Connect with us

Blockchain

How to Trade SLP, AXS, ETH to PHP Instantly Through BloomX

Republished by Plato

Published

on

Please share and grow the BitPinas community.

Last October, we published an article on BitPinas “Playing Axie Infinity vs Minimum Basic Salary in the Philippines.” Axie Infinity, the hit blockchain game released a cryptocurrency called “SLP” this year which can be earned simply by playing the game. Because SLP is a requirement in-game to breed Axies, provided the game is being played, there will be some level of demand for Axie breeders buying SLP to breed winning Axies. 

There are a lot of Axie Infinity players in the Philippines. Some, without any means to earn during the pandemic, have looked into playing the game to earn from it. As a cryptocurrency, SLP is convertible to ETH, which is then convertible to USDT and ultimately to PHP. While the process to do so is not complicated, the fees could be a lot because of the multiple conversions.

For some players, the multi-step process could risk a loss of funds due to transaction fees or worse, transferring SLP to a wrong address. According to KooKoo, an Axie Infinity player and content creator on YouTube, he heard far too many stories of Filipinos transferring SLP directly to wrong addresses and losing their hard earned rewards. These are mistakes that could be avoided, of course, but any way to make converting SLP to PHP easier would of course be welcomed by the community.

For a brief overview of Axie Infinity and its impact in the Philippines, check out the following articles:

  1. The NFT Game That Makes Cents for Filipinos During COVID by Leah Callon-Butler on Coindesk
  2. Playing Axie Infinity vs Minimum Basic Salary in the Philippines by Michael Mislos on BitPinas

Table of Contents.

BloomX Supports Instant Buy and Sell for Axie Tokens (SLP, AXS)

BloomX, a licensed virtual exchange (VCE) in the Philippines, has begun offering a direct SLP to PHP buy and sell service via Facebook Messenger – skipping the ETH and USDT steps outlined above. First unveiled during a Bloomcast episode, Luis Buenaventura, Co-founder and Chief Strategy Officer at BloomX (and host of the webcast) said this is their way of supporting the Axie community in the Philippines, which has been growing day by day.

In a message, KooKoo said he and Gabby Dizon, CEO of Altitude Games, a fellow Axie Infinity player were brainstorming ideas to make it easier for Filipinos to swap SLP since the swapping tends to be a common pain point among players. KooKoo approached Mr. Buenaventura if such a service could be launched in the Philippines.

Using the Binance infrastructure, BloomX allows users to sell their SLP, AXS (Axie Infinity Coins), ETH, or even major cryptocurrencies like Bitcoin for cash straight through Facebook Messenger. 

Advantages:

  1. We all have Facebook Messenger
  2. Swap your SLP and AXS for PHP in one simple step.
  3. BloomX deposit the payment straight to your Gcash/PayMaya or bank account
  4. They only require basic IDs like Barangay ID* for KYC.
  5. BloomX is a licensed VC exchange so you might find comfort that they adhere to the guidelines set up by the Bangko Sentral ng Pilipinas (BSP) regarding cryptocurrency transactions.
  6. Better rates than doing the multiple transfer route (SLP > ETH > USDT > PHP)

*The kind of ID that BloomX will require will depend as well on the amount in the transaction you will do. For smaller amounts like Php 1,000, basic IDs will suffice.

Disadvantages:

  1. If you sell to Bloom, they have their own indicative rates. This is different than say selling on Binance through their order book exchange, where you can specify your sell limit order.
  2. Running on Facebook Messenger, the transaction will only be as secure as your Facebook account.
  3. There is a Php 40 withdrawal fee, but every service like this will likely have a withdrawal fee.

How To Sell SLP (or other crypto) to PHP through BloomX:

The following screenshots are obtained with permission from KooKoo’s YouTube video.

1. Start a conversation with BloomX on Facebook Messenger

2. Indicate that you want to sell SLP (or AXS) for PHP. Note that you are talking to a BloomX team member here in the Philippines so you can also speak Tagalog.

3. BloomX will send its indicative rates. It is up to you to accept this or not – feel free to compare to other platforms like Binance or the rates on UniSwap and make your own informed decision. 

Assuming you accepted, let’s proceed.

4. Bloom will ask you to send your SLP to their address:

5. Go to your MetaMask Wallet or Trust Wallet (We use MetaMask here).

6. Indicate the number of SLP to sent

7. Copy BloomX’s address and paste it to MetaMask

8. Indicate a Network Fee. You can choose the ones automatically provided by Metamask, as shown below. Or you can click “Advanced” and set your own network fee. If you are going the “Advanced route,” go first to https://ethgasstation.info/ to check the current fees in the Ethereum network.

9. Once that is done, click “Send”

10. Wait for the confirmation on the blockchain.

11. Go to https://etherscan.io/ and paste your Ethereum address. Then find the last transaction, which is the transaction you did for sending SLP to BloomX. Click it.

12. Copy the transaction address (on your browser, just copy the url).

13. Send this transaction address to BloomX. This acts as your receipt, a record that a transaction has taken place.

14. Wait for BloomX to check the transaction on their end. Once confirmed, BloomX will ask you where to send the payment. They can pay through GCash, PayMaya, or any bank.

15. Wait for the payment to arrive, and that’s it!

Are there other crypto you can sell via BloomX?

You can also sell your AXS, ETH, or any major cryptocurrencies like Bitcoin. BloomX send its service is built using the Binance infrastructure so basically any coins there can be sellable. During the webcast, however, Mr. Buenaventura said they might only allow major cryptocurrencies.

Can I BUY instead of selling?

Yes. Reach out to BloomX to know more about the service.

Any tips for selling SLP to PHP? (KooKoo’s Tips!)

KooKoo provided us with some tips before you sell your SLP for PHP:

  1. Always double check the recipient address. Check carefully what the clipboard has copied because many have had failed transactions because of wrong copy pasting
  2. When attempting to “sync” the SLP on your game to the blockchain, the recommended sync amount is 2,000 SLP to save on transaction or gas fees.
  3. When asking help or for any other activity ALWAYS hide your private keys or seed phrases. 
  4. If your household has two accounts, you can send the SLP into one of the accounts to swap and save fees. In this way, when selling SLP through BloomX, you don’t need to facilitate two transactions.

Video

Wait, I can play Axie Infinity on my phone?

Yes, check out this guide from KooKoo. Also check out more information about Axie Infinity here.

Also check out the two big Philippine-related articles about Axie Infinity here:

  1. The NFT Game That Makes Cents for Filipinos During COVID by Leah Callon-Butler on Coindesk
  2. Playing Axie Infinity vs Minimum Basic Salary in the Philippines by Michael Mislos on BitPinas

This article is first published on BitPinas: How to Trade SLP, AXS, ETH to PHP Instantly Through BloomX

Please share and grow the BitPinas community.

Source: https://bitpinas.com/learn-how-to-guides/how-to-trade-slp-axs-eth-to-php-instantly-through-bloomx/

Blockchain

The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

Republished by Plato

Published

on

  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

Continue Reading

Blockchain

Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

Republished by Plato

Published

on

The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

Continue Reading

Blockchain

U.S. DoJ Extradites Key Member of Crypto Ponzi Scheme From Panama

Republished by Plato

Published

on

The U.S. Department of Justice (DoJ) has extradited a principal member of a fraudulent cryptocurrency mining and trading platform from Panama to the United States.

AirBit Club Co-founder to Face Criminal Charges in the U.S.

According to an announcement by the acting U.S. attorney for the Southern District of New York, Audrey Strauss, U.S. authorities were able to extradite Gutemberg Dos Santos, co-founder of crypto Ponzi scheme AirBit Club.

Dos Santos, who holds dual citizenship from Brazil and the United States, was extradited to the U.S. from Panama on Nov. 23, 2020. According to Strauss, Dos Santos’ repatriation was possible with the help of the Homeland Security Investigations (HSI).

As reported by CryptoPotato back in August, the U.S. authorities arrested five individuals who were involved in the AirBit Club scheme that fleeced unsuspecting victims of $20 million. Operators of the crypto Ponzi scheme ran false advertisements that promised users hyperbolic rewards from Bitcoin trading and mining.

However, the DoJ at the time alleged that the group only sought to live flamboyant lifestyles of victims’ funds. While spending money on luxury homes and cars, they reportedly made more moves to recruit more victims across the U.S and different other countries.

A statement from the DoJ document reads:

“The extradition of Dos Santos reflects the determination of agents from HSI New York’s El Dorado Financial Crimes Task Force to dismantle global criminal organizations, wherever the investigation takes us. Utilizing our broad authorities and network of law enforcement partners, HSI will continue to hunt those who allegedly prey upon innocent citizens for financial gain.”

Also, if Dos Santos is found guilty of the charges levied against him, the AirtBit Club co-founder could face between 20-30 years in prison.

Law Enforcement Fighting Crypto Crimes

Regulatory authorities globally continue to warn investors about fake crypto-related schemes that promise high returns. According to a recent report by CryptoPotato, Chinese authorities confiscated $4 billion worth of crypto tokens from PlusToken scammers.

PlusToken, which is one of the biggest cryptocurrency Ponzi schemes, promised users high returns, similar to other crypto fraudulent projects. The Chinese law enforcement began investigating the project after it shut down in 2019. In July, the police arrested 27 key members of the scam project, along with 82 other members.

Another major fraudulent crypto scheme, OneCoin, reportedly stole $4 billion from investors with its founder Ruja Ignatova also known as “Crypto Queen,” still at large. Meanwhile, Ruja’s brother Konstantin Ignatov has been arrested by the U.S. authorities since 2019 and could face a 90-year prison sentence.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/u-s-doj-extradites-key-member-of-crypto-ponzi-scheme-from-panama/

Continue Reading
Blockchain5 days ago

Five Reasons Ethereum Has Entered a New Bull Market

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain5 days ago

YFI and UNI are now available for trading on CoinJar!

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain10 hours ago

6 Reasons it’s Worth Taking the Risk of Investing in Cryptocurrency

Blockchain6 hours ago

Greenheart Punt World Debut on DigiFinex

Blockchain5 days ago

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

Blockchain5 days ago

Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal

Blockchain5 days ago

Majority of Indian investors see ‘no easy way to enter’ crypto

Blockchain5 days ago

B2BinPay Adds LINK to the List of Available Cryptocurrencies

Blockchain3 days ago

Kraken Daily Market Report for November 28 2020

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain2 days ago

Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

Ethereum soars 25% from the recent dip, eyes on $625 as bulls swing back into action

Blockchain1 day ago

Can DeFi indices finally make crypto-based passive investing worthwhile?

Blockchain5 days ago

Five Reasons Ethereum Has Entered a New Bull Market

Blockchain4 days ago

What happens to your Bitcoin when you die?

Blockchain4 days ago

Breaking Down the Effect of Bitcoin’s $3,000 Drop on the Futures Market

Blockchain3 days ago

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Blockchain2 days ago

Bitcoin mining difficulty approaches ATH as price stabilizes above $18K

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Facebook to Reportedly Roll Out Libra Dollar-Backed Stablecoin in January 2021

Blockchain4 days ago

1% Of Bitcoin’s Total Supply Has Just Been Seized By The Chinese Police

Blockchain4 days ago

Russia To Introduce A “Civilized Direction” For The Crypto Market And Protect Users From Scams

Trending