ProtoCall | Crypto Galaxy Market Watch

Setting Up A Binance Account

orbitant — Tue, 11 Jan 2022 03:22:53 +0000

Binance

Binance Exchange is the largest crypto exchange by trade volume and one of the fastest in the world. Its native stablecoin, BUSD, was founded by Paxos and Binance, and is one of the few stablecoins that are compliant with the strict regulatory standards of NYDFS.

Setting Up A Binance Account

Step 1: Go to www.binance.com and click on ‘Register’ at the top right corner of the screen.

Step 2: Enter your current location of residence.

Step 3: Select ‘Create Personal Account’.

Step 4: Fill in your email address, password and referral ID (13083600) if you have one. Click ‘Next’.

Step 5: Press ‘Get Code’, go to your email address provided and enter the 6-digit code sent to the email address in the field below. Press ‘Submit’.

Step 6: Enter your phone number and press ‘Next’.

Step 7: : Press ‘Get Code’, go to your messages and enter the 6-digit code sent to the email address in the field below. Press ‘Submit’

Congratulations! You have just created a Binance account.

Setting Up A Gemini Account

orbitant — Tue, 11 Jan 2022 03:21:16 +0000

Gemini

“Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). We are subject to capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law. Gemini is also a fiduciary and Qualified Custodian.”

Setting Up A Gemini Account

Step 1: Go to www.gemini.com and click on ‘Get Started’

Step 2: Fill in your particulars

Step 3: Add a mobile phone number

Step 4: Key in the SMS code that is sent to your mobile number

Step 5a: Fill up your personal particulars with MyInfo or;

*Applicable to Singapore Citizens only.

Step 5b: Manually fill in your information.

If you choose to manually fill out your personal particulars, you will need to prepare the following documents:

1. Photograph of your passport photo page

2. Photograph of Driver’s License / Identification Card

Once you have submitted the information, it could take up to a few days for Gemini to verify your identity. We recommend opening an account as soon as possible; you don’t want to be anxiously waiting for your account to be verified when the market is in full swing!

Securing your Gemini Account

Just as banks send an SMS to ensure that only the owner of the bank account can make a transaction, cryptocurrency exchanges also incorporate this added layer of security to help keep their customers safe.

Here, we will be showing you how to set up your 2FA on your accounts.

From the main dashboard, click on the ‘Account’ tab at the top right of the page, followed by ‘Settings’.

From there, click on ‘Security’ on the right of the page.

Select ‘Add Security Key’

Key in a nickname for your Security.

Gemini uses your hardware (computer) to verify that you are really signing in. As we are using a Windows computer, the hardware authentication is from Microsoft, requiring a Microsoft PIN to continue.

With your account properly secured, it’s time to get some cryptocurrency!

Adding Funds into Gemini

To start buying cryptocurrencies on Gemini, you first have to link your funds to your account.

Click on ‘Add Funding Source’ to open up the following page.

Method 1: Using Debit Card

Step 1: Click on ‘Add Debit Card’ and select the currency you wish to use to purchase cryptocurrency.

Step 2: Fill out the Debit Card information.

Step 3: Verify your debit card

Gemini will send you three reversible charges of random amounts, two of which will be more than $1. Verify the amounts of the two charges that are above $1, and your card will be confirmed, as well as the charges cancelled.

When your debit card has been verified, you will be able to start purchasing cryptocurrencies.

Method 2: Linking Bank Account

Linking a bank account requires you to confirm your email before you can proceed.

To confirm your email, head to your email account and follow the instructions that were sent from Gemini.

After your email has been confirmed, you may begin linking your bank account to your Gemini account.

Step 1: Click on ‘Manually Link Bank Account’ and choose the currency you wish to use. In this exercise, we are using the U.S dollar (USD).

Step 2: Fill in your bank account details

Step 3: Transfer money from your bank account

This method is slightly more complicated than using a debit card. To transfer the money, you first have to login to your Internet Banking, and send a wire transfer to Gemini.

Please pay particular attention to the following:

Remember to key in the reference code (written in the Memo or Reference of your wire transfer)
Ensure that the currency transferred is the same as the currency you indicated in Step 1, as the transaction will bounce if the wrong currency is sent. In this exercise, we are using U.S Dollars (USD)
Double-check that the receiving bank account information is accurate
Make sure the transfer type is set to ‘same-day wire transfer’

Do note that the funds have to be sent in from your Internet Banking account, and cannot be done through Gemini. By pressing ‘Confirm’, you are merely closing the pop-up window, not sending a transaction to Gemini.

After you have sent a wire transfer to Gemini, please allow for up to 24 hours for the funds to be deposited into your Gemini account.

Buying Cryptocurrencies with Gemini

Once a source of funds has been linked successfully to your account, you can start purchasing cryptocurrencies.

From the main dashboard on Gemini, you can see the list of cryptocurrencies available for purchase.

For example, if you click on Bitcoin, you will be brought to the following page:

From here, you may select how much money to invest in bitcoin, as well as how often you wish to purchase bitcoin (e.g once a week, once a month etc.)

Viewing Your Assets on Gemini

To see what digital assets you have on Gemini, click on the ‘Account’ button at the top right of the page, followed by ‘Balances’.

From here, you will be able to view all the tokens that you have in Gemini.

If you click on ‘Trade History’, you will also be able to view all the trades that you have carried out. This is a simple way of keeping tabs on all of your entry and exit prices.

Selling Cryptocurrencies with Gemini

If you want to sell your cryptocurrencies on Gemini, you may do so from the main dashboard page as well.

From the main dashboard on Gemini, you can see the list of cryptocurrencies that you have available for selling. Clicking on the token will bring you to the following page:

From here, click on the ‘Sell’ option, and type in the amount you wish to sell.

Withdrawing Money from Gemini

If you have sold any cryptocurrencies, the money will be in your Gemini account. If you want to spend the money you’ve earned, you first have to withdraw the money into your bank account.

From the dashboard, click on the ‘Transfer’ tab on the top right of the page followed by ‘Withdraw from Gemini’.

From here, fill up the information in the following fields:

Type of withdrawal (USD, SGD, etc)
Which account to send the money to
The amount of money to withdraw

Once you have filled in these fields, confirm your withdrawal by clicking on ‘Request to Withdraw’. The money will be sent into your account within 1 business day.

Setting Up Coinbase Account

orbitant — Tue, 11 Jan 2022 03:19:53 +0000

Coinbase

Building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto.

Coinbase started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

Setting Up Coinbase Account

Step 1: Click to www.coinbase.com

Step 2: Fill in your personal info and click “Create Account“

Step 3: Verify your email – check your inbox and click “Verify Email Address“

Step 4: Setup two-step verification – enter your mobile number

Step 5: Check text message on your mobile for Coinbase Verification Code

Step 6: Enter Verification Code on browser

Step 7: Select your Citizenship

Step 8: Fill in your personal information and complete the KYC procedure.

Side note: Why does Coinbase ask for my personal information when making certain transactions?

Securing your Coinbase account

Here, we will be showing you how to set up your 2FA on your accounts.

From the main dashboard, click on your profile at the top right of the page, followed by ‘Settings’.

From there, click on ‘Security’ on the top (tab) of the page.

Select ‘2-step verification’

3 Options are available

Google Authenticator
Duo Mobile
Microsoft Authenticator

We would recommend using Google Authenticator to secure your account.

Side note: What 2-step verification apps (TOTP) can I use?

With your account secured, it’s time to get some cryptocurrency!

Depositing Funds into your Coinbase account

From the main dashboard, click on your profile at the top right of the page, followed by ‘Settings’ and “Payment Methods” on the top (tab) of the page.

Method 1: Using Credit/Debit Card

Step 1: Click “Add A Payment Method“

Step 2: Click “Credit/Debit Card“

Step 3: Link Your Card – Input your Credit/Debit card info.

Once approved, your card status will be shown under Payment Methods. Note that additional fees may be charged by your bank.

Method 2: Depositing Cryptocurrency Into Your Coinbase Account

From the main dashboard, click on your profile at the top right of the page, followed by ‘Settings’.

Click on “Crypto Addresses” on the top (tab) of the page.

List of Asset will be shown with their relevant addresses on this page.

Click “Details” on whichever asset you wish to transfer into your Coinbase account.

Copy the address and paste it on the withdrawal address when sending funds out from other wallet or exchanges.

Side note:
This is a list of cryptocurrency addresses associated with your Coinbase account.
These addresses do not expire. You can use them to receive crypto as long as your Coinbase account is active.
Important note: Crypto addresses are asset specific. Do not send Bitcoin to a Bitcoin Cash address, for example, or your funds will be lost.

Buying Cryptocurrencies on Coinbase

Once a source of fund (credit/debit card) has been linked successfully to your account, you can start purchasing cryptocurrencies.

Step 1: From the main dashboard on Coinbase, click on “Buy Bitcoin”

Step 2: Enter Amount and select “One Time Purchase“.

From here, you may select how much money to invest in bitcoin, as well as how often you wish to purchase bitcoin (e.g one time, daily, weekly, monthly etc)

Step 3: click “Preview Buy” (direct payment via your credit/debit card)

Step 4: Preview the order and click “Buy Now” (Price includes Coinbase fee and taxes)

Congrats! You’ve made your first bitcoin purchase.

Where is the Cryptocurrency Stored?

orbitant — Tue, 11 Jan 2022 03:18:20 +0000

Cryptocurrencies are stored in wallets. There are two main types of wallets: hot and cold wallets. Hot wallets are connected to the Internet, while cold wallets are not.

A common type of hot wallet is an exchange wallet. If you have used an exchange to purchase cryptocurrency and are storing them in your account on the exchange, then you are likely using a hot wallet to store your cryptocurrencies. Hot wallets are more convenient to use as they allow you faster access to your assets, but they are more vulnerable to cyber attacks. Other hot wallets include software wallets like Jaxx, and web wallets like MyEtherWallet.

On the contrary, cold wallets are more secure as they are not prone to cyber attacks. Such wallets include hardware wallets like Trezor that function like a thumb drive that store key access to your cryptocurrencies, or paper wallets, which were popular in the earlier years of Bitcoin. A paper wallet is a piece of paper that has your keys printed on it, usually in the form of a QR code. Because it is not on the internet, it is impossible to conduct a cyberattack on it, but it is prone to other risks like losing or damaging that piece of paper.

If you are new to the space, we recommend leaving your cryptocurrencies on the Gemini Exchange hot wallet for now! It is convenient to use, and has not been compromised before.

Buying Cryptocurrency

orbitant — Tue, 11 Jan 2022 03:17:28 +0000

Now that you know what cryptocurrencies are all about, you probably want to get some for yourself. With cryptocurrencies gaining more and more mainstream popularity, several cryptocurrencies can now be purchased using cash or credit/debit card! Let’s take a look at how to do so from few of these industry-leading companies.

Coinbase

Building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. Coinbase started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

Setting Up A Coinbase Account

Licensed

FTX Exchange

FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. We strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.

Setting Up A FTX Account

Licensed

Gemini

Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). Gemini is subjected to capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law. Gemini is also a fiduciary and Qualified Custodian.

Setting Up A Gemini Account

Licensed

Binance.com

Setting Up A Binance Account

Advanced

Kucoin

KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown to become one of the most popular crypto exchanges and already has over 10 million registered users across 207 countries and regions around the world.

Setting Up A Kucoin Account

Advanced

What are Altcoins

orbitant — Tue, 11 Jan 2022 03:16:13 +0000

Altcoins, or alternative coins, are cryptocurrencies other than bitcoin. This means that altcoins are not another form of bitcoin, and may or may not follow the fundamental structure that bitcoin is based on. Altcoins are also comparatively cheaper than bitcoin, and may have been created to solve other real-world issues. To date, tens of thousands of altcoins have been created, and many of them have been created thanks to Ethereum’s code.

What is Litecoin (LTC)

Litecoin was created to complement Bitcoin, and is also traditionally known fondly as ‘the silver to bitcoin’s gold’. Litecoin was created using Bitcoin’s open-source code, with a few tweaks to modify the cryptocurrency, including these important features:

Block creation time of Litecoin is faster than that of Bitcoin. Instead of taking 10 minutes to create a new block, Litecoin takes 4 times less. This means that transactions are 4 times faster if we use Litecoin.

Unlike Bitcoin, which requires specialised and expensive hardware designing for mining, Litecoin can be mined using normal computers, meaning that a larger group of people have a chance to possess newly minted LTC. This not only makes Litecoin more accessible to a larger group of people, it also means that there is a lower chance of large companies monopolising the network.

Litecoin transactions are also historically cheaper than bitcoin’s, making it more commercially viable for everyday use. Litecoin is potentially superior in being adopted by the mainstream, although Bitcoin is still the most popular cryptocurrency to date. Of course, Litecoin and Ethereum are also currently considered speculative assets, and here’s how you can start building your cryptocurrency portfolio.

What is Ethereum (ETH)

Ethereum is the second-largest cryptocurrency by total market capitalisation at $211.2 billion (as of February 2021), and there’s even a debate to relinquish Ethereum’s label as an altcoin, given its importance in the crypto space.

Unlike Bitcoin, Ethereum was not designed to be a currency for transactions. Instead, it is a software platform that enables smart contracts to be built and run without interference from a third party, with a native token called Ether (ETH) and gwei, the gas . Smart contracts are lines of code that execute ‘if-then’ functions. Some real-world applications of smart contracts include: Insurance Payouts, Loans, Identity Management, Employment contracts and Patent and Royalty contracts. Smart contracts are useful as they are transparent, time-efficient, precise, secure, and cost-effective. However, since these codes are created by humans, they are still subjected to human error.

When smart contracts are coded on Ethereum, they are tamper-proof and public. Just like with bitcoin transactions, no one can renege on their deal once the contract is put on the network. Each and every node receives a copy and the code is executed when criteria set are met. This makes it tamper-proof, without the parties needing to trust each other to hold their end of the deal.

Because Ethereum is open-source and decentralised, it allows developers to build, modify and publish their own applications. Anyone can write a smart contract and deploy it to the network with ETH. Every programme that runs on the Ethereum platform needs to use some processing power. The more complicated the code, the more processing power it needs to execute. To prevent the network from bloating with unnecessary contracts, each smart contract requires a gas fee, in the form of Ether. The more complex the contract, the more gas fees it will incur. You can also increase the amount of gas paid to ensure that your transactions are given priority.

Ethereum’s platform is also powering Microsoft’s venture into cryptocurrency with ConsenSys, as well as Visa’s global payments network to USDC developed on the Ethereum blockchain.

Some Popular Altcoins

What is Bitcoin?

orbitant — Tue, 11 Jan 2022 03:15:08 +0000

Bitcoin is often referred to as ‘digital gold’, which gives us some clue about what it is used for.

Gold has traditionally been used as a store of value. As an asset that can be acquired and exchanged as a means of transfer, gold retains purchasing power for the future. Another asset that is used as a store of value is cash. The main difference between these two stores of value is that cash, that can be printed as per a government’s decree, runs the risk of being subjected to inflation, while gold, being relatively stable and having a fixed supply, is often seen as a hedge against inflation.

So why is cash more commonly used compared to gold as a medium of transaction? The answer is simple – gold is not as convenient as cash to bring around, much less to send overseas. If we used gold as an everyday medium of transaction, we would have to carry the physical gold bar, sell it at a shop for cash, and then send the cash overseas. In the process, the middlemen that are helping you execute your money transfer will each take a cut, resulting in a diminished value.

Bitcoin has the potential to be a superior store of value. Like gold, because it isn’t issued by the government, and has a fixed supply of 21 million, it is also immune to inflation. Unlike gold, however, bitcoin can directly be sent to others across the world without any middlemen to siphon off its value. This makes bitcoin potentially superior to gold as a store of value. Bitcoin derives its value from the market. And as with other assets, its value can be determined by two things – scarcity and utility.

Scarcity is the basis for all economics.

With the underlying assumption that there are unlimited wants, but limited resources, the scarcer a resource, the more valuable it becomes. This is one of the reasons why gold is valuable; realistically, gold is difficult to mine, and has a limited supply, and therefore is scarce. The creation of bitcoin came with a stipulation set in its source code – there will only be 21 million bitcoins that will ever exist. In addition, similar to gold, new bitcoins are generated by a process called mining. Because bitcoin is difficult to obtain and has a fixed supply, it is also considered scarce, and therefore valuable.

Utility is also another important factor.

If an asset has a real use-case, it adds value to the asset. For bitcoin, it is potentially useful as a medium of transaction, a store of value, as well as a speculative asset. People can send it to others across the world, buy it to trade, and now, even purchase Tesla cars with it.

To add even more value to bitcoin, we can apply Metcalfe’s Law, which defines a network’s value as proportional to the square of the number of its users. Simply put, the more people using the network, the more valuable it becomes. Just like the first telephone, or the rapid adoption of the Internet, bitcoin’s increasing network also makes it more and more valuable.

Bitcoin’s decentralised blockchain technology also makes it extremely secure. Decentralised networks are networks that have distributed power, rather than its centralised counterparts. Most banks are centralised, and there are issues that centralised financial systems are affected by, including fraud, forgery, questionable lending processes and more. While cash and even gold are susceptible to forgery, bitcoin is unforgeable.

That being said, bitcoin is currently mostly used as a speculative asset which fluctuates in value, rather than a store of value at the moment. A speculative asset is one that people, or institutions, purchase, in the hopes that they can make a profit when prices increase. From the current price action of bitcoin, it could take some time for prices to stabilise and definitively be known as a stable store of value.

To recap, here’s a quick comparison of cash, bitcoin, and gold.

Fiat Money (Cash)	Gold	Bitcoin
Easy to carry	Inconvenient to carry	No carrying required
Globally accepted for goods and services	Rarely accepted for goods and services	Increasingly accepted for goods and services
Foregeable	Foregeable	Unforgeable
Multiple Currencies	Global Currency	Global Currency
Unlimited supply	Unlimited supply	Limited supply

What is Blockchain?

orbitant — Tue, 11 Jan 2022 03:14:32 +0000

Blockchain technology is the technology underpinning various cryptocurrencies, including bitcoin. As was briefly mentioned in the chapter above, blockchain is where the distributed ledger is, and where transactions are recorded.

Blockchain can be thought of as a permanent database that stores information in blocks. A block can be thought of as a single piece of paper that contains transaction data. For example, in the blockchain that Bitcoin uses, information like the amount of bitcoin that one sends to another can be found on the blocks. In fact, the blockchain that Bitcoin is on contains the entire history of Bitcoin transactions, functioning as the public transaction ledger for Bitcoin. In addition, it also contains a reference, called a hash, to the previous block to prove that it is a legitimate block. A block that lacks a reference to its previous block would be rejected by the bitcoin protocol. The fact that a reference is present in every block also means that we only need a single block to reconstruct all previous transactions that have ever been recorded on that particular blockchain. Each block is linked to another block to form a chain of data in chronological order, with the most recent block containing the newest information.

The blockchain can also be thought of as a shared online Excel sheet of information recording transactions and other information. Once a sheet is filled, another sheet is added to continue recording information, but only if the sheet attempting to be added to the database contains information from the sheet prior to it.

Because this same information is public and shared, anyone with a copy can conduct a cross-reference check at any time. The transparency of such blockchains make it hard for anyone to tamper data; any bad actor or hacker that tries to do so will then have an illegitimate copy that is not accepted in the blockchain.

This makes the blockchain unchangeable, or immutable, and secure.

Types of Cryptocurrencies

orbitant — Tue, 11 Jan 2022 03:13:59 +0000

Thousands of cryptocurrencies have been created since the birth of the very first one, But here’s are a few prominent ones:

Bitcoin (btc) – www.bitcoin.org

The first, and arguably the most famous, cryptocurrency.

Litecoin (LTC) – www.litecoin.org

A cryptocurrency offering cheaper, more efficient transactions, and created to complement bitcoin.

Ether (ETH) – www.ethereum.org

A cryptocurrency normally used by developers to run and build applications on the Ethereum platform.

Stablecoins

A special class of cryptocurrencies. Instead of deriving their value from demand and supply of the market, their value is pegged to an external asset like the USD, to stabilise its price.

Information about different cryptocurrencies, including traded prices on platforms, supply and other information can be found at CoinMarketCap or CoinGecko, which states that it is the world’s most-referenced price-tracking websites for crypto assets in the rapidly growing cryptocurrency space. Its mission is to make crypto discoverable and efficient globally by empowering retail users with unbiased, high quality and accurate information for drawing their own informed conclusions.

Key Difference between Cryptocurrency vs Fiat

orbitant — Tue, 11 Jan 2022 03:12:25 +0000

Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government or central bank that issued it. This means that fiat money lacks intrinsic value, and there are generally more opportunities for bubbles with fiat money due to its unlimited supply. It is usually represented by paper money, although digital payments are on the rise. Fiat currency is centralised, meaning it is controlled by a sole third party- the government. Supply of fiat currency, and in turn, the economy, is controlled by the government by applying policies to change the supply and the price of its fiat currency. One danger of using fiat money is that governments will print too much of it, resulting in hyperinflation and a decrease in the value of the fiat currency you hold. When transactions are made, an intermediary like a bank or payment provider is required to facilitate the process.

Cryptocurrencies are digital assets that function as a medium of exchange. Most cryptocurrencies are also not backed by any physical value, and thus do not have intrinsic value. The value of cryptocurrencies are determined by supply and demand in the market. However, unlike fiat currencies, some cryptocurrencies have a finite amount which prevents the issue of hyperinflation. Bitcoin is one such cryptocurrency, with its finite supply of 21 million. The value of bitcoin is determined by demand and supply. Cryptocurrencies are usually issued by computing, are not thus not controlled by any government, and transactions using cryptocurrencies involve only the sender and the receiver, without any third parties.

Key Difference between Cryptocurrency vs Fiat

Fiat Money	Cryptocurrency
Physical medium of exchange	Digital medium of exchange
Issued by government	Produced by code
Centralised – controlled by government/central banks	Decentralised – not controlled by any entity, government or otherwise
Unlimited supply – can be produced by the government as needed	Usually in limited supply – each cryptocurrency has a fixed maximum supply
Value determined by market and regulation	Value determined by demand and supply