Meme-inspired cryptocurrency Dogecoin (DOGE) is now officially the second largest proof-of-work (PoW) crypto in terms of market cap, following the Ethereum network’s proof-of-stake (PoS) upgrade on Thursday.
Bitcoin (BTC), of course, remains miles ahead of Dogecoin’s market cap of $7.83 billion, though the well-followed memecoin is still comfortably ahead of the third place PoW cryptocurrency Ethereum Classic (ETC) with a market cap of $4.69 billion, Litecoin (LTC) at $4.01 billion and Monero (XMR) at $2.65 billion.
One Dogecoin fan appeared to be in disbelief of Dogecoin’s rise to become the second largest PoW cryptocurrency, stating, “who would have thought that this would happen. Congrats #Dogefam.”
But, it wasn’t taken well by everyone. One Twitter user responding to a tweet about the news asked how people could take the crypto industry seriously with a memecoin so close to the top spot, emphasizing the need to remove “useless coins” from public view.
Dogecoin may also soon find itself competing against ETHPoW (ETHW) — the Ethereum PoW hard fork chain that will continue mining, according to the official Twitter account of the ETHW, which is currently priced at $13.64, according to CoinMarketCap.
Ethereum’s transition to PoS may have added pressure on PoW-powered cryptocurrency networks to transition to a more sustainable consensus mechanism.
In a statement to Cointelegraph, Lachlan Feeney, the founder and CEO of Australian-based blockchain development agency Labrys, said “the pressure is on” Bitcoin now to justify the PoW system over the long term.
He added that “reluctance to carry out its own transition to PoS will be huge.”
Meanwhile, the Dogecoin Foundation has been considering a transition of Dogecoin to a proof-of-stake after first hinting at the shift in September 2021, which was put forward by Ethereum co-founder Vitalik Buterin, who is also an adviser for the Dogecoin Foundation.
In December 2021, the Dogecoin Foundation released its Dogecoin Trailmap, which proposed to build a Dogecoin “community staking” version that resembled PoS.
“Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network,” the Dogecoin Foundation said.
However, little progress has been made since then, as it still appears to be in “proposal” status according to the Dogecoin website.
DOGE is currently priced at $0.06 at the time of writing.
Spanish Telecom Giant Telefonica Embraces Bitcoin Payments
One of the largest telephone operators and mobile network providers in Spain – Telefonica – partnered with the crypto exchange Bit2Me to allow clients to pay for services in digital assets.
Cryptocurrency adoption seems to be on a high level in the Iberian country. A few months ago, the leading airline company – Vueling – said travelers will be able to purchase flight tickets in bitcoin and other assets from January 2023.
Telefonica Says ‘Yes’ to Crypto
The Madrid-based corporation allowed customers to settle bills in several cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Circle’s stablecoin USDC, and others on its online marketplace named Tu.
To enable the crypto payments, Telefonica joined forces with the Spanish digital asset platform Bit2Me, which provided the infrastructure and will oversee the transactions.
The news grabbed the attention of the Chief Executive Officer of Binance – Changpeng Zhao (CZ) – since he shared it on his personal Twitter account.
Spain’s largest telecom company now accepts crypto payments.
— CZ 🔶 Binance (@cz_binance) September 30, 2022
It is worth noting that his company recently expanded its presence in the Spanish market. Two months ago, Binance’s subsidiary – Moon Tech Spain – received regulatory approval to register as a Virtual Asset Services Provider (VASP) in the European country.
“MoonTech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places users’ protection above all else,” Zhao said back then.
Vueling Also Jumped on the Bandwagon
Another prominent Spanish firm that joined crypto’s ecosystem in the past few months is the Barcelona-based airline Vueling.
In June, it collaborated with BitPay to allow clients to buy tickets in 13 different digital assets, such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB), and others.
The move is expected to see the light of day at the beginning of 2023, which would turn Vueling into the first low-cost airline in Europe to embrace cryptocurrencies as a payment method.
BitPay’s Vice President of Marketing – Merrick Theobald – said the Spanish firm “recognizes the potential of cryptocurrencies to transform the airline industry, making payments faster, more secure, and less expensive on a global scale.”
MEXC Leveraged ETF Leads the Cryptocurrency Market as Its Liquidity Ranks First
[PRESS RELEASE – Please Read Disclaimer]
Crypto asset trades emerge one after another, and leveraged ETFs are becoming the next star product after futures. MEXC, the cryptocurrency exchange with the highest futures trading liquidity on the Internet, takes the lead again in the cryptocurrency market with leveraged ETFs.
Comparing the leveraged ETF depth indicators of trading platforms such as Binance, MEXC, Kucoin, Gate, and Huobi, and analyzing their leveraged ETF transactions of mainstream cryptocurrencies with the highest market cap, it is found that the top three platforms in depth performance are MEXC, Binance, and Kucoin. The data shows that in terms of the trading depth of BTC 3L, ETH 3L, LTC 3L, and EOS 3L, MEXC ranks first in the aspect of liquidity.
Taking BTC 3L as an example, the depth of 1% on MEXC is 14,403,439USDT; The depth of 1% on Binance, which ranks second, is 87,359.56USDT; And the depth of 1% on Kucoin, which ranks third, is only 48,479.6USDT. At this depth, MEXC has surpassed the sum of Binance and Kucoin, and the gap tends to widen.
Comparing ETH, LTC, EOS and other mainstream cryptocurrencies, it can also be seen that MEXC’s leveraged ETF trading has the best liquidity, and the depth of other trading platforms is much lower than MEXC. Meanwhile, according to cryptorank data, Binance’s 24-hour leveraged ETF trading volume was $23.67 million USD, accounting for 63.5% of the market; MEXC’s 24-hour leveraged ETF trading volume was $9.25 million USD, with a market share of 24.8%, ranking second.
The leveraged ETF was first launched by MEXC in November 2019. It is a perpetual leveraged product that magnifies the price change of the benchmarked asset, aiming to provide leveraged returns on the benchmarked perpetual futures. It can be understood as an exchange-traded fund with leverage multiples.
The trading rules of leveraged ETF products are as simple as those of spot products. It is not necessary to use part of the margin to occupy positions like futures. At the same time, it can achieve multiple gains and returns like futures, so it is favored by some investors with low-risk appetite.
At present, each token on MEXC supports leveraged ETF trading of 3x long (3L) and 3x short (3S), and some mainstream cryptocurrencies also support 2x, 4x, or 5x leverage and the risk is controllable. For example, when you want to go 3x long for BTC, you only need to buy BTC3L/USDT; When you want to go 3x short for BTC, you only need to buy BTC3S/USDT; And when you want to clear the position, you only need to sell the corresponding position. Leveraged ETFs do not use margins to occupy positions and do not have liquidation rules, so there is no need to worry about the risk of liquidation.
Leveraged ETFs have a rebalance mechanism, and the compound interest effect is obvious. In the continuous rising/falling market, the daily profit will be automatically transferred to the position and reinvested to realize compound interest, and the profit will be higher than that of margin or futures products of the same multiple. At present, MEXC supports leveraged ETF trading of more than 300 cryptocurrencies such as BTC, ETH, DOT, ATOM, SHIB, DOGE, AAVE, CRV, etc. It provides the most cryptocurrencies on the Internet, allowing traders to have different choices in different trends or unilateral market conditions.
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, etc.,and serving more than 10 million users worldwide. The core team has a solid background in traditional finance, and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. In October 2021, MEXC Global won the title of “Best Cryptocurrency Exchange in Asia”. Currently, it supports the trading of more than 1,500 cryptocurrency, and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information, and follow MEXC Global and M-Ventures & Labs.
Bitmart Review [The Ultimate Guide 2022]
As a cryptocurrency trader, you were undoubtedly faced with the dilemma of choosing an exchange to suit your investment needs among a staggering number of cryptocurrency exchanges.
CoinStats regularly reviews leading platforms like Binance, Coinbase, or Kraken, relatively small but reliable crypto exchanges like the Bibox exchange, and a global exchange like Bitmart and presents their advantages and drawbacks to help you pick the right trading platform that suits your needs.
Bitmart exchange is a global cryptocurrency exchange platform for trading cryptocurrencies and earning on crypto. It offers users decentralized financial (DeFi) services, a wide range of cryptocurrencies, advanced trading features, and an NFT marketplace.
Unfortunately, the exchange was hacked in December 2021 and lost an estimated $196 million in cryptocurrency.
Our Bitmart review will discuss the platform’s services and features, pros and cons, trading fees, security, etc., and demonstrate how to start trading on the platform to maximize profits.
Let’s get right to it!
What Is BitMart
BitMart is a global cryptocurrency exchange with over 5.5 million users in 180 countries. The platform was launched in 2017 in the Cayman Islands, with its offices in China, South Korea, and the United States.
BitMart enables trading in over 1,000 digital assets and provides investment services and advanced features to a global customer base, including margin and futures trading. You can trade not only the most popular cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin, Solana, Ripple, Cardano, etc. but also small and newly released crypto assets.
In 2018, BitMart launched the BitMart Token (BMX), which provides token holders with special trading discounts and numerous other benefits on the exchange.
The trading platform has added numerous new features, including staking, lending, savings products, and derivatives trading.
Bitmart provides a simple buy/sell crypto feature where beginners can trade crypto using multiple payment methods with just a few clicks. Additionally, it offers advanced features such as spot trading, futures trading, margin trading, derivatives trading, OTC trading, etc., allowing investors to use leverage with their crypto investing.
The platform provides an NFT marketplace where you can buy NFT tokens and competitive fees. BitMart uses a maker and taker model to determine the trading fees, starting from 0.25% respectively and reducing with trading volume.
However, the BitMart exchange was hacked in December 2021, when the private keys of its hot wallets were compromised, resulting in the theft of $196 million worth of cryptocurrency.
Now, let’s have a closer look at the Bitmart crypto exchange features:
Wide Selection of Cryptocurrencies
Bitmart has a vast selection of digital assets compared to other trading platforms that users can buy and sell easily on the exchange.
Margin and Futures Trading
In addition to its simple buy and sell function, Bitmart provides its users with crypto futures trading and margin trading options.
Bitmart includes a futures market with leveraged trading up to 100x and DeFi services such as borrowing and lending products. The derivatives and futures markets allow Bitmart customers to perform future trading without the hassle and speculate on the market.
Remember that trading crypto is highly risky, and futures and margin aren’t recommended for most crypto investors.
BitMart Lending offers passive income for investors looking to earn passive income via crypto lending options. To participate in lending, you must subscribe, and your selected token will get locked. You’ll receive the deposited tokens and the interest accrued to your BitMart account when the term is completed.
The annually calculated accrued interest can vary between 5% and 120%.
Bitmart customers can earn passive income through their crypto holdings on the platform. There are multiple ways to earn passive income on Bitmart, namely:
- Bitmart Staking: Staking is the process through which users lock their crypto assets on a blockchain network to validate transactions on the blockchain and earn rewards in proportion to their locked tokens. With Bitmart Staking, users can lock up funds for 30 to 90 days to earn Bitmart staking rewards.
- Bitmart Savings: With Bitmart Savings, you can earn an APY as high as 50 percent on your crypto holdings. The digital assets you can make through Bitmart savings range from stablecoins like USDC and USDT to large caps like BTC, ETH, LTC, etc., and newly listed tokens such as FND, VCG, DHLT, etc. Remember, however, that the feature is not available to US users.
Bitmart Dual Investment: This unique feature allows users to earn in any of the two currencies in a trading pair. The trading pairs available are BTC/USDC, ETH/USDC, SOL/USDC, and BCH/USDC. You can select your preferred asset, choose the method (Sell high or Buy low), enter the subscription amount, and pick a settlement date from the options. With Bitmart Dual Investment, users can hedge against the massive price fluctuations in cryptocurrencies and earn on crypto assets or stablecoins like USDC. This feature also isn’t available to US users.
Bitmart NFT Marketplace
The Bitmart NFT marketplace aims to bring NFT artists, communities, enthusiasts, and collectors together, enabling them to create, purchase, and trade some of the world’s best and most unique NFTs. Users need to create a Bitmart account to access the BitMart NFT marketplace. The NFTs supported on Bitmart are all ERC-721 tokens, the details of which can be found on Etherscan.
Bitmart launchpad is the place where new and exciting tokens are launched. The Mission X2 project has been created for investors wanting to support startups and receive premiums from them. The investors are required to transfer a certain amount of BMX to the chosen startup. Once the amount of BMX reaches 1 million, the project token may enter the BMX market and be paired with BMX.
Bitmart Institution is designed for large institutional investors and enables them to become a broker and a market maker, earn rewards, participate in OTC trading, or list their own tokens on the platform. While users have to fulfill certain conditions to access these features and services, Bitmart Institution proves to be very profitable for large institutional investors and entities.
Bitmart Referral Program
Bitmart has a very lucrative referral program for existing users, allowing them to invite their friends to trade on Bitmart and earn up to 40 percent from their trading fees. You can invite your friends to Bitamrt through a referral link or QR code.
Any user can apply to become an affiliate for Bitmart. Once the application is approved, the user gets their unique referral link to share in their networks and earn commissions as high as 100 percent on spot and futures trading.
Bitmart Task Center
Even new users on Bitmart can get a chance to win up to USD 3000 rewards by completing a few simple tasks. By signing up for Bitmart and creating an account, you can win up to USD 500. For depositing USD 100 or more, you stand a chance to win up to USD 1000, and if your first spot trade is USD 100 or more, you become eligible to win up to USD 1500.
These are some of the most popular and commonly used features of Bitmart. In the next section of our Bitmart review, we’ll explain how to access these features and introduce you to the Bitmart fee structure.
Setting up a Bitmart Account
To set up a Bitmart account, you must sign up with your email address or phone number and create a strong password. Once you’ve successfully created an account on Bitmart, you must verify your identity to start crypto trading immediately.
The verification process differs depending on the accounts’ types:
Level 1 Starter
The verification process for Level 1 users’ accounts is straightforward and requires only personal details like a valid email and a phone number to set up two-factor authentication. Once you’ve entered these details correctly, you can start using the Bitmart trading platform to buy and sell crypto assets.
Level 2 Advanced
To gain access to all the features and make the most of your Bitmart trading, you must upgrade to Level 2 and become an Advanced trader. The verification process involves providing a government-issued valid identification card and a complete facial verification.
Additionally, there is a special onboarding process for institutional investors and companies. Our Bitmart review will focus on retail users.
Once you’ve created a user account, the next step is to deposit funds into your Bitmart wallet. You can deposit crypto assets directly from your crypto wallets (software or hardware), and the exchange doesn’t charge deposit fees. The Bitmart withdrawal fees vary depending on the cryptocurrency and the network used to withdraw funds.
Bitmart allows you to buy and sell cryptocurrencies using fiat currencies through debit or credit cards, PayPal, payment gateways such as MoonPay or Simplex, etc.
Bitmart Fee Structure
While the exchange doesn’t charge any deposit fees, it charges a small trading fee from its users. Bitmart competitive fee structure is one of the factors that makes it so popular amongst its users. The fee structure is tiered, and the trading fee for a standard user starts at 0.25 percent. Your level in the tiered structure depends on the number of BMX tokens you hold. The higher the number of BMX tokens, the lower the fee charged, as shown in the table below.
For professional users, the levels range from PRO1 to PRO6, and the trading fee goes down as one moves up the level. The 30-day trading volume in BTC determines the trading fees and levels for professional users – higher volume means higher level and lower trading fees. The trading fees for pro levels are displayed in the table below:
Our Bitmart review will now look into security as one of the most important considerations when choosing a crypto exchange for crypto trading. According to the official Bitmart website, it has an Advanced Risk Control System that utilizes a hybrid model of hot and cold wallet systems with multi-signature technologies. On top of that, Bitmart is registered as a Money Service Business in the USA with Financial Crimes Enforcement Network, making it a legitimate cryptocurrency exchange for crypto trading in the US.
However, despite all the Bitmart exchange’s security measures, it became subject to a hack of USD 196 million in 2021. As stated, some hackers had gotten control over the private keys to two of Bitmart’s hot wallets used to store users’ funds and assets and managed to hack the Bitmart exchange. The company later stated that it would reimburse all its users with the funds they had raised.
Trading Experience Bitmart
Since the hacking incident in 2021, the Bitmart ratings on Trustpilot have gone down to 3.6 out of 5 stars. Another reason behind this low ranking is that the 0.25 percent standard fee charged by the trading platform can be higher than other popular exchanges.
To sum up, the Bitmart exchange is suitable for professional-level traders or those wishing to invest in small-cap and newer cryptocurrencies.
Our detailed Bitmart review has revealed that you can easily trade and exchange crypto on the platform. The exchange provides several advanced features to make your crypto journey straightforward and more efficient. Moreover, its registration with FCEN makes the Bitmart exchange legit in the US, and users don’t have to worry about their funds being suddenly frozen by the government.
It should, however, be kept in mind that cryptocurrencies are volatile in nature, and nothing in this article is a piece of financial advice.
If you wish to learn more about cryptocurrencies, blockchain technology, and DeFi, you’re welcome to visit our blog and read articles like “What Is DeFi.” To learn how to manage your crypto portfolios, read our “Crypto Portfolio Trackers.”
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