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Information Superhighway of Bitcoin: Demystifying Cryptocurrency On and Off-Ramps

Bitcoin and cryptocurrencies can often feel like an unfamiliar road. Here’s a handy guide to understanding the twists and turns. Bitcoin is an exciting investment opportunity for many people all over the globe. But it also is capable of functioning as a standard type of currency, or an alternative to fiat. Which means that there

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Bitcoin and cryptocurrencies can often feel like an unfamiliar road. Here’s a handy guide to understanding the twists and turns.

Bitcoin is an exciting investment opportunity for many people all over the globe. But it also is capable of functioning as a standard type of currency, or an alternative to fiat. Which means that there are a number of varied reasons that someone may be interested in purchasing and trading bitcoin. While the cryptocurrency market is fairly well known around the world, many are still new to actually using it.

Now more than ever, people are choosing to invest and deal in bitcoin and other cryptocurrencies. From the purchasing of goods, to storing values, and trading for profits, there are a number of reasons that the cryptocurrency markets are seeing a spike in adoption. A number of exchanges are set up in such a way that enable new users to purchase and learn about cryptocurrencies. Bitvavo is one that is designed for all traders, but also for new users, to help guide them through some of the intricacies of the system.

Know Before You Go

Cryptocurrency on-ramps and off-ramps describe systems of buying and selling cryptocurrencies, while each is discussed at length later. There are a few things you’ll need before you start your bitcoin road trip. Essentials likes wallets, a trusted exchange platform and some general knowledge on the legislations concerning bitcoin and other cryptocurrencies in your country. 

Wallets

Wallets vary depending how you plan on using your bitcoin. Wallets designed for long term use, that aren’t connected to the internet are considered cold storage wallets. Oftentimes, these types of wallets are hardware wallets, or special drives that are accessory to your computer itself. Wallets that are stored on your computer are called software wallets. These wallets can be provided by the exchange you use or a third party. These are often referred to as hot storage and should only be used to store coins you actively plan on trading. There are a number of other types of wallets for specialty trading and interests. Learn more and choose the one that best fits your needs before purchasing your bitcoin, you’ll need something to put it in.

Exchanges

Exchanges are online platforms that allow you to purchase bitcoin and other cryptocurrencies. These can be centralized exchange platforms, or they can be decentralized. There are also things called peer-to-peer, or P2P networks. These networks connect you with other bitcoin users who are looking to buy, sell, and trade cryptocurrencies. Each type of exchange comes with their own pros and cons, so do a little research before choosing a preferred platform.

Laws

Laws vary greatly from country to country when it comes to bitcoin. Different places will have different legislation regarding a number of different aspects of bitcoin trading, including KYC protocols for wallet generation and tax laws. Make sure you familiarize yourself with your local laws before you buy any cryptocurrency.

What is a Bitcoin On-Ramp?

Now that you have your wallet in place, your exchange chosen, and all applicable laws figured out, you’re going to need to understand some basic lingo. Bitcoin on-ramps refer to any exchange or P2P network where you can offer fiat in return for cryptocurrency. Simply put, on-ramps allow you to buy bitcoin using a local monetary currency, or fiat.

Depending on the exchange you’ve chosen will dictate whether or not you’ve found a good on-ramp. Not all exchanges allow fiat to bitcoin conversion. Some just deal in trading bitcoin for bitcoin, or bitcoin for other cryptocurrencies. Another type of on-ramp- although far less common, are bitcoin ATMs. Bitcoin ATMs function similarly to regular ATMs, but instead of pulling money out of your bank account using a debit card, you pay for bitcoin with fiat and then dictate which wallet the newly purchased coins are despoiled into.

What is a Bitcoin Off-Ramp?

As you might expect, bitcoin off-ramps function in direct opposition to bitcoin on-ramps. A bitcoin off-ramp allows users to convert bitcoin into fiat. Off-ramps can also be used to purchase goods or services with bitcoin. In essence, bitcoin off-ramps are where you exchange your bitcoin for another product, whether that be money, or something else.

Off-ramps are used for a number of purposes, and what you plan on doing with your bitcoin will largely dictate what manner of off-ramp you use. For example, if you’re looking to trade bitcoin for altcoins, or fiat, Bitvavo and other exchange platforms are a good place to do this. For goods and services, the retailer themselves will act as the off-ramp. Many investors use bitcoin as a way to increase fiat capital, that means that eventually, they will look to exchange their coins for fiat, turning a profit in their local currency. Others, use bitcoin as a currency itself- being a simple and safe way to purchase goods and services online. For the purchase of goods and services in bitcoin, users will not need to use an exchange to convert bitcoin into another currency beforehand. Instead they pay the retailer directly in bitcoin.

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Source: https://btcmanager.com/information-superhighway-bitcoin-cryptocurrency-on-off-ramps/

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PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

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[PRESS RELEASE – Tallinn, Estonia, 11th May 2021]

PARSIQ, a platform that monitors data and automation across blockchains, bridging both on and off-chain apps and sending out user alerts once transactions are executed, now offers compatibility for smart triggers with the Polkadot Relay Chain.

A smart trigger is effectively a smart contract that is deployed into the PARSIQ ecosystem. It allows triggers from external chains to be passed to off-chain systems. It collects data across a variety of chains in real-time and then constructs an indexed composition of actions in any one chain in the process of reverse-engineering. It can validate and process a huge amount of real-time data simultaneously via its distributed data management layer by utilizing chain-specific feature extraction.

Building a Bridge

PARSIQ shares the same ideology as Polkadot, which is to bridge data across a huge network of chains, leaving all chains completely equal to one another, where each chain has its own personal real-world uses and strengths. This is a model which builds strength from numbers and enhances usability by combining the entire group of chains into one strong network.

PARSIQ, rather than being a chain itself, is the bridge between the chains and between off-chain applications too. Developers can build their own smart triggers using PARSIQ. These smart triggers react to events, plus they are able to store and alter data and also to learn from the data as they grow.

The platform, in addition to monitoring data and creating alerts, can also be used to deploy bots, as well as for areas like monitoring AML, performing automated accounting, and more. Each developer’s data stream is completely unique with its own branding retaining as well as its pricing structure, even while it is growing and learning from the entire network.

PARSIQ is now integrated across all of the major blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Solana, Celo, Dash, and Algorand, to give users a way to simplify the automation of all their processes and applications off-chain, on-chain, and even across Layer-2 chains.

About PARSIQ

PARSIQ’s smart triggers have far-reaching functionality, including monitoring transactions, assets are withdrawn from a user, sent to other users, transfers exceeding a pre-set level, and many more. Developers can use the PARSIQ platform to build their own smart triggers for data workflow automation, storage, and learning here:

https://portal.parsiq.net/signup

Examples of workflows include:

Alerts of DOT transactions as they happen

Bridging events in the Polkadot Relay Chain (as well as other chains) with a simple user interface

Monitor data flow and create advanced analytics from the data

Alerting to strong potential trades

Usage for traders, platforms, and market researchers to build strong, data-backed pictures of the markets.

About Polkadot

Created by one of Ethereum’s founders, Dr. Gavin Wood Polkadot’s goal is to take blockchains to a state closer to Web3, where all on-chain activity is shared across a variety of chains. It is an intersection capable of translating architecture into one heterogeneous language for customizing side chains to connect with public blockchains.

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Source: https://cryptopotato.com/parsiq-integrated-into-polkadot-for-smart-triggers-across-the-relay-chain/

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Blockchain

Raze Network Kicks Off Testnet Phase With UI Community Voting

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[PRESS RELEASE – Singapore, Singapore, 11th May 2021]

Raze Network, the first Polkadot-based privacy protocol, is bracing to engage community members with our first testnet. Early birds will be able to provide feedback on the quality, function, and overall experience of the Polkadot-based privacy protocol.

This huge milestone clears the way for ‘Razers’ and collaborators to easily test drive the newest features and allows plenty of maturation time for these new features to be fully tested.

Our team already started designing the user interface of the privacy protocol we promised to launch. However, we want to resort to the collective wisdom of our community on how to actually bring this to realization, thus launching this UI Community Voting Campaign.

The beta testnet marks the latest step forward in Raze Network’s overall mission to enable the broader community to contribute to the evolution of our trustless decentralized privacy protocol.

Raze Network’s applications present the decentralized finance (DeFi) community with a cross-chain middleware solution on Polkadot for concealing transactions when operating on decentralized exchanges.

With a clear vision and solid use-case, the protocol-based solution leverages the Polkadot ecosystem to offer the required privacy layer for the crypto sphere. The privateness protocol aims to guard anonymity for all the DeFi stack on the Polkadot.

To achieve higher participation during the testnet, Raze Network is organizing a number of events, competitions, and challenges to encourage participants to actively test critical components of our ecosystem. Specifically, we will airdrop 1,000 $RAZE tokens to 10 lucky voters based on how many entries they generated to vote for the best UI style.

$RAZE is set to be the lifeblood of the Raze Network, designed as a utility token to represent participation in the ecosystem.

The launch of Raze Network’s UI testnet comes on the heels of several other recent milestones, including a robust set of developer resources and partnerships that continues to expand.

Just in April, we announced the strategic listing of Raze token on the popular DeFi platform, Uniswap. This listing closely follows our completed triple IDO event on three launchpads.

Interestingly, apart from going live on DEX exchanges, $RAZE tokens will also soon be listed on several tier-1 centralized exchanges.

This networked testnet release allows Raze to continue working with our partners towards the mass adoption of decentralized applications and smart contracts.

Since its inception, Raze Network sought to develop an infrastructure that is easy to understand and smooth to navigate. One where even new users can reap the benefits of a cross-chain middleware solution for anonymous transactions, payments trading, and mining.

Although the token launch is done, the real work starts. Most recently, we have completed the development of mint, transfer, and redeem contracts in Solidity. Currently, we are testing how to deploy these contracts on EVM.

Also, the major front-end and client modules that can invoke the aforementioned contracts have been developed.

About Raze Network

Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. The Raze Network applies zk-SNARKs to the Zether framework to build a second-layer decentralized anonymous module.

It will then be imported as a Substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems while protecting the transparency of your assets and behaviors from surveillance.

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Source: https://cryptopotato.com/raze-network-kicks-off-testnet-phase-with-ui-community-voting/

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First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

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Coinbase’s mobile application has become the most popular app on iOS in the US. With its rise to the top, it has surpassed some highly utilized applications like TikTok, YouTube, Instagram, Facebook, and more.

Coinbase Tops US iOS Chart

According to data from SensorTower, the mobile application of the largest US crypto exchange has taken the first spot in terms of the most popular free apps on iOS in the country.

The app enabling users to buy, sell, or simply hold various digital assets has climbed with several spots in the past few weeks.

As of writing these lines, TikTok – the Chinese video-sharing social networking giant that saw the light of day in 2016 takes the second spot.

Further down the list is YouTube, followed by other social media giants like Instagram and Facebook. Interestingly, Robinhood’s app is not even in the top ten. The iOS application of the financial services company takes the 12th spot.


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It’s worth noting that the top 50 free iOS applications have two Coinbase representatives. The exchanges’ wallet app is the 46th most popular application, which places it ahead of Uber, Google Drive, and Microsoft Teams.

Coinbase’s Rise

Taking the aforementioned first spot only validates Coinbase’s popularity boost in the past year or so. The company took full advantage of the ongoing crypto bull market, which has seen prices exploding.

Consequently, the firm reported a massive increase in terms of user base, volume, and revenue in the first quarter of 2021.

These impressive results came shortly before Coinbase became a publicly traded company. As CryptoPotato reported in mid-April, the firm’s shares (COIN) launched on the giant US exchange – Nasdaq.

Although some of the early backers sold off their stocks and prices suffered in the month that followed, Coinbase only intensified its aggressive expansion. In the latest endeavor, the firm agreed to acquire Skew – the popular crypto analytics company.

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Source: https://cryptopotato.com/first-spot-coinbases-app-surpassed-tiktok-instagram-and-facebook-on-ios-in-the-us/

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