Author: coins520

Launching in 2019 FTX has become a popular avenue for cryptocurrency derivatives trading. Currently ranked 8 on CoinMarketCap by volume doing over $280 million in 24 hour volume.

Today FTX in a partnership with 3 DeFi adjacent projects RUNE, KNC, and TOMO they announced a 15000$ trading competition. The competition will last for 7 days from the 22nd of July through to the 29th. Traders can enter the competition any time between the 22nd and the 29th.

It being a DeFi competition means traders are required to trade on DeFi markets. Currently the DeFi products listed on FTX are as follows: BAL, COMP, CUSDT, DEFI (Index), DMG, KNC, MKR, RUNE, and TOMO. All of these coins have spot markets, perpetuals, futures, and leveraged tokens which can be traded. The full list can be found here on the competition page.

The winner of the competition is the trader who trades the most DeFi products by volume at the closing date of the competition. The prizes are as follows:

• 1st – 5000$ worth of DeFi coins
• 2nd – 2500$ worth of DeFi coins
• 3rd – 1000$ worth of Defi coins
• 4th to 10th – 300$ worth of DeFi coins
• 11th to 20th – 200$ worth of DeFi coins
• 21st to 30th – 100$ worth of Defi Coins
• 31st – 50th – 50$ worth of DeFi Coins
• 51st – 100th – 20$ FTX Line of Credit

To enter the competition users simply have to go to the subaccount tab on their FTX profile and select ‘DeFi’. From there they can transfer funds from their main account and begin competing.

Read our FTX Review

Visit the Competition Page

Blockchains by design are walled off gardens, existing in silos, independent from other blockchains. Attempts have been made at trying to bridge the gap between various technologies but the problem remains largely present.

These borders between networks reduce the financial efficiency of blockchain assets. Assets are permanently anchored to their own chain. Their financial potential and efficiency is stunted. Its bad for the holders of these assets, and its bad for blockchain as a whole.

pNetwork was founded with the aim of removing these barriers. Increasing financial flexibility and liquidity across a variety of blockchains. Creating use cases in a variety of DeFi apps and making blockchain better as a whole.

In this article we will dive into the pNetwork project to find out about the team behind pNetwork, how they are making these innovations, the value of the pNetwork token (PNT), the technology behind pNetwork and more.

The pNetwork Team

Founded in 2019, with the token launching in June 2020 pNetwork is currently being developed by two sister companies. Provable things, originally founding and developing the pNetwork. And Eidoo which joined the fray at the start of June 2020.

Eidoo has their own project and formerly their own token aptly named Eidoo. This token was then converted into pNetwork tokens (PNT). However, the Eidoo project continues, now just with PNT as the backbone.

When the Eidoo team joined Provable Things they burned 80% of the EDO tokens they held. The burn was done to ensure the Eidoo team could not exercise control over the pNetwork project.

Sometime in July the pNetwork decentralized autonomous organization (or DAO for short) is expected to launch. This will start the process of giving the community a bigger say in the project through allowing PNT holders to vote on issues. But we will discuss this at a greater depth later in the article.

How pNetwork Works

We have already stated that pNetwork was aiming to increase the financial efficiency and liquidity of blockchain. But how are they planning on doing this? The idea at its core is extremely simple and is something that has been applied by banks and governments for decades. Asset pegging.

Asset pegging is simply a term used to describe when one assets value is pegged to another asset. An example of this is in the first stages of modern banking in 17th century Europe.

In the 17th century gold was the primary method of exchange. But gold is heavy, cumbersome and generally something you don’t want to carry around in large amounts. So the first banks were formed. People would deposit their gold with a bank and get a receipt. This receipt then entitled them to the equivalent amount of gold they had just deposited, giving the receipt the same value as the gold. Except receipts are much easier to use for buying and selling goods and services than gold. So, people dropped gold and just continued using the receipts and so, paper money was born.

pNetwork does something very similar except with blockchain assets. I can’t put a Bitcoin on Ethereum network. But now with pNetwork I can transfer the value of my Bitcoin to the Ethereum network. This is done through the pNetwork dapp.

You simply open up the Dapp, send your Bitcoin to the address. In return you will receive an equivalent amount of pBTC. This pBTC is an erc-20 token that I can freely move around the Ethereum blockchain. I can use it on various decentralized exchanges, or DeFi apps, or simply keep it in my Ethereum wallet.

Like the 17th century receipt you got for depositing your gold. The pBTC you have just received is equivalent to the exact same amount of BTC 1:1. To get your Bitcoin back you simply do the transaction in reverse. You send your pBTC to the address given and in return you get the equivalent amount of Bitcoin.

These transactions are not exclusive between Bitcoin and the Ethereum chain. You can deposit Bitcoin and in return get a pBTC on the EOS network. With more planned in the future. Currently Litecoin and EOS on the Ethereum network are in testnet but a lot more are planned for the future.

At the time of writing over 680,000$ dollars has been converted into pBTC. With 630,000$ on Ethereum and over 60000$ on EOS.

The Technology Behind pNetwork

While the idea is simple, the technology that is required to make this simple transaction, trustless and in a decentralized is significantly more complex.

pNetwork uses network validators to ensure that transactions go through safely, securely, and correctly. Nobody wants to deposit their Bitcoin and get nothing in return. Alternatively nobody should be able to manipulate the system and print as much pBTC as they want economically ruining the system.

pNetwork in combination with blockchain uses two primary techniques. Trust Execution Enviroments (TEE) and Multi-Party Computation (MPC).

Trust Execution Enviroments

A Trusted Execution Environment is a hardware isolated sandbox. It enables users to write code which can then be verified by the tech manufacturer that the process has been executed correctly. This moves the trust away from the operator and to the tech manufacturer.

pTokens is planning on using a ‘multi-TEE’ approach where multiple different TEE’s and operators ensure that there is no single point of failure.

Multi-Party Computation

Multi-Party Computation builds upon the TEE. On the pNetwork the TEE operators/ network validators work together to issue pTokens or release the underlying asset.

This is helped by MPC. Issuing or releasing assets occurs when multiple parties jointly generate key pairs and sign transactions. When this is done it authorizes the flow of assets.

Decentralization

As of now there is only one validator authorizing transactions. This is operated in house by the pNetwork team. This is obviously centralized but is necessary to test the network and dapp.

Sometime this month the DAO and more community validators are expected to be rolled out. This will begin the decentralization of the pNetwork ensuring that it eventually does become trustless.

The Value of the pNetwork Token

When discussing any new project it is important to also discuss what gives the token its value. A project can have the best technology in the world but if there is no real value in their token what is the point of getting involved?

PNT’s value is almost entirely derived from the DAO. The DAO allows PNT token holders to get a say in the network enabling them to make proposals and vote within the pNetwork.

By participating and voting in the DAO PNT holders can earn interest on their PNT. In the first year DAO participants can earn up to 42% on their PNT and in the second year they can earn up to 21%. This incentivizes PNT holders to participate in the DAO. If they don’t participate they don’t earn interest.

PNT also partially derives value from validators. To become a validator you must first hold 200,000PNT. You may ask the question of why someone would buy that much PNT to secure a network? As always there is an economic incentive. Validators can participate in the DAO and earn interest like every other holder. However, validators also generate income from the fees generated by the issuance and release of pTokens.

But there is a catch. If validators are found to be acting maliciously, or performing poorly in terms of network capability they can be voted out by the DAO. In doing so they lose their 200,000PNT stake. This creates a double edged sword for validators. Where they are financially rewarded for good performance, and harshly punished for poor or malicious actions

As previously mentioned validators and the DAO are expected to be launched this month.

The Use Case for pNetwork

The use case for pNetwork is largely based around the DeFi ecosystem. If DeFi sees continued growth, pNetwork will flourish. However, if DeFi dies away so to will pNetwork.

The two main use cases that pNetwork cite themselves are DeFi based. These being the use of pNetwork in decentralised lending platforms and decentralized exchanges.

By using pNetwork no matter what blockchain assets I hold I will be able to access liquidity and markets on other networks. I can quickly convert my assets to my desired network and get DeFi based loans or trade on decentralized exchanges.

One of the big problems with Decentralized exchanges in the past was that they could only support tokens on their own network. If it was Ethereum based I could only buy erc-20 tokens. Now with pNetwork we can potentially create an Ethereum DEX and trade every asset in crypto.

pNetwork also works to increase the speed of blockchain. Everyone knows that Bitcoin is secure however it can be incredibly slow and expensive at times. pNetwork opens up the possibility of creating synthetic Bitcoin on incredibly fast blockchains.

Current Integrations

pNetwork’s pTokens are already integrated in a number of ways. pNetwork is integrated with the Eidoo app so users peg in and out their pTokens through there.

pTokens are also listed on a variety of Ethereum and EOS DEX’s. These include exchanges like Kyber Network, Bancor, Loopring, and Evolution Exchange.

There is however currently no lending platforms supporting pTokens as of yet.

Conclusion

The Growth of DeFi has brought a lot of interesting project to the cryptocurrency space pNetwork among them. pNetwork definitely brings something new to the table in terms of technology and its vision for the future.

While DeFi has brought attention to pNetwork and projects similar it can take it away just as easily. If DeFi does turn out to be a hyped up fad pNetwork and a variety of tokens will wither away as great as their tech may be.

But if you truly believe in the continued success of DeFi, pNetwork is an excellent place to look.

Blockchains by design are walled off gardens, existing in silos, independent from other blockchains. Attempts have been made at trying to bridge the gap between various technologies but the problem remains largely present.

These borders between networks reduce the financial efficiency of blockchain assets. Assets are permanently anchored to their own chain. Their financial potential and efficiency is stunted. Its bad for the holders of these assets, and its bad for blockchain as a whole.

pNetwork was founded with the aim of removing these barriers. Increasing financial flexibility and liquidity across a variety of blockchains. Creating use cases in a variety of DeFi apps and making blockchain better as a whole.

In this article we will dive into the pNetwork project to find out about the team behind pNetwork, how they are making these innovations, the value of the pNetwork token (PNT), the technology behind pNetwork and more.

The pNetwork Team

Founded in 2019, with the token launching in June 2020 pNetwork is currently being developed by two sister companies. Provable things, originally founding and developing the pNetwork. And Eidoo which joined the fray at the start of June 2020.

Eidoo has their own project and formerly their own token aptly named Eidoo. This token was then converted into pNetwork tokens (PNT). However, the Eidoo project continues, now just with PNT as the backbone.

When the Eidoo team joined Provable Things they burned 80% of the EDO tokens they held. The burn was done to ensure the Eidoo team could not exercise control over the pNetwork project.

Sometime in July the pNetwork decentralized autonomous organization (or DAO for short) is expected to launch. This will start the process of giving the community a bigger say in the project through allowing PNT holders to vote on issues. But we will discuss this at a greater depth later in the article.

How pNetwork Works

We have already stated that pNetwork was aiming to increase the financial efficiency and liquidity of blockchain. But how are they planning on doing this? The idea at its core is extremely simple and is something that has been applied by banks and governments for decades. Asset pegging.

Asset pegging is simply a term used to describe when one assets value is pegged to another asset. An example of this is in the first stages of modern banking in 17th century Europe.

In the 17th century gold was the primary method of exchange. But gold is heavy, cumbersome and generally something you don’t want to carry around in large amounts. So the first banks were formed. People would deposit their gold with a bank and get a receipt. This receipt then entitled them to the equivalent amount of gold they had just deposited, giving the receipt the same value as the gold. Except receipts are much easier to use for buying and selling goods and services than gold. So, people dropped gold and just continued using the receipts and so, paper money was born.

pNetwork does something very similar except with blockchain assets. I can’t put a Bitcoin on Ethereum network. But now with pNetwork I can transfer the value of my Bitcoin to the Ethereum network. This is done through the pNetwork dapp.

You simply open up the Dapp, send your Bitcoin to the address. In return you will receive an equivalent amount of pBTC. This pBTC is an erc-20 token that I can freely move around the Ethereum blockchain. I can use it on various decentralized exchanges, or DeFi apps, or simply keep it in my Ethereum wallet.

Like the 17th century receipt you got for depositing your gold. The pBTC you have just received is equivalent to the exact same amount of BTC 1:1. To get your Bitcoin back you simply do the transaction in reverse. You send your pBTC to the address given and in return you get the equivalent amount of Bitcoin.

These transactions are not exclusive between Bitcoin and the Ethereum chain. You can deposit Bitcoin and in return get a pBTC on the EOS network. With more planned in the future. Currently Litecoin and EOS on the Ethereum network are in testnet but a lot more are planned for the future.

At the time of writing over 680,000$ dollars has been converted into pBTC. With 630,000$ on Ethereum and over 60000$ on EOS.

The Technology Behind pNetwork

While the idea is simple, the technology that is required to make this simple transaction, trustless and in a decentralized is significantly more complex.

pNetwork uses network validators to ensure that transactions go through safely, securely, and correctly. Nobody wants to deposit their Bitcoin and get nothing in return. Alternatively nobody should be able to manipulate the system and print as much pBTC as they want economically ruining the system.

pNetwork in combination with blockchain uses two primary techniques. Trust Execution Enviroments (TEE) and Multi-Party Computation (MPC).

Trust Execution Enviroments

A Trusted Execution Environment is a hardware isolated sandbox. It enables users to write code which can then be verified by the tech manufacturer that the process has been executed correctly. This moves the trust away from the operator and to the tech manufacturer.

pTokens is planning on using a ‘multi-TEE’ approach where multiple different TEE’s and operators ensure that there is no single point of failure.

Multi-Party Computation

Multi-Party Computation builds upon the TEE. On the pNetwork the TEE operators/ network validators work together to issue pTokens or release the underlying asset.

This is helped by MPC. Issuing or releasing assets occurs when multiple parties jointly generate key pairs and sign transactions. When this is done it authorizes the flow of assets.

Decentralization

As of now there is only one validator authorizing transactions. This is operated in house by the pNetwork team. This is obviously centralized but is necessary to test the network and dapp.

Sometime in July the DAO and more community validators are expected to be rolled out. This will begin the decentralization of the pNetwork ensuring that it eventually does become trustless.

The Value of the pNetwork Token

When discussing any new project it is important to also discuss what gives the token its value. A project can have the best technology in the world but if there is no real value in their token what is the point of getting involved?

PNT’s value is almost entirely derived from the DAO. The DAO allows PNT token holders to get a say in the network enabling them to make proposals and vote within the pNetwork.

By participating and voting in the DAO PNT holders can earn interest on their PNT. In the first year DAO participants can earn up to 42% on their PNT and in the second year they can earn up to 21%. This incentivizes PNT holders to participate in the DAO. If they don’t participate they don’t earn interest.

PNT also partially derives value from validators. To become a validator you must first hold 200,000PNT. You may ask the question of why someone would buy that much PNT to secure a network? As always there is an economic incentive. Validators can participate in the DAO and earn interest like every other holder. However, validators also generate income from the fees generated by the issuance and release of pTokens.

But there is a catch. If validators are found to be acting maliciously, or performing poorly in terms of network capability they can be voted out by the DAO. In doing so they lose their 200,000PNT stake. This creates a double edged sword for validators. Where they are financially rewarded for good performance, and harshly punished for poor or malicious actions

As previously mentioned validators and the DAO are expected to be launched this month.

The Use Case for pNetwork

The use case for pNetwork is largely based around the DeFi ecosystem. If DeFi sees continued growth, pNetwork will flourish. However, if DeFi dies away so to will pNetwork.

The two main use cases that pNetwork cite themselves are DeFi based. These being the use of pNetwork in decentralised lending platforms and decentralized exchanges.

By using pNetwork no matter what blockchain assets I hold I will be able to access liquidity and markets on other networks. I can quickly convert my assets to my desired network and get DeFi based loans or trade on decentralized exchanges.

One of the big problems with Decentralized exchanges in the past was that they could only support tokens on their own network. If it was Ethereum based I could only buy erc-20 tokens. Now with pNetwork we can potentially create an Ethereum DEX and trade every asset in crypto.

pNetwork also works to increase the speed of blockchain. Everyone knows that Bitcoin is secure however it can be incredibly slow and expensive at times. pNetwork opens up the possibility of creating synthetic Bitcoin on incredibly fast blockchains.

Current Integrations

pNetwork’s pTokens are already integrated in a number of ways. pNetwork is integrated with the Eidoo app so users peg in and out their pTokens through there.

pTokens are also listed on a variety of Ethereum and EOS DEX’s. These include exchanges like Kyber Network, Bancor, Loopring, and Evolution Exchange.

There is however currently no lending platforms supporting pTokens as of yet.

Conclusion

The Growth of DeFi has brought a lot of interesting project to the cryptocurrency space pNetwork among them. pNetwork definitely brings something new to the table in terms of technology and its vision for the future.

While DeFi has brought attention to pNetwork and projects similar it can take it away just as easily. If DeFi does turn out to be a hyped up fad pNetwork and a variety of tokens will wither away as great as their tech may be.

But if you truly believe in the continued success of DeFi, pNetwork is an excellent place to look.

Jerome Bowers

Jerome has been in the cryptocurrency world for a number of years. He began his cryptocurrency adventure by mining Bitcoin on an old computer. Soon after he got into trading and is now a writer for CoinsConcise.

Jerome Bowers has 19 posts and counting. See all posts by Jerome Bowers

Its been an exciting week in the crypto world. TikTok Zoomers grabbed the Doge market by the leash driving price up well over 100%. The DeFI craze also continued. DeFi coin LEND on an almost year long run bull run is up over 50% in the past week. Another DeFi coin Ampleforth also rose up to 300%.

In this weekly spot we focus on the metrics that caught our eye. This data based approach helps provide solid grounding to the events of the previous week. Using the data can also help forecast future events and evaluate the fundamentals to certain cryptocurrencies and the crypto market as a whole.

Bitcoin

In terms of price it was another stagnant week for Bitcoin. Price continuing to hover steadily around the 9000$ mark. This is highlighted perfectly by the continued decline towards all time lows in FTX’s Bitcoin Volatility Token.

Volume on a number of Bitcoin derivatives exchanges has also reached new quarterly lows.

In some other Bitcoin based metrics it was not as stagnant. Using data provided by Glassnode we can see that Bitcoins mining difficulty after slowing down over the past few weeks has once again propelled itself to new all time highs.

The number of Bitcoin wallets holding more than 0.1BTC again reached new highs.

Ethereum

Like Bitcoin, Ethereum has remained steady with traders waiting to see which way the chips will fall. Continuing to orbit to 250$ level.

Mirroring Bitcoin again the number of ETH wallets holding coins has again continued to increase. With the number of ETH wallets holding more than 0.1ETH reaching new highs.

Wallets holding more than 32ETH also reached new highs. Both metrics boding well for the continued adoption of Ethereum.

Altcoins

Chainlink

The larger altcoin that stood out this week was LINK with its continued growth in both price and user growth. Its price continued to climb making all time highs as LINK Marines rejoiced.

LINK Exchange inflows also rocketed. Presumingly to do with holders taking some profits on its price increase.

Fundamentally LINK also made gains. (May be in line with price increase) The the transaction volume of LINK also made a 5 month high.

Alongside this the percentage of LINK tied up in smart contracts made new highs. Demonstrating the interest in LINK smart contracts.

KyberNetwork

Speaking of smart contracts after KyberNetworks Katylast upgrade its supply in smart contracts jumped up 4% to 20%.

USDT

USDT as ever remains a vital tool for the cryptocurrency industry. This week the amount of USDT being held on exchanges reached a new 4 month low. This may be symptomatic of the lack of volatility in the major crypto markets or holders putting their Tether to use in other ways for example through DeFi.

So you have become interested and decided that you want to buy your first Bitcoin. Whether you’re buying for investment,

So you have decided to buy your first Bitcoin. Whether your purchase is for investment, to buy goods online, or simply to send money to friends and family, you are in the right place.

In this guide we will guide you through the 4 easy steps to Buy Bitcoin in India:

• Step 1 – Account Creation
• Step 2 – Completing your KYC
• Step 3 – Depositing your INR
• Step 4 – Buying your Bitcoin

For the purposes of this guide we will be using a platform called BitBNS. BitBNS is an Indian based platform founded in 2017 by graduates from IIT. The platform was created with the aim of giving people a smooth and easy entry to the world of cryptocurrency and Bitcoin.

Step 1 – Account Creation

The first step to buy your first Bitcoin is to create an account on BitBNS. This is very straightforward. Click the sign up button below to get started.

Using the sign up button below will also get you 50 free BitBNS tokens when you finish signing up.

Once you click the sign up button you will be brought to a page that looks something like this. This is the exact same as signing up for any other online platform. Simply enter your email, a password, and your phone number. Then tick the box to agree to the BitBNS Terms of Service and click register.

Once you have done that you will be sent a 6 digit code (OTP) to either your email or phone number. Enter that number in the following page and click verify.

Once that is done congratulate yourself for completing step 1.

Step 2 – Completing your KYC

KYC is a general term in the financial world and stands for know your customer. Nearly every financial institution in the world must comply with KYC and BitBNS is no different. KYC is in place to cut down on financial crime and fraud.

To get started with completing KYC you will want to navigate to your profile page. Do this by clicking the circular icon in the top right hand of your screen and click profile. Alternatively click the button below to navigate there.

From your profile page you will see the page shown in the image below. Click verify now to begin the KYC process.

NOTE: If you already hold Bitcoin you can trade other cryptocurrencies using Bitcoin without KYC. You can also deposit up to ₹10,000 on the platform without going through the KYC process. However we recommend you do complete KYC as if you ever wish to sell your Bitcoin back to rupees it will be necessary.

Once you click verify now you will be brought to the following page. Again click verify KYC.

For the first step of KYC you will be asked to submit a selfie of yourself holding a form of national identification. This form of ID can be an Aadhar Card, a Passport, Voter ID, Driving License, or PAN Card.

When taking the selfie of yourself you will need to hold up a piece of paper with ‘BitBNS’ and the date wrote on it. Make sure your face is clearly visible in the picture as well. Use the photo below as an example.

Once you have taken the photo click ‘choose a file’ and then select the photo you have just taken. The photo will then upload. Once that is done click submit.

For the next part you will be required to enter your name, your date of birth, your PAN card number, and a picture of your PAN card. Simply enter your details and upload your photo the same as the last step.

For the last step you have to confirm your address. For this step you will be asked to enter your address that is contained on any government issued document. Aadhar Card, Passport, Driving License, etc.

First you have to enter your name as per your address proof, then enter your Address Proof ID Number. When that is done you have to take a picture of the front and back of your address proof and upload them using the same process as previously mentioned.

Once that is done congratulate yourself. Your KYC submission is complete! you should see a page like the one below. Staff at BitBNS will review your documentation within 24 hours. When they have reviewed your documentation an email will be sent to you verifying or denying your account.

Typically all accounts are verified on the first try but if you are rejected don’t worry. The email you receive from BitBNS staff will tell you what went wrong and they will guide you in correcting it.

You can move on to Step 3 and buy up to ₹10,000 of Bitcoin regardless of whether your account has completed KYC or not.

Step 3 – Depositing Your INR

We are only one step away from buying our first Bitcoin. But to buy Bitcoin we have to first deposit our rupees.

Depositing Rupees on BitBNS is similar to any other bank transaction. To get started we first have to navigate to the deposit page. To find the deposit page first click ‘wallets’ in the top right of your screen and then click ‘deposit INR. Alternatively you can click the button below to be brought straight there.

Once you arrive at the deposit page you will be presented with a page which outlines the three methods for depositing. The first is a bank transfer, the second is Mobikwik, and the third is USDT. USDT will not work for what we are trying to do here so we will exclude it.

That leaves us with Mobikwik, and bank transfer. We will be focusing on bank transfers here as Mobikwik is more expensive but if you feel comfortable using Mobikwik feel free to use it.

To deposit using bank transfer first click bank and you will be brought to the below page.

From here you will want to link your UPI ID. However there are a few important things to keep in mind. Transfers should be done only from the UPI ids linked to your account, DO NOT share your reference number, and DO NOT transfer to any other bank account or UPI ID other than the one shown.

Once you understand the above click ‘link UPI ID’. From here you will want to enter your UPI ID. You can find your UPI ID inside your Tez, PhonePe, Paytm, or BHIM app.

Once you have entered your UPI ID click next, you will then be asked once again to confirm your ID. Ensure your ID is correct and then click ‘Submit UPI ID’.

From the next page to complete the linking you will have to send ₹1 to the details that are provided to you. You will be given a transaction note to include. It is very important you include that otherwise your account wont be credited. Some apps do not support transaction notes so make sure you are using one that does.

Your transaction screen should look like the one below. However, DO NOT copy our details, make sure you enter your own unique information other wise you may not be credited for future deposits.

Once you have sent the ₹1 transaction click ‘ I have sent’. You will be brought to a screen which verifies your transaction. It may take up to a minute. Once it verifies correctly congratulate yourself. You can now deposit your Rupees on to BitBNS.

Step 4 – Buying Your Bitcoin

Once you have your Rupees deposited on the exchange buying Bitcoin is easy. First you will want to navigate to the BTC/INR market this can be found in the markets bar at the top. Or click the button below to be brought straight there.

Once you reach the page you will see the image below. A price chart which shows the current price of Bitcoin in Rupees will be at the top. On the bottom you will see what is called the order book, this is where you can see all the current orders for buying and selling people are placing. While on the right you have an order entry tab. Under the order entry tab you can see your open orders.

For the purpose of this guide we will be focusing on the order entry tab on the right. From here we can buy our Bitcoin.

When looking at the order tab we have two main options. @Price and Amount. The number we put into the amount tab will be the amount of rupees of Bitcoin we will buy. The @Price is the price of Bitcoin we buy at.

To buy our Bitcoin we put in the amount of Rupees of Bitcoin we want to buy and at what price we want to buy them at. You can set the price you want to buy Bitcoin at lower than the current price. However you might not get your order filled as the price may not go that low.

For now we will set the price of the Bitcoin we are buying slightly above the current price. This means we are guaranteed to get our order filled. You can check the price of Bitcoin by looking at the price chart. When we are writing this guide the price of Bitcoin is ₹713000. We want to buy the Bitcoin now so we will set the price slightly above it so we are setting our buy price at ₹713100.

In the example below we buy ₹5000 rupees of Bitcoin at a price of ₹713000

Once your order entries are in correctly you will want to click buy. You will then be asked to confirm your order so confirm it. Your order might not get filled straight away but it is highly likely it will. When your order has been completed you will see it appear at the bottom of the page under ‘Recently Completed Orders’.

Once your order appears in there. Pat yourself on the back you have bought your first Bitcoin! If you want to withdraw your Bitcoin you can do so from the wallets page. Alternatively you can stick around and learn more about what BitBNS as a platform has to offer.

Other Features of BitBNS

Bitdroplet

Although not exactly related to the Bitcoin you just bought Bitdroplet is something definitely worth considering. Created by the same team as BitBNS, Bitdroplet lets you buy a certain specified amount of cryptocurrency each month.

You deposit your INR with Bitdroplet and at a specified time each month your money will be used to buy cryptocurrency. This type of strategy is known as dollar cost averaging and is used by investors all over the world to reduce the impact of market volatility.

Bitdroplet as an inbuilt calculator and goal setter to help you guide you through the process. You can sign up for Bitdroplet using the same password as your BitBNS account.

Variety of Altcoins

An altcoin is a broad term for any cryptocurrency which is not Bitcoin. As the name implies ‘alternative coins’.

BitBNS has a whole host of altcoins on the platform. All the coins being able to be bought in both INR and USDT. BitBNS has some of the big altcoins you may have heard of including Ethereum, XRP, Tron, and BNB. Among a wide variety of others.

Many people trade these altcoins by hoping to buy them and sell them for a higher price. Others take an investors approach by researching which coins they feel are the most promising and buy them over the long run.

It is important to manage your risk. Trading cryptocurrencies can be very risky, do not invest more than you can afford to lose.

It’s the year 2020, and things haven’t been well for the entire world, but cryptocurrencies hold on. They are still here, and that speaks loudly for the industry. More coins are created every once in a while, and more money is invested with each passing day.

Cryptocurrencies may not be as popular as in December 2017 when everyone found out about “this new type of money” called Bitcoin. What happened back then was a massive boost for the industry, but not an accurate display of the real popularity of cryptos. Instead, the crypto world continued to make progress, as blockchain and crypto specialists continued to develop new features and technologies to improve the industry.

The result is slow and gradual progress. Consequently, more people are interested in investing in cryptocurrencies. The thing is — some cryptos are just better than others.

If you consider investing in cryptocurrencies in 2020, make sure to check out the cryptos we listed. But before that, let’s take a look at some interesting stats related to bitcoin trading.

Cryptocurrency Stats — The Crypto Sphere Holds On

Here are some statistics that prove how the crypto market is still strong:

• Right now, there are 5,573 cryptocurrencies recorded on CoinMarketCap. This means that there are new tokens added to the list almost every day.
• Moreover, the current market cap for all cryptocurrencies is $279.1 billion, and the average daily trading volume is $83.7 million.
• The top 10 digital currencies make up about 88% of the entire value of the crypto market, with BTC being the most dominant cryptocurrency.
• Those who want to trade cryptocurrencies can do it on 300+ available crypto exchanges.

There are many other impressive stats related to cryptos, but not essential to trading. For example, startups based on blockchain technology have managed to raise more than $31 billion. Although ICOs are not as popular anymore, there are still many blockchain-based projects being financed in different ways. Since the middle of 2016, more than 1800 token sales were recorded, especially in 2018, when crowdfunding was popular.

Bitcoin

Bitcoin is still the most dominant cryptocurrency in the world, and it occupies 64.7% of the entire market cap of all cryptocurrencies, at $180.58 billion. The price of a single BTC is $9819 at the time of writing this text.

Of course, you probably already know that the price is very volatile and fluctuates almost every minute, so it may be completely different when you’re reading this text. However, what probably isn’t going to change is the fact that Bitcoin is the king of all cryptocurrencies. Although many other cryptos, such as Ethereum or Tether, are doing a fantastic job, they are still nowhere near BTC’s popularity.

Therefore, it’s safe to assume that Bitcoin is still the most popular and most reliable cryptocurrency in the world. If you’re new to the crypto world, investing in BTC is the place where you want to start.

Ethereum

Ethereum has been regarded as one of the most reliable cryptocurrencies for a long time. The sheer fact that it is made to support the Ethereum platform means that people trust it. ETH has also recorded a gradual increase in popularity over the year, and its current market cap is $27.45 billion. As you can see, it’s very popular — but still not nearly even half as popular as Bitcoin.

A single unit of Ethereum costs $246 at the moment. The cryptocurrency reached pick in January 2018, when the price of a single unit was approximately $1300. There was another peak in March 2018, when the price was about $850, but then it fell down to the point where a single unit was a bit more than $90. Since then, Ethereum’s price has been somewhat stable, fluctuating between $100 and $300.

Tether

Tether is the third most popular cryptocurrency in the world. What makes it different from the other two cryptos above is that USDT is a stablecoin. Essentially, it means that Tether is pegged to the value of the American dollar, and 1 USD = 1 USDT. Typically the currency floats between 96c and just over a dollar depending on demand as well as investor sentiment.

What strikes as amazing about Tether is that thousands of investors are interested in obtaining it. The market cap for this cryptocurrency recorded a rapid increase. In April 2017, the cryptocurrency’s market cap was about $59 million. A year after that, it was $2.2 billion. In June 2020, the market cap for Tether is $9.1 billion, as this stablecoin became the third most important crypto in the world right behind Bitcoin and Ethereum.

Ripple

Ripple has always been close to the top, as it has been experiencing growth for the past couple of years. It’s market cap recorded a gradual decline, but that doesn’t change the fact that XRP is the fourth most popular cryptocurrency right now, with a total cap of $8.8 billion. Ripple is cheap to obtain as the total supply is set to 99 billion XRP, with almost half of them already in circulation.

Conclusion: Things Rapidly Change in the Crypto World

If this article was written in 2019 or any previous year, Bitcoin would remain #1 cryptocurrency. Ethereum would make it to this list as well, and the chances are that you would find Ripple or Tether too.

Although things seem to be the same in the crypto world, that’s far from being true. The crypto sphere is changing at a breakneck pace as new coins emerge, and some old ones fall into oblivion. It seems that the top cryptos are unchanged, but they experience ups and downs almost every day, too. Therefore, even if you invest in BTC or any other crypto listed here, you’re making a small gamble, so be extremely careful whole you investing and trading if you want to make a profit.

Launched in 2017 by Alex Mashinsky the founder of the famous internet protocol VoIP. Celsius is a cryptocurrency based P2P lending platform. The platform like others was founded with the intent of enabling users to seek loans that benefit all users of the platform.

The platform works by enabling people to deposit cryptocurrency to the Celsius Network. They can then request a loan in US dollars. Alternatively people can deposit their cryptocurrency on the platform and accrue interest in the cryptocurrency they deposited or Celsius Tokens.

Loans are handled automatically by the system and require no user interaction. There is also no fund lockup. Users are free to deposit and withdraw their cryptocurrency as they please.

Yesterday Celsisus announced the launch of support for Ethereum Classic. This means that holders of Ethereum Classic can deposit their coins on to the platform and earn interest.

Founder and Chairperson of Ethereum Classic Labs, James Wo, had this to say:

Financial inclusion and diversity were key founding values of ETC Labs that hold true today. We’re excited to see ETC added to the Celsius wallet and made available to its 120,000 users,

James Wo

This adds Ethereum Classic to a list of over 20 supported currencies varying from majors like Bitcoin and Ethereum, to stable coins. Currently Ethereum Classic deposits are earning just over 6% APR if you choose to accrue more ETC, while if you choose to earn in CEL tokens the APR is just over 8%.

According to the Celsius Network website they currently have over 40,000 active wallets as well as over $300 million dollars in assets and with the addition of ETC this may be set to increase.

BitMEX founded in 2014 and most notably known for its cryptocurrency derivatives products has today announced the launch of BitMEX Corporate.

BitMEX Corporate is, as the name implies, BitMEX’s attempt at on boarding large corporate clients going into the future. These corporate clients can range to large financial institutions, to hedge funds, and trading firms.

In an email sent to users BitMEX outlines the benefits to corporate clients of signing up to the scheme:

• Corporate legal structure – Ensuring that accounts are property of the business rather than any individual
• Improved Service – Corporate clients will be assigned with a dedicated relationship manager.
• Improved Security – Clients will be given additional options in terms of account security.
• Increased rate limits on their account
• Incentive Programmes – Access to products incentive schemes, and market maker programs.

BitMEX’s attempt at increasing their corporate client base is a further signal of the increasing trend of both the increasing institutional presence in the cryptocurrency (typically taking the form of financial institutions wanting to trade cryptocurrency derivatives) and the push by cryptocurrency firms to onboard these corporate clients.

It is already known that large trading firms such as Alameda Research and Circle as well as a host of others use the platform. However, this is BitMEX’s attempt at making corporate onboarding easier.

Other popular exchanges such as Binance, FTX, and OKex have similar schemes for business clients.