Everything you need to know about Binance Exchange

 

Binance is one of the popular cryptocurrency exchanges and you should definitely register with it and get your account running. If you haven’t started yet, this guide is the best way to get started. If you are already a registered member, then you might get to know some new facts about Binance.

 

What does Binance stands for?

Launched in July 2017, Binance is the best cryptocurrency trading platform. It is known for its slick user interface, fast transactions and use of multiple languages. Most of the largest tokens are listed in Binance.

How to register yourself on Binance

  1. Open Binance Website

Open the Binance website. Click on the link to go to BINANCE. It is suggested to ensure you open the correct Binance link and bookmark it, as hackers can spoof links very easily.

 

  1. Register for Binance

Register yourself for Binance by clicking on the “Register” button the right-hand corner of the home page. It will ask for your relevant information like name, email address, password etc. After registering, you will need to verify your email.

Note: Make a strong password and write it down to remember it.

 

  1. Enabling 2FA

When you log-in your account for the first time, the website will ask for enabling 2FA (2 factor authentication) security. It is an enhanced security feature, which is preferable for securing your cryptocurrencies.

 

  1. Depositing Funds into your account

Under the Funds menu, navigate to “Deposit” menu. On clicking on this menu, the Deposit page will open where you can add coins and a new dedicated wallet belonging exclusively to your account will be created.

Now, you can send your coins from different wallets to this wallet. You should remember to send only the correct coins to the correct wallets and don’t mix them or else you will lose your coins.

  1. Buying and Selling Transactions

Under the “Exchange” menu on the left-hand corner, select the “Basic Exchange” menu. In the transaction page, the left pane shows the order book, the middle pane shows the price and the chart. You can exchange different tokens by selecting the token you want to exchange in the search box and select the desired percentage for which you want to exchange.

 

 

6: Withdrawing your Coins

The last step is withdrawing you coins under the Withdrawal option in the Funds option on the homepage. You can withdraw and send your coins to the receiving address of your choice.

Best Cryptocurrency Trading Tools

 

Crypto trading is the new trend and many people are indulging in this lucrative trading business. If you do it right, you can earn millions but if not cautious, it can also be detrimental to your financial health.

Here are some of the best crypto trading tools you should know in order to earn a profit in crypto trading.

Tools you should be using

  1. Coin Tracking
  2. 3Commas
  3. Ledger Nano S
  4. Shrimpy
  5. Coin Tracking

If you are just beginning crypto trading, then Coin Tracking is the best portfolio manager for you. It is used both by beginners and advanced users.

This crypto software helps you in keeping track of all your cryptocurrencies and their value along different exchanges. Intuitive graphs, charts and market movements are depicted by Coin tracking based upon your portfolio holdings so that you can make an educated decision.

  1. 3Commas

3Commas is a popular and modern bot which is used for taking decisions for different exchanges using a single interface simultaneously. It also has the enhanced feature of portfolio balancer and helps traders to makes the right decisions with minimum hassle. Traders can also copy the portfolios of already established profit-making traders in the market using 3Commas.

Crypto traders can connect to various exchanges like Poloneix, Binance, Bittrex etc using 3Commas. You can also maximize your profits with the added feature of trailing take-profit and trailing stop-loss.

  1. Ledger Nano S

Ledger Nano S is one of the most widely used and popular hardware cryptocurrency wallets. It is used by investors and traders who wish to keep their cryptocurrencies for a long-term. It supports 25 cryptocurrencies and more than 1000s of ERC tokens. It is highly recommended HD wallet.

 

 

 

  1. Shrimpy

Shrimpy is a crypto software which helps traders in automating and diversifying their portfolio and earn maximum profits. It has in introduced a new concept of rebalancing which helps the trader to buy low and sell high.

The traders have to schedule their rebalancing cycles according to hours, weeks or even months. Shrimpy automatically buys or sells the cryptocurrencies accoutring to the trade cycle of the traders which are performing as per the goal classification of the trader.

Shrimpy uses the rebalancing technique to maximize the risk and in turn maximizing the profits.

 

Tested methods of buying Bitcoins

 

Bitcoins are the current rage in the market. Bitcoins can be bought by using a debit card, bank transfer or using PayPal and other online payments systems or even using cash.

The main reason people buy Bitcoins in cash is to maintain secrecy. If you buy Bitcoins from a popular website, you have to complete their mandatory KYC before completing a transaction. Independent sellers prefer to buy in cash and keep their transactions 99% anonymous.

There are different types of sites which connect the buyer and the seller directly without any intermediary. This P2P platform keeps your transaction private and these transactions are often dealt in cash.

On the downside, you have to take the complete responsibility to ensure that the transaction is safe, secure and free from all frauds.

 

Method to purchase Bitcoins with cash

The user has to make an account on P2P websites like Paxful, LoclaBitcoins or BitSquare with their email id and phone number. Once done, you can select your location and the method of payment you want, for example cash.

When you search for the same, many results will come. You can identify the best sellers based on the number of transaction, reputation, Limits and price/BTC. After identifying the best seller, you just have to click on “buy”.

After you click buy, the seller also accepts your request and then their Bitcoins are locked in the escrow. Now, you meet the seller in person and confirm the transaction based upon your terms and conditions and exchange the cash.

It is important to wait for confirmation before handing over the cash to the seller. Most people wait for 10-12 confirmations which take about 10-15 minutes. Most of the websites charge 1% commission fees for the transactions.

 

Important tips

Here are some important tips you should keep in mind while buying Bitcoins from independent sellers.

  1. Meet the seller in broad daylight at a public place.
  2. Don’t share unnecessary personal details with the seller.
  3. The seller should have a high reputation.
  4. Confirm the transaction at least twice before handing out the money.

Thus, keep these things in mind while buying Bitcoins in cash otherwise, you can be scammed.

What are Decentralized Applications (DApps)?

DApps are a new type of applications which cannot be shut down, are not owned by anyone and don’t have any downtime. DApps stands for Decentralized applications and an application should have a specific set of features to qualify as DApps. These features are:

  1. Decentralized
  2. Open Source
  3. Algorithm
  4. Incentive

DApps should have a source code which is available to the world of blockchain cryptographic technology. It has crypto-tokens and has an inbuilt consensus mechanism.

 

Functioning of DApps

Open Source code

DApps are open-source so anyone can see the source code and contribute to it. Then they are decentralized using the blockchain technology.

Decentralized

A permanent record of all the transactions is documented in the database using the blockchain technology which anyone can refer too at any time.

Different algorithms

Then, this record of transactions is added to ledgers with the help of tokens which are miners using different kinds of algorithms and protocols.

The popular algorithms which are used by all the community members to reach a common consensus are Proof-of-work and Proof-of-stake.

POW (Proof -of-work): This protocol enables the miners to mine and in return receive rewards. The process of mining and adding the blocks to the blockchain, keep the chain secure and the entire process is energy consumptive.

POS (Proof-of-stake): This protocol requires the users to hold and stake the cryptocurrency token. This enables the user to become an eligible master node in the blockchain. This helps in faster processing of the transactions and keep the blockchain secure.

DApps Classification

Type I

Type 1 DApps use their own blockchain technology.

 

Type II

Type II DApps make use of the blockchains of the Type I apps. They have protocols and their tokens essential for their functioning.

For example Omni protocol.

Type III

Type III DApps use the algorithms and protocols of Type II DApps.

 

Future of DApps

Many people believe that DApps will surpass the software corporations in all aspects in the future. They are superior to their peers as they are flexible, transparent, distributed, decentralized, resilient, and have a superior structure.

7 Simple Steps Towards Desktop/Mobile Wallet Security

The threats of bots, trojans and malware attacks are increasingly affecting the users in the digital world. Even the crypto space has seen its fair share of security-related incidents in the recent past.

Crypto wallets, especially the software-based ones, have become a soft target for the hackers. If you are using any desktop or mobile wallet to manage your crypto investments, then it’s high time you should follow the 7 simple steps listed below to improve the security of your virtual coins.

Step 1: Always use an antivirus/anti-malware software on the devices from which you access your crypto wallet. Moreover, do keep an eye on new patch/version releases, and make sure to update the antivirus program as soon as a new patch becomes available.

Step 2: If you are using a desktop/laptop computer, ensure that you are always under active firewall protection.

Step 3: Beware of phishing scams. Don’t just blindly click on any URL that you receive through email, WhatsApp or other messaging applications. It’s a safer option to type the link on the address bar. Google Chrome offers an amazing extension called ‘Punycode Alert’ that can help you stay clear of phishing attempts.

Step 4: If your wallet comes with two-factor authentication feature, it makes sense to use this functionality. Mobile-based authorization with the help of OTP generation will add an extra layer of security to your crypto wallet.

Step 5: Always use a secure internet connectivity while accessing your crypto portfolio. Shared connections and public wifi hotspots should strictly be avoided.

Step 6: Keep your device free of junk stuff. Don’t install miscellaneous software programs or unverified apps because you never know from where an attack might originate from. The key is to make the attack surface as minimum as possible.

Step 7: Finally and most importantly, always use a trusted wallet. Do your research well and opt for the one that has a decent track record. And don’t forget to update them as and when a new update gets released.

Final Words:

Prevention is always better than cure. If you can follow these seven steps, the hackers will have a tough time to break through your tight defense. Staying proactive and vigilant in your approach is the key to safely negotiate security hazards.

What Skills do You Need to Work in the Crypto Industry?

 

With the continued emergence of cryptocurrencies and the blockchain sector, a wealth of opportunities also opens up for related employment in these fields. These opportunities are varied and in strong supply from the areas of marketing and product development, all the way through to security and platform design on the back-end of projects.

So, how do you get involved and exactly what kind of skills will be most valuable?

Determine What You can Offer

This can be the most difficult part of any job application or position. You will have to take a period of self-reflection and decide what you can best offer to the industry. Not only this, but also, where you want or desire to see yourself positioned. After answering these questions of yourself, then you will have some direction and be in a position to start gaining quantifiable education and experience.

Skills above Experience

One of the most attractive elements to working within the industry is that it is new. This means that in-terms of experience, everything you do here and now can be valuable in building your profile. You do not require a long history, but you do need the ability to demonstrate your skills well. Platforms such as Upwork are ideal for starting out and gaining some experience to build yourself in to the industry.

The Value of Education

As with any industry, the value of being educated is something which should be considered very important. Though formal certifications in the area are still quite rare, there are a number of great education options available to help grow your skills.

Engagement with the blockchain community through knowledge sharing platforms is also key. The benefit of such involvement will be multi-faceted. Interactions will increase your personal contact network within the community whilst also portraying the image of a person who is enthusiastic and willing to learn and become more involved in an industry which values community among its core foundations.

Ultimately, undertaking any of these actions reflects positively on you and opens the door to new and exciting opportunities within a rapidly expanding industry.

Protecting Yourself during a Crypto Bear Market

The crypto market as a whole, has seen better days, with news emerging today of more significant red numbers leaving many investors scrambling for cover. This may intimidate new investors or those who are considering to invest in crypto from the outside. Therefore, let’s take a look at the bigger picture and identify some ways in which you can take care of your investments during a downward period.

Keep Your Cool

The first very important step you have to remember is, try your best not to panic sell. Of course, it can be all too easy as a new trader….or even an experienced one, to quickly sell off your holdings in a negative panic. The same is true of traditional stock markets. The fact is though, that things often recover in time. You should try your best to ride out the storm.

Remember Your Goals

It is important under these pressures, to remember why you became involved in crypto in the first place. For many, it will have been trust in a project for long-term gains. This can be easily changed by a sudden market movement which leaves you seeing stars, Again though, it is important that no matter how negative, or positive conditions become, remember your original goals. This will also apply when the markets rebound and you are dreaming of Lamborghinis.

Zoom Out

Looking at the bigger picture is always vital. You may think that times are tough if you have lost a little bit on your holdings, but time shows through the charts that everything has risen a long, long way, when the bigger picture is considered. That’s why it is often very prudent to zoom out that chart just a little to see where it came from.