Cryptocurrencies have rapidly gained popularity over the past decade, evolving from a niche concept to a global phenomenon. As digital assets like Bitcoin and Ethereum become increasingly mainstream, more people are looking to participate in this exciting market. At the heart of this participation are crypto exchanges—platforms that serve as gateways for buying, selling, and trading digital currencies. Whether you’re interested in investing, trading, or simply exploring the world of crypto, understanding these exchanges is crucial. This guide is designed to help beginners navigate the complexities of crypto exchanges, providing a clear and straightforward explanation of what they are, how they work, and what features to look for when choosing the right platform. By the end of this guide, you’ll have the foundational knowledge needed to confidently engage with the cryptocurrency market.
What is a Crypto Exchange?
A crypto exchange is an online platform that facilitates the buying, selling, and trading of cryptocurrencies like Bitcoin, Ethereum, and others. These exchanges act as intermediaries, matching buyers with sellers and enabling transactions in various digital currencies. Unlike traditional financial exchanges, which deal with stocks, bonds, or commodities, crypto exchanges exclusively handle digital assets. They offer users the ability to convert fiat currency (like USD or EUR) into cryptocurrency and vice versa, as well as trade one cryptocurrency for another. This makes them essential tools for anyone looking to participate in the cryptocurrency market.
Types of Crypto Exchanges
Crypto exchanges come in various forms, each offering unique features and catering to different user needs. Understanding the types of crypto exchanges is essential for choosing the right platform for your trading or investment goals.
Centralized Exchanges (CEX)
Centralized exchanges (CEX) are the most common type of crypto exchange, operated by a central authority or company. These platforms, such as Binance and Coinbase, act as intermediaries between buyers and sellers, providing a user-friendly interface and robust security features. Users trust the exchange to manage their funds, which often includes fiat-to-crypto conversions and advanced trading tools. While CEX platforms are known for their ease of use and high liquidity, they come with drawbacks such as potential security risks due to centralization and the need to comply with regulatory requirements, which may limit privacy.
Decentralized Exchanges (DEX)
In contrast, decentralized exchanges (DEX) operate without a central authority, relying on blockchain technology to facilitate peer-to-peer transactions. Platforms like Uniswap and PancakeSwap allow users to trade directly from their wallets, ensuring greater privacy and control over their assets. DEX platforms eliminate the need for intermediaries, reducing the risk of hacks and censorship. However, they often lack the liquidity and user-friendliness of centralized exchanges, making them more challenging for beginners to navigate.
Hybrid Exchanges
Bridging the gap between CEX and DEX platforms, hybrid exchanges combine the benefits of both. These exchanges offer the security and decentralization of DEX platforms while maintaining the liquidity and user experience of CEX platforms. By integrating the strengths of both types, hybrid exchanges provide a balanced approach, catering to users seeking a secure yet accessible trading environment.
Understanding these types of exchanges helps you choose the one that aligns best with your needs and trading preferences.
How Crypto Exchanges Work
Understanding how crypto exchanges operate is crucial for effectively navigating the platform and making informed decisions.
Account Registration
To start using a crypto exchange, the first step is account registration. This typically involves providing personal information, creating login credentials, and setting up security features like two-factor authentication (2FA). Most exchanges require compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations to prevent fraud and ensure legal compliance, meaning users must verify their identity before trading.
Deposits and Withdrawals
Once registered, users can deposit funds into their exchange account. This can be done using fiat currency or transferring cryptocurrency from an external crypto wallet. Understanding wallet addresses is key—these are unique identifiers used to send and receive crypto securely. When withdrawing funds, it’s important to double-check these addresses to avoid errors. Additionally, enabling security features, such as 2FA, is essential to safeguard your assets.
Trading on a Crypto Exchange
With funds in your account, you can start trading. Crypto exchanges offer various types of trading, including:
- spot trading;
- margin trading;
- futures.
Spot trading involves buying or selling cryptocurrencies for immediate delivery, while margin trading allows users to trade with borrowed funds, increasing potential profits but also risks. Futures trading involves contracts to buy or sell assets at a future date. Understanding trading pairs—like BTC and ETH—and how to execute different orders, such as market orders, limit orders, and stop-loss orders, is crucial for managing your trades effectively.
Key Features to Look for in a Crypto Exchange
Choosing the right crypto exchange involves evaluating several key features that can significantly impact your trading experience.
Security Measures
Security is paramount when selecting a crypto exchange. Essential features include two-factor authentication (2FA), cold storage for storing assets offline, and encryption to protect sensitive data. These measures help safeguard your funds and personal information from potential threats.
User Interface and Experience
A user-friendly interface is crucial, especially for beginners. A well-designed platform should be intuitive, easy to navigate, and provide clear access to trading tools and account management features. This ensures a smooth and efficient trading experience.
Fees and Charges
Understanding the fee structure of an exchange is vital. This includes trading fees, withdrawal fees, and deposit fees. Fees can vary widely between exchanges, so it’s important to compare them to find the most cost-effective option for your needs.
Liquidity
Liquidity refers to how easily an asset can be bought or sold without affecting its price. High liquidity on an exchange means quicker transactions and more stable prices, which is essential for active traders.
Customer Support
Reliable customer support can make a significant difference, particularly in resolving issues quickly. Look for exchanges that offer responsive and helpful support through multiple channels, such as live chat, email, or phone.
Supported Cryptocurrencies
Before choosing an exchange, check the list of supported cryptocurrencies to ensure it offers the assets you want to trade. Additionally, consider emerging new crypto exchanges that may provide unique or niche cryptocurrencies not available on more established platforms.
Pros and Cons of Using Crypto Exchanges
Using crypto exchanges offers numerous benefits, but it also comes with potential risks. Here’s a breakdown of the main advantages and disadvantages:
Advantages
- Accessibility and Convenience: Crypto exchanges provide a user-friendly platform for trading digital assets, making it easy for users to buy, sell, and manage their cryptocurrencies from anywhere.
- Wide Range of Cryptocurrencies and Trading Options: Exchanges offer access to a diverse selection of cryptocurrencies and various trading pairs, catering to different investment strategies and preferences.
- Potential for Profit: Engaging in crypto trading can offer significant profit opportunities, especially with price fluctuations and market trends.
- AI-Powered Cryptocurrencies: Advanced AI-powered cryptocurrencies can enhance trading strategies by utilizing predictive analytics and automated decision-making, offering more sophisticated trading opportunities.
Disadvantages
- Security Risks: Centralized exchanges are susceptible to security breaches and hacks, which can lead to significant financial losses and compromised personal information.
- High Volatility: The cryptocurrency market is highly volatile, which can result in substantial financial losses due to sudden price swings.
- Regulatory Concerns: Regulatory issues can impact exchanges and users, including potential legal implications and compliance requirements that vary by jurisdiction.
How to Choose the Right Crypto Exchange for You
Assessing Your Trading Needs
Before selecting an exchange, consider your investment goals. Determine whether you’re interested in long-term investment strategies or more active trading. Your objectives will influence which exchange features are most important to you.
Researching Exchange Reputation
Thoroughly investigate the reputation of potential exchanges. Read user reviews and consider industry recognition. Pay attention to factors such as security history, customer support quality, and overall user satisfaction. A well-regarded exchange is crucial for a positive trading experience.
Testing the Platform
Once you’ve narrowed down your options, test the exchange with a small investment. This allows you to evaluate the platform’s functionality, user interface, and trading process without significant financial risk. Use this opportunity to ensure the exchange meets your needs before committing larger sums.
Conclusion
Crypto exchanges are essential platforms for anyone venturing into the world of digital assets. By understanding the types of exchanges, their features, and the pros and cons of using them, you can make an informed decision that aligns with your trading goals and risk tolerance.
As you begin your cryptocurrency journey, remember to prioritize security, research thoroughly, and start small. The crypto market offers exciting opportunities but comes with risks. Approach it with knowledge and caution, and stay informed about new developments like AI-powered cryptocurrencies.
Choosing the right exchange is a crucial step in your crypto journey. With the right platform and a clear strategy, you’ll be well-equipped to navigate this dynamic and potentially rewarding financial landscape.
Bitcoin (BTC) is facing potential downward pressure ahead of the upcoming United States Federal Reserve interest rate decision on Sept. 18, after slipping below the crucial $60,000 support level.
The pending decision may lead to heightened price volatility for the pioneer cryptocurrency, depending on the outcome. Bitfinex analysts shared with Cointelegraph:
“Depending on whether the rate cut is 25 basis points or 50 basis points, market behavior could swing between bullish optimism and cautious de-risking in response to major macroeconomic adjustments. This expected volatility might be reflected in flows across ETFs and perpetual markets, which are likely to exhibit increased fluctuations.”
This forecast comes as the Federal Reserve is anticipated to announce its first rate cut since the onset of the COVID-19 pandemic.
More analysts are increasingly predicting a Bitcoin breakout in October, potentially spurred by the Fed’s interest rate cut.
Bitcoin climbed back above the $60,000 psychological mark on Sept. 14 for the first time since Aug. 30, but it soon relinquished this key support level.
However, the recent price activity suggests that Bitcoin may have already reached its floor. Bitfinex’s analysts explained:
“Our earlier view that Bitcoin’s dip to $52,756 on Sept. 6 might represent a potential local bottom has been substantiated. Prices have subsequently increased by over 15 percent, supported by a significant uptick in Bitcoin ETF net inflows of $403.9 million over the past week.”
Worried about falling victim to cryptocurrency scams? It’s a valid concern, especially with investment fraud on the rise. Scammers are getting craftier, often using social media to lure in unsuspecting victims.
But there’s no need to worry excessively – there are ways to protect yourself and your digital assets. I’ve researched and uncovered some key strategies to spot scams, safeguard your crypto investments, and report fraud if it does happen.
In this blog, I’ll guide you through simple steps to help secure your hard-earned digital wealth. So take a deep breath, grab a cup of coffee, and let’s explore how to outsmart those sneaky fraudsters together.
Key Takeaways
- Phishing attempts, fake investment platforms, and social media tricks are common crypto scams to watch out for.
- Use trusted wallets and exchanges with strong security measures to protect your digital assets.
- Enable multi-factor authentication on all crypto accounts to prevent unauthorized access.
- Report suspected scams quickly to authorities like the FTC, FBI, and state attorney general offices.
- Stay informed about new fraud tactics by following official alerts from government agencies.
Recognizing Common Cryptocurrency Scams
I’ve seen many crypto scams in my time. Knowing how to spot them is key to keeping your money safe.
Phishing AttemptsPhishing attempts are a major threat in the crypto world. I’ve seen countless traders fall victim to these deceptive tactics. Here’s what you need to know about phishing attempts in cryptocurrency:
- Email scams: Fraudsters send emails that look like they’re from legit crypto exchanges. They ask for login details or private keys. Never click links or share sensitive info from unsolicited emails.
- Fake websites: Scammers create sites that mimic real crypto platforms. They often have URLs with slight misspellings. Always double-check web addresses before entering any data.
- Social media tricks: Con artists pose as crypto influencers or companies on social platforms. They promise huge returns or free coins. Don’t trust unsolicited messages or too-good-to-be-true offers.
- Malicious apps: Some fake apps in app stores steal user data or funds. Only download apps from official sources and read reviews carefully.
- Phone scams: Criminals may call pretending to be from crypto support teams. They’ll ask for account info or remote access. Hang up and contact the company directly through official channels.
- Clipboard hijacking: This malware changes copied wallet addresses to the scammer’s address. Always verify addresses before sending crypto.
Fake Investment Platforms
Fake investment platforms pose a serious threat to cryptocurrency traders. I’ve encountered numerous deceptive schemes that promise high returns but are designed to steal funds.
- Cloned firms: These scammers copy legitimate companies’ websites and documents. They use fake reviews to seem trustworthy.
- Recovery room scams: Fraudsters contact past victims, offering to recover lost money. They ask for upfront fees but never deliver.
- Urgent investment pitches: Scammers often create a false sense of urgency. They pressure traders to invest quickly before “missing out.”
- Unsolicited contacts: Be wary of unexpected investment offers. Legitimate firms don’t usually reach out this way.
- Withdrawal restrictions: Many fake platforms make it hard to withdraw funds. They may claim “technical issues” or demand extra fees.
- Guaranteed profits: No investment can promise certain returns. Claims of risk-free, high-yield opportunities are red flags.
- Impersonation tactics: Scammers may pretend to be well-known firms or individuals. They use this false credibility to gain trust.
- Fake cryptocurrency transfers: Some scams involve requests to send crypto for various reasons. These often come from online “love interests.”
- Misleading ads: Fraudulent platforms often use flashy, unrealistic ads. They may feature fake celebrity endorsements or success stories.
- Bogus documentation: Scammers create fake legal papers and licenses. These documents seem real but don’t hold up under scrutiny.
Steps to Safeguard Your Cryptocurrency Investments
I’ll show you how to protect your crypto investments. These steps will help you avoid scams and keep your digital assets safe.
Use Trusted Wallets and Exchanges
I always use reliable wallets and exchanges to protect my cryptocurrency investments. My digital assets aren’t backed by the government, so I take extra care. I choose secure wallets with alphanumeric addresses to store my coins and tokens safely.
For buying and selling, I stick to well-known exchanges that have strong security measures in place. These platforms often offer features like multi-factor authentication, which adds an extra layer of protection to my account.
My experience has taught me the importance of researching before picking a wallet or exchange. I check if they’re licensed and have a good track record. I also make sure they support the specific cryptocurrencies I want to trade or hold.
By using reliable services, I reduce the risk of falling victim to scams or hacks. This approach helps me safeguard my virtual currency holdings and ensures the safety of my blockchain transactions.
Enable Multi-Factor Authentication
After setting up trusted wallets and exchanges, I focus on enabling multi-factor authentication (MFA) for all my crypto accounts. This extra layer of security is crucial in protecting my digital assets.
MFA requires me to provide two or more pieces of evidence to verify my identity before accessing my accounts.
I’ve learned that cryptocurrency transactions are irreversible, so preventing unauthorized access is vital. By using MFA, I significantly reduce the risk of phishing attempts and unauthorized logins.
I always use a combination of something I know (like a password) and something I have (like a phone for SMS codes or an authenticator app). This strategy has helped me safeguard my investments and avoid falling victim to scams that create false urgency to send cryptocurrency.
Multi-factor authentication is like adding an extra lock to your digital vault. It’s a small step that makes a big difference in securing your crypto investments.
Reporting Cryptocurrency Scams
I know how crucial it is to report cryptocurrency scams. Quick action can help stop scammers and protect others from falling victim.
Contact Authorities and Crypto Fraud Help Lines
I’ve learned the hard way that reporting crypto scams is crucial. Here’s how I contact authorities and use crypto fraud help lines when I suspect foul play:
- File a report with the FTC: I go to ReportFraud.ftc.gov to file a detailed complaint. The FTC uses these reports to investigate and stop scams.
- Contact my state’s attorney general: I reach out to my state AG’s office, as they often have dedicated units for crypto fraud.
- Report to the FBI’s Internet Crime Complaint Center (IC3): I submit a report at IC3.gov, which helps law enforcement track cyber crime trends.
- Use the Cryptocurrency Fraud Hotline: I call 1-800-CALL-FBI to speak with agents who specialize in digital currency fraud.
- Alert my crypto exchange: I notify my exchange’s security team about suspicious activity on my account.
- Document everything: I keep records of all transactions, communications, and screenshots related to the suspected scam.
- Check official government websites: I verify information on .gov sites, which are more secure and end in .gov or .mil.
- Use secure connections: I ensure I’m on HTTPS:// sites when sharing sensitive info about the scam.
- Stay updated on recent scams: I follow FTC alerts, like the August 26, 2024 settlement with Care.com, to stay informed about new fraud tactics.
Conclusion: Staying Vigilant and Informed
Staying alert is key to protecting your crypto investments. I always double-check before making any moves in the digital currency world. Learning about new scams helps me spot red flags quickly.
I keep my assets safe by using trusted wallets and exchanges. With care and knowledge, I can enjoy the benefits of cryptocurrency while avoiding fraud.
Pepe Cuts Rates could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Pepe Cuts Rates (PEPERATE), a new Solana memecoin that was launched today, is poised to explode over 17,000% in price in the coming days.
This is because PEPERATE is set to soon be listed on numerous crypto exchanges, according to reports.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
PEPERATE was launched ahead of the FOMC meeting on 18 September, during which the Federal Reserve is almost guaranteed to announce interest rate cuts.
Currently, Pepe Cuts Rates can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Pepe Cuts Rates could become the next viral memecoin.
Pepe Cuts Rates launched with over $7,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Pepe Cuts Rates on Raydium.io or Jup.ag ahead of the CEX listings, you need to connect your Solflare, MetaMask or Phantom wallet, and swap Solana for Pepe Cuts Rates by entering its contract address – HdFzVLYaQSv9LoC6vkzPuUJSHC5XTddsCuqW8a7gK2iw – in the receiving field.
If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like PEPERATE.
Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
Trump vs China could turn early investors into multi-millionaires, like other memecoins, such as Shiba Inu (SHIB) and Dogecoin (DOGE), did.
Trump vs China (TRUMPCHI), a Solana memecoin launched today, is set to explode over 12,000% in price in the coming days.
This is because TRUMPCHI is set to soon be listed on numerous crypto exchanges, according to reports.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and cause its price to rally, which will benefit investors who buy before these new exchange listings.
Currently, Trump vs China can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Trump vs China could become the next viral memecoin.
Trump vs China launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Trump vs China on Raydium.io or Jup.ag ahead of the CEX listings, you need to connect your Solflare, MetaMask or Phantom wallet, and swap Solana for Trump vs China by entering its contract address – AbW2Bt7D41smj93d2PwaQp5HKu1BzNc8X643aJ6GBEUH – in the receiving field.
If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like TRUMPCHI.
Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
Daddy Elon could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Daddy Elon (DADDELON), a new Solana memecoin that was launched recently, is poised to explode over 19,000% in price in the coming days.
This is because DADDELON is set to soon be listed on numerous crypto exchanges, according to reports.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Daddy Elon can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Daddy Elon could become the next viral memecoin.
Daddy Elon launched with over $8,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Daddy Elon on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Daddy Elon by entering its contract address – FJhFLcgdxPr47QogtQ8jSdB7Vk9ziciCuVsj9mEibqNB – in the receiving field.
If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like DADDELON.
Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
Beacon, a prominent web3 accelerator program founded by Polygon co-founder Sandeep Nailwal in 2022, has announced the launch of its fourth and most ambitious cohort yet. This new batch includes 17 cutting-edge companies, marking a notable expansion from previous groups.
These companies, selected from pre-seed to Series A stages, hail from diverse sectors within web3, such as DeFi, infrastructure, and AI. Notable participants include Stakestone, EXO, Nubit, Aligned Layer, and eoracle, with several already backed by major VCs like Pantera, Founders Fund, Framework, and Andreessen Horowitz (a16z).
“We’re thrilled to welcome our largest and most diverse cohort so far,” Sandeep Nailwal expressed. “The caliber of companies joining us in the latest program is truly exceptional, and we’re excited to see how, with the aid of our mentorship and resources, they’ll go on to shape the future of web3 and beyond.”
The launch follows the successful graduation of Beacon’s S23 cohort, which included standout companies like scalable data availability layer 0G and verifiable oracle protocol ORA, both achieving unicorn status post-graduation. Success stories from this cohort have set high expectations for the new entrants, especially given their strong backgrounds and early achievements.
Aligned Layer and Nubit, two of the cohort members, have already raised significant Series A funding rounds of $20 million and $12 million respectively. This cohort’s potential is further underscored by the innovative projects these companies are bringing to the table:
- Aligned Layer is enhancing Ethereum’s efficiency with its decentralized network.
- EXO enables individuals to run personal AI clusters using everyday devices.
- Nubit is focusing on scaling Bitcoin’s data capacities to support applications like Ordinals and Layer 2 solutions.
Beacon’s three-month biannual program provides startups with critical mentorship, resources, and capital, aiming to propel their growth and establish them as leaders in the web3 space. “With the level of talent and innovation we’re witnessing in this new group, we are entirely confident that they can emulate, if not surpass, their predecessors,” Nailwal concluded, highlighting the program’s role as a catalyst in the web3 innovation landscape.
Analysts project that the spot price of Ether (ETH) could soar to between $12,000 and $22,000 by the end of this decade, with optimistic scenarios laid out by cryptocurrency brokerage StoneX Digital and asset manager VanEck.
Matthew Sigel, head of digital asset research at VanEck, forecasts that the Ethereum network could generate as much as $66 billion in annual free cash flow by 2030, potentially elevating the price of ETH to around $22,000 per token. On the shorter-term horizon, David Kroger, a data scientist at StoneX, anticipates ETH prices reaching approximately $4,600 within the next 18 months. However, Kroger suggests an even higher potential of around $12,621, citing significant upcoming technological advancements in Ethereum, as discussed during a StoneX panel on September 10.
The bullish estimates are rooted in the anticipated accrual of value to ETH holders from transaction fees as Ethereum increasingly processes a larger share of global transactions. Sigel pointed out Ethereum’s already significant transaction volume, stating, “Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually. So this is far bigger than PayPal and is beginning to approach networks like Visa.”
Since its inception in 2015, Ethereum has accumulated $3 billion in fees (denominated in ETH), according to Sigel. Additional value accrual mechanisms for ETH include the “burning” of a portion of transaction fees—permanently removing them from circulation—and issuing new ETH to reward stakers who secure the network by posting ETH as collateral.
Despite a recent sharp decline in revenue following the network’s March Dencun upgrade—which cut transaction fees by about 95%—Sigel remains optimistic about Ethereum’s recovery prospects in the latter half of the year. “There wasn’t enough volume to make up for the fee decline, so investors have become less constructive about the chain,” Sigel explained. “Ethereum still has some levers it can pull to recover value […] That’s what we’re looking at for the second half of the year.”
Additionally, the broader appeal of Ethereum is linked to a growing global demand for decentralized solutions, as Kroger highlighted, especially outside the United States due to diminishing trust in centralized institutions and the credibility of the US dollar.
X has been banned in Brazil. The French government has charged Telegram’s founder with some pretty outrageous crimes. Decentralized social platforms are what the world needs right now — more than DeFi and more than RWAs.
The blockchain and social media landscapes are on the cusp of a major transformation, thanks to LUKSO’s newest innovation — the Universal Follower System.
This feature, announced recently, promises to unify social connections across decentralized platforms, offering a seamless follower experience like never before.
Introduction to LUKSO’s New Universal Follower System
LUKSO, an L1 EVM-based blockchain, has always been at the forefront of integrating blockchain technology with social, creative, and cultural use cases.
Now, with the Universal Follower System, they are taking a massive step toward changing how users connect and interact online. This latest innovation solidifies LUKSO’s role in the ecosystem and sets a new standard for digital identity and social interactions.
How It Works
At its core, the Universal Follower System is a smart contract-based solution designed to create a unified follower registry across various decentralized applications (dApps).
Unlike traditional social media platforms where followers are siloed within each app, LUKSO’s system allows users to retain their followers across multiple platforms. If two users follow each other on one dApp, their connection is preserved across other dApps in the LUKSO ecosystem.
The technical aspects of this system are rooted in blockchain tech, keeping follower data secure, transparent, and immutable. By recording all follower interactions on-chain, LUKSO guarantees that users have full control over their social connections, free from the constraints of centralized platforms.
Unique Features and Use Cases
The Universal Follower System boasts several unique features that set it apart from traditional follower mechanisms:
- Automated Actions: The system supports automated actions like follow notifications, ensuring users are always informed about their social interactions.
- Customization Options: Users can customize their follower interactions based on specific criteria, tailoring their social experience to their preferences.
- Versatile Applications: From social networking to professional connections, the follower system can be applied across a wide range of use cases, making it a versatile tool for various online interactions.
The system has the potential to redefine how we perceive and manage our social connections in a decentralized world.
Why Blockchain?
LUKSO is a next-generation EVM Layer-1 blockchain designed to revamp social, creative, and cultural domains. The platform unlocks unprecedented opportunities for dApps and on-chain experiences using new smart contract standards.
The introduction of the Universal Follower System aligns perfectly with LUKSO’s mission to transform how people interact with blockchain technology.
Through these initiatives, LUKSO is paving the way for a more inclusive and user-centric blockchain ecosystem.
Universal Profiles
Central to LUKSO’s vision is the concept of Universal Profiles, based on the ERC 725 standard. Introduced by Fabian Vogelsteller in 2017. ERC 725 allows for the creation of smart contract accounts that can hold any information and be controlled by multiple private keys.
LUKSO’s Universal Profile is the first fully standardized smart contract account. It is a multi-functional profile that works across websites, social accounts, and blockchain wallets. This user-centric design ensures that individuals have complete control over their digital identity, making online interactions more secure and personalized.
Deploying and Using Universal Profiles
Deploying a Universal Profile on LUKSO is a straightforward process. Here’s a step-by-step guide:
- Create a Profile: Visit the LUKSO platform and create your Universal Profile by entering basic information and uploading a profile picture.
- Customize the Profile: Add tags, links, and other details to personalize the profile. Set up control of the account on multiple devices with different permissions.
- Connect with Others: Follow other users and build a personalized social network across various dApps in the LUKSO ecosystem.
By deploying and using Universal Profiles, users can enhance their digital presence and make online interactions more meaningful and secure.
Decentralization Is the Foundation for the Future of Social Platforms
The introduction of the Universal Follower System and Universal Profiles has far-reaching implications for the future of social media, blockchain adoption, and digital identity. The platform will create a more interconnected and user-centric digital ecosystem where individuals have full control over social connections and online interactions.
LUKSO’s Universal Follower System will change social media. By offering a unified follower experience across decentralized platforms, LUKSO is setting a new standard for digital identity and social interactions.
For those looking to stay ahead of the curve, now is the time to get involved with LUKSO and experience the future of digital identity firsthand.
Cryptocurrency investment is widely spread across the globe. Individuals have found this form of investing rewarding and bearing more profits. One of the most famous crypto investments is by using Bitcoins. However, you will need an ATM for your Bitcoin transactions. These ATMs are not very common, so you will need to research to locate one. Here are some ways one can locate a Bitcoin ATM Near You.
Use a Website
Some websites are specifically designed for bitcoins. These websites have an ATM locator that is specifically set to locate Bitcoin ATMs near you. You may look for an ATM by keying in your zip code, city, or state. This tool will show you the closest Bitcoin ATM near your location. They provide details and features of each ATM available. This is one of the most used methods of locating Bitcoin ATMs across the universe.
Use Mobile Apps
Locating Bitcoin ATMs can be done by several smartphone applications. They have functions that allow users to locate ATMs around them based on their current locations. Some of these apps include Bitcoin. Com and Wallet App. To find a Bitcoin ATM around with ease, install these apps on your smartphone.
Google Maps
You can find a Bitcoin ATM in your location by using Google Maps. You only need to type this keyword into Google Maps. It will then show a list of ATMs that are closer to your location. You get to know the map of nearby Bitcoin ATMs, making your search easy and saving you time. Once you get this information, click on the specific location to get more details about the Bitcoin ATMs available.
Cryptocurrency Exchange Websites
Most of the existing cryptocurrency websites provide a feature that locates Bitcoin ATMs. Users who would like to make transactions can find the ATM listing on the website. This is an easier way to get the map of the nearest Bitcoin ATM around them. When using these websites, ensure that you use a reputable and reliable website. When you get the details about the website, verify them through other sources.
Social Media
You can find a lot of information using your social media platforms. To get more information on ATMs around you. Follow pages from your social media that provide relevant information on Bitcoin ATMs. Follow communities and groups that are purely dedicated to cryptocurrency content.
Online Directories
Another method of locating an ATM is by using online directories. Most online directories provide a list of Bitcoin ATMs and where you can find an ATM near you. You only need to enter your location on any of the available sites and get an ATM location near you.
Bitcoins ATMs allow users to buy and sell bitcoins instantly. Finding one can be a hard task since these ATMs can not be found everywhere. If you are looking for an ATM nearby, use the above information for easy detection of an ATM. You can either choose to use a website, a mobile app, Google Maps, cryptocurrency Exchange Websites, or social media platforms.