Crypto Guides, Knowledge & Insights

Top 5 Cryptocurrency Exchange of 2022

A cryptocurrency, or digital money, is a new funding source built utilizing encryption methods. By employing cryptographic techniques, cryptocurrencies can act simultaneously as a medium of exchange and a virtual accounting system. You will need to have a cryptocurrency wallet in order to use cryptos. These wallets can be an application that is downloaded to your PC, mobile device, or the cloud. 　　To navigate the crypto world easily, most investors use Cryptocurrency exchanges for their convenience. Exchanges enable the trade of cryptocurrencies for other assets, such as fiat and digital currencies. Basically, it serves as a middleman between sellers and buyers, these exchange firms generate revenue through royalties and service charges.　　According to WikiBits ranking, here are the top Cryptocurrency Exchange in the market.　　Here‘s a brief background and rank of each exchange via the WikiBit’s App. 　　1. Coinbase　　Coinbase is undoubtedly the most well-known cryptocurrency exchange. The platform allows you to buy Bitcoin, Cardano, Litecoin, and more than 30 additional coins and tokens. Moreover, by accomplishing specific tasks, you can receive incentives and interest on your USDT. 　　Through the Coinbase card, users may also use their assets to purchase from physical or retail outlets. This simply implies that you can buy anything

2022-08-19Deep Dive

Binance Review: Advantages and Disadvantages of Investing in Binance

If youre new in the crypto industry, you might have heard about Binance. According to experts in the crypto market, Binance is considered a trustworthy and reputable cryptocurrency exchange and based on trading volume, it is the biggest cryptocurrency exchange in the world.　　Binance offers a variety of services such as:　　Binance Exchange. Which allows users to exchange currency for other coins. 　　P2P. A peer-to-peer (P2P) trading service that actively connects buyers and sellers of cryptocurrencies. Payments are made easier with several payment methods that it offers, all of which are based on the preferences of the consumers.　　Debit or Credit Card. To offer a brokerage service that accepts credit and debit cards, Binance recently teamed with Simplex. With this service, you can use a debit card or credit card to purchase a variety of cryptocurrencies and deposit funds into your account.　　To provide US consumers with lawful and stress-free trading activity, US users can instantly deposit USD into their accounts and engage in direct currency trading. In addition, Binance has minimal costs that are capped at only 0.1%. To outperform its regional rivals, Binance.US even offers zero-fee trading on Bitcoin trading pairs against the US dollar. 　　Here‘s Binance standing via WikiBit’s App:　　As of

2022-08-18Deep Dive

Starter’s Guide: How to Invest in Cryptocurrency

Most individuals are finding it hard to comprehend cryptocurrencys technology platform, not to mention how it serves as an investment. Far beyond the predictions of many investors, the value of cryptocurrencies has risen within the last ten years. For a starter, Cryptocurrency is any kind of money that operates digitally or electronically and is using cryptography to safeguard transactions. Cryptos use a decentralized mechanism to track transactions rather than a central body to authorize or govern them.　　WikiBit shares with you a quick explanation of how it works:　　A decentralized public database known as blockchain, which is maintained and managed by currency holders, is the backbone of cryptocurrencies. Through using computer processing power to resolve complex mathematical puzzles, a system known as “mining” produces cryptocurrency units. Basically, you need a venue to purchase it and a location to store it. Cryptocurrency exchanges are the most convenient spot to buy cryptocurrencies. You may use a debit card to buy cryptos such as Bitcoin, Cardano, and Ethereum on these platforms.　　You can also Download WikiBits app to get updated, plus, to know the trusted exchange platforms in the market!　　Investing 101: How to Invest in Cryptocurrency　　According to experts, cryptocurrency is the future of the economy. Most

2022-08-18Deep Dive

WikiBit Reviews: Is Coinbase a Trusted Cryptocurrency Exchange Platform?

WikiBits quick review on how Crypto works:　　A technology innovation known as a cryptocurrency or “crypto” can be traded without the help of a centralized monetary institution like a bank or government. Data encryption methods are utilized to generate cryptocurrencies, allowing individuals to buy, sell, and exchange them safely.　　Mining is one conventional method of creating cryptocurrencies. Vast majority of investors purchase crypto in the most convenient way—either via trade from another user or through an exchange platform. 　　In which, a cryptocurrency exchange is a marketplace where virtual currencies may be bought and sold. It also provides storage for your crypto together with trading services and market pricing during trading activity. Due to the high volume of traders, there are already existing cryptocurrency exchanges that provide a variety of digital assets with security levels and fees. One example of a known exchange platform is Coinbase. 　　Can Coinbase be trusted？　　Coinbase is an exchange which allows you to purchase well-known cryptocurrencies such as Bitcoin, Dogecoin, and Cardano. More than 120 distinct kinds of cryptocurrencies are included in Coinbase, despite not all of them are supported. When Coinbase started trading at $381 on the Nasdaq, it marked the first prominent cryptocurrency firm to go public

2022-08-18Deep Dive

Identifying Fake Cryptocurrency Exchanges

The rise of digital currencies also opened a lot of doors in the business world. Along with cryptos peak is the sudden hike for Cryptocurrencies exchange platform as well. Exchanges for virtual currencies provide a crucial venue for listing digital assets. However, numerous of these exchanges are still unlicensed and prone to fraud. In order to trick potential investors and swindle them of their money, scammers have in fact turned to building fictitious cryptocurrency exchanges and exploiting transaction volumes on exchanges that appear to be trustworthy.　　These platforms could threaten investors, block cryptocurrency withdrawals, impose hefty fees, or even disappear with your money. Before creating an account, you should get familiar with the warning characteristics such bogus websites/apps.　　Since a new type of fraud has risen as a result of the global popularity of cryptocurrencies and the surge of crypto billionaires clogging feeds on social media, bogus cryptocurrency exchanges draw potential buyers intending to benefit from their profits. 　　WikiBit shares red flags to know if an exchange platform is fake:　　Its probably a scam if an exchange guarantees a rate of return on capital that sounds too good to be true. Sure to keep in mind that offers are a huge clue of

2022-08-17Deep Dive

Beware: Amana Has No Valid Regulatory

Decentralized ledger technologies and virtual currencies have become widely accepted for their potential implications. The cryptocurrency sector is currently valued at over USD 2.5 trillion, has more than 12,000 crypto projects, and is just starting to grow, according to predictions.　　The market for credible and safe exchange platforms is also booming alongside the popularity of cryptocurrency trading. Companies in the blockchain sector must comply with regulations like licensing processes, a stable IT infrastructure, compliance risk, and impending legislation that can guarantee the safety of the investors money. With the long process of legislating ones business, most crypto exchange platforms tend to violate rules and push forward in operating even without licenses. 　　WikiBit received a report regarding an Exchange Platform Amana. 　　Amana is a spot trading platform where it might involve purchasing or selling commodities, investment funds, or fiat assets. It enables stockholders to keep up with the demand in the market for extended periods. Any sum, no matter how small, can be put in a spot transaction and increased as the investor sees fit. Though, a reminder to double check your chosen exchange platform upon investing since some of them do not have licensing approval. 　　The same goes with Amanas case,

2022-08-17Deep Dive

Axie Infinity Transition to a New Game Mode After its Biggest Heist

Axie Infinity, a Play-to-Earn (P2E) gaming platform has transitioned to a new gaming mode dubbed as the Axie Infinity Origin. Following the aim of the Axie team to balance the SLP economy, they announced that the Smooth Love Potion (SLP) joins the Origin gameplay mode and will be removed from the classic (v2). 　　 About Axie 　　 Launched in 2018—-Axie infinity is a Vietnam-based non-fungible token (NFT) game, players of Axie can mint digital pets coined as “Axies” and pit it against other users in the battle ground. Tokens that are gained during the gameplay can be converted into Ethereum-based cryptocurrencies and be exchanged into physical currency. The massive hit of Axie, turned the cryptocurrency world upside down as it bridge over $11.3B in SLP from 2021. The sudden surge of Axie users skyrocketed in 2021 due to factors such as Ronin sidechain—created especially for Axie Infinity and manages all in-game and trade transactions that has made it easier for newbies to sign up, enabling even those without much prior expertise with blockchains to begin playing—and scholarship program in which gamers and clans have begun giving scholarships as a solution to the issue of players who cannot purchase the Axies

2022-08-17Deep Dive

The Crypto Market in Asia is Booming

The financial sector recognized the booming industry of cryptocurrency. Given the enormous growth of digital assets over the years, it is expected to boom more in Asia. The crypto trend is showing a significant long-term standing in the market. Cryptos potential to lead the future of digital assets tick off the interests of large corporations with thriving countries heading to strengthen the digital economy.　　According to new findings by venture capital company White Star Capital, Southeast Asia is currently home to more than 600 crypto or blockchain businesses. The recent expansion of venture capital funding in the area has been considerably aided by entrepreneurs in the crypto, blockchain, and web3 sectors. The amount of money raised by these businesses in 2022 is already close to $1 billion, and they are expected to surpass the $1.45 billion total raised in 2021.　　All ten members of Association of Southeast Asian Nations (ASEAN) authorize cryptocurrency trade, with the exception of Singapore, which charges a fee and Philippines, which needs a special permit.　　Source: The ASEAN Post　　According to a published report by Chainalysis, Asia is driving the worlds adoption of cryptocurrencies among retail investors, with Vietnam, India, and Pakistan reporting the biggest growth driven by peer-to-peer monetary

2022-08-16Deep Dive

Court filings reveal Celsius will run out of money by October

According to the latest Chapter 11 documents, the embattled crypto lender Celsius Network is on track to run out of money by October.　　The petition was submitted to the U.S. Celsius stated in the Bankruptcy Court for the Southern District of New York that it expects to reach negative liquidity of approximately $34 million by October 2022.　　The lending platform, which had the trust of many people around the world with their life savings and retirement funds, was revealed to be in a much worse financial situation than had been suggested in July.　　Celsius three-month cash flow forecast, which shows steep declining liquidity, indicates the company will experience an 80% drop in liquidity funds from August to September, according to court documents released this week.　　According to the forecast, Celsius will continue to report a negative cash flow and will be completely out of money by October. The company expects to generate a negative net cash flow of $137.2 million over the next three months.　　Previous court documents revealed that Celsius “operates one of the largest mining enterprises in the United States” and had expansion plans to “mine Bitcoin by acquiring and making operational additional mining rigs” prior to filing for bankruptcy.　　Many people were upset

2022-08-16Deep Dive

Crypto Crime Thieves In London Goes Physical As They Target Investors’ Gadgets

Cryptocurrency or what people mostly refer to as “Crypto” is a form of currency in the digital world with the knowledge of cryptography that allows users secure transactions. It is a payment system which does not need physical money to carry around, rather all transactions can be made via an online database. The first ever crypto currency is Bitcoin, which was founded in 2009. Continuously, massive growth in the digital economy is making waves around the globe—this is due to possibilities of securing and doubling your money if prices skyrocketed and traded for profit. 　　SOURCE: Global Market Insights (2020)　　Upon extensive research, WikiBit found that the crypto market is expected to grow significantly from 2021 to 2027 with an estimated gain of over 10% Compound annual growth rate (CAGR). As shown in the graph above, cryptocurrency trading is still on the rise even with the Covid-19 pandemic. Due to this, companies operating using the crypto market are expected to grow and expand as well, given the potential of the digital economy—most people nowadays invest in cryptocurrency.　　One country that has joined the crypto craze is the United Kingdom. According to a survey conducted by Reuters in London, people are more likely to

2022-08-16Deep Dive

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