If you want to buy and sell bitcoin you often have to do a KYC process to identify yourself. Relai.ch offers a very nice service to buy bitcoin without providing any personal data. It offers an app for Android and iOS, simply install it, create a wallet and send money to it from your bank account, the only sensitive data you give away is your bankaccount (IBAN/Name) but you can even avoid this by sending from a different bank account. Maybe you can ask your employer to send a part of a salary to relais service, which sends you instantly btc in your wallet. I tried it yesterday and it works flawless. This service is perfect for dollar cost averaging, just choose the amount and timeframe and setup a standing order in your bankaccount. It took my only about 5 minutes.
Relai is based in switzerland and started its service in July 2020, it offers its service to all European countries, excluding: Belarus, Bosnia and Herzegovina, Faroe Islands, Ireland, Kosovo, Malta, Monaco, Republic of Cyprus, Russia and Ukraine.
But what happen if you lose your phone? You can backup your wallet (seed) or send your received btc directly to another wallet. Like mentioned earlier, I tried it and the settlement duration was under 24h and I could instantly send my bitcoin to my hardware wallet.
Fee wise relai.ch is quite high, it takes 3% of each transaction, but if you use my referral code REL1201 you only pay 2,5% in fees.
Regarding the exchange rate, you have to have in mind, that the exchange rate will be taken when your payment reaches relais broker (bity), this is could be an issue if the price falls/rises during transaction time from your bank to relai. You can find a pretty good FAQ at https://relai.ch/faq/
You don’t need an account, no KYC
You buy Bitcoin directly from your bank account, no deposit
It’s a non-costudial wallet – your keys, your coins
Relai has an all-inclusive fee of 3%, no hidden fees
Dextools is a new tradingtool for IDEX and UniSwap. It was founded by Javier Palomino and Frederic Fernández.
Hence it runs in your browser, its fully responsive and has a very smooth UI. It gives you some unique tools to optimize your trading strategy. Dextools will help you to identify bots and can chase specifc wallets (kind of Whalewatching). So Dextools put you in a better trading position overall. Dextools supports IDEX and UniSwap. The functionality for UniSwap is quite basic, right now they offer a pool explorer and a pair explorer.
For IDEX they offer the ability to watch and follow wallets and to view the deposits and withdraws of the whole exchange. With the IDEX Spread Hunter you can looking for big spread tokens. Filter by volume, try to buy cheap and sell high with a bigger percentage of profits. With the IDEX orderbook search you can search the orderbooks in realtime and easily identify washtrading.
Dextools is still in beta and you can give it a try, just head over to dextools.io
When it finally launches you will have three plans to use dextools.io. A free basic plan which only supports the UniSwap pair- and poolexplorer but booth are delayed. A basic plan which gives you the UniSwap features in realtime and the IDEX features as well. And a third premium tier for upcoming features like tradingsbots and airdrops form sponsors and a private DEXT trading group. In a recent blog post they introduced a new mid tier plan:“TIER 2.5- Basic Version: Any user with at least 20k DEXT tokens will have free access for life to the Basic TIER while holding those Tokens, with all the features that correspond to that TIER.”
The most interesting point in this project is the tokenomics. DEXT is a utility token: 1. All fees are paid in DEX 2. You get a 50% on fees, when you hold 5000 DEX token and third: To get the premium tier you need to hold 100000 Dex token.
The project itself is targeting power traders imho. But the tokeneco is attractive for an holder. So this project aims for booth audiences.
I´ve been now about three years in the cryptospace, like a lot of guys and gals I came in late 2017 and learned a lot of about trading and altcoins and so on. Of course, I bought some $ETN at the all time high and that’s why I followed this project till today. I have to say they developed a pretty huge ecosystem and it doesn’t stop (it rhymes!). Many other altcoins had serious funding issues and died but Electroneum keep track and continue to evolve.
So what is Electroneum?
Electroneum started out in Q3 2017 with an ICO. The price was 1 ETN = 0,01 $, now its 1 ETN = 0,005$. Here is the whitepaper. So you can apply the undercover trading strategy: buy high, sell low. But seriously all participants at the ICO are still in the red figures. The ICO still hold the record as the number one ICO in terms of number of participants: 115k. It was founded by Richard Ells and raised about 40 Million dollar. Electroneum is a dedicated blockchain, forked and modified from Bytecoin Monero. Electroneum is the first cryptocurrency that is designed around mobile ubiquity. To put it another way, it is designed for the estimated 2 billion smart phone users around the world. From my experience its super easy for non-coiners to enter the Electroneum universe, just download the app, do the KYC and you are good to go.
Surely, I want to shill Electroneum to you guys but I would like to quote Scott Stornetta, who is “the founding father of blockchain” (and mentioned in Satoshis Whitepaper). Hey stated:
“Electroneum is creating a lot of value for the end user. So, to me, the fact that you have users that can in a very near term see the ability to realise some value makes your project stand out from the rest. Moreover, the fact that your system foundationally is sustainable for the long term also means your project is setting itself apart from so many others”
And he is absolutely right, today you can use Electroneum to pay instantly at local shops or spend it for online services as well as to top-up your mobile. Take a brief look at the ETN Everywhere site:
In Africa (Gambia, Mali, Nigeria, Senegal) Electroneum also offers a electricity top-up feature. So Electroneum is working on the ground level to bring wider adoption and bank the unbanked. It partnered up with several NGOs to archive this goal. In doing so, ETN selected a number of Non-Governmental Organisations to be validators, who use the ETN block rewards to enhance their existing charitable initiatives. Regarding NGOs please also took a look at ETNDonate, its way to donate your ETN to NGOs. Right now, 181478.52 ETN were donated, which equals $945,51. This number is quite low, so if you own some ETN donate it! This system has to be used, I also donated a small amount to UBUNTU Pathways and have to say the whole payment system works like charm, supersmooth UI, QR scanning and so on.
Till march 2020 you could “mine” some Electroneum on your mobile and earn so a small amount of money every month (it was about 3$ per month) but they changed it and introduced a platform called AnyTask. It a “Fair freelance platform” where you can offer service and get payed in ETN, much like fiverr.com. And here again, the platform is fully developed and has pretty nice UI, everything is pretty solid.
Other cryptos do an announcement of an announcement and at the end the delivery an unusable clumsy product. Regarding announcement: Electroneum recently announced a new side-project called “TaskSchool”, it’s a free online educational resource to enable people to learn a range of basic digital skills that have commercial value. So that will be the completion to the bank the unbanked motto, Electroneum want to give the people economic freedom. For instance you can integrate etn supereasy in your already existing online shop, it offers modules for all common systems like wordpress, magento, woocommerce and so on. If you want to take look just head to your favorite exchange (etn has just applied to binance) and buy some etn, I am very optimistic about the future and hope Electroneum will expand. (and mad gainz of course😊)
First of all I don’t want to shittalk bitcoin or any other cryptocurrency. Since 2015 I had Bitcoin on my radar and bought my first Bitcoin in november 2017. A lot of the following stuff was already written elsewhere but I want to share my thoughts of the last two years.
A store of value.
Bitcoin was invented as P2P cash system by Craig Wright (nah, just kidding). The whitepaper clearly stated it and never mentioned it as a store of value. So what we need for a cash system? Scalability, and here is one problem of Bitcoin. It doesn´t scale. With 7 transactions per second you cannot build a cashsystem, it is that simple. But the lightning network!! Right now there is only 6 million $ in the LN (capacity) and even that number is shrinking. Besides this low adoption in the LN you have a third counterparty to deal with and it has some technical flaws, recently one guy lost 4 btc due a technical bug. Hence you need a lightning wallet it’s not so easy to onboard nocoiners, most people didn’t grasp a normal btc wallet. So we can say that the lightning network is a technical playground for nerds but the majority of people in crypto never touched it. But back to the store of value argument, it came up as the mempools were full and the transaction fees sky rocked. Instead of saying “We have a serious problem in our system” people came up with the store of value argument and people started writing books about it and put lipstick on the pig with a lot of money theory (Bitcoin standard). But if you just look at the volatility you´ll see that this couldn’t be a store of value. I hate to admit it but even Tether is a better store of value than bitcoin. Only Bitcoins deflationary architecture is an argument for the store of value theory, but the numbers indicate, that people don’t use btc as a store of value or a payment system. They simply don’t use it. There is no adoption and for this reason steam removed btc as a payment option. I see it in my own behavior, why should I spend my btc when the value increases in the future. I don’t want to be the next bitcoin pizza buyer.
Doing the same mistakes twice.
I came into crypto because of the traditional banking and money system. I hate these greedy banksters and margintraders who almost crashed the economy in 2008. And what do we do in crypto? Instead of avoid such mechanisms we copy them. Yay, I can short bitcoin with a 100 leverage on bitmex or lending my coins to an exchange for x amount. The bitmex volume is ridiculously high, it is not directly tied to the bitcoin price but has a huge influence. I don’t want to mention all these scammy icos, ah I mean the new term ieos. And because we have no retail in it, we have no adoption. There are some companies like bitpay who started with a good intent but bottom line is, we have a middleman (again) and fees (besides the transaction fees).
I think most arguments regarding die proof of work mechanism are not true. But one thing shouldn’t be dropped: the electric scrap. I recently came across some pictures of an abandoned mining farm in china, and they were so awful. The world is facing a climate crisis and we just create more and more scrap for mining our bitcoin. That is not a good thing in bitcoin.
So what is the solution?
Maybe there is none. People will not starting to pay their daily goods with bitcoin (because of the deflation). Most people don´t care about the technology there just in for mad gains. And even if there in for the technology, what happened in the last years? The only thing in my mind is SegWit (slow clap) but the hashwar in that that time was so annoying.
Maybe the cryptocommunity itself is the best thing bitcoin has done. There are so many smart people outside who are now connected and doing great stuff. Perhaps we should go further and leave bitcoin behind.
In this article I want to give five tips for people who are new in the crypto space. These tips are based on my personal experience and are maybe biased but I will hope, they help you to start out in the crypto scene. Don´t expect a deep technical explanation, its just a easy to go list.
Get a decent wallet
There a zillions of different wallets available. Most important difference is the handling of your private keys. If you use a custodial wallet, you don’t have access to your private keys and the wallet provider could easily freeze your funds. I would highly recommend a non-custodial wallet without server solution. If you plan to invest more than 100$ in crypto you should think about to get a hardware wallet, it is the safest way to store your private key. A good non custodial wallet is electrum or the wasabi wallet and for a hardware wallet you can take look at ledger or trezor. At the end of the day are all these wallets paper-wallets because you have to write down your mnemonic seed phrase, and when you lost your seed, you lost your coins. If you don’t know what a seed is, take a look at this fine article.
Use one reliable Exchange
When you start out in crypto, you first want to turn fiat into btc (or another coin) but which service do you use? This is maybe a controversial advice but I will recommend coinbase. Why? Because it is the biggest fiat onramp service and has a very user-friendly interface and user experience. Kraken is also a good choice but unfortunately, they don’t offer buy crypto with a credit card. You can make deposit from your bank account to kraken but this could take a few days, in a high volatile market like crypto, I want to make a instant payment. Some people just send their fiat to kraken and wait with their buy order till they see opportunity, I don’t advice to do that because you should never leave an asset on an exchange. Just do your trade and withdraw your funds on your wallet. You should also have in mind, that nearly all exchanges with fiat conversion do a KYC procedure, you have to transmit very sensible data to a 3rd party. So when you just try every exchange, you spread your personal data to several exchanges. So choose your exchange wisely.
When you new in crypto and joined some telegram groups or the bitcointalk forum, soon or later your will stumble across pump and dump groups or cloudmining service providers. These are mostly scams, I suggest to simply avoid these groups. When someone messages you telegram regarding a P´n´D group or a cloundmining service, just block them. They don’t deserve your time. There is no free lunch.
This is also a controversial point but don’t start trading, its basically a null sum game and bad for your health. Sure, you have to know how a exchange work and maybe should know the different order types, so have to do a few trades to get used to it. But especially as a noob, you compete with pro traders and companies, who will win against you. I personally just holding some btc and eth and few altcoins (which are mostly 95% down J ). I am also not a big fan leverage trading like bitmex or deribit, you can easily bring your depot to zero with a 100x lever. Trading itself is a risky business but trading with leverage is dangerous.
Keep a proper documentation
So you made a fortune in crypto and forgot to document your trades? Very bad, because your local tax authority will have few questions. So right from beginning start with a good documentation. Made a folder on your hard disk and simply but every buy/sell conformation in it, make screenshots from every trade, download everything (trading history, withdraws, deposits). There are a lot of good tools outside to help you out. I personally just use excel but you should take a look at cointracking or cryptotax.
Nathaniel Popper – Digital Gold: The Untold Story of Bitcoin
Nathaniel Popper is a journalist for The New York Times covering finance and technology from San Francisco. Digital Gold focuses on the story of Bitcoin in the early days, its very good written and it reads like a novel or a thriller. The author is not attracting the techie crows or the financial investor, this book clearly focus on the people how develop, marketing and spread the word for bitcoin. You´ll come across characters like, Satoshi, Gavin Andresen, Hal Finney, Ross Ulbricht, The Winkelvoss twins etc. Two things stand out from Popper’s narrative. The first is confirmation of how long and tortuous is the road from a technological breakthrough to real-world acceptance. The other is the colossal damage done to the prospects of bitcoin (and indeed of cryptocurrencies generally) by the Silk Road online black market from Ross. Digital Gold represents a thorough job of research. Its picture of the many strange characters who have played seminal roles in the development of Bitcoin is colorful — worth reading for its entertainment value alone.
Saifedean Ammous is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University. Ammous is an expert on and proponent of cryptocurrency. First up: This book is not easy to read, it has a very scientific approach. This book is mainly about money in general, it races the history of the technologies of money to seashells, limestones, cattle, salt, beads, metals, and government debt, explaining what gave these technologies their monetary role, what makes for sound money, and the benefits of a sound monetary regime to economic growth, innovation, culture, trade, individual freedom, and international peace and introduce the Austrian Economy. The best part of the book is the last three chapters. On Bitcoin itself, Saifedean clearly knows his subject, and his arguments are generally balanced and nuanced. He sidesteps the “everyone will use Bitcoin” trap, recognizing not only that Bitcoin’s illiquidity means that most transactions will inevitably be off chain, but also that there will inevitably be competing applications. He also acknowledges that blockchain cannot solve every business problem.
Nik Patel – An Altcoin Traders´s Handbook
Nik Patel is a full-time trader, investor, writer and advisor in the cryptocurrency space. He has been involved in altcoin speculation since 2013. The book focuses on maximising the upside potential of capital whilst diminishing downside risks, both of which are possible with speculation on so-called ‘microcap’ and ‘lowcap’ altcoins, given the application of proper risk management. Above all, the reader will learn, in exhaustive detail, the three-stage process of research, accumulation and distribution that has been the bedrock of my own success in the space. This book merges almost five years of tragicomic yet insightful anecdotes on the ever-evolving nature of the cryphosphere with a comprehensive strategy for the profitable altcoin speculation.
Vacheron Constantin was founded in 1755 by Jean-Marc Vacheron, an independent watchmaker in Geneva, Switzerland. The company is an active member of the Federation of the Swiss Watch Industry FH, and produces about 20,000 timepieces per year. It has partnered up with Arianee to use blockchain technology to store digital certificates of their collection of vintage watches.
Arianee is one of the first concrete Blockchain applications available to end consumers. This open source solution has been designed to give each object an unforgeable, durable, secure and transferable digital identity. Each watch registered on the Arianee protocol is given a certificate in addition to the traditional paper authentication.
Each watch registered on the Arianee protocol is given a certificate in addition to the traditional paper authentication. This consists of a digital passport with several innovative features: it can be transferred from one owner to another; it creates an anonymous link between the owner and Vacheron Constantin; and it is open as well as connected, thus enabling its owner to insure the model, declare it lost or stolen, as well as share or prove its ownership.
Angela Au-Yeung, Chief Digital Officer Vacheron Constantin, explains: “This certification creates bridges and interactions between customers, their watches and our Maison. By securing via Blockchain, we can now track our products throughout their life cycle and communicate with their owners without asking them to compromise their anonymity.”