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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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PayPal in Talks To Buy Crypto Storage Startup Curv for Around $500 Million, Reports

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PayPal could be in talks to buy a cryptocurrency startup focused on providing security solutions for cryptocurrency custody.

According to diferent reports, PayPal is interested in acquiring Curv, and the talks between the two companies’ teams are an open secret in the global tech scene – though perhaps no longer a secret considering how quickly it is spreading despite the cautious stance taken by both companies.

Local sources argue that the cost of the deal would be in the range of $500 million. This amount would exceed the expectations of Curv’s development team, which hoped to rake in between $200 million and $300 million from the company’s sale.

What is Curv and Why Does it Matter?

Curv has developed an encryption technology based on multi-party computation that secures digital assets and enables the secure transfer Store and any digital asset management on any blockchain. Its platform makes it possible for a Wallet to generate private keys at different points simultaneously, distributing them between the cloud and the client, eliminating possibilities of single points of failure.

Considering the services Curv provides, it stands to reason that an acquisition would be beneficial to PayPal. It would allow it to evolve and likely increase security and user confidence in its crypto services.

It could even allow PayPal to have a native cryptocurrency custody solution, reducing costs in the long run.

So far, no company has given public statements acknowledging or rejecting the news.

Paypal’s Interest in Crypto Grows Every day

PayPal’s interest in cryptocurrencies has only grown as institutional investment, regulatory clarity, and, of course, the price of digital assets increase.

Months after the March 2020 crash, PayPal announced a partnership with Paxos to provide its customers with exposure to the price of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

The idea was to enable some cryptocurrency operations in a secure, easy, and legal way. The initiative was a massive success for PayPal, and the price of Bitcoin rose to new all-time highs. A study conducted by Mizuho Securities found that by the en of 2020, one fifth of all PayPal users had some exposure to Bitcoin and 65% of PayPal users were interested in crypto.

Dan Schulman, CEO of Paypal said on an official press release, that the use of digital currencies was inevitable, and governments need to hit the gas pedal and adapt their policies to the innovations of the modern era:

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly”

Subsequently, reports leaked that PayPal was attempting to acquire BitGo; however, the talks never came to fruition.

If PayPal buys Curv, the quality of cryptocurrency-related services could increase considerably, not only helping to appreciate the value of the company’s stock but proving the validity of PayPal’s strategy of investing in cryptocurrency goods and services rather than buying cryptocurrencies for speculation or storing value.

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Source: https://cryptopotato.com/paypal-to-buy-crypto-storage-startup-curv/

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Polygon-based QuickSwap’s TVL grows by $75M in two weeks

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Polygon-based DEX QuickSwap hasattracted more than $105 million in worth of liquidity since the start of 2021.

The Uniswap clone began the year with only $300,000 worth of assets locked in its protocol, with more than three quarters of the exchange’s total value locked being added in the past fortnight.

QuickSwap is currently the leading second-layer decentralized exchange by daily volume with $38.5 million worth of trades over the past 24 hours. The second-largest L2 DEX by volume is Loopring with $8.4 million, followed by ZKSwap with $2.5 million.

QuickSwap’s governance token, QUICK, surged from under $1 per token to $557 in three months, and currently represents nearly 20% of the protocol’s total liquidity. Other popular tokens on the exchange include Wrapped Ether, USD Coin, maUSDC, and Wrapped Matic.

Speaking to Cointelegraph, QuickSwap founder Nick Mudge attributed the exchange’s recent success to the user’s that Aavegotchi brought to Polygon after launching its NFT staking game on Jan. 21.

With more than 80 tokens driving more than $23 million in daily trade volume, Mudge believes QuickSwap is a cornerstone of Polygon’s nascent DeFi ecosystem, predicting the two will grow symbiotically:

“QuickSwap is the center of the Polygon DeFi ecosystem and will grow as the ecosystem grows. QuickSwap and its liquidity mining incentives were a solution to move the users to Polygon and give them a Uniswap experience with very low gas fees.”

Polygon, a scaling solution allowing projects to create Ethereum-compatible blockchains, has benefited from the crippling gas fees that have recently made many Ethereum-powered DeFi protocols too expensive for casual users.

MATIC, the native crypto of Polygon, has posted meteoric gains this year, rising 1,135% from $0.0182 to $0.2249 over 2021 so far.

Source: https://cointelegraph.com/news/polygon-based-quickswap-s-tvl-grows-by-75m-in-two-weeks

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Blockchain

TA: Bitcoin Turns Attractive Above $50K, Why BTC Could Rally To $55K

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Bitcoin price extended its rise and cleared the $50,000 resistance against the US Dollar. BTC is now consolidating gains and it is likely to climb further above $52,000.

  • Bitcoin is trading in a positive zone above the $50,000 and $50,500 support levels.
  • The price is now trading well above $51,000 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $49,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its rally once it clears $52,000 and $52,500 in the near term.

Bitcoin Price is Gaining Momentum

After a close above the $48,000 resistance, bitcoin was able to gain strength above the main $50,000 resistance. BTC even cleared the $51,500 level and spiked above the $52,000 level.

It traded to a new monthly high near $52,650 and settled well above the 100 hourly simple moving average. It is now trading in a positive zone above the $50,000 and $50,500 support levels. There was a minor correction recently below the $51,000 level.

The price traded below the 23.6% Fib retracement level of the upward move from the $47,102 swing low to $52,648 high. However, the bulls were active near the $50,000 and $49,500 levels.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a major bullish trend line forming with support near $49,800 on the hourly chart of the BTC/USD pair. Bitcoin also remained well above the 50% Fib retracement level of the upward move from the $47,102 swing low to $52,648 high.

It is now trading above $51,000 and testing a connecting bearish trend line at $51,500. A clear break above the trend line resistance could open the doors for a move towards the $52,500 and $53,200 levels. The next key resistance sits near the $55,000 level.

Fresh Dip in BTC?

If bitcoin fails to continue higher above the $52,000 and $52,500 resistance levels, there could be a minor decline. The first key support on the downside is near the $50,500 level.

The next major support is near the $50,000 level and the trend line. If there is a downside break below the trend line support, the price could test the $48,000 support and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $50,500, followed by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,200.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-btc-could-rally-55k/

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