What is KYC in cryptocurrency, and why is it required by crypto exchanges?

Krysta
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0
What is KYC in cryptocurrency, and why is it required by crypto exchanges?

A firm or agency checks the identification of its clients using the Know Your Customer (KYC), or Know Your Client, procedure. Banks, lenders, insurance firms, and other financial and monetary businesses of all sizes are required to go through the procedure.

KYC is a data-driven procedure that enables businesses to verify that their clients are who they say they are, to determine if a client is qualified to use their services, and to prevent any harmful or illegal behavior related to utilizing those services.

What is KYC for cryptocurrency? It enables cryptocurrency exchanges and other crypto businesses to confirm the legitimacy of their consumers. Similar to banks.

Why Is KYC Required for Crypto?

Government-regulated institutions must create their own KYC program and internal policies in the present compliance environment based on their own interpretation of the relevant laws and knowledge of the risks they may encounter. Due to this, there are many various KYC criteria, as well as variances in the documentation needed for verification, including passports, utility bills, driver’s licenses, and bank statements, among other things.

To be widely adopted, cryptocurrency must adhere to KYC procedures as a new financial exchange medium. Therefore, it is crucial to talk about KYC’s significance, implementation, benefits, legal context, and future.

The importance of KYC

KYC is crucial for adhering to anti-money laundering (AML) and anti-bribery regulations, as outlined by international and national legislative frameworks. Since 1989, numerous nations have pledged to abide by the Financial Action Task Force’s recommendations; nonetheless, there is no single, universal definition of KYC, and many geographical areas throughout the world have distinct AML or KYC laws.

Overall, KYC’s goal is to stop criminal groups from using financial and non-financial businesses—either purposefully or unintentionally—for money laundering, terrorist funding, and other unlawful activities. Businesses that use KYC procedures can better understand their clients’ financial transactions and can weed out candidates with dubious or dangerous histories. Businesses may therefore simply keep an eye on customer activity and minimize risk.

Requirements for KYC in Crypto

You’ll discover that the KYC requirements for various exchanges vary greatly. Others want government-issued identification and may take several days to validate your account, while some require almost nothing.

The cryptocurrency sector is global, and several nations have quite diverse rules and regulations. Exchanges within the same nation may have various KYC requirements depending on how they interpret the legislation.

Having stated that, the following are some typical criteria you could encounter on various exchanges:

  • Full name
  • Date of birth
  • Phone number and/or email address
  • Physical address and/or country of residence
  • Photo/scan of government-issued ID such as a driver’s license or passport
  • Copy of utility bill
  • Photo of yourself with your ID

Is KYC a legal requirement?

All banks, lenders, insurance companies, and other financial and monetary organizations must comply with the Know Your Customer regulations. When it comes to KYC compliance, cryptocurrency exchanges now operate in a bit of a murky area. With the exception of fiat-to-crypto exchanges, which always want users to go through the KYC procedure as soon as they wish to purchase or sell rather than trade, the majority of crypto-to-crypto exchanges do not require any KYC, as can be seen in the preceding section.

In essence, at this point, the only cryptocurrency exchanges mandated by law to conduct KYC are those that deal with legal cash, whether through exchanges or another method. This is due to the fact that institutions that do KYC verification on the cryptocurrency exchange’s platform must be dealt with by the exchanges.

Is KYC secure for clients?

As long as the business you are dealing with has privacy and security measures in place to secure your information, the Know Your Customer procedure is safe.

As a result, always make sure that you only give information to the firm you are attempting to become verified with. Scammers may try to exploit KYC verification as a ruse to steal your information. It’s crucial to keep in mind that KYC cannot be conducted over the phone since it requires visual paperwork; any phone contact requesting for personal information connected to KYC is a fraud.

Can I buy cryptocurrency without a KYC?

Yes, a lot of bitcoin exchanges, Binance being the most prominent example, do not demand KYC. Kraken, Shapeshift, and Changelly are a few further examples, although they’re not the only ones. A third of cryptocurrency exchanges are said to have little to no KYC.

Peer-to-peer exchanges that let you buy cryptocurrency straight from another user exist, but they come with a high level of risk.

It’s crucial to bear in mind that, despite the fact that joining up without utilizing KYC is simpler and keeps your information private, you run the risk of dealing with criminal activity on the platform and increased attack threats.

Despite being cumbersome, KYC aids in the fight against crime, including underage cryptocurrency trading and money laundering.

Of course, you might equally contend that requiring KYC compromises customer privacy. The majority of significant crypto exchanges continue to demand identification verification in some way.

Is KYC Only applicable to cryptocurrencies?

No, KYC is not just relevant to cryptocurrencies. The KYC initiative was started in 1989 as a means of preventing fraud, tax evasion, funding of terrorism, money laundering, and other financial crimes in conventional financial and non-financial infrastructures. However, it has since been applied to several cryptocurrency exchanges. Even now, those infrastructures demand KYC.

It is doubtful that KYC requirements would alter in the conventional financial and non-financial industries. But there is a lot of disagreement on what should or could happen in the world of cryptocurrencies. In June 2019, the Financial Action Task Force amended its recommendations, requiring that nations make sure that crypto-asset service providers are subject to proper regulation, supervision, or monitoring for AML and countering the funding of terrorism.

Many contend that creating all of the many domestic regulatory agencies will be challenging and that reporting may become onerous. Furthermore, in situations when harmful activity involving the use of cryptocurrencies has taken place, it is not always feasible to accurately determine the identity of a recipient.

KYC and Crypto-to-Crypto Exchanges

With roughly 30% of them needing no KYC paperwork as of 2019, crypto-to-crypto exchanges usually operate in a tiered fashion and frequently have more liberal KYC standards. One of the major cryptocurrency exchanges in the world, Binance, for instance, does not demand KYC for a basic account. With this account, there are no verification requirements for cryptocurrency deposits or trading; but, if you want to withdraw more than 2 Bitcoin worth of cryptocurrency in a single day, you will need to show proof of your identity in the form of a picture ID.

Similar to Huobi, which has different withdrawal limitations for confirmed and unverified users, KYC is enforced when users exceed a particular account use threshold but does not require any KYC papers to trade.

The majority of crypto-to-crypto exchanges have come under fire for not being proactive enough with KYC. With the exception of Binance, these exchanges have not reportedly been actively tracking or monitoring transactions to look for signs of market manipulation or fraudulent activity.

KYC and Fiat-to-Crypto Exchanges

Because they are dealing with fiat money, which is accepted as legal cash by governments, fiat-to-crypto exchanges often complete at least some degree of KYC. Such exchanges are required to transact with banks and other traditional financial institutions, the majority of whom undertake their own KYC prior to transacting with outside parties.

One of the most popular cryptocurrency exchanges in the world, Coinbase just needs a user to register an account with a name, email address, and password in order for them to deposit and swap their existing crypto assets. However, in order to acquire or sell bitcoin, you must undergo thorough KYC verification.

AML vs. KYC

AML is a well-known phrase that is often used in conjunction with KYC in the cryptosphere. I’m here to warn you that although though these two acronyms are frequently used interchangeably, they shouldn’t be. AML and KYC are quite unlike to one another.

The link between KYC and AML may be viewed as such: “Know Your Customer” is a collection of requirements that are included inside the much larger, more general category of Anti-Money Laundering legislation. In essence, KYC is one of the primary specialized components that fall under the umbrella term of AML.

AML isn’t really important in terms of crypto. The idea of AML is primarily associated to bigger and more established financial institutions, however there are exchange platforms that do follow certain severe AML-related norms and regulations (Binance KYC is one example).

Why are AML and KYC crucial to the cryptocurrency sector?

Enforcement of Know Your Customer (KYC) and anti-money laundering (AML) laws benefits VASPs and their end-users. Virtual currency as an asset class lacks a sound regulatory structure, in contrast to fiat money. The source and destination of some evil actors’ financial transactions are sent and hidden on purpose. Money laundering, terrorist funding, and illegal financing may be reduced with the aid of standardizing regulatory standards and conducting KYC and AML checks.

What advantages does Crypto KYC offer?

Cryptocurrency exchanges gain a lot from regulatory compliance despite operational modifications and challenges associated with adopting KYC criteria for the reasons outlined below:

  • Customers are more trustworthy and transparent as a result of user identities being verified: Users are more inclined to stick with a cryptocurrency exchange if they have faith that it is taking proactive and preventive steps to safeguard their accounts.
  • Less money laundering and scams: According to a 2022 analysis from the top blockchain analytics firm Chainalysis, criminals laundered $8.6 billion in cryptocurrencies in 2021, a 30% rise over the prior year. A thorough identification check may drastically cut down on fraud and boost brand credibility.
  • Lessened legal risk: As laws change, organizations may keep current by using strong KYC procedures. Companies may concentrate on boosting conversion rates, accelerating transactions, and ensuring compliance transactions after the implementation is complete. Businesses can also lower legal and regulatory risks by demonstrating KYC due diligence.
  • Increased market stability: Because anonymous transactions, which might be suspicious, are common with cryptocurrencies, the market is famously unstable. Increased identity verification in KYC procedures helps the market remain stable and rise in value.
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What is Gate.io? The utilization of Gate.io Exchange

Krysta
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What is Gate.io? The utilization of Gate.io Exchange

Gate.io is a platform for trading blockchain assets, including BTC, LTC, Ethereum, Qtum, and more. The exchange became well-known throughout the world within a few years and is currently operational in practically every nation in the world. However, the platform has moved its registered office from China to Virginia in the United States, where it is not currently active.

The platform not only offers more than 800 of the most popular cryptocurrencies and more than 1,000 trading cryptocurrency pairings, but it also enables spot trade and margin trade. Additionally, it has expanded its offerings to include a number of additional markets for investors, including ETF, Options, Futures, and Derivatives. It serves as a platform mostly for seasoned traders. However, those just starting out with little to no expertise will also benefit from this platform. However, continue reading our Gate.io review to find out more specific information regarding the trading platform.

Gate.io explanation

The different Gate.io evaluations and comments posted online are crucial for traders to comprehend Gate.io, its features, and operational processes.

We have made an effort to cover all the essential aspects of the trading platform in this Gate.io review so that readers may trade on the platform with confidence.

Gate.io’s features

The following is a discussion of a few exchange characteristics:

• The gate.io platform offers a user-friendly layout designed for both beginning and experienced traders.
• Allows trading in derivatives (spot exchange), futures, or crypto loans with leverage up to 100x, in addition to cryptocurrency trading.

• Provides traders with important charting tools and real-time market data for profitable trading of altcoins, stablecoins, and DeFi tokens.
• Demo version is accessible through the Gate.io testnet.

• Offers HODL profits through cryptocurrency investments.

• Enables borrowing of other cryptocurrencies by promising one coin.

• Low trading charge structure with minimal withdrawal fees and no deposit fees at all.

• Effective customer support services are offered around-the-clock, along with a thorough FAQ section and other resources.

Pros and Cons of Gate.io

Pros

  • The platform is active across more than 800 coins and more than 400 markets worldwide.
  • Wonderful initial exchange offering platform.
  • Dependable mobile application.
  • Several features, such as spot trading and 10x leveraged margin trading.
  • High-grade exchange.
  • 24/7 client assistance.

Cons

  • Uncontrolled exchange.
  • Not advisable for new traders.

Account Creation and Login

According to Gate.io reviews, the login process is quite easy and takes only a few minutes to complete. Here is a step-by-step tutorial to make it simple for people to sign up for the Gate.io platform.

Signup

The ‘Signup’ button can be found in the upper right-hand corner of the page on the official Gate.io website. This is the first step in the sign-up procedure. When a user clicks the Signup button, a registration form with several required fields and personal information (such as the user’s username, password, email address, phone number, and country of residence) that must be entered appears. You will need to accept the exchange’s terms and conditions as normal.

The users must check the box on the left before they can click the “Next” button and go on to the next page. After that, the Gate.io team will send an automatically produced email to the users’ provided email address to confirm the registered address (email), and once clicking it, the signup process will be finished.

In order to access their funds later, users must first generate a unique “fund password” that is distinct from their login password.

Verification

After signing up, verification is not required; it may be completed at a later time when taking money out of the cryptocurrency exchange. After completing the Signup procedure, traders may go to the deposit page.

However, customers must first enter onto the website with their login information before they can click the “Verify” button on the Gate.io trading account.

They will be required to submit official papers such as a passport, driver’s license, or other identification cards at this point. Verification might take up to 12 hours at most.

Deposit Accounts

Users may immediately deposit money into their Gate.io accounts using any of the various crypto currencies and stablecoins, such as (USDT), after the login verifications are complete.

After choosing their favorite cryptocurrency that they desire to deposit, consumers may transfer money to their Gate.io accounts using the desktop or the app. Before moving money from a hardware wallet or another cryptocurrency exchange, consumers must copy the specific deposit address. On the site’s dashboard, they may access the list of assets supported by Gate.io by clicking the “My Funds” icon.

Users of Gate.io may purchase cryptocurrency using 23 different types of fiat money by utilizing bank transfers or a debit or credit card. Gate.io also offers thorough instructions on how to purchase cryptocurrency with fiat money here.

How Do You Begin Trading on Gate.io?

After authenticating their accounts on the site and depositing the necessary amounts, users may start trading digital assets right away. Depending on their preferences, they can pick between the Standard and the Professional trading interface.

Because it features numerous trading charts, an order profile list, an order entry box, and a trading history, the regular edition is advantageous for novice traders. As implied, the professional interface is designed for seasoned traders and gives them access to further technical analysis of the bitcoin markets utilizing a variety of tools provided by the platform.

Gate.io Fees

To its registered traders, Gate.io provides a separate cost structure:

Deposit Fees

Unlike the majority of cryptocurrency exchanges, Gate.io does not charge users a deposit fee.

Withdrawal Fees

Users who want to withdraw money from the Gate.io cryptocurrency exchanges are charged a normal blockchain network fee, which is decided by the current market (time-limited market) dynamics at that specific moment.

For every particular asset, a different withdrawal fee is assessed. When users withdraw Bitcoins from the exchange, for instance, a withdrawal fee of 0.0005 BTC is assessed. As a result, Gate.io’s fee structure is highly competitive (40% cheaper) than the worldwide average, given that the industry standard is around 0.0008 BTC for each Bitcoin withdrawal.

Trading Fees

However, the Gate.io trading cost structure differs for marketplaces that provide margin trading and spot trading. As a result, the spot trading fee at Gate.io is 0.2% (flat trading fee) per transaction and decreases as trade volume does. This is a little bit more expensive than its rivals’ 0.1% trading fee, such Binance or KuCoin.

But according to our Gate.io review, customers may pay the trading costs using the Gate.io tokens (GT) and get a 25% discount. Once more, there is a different cost structure; the maker-taker fee model underlies the trading charge for the futures market. Maker-taker fees range between 0.025% and 0.075%. Once more, this maker-taker fee structure is less expensive than the majority of the top margin trading platforms worldwide.

Method of Deposit and Withdrawal

By simply filling out the withdrawal form, users may quickly withdraw their selected crypto currencies from the exchange. Processing time depends on the speed of the blockchain network that powers the exchange and is often within 12 hours.

A withdrawal cost, on the other hand, is assessed more like a little exchange fee and varies depending on the coin. On the Gate.io exchange, there is a daily withdrawal cap over which each withdrawal requires appropriate KYC verification and team permission from customer support.

It is challenging for newcomers to trade on this platform since Gate.io, a Singapore-based cryptocurrency exchange, only accepts cryptocurrencies as deposit methods. Traders who don’t already own cryptocurrency but want to trade on Gate.io must first purchase it from another cryptocurrency exchange and deposit it at Gate.io in order to start trading on the platform.

Privacy & Security on Gate.io

The most safe cryptocurrency exchange is Gate.io, and this exchange places a strong emphasis on improving security controls for both users and exchange servers. Gate.io stores user payments and personal data using a mix of hot and cold wallets. To store your coins, use the finest cryptocurrency wallet.

Other security measures include two-factor authentication (2FA) using Google Authenticator, SMS notifications, login confirmation, anti-phishing codes, Blind IP logins, and a distinct fund-withdrawal password from the login password.

Gate.io is therefore one of the most secure cryptocurrency exchanges in the world and keeps adding new security mechanisms thanks to all these strong security features and two-factor authentication solutions.

For consumers of the future generation who prefer trading using smartphones, the Gate.io platform has a terrific app. The mobile app may be downloaded without difficulty from the Google Play Store or App Store and works with both iOS and Android devices.

Over 50K people have downloaded the software, and they have given it mostly positive evaluations, according to reviews on Gate.io and other exchanges. The Gate io app offers identical features to the desktop trading versions, where traders may create trade positions and monitor transactions from anywhere without any limitations.

Almost every country in the globe may use Gate.io, with the exception of the following: Washington, New York, the UK, Cuba, Sudan, Syria, Iran, North Korea, Venezuela, Pakistan, and Crimea.

Over 180 popular cryptocurrencies, including as bitcoin, Litecoin, Tether, Ethereum, etc., are supported by Gate.io. Nearly all of the top 20 cryptos by market cap are present at Gate.io.

Gate.io Trading Platform

The Gate.io platform has an intuitive user interface that is simple to use. Impressively, the trading platform is pretty good. Under the main menu, all the essential categories (such as spot or margin trading, borrowing, lending, trading everlasting contracts, financial services, or wallet summary) are shown. This makes it simple to navigate. This is one of the best cryptocurrency lending platforms, giving users access to more than 200 other currencies for lending and borrowing. Then again, the users are allowed to select between the Standard or Professional website interface.

Compared to the Standard interface, the Professional one is smaller. Both user interfaces place a strong emphasis on price movement and technical analysis inside a sizable chart window, allowing traders to overlay several technical and conventional indicators on the charts.

To provide its customers a condensed range of charting capabilities, drawing tools, and technical indicators, exchanges Gate.io has merged with a more clear and professional charting interface, the “Trading View,” much like the majority of other major cryptocurrency exchanges.

By clicking on the buttons here and there, users of “TradingView” may quickly move between different cryptocurrency marketplaces, alter time frames, add technical chart indicators, or even create alerts. This makes it quicker and simpler to move between different charts, alter display choices, or access key elements on the dashboard of the website.

The centre of the homepage has the various trading charts. On the right side of the page is the order book. the icon that reads “put an order” at the bottom of the page. Market, limit, and stop orders are among the available order types. It is simple to set up limit orders that are triggered by price or time.

For experienced traders, there are additionally IOC (Immediate or Cancel) orders and Iceberg orders available. Users may fill in the pricing in the order field by clicking on the most recent orders, which helps them avoid making any mistakes while inputting the prices. The trade volumes can also be changed simultaneously by using the slider.

Gate.io is one of the main cryptocurrency exchanges and offers a variety of features for seasoned traders. The platform provides good options for spot trading, margin trading (borrowing and lending), and trading perpetual swap contracts with 10x leverage in addition to cryptocurrency trading. Financial situational services like “Period Investment Plans” are used to entice clients.

Therefore, Gate.io is the ideal platform for anybody seeking for the best cryptocurrency exchange in Singapore that offers an ETF, spot, options, futures, or derivatives and wants to profit from the cryptocurrency market. According to the Gate.io review, it offers a strong exchange for digital assets where users can quickly acquire cryptocurrency, sell it, trade it, or exchange it for assets like Bitcoin or Ethereum. However, consumers should act cautiously, conduct their own research, and only invest money they can afford to lose.

How Do Solana Hackathons Support the Development of the Solana Ecosystem?

Krysta
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How Do Solana Hackathons Support the Development of the Solana Ecosystem?

Every year, Solana hosts a number of hackathons to connect developers and raise money for new initiatives.

Development of the Solana Community

In the competition to become the best Decentralized Finance (DeFi) network, Solana promises unequaled transaction throughput as a low-cost, high-speed challenger to Ethereum. Additionally, its high degree of composability benefits both newcomers and developers with smart contract or Non-Fungible Token (NFT) knowledge.

The Solana ecosystem hosts several hackathons all year round to aid developers in honing their abilities. Solana may also reach a wider audience by doing this by promoting the cryptocurrency sector.

“The hackathon was a fantastic catalyst for our community building, user engagement, and subsequent fundraising. We undoubtedly benefited from the exposure and thoroughly liked the process.” said Ayush Menon, founder and CEO of Katana, the overall winner of the Solana Ignition Hackathon.

During the Solana hackathon, developers will have access to the following:

• A Web3-creating community of enthusiastic individuals
• Industry experts’ lectures and educational events to learn how to construct goods utilizing cutting-edge technology and primitives
• Rewards in money for accomplishments
• Links to investors, analysts, and fund managers on the Web3.

”The hackathons are a focal point to bring everyone together to develop a product and display what they’re working on,” According to Anatoly Yakovenko, a co-founder of Solana Labs, who stated in an interview with Blockworks that “We’ve seen this incredible growth in the Solana ecosystem, and a lot of it doesn’t come from the hackathon.”

Solana has organized the following hackathons over the years:

Inaugural Hackathon

In order to quicken the ecosystem’s already rapid growth, the Solana Foundation held its inaugural online hackathon in November 2020. Industry experts and builders gathered for the two-week event. Even though Wormhole was the main project, builders were urged to create any project that may have an effect on the environment.

Season Hackathon

The season hackathon, which brought together developers and crypto pioneers for three weeks in May and June 2021, operated for three weeks. The hackathon attracted more than 13,000 builders, and 350 teams submitted ideas pertaining to DeFi, NFTs, and Web3. East Asia, India, Eastern Europe, Africa, Vietnam, and Brazil were among the other regional courses.

“We had a terrific time, and the Solana Season hackathon’s top prize win was undoubtedly our genesis moment. Additionally, it was a fantastic chance to assemble a team and create something amazing, as Tristan, the founder and core contributor of Zeta, told the media. We really think that hackathons are an excellent method to launch a community and build an early team.

Ignition Hackathon

From August 31 to October 1 was the Ignition hackathon. 15, 2021. Ignition received 568 final projects from over 6,000 teams all across the world. Additionally, $5 million in prizes and seed investment were provided by Solana Ventures, Microsoft, Jump Crypto, Standard Chartered, Forte, and Metaplex. Later, the hackathon was renamed from Ignition to Solana Summer Camp Hackathon. Recent Summer Camp dates were July 11–August. 16.

“Winning the Solana Hackathon gave us tremendous attention in the cryptocurrency community.” Alvin Lam, the creator of DarleyGo, the Community Choice award winner in the Solana Ignition hackathon, said, “It not only gave us recognition, but it also enhanced our brand exposure, in addition to enabling us grow our networks and form new connections within the blockchain sector.”

Riptide Global Hackathon

At the sixth Solana hackathon, new blockchain applications in the fields of payments, DeFi, gaming, and DAOs were presented. Between February 2 and March 17, almost 7,000 teams took part in Riptide, presenting 550 final proposals for review. Solana Ventures provided awards and initial investment of up to $5 million for the international hackathon in addition to Visa, Jump Crypto, Samsung NEXT, MonkeDAO, and Mango.

Hacker Houses

Solana Hacker Houses are a five-day offline event that will be held in locations all over the world and feature on-site mentorship from Solana Labs engineers and other partners. The most recent occasion occurred in Stockholm, Sweden, during August 24-28.

The event features instructional material that is both interesting and enlightening regarding DeFi, NFTs, and how to use Solana. You can also anticipate help and guidance from the core engineers at Solana Labs as well as a demo day where you may compete for regional funding.

The Solana ecosystem has benefited from hackathons. The hackathons may support new firms, connect talented builders, and create a healthy ecosystem.

Introducing: CoinMarketCap, a Platform you can use for Investment Optimization

Zach
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0
Introducing: CoinMarketCap, a Platform you can use for Investment Optimization
A view of coinmarketcap.com‘s beautiful homepage

The most popular price-tracking resource in the rapidly expanding cryptocurrency space is, as you may have expected,CoinMarketCap. Its goal is to equip retail users with unbiased, reliable, and accurate information so they can make their own educated decisions. This will help make cryptocurrency efficient and accessible to everyone around the world.

When comparing thousands of cryptoassets, users, institutions, and the media turn to CoinMarketCap, which was founded by Brandon Chez in May 2013. It is frequently cited by CNBC, Bloomberg, and other top news organizations. Even the US government conducts reports and research using CoinMarketCap data!

CoinMarketCap was purchased by Binance Capital Management in April 2020. The largest digital asset exchange in the world by trading volume and user base, Binance is a global blockchain company with the goal of making cryptocurrencies available and crucial to the global economy for everyone.

CoinMarketCap hopes to make use of the vast resources of its parent company in order to gather more detailed information about projects through the acquisition, lessen information asymmetry in the cryptocurrency market, and provide its hundreds of millions of users with higher-quality data.

CoinMarketCap firmly supports timely, accurate, and impartial information. Early in 2020, Binance acquired CoinMarketCap, but it has continued to function independently of its parent company.

Check out their website here!

Interesting… But why should I use it?

Many users trust CoinMarketCap, which is the top platform for data aggregation in the cryptocurrency market. It assists users in staying informed about any changes in the market, including coin/token prices, market capitalization, circulating supply, etc. and numerous other crucial market indicators, such as the dominance of bitcoin.

As with the traditional financial market, staying current with the market is crucial for making any investment decisions. This is even more important in a volatile market like cryptocurrency.

Additionally, CoinMarketCap offers a variety of tools to help users on their investment journey, including a watchlist, a portfolio, and other features, in addition to being a resource for information-seeking.

Therefore, your investment process will be much simpler and more effective if you can make the most of all the platform’s features.

Neat! I’m in! So now, how do I register an account?

Just like in most websites and apps nowadays you have to be logged in to unlock all features, so obviously the top platform for data aggregation in the cryptocurrency market would require you to be logged in too right?

Step 1

From coinmarketcap.com‘s homepage select [Sign up] at the top right corner of your screen.

Step 2

Enter your email address and password, alternatively you can continue with your Binance account or with your wallet.

Step 3

Verify that you are not a bot but a human.

Step 4

Check your gmail account and click on [Enter verification code] then enter the code.

Step 5

Well done! You have successfully signed up on coinmarketcap.com! Complete your profile for extra rewards!

Looking for Info

The general information regarding the entire market and the particular information regarding a coin or token

Market Summary

  1. Cryptos: All of the coins and tokens that are currently listed on CoinMarketCap.
  2. Exchanges: The overall number of exchanges, including CEXs and DEXs, in the market.
  3. Market Cap: The total market capitalization of the cryptocurrency industry.
  4. 24h Vol: The volume traded over the previous day.
  5. By dividing a coin or token’s market cap by the total market cap, its level of dominance is determined.
  6. ETH gas is the cost of creating one Ethereum coin.
7. Cryptocurrencies:
  • Ranking: The order of all cryptocurrencies according to market capitalization.
  • The newest cryptocurrencies that have been added in the last 30 days.
  • Price projections: Predictions made by the community regarding the cost of particular cryptocurrencies.
  • List of nations and regions that accept cryptocurrencies as legal tender on a global scale.
  • Global Charts: These three charts show the market capitalization of the entire industry, the market capitalization of altcoins (coins and tokens other than bitcoin), and the dominance of bitcoin.
  • Comparing the market capitalization of the top cryptocurrencies to the top fiats and businesses.
  • Highlight: Popular cryptocurrencies as determined by CoinMarketCap searches.
  • Gainers & Losers: Cryptocurrencies with the biggest gains or losses over the past day.
  • Historical snapshots: Since 2013, historical data on the cryptocurrency market.

8. Exchanges:

  • Spot: Ranking of spot exchanges based on trading volumes, traffic, liquidity, and other factors.
  • Ranking of derivatives exchanges based on trading volume.
  • DEX: The order of decentralized exchanges according to trading volume.

8. NFT: Info regarding the NFT market

  • Overall NFT Statistics: Market capitalization, 24-hour trading volume, and total sales are among the broad NFT statistics (24h).
  • Top NFT Collections according to trading volume.
  • Future Sales: A list of the NFT collections’ upcoming sales.
From the CoinMarketCap homepage, that is all the general information about the cryptocurrency market that is available. The other sections, such as Calendars, Watchlists, and Portfolio will be covered later in this article.

Info regarding Coins/Tokens

The majority of users visit CoinMarketCap to look up specific coin or token information in addition to market information in general.

Section 1: provides an overview of the coin or token.
  • (Bitcoin) and (BTC).
  • The ranking of a coin or token is based on its market capitalization (BTC is the top-ranked coin).
  • It is added to how many watchlists it is added to (Bitcoin is added to 3,430,260 watchlists).
  • website for the undertaking (bitcoin.org).
  • Explorers: Look up details on the coin or token.
  • The project’s channel for communication (ex: Telegram, Reddit,…).
  • Sourcecode
  • A whitepaper contains all of the project’s specific information.
Section 2: Coin/token vital indicators
  • BTC value at the moment is $47,050/28.
  • (46,299.39 – $47,879.97) The price range in a day.
  • Market capitalization: Market Capitalization = Circulating Supply * Current Price.
  • Fully Diluted Market Cap: Fully Diluted Market cap = Maximum Supply * Current Price.
  • Volume: The amount of trades made over the previous day.
  • Market capitalization divided by volume.
  • The quantity of coins or tokens that are in use and circulation in the market (analogous to the flowing shares in the stock market).
  • The maximum supply of a cryptocurrency during its lifetime is its total supply of coins or tokens (analogous to the fully diluted shares in the stock market).
  • Total Supply is the sum of all coins and tokens in circulation less all coins and tokens burned. (like the number of shares that are currently trading on the stock market).
Section 3: Additional details regarding a coin or token
  • Overview of the various coin/token charts (Price, Market cap, TradingView,…).
  • a place where users can purchase coins or tokens.
  • Historical Information: Various details regarding the coin or token in the past (price, volume, market cap,…).
  • News: Up-to-date coin/token news.
  • Price Estimates: This page contains all information on projected token price ranges.
  • More Information: This page contains information about holders, projects, wallets, analysis, social media, ratings, and more.

Using the platform

CoinMarketCap is more than just a tool for information searching; it also has a wealth of exciting features that could be beneficial to you as you begin your investment career.

Portfolio

With the help of this feature, you can quickly monitor your network’s performance based on the current market value of your assets on CoinMarketCap.

Step 1

So first go to [Portfolio]

Step 2

Click [Create portfolio]

Step 3

Enter your name then click [Create Portfolio]

Step 4

Go to the new portfolio you just made and click [Add New]

Step 5

Search for the assets you have

Step 6

Choose the order type (Buy, Sell, or Transfer), then enter the relevant details (Price, Quantity, Date, and Notes if applicable). Click [Add Transaction] when finished.

Simply rinse and repeat with your other assets and now you have a portfolio on coinmarketcap! Congratulations!

Watchlist

If you are a trader who frequently buys and sells different assets, tracking by portfolio may take some time since you need to periodically update your portfolio.

Then Watchlist might be an excellent substitute for you. You can use this feature to compile a list of the coins and tokens you are keeping an eye on. This enables you to make informed investment decisions by keeping you updated on all changes to the assets you are considering.

Step 1

Scroll down the homepage to the list of all coins and tokens, ordered by market capitalization. To track any coin or token, click the Star as shown on the photo below.

Step 2

Select [Watchlist] and the list of coins or tokens you have selected will appear.

Congratulations! You now have a watchlist!

You can also edit your watchlist by clicking the pen as shown below

After entering information click [Save Changes]

To add a new watchlist click arrow down and click [+New Watchlist]

Simply enter your watchlist’s name and description and then click [Create Watchlist]

Calendars and Other Features

This feature is especially useful for you to stay current in a market that moves quickly, like the cryptocurrency market, so you won’t miss any market opportunities.

You can use this feature in particular to keep up with the cryptocurrency market’s rapid pace. All recent events are updated on CoinMarketCap, including:

  • Free Airdrops: CoinMarketCap partners with various projects to host airdrops of digital currency.
  • Updated information about ICO events.
  • Polkadot Parachains: Lists all Kusama parachain lease offerings on the Polkadot network, including auctions and related crowd loans.
  • Updated events are listed on the market calendar.

In addition to the features mentioned above, CoinMarketCap also provides a number of products directly on the platform to enhance user experience. For instance, users can easily convert cryptocurrency to fiat currency using the Converter feature.

Well done!

Now you learnt the basics about Coinmarketcap and how to use it. Whether you are new to crypto or a veteran we all couldn’t deny that Coinmarketcap is indeed a good platform for crypto related stuff, but there are also other good ones out there that some people prefer I mean we all have our own opinions and preferences. That’s all for this post, thanks for reading and bye for now, peace!

BscScan and How to Use it

Zach
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0
BscScan and How to Use it

BscScan? What does it do?

The team behind BscScan is the very same team behind Etherscan, a blockchain explorer, which can be found at bscscan.com. The BNB Smart Chain (BSC) is provided with an analytics platform, and it also has a ton of other helpful features. This can be a helpful source of information if you want to closely monitor DeFi projects created using BSC.

OK, so what is it for?

The Explorer on numerous blockchain platforms has similarities to BscScan. The explorer provides real-time data on a blockchain’s activity, including transactional details, block generation, tokens, and other metrics.

Here are some uses for BscScan:

  • Search for, read, and interact with smart contracts that have been uploaded to the blockchain.
  • Looking up transactions and following their progress. 
  • Investigating the availability of tokens as well as other cryptocurrencies.
  • Viewing the blockchain’s most recent block additions.
  • Checking the balances in wallets and any recent transactions.

Comparing BscScan with Etherscan

The visual user interface of BscScan and Etherscan are very similar because both services were created by the same team. For newcomers, they are both as straightforward as they can be. However, there are a few distinctions between BscScan and Etherscan:

  • Wallets Supported: BscScan only supports 4 wallets, whereas Etherscan supports 7 wallets.
  • Features: Etherscan offers the benefits of both cryptocurrency and blockchain APIs.

With Etherscan, you can look up information about past transactions, blocks, wallet addresses, ERC-20 token smart contracts, and other on-chain data. Since every transaction made on Ethereum is visible to everyone, Etherscan aims to increase transparency by enabling users to thoroughly verify all data.

Navigating Around the Website

At first you might find the homepage as overwhelming, but trust me after you understand how this website works, it won’t be anymore.

First up, the [Blockchain] section. Here you will primarily find information about chain-wide transactions.

The statistics for all BEP-20, ERC721, and ERC-1155 tokens will be found in the [Validators] and [Tokens] sections.

Finally, you can access charts regarding Blockchain Data on BNB, top statistics, and developer APIs from the [Resources] section.

Alright, how do I use it?

Transactions

An example of what transactions look like

The process of looking up a transaction on BscScan is similar to that of other block explorers. The outcomes will be provided by the transaction ID or any wallet addresses involved in a transaction.

When you type the details into the search box, BscScan will run a query on its data, checking the transaction amount, date, block number, balances, transaction fees, status, and more.

Reading Transactions

Users who provide a wallet address will be able to view the balance in USD and Binance Coin (BNB) when they do so. The “Tokens” field in BscScan, on the other hand, allows access to the balances of BEP-20 and ERC-721 tokens.

Here are a few key phrases:

  • In addition to USD, the transaction value is shown in BNB.
  • The cost of completing the transaction on BNB Smart Chain is represented by the transaction fee.
  • Senders may include a private message with their transaction, which recipients can view after logging into their accounts on BscScan.
  • There are three possible transaction statuses: pending, successful, and failed.
  • In order to verify when miners registered a transaction on the blockchain, block height serves as a network identifier.

Verifying and Publishing Contracts

Source code verification is advantageous for users interacting with smart contracts. BscScan will submit the source code in order to compare the generated code to that on the blockchain.

Similar to a contract, a “smart contract” ought to give users more details about what they are “digitally signing” for and give them access to the source code so they can independently check that it works as intended.

You will find a section to verify and publish contracts on BscScan; here is how to use it:

  • You must have already deployed your contract on BNB Chain.
  • Click “Verify and Publish” on the Verify Contract website.
  • Include the correct contract details, such as the Contract Address, Compiler Type, and Open Source License Type.
  • the Solidity Contract Code If optimization is a choice, choose “Yes”.
  • To complete this procedure, click “Verify and Publish.”

Checking the Gas Prices

With the new feature on BscScan called Gas Tracker, you can view all the data on gas fees on the BNB Chain here, including the average gwei, block size, and average utilization. The top 25 gas guzzlers and gas spenders are listed at the site’s bottom.

BNB charges comparatively little. 1 gwei is equal to 10 – 9 or 0.000000001 BNB in BNB. Sending 10 BNB should only cost around 6.5 gwei, or less than ten cents, given the average price of gas. Actually, sending ten, one hundred, or even a thousand times that amount shouldn’t set you back more than 20 cents.

bscscan.com/gastracker

Finding Nemo… I mean Tokens

The native BEP-20 variant and the ERC-721 and ERC-1155 variations of Ethereum are three token types supported by the BNB Smart Chain ecosystem.

Users have access to information about the most popular tokens, prices, volume, market size, number of holders, and whether an asset is cross-chain compatible with BEP-20 tokens. Since blockchain interoperability is one of the issues that third generation blockchains are addressing, the ability to transfer money between various blockchains is gaining popularity with each passing quarter.

Since some of these tokens are cross-chain interoperable, supporting ERC-721 is crucial. Moreover, some projects might split the release of their tokens into two halves, one on one chain and the other on another. Over 31,358 ERC-721 token contracts can be tracked by BscScan, creating an intriguing situation.

Users can view a total of 3,778 ERC-1155 token contracts. ERC-1155 is a token standard that is primarily used for non-fungible tokens (NFTs).

Using Revoke and Token Approval Checker

Token approvals for all of your Dapps can be reviewed and revoked with the aid of the tools provided by BscScan. Simply go to Token Approvals, enter your wallet address, and check which Dapps have access to your tokens to cancel token approvals on BNB Smart Chain. Once connected, all you have to do is revoke the tokens you no longer want.

bscscan.com/tokenapprovalchecker

Locating BSC yield farm list

You can see all the best current farming opportunities on the BscScan yield farming dashboard. You can access this by selecting “Yield Farms List” from the “Resources” menu.

You can see the newest farms, where to find them, and how they operate on their websites. Utilizing websites like PancakeSwap can help you increase your yield on BNB Smart Chain.

BSC’s costs are reasonable when compared to alternatives like Ethereum, making it ideal for smaller participants to enter the yield farming industry and earn their fair share of the available crops. However, exercise caution as there are numerous scam businesses out there. Do Your Own Research (DYOR) and never jeopardize your financial security.

bscscan.com/yieldfarms

FAQs

Is BscScan safe?

The same team that created Etherscan also created BscScan, which is the top blockchain explorer for BNB Smart Chain. When using BscScan, there wouldn’t be any issues. BscScan not only keeps you safe, but it also gives you a lot of useful knowledge about BNB Chain.

Are NFTs Compatible with BscScan?

Because it enables users to track ERC-721 tokens, BscScan is completely compatible with non-fungible tokens, also known as NFTs.

Due to it’s lower costs, general efficiency, and throughput, BNB Smart Chain serves as the foundation for a number of NFT-related projects, much like Ethereum. By using the transaction hash, an NFT smart contract, or the wallet address, users can use BscScan to verify their NFTs.

How to check if liquidity is locked on BscScan?

Visit bscscan.com/txs, look for the token with the contract address, then head to the transfers section to accurately determine whether a token’s liquidity is locked. Navigate to page 1 or any other page that has the liquid addition.

After selecting the “Txn hash,” scroll down to find the liquidity pool tokens that were sent to the developer wallet. You will be taken to their 1p holdings when you click on the developer wallet. If they don’t have any 1p, check the transfer area to see if they’ve sent the tokens to the burn address. If not, just keep in mind that you’re dealing AT YOUR OWN RISK.

Congratulations!

Now you’ve learned how to use BscScan. Thanks for reading and next time around folks!

Etherscan and How to Use it

Zach
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0
Etherscan and How to Use it

Many people frequently use Etherscan to check their wallet balance, their transaction history, or even their Txn Hash. For crypto players, these are all very fundamental features. Etherscan, however, has a lot more interesting and practical features.

You won’t go wrong with using Etherscan. Well, the fact the team behind this is an experienced team and is also the creator of BscScan which I talked about in the previous article means that Etherscan is indeed a great choice.

If you have a lot of questions regarding Etherscan, then this article is for you!

Ok. Cool. Now, what exactly is Etherscan?

With Etherscan, you can look up information about past transactions, blocks, wallet addresses, ERC-20 token smart contracts, and other on-chain data. Since every transaction made on Ethereum is visible to everyone, Etherscan aims to increase transparency by enabling users to thoroughly verify all data.

Etherscan can easily serve as a smart contract database and a source of blockchain knowledge. Neither wallets nor portfolio management are offered by Etherscan. On other blockchains, we have additional tools that are comparable to Etherscan, such as:

  • Solscan for Solana.
  • BNC Smart Chain Bscscan
  • Fantom’s Ftmscan.

Etherscan can be used without signing up or requiring your private keys, but it would be great if you could do so for more features. For instance, you can access developer tools, create data feeds, and receive alerts or notifications whenever transactions are received at one of your addresses.

Note: Etherscan is owned by a different party and is not run by the Ethereum Foundation.

You can check it out here

How does it work?

Your wallet address, transaction hash, transaction ID, token smart contract, and even a domain name are required pieces of information for this engine (Ethereum Name Service).

As you can see, Etherscan functions as a search engine for all information about the Ethereum network.

Following that, Etherscan will be in charge of the procedure to communicate with the Ethereum blockchain network, obtain, organize, and visualize data for end users.

When or Where should I use Etherscan?

Etherscan offers comprehensive on-chain data. Your interactions with the blockchain, other wallets, and DApps can be better understood by using Etherscan. Etherscan is therefore useful for a variety of tasks, such as:

  • Investigate the project token’s Smart Contract.
  • Checking the balance of a wallet or a project (balance fluctuations, an initial coin offering, keeping track of what a project’s founders are doing with their project’s tokens, or if a significant amount of a cryptocurrency has been transferred to an exchange…)
  • To monitor changes in token prices in your wallet, create a Watchlist.
  • ERC-20, ERC-721, and ERC-1155 token transactions are being examined. Additionally, we can look up the transaction’s status, which could be success, pending, or canceled.
  • Obtaining wallet data using the transaction hash.
  • Checking an ETH wallet requires you to copy the wallet address and paste it into the search box. The basic information of that wallet can then be checked, including the total balance in USD, the different types of tokens it contains, and the balance of each asset.

Developers also uses Etherscan’s API to incorporate it into their applications such as website or apps.

Navigating Around Etherscan

The Search Box:

This is where it allows you to directly search for information, paste the Address, Txn Hash, Block, Token, or Ens domain (Ethereum Name Service) into that block.

ETH:

This is where you could see both the price and market cap of ETH and as well as the 24 hour price movement.

Present time data regarding events occurring on the Etherscan Blockchain, it involves:

  • The cost of gas on the Ethereum network, as of this moment.
  • A graph displaying the evolution of transactions on the Ethereum Blockchain over the course of the previous 14 days is provided as an example.
  • Bitcoin Section
  • The mining of coins is difficult.
  • The rate of hashing.
  • Transactions: The overall number of transactions that were carried out.

Blockchain

You can view more specific information about Blocks, transactions (txns), and top accounts by selecting the Blockchain button:

  • View ETH transactions by selecting View Contract Internal Txns.
  • View Txns: See all of Ethereum’s finished transactions.
  • Look at Pending Transactions: Look at pending transactions.
  • Top Accounts: A ranking of the wallets holding the most ETH.
  • Contracts That Have Been Verified: A List (with verified source codes).
  • The remainder: View Uncles, Verified Contracts, and Forked Blocks (Reorges).
  • The pool that produces blocks is called View Blocks.

Tokens

This includes details on the three popular Ethereum token types—ERC-20, ERC-721, and ERC-1155—including:

  • View Transfers: View transfers involving these three categories of tokens.
  • List of tokens: Top Tokens

Resources

Charts and Stats:

There are graphs about a variety of data in the Ethereum Blockchain network, including market, network, blockchain, dashboard, ENS, and statistics data. There are many helpful graphs you can use to gain insights into the Ethereum network, including the growth chart for ether supply and transaction fees.

Network Data:

Info about hash rates, network difficulty, pending transactions, transaction fee, utilization, and the node tracker can be found here.

Top Statistics:

Info about top transactions, tokens, etc. can be found here.

Ethereum Name Service (ENS) Data:

Info about ENS registrations can be found here.

Contracts Data:

Information about daily verified contracts on Ethereum can be found here.

More

Which includes these four categories:

  • Contains details on API Document, Contract Verification, Compiler, and more for developers. that programmers can use to further their development.
  • Check out details about DEXs (decentralized exchanges) and DeFi projects on Ethereum, including information about transactions, an NFTs tracker, and more.
  • Check out the Ethereum Names, Eth2 Beacon Chain deposits, Nodes, gas fees, and Etherscan connections.
  • Check information about the mining calculator, signature, approvals for tokens, converter, etc.

Alright, how do I use it now then?

Finding transactions and wallets

An overview of all ETH transactions (Txns) or transactions that have utilized gas (Gwei) associated with a given wallet address can be found by clicking on the “Transactions” tab on Etherscan.

A transaction’s address can be pasted into the search box, then press the “Search” button.

  1. Balance: The wallet’s balance, expressed in ETH.
  2. The wallet’s USD balance, expressed in ether.
  3. List of the tokens stored in this Ethereum wallet. To view the complete list, click the boxnext to it.
  4. Transactions made with that wallet are listed here.
  5. Internal Txns: Insider dealings.
  6. Transactions involving ERC-20 tokens are known as Erc20 Token Txns.
  7. Transactions involving ERC-721 tokens are known as Erc721 Token Txns.
  8. Transactions involving ERC-1155 tokens are known as Erc1155 Token Txns.
  9. Analytics: A few graphs that show statistical and analytical data about transactions and wallet balances.
  10. Comments from accounts using that wallet on Etherscan.

ETH address token

You can follow the steps below to check more information about the different token types and the balance of each token inside that wallet:deuehdew

When you select “View expand ERC-20 token holding,” specific information about the tokens in your wallet will be shown:

Below is a list of all the tokens along with their respective balances.

Those who frequently complete airdrops or bounty missions should check out this comprehensive information. You may not be aware of the token payment schedule for the many projects that pay out tokens, so use this method to determine whether the token has been transferred to your wallet or not.

Additionally, if you want to check something quickly, you can use the image-illustrated arrow in the Token section to click, search, or scroll down to view the corresponding tokens and balance.

Where to Look for Token Decimals on Etherscan

With in summary of the token’s profile, you can locate token decimals.

Checking the Gas Prices

Go to [More] then at Explore you would find [Gas Tracker]

The transaction fee necessary for a transaction to be successfully completed on the Ethereum blockchain is referred to as “Gas.” Gas fees are what Ethereum users pay for transactions.

Users can view the variation in gas prices over time and how much gas is needed for a transaction using Etherscan’s gas tracker to accurately calculate a transaction’s gas fees.

Users are given an estimate of the gas fee so they can time their transactions to avoid periods of heavy network traffic, which lowers transaction costs and enables more efficient transactions.

Finding Smart Contracts

You can check CoinMarketCap, CoinGecko, the project’s official website, or directly with the development team to find a token address. Always confirm the token address with the aforementioned websites.

It’s a good idea to become familiar with using Etherscan to locate smart contracts when interacting with them in DApps. You can make sure you’re sending money to the right contract by doing this.

Take the USD ERC-20 token for example, simply copy and paste the contract address “0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48” into the search bar.

You will now see precise details about the Uniswap (UNI) token contract’s balance as well as other general data. The name, ticker, and current price of the token are also displayed in the Tracker section. When making investments in any project, it’s crucial to verify that the project’s Smart Contract is correct.

Standard Smart Contracts always have a blue “tick” to their right, making it easy to tell them apart (as shown in the picture). Additionally, the project’s official link is always included.

Following that, you can confirm the data on EtherScan, including Max Total Supply, Holders, Transfers, Exchange etc..

Reading Etherscan transactions

The code for the transaction is Txn Hash. The Txn Hash code assigned to each transaction on the Ethereum Blockchain is distinct. You can check that ETH transaction and get the wallet’s transaction history as long as you know the Txn Hash code information.

To check the transaction, for instance, I’ll paste a random Txn Hash:  into the search box.

On the Ethereum Blockchain network, a transaction takes some time to confirm whenever a user transfers assets to another user. Both parties can check the status of the transaction by copying and sending this Txn Hash code to the recipient.

Minting NFTs from contracts

NOTICE: This option is only applicable to newly released projects that have not yet sold out.

Contracts on Etherscan can be used to directly mint NFTs. Collectors typically start minting NFTs from the project website as soon as it launches a new NFT project.

However, if a website is hyped up for launch, there is a good chance that it will experience increased traffic and eventually slow down or crash. The direct minting of NFTs from the project’s smart contract on Etherscan is a better option in such circumstances.

Step 1: Having enough ETH available in your wallet to mint NFT.

Step 2: On Etherscan, look for the project’s smart contract. Click Contract Write Contract Connect to Web3 to connect Etherscan to Web3.

Step 3: The mint contract option should be chosen. This typically begins with “mint” or “claim.” For instance:

The following is a random BAYC NFT address: 0xBC4CA0EdA7647A8aB7C2061c2E118A18a936f13D
It is “mintApe” in this instance. Make sure to choose the appropriate function for each project.
Step 4: Enter the ETH amount and the desired number of tokens after that. Check again to make sure you provided the correct information. Next, select Write.

Step 5: Finally, in the MetaMask dialogue box that appears, confirm the transaction.

Connecting Web3 to Etherscan Step by Step

Step 1. The options for interacting with and reading Uniswap’s rules are displayed when you click Contract.

Step 2. You can interact directly with the contract by clicking Write Contract. This is helpful if there is a technical problem or website outage that prevents access to DeFi platforms and DApps. In some circumstances, you might try interacting directly with the smart contract rather than using the project’s API.

Step 3. By selecting Connect to Web3, you can interact with the contract by connecting to a cryptocurrency wallet like MetaMask or Wallet Connect.

You can do things like transfer money here, for instance. You can transfer tokens to other addresses using the [transferFrom] function from an address for which you have permission.

Acquiring Etherscan API

To get Etherscan API, you need to log in to your account on Etherscan. Otherwise, select Click to Sign up as shown below and fill in some information: username, email, password and agree to the terms of Etherscan.

After logging in to Etherscan, select [API-KEYs] in the personal information section then click [Add] to add an API.

Then enter the required data and click [Continue].

Developers who want to access information from Etherscan and display it in their application can use this API Key (app or website). Accounts, Contracts, Transactions, Blocks, Event Log, Geth/Parity Proxy APIs, Stats, and more data are available through Etherscan’s API.

Checking Data from the Ethereum Blockchain on Etherscan

As seen in the illustration, as of the writing date of April 13, 2022:

Total Ether supply: 120,256,678.98
Market capitalization: 199,280,950,444.00
Rewards for Mining a Block: 46,978,030.47
Burnt Fees: 2,597,809.33 

To learn more go to http://etherscan.io/stat/supply

FAQs

How safe is etherscan?

Etherscan usage is risk-free. The users don’t provide any private keys or access rights for them; they just go there to look up data on wallets and transactions. Therefore, nobody can access or manage your account or wallet.

Etherscan: Is it a wallet?

It’s critical to keep in mind that Etherscan is neither a wallet nor a provider of wallet services.

An independent block explorer for Ethereum is called Etherscan. It only acts as a source of information, showing the search engine-like outcomes.

Everyone who knows the wallet’s address can view the transactions and token assets stored there.

Do we require an Etherscan account registration?

No. If all you use Etherscan for is basic information verification, you don’t need to create an account.

What should I do if my transaction is taking too long to complete?

You can manually submit your transaction again to the Ethereum network if it is stuck or in the pending stage. By doing this, you are essentially substituting a new transaction for the one that was previously submitted.

You have complete freedom to modify the transaction details for your new transaction. You can increase the gas price to expedite processing.

How can I subscribe to Etherscan notifications?

This management allows you to simultaneously track transactions from multiple Ether wallet addresses (in/out).

You must create an Etherscan account in order to use this feature. You can easily create an account by following the simple steps.

To follow and receive notifications for a specific wallet address, you must first know it. Following that, add these wallet addresses to your Watch List and keep an eye out.

Visit [My Account] then [Watch List]. You can also go to etherscan.io/myaddress and click Edit next to the address you want, then select Notify on Incoming & Outgoing Txns.

Now give yourself a pat on the back!

For you have just learnt what Etherscan is and how to use it!

What is Coinlist and How to Use it: A Guide

Krysta
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0
What is Coinlist and How to Use it: A Guide

CoinList simplifies the process of purchasing, selling, staking, and lending cryptocurrency. Here’s how to get started with the cryptocurrency adoption-promoting platform.

The goal of CoinList is to hasten the adoption of cryptocurrencies. To that purpose, the cryptocurrency platform has created a comprehensive user experience, incorporating everything from loans to trading tools. Users may purchase, sell, stake, and lend the trendiest new crypto assets using the multi-service platform.

What exactly is CoinList?

CoinList, a cryptocurrency marketplace, has gained notoriety for granting quick access to digital assets before they list on other hugely popular exchanges.

As a market pioneer in new token issuance, CoinList has facilitated communication between tens of thousands of new token holders and high-profile projects including Filecoin, Solana, Celo, Algorand, Dapper, Blockstack, Mina, and Casper. Additionally, they now support the whole cryptocurrency lifecycle, including token sales, distribution, trading, lending, and staking.

What is offered on CoinList?

CoinList rigorously vets projects, so the selection on its platform is carefully curated. There are around 40 cryptocurrencies currently available to purchase or trade, including many emerging assets that have yet to hit the wider market.

Introduction to CoinList

It doesn’t take long to sign up for CoinList. Visit the registration page and fill out the necessary information. Your email will contain a verification link from CoinList; once you click it, you’re in!

How to Invest on CoinList

You must first fund your wallet before you can begin purchasing, selling, and trading cryptocurrency on CoinList. Once you have logged in, select “Wallet” from the left-sidebar menu. The US Dollar, the first item on the list, will be selected by default (USD). To make a deposit, click the “deposit” button. The next step is to connect a bank account (using the Plaid service) or send a wire transfer using the information supplied. It’s crucial to include the Memo field in the wire transfer exactly as specified.

Once you’ve added some USD to your account, you may start purchasing cryptocurrency. Simply go to the “Buy & Sell” page using the left sidebar, then choose your preferred cryptocurrency from the drop-down option. If you’re comfortable with the transaction, click “Confirm Order,” and the cryptocurrency should appear in your wallet once you enter the amount you’d want to buy and click “Preview Order.”

Additionally, you may add cryptocurrency to your wallet from another location by going to the “Wallet” tab and selecting your preferred cryptocurrency. You need to copy the CoinList wallet address from the website and proceed as normal when transferring cryptocurrency from your preferred wallet or exchange. Click the “deposit” button and follow the instructions on the page.

You may actively trade cryptocurrency on CoinList in addition to purchasing and keeping it there. Simply go to the “Buy & Sell” tab, choose the two assets you want to exchange, and input the trade amount. To see the specifics of your order, click “Preview Order.”

Click “Confirm Order” if you’re satisfied, and your assets will exchange very instantaneously, with your wallet updating to show the updated token amounts. There are only certain asset kinds that you can exchange.

Users with more experience may alternatively go to CoinList Pro, which provides a larger selection of trading tools including limit and stop orders.

How to Place a stake on CoinList

Cryptocurrencies like Bitcoin and Dogecoin are secured by mining (proof of work), while many more recent ones employ a different consensus process called proof of stake (PoS). With PoS, staked money is used in place of mining and the costly hardware needed for it.

Stakers commit their crypto assets to the network in exchange for a portion of the network rewards in order to assist the blockchain in validating transactions.

Technically challenging and expensive, staking can be a labor-intensive operation. By eliminating that complication, CoinList makes staking for consumers a straightforward procedure. Since you have the option to opt out, unless you specify otherwise, your assets kept on CoinList will automatically be staked for you.

The only prerequisite for staking on CoinList is owning the necessary assets.

Currently, users of CoinList may stake FLOW, MINA, CSPR, NU, CELO, and ALGO (US users are restricted to staking NU, CELO and ALGO).

You must first purchase an asset or put it into your CoinList wallet in order to stake it on the platform. For more information, see the section above on “how to trade.” Once your cryptocurrency is in the CoinList wallet, staking may start!

Like all other intermediary validators out there, CoinList doesn’t charge users to stake, but it does levy a fee on the benefits that users receive for staking.

Rewards differ by asset and change based on the blockchain network’s circumstances. The more individuals who stake an asset, the less lucrative it gets.

You have the option to opt out if, for whatever reason, you don’t like the concept of staking.

How to lend on CoinList

Users of CoinList may lend cryptocurrencies and get a fixed interest rate on certain assets (at the moment, lending is limited to Filecoin).

On CoinList, lending only takes a few mouse clicks.

Click “loan” on your dashboard, and a list of the current programs will appear. Prior to participating in a loan program, you must fulfill the program’s conditions, which include presenting picture identification and (for U.S. users) your social security number. Programs also provide important information like the minimum crypto requirements and the length.

Simply click on it and enter the desired loan amount once you’ve found a program that you like and that meets the minimal conditions. You will get the original capital plus any accrued interest back at the conclusion of the lending period. Keep in mind that lending implies you cannot access your money while it is being borrowed.

Keep an eye on when CoinList begins receiving the subsequent batch of the asset you wish to lend as these are time-limited programs.

What Does PancakeSwap Entail and How Does it Work?

Krysta
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0
What Does PancakeSwap Entail and How Does it Work?

A rapid and inexpensive decentralized exchange is PancakeSwap.

Decentralized finance (DeFi) is on the rise, and with it, new financial versions that center around autonomy, speed, and inclusion—components that are missing from traditional money.

This is particularly true for the emerging decentralized exchange (DEX) industry, where consumers interact with autonomous marketplaces supported by blockchain technology more often.

PancakeSwap, the BNB Chain (formerly Binance Smart Chain) version of decentralized exchanges like UniSwap (UNI) and SushiSwap, is a perfect example of such a market (SUSHI).

What exactly is PancakeSwap?

A native to the BNB Chain, PancakeSwap is a decentralized exchange. In other words, it is comparable to well-known platforms like UniSwap in that users may exchange currencies directly without the need of intermediary services.

The sole distinction is that PancakeSwap is concentrated on BEP20 tokens, a particular token standard created by Binance.

In order to work with the larger Binance ecosystem of dapps, wallets, and other services, new tokens must adhere to the BEP20 standard, which is effectively a checklist of tasks they must be able to do.

How PancakeSwap functions?

For those who are not aware with how decentralized exchanges operate, they employ a unique mechanism called an automated market maker (AMM) to eliminate the need for order books or a single, intermediate entity to conduct trade.

In essence, since traders deal with liquidity pools rather than counterparties, there is no requirement for an order matching mechanism. In this sense, the term “liquidity pool” refers to money put into smart contracts by investors, who can be anybody from anywhere in the globe, with the intention of giving traders access to liquidity.

This approach eliminates the waiting period between buyers and sellers or vice versa. When someone wishes to exchange one token for another, they just add their existing token to the pool and take out the desired replacement token.

For example, if you wish to convert a certain BEP20-based token, say ALPHA to BNB on PancakeSwap, all you need to do is identify an ALPHA/BNB pool with adequate liquidity (that is, enough tokens inside the pool to enable the transaction).

Then, after making a deposit of your ALPHA tokens, you would instantly get BNB in an amount determined by the most current exchange rate.

But PancakeSwap is not only for businesspeople. A liquidity provider is another position you may take (that is, you can deposit tokens in a liquidity pool for the chance of earning a share of trading fees paid by those trading against the pool in question).

Another way to make money on PancakeSwap is through yield farming. You may use this to farm for a token called CAKE.

Furthermore, if you correctly predict a set of winning numbers, you might win the lottery.

Introduction to PancakeSwap

Making a BNB Chain compliant wallet is the first step you must do before utilizing PancakeSwap.

There are other possibilities, including:

• Trust Wallet.
• BNB Chain Wallet.
• Coinbase Wallet.

You may use MetaMask as well, however you might need to set up your MetaMask wallet so that it can begin interacting with decentralized apps built on the BNB Chain, such as PancakeSwap.

By going to MetaMask’s Settings menu, you may accomplish this. Find the Networks option from here, and then select Add Network in the top right corner of the page. Following this, you will be sent to a screen where you may enter the following information:

Name of Network: BNB Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
You’ve now successfully linked your MetaMask wallet to the BSC mainnet version.

PancakeSwap’s addition of fluidity

You may begin engaging with dapps like PancakeSwap and adding liquidity to one of the pools on the site once your wallet is connected to BNB Chain.

Connect your wallet to PancakeSwap to accomplish this. On the homepage of PancakeSwap, click Connect Wallet in the top right corner to accomplish this.

Select Liquidity from the Trade option after connecting your wallet. Select Add Liquidity from the Liquidity page, then pick the token pair you want to deposit. Keep in mind that you must add both tokens to the pool according to a certain ratio.

The transaction will then need you to sign it using a wallet (which is free to do).

Following that, tokens known as liquidity provider (LP) tokens will be given to you showing your portion of the liquidity placed in the selected pool.

Farming on PancakeSwap

Once you acquire LP tokens, you may make use of them by putting them in a “farm” to generate CAKE tokens, the platform’s native money. Farms let you increase the interest you receive on your assets and are effectively LP staking pools.

The stages to farming on PancakeSwap are listed here:

• To access the sites where the available farms are posted, click the Earn menu on the PancakeSwap homepage and choose the Farms option.

• Look through the list of farms to find the one that can accept the LP tokens you now have in your hands. Consider the annual percentage rate (APR) provided to stakers as well.

• After choosing a farm, click Enable and then check the box next to your wallet to confirm the activity. The Enable button will then change to Stake LP, and when you click it, a page will open where you may input the quantity of LP tokens you want to stake.

• Your wallet will ask you to confirm the transaction when you click the Confirm button. Once you’ve done this, you may access your staked LP balance, which displays how much money you have in the farm.

• You may select Harvest to withdraw your profits and staked LP tokens at any time.

Staking on PancakeSwap

By staking your CAKE token on the platform’s Syrup pools, you may multiply your winnings. Select Pools from the Earn drop-down option to do this. The pools that are accessible, each pool’s annual percentage yield (APY), and the total amount wagered are all listed below.

You must first choose one of the pools. Then, by selecting the Enable option, you may start CAKE staking on your wallet. After that, enter the CAKE stake amount and press Confirm. Your profits may be automatically collected and re-staked in the same pool, depending on the pool you have selected.

Here is an example of how a normal yield farming approach on BNB Chain may look after breaking everything down:

• You obtain LP tokens when you deposit two tokens, in this case ALPHA and BNB, into the ALPHA/BNB liquidity pool. As a result, you may immediately begin to get a share of the transaction costs that traders who utilize the pool pay.

• The next step is to transfer your LP tokens into the proper “farm” in order to receive CAKE tokens.

• Finally, in order to earn more interest, you stake your CAKE tokens in a pool of syrup.

As you can see, by investing two tokens and participating in various staking pools, you may optimize your potential profits by receiving numerous yields.

Another business on PancakeSwap that claims to provide passive income is dubbed a “lottery,” but in contrast to the previous goods mentioned, this one is more akin to gambling since you must predict a successful four-digit combination made up of digits between 1 and 14. Examples are 2-8-10-14.

The system will automatically produce a random combination for you when you purchase a ticket. If your combination matches the winning ticket, you will be declared the winner at the end of the lottery session and get 50% of the total prize money. Remember that the numbers’ placements are also taken into account.

What happens, though, if your ticket doesn’t match the winning ones? If two or more of the numbers on your winning ticket match those on the winning ticket, you will still be eligible for awards. They must, however, be placed in the same order as the winning combination’s winning numbers.

A beginner’s approach to storing ETH with Ethereum wallets

Krysta
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A beginner’s approach to storing ETH with Ethereum wallets

What exactly is an Ethereum wallet?

A piece of hardware or software called an Ethereum wallet enables users to communicate with the Ethereum network. Users may control their accounts on the Ethereum network via wallets. A form of account called an Ethereum account allows users to conduct transactions, maintain tabs on their balance, send and receive money, build smart contracts, work with decentralized applications, and more using whatever number of Ethereum addresses they want.

The balance of any Ethereum address can be viewed on the blockchain, however because every address on the network is represented by a string of numbers and letters, it is unknown who owns which address. An Ethereum address is a public string of letters and numbers that starts with “0x.” Wallets are pieces of hardware or software that let users manage as many addresses as they need.

Users of Ethereum wallets can move money inside them by using a private key, sometimes known as a “password,” which is controlled by the wallet. Only the wallet’s inventor should have access to these private keys because anybody with them can access their money.

There are several Ethereum wallet types available, including those that are kept offline using a piece of paper, metal, or hardware, as well as those that are kept on your computer or mobile device.

Everything you need to know about selecting an Ethereum wallet and finding the best place to keep Ethereum is provided here.

Becoming familiar with Ethereum wallets

Although there are many different types and sizes of Ethereum wallets, not all of them have the same characteristics. Some wallets merely let users transfer Ether (ETH) between addresses, whilst others offer additional features and even enable users build smart contracts—self-executing contracts that are encoded in computer code.

A private key or seed phrase must frequently be downloaded or noted down in order to set up an Ethereum wallet. Users may transmit or spend their cryptocurrency using private keys, and their seed phrase grants them access to their wallet and all of its private keys. A cryptocurrency wallet serves as a password manager for a user’s bitcoin holdings, and private keys or seed phrases are essential for protecting assets.

Users can access their cryptocurrency funds as long as they are aware of their master password (the seed phrase).

It may appear simple to store private keys using third-party software, such as apps, but if the users’ device is hijacked, criminal actors may get access to these services since knowledge of the keys gives them access to the money.

Externally owned accounts (EOAs) and contract accounts are the two primary categories of Ethereum accounts. Accounts that are externally owned consist of public and private cryptographic key pairs. Public and private keys guard against forgeries by demonstrating that the sender of a transaction actually signed it. Users have control over the money in their account since transactions must be signed with their private key.

Users never really have cryptocurrencies; instead, they simply have private keys, which means that money is always present on Ethereum’s ledger. The Ethereum ledger is a database that anonymously records all legitimate transactions between network members as well as user IDs and ETH balances.

A smart contract is introduced to the network through contract accounts. A distinct Ethereum address for every smart contract is managed by the program.

Despite the aforementioned variances, both forms of Ethereum accounts have the same four features: a nonce, balance, codeHash, and storageRoot:

Nonce: For accounts that are held by other parties, this figure indicates how many transactions were sent from the account’s mailing address. The nonce for a contract account is the total number of contracts the account has produced.

Balance: There are a certain number of Wei (a unit of ETH denomination) owned by this Ethereum address, with 1e+18 Wei (exponential notation) per ETH. 1 ETH is equal to 1×1018 Wei, or 1e+18 Wei.

codeHash: The code for an account on the Ethereum Virtual Machine is represented by this hash (EVM). The component of the protocol that actually handles transaction processing is Ethereum’s own virtual machine, or EVM. The hash of the empty text is stored in the codeHash field for EOAs. The code is hashed and saved as the codeHash for contract accounts.

storageRoot: This hash represents the root node of a Merkle Patricia tree (a tree of hashes). The hash of the storage contents of the ETH account is encoded in this tree, which is empty by default.

How to fill your ETH wallet

To utilize an Ethereum wallet and browse the network, you must first contribute money to it. Users will require Ether, the Ethereum network’s native money that is used to settle transactions, in order to engage with decentralized apps.

On centralized exchanges, ether may be purchased and withdrawn to a user’s wallet. Sending the money to a public wallet address, which is comparable to the international bank account number (IBAN) used in the conventional banking system, is required to do this.

On Ethereum, a transaction fee is charged for each transaction that goes to the network validators that support the system’s integrity. Depending on how much demand there is for blockchain block space, different fees may apply. The amount of space in each block of data that is introduced to the network is referred to as block space. By calculating network transaction costs based on the most recent demand for block space, software wallets assist consumers avoid overpaying.

It is important to note that messages are the primary means of communication between EOAs and smart contracts. A signed data package that contains a message and may be transmitted across accounts is referred to as a transaction. Transactions paid with ether are “wrapped” around these transmissions.

Messages can be sent from one contract to another. In order for the contract to be activated, a transaction that creates a new contract must first take place.

Protecting your ETH

Users frequently do not consider the security of their finances when they are kept in a bank account, nor do they consider the possibility of a third party entering their bank account and withdrawing money without their permission.

The aforementioned scenarios are a possibility when it comes to Ethereum wallets and other cryptocurrency wallets generally, and staying away from them is essential to the preservation of cash. The Ethereum community advises users to double-check everything to make sure they always transmit money to the correct address, only use the applications they want to use, and properly save their private key.

It’s also a well-known recommended practice to bookmark the websites of any decentralized applications you often use and your online wallet to assist you stay away from phishing scams. In order to safeguard users, certain browser extension wallets keep a list of well-known phishing schemes and will automatically block malicious URLs.

Finding out whether a service is authentic and audited to confirm that security specialists have examined its code is always vital when working with DeFi protocols. You may learn more by performing a simple online search using the service’s name and the words “audit” or “review.”

Last but not least, remember that if anything seems too good to be true, it generally is. Scammers sometimes take over legitimate social media profiles to advertise phony giveaways and other ruses designed to get people to pay them Ethereum. Avoiding such frauds is as simple as refusing offers that seem too good to be true and conducting independent research on more recent endeavors.

Which exchange is better for ETH investments: Coinbase or Binance?

You may acquire Ethereum tokens directly through Coinbase, making it convenient to buy and stake your ETH in one place. Similar to buying stocks, ether tokens may be purchased using a market order or a limit order. Before ETH can be redeemed, the shard chains must, however, be completely created. This indicates that up to the conclusion of ETH 2.0’s first phase, your ETH will be staked.

While reflecting your staked ETH in a 1:1 ratio, Binance tokenizes Binance Ethereum (BETH) for users. You are now free to trade and withdraw your locked assets.

The value of your currency will fluctuate depending on market price on the majority of staking platforms, regardless of where you stake your Ethereum.

Is investing in Ethereum a wise move?

You might want to consider Ether if you wish to diversify your portfolio using assets other than Bitcoin. You must, however, invest prudently because the cryptocurrency industry is extremely unpredictable and uncontrolled.

Therefore, investing in Ethereum is a sensible choice only if you can control your risk rigorously, make careful investments, and trade for quick profits. If you’re a patient investor, you may store Ethereum for up to a year or more to benefit from the rise in price of the cryptocurrency. However, keep in mind that nothing in a turbulent market is certain, so don’t risk more money than you can afford to lose.

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