencies. CEX.io supports several forms of payment, including the use of prepaid cards.

To deposit money on CEX.io using your prepaid card, access their app, log into it, and then access the wallet at the bottom of the app. Once there, click on the “Deposit” button, choose the currency in which you are depositing, enter the desired amount and use the prepaid card entered in the app.

Discover everything you need to know about CEX.io by reading our in-depth review.

Paxful

Paxful is also referred to as the eBay of Bitcoin because it connects Bitcoin buyers with sellers from all over the world. This service gives the buyer several options regarding their preferred mode of payment, and buying crypto with a prepaid card is one of the available options.

To deposit money using a prepaid card on the Paxful platform, log in to your Paxful account, navigate to the Dashboards, and select either the Classic or Vendor Dashboard to manage your security deposit. On the Dashboard, go to My Offers and click Deposit on the Security deposit section. Confirm the transaction by clicking Deposit in the confirmation window.

If you want to find more, you can check our Paxful review.

Bitpanda

This crypto exchange is based in Vienna, Austria, and is one of the most famous exchanges in Europe. Bitpanda was established in 2014, and just like Coinbase, it has an array of payment options, with prepaid cards being one of them. The fees used in this exchange vary significantly from other exchanges. However, it still offers effective services to its users.

To deposit via prepaid cards using Bitpanda’s web platform, you must log in and click the “Deposit” button from the main page. Then, select the currency you want to deposit, select the payment method according to the card processor you have, enter the amount and confirm the transaction.

For in-depth information on Bitpanda, check out our comprehensive review.

Coinmama

Coinmama is one of the most straightforward exchanges where one can buy crypto with a prepaid card. This exchange was created in 2013 and has been operating ever since. The exchange gives room for crypto investors to buy and sell popular coins, including Bitcoin. Its array of products has helped it gain popularity over the years, as its operations are based in at least 180 countries.

On Coinmama, you can deposit money when you want to buy a currency. Choose the desired currency, click “Buy,” and choose the debit/credit card option. Fill in the required information and confirm the transaction, and it’s done.

Get a complete understanding of Coinmama by reading our thorough review of the platform.

Paybis

Paybis is a UK-based exchange that supports the selling and buying of Bitcoin and five other cryptos through a variety of payment methods, including credit and debit cards issued by Visa and MasterCard.  Of course, Paybis accept prepaid cards.

You do not make deposits on the Paybis platform, only payments. So, tap “Buy” on the crypto that you want to own, insert your prepaid card data and confirm the transaction.

What Are the Advantages of Buying Bitcoin with Prepaid Card?

Like any other widespread practice in the crypto industry, buying Bitcoin with a prepaid card has advantages. Some of these advantages are:

  • Ease of Use – Prepaid cards, just like other cards, are easy to use compared to other methods of buying Bitcoin. You only need to provide the card details, and you are ready to buy BTC.
  • Security – If you decide to buy Bitcoin using a prepaid card, you should know that it is more secure than other methods since less customer information is revealed in the process. Also, because it is not connected to a bank account, stealing it will not grant access to unlimited funds, only what is loaded on the card.
  • Instant Buy – Using prepaid cards ensures that you get your Bitcoin almost instantly, compared to methods like bank transfer, which may take days to receive your coins. This saves time waiting for the purchased Bitcoin to arrive in the wallet.

What Are the Downsides of Buying Bitcoin with Prepaid Card?

Using prepaid cards also has its disadvantages which are as follows:

  • Higher Fees – Fees for buying Bitcoin with a prepaid card are usually higher than other methods. For instance, a bank transfer may only cost 1% instead of the 5% charged by some platforms.
  • Few Platforms – Not many exchanges support the use of prepaid cards to buy Bitcoin. This makes the options quite limited, and customers may not be able to use their preferred exchanges for this process.
  • KYC – One of the practices cryptocurrencies are based on is anonymity. Buying Bitcoin using prepaid cards strips users of such privilege, as KYC is mainly required to buy Bitcoin using this method.
  • Limited Purchase – Some platforms do not allow the use of prepaid cards to buy large amounts of Bitcoin. This is a major problem if you wish to buy a significant amount of Bitcoin at once.

In Conclusion

Purchasing Bitcoin could easily pass as the most common trade of the 21st century. Despite increased interest in buying and selling cryptocurrencies, it is essential to note that exchange platforms are centralized and prone to hacking. We recommend before investing, read the Bitcoin price prediction.

 In that case, it is not safe to leave your purchased Bitcoins on the exchange platform. It would be better to transfer your coins to your crypto wallet.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.



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