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A review of buying bitcoin & ethereum on Blockchain.com Exchange

Please  note: This review is based on buying a relatively small amount of bitcoin with euro. The figures outlined in this review may not apply to larger traders. This review is part of our series of bitcoin exchanges. I’ve had a blockchain.com wallet for some time. If I look back through my transaction records, my first ever bitcoin transaction back in early 2013 was through one of those wallets, although the keys are long lost, and there’s only a couple of satoshi in it anyway. I’d signed up to their upgraded platform a while ago to get some airdrops, and

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Please  note: This review is based on buying a relatively small amount of bitcoin with euro. The figures outlined in this review may not apply to larger traders. This review is part of our series of bitcoin exchanges.

I’ve had a blockchain.com wallet for some time. If I look back through my transaction records, my first ever bitcoin transaction back in early 2013 was through one of those wallets, although the keys are long lost, and there’s only a couple of satoshi in it anyway. I’d signed up to their upgraded platform a while ago to get some airdrops, and as part of this had completed the KYC.

I recently received a newsletter telling me that they’re launched a new exchange at https://exchange.blockchain.com, and due to a cooncidence in timing where my preferred crypto exchange had temporarily suspended fiat deposits and withdrawal, it arrived smack bang in the middle of me looking for an alternative. While Binance is fine for crypto-to-crypto transactions, they have quite a high fee via third party payment processors circa 3% for fiat deposits. When I did the maths on some of the credit card based ones, I  wasn’t willing to pay the fees associated with their spread, and I was looking to purchase relatively small amounts, and the withdrawal fees on Coinbase would eat into things considerably.

So I said I’d give it a go as they offered SEPA transfers. Registering was straightforward. I had already completed KYC as I mentioned before, so I just needed to set up an account and link this to my blockchain wallet (which I don’t really use though as I prefer hardware wallets such as the Trezor or the Ledger with it’s nice mobile app). If you’re not registered already, you’ll need to go through the normal KYC process with photo id, selfie and other information as is normal on most reputable crypto exchanges, and there’s several levels of verification you can go through depending on how much you want to trade. It also has the option to set 2FA to further secure your account.

So one of the key things that attracted me to using this having reviewed a number of them is it’s low fee structure. It uses a simple maker/taker model, and for low level traders under $100,000, the maker fee is 0.14% and the taker is 0.24%, which are a slight bit lower than my other favoured exchange. If you’re trading at higher levels, they have a scale that drops down depending on your volume.

In addition to this, and a standout point compared to most exchanges I’ve used over the years they don’t have any withdrawal fees when taking both bitcoin and ethereum off the platform. I did double check this, and the exact amount that I purchased for euro was what hit my wallets. I was also happy with the transaction speed, the bitcoin withdrawal was transmitted and confirming away within minutes, and the ethereum was even faster. By the time I had gotten the transaction id, loaded up etherscan, put the transaction number in and searched, it had already confirmed once. I’ve never had a withdrawal be sent that fast in 6 years of using exchanges.

I was looking to make a couple of purchases, so was depositing fiat which was relatively straightforward. Once in your account, you’re given bank details in your name within the EU to set up in your online banking. I’m also within the SEPA zone, so I was very curious as to how long it would take. On my first deposit, I made it on a Friday afternoon, and it hit my account on the morning of the following Tuesday. The second deposit was the same, I made the deposit and the day after next’s morning it was deposited onto my account and I received an email letting me know it was available.

Trading on the platform itself is simple. In the top, you can save several pairs based on your preferences, so for me I was interested in EUR/BTC, EUR/ETH and EUR/XLM. The price also sits pretty tightly when compared to other exchanges for the couple of times I was using it for the purpose of this review.

Depending on what you want to do, there’s a few options for trading. When buying, you have three options with taking a market order at the going price, setting a limit order, and a stop-limit. When selling there are four, Market, Limit, Stop and Stop-Limit. In terms of the order types, you have four options, fill or kill, good til cancelled, good til date and immediate or cancel. There’s also an option to post only.

The interface gives you three trading views – Line, Candlestick & Trading View. The Trading View features some nifty little tools, letting you play with the data by placing crosses, dots and arrows, putting in various trend lines, pitchforks, gann options, notes and various graphs. For the technical analysts out there, this will be a nice feature.

For advanced traders and those who want to connect a bot to the exchange for arbitrage, there is a solid API and good documentation available. There was also clear and simple information on both failed and successful trades, deposits and withdrawals. Obviously they use their own block explorer when linking to transaction ID’s for the relevant cryptos.

At time of writing, the exchange supports a mix of pairs across the following cryptos; ALGO, BCH (Bitcoin Cash), BTC (Bitcoin), DGLD, ETH, LTC (Litecoin), PAX, USDT (Tether), XLM (Stellar) and XRP (Ripple). So it’s not the most extensive range out there.

So overall, what are my impressions? Well I was looking for an EU based exchange that I could make some deposits to within a reasonable time. Check. Less than 48 hours in two tests was good (about 36 in reality given the time of day I made the deposits). Check. A reputable company running it. Check with blockchain being one of the longest established companies in the crypto space, and out of Luxembourg so within the EU (even though their bank wasn’t ;p).

The interface is simple and clean, trades were quick and I was really impressed with the speed of crypto withdrawals, the Ethereum I bought was in my wallet in no time, and the bitcoin I bought was transmitted within minutes, and confirmed quickly enough as well. So they’re definitely not cheaping out on miner fees.

So overall happy with them, and after looking at about a dozen different exchanges to find my new home for the next while, I think I’ve found one with the right features to meet most of my day-to-day requirements. Does it have every crypto i’m interested in? No, but if I am looking to get crypto here and there, it suits me down to the ground.

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Source: https://bitcoinsinireland.com/a-review-of-buying-bitcoin-ethereum-on-blockchain-com-exchange/

Blockchain

Tim Draper Handpicks Netflix as the Next Company to Purchase Bitcoin

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Popular venture capitalist and Bitcoin bull Timothy “Tim” Draper predicted that major online streaming platform Netflix could be the next company to join the bitcoin buying bandwagon.

Next Bitcoin Investor Could Be Netflix

Speaking in a recent episode of the Unstoppable Podcast, Tim Draper stated that Netflix could be the next in line to add bitcoin to its balance sheet. According to him, the company’s co-founder and co-CEO, Reed Hastings, makes Netflix a likely bitcoin investor. Draper buttressed his point, saying:

“I think Reed Hastings is a very innovative guy and has a lot of creative thinking and I think he still controls the reins at Netflix. And so I think that might be the next big one to fall.”

Meanwhile, the venture capitalist mentioned social media giant Facebook, as well as other major companies like Apple, and Google, as likely candidates to invest in bitcoin. However, Draper noted that the companies were instead trying to create a centralized currency of their own.

Draper also stated that if he was the chief financial officer (CFO) of any major organization, he would advise the company to allocate a portion of their portfolio to bitcoin. According to the BTC proponent, bitcoin served as a hedge against inflation.

Since Tesla’s billion-dollar bitcoin investment, there have been speculations about which company would emulate Tesla’s move. Increased institutional interest in bitcoin is largely responsible for BTC’s bullish momentum. Meanwhile, Firms like Microstrategy and Square recently added to their bitcoin holdings.

Amazon Likely to Accept Bitcoin as a Payment Method?

Apart from pitching Netflix as the next possible bitcoin investor, the venture capitalist stated that the retail giant Amazon could start accepting bitcoin. Adding that, people could use the flagship cryptocurrency to purchase products on Amazon.

Back in February, there were reports that Amazon was looking to introduce a new project that would enable customers to convert cash into digital currency. While the project would launch in Mexico, the company did not state what digital assets it would support, although there were speculations that the company may not use popular crypto-assets like BTC or ether.

While also speaking on bitcoin’s price target, Draper said:

“The current currency holdings around the world in dollars is about $100 trillion and bitcoin’s market cap is just reaching a trillion now. So there’s no reason it can’t go up a 100 fold. It’s not like it is going to completely replace the dollar. Although I think people are going to laugh when they are trying to buy things with dollars in the future.”

The venture capitalist made a prediction earlier in 2020 that the price of bitcoin would reach $250,000 by the end of 2022 or early in 2023.

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Source: https://cryptopotato.com/tim-draper-handpicks-netflix-as-the-next-company-to-purchase-bitcoin/

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Ripple is committed to San Francisco, says co-founder Chris Larsen

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In October last year, Ripple co-founder Chris Larsen said that the firm may consider relocating to other countries citing the lack of regulatory clarity in the United States. Since then, many have speculated where the firm’s new headquarters will be located. However, amid a lawsuit with SEC regarding an alleged illegal securities offering, and XRP’s dwindling price, Larsen made a new announcement recently that stated that the firm was here to stay. 

Speaking to The San Francisco Chronicle, co-founder said that Ripple’s global headquarter will remain in San Francisco. He added: 

We’re committed to the city. It’s got the most diversity, creativity…it’s got the critical mass.

Earlier, CEO of Ripple, Brad Garlinghouse, hinted at a possibility that Ripple could move out of the US, given its “lack” of a regulatory framework. He stressed that the country was “out of sync” and needed to implement a clear regulatory framework regarding crypto.

At the time, the CEO said that he was considering whether Ripple would benefit from relocating to a country where regulations were more clear. He admitted to being impressed by how the UK and other G20 nations including Singapore, Japan, and the UAE had “clear regulatory frameworks” that allowed for “healthy markets to develop.”

Meanwhile, another leading crypto firm in the neighborhood has decided to do away with its headquarters altogether. Coinbase CEO Brian Armstrong said that amid the firm’s work from home policies they choose not to have a base in San Francisco, but will continue to keep their offices open. Stating that the company is “decentralized” the CEO added:

As we’ve moved to a remote first environment, we realized that we no longer have a headquarters located in any one city.


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Source: https://ambcrypto.com/ripple-is-committed-to-san-francisco-says-co-founder-chris-larsen

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3 key Ethereum price metrics show pro traders are aiming for $2K ETH

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On Feb. 20, Ether (ETH) price rallied to a new high at $2,015 and this caused multiple indicators to display signs of excessive optimism. While the excitement could be easily justified by Ether’s  year-to-date 176% gain, these warning signs should not be ignored.

On of the primary driving factors of the current bullish sentiment is the launch of CME ETH futures and Grayscale Investments ETH Trust reaching $6.3 billion assets under management. The DeFi phenomenon also continues as there is currently more than $21 billion worth of Ether locked in DeFi.

Crypto Fear & Greed Index. Source: alternative.me

Currently, the Crypto Fear & Greed Index is at 93, indicating “Extreme Greed” according to its methodology. Many traders use the metric as a counter trading signal, meaning, the extreme fear level can be a sign that investors are bullish and a buying opportunity is present. In contrast, when investors are getting too greedy, it could be a sign that the market is due for a correction.

Unlike the excessively leveraged retail traders, the more experienced market makers and whales hs been skeptical of the never-ending rally in Ether. Regardless of the rationale for the price peak, the 36% price correction that followed was accelerated by large liquidations.

Ether futures contracts aggregate liquidations. Source: Bybt.com

The liquidation of $2 billion in long futures contracts from Feb. 19 to Feb. 23 represented 28% of the total open interest. Thus, one should expect significant deterioration in market sentiment, as depicted on the previous Fear & Greed indicator.

Surprisingly, none of that happened on the Ether derivatives markets, as both futures contracts premium (contango) and the options skew remained bullish.

The futures premium held very healthy levels

By measuring the expense gap between futures and the regular spot market, a trader can gauge the level of bullishness in the market.

The 3-month futures should usually trade with a 10% or higher premium versus regular spot exchanges. Whenever this indicator fades or turns negative, this is an alarming red flag. This situation is known as backwardation and indicates that the market is turning bearish.

OKEx 3-month ETH futures basis. Source: Skew.com

The above chart shows that the indicator peaked at 39% on Feb. 20 as Ether touched its all-time high. Nevertheless, it has kept above 16% during the entire correction down to $1,300. This data shows that professional traders remained confident in Ether’s price potential.

The options skew remained neutral-to-bullish

When analyzing options, the 25% delta skew is the single-most relevant gauge. This indicator compares similar call (buy) and put (sell) options side-by-side.

It will turn negative when the put options premium is higher than similar-risk call options. A negative skew translates to a higher cost of downside protection and indicating bullishness.

The opposite holds when market makers are bearish, causing the 25% delta skew indicator to gain positive ground.

ETH options 25% delta skew. Source: laevitas.ch

Over the past month, there hasn’t been a single incident of a sustainable positive delta skew. Therefore, there is no evidence that option traders demanded more significant premiums for downside protection.

This data is very encouraging, considering that Ethereum faced a heavy sell-off but the futures and options metrics discussed above held bullish levels during the downturn.

As Ether managed to recover quickly from its recent $1,300 dip, investors gained further confidence that the uptrend had not been broken.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/3-key-ethereum-price-metrics-show-pro-traders-are-aiming-for-2k-eth

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