[Suggestion] Getting People to Use the Blockchain Without Realizing It Is the Best Way to Bring Mass Adoption!
With the way cryptocurrencies are right now, it seems that the entire market is taking an "investment first" approach, and holding coins as a part of their "portfolio" instead of actually using them to spend on goods and services (as cash). When most people think of Bitcoin, they think of it as an "investment" or "digital gold", and this incentivizes them to hold their coins rather than use them. It encourages low velocity of money which is bad for the security of the network. As the block reward goes to 0, transaction fees are needed to support the miners. With the investment approach to blockchains and cryptocurrency, it seems like the peer-to-peer cash use-case of crypto has more or less 'vanished'. This made me think about how the cash use-case could potentially come back in cryptocurrency, and it gave me an idea: make people use Bitcoin Cash as peer-to-peer cash without realizing it. I looked through some old posts in btc and a post by reddit user singularity87 stood out to me: making the standard denomination "bits" to refer to 1/1,000,000th of a BCH, and changing the ticker to "BIT". While I don't agree with the ticker, I think the idea of having the standard denomination changed to bits is a great idea for the use-cases of apps. This can technically be integrated seamlessly is a way where people don't know they're using BCH, but they're using it. An example would be a social media website, similar to read.cash or member.cash, but everything is denominated in bits, including tipping and wallet balances. With the value of a "bit" being small, people will not really think of it as an investment, but rather "internet change" or "tokens". This will incentivize them to spend their coins on tipping and subsidize fees on the network. When they receive their bits, they are free to withdraw them, and cash out using many nethods such as "PayPal", "Zelle", "Venmo", or "CashApp". The experience should be sealmess, so that people are incentivized to use the app, and it creates a stronger fiat on-ramp. If a user wants to withdraw their bits, they can download a wallet app that stores bits. When opening the wallet app, they register a cash account and can send to other cash accounts, which is far more intuitive than the current address formats. It would be similar to adding someone on facebook, where the is a search engine that shows results as you enter the cash account names. On top of this, I think it would be nice to give users the choice to pay fees in percentage (to support the network), or pay by transaction size.
Axion - A Global Currency, Built To Serve The People
What is Axion? Per Axion's website:
AXION is the answer to our global financial markets that are on the brink of disaster. The original solution to this impending collapse was Bitcoin, a decentralized peer-to-peer currency. However, since its inception, certain aspects of Bitcoin, such as lack of speed and high fees, have shifted Bitcoin into more of a store-of-value than a currency. Axion is the currency to address that. With a high-interest time-locked savings account, Participants in the Axion Network are rewarded daily.
Rewards people, not the corporate elite
Global & Scalable
How is AXION distributed?
Anyone holding Hex2T (pre-sale) tokens will receive AXION at a rate of 1:1
Hex holders will also receive AXION 1:1, limited at 10M AXION tokens. Hex holders will also be auto-locked for a year, with 2% releasing weekly. More details can be found in the whitepaper. If Hex holders do not claim their AXION tokens, they will become available for purchase in the Daily Auction every week.
The Daily Auction
Putting Tokens and Value into your pocket.
To get Axion, it needs to be claimed by Hex & Hex2T holders, the longer they wait to claim, the more penalties they face. About 2% of their total per week. This 2% is added into a daily auction pool where people can bid using ETH on the Axion tokens within it. If you bid 10% of the ETH on that day, you get 10% of the pool rewards. 80% of the ETH paid in the auction is then used to hyperdrive both the Axion token and the stakers earnings. First, the ETH is used to purchase the tokens, boosting the token price, and then those tokens are distributed to stakers, creating a very strong positive feedback loop.
Axion is on the path to becoming the ideal global currency.
For the first time in history, inflation is increasing the purchasing power of the people within the network. Axion has partnerships lined up to be integrated in online and in-person payment solutions, where you can pay for nearly everything in your every-day life using Axion. The merchants can accept FIAT (converted from Axion), or Axion itself. This is a global movement.
Axion: Built to Scale
500 Billion Initial Total Supply 1:1 Freeclaim ratio for Hex2T and Hex holders 80% of ETH Earned in auctions is used to buy back tokens 8% Annual inflation that goes Directly to stakers 100% of all purchased tokens Are distributed to stakers No Auto-Stake For hex2t holders 100% autostake for hex holders
How to buy:
**Video Tutorials:**Metamask Install – https://www.youtube.com/watch?v=htyEeKNHX5ABuy/Sell Axion (HEX2T) – https://www.youtube.com/watch?v=vYZBOkHIM5k How Do I Buy Axion (HEX2T)? Step One: Purchase Ethereum from your exchange of choice (Coinbase, Binance, etc). You can also purchase Ethereum through Metamask and have it sent directly to your Metamask wallet (More details on this in Step Three). If buying through Coinbase, you’ll have the option to use a linked bank account or a debit card. Funds purchased via linked bank account will have a hold period while the bank transaction clears, funds purchased via debit card will be available for use instantly. Step Two: Install the Metamask desktop browser extension and set up your Ethereum Wallet. You may also install the Metamask app on your Android smartphone and follow the same set up process in the linked video. (Apologies iOS users, the iOS Metamask app has restrictions that disable necessary features, you’ll have to use the desktop browser extension) Step Three: Once you have your Metamask wallet set up and your seed words properly saved, it’s time to deposit Ethereum to your wallet. – If you’ve purchased Ethereum on an exchange such as Coinbase or Binance, you’ll have to copy your wallet address from Metamask and withdraw the Ethereum from the exchange to your Metamask wallet address that you just copied. Be sure to check the wallet address multiple times before sending as transactions can not be reversed. – If you’d like to purchase Ethereum directly through Metamask, you can do so using the Wyre fiat gateway that is integrated into Metamask. Step Four: Now that you have Ethereum in your Metamask wallet, you can head over to our listing on the Uniswap Exchange to purchase Axion (HEX2T). We recommend using Fast GAS to speed up your transactions. You may also have to click on the gear icon in the top right on Uniswap to adjust your slippage limit when buying larger amounts. – If using the Metamask app on Android, you’ll have to access the in-app browser through the menu (three bars top left of app) and paste the provided link. – You will see a “From” input that should have ETH as the selected currency pointing to a “To (estimated)” output that should have HEX2T as the selected currency. The “From” input is the amount of Ethereum you will be spending and the “To (estimated)” output is the amount of HEX2T that you will receive for that amount of Ethereum. – Once you enter the amount of Ethereum you’d like to spend, the button at the bottom of the page should say “Approve”. This “Approve” function allows the exchange to access Ethereum in your wallet, which is necessary to complete this transaction. You’ll click the “Approve” button and the exchange will send a transaction to your wallet, which you will have to confirm. Wait for that Approve transaction to clear and once it does the button should change from “Approve” to “Swap”. – Now that you’ve given the exchange permission to use the Ethereum in your wallet, you can click the “Swap” button. This will send another transaction to your wallet that you’ll have to confirm. Once that transaction clears, you’ll have successfully purchased HEX2T with Ethereum! Side Note: If you can’t see the HEX2T that you’ve purchased in your Metamask wallet’s Asset list, you’ll have to add the token to your Asset list. At the bottom of the Asset list you will see an “Add Token” button, click on that and you’ll see a “Search” and a “Custom Token” tab. Click on the “Custom Token” tab and paste the following address (0xed1199093b1abd07a368dd1c0cdc77d8517ba2a0) into the “Custom Token Address” field, the rest of the info should auto-fill. Then click the “Next” button in the bottom right, and it should display your HEX2T balance, click the “Add Tokens” button and you should now see your HEX2T in your Asset list. **How Do I Sell Axion (HEX2T)?**To sell Axion (HEX2T), you essentially do the inverse of what you did to purchase it.Step One: Head over to Uniswap Exchange and click on ETH in the “From” input, a drop down list will appear and you’ll select HEX2T. In the “To (estimated)” output, click on “Select a Token” and select ETH. To clarify, if you want to sell, HEX2T should be on top, ETH should be on bottom. Step Two: Enter the amount of HEX2T you’d like to sell in the “From” input, the button at the bottom of the page should say “Approve”. This “Approve” function allows the exchange to access HEX2T in your wallet, which is necessary to complete this transaction. You’ll click the “Approve” button and the exchange will send a transaction to your wallet, which you will have to confirm. Wait for that Approve transaction to clear and once it does the button should change from “Approve” to “Swap”. – Now that you’ve given the exchange permission to use the HEX2T in your wallet, you can click the “Swap” button. This will send another transaction to your wallet that you’ll have to confirm. Once that transaction clears, you’ll have successfully sold HEX2T for Ethereum! If at any point you feel that you need help in this process, please do not hesitate to join our fast growingDiscordorTelegram.Once you’re in either of those communities you’ll be able to ask an admin or moderator for assistance.
Their legal proposal is 95% complete, per their Discord announcement - and most likely be finished in the coming days.
Dragonchain Great Reddit Scaling Bake-Off Public Proposal
Dragonchain Public Proposal TL;DR:
Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and postsper Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625. Watch Joe walk through the entire proposal and answer questions onYouTube. This proposal is also available on the Dragonchain blog.
Hello Reddit and Ethereum community!
I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale. For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube. We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
Response and PoC
In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks. 24 hours in 4 minutes (YouTube): 24 hours in 4 minutes The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period. Tooling to reproduce our demo is available here: https://github.com/dragonchain/spirit-bomb
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired. Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity. TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block. TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain. With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times. We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment. Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Flexibility in Scaling
Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems. We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
LBRY - To allow users to deploy content natively to LBRY
MakerDAO to allow users to lend small amounts backed by their Reddit community points.
STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction. Dragonchain Fees Table
How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node. Getting started is easy...
Download Dragonchain’s dctl
Input three commands into a terminal
Build an image
More information can be found in our Get started documents.
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain. Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain. After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks. Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.
Costs and resources
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD. For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments. Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users. Over a 5 day period, your scaling PoC should be able to handle: *100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes. Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum. Reddit Scaling on Ethereum
Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
Operational on-premises capabilities
Operational deployment to any datacenter
Over 700 independent Community Verification Nodes with proof of ownership
Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)
Usability Scaling solutions should have a simple end user experience.
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node. Examples:
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users. All of Reddit's Transactions on Blockchain (month) Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees. Reddit Internal Token Transaction Fees Reddit Ethereum Token Transaction Fees When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
In a combination of the above, customers could cover aggregated fees.
Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.
Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here. Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here. In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here. A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible APIs should be well documented and stable
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected. Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR. Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus points Public, third-party implementation review available or in progress
Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).
Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
Disney Releases Blockchain Platform as Open Source
The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group. https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html
In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney. Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
Obtain VP support and approval for the release
Verify ownership of the software to be released
Verify that no proprietary content would be released
Convince the organization that there was a value to the open source community
Convince the organization that there was a value to Disney
Offer the plan for ongoing maintenance of the project outside of Disney
Itemize competing projects
Verify no conflict of interest
Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
Obtain legal approval
Approval from corporate, parks, and other business units
Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
Trademark searches conducted for the selected name Dragonchain
Obtain IT security approval
Manual review of OSS components conducted
OWASP Dependency and Vulnerability Check Conducted
Obtain technical (software) approval
Offer management, process, and financial plans for the maintenance of the project.
Meet list of items to be addressed before release
Remove all Disney project references and scripts
Create a public distribution list for email communications
Remove Roets’ direct and internal contact information
Create public Slack channel and move from Disney slack channels
Create proper labels for issue tracking
Rename internal private Github repository
Add informative description to Github page
Expand README.md with more specific information
Add information beyond current “Blockchains are Magic”
Add getting started sections and info on cloning/forking the project
Add installation details
Add uninstall process
Add unit, functional, and integration test information
Detail how to contribute and get involved
Describe the git workflow that the project will use
Move to public, non-Disney git repository (Github or Bitbucket)
Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney. The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release. Original OSSRELASE-10 document
Common sites with HIGHEST payout and STABLE income << 04/10/2020 >>
This is a long post, but please try to read it all and select the most suitable one for you. When you see any sites with good payout and good potential, feel free to create a post. Also when you know site that is scam, please create a post to alert everyone as soon as possible. There're 4 main and common types of task you will encounter when using beermoney sites. You can use all the sites or just pick the most suitable type and site to work with. Using more than one site is recommended, as the number of tasks on one site is not high enough, and the tasks will not appear continuously.
I. MICRO-TASK (or Crowdsourcing task)
The task is vary from article assessment, information collection, search-query classification/answer relevance, taking or collecting photo/video, to object identification,... The number of tasks will increase as you complete tasks. Pros: - The number of tasks is higher and more stable than other type of beermoney. - The payout is appropriate to your time and effort. You can even make stable income with them. Cons: - Sometime you will need to pass the training test to access the task. - Your work may not be accepted if it does not meet the guideline. - It can be a little hard in the beginning, there're also not many tasks for you, but BE PATIENT, because they haven't been able to fully assess your ability yet. 1-Toloka Yandex: This is one of my favorite micro task sites, and is the first on the list when I make beermoney site suggestion. The tasks are mainly in English and Russian. They also have task in your mother language too, depend on your setting and location. Don't worry about the language, as you can easily have it to be translated with google translate extension or any translation site and the task is easy enough to understand. The minimum withdrawal is $0.02 if you request to withdrawal once a week, and it will be $1 if more than once a week. You can withdraw the money to PayPal, Payoneer, Skrill or papara. But to be able to withdraw with PayPal, you will need a verified PayPal account. Here are registration links: ref-link and no-ref 2-Clickworker: One of the most popular micro task sites, you can find many recommendations and good reputation about them. But to make the most if it, you will need to unlock UHRS, as describe here. You definitely shouldn't miss Clickworker and UHRS. Their payout rate is higher than Toloka, but be careful that you'll be considered as spam if you complete the task too fast. Depend on your location and language, you can earn a great amount of money here, the highest I've earned in 1 day is $35. You can receive payment to PayPal account with the minimum of €5. You can choose other payment methods too, like SEPA transfers and Transferwise. No need to say anymore, here are the links: ref-link and no-ref 3-Remotasks You will need to take part in training (which is quite hard and time-consuming) and pass the test to be able to access a large number of tasks here. The tasks are categorization, text highlighting, image annotation, semantic segmentation,... and well-known Lidar Annotation and Segmentation. Here are registration links: ref-link and no-ref NOTE FOR MICRO-TASK:
It's highly recommended to use all those sites, and maybe other sites if you want, because the tasks are not shown continuously.
Make sure to fully understand the guideline, as you will not be credited if you work fails to meet the requirement, which will waste your time and effort.
If you find any task with really low credit but require a lot of time and effort, don't do it. If the requester still be able to find worker, they will always offer that price. It's not worth your time, just going to other tasks or going to other sites to see if there're any available tasks for you.
II. OFFER WALL TASK
Another way to earn beermoney online is to complete Offer wall tasks. You will be asked to installing app on your smartphone, signing up, playing game and reaching determined level, or watching video,.... Doing survey can also be listed here, but it will be shown in separate section. There're many offer walls for you to choose, with different payout level. Usually each beermoney site will list many offer walls, one offer can appear in more than one site/wall, so make sure to surf around and compare the credit to find the best and highest payout wall/site for that offer. Pros: - Easy to do - Can complete offer many times if you have different kinds of phone (mostly Android and iOS), or using another phone as the tasks are listed on many different offer walls. - Can earn money while playing and relaxing, as mostly the offered apps are games. Some apps only requires you to install and open, make it really quick to have some beermoney. Cons: - The payout is not very high. Especially when that offer is going through many walls and sites to reach you. - Some offer take much time to complete. - The number of offers is not high enough to do daily. 1-RewardXP RewardXP has surpassed GG2U to become the highest payout site. They have leveling system, the higher level you reach, the more offer walls you can access and the more benefit you can get. With the minimum of $5, they provide a variety of withdrawal methods for you to choose, like PayPal, Amazon, Steam,... You definitely should try this site. Here are your registration links: ref-link and no-ref. Registration with referral link, you will be given a 5000XP (~$0.5) bonus. 2-GG2U: This is also my favorite site. Their paying rate is one of the highest in the market (if you find any other site which is higher, feel free to suggest :D THE HIGHEST ONE NOW is RewardXP, see above). Aside from installing and registering app, they also have many survey walls for you. The most attractive part is that they will give you $1 bonus right after signing up, and after 5 withdrawal requests, you will have a chance to earn up to $7 bonus. With bonus, it's hard to say which is better, RewardXP or GG2U. You can withdraw money to your PayPal account or Coinbase (crypto wallet), with the minimum of $7. Here are your links: ref-link and no-ref 3-Cointiply One of the most popular sites, with great community. They will pay you with cryptocurrency like Bitcoin or Doge. You will have many chances to earn coins, by doing offer walls task, rolling the faucet every 1 hour, testing your luck with multiplier or by activating in their really crowded chat room. You can also earn some coins by clicking Paid-to-click ads. Most of the time, those ads are from Cointiply user with their referral link embedded, so if you register sites when viewing those ads, they will earn some commission. You can try this strategy too :D With their mobile app, it will be much easier to do mobile offers. Make sure to check your email and mobile app to get the user-limited Promotion Codes regularly. Registration links: ref-link and no-ref 4-Swagbucks Sometime you can earn money by spending less. Swagbucks offers a big number of sites where you can receive cash back when you shop online. If you shop online a lot, it's worth to take a look Here are registration link for shopping: ref-link-shopping and no-ref-shopping Beside the cash back program, Swagbucks also provides offer wall, however the paying rate is not as high as site 1 and 2 above. Anyway, if you want to try, here're your registration links: ref-link and no-ref 5-EarnCrypto If you're into doing offer walls task and earning crypto currency, try this site too. Their paying rate is quite lower than above sites, but they have Data entry task, which is daily, for you to earn some coins. By ranking high on their daily leader board, you will be rewarded with a great amount of coins (can even be higher than your earning from doing the data entry task itself :D). There are many different kinds of crypto currency for you to select. Just take a look if you have time: ref-link and no-ref NOTE FOR OFFER WALL TASK:
Every offer wall has a place to track your activity history, like what offer you clicked, what offer you completed and did you receive credit or not. Every time you're about to do an offer, after entering that offer (usually when you click an offer, a small panel about what offer is appears, there will be a button name 'continue' or 'go to offer', after you click that button, you're entering the offer), make sure that offer appears in your history tab of that offer wall. This will enable you to request support in case you complete the offer and have not received credit yet. If it does not appear in the history list, you will not be credited for that offer, so try to click it again.
To find the history tab, after entering offer wall, you will need to find a button named 'My coin', 'My history', 'Support', or button with question mark,... That button should be easy to be found.
Try to surf around to find the offer wall and site having the highest paying rate for the offer, as the same offer will appear in many offer walls and sites.
When you're about to start to do an offer of installing app (especially game), try to read the comment in appstore/playstore to see whether the offer's requirements can be easily to fulfill or not. For example, the requirements are: 1. install game, 2. open it, 3. reach level 30; and you find some comment about cannot reach level 25, or it takes months to reach level 29, then skip that offer, it's not worth the try.
III. PAY TO SEARCH
You can earn nearly passive income from this type of task. They will give you some query, you will search with that query, entering determined site, leaving that site opened for couple of minutes. Pros: - It's super easy to do. - While leaving the site open, you can do any other thing you want, like doing some micro-tasks. - The paying rate is quite good, especially when you will not need to do much. Cons: - The number of queries is not very high. 1-SerpClix In order to receive more queries to search, make sure to leave the site open and allow the notification. Even though SerpClix recommends you to click on the page, don't do that, just using scrollbar. SerpClix will automatically navigate to sub page of that page. Another suggestion here is to install adblock extension, because SerpClix will ban you if you click on any ads on the page, so blocking them before hand is a good move. Here your registration links: ref-link and no-ref
Probably all offer walls have some kind of surveys there, some surveys are only available through offer walls, some have their own sites. By using their own sites will not guarantee that you will have higher payout though. Make sure to be honest when doing survey, despite the fact that you will sometime be disqualified from the survey. There's many reasons why you are disqualified, like because your job is not suitable, your demography is not their target, your answer is not persistent,... BE CAREFUL, they will keep track of you, even if you clear your cookie, so being dishonest can lead you to be banned from their sites. Again, BE HONEST, and there will be suitable surveys for you. There will be two types of survey for you: the first one is filling form and selecting answer from their suggestion, the second one is to talk with them directly or via Video call apps. The second one has much much higher earning but the requirement is also higher too. Pros: - Easy to do, just being honest - High payout, especially with the second type of survey. - Some survey only need 5 minutes to complete with good payout. Cons: - Some survey can take about 30 minutes to complete, so make sure that you have enough free time. - You will be disqualified if your information is not suitable to their survey's target. BUT ALWAYS BE HONEST. 1-SurveyTime One of the best sites out there, my favorite one. They will instantly send you $1 or $0.5 (depend on survey) to your PayPal or Coinbase account when you complete the survey, so no minimum required to withdrawal. The survey you will do here is the first type, filling in the form and selecting answer. You can register with SurveyTime through some offer walls, as they will give you some more coins when you complete the survey, but make sure to check their's conditions. Make sure to turn on Browser notification and Email notification so that you don't miss any survey. Registration links: no-ref 2-Respondent You will need a microphone and/or webcam (built-in or external) as the survey in Respondent is conducted via video calls, phone calls, in-person discussions. Of course, you will receive a huge credit for doing survey here, from $5 up-to $1000. This's a great deal, one successful survey can get you more credit than doing hundreds of micro-tasks. Don't miss this site. They will recommend suitable survey for you, but if you want to view all available survey, make sure to uncheck the 'Recommended' option in Filter panel. Here're your registration links: ref-link and no-ref NOTE FOR SURVEY TASK:
sometime, they will provide the must-select answer in the question to test if your attention. Make sure to read the question carefully. For example, the question is "Do you agree that 1 + 1 = 2? Select option [I do not agree] in the answer", if you select [I agree], you fail.
BE CAREFUL - BE HONEST
When you're doing the first type survey (filling form, selecting answer), be careful not to install any app, or download any thing, or upload your social data file when asked. In that case, just contact survey site support and report it.
It's better to use many different survey sites to maximum the number of surveys you receive.
Last word, BE PATIENT - earning online can be a little hard in the beginning. Feel free to share your experience when using beermoney sites (and your referral link too :D) or ask question about any beermoney sites by creating new post. Also creating new post when you know that any site is scam or becomes scam. P.S 1: In case you need a Crypto wallet, you can use Coinbase, registration links: ref-link and no-ref, or Binance ref-link and no-ref. You can read here for the comparison between Coibase and Binance P.S 2: You can add some email addresses to PayPal account, so you can use many email address to register to beermoney sites if you want P.S 3: If you're confident with your English, and have a computer, microphone and webcam, you can try Usertesting site, you will visit a website that requires you to test, talk about your experience of using that site Here is the link: no-ref
Was I phished.. Or? After downloading newest Electrum from official site.. help please!
Hello! Earlier today, before purchasing BTC online, I updated my electrum by downloading the newest version (4.0.3) from the official site (electrum.org - which was also the first result on Bing). When I clicked the "copy to clipboard" button for my receiving address, I noticed the address copied to my clipboard was different than the one displayed. I tried this a few different times with several different addresses with the same result. I figured that perhaps the address being displayed (not the one that was being copied to my clipboard) was perhaps just a bug or some sort of error, and that the address being copied to my clipboard HAD to be my address since it was coming from my wallet. But maybe I was wrong.. I proceeded to withdrawal the bitcoin from the site I purchased from, having the coin sent to the address that was being copied to my clipboard. Except this time, I didn't notice any coins being sent to my electrum wallet. I opened Electrum and under the addresses tab, searched for the address that was being copied to my clipboard via the "copy to clipboard" button I used under receiving addresses as previously mentioned, however there was no sign of the address in the addresses tab. And each time I would click the "copy to clipboard" button for receiving addresses, it would give me another address that was not listed under my addresses tab. This happened hours ago and I'm not sure what to do at this point. I'm not sure if I've somehow been phished, even using the official website, or if there's something I'm missing/overlooked. Whatever the case, I cant afford to lose the amount of money lost. If anyone could please help shed some light on the situation, I would very much appreciate any insight you may have to offer. I'm at a complete loss at this point. Is there anything I can do? Am I missing something here? Or... am I totally screwed? Thank you for your time.
I just lost 670 euros worth in BTC when I wanted to use morphtoken I was the first time so I googled it and some how I ended up on a fake morphtoken with the address 'morpgtoken.co' so just minus the m in com. It look exactly the same as the real website and It is mirroring refund address link(field) and withdrawal address link(field) from real webpage but shows its own deposit address so when you search the morph I'd given by the fake website on the real site the morph I'd will work and be correct but the deposited address on the real morphtoken.com will show a different deposit address. So all my bitcoins gone. Worst part is the I tried telling morphtoken support the whole day but the didn't take any action and neglected the issue both for me and for themself. They barley didn't care and I hade to start several different cases' to reach someone who reacted to their problem of someone phishing and carrying out fraud on their costumers in their name and through their website!!! Under all critisism. All I got from them more or less was something like "we are sry. Site has been reported to Google" no nothing. Very disappointed costumer Screenshot : https://i.ibb.co/dJK7DJx/real-morphtoken.png https://i.ibb.co/Ypvy02B/fake-morphtoken.png
Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses. Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes. First, some background. Here is a summary of how custodians make us more secure: Previously, we might give Alice our crypto assets to hold. There were risks:
Alice might take the assets and disappear.
Alice might spend the assets and pretend that she still has them (fractional model).
Alice might store the assets insecurely and they'll get stolen.
Alice might give the assets to someone else by mistake or by force.
Alice might lose access to the assets.
But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
Alice can't take the assets and disappear (unless she asks Bob or never gives them to Bob).
Alice can't spend the assets and pretend that she still has them. (Unless she didn't give them to Bob or asks him for them.)
Alice can't store the assets insecurely so they get stolen. (After all - she doesn't have any control over the withdrawal process from any of Bob's systems, right?)
Alice can't give the assets to someone else by mistake or by force. (Bob will stop her, right Bob?)
Alice can't lose access to the funds. (She'll always be present, sane, and remember all secrets, right?)
See - all problems are solved! All we have to worry about now is:
Bob might take the assets and disappear.
Bob might spend the assets and pretend that he still has them (fractional model).
Bob might store the assets insecurely and they'll get stolen.
Bob might give the assets to someone else by mistake or by force.
Bob might lose access to the assets.
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are! "On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid". "Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since." "As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!" "Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?" "Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party." "Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!" "What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven." "Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!" "We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies. And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often". How many holes have to exist for your funds to get stolen? Just one. Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so? If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security. The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle. And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet? Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds. So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
ANY CERTAINTY BALANCES WEREN'T EXCLUDED. Quadriga's largest account was $70m. 80% of funds are in 20% of accounts (Pareto principle). All it takes is excluding a few really large accounts - and nobody's the wiser. A fractional platform can easily pass any audit this way.
ANY VISIBILITY WHATSOEVER INTO THE CUSTODIANS. BitBuy put out their report before moving all the funds to their custodian and ShakePay apparently can't even tell us who the custodian is. That's pretty important considering that basically all of the funds are now stored there.
ANY IDEA ABOUT THE OTHER EXCHANGES. In order for this to be effective, it has to be the norm. It needs to be "unusual" not to know. If obscurity is the norm, then it's super easy for people like Gerald Cotten and Dave Smilie to blend right in.
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
First report within 1 month of launching, another within 3 months, and further reports at minimum every 6 months thereafter.
No auditor can be repeated within a 12 month period.
All reports must be public, identifying the auditor and the full methodology used.
All auditors must be independent of the firm being audited with no conflict of interest.
Reports must include the percentage of each asset backed, and how it's backed.
The auditor publishes a hash list, which lists a hash of each customer's information and balances that were included. Hash is one-way encryption so privacy is fully preserved. Every customer can use this to have 100% confidence they were included.
If we want more extensive requirements on audits, these should scale upward based on the total assets at risk on the platform, and whether the platform has loaned their assets out.
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever. Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see. It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation. A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7. History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance. Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.) Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive. Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today. Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well. Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do. Facts/background/sources (skip if you like):
The inspiration for the paragraph about splitting wallets was an actual quote from a Canadian company providing custodial services in response to the OSC consultation paper: "We believe that it will be in the in best interests of investors to prohibit pooled crypto assets or ‘floats’. Most Platforms pool assets, citing reasons of practicality and expense. The recent hack of the world’s largest Platform – Binance – demonstrates the vulnerability of participants’ assets when such concessions are made. In this instance, the Platform’s entire hot wallet of Bitcoins, worth over $40 million, was stolen, facilitated in part by the pooling of client crypto assets." "the maintenance of participants (and Platform) crypto assets across multiple wallets distributes the related risk and responsibility of security - reducing the amount of insurance coverage required and making insurance coverage more readily obtainable". For the record, their reply also said nothing whatsoever about multi-sig or offline storage.
In addition to the fact that the $40m hack represented only one "hot wallet" of Binance, and they actually had the vast majority of assets in other wallets (including mostly cold wallets), multiple real cases have clearly demonstrated that risk is still present with multiple wallets. Bitfinex, VinDAX, Bithumb, Altsbit, BitPoint, Cryptopia, and just recently KuCoin all had multiple wallets breached all at the same time, and may represent a significantly larger impact on customers than the Binance breach which was fully covered by Binance. To represent that simply having multiple separate wallets under the same security scheme is a comprehensive way to reduce risk is just not true.
Private insurance has historically never covered a single loss in the cryptocurrency space (at least, not one that I was able to find), and there are notable cases where massive losses were not covered by insurance. Bitpay in 2015 and Yapizon in 2017 both had insurance policies that didn't pay out during the breach, even after a lengthly court process. The same insurance that ShakePay is presently using (and announced to much fanfare) was describe by their CEO himself as covering “physical theft of the media where the private keys are held,” which is something that has never historically happened. As was said with regard to the same policy in 2018 - “I don’t find it surprising that Lloyd’s is in this space,” said Johnson, adding that to his mind the challenge for everybody is figuring out how to structure these policies so that they are actually protective. “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
The most profitable policy for a private insurance company is one with the most expensive premiums that they never have to pay a claim on. They have no inherent incentive to take care of people who lost funds. It's "cheaper" to take the reputational hit and fight the claim in court. The more money at stake, the more the insurance provider is incentivized to avoid payout. They're not going to insure the assets unless they have reasonable certainty to make a profit by doing so, and they're not going to pay out a massive sum unless it's legally forced. Private insurance is always structured to be maximally profitable to the insurance provider.
The circumvention of multi-sig was a key factor in the massive Bitfinex hack of over $60m of bitcoin, which today still sits being slowly used and is worth over $3b. While Bitfinex used a qualified custodian Bitgo, which was and still is active and one of the industry leaders of custodians, and they set up 2 of 3 multi-sig wallets, the entire system was routed through Bitfinex, such that Bitfinex customers could initiate the withdrawals in a "hot" fashion. This feature was also a hit with the hacker. The multi-sig was fully circumvented.
Bitpay in 2015 was another example of a breach that stole 5,000 bitcoins. This happened not through the exploit of any system in Bitpay, but because the CEO of a company they worked with got their computer hacked and the hackers were able to request multiple bitcoin purchases, which Bitpay honoured because they came from the customer's computer legitimately. Impersonation is a very common tactic used by fraudsters, and methods get more extreme all the time.
A notable case in Canada was the Canadian Bitcoins exploit. Funds were stored on a server in a Rogers Data Center, and the attendee was successfully convinced to reboot the server "in safe mode" with a simple phone call, thus bypassing the extensive security and enabling the theft.
The very nature of custodians circumvents multi-sig. This is because custodians are not just having to secure the assets against some sort of physical breach but against any form of social engineering, modification of orders, fraudulent withdrawal attempts, etc... If the security practices of signatories in a multi-sig arrangement are such that the breach risk of one signatory is 1 in 100, the requirement of 3 independent signatures makes the risk of theft 1 in 1,000,000. Since hackers tend to exploit the weakest link, a comparable custodian has to make the entry and exit points of their platform 10,000 times more secure than one of those signatories to provide equivalent protection. And if the signatories beef up their security by only 10x, the risk is now 1 in 1,000,000,000. The custodian has to be 1,000,000 times more secure. The larger and more complex a system is, the more potential vulnerabilities exist in it, and the fewer people can understand how the system works when performing upgrades. Even if a system is completely secure today, one has to also consider how that system might evolve over time or work with different members.
By contrast, offline multi-signature solutions have an extremely solid record, and in the entire history of cryptocurrency exchange incidents which I've studied (listed here), there has only been one incident (796 exchange in 2015) involving an offline multi-signature wallet. It happened because the customer's bitcoin address was modified by hackers, and the amount that was stolen ($230k) was immediately covered by the exchange operators. Basically, the platform operators were tricked into sending a legitimate withdrawal request to the wrong address because hackers exploited their platform to change that address. Such an issue would not be prevented in any way by the use of a custodian, as that custodian has no oversight whatsoever to the exchange platform. It's practical for all exchange operators to test large withdrawal transactions as a general policy, regardless of what model is used, and general best practice is to diagnose and fix such an exploit as soon as it occurs.
False promises on the backing of funds played a huge role in the downfall of Quadriga, and it's been exposed over and over again (MyCoin, PlusToken, Bitsane, Bitmarket, EZBTC, IDAX). Even today, customers have extremely limited certainty on whether their funds in exchanges are actually being backed or how they're being backed. While this issue is not unique to cryptocurrency exchanges, the complexity of the technology and the lack of any regulation or standards makes problems more widespread, and there is no "central bank" to come to the rescue as in the 2008 financial crisis or during the great depression when "9,000 banks failed".
In addition to fraudulent operations, the industry is full of cases where operators have suffered breaches and not reported them. Most recently, Einstein was the largest case in Canada, where ongoing breaches and fraud were perpetrated against the platform for multiple years and nobody found out until the platform collapsed completely. While fraud and breaches suck to deal with, they suck even more when not dealt with. Lack of visibility played a role in the largest downfalls of Mt. Gox, Cryptsy, and Bitgrail. In some cases, platforms are alleged to have suffered a hack and keep operating without admitting it at all, such as CoinBene.
It surprises some to learn that a cryptographic solution has already existed since 2013, and gained widespread support in 2014 after Mt. Gox. Proof of Reserves is a full cryptographic proof that allows any customer using an exchange to have complete certainty that their crypto-assets are fully backed by the platform in real-time. This is accomplished by proving that assets exist on the blockchain, are spendable, and fully cover customer deposits. It does not prove safety of assets or backing of fiat assets.
If we didn't care about privacy at all, a platform could publish their wallet addresses, sign a partial transaction, and put the full list of customer information and balances out publicly. Customers can each check that they are on the list, that the balances are accurate, that the total adds up, and that it's backed and spendable on the blockchain. Platforms who exclude any customer take a risk because that customer can easily check and see they were excluded. So together with all customers checking, this forms a full proof of backing of all crypto assets.
However, obviously customers care about their private information being published. Therefore, a hash of the information can be provided instead. Hash is one-way encryption. The hash allows the customer to validate inclusion (by hashing their own known information), while anyone looking at the list of hashes cannot determine the private information of any other user. All other parts of the scheme remain fully intact. A model like this is in use on the exchange CoinFloor in the UK.
A Merkle tree can provide even greater privacy. Instead of a list of balances, the balances are arranged into a binary tree. A customer starts from their node, and works their way to the top of the tree. For example, they know they have 5 BTC, they plus 1 other customer hold 7 BTC, they plus 2-3 other customers hold 17 BTC, etc... until they reach the root where all the BTC are represented. Thus, there is no way to find the balances of other individual customers aside from one unidentified customer in this case.
Proposals such as this had the backing of leaders in the community including Nic Carter, Greg Maxwell, and Zak Wilcox. Substantial and significant effort started back in 2013, with massive popularity in 2014. But what became of that effort? Very little. Exchange operators continue to refuse to give visibility. Despite the fact this information can often be obtained through trivial blockchain analysis, no Canadian platform has ever provided any wallet addresses publicly. As described by the CEO of Newton "For us to implement some kind of realtime Proof of Reserves solution, which I'm not opposed to, it would have to ... Preserve our users' privacy, as well as our own. Some kind of zero-knowledge proof". Kraken describes here in more detail why they haven't implemented such a scheme. According to professor Eli Ben-Sasson, when he spoke with exchanges, none were interested in implementing Proof of Reserves.
And yet, Kraken's places their reasoning on a page called "Proof of Reserves". More recently, both BitBuy and ShakePay have released reports titled "Proof of Reserves and Security Audit". Both reports contain disclaimers against being audits. Both reports trust the customer list provided by the platform, leaving the open possibility that multiple large accounts could have been excluded from the process. Proof of Reserves is a blockchain validation where customers see the wallets on the blockchain. The report from Kraken is 5 years old, but they leave it described as though it was just done a few weeks ago. And look at what they expect customers to do for validation. When firms represent something being "Proof of Reserve" when it's not, this is like a farmer growing fruit with pesticides and selling it in a farmers market as organic produce - except that these are people's hard-earned life savings at risk here. Platforms are misrepresenting the level of visibility in place and deceiving the public by their misuse of this term. They haven't proven anything.
Fraud isn't a problem that is unique to cryptocurrency. Fraud happens all the time. Enron, WorldCom, Nortel, Bear Stearns, Wells Fargo, Moser Baer, Wirecard, Bre-X, and Nicola are just some of the cases where frauds became large enough to become a big deal (and there are so many countless others). These all happened on 100% reversible assets despite regulations being in place. In many of these cases, the problems happened due to the over-complexity of the financial instruments. For example, Enron had "complex financial statements [which] were confusing to shareholders and analysts", creating "off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them". In cryptocurrency, we are often combining complex financial products with complex technologies and verification processes. We are naïve if we think problems like this won't happen. It is awkward and uncomfortable for many people to admit that they don't know how something works. If we want "money of the people" to work, the solutions have to be simple enough that "the people" can understand them, not so confusing that financial professionals and technology experts struggle to use or understand them.
For those who question the extent to which an organization can fool their way into a security consultancy role, HB Gary should be a great example to look at. Prior to trying to out anonymous, HB Gary was being actively hired by multiple US government agencies and others in the private sector (with glowing testimonials). The published articles and hosted professional security conferences. One should also look at this list of data breaches from the past 2 years. Many of them are large corporations, government entities, and technology companies. These are the ones we know about. Undoubtedly, there are many more that we do not know about. If HB Gary hadn't been "outted" by anonymous, would we have known they were insecure? If the same breach had happened outside of the public spotlight, would it even have been reported? Or would HB Gary have just deleted the Twitter posts, brought their site back up, done a couple patches, and kept on operating as though nothing had happened?
In the case of Quadriga, the facts are clear. Despite past experience with platforms such as MapleChange in Canada and others around the world, no guidance or even the most basic of a framework was put in place by regulators. By not clarifying any sort of legal framework, regulators enabled a situation where a platform could be run by former criminal Mike Dhanini/Omar Patryn, and where funds could be held fully unchecked by one person. At the same time, the lack of regulation deterred legitimate entities from running competing platforms and Quadriga was granted a money services business license for multiple years of operation, which gave the firm the appearance of legitimacy. Regulators did little to protect Canadians despite Quadriga failing to file taxes from 2016 onward. The entire administrative team had resigned and this was public knowledge. Many people had suspicions of what was going on, including Ryan Mueller, who forwarded complaints to the authorities. These were ignored, giving Gerald Cotten the opportunity to escape without justice.
There are multiple issues with the SOC II model including the prohibitive cost (you have to find a third party accounting firm and the prices are not even listed publicly on any sites), the requirement of operating for a year (impossible for new platforms), and lack of any public visibility (SOC II are private reports that aren't shared outside the people in suits).
Securities frameworks are expensive. Sarbanes-Oxley is estimated to cost $5.1 million USD/yr for the average Fortune 500 company in the United States. Since "Fortune 500" represents the top 500 companies, that means well over $2.55 billion USD (~$3.4 billion CAD) is going to people in suits. Isn't the problem of trust and verification the exact problem that the blockchain is supposed to solve?
To use Quadriga as justification for why custodians or SOC II or other advanced schemes are needed for platforms is rather silly, when any framework or visibility at all, or even the most basic of storage policies, would have prevented the whole thing. It's just an embarrassment.
We are now seeing regulators take strong action. CoinSquare in Canada with multi-million dollar fines. BitMex from the US, criminal charges and arrests. OkEx, with full disregard of withdrawals and no communication. Who's next?
We have a unique window today where we can solve these problems, and not permanently destroy innovation with unreasonable expectations, but we need to act quickly. This is a unique historic time that will never come again.
Roobet Reddit Community, I want to give my experience using Roobet from the US. WHAT IS THIS POST FOR? I was skeptical about people on reddit who said they had no trouble withdrawing, and if I would have found a post like this myself, my worries would have been taken care of. Therefore I'm posting for my fellow redditors who may, like I did jump into roobet without first taking too much care about how they do not allow US patrons. My Setup: Before attempting to create an account, I first connect to my paid VPN through a server out of hong kong. I personally use Mulvad VPN, They accept Bitcoin, and and truly non-logging. Once I was connected I registered with Roobet and hastily sent 350$ in ethereum to my Roobet wallet. After playing a few rounds of crash, I got a little worried about withdrawing even my original deposit, so I stopped playing and immediately worked on getting at least 300 out of roobet. To do this, I first went to my roobet account, and to the verification page. from there I entered a name and birthday, and for the mailing address, I hopped on google, searched for apartments in hong kong, and after some searching, found an address to a reasonably priced apartment in hong kong. Once I input my address on the verification page, I opened a new hardware wallet on my phone, and submitted a withdraw of 300$ to it from roobet. Thankfully it went through without asking for any further verification. I do honestly believe that if you follow this procedure, you may have the same luck and not run into the verification wall that asks for a government ID. Do make sure you use a good VPN that is a paid service, Mulvad is 5$ for a month and be sure to only connect to a server in a first world county not listed against the roobet terms of service. Also make sure you do not deposit or withdraw more than $1,000 dollars. that was my experience,
My name is Gabriel Acosta, a small business owner seeking representation in a securities fraud case. I am a victim of online broker scam; a operation I was coerced into, and as a result of which I was defrauded by a company named Tridixoptions (Tridixoption.net), claiming to have a registered address at 1407 Moon Harbor ct, Saint Augustine, FL United States, representing itself as a “financial broker”. The perpetrators approached me through the social media platform, Instagram, using profiles inquiring whether I was interested in making a small investment into their platform, Tridixoptions. I decided to give it a try with $300 USD. In my eyes, this was an opportunity and decided to incorporate a business to use as a personal investment structure and decided to use this "online broker" as a catalyst for the opportunity. Shortly after the initial deposit, they began charging me fees as the “investment value” increased on the platform. These fees included fees to increase wallet value, enable auto-trading and finally a withdrawal insurance fee, among other various "fees". The value listed on their "platform" consistently showed an increase in value; I went ahead and believed their listed returns and continued to deposit funds into the account. At the time of payout, I was shown to have a value of over 108,000 USD and had personally invested approximately 50,000 USD into their platform. Unfortunately, on May 31, 2019 after depositing the withdrawal insurance fee, I received communication from the platform informing me that if I had not received my payout by then that I will not receive one and to proceed with filing a lawsuit against them. I am able to provide email documentation detailing what is described above, it is house and organized within the company OneDrive. Upon further reflection, it is evident that this Merchant is operating the online platform under the address http://www.tridixoption.net/ and the deposit of funds were directed into a false and fictitious “trading account”. The cryptocurrency deposits I made into their account are as follows:
Bitcoin (BTC) totally equal to 10,541.15 USD bought via Coinbase, LocalBitcoins and BitBase exchange (www.bitbase.es) platforms;
Bitcoin (BTC) totally equal to 24,016.00 USD bought via Paxful exchange (www.paxful.com) – owned and operated by Paxful Inc., a company registered under the laws of the United States, having its registered address at 3422 Old Capitol Trail PMB # 989 Wilmington, DE 19808-6124;
A wire funds totaling to 9,720.08 USD to another entity acting as Beneficiary, namely Coin Trader LLC, registered in the US with company number 1293008-93, based in 4621 SW KELLY AVE STE 200, Oregon, USA and holding an account with Keybank National Association. These funds were used to purchase additional virtual currency (BTC) and transferred into the e-wallet of the fictitious e-wallet.
The entirety of purchased BTC (virtual currency) were deposited into the following wallet addresses, as designated by the Merchant: 1EqldoPtl96ZDYF2uoATG5YV6Bj3uih4u9 (https://www.blockchain.com/btc/address/1EqLdoPtL96ZDYF2uoATG5YV6Bj3uih4u9?page=12) 3Qd7ghJ39CA3VrTc4DtATAyT3kVjvGcv6b (https://www.blockchain.com/btc/address/3Qd7ghJ39CA3VrTc4DtATAyT3kVjvGcv6b) AND 3QfSA27pAU68YRahSbbusCtEyKnNyNxp48 (https://www.blockchain.com/btc/address/3QfSA27pAU68YRahSbbusCtEyKnNyNxp48?page=1) The aforementioned should have never been treated as owned by the Merchant. Neither the Merchant nor the beneficiary of payments demonstrated capacity to keep segregated accounts for such investment endeavors. It remains unclear how the Merchant passed through the on-boarding procedures of the cryptocurrency exchange, respectively whether the Merchant acted on his own or by an authorized representative in his relations with the cryptocurrency exchange. Following the principle that possible breaches of banking and financial laws, such as the allowance of payment processing in favor of unregulated legal entity, shall be observed and established by the competent authorities, I hereby report alleged financial fraud. This situation has destroyed the potential of the company and my personal finances. The pain and suffering I have incurred due to these actions include: destruction of my personal credit, repossession of the company vehicle, eviction from my residence and subsequent homelessness and inability to provide health care of myself or my pet. Herewith I kindly request: I am searching for an attorney that can complete the following:
File a lawsuit against the brokers that house the perpetrators e-wallet and where the virtual currency was transferred into. To elaborate: The prior twelve (12) months, I have been collaborating with a company based out of Europe that was tasked with informing all stakeholders and regulators of the issues I have been facing and attempt to make recovery of the funds (mychargeback.com). As of today, we have informed the authorities and the exchanges where the currencies were purchased (Paxful, LocalBitcoins, Bitbase, Coinbase) and have conducted an online trace of where the funds were transferred into using state-of-the-art cryptocurrency technology (Cyphertrace). There are two (2) exchanges that have processed the transactions and have violated domestic and international banking laws by not conducting proper due-diligence on both sides of the transactions: one located here in the United States (Paxful, Delaware) and the other located in Singapore (Luno). I have informed both entities of the illegal activities and at this moment, they are conducting internal investigations to protect their interests and contain liability. According to email documentation, they have traced the perpetrators and flagged their accounts to hopefully prevent another victim.
Obtain the results of the subpoena and provide me additional representation in filing a lawsuit in an attempt to recover the stolen funds and provide justice for these illegal acts. This item may also involve filing a lawsuit against the cryptocurrency exchanges that failed to conduct proper investigations on both sides of the transaction to ascertain that the money was not going to fund terrorism, money-laundering, racketeering, trafficking or other illegal activities. These exchanges are now liable for violating both domestic and international law. They have failed to act in a manner consistent with being a "good banker”.
The fee schedule below provides the applicable rate based on the account's 30-Day Volume and if the order is a maker or taker. Bittrex Global Fee30 Day Volume (USD)MakerTaker$0k - $50k0.2%0.2%$50k - $1M0.12%0.18%$1M - $10M0.05%0.15%$10M - $60M0.02%0.1%$60M+0%0.08%>$100MContact TAM representative Trading expenses are incurred when an order is prepared by means of the Bittrex worldwide matching engine. While an order is being executed, the purchaser and the vendor are charged a rate primarily based on the order’s amount. The fee charged by Bittrex exchange is calculated by the formula amount * buy rate * fee. There aren't any charges for placing an order which is not being executed so far. Any portion of an unfinished order will be refunded completely upon order cancelation. Prices vary depending on the currency pair, monthly trade volume, and whether the order is a maker or taker. Bittrex reserves the right to alternate fee quotes at any time, including offering various discounts and incentive packages.
Your buying and selling volume affects the fee you pay for every order. Our expenses are built to encourage customers who ensure liquidity in the Bittrex crypto exchange markets. Your buying and selling charges are reduced according to your trade volume for the last 30 years in dollars. Bittrex calculates the 30-day value every day, updating every account's volume calculation and buying and selling charge between of 12:30 AM UTC and 01:30 AM UTC every day. You can check your monthly trade volume by logging in and opening Account > My Activity. https://preview.redd.it/n1djh2ob4zh51.jpg?width=974&format=pjpg&auto=webp&s=2eebb9c9ac63de207c4dd2e49bc45aeb53a8dec8
6. Withdrawing Funds
Withdrawing any type of funds is likewise simple. You can profit by buying and selling Bitcoin, Ether, or any other cryptocurrency. You determine the crypto address—to which the amount will be credited—and the transaction amount. The withdrawal fee will be automatically calculated and shown right away. After confirming the transaction, the finances will be sent to the specified addresses and all that you need to do is to wait for the community to confirm the transaction. If the 2FA is enabled, then the user receives a special code (via SMS or application) to confirm the withdrawal.
7. How to Trade on Bittrex Global
Currency selling and buying transactions are performed using the Sell and Buy buttons, accordingly. To begin with, the dealer selects a currency pair and sees a graph of the rate dynamics and different values for the pair. Below the chart, there is a section with orders where the user can buy or sell a virtual asset. To create an order, you just need to specify the order type, price, and quantity. And do not forget about the 0.25% trade fee whatever the quantity. For optimum profit, stay with liquid assets as they can be quickly sold at a near-market rate effective at the time of the transaction. Bittrex offers no referral program; so buying and selling crypto is the easiest way to earn. https://preview.redd.it/hopm6fih4zh51.jpg?width=1302&format=pjpg&auto=webp&s=68c0aaae86f64c3e6b9d351c3df2a9c331f94038
Bittrex helps you alternate Limit and Stop-Limit orders. A limit order or a simple limit order is performed when the asset fee reaches—or even exceeds—the price the trader seeks. To execute such an order, it is required that there's a counter market order on the platform that has the identical fee as the limit order.
Differences between Limit Order and Stop Limit Order
A stop limit order is a mixture of a stop limit order and a limit order. In such an application, charges are indicated—a stop charge and the limit.
Let’s discuss how you could trade conveniently with our service. The key features include a user-friendly interface and precise currency pair statistics (timeframe graphs, network data, trade volumes, and so forth). The platform’s top-notch advantage is handy, easy-to-analyze, customizable charts. There is also a column for quick switching between currency pairs and an order panel beneath the fee chart. Such an all-encompassing visual solution helps compare orders efficiently and in one place. You can use the terminal in a day or night mode; when in the night mode, the icon in the upper-right corner changes and notice the Bittrex trading terminal in night mode is displayed. The main menu consists of 4 sections: Markets, Orders, Wallets, Settings. Markets are the trade section. Bittrex allows handling over 270 currency pairs. Orders. To see all open orders, go to Orders → Open. To see completed orders, go to Orders → Completed. Wallets. The Wallets tab displays many wallets for all cryptocurrencies supported by the exchange and the current balance of each of them. After refilling the balance or creating a buy or sale order, you will see all actions in the section. Bittrex allows creating a separate wallet for every coin. Additionally, you can see how the coin price has changed, in terms of percentage, throughout the day. Here’s what you can also do with your wallets:
Hide zero balances: hide currencies with zero balance
Green and red arrows: replenish balance/withdraw funds
Find: search for a cryptocurrency
The Settings section helps manage your account, verification, 2FA, password modification, API connection, and many more.
How to Sell
The process of selling crypto assets follows the same algorithm. The only difference is that after choosing the exchange direction, you need to initiate a Sell order. All the rest is similar: you select the order type, specify the quantity and price, and click Sell *Currency Name* (Sell Bitcoin in our case). If you scroll the screen, the entire history of trades and orders will be displayed below.
LONG and SHORT
You can make a long deal or a short deal. Your choice depends on whether you expect an asset to fall or rise in price. Long positions are a classic trading method. It concerns purchasing an asset to profit when its value increases. Long positions are carried out through any brokers and do not require a margin account. In this case, the trader’s account must have enough funds to cover the transaction. Losses in a long position are considered to be limited; no matter when the trade starts, the price will not fall below zero with all possible errors. Short positions, in contrast, are used to profit from a falling market. A trader buys a financial instrument from a broker and sells it. After the price reaches the target level, the trader buys back the assets or buys them to pay off the initial debt to the broker. A short position yields profit if the price falls, and it is considered unprofitable the price matches the asset value. Performing a short order requires a margin account as a trader borrows valuable assets from a broker to complete a transaction. Long transactions help gain from market growth; short from a market decline.
Trade via API
Bittrex also supports algorithmic trading through extensive APIs (application programming interface), which allows you to automate the trading process using third-party services. To create an API key, the user must enable the two-factor authentication 2FA, verify their account, and log in to the site within 3 minutes. If all the requirements of the system are fulfilled, you can proceed to generate the API key. Log in to your Bittrex account, click Settings. Find API Keys. Click Add new key (Create a new key). Toggle on / off settings for READ INFO, TRADE, or WITHDRAW, depending on what functionality you want to use for our API key. Click Save and enter the 2FA code from the authenticator → Confirm. The secret key will be displayed only once and will disappear after the page is refreshed. Make sure you saved it! To delete an API key, click X in the right corner for the key that you want to delete, then click Save, enter the 2FA code from the authenticator and click Confirm.
Bittrex Bot, a Trader’s Assistant
Robotized programs that appeared sometimes after the appearance of cryptocurrency exchanges save users from monotonous work and allow automating the trading process. Bots for trading digital money work like all the other bots: they perform mechanical trading according to the preset parameters. Currently, one of Bittrex’s most popular trading bots is Bittrex Flash Crash Buyer Bot that helps traders profit from altcoin volatility without missing the right moment. The program monitors all the market changes in the market every second; also, it even can place an order in advance. The Bittrex bot can handle a stop loss—to sell a certain amount of currency when the rate changes in a favorable direction and reaches a certain level.
8. Secure Platform
Bittrex Global employs the most reliable and effective security technologies available. There are many cases of theft, fraud. It is no coincidence that the currency is compared to the Wild West, especially if we compare the 1800s when cowboys rushed to the West Coast of America to earn and start something new in a place that had no rules. Cryptocurrency is still wild. One can earn and lose money fast. But Bittrex has a substantial security policy thanks to the team’s huge experience in security and development for companies such as Microsoft, Amazon, Qualys, and Blackberry. The system employs an elastic, multi-stage holding strategy to ensure that the majority of funds are kept in cold storage for extra safety. Bittrex Global also enables the two-factor authentication for all users and provides a host of additional security features to provide multiple layers of protection. Bittrex cold wallet: https://bitinfocharts.com/en/bitcoin/address/385cR5DM96n1HvBDMzLHPYcw89fZAXULJP
Bittrex Global is a reliable and advanced platform for trading digital assets with a respected reputation, long history, and active market presence and development nowadays. The exchange is eligible to be used globally, including the US and its territories. The legal component of Bittrex Global is one of the most legitimate among numerous crypto-asset exchanges. The Bittrex team has had great ambitions and managed to deliver promises and more. The exchange staff comprises forward-thinking and exceptional individuals whose success is recognized in the traditional business and blockchain sector. Bittrex's purpose is to be the driving force in the blockchain revolution, expanding the application, importance, and accessibility of this game-changing technology worldwide. The exchange fosters new and innovative blockchain and related projects that could potentially change the way money and assets are managed globally. Alongside innovation, safety will always be the main priority of the company. The platform utilizes the most reliable and effective practices and available technologies to protect user accounts. Bittrex customers have always primarily been those who appreciate the highest degree of security. Because of the way the Bittrex trading platform is designed, it can easily scale to always provide instant order execution for any number of new customers. Bittrex supports algorithmic trading and empowers its customers with extensive APIs for more automated and profitable trading. One of the common features which is not available on the exchange is margin trading. No leverage used however adds up to the exchange's stability and prevents fast money seekers and risky traders from entering the exchange. Bittrex is a force of the blockchain revolution and an important entity of the emerging sector. The full version First part Second part
Hi All. A couple of months ago I was approached by a woman in words with friends asking me if I knew about bitcoin and if I wanted to invest in bitcoin mining. Thinking straight away that this is a scam, I chose not to do it. I had heard of bitcoin mining but didn’t really know much about investing in it. Over the next few weeks I played several games in wwf against her while she occasionally asked if I was still interested in investing in the bitcoin mining company she works for - Imtrader.co. Eventually I committed to investing after searching the company to see if it was a scam, but not finding anything. She asked me to message her through google hangouts from there on, and would serve as my account manager. Initially I sent through US$450 and was told that after one month I could withdraw my profit, with the company taking 20% of it. After seeing the profit grow I invested a bit more and after one month my total investment was US$1220 with the company chipping in US$150 on top of that. I had also been told that I would earn US$50 for each person I referred which I chose not to do. My profit at the end of the month was 2.56 BTC. Once I was able to withdraw I was told that I would have to pay the 20% brokerage fee (~US$5796) before I got my profit, which was confirmed to me in an email. Having been annoyed that I wasn’t told this before, I spoke to the company’s live chat as well as their WhatsApp support number. Both people in their support were surprised that I hadn’t been informed of this but told me that I would have to pay the fee before the withdrawal process could proceed. Still frustrated by this I paid US$1469 of the fee and informed them I would pay the rest the next day. I sent through 0.43088 BTC, which was enough to cover the US$4326 remaining amount to the company’s wallet address. After about 12 hrs I got confirmation from the company that they had received the payment, however, they had only received 0.321199 BTC, and asked me to complete the payment so that I could make the withdrawal. Quite frustrated by this time I asked their support why they didn’t receive the full amount, with their response being that it was no ones fault but the price action of bitcoin being the cause. I searched the blockchain ledger to find out that they had received the full amount I sent. My account manager has since kept apologising to me and saying that they are working on my withdrawal process, but support is telling me that nothing can be done and if I don’t pay the full amount my money will go back into the mining pool. I have told them that I will not be sending anymore and have demanded that they return the amount I paid for the brokerage fee (knowing that im not getting anything back). After doing some further research on bitcoin scams, I now unfortunately, realise I have probably been scammed. I feel stupid going through with this. I was hesitant about it right from the start and should’ve followed my gut. I wanted to get a second opinion on this and find out if anyone else has heard of this company? Thanks. Tl;dr - I invested US$1220 in this bitcoin mining company called Imtrader.co. Wasn’t told that a brokerage fee needed to be paid for until I was ready to withdraw my profit (~2.56 BTC). I paid the fee (~US$5796) only to be sent a receipt showing that only part of the fee was paid for. I’ve realised I’ve probably been scammed but just wanted to get second thoughts on this.
Bittrex Review: One of the First Crypto Exchanges Part 2
3. Fiat Currency Deposits, Trading, and Withdrawals
Bittrex Global supports euro trading, deposits, and withdrawals for eligible personal and corporate accounts. Please note that euro trading is offered by Bittrex Global and subject to the Bittrex Global Terms of Service. There are three mechanisms available for depositing euros to your Bittrex Global account:
SEPA Credit Transfer
International Wire Transfer
Bittrex Global allows you to withdraw Euros to your bank account via either SEPA credit transfer or international wire transfer.
Crypto assets ensure that replenishment and all exchange transactions are kept through digital currency. Therefore, in case you need to withdraw cash, you must first convert it into Bitcoin (BTC). At the same time, there may be some other ways to refill the balance with US dollars, which entails filling a particular form for depositing in dollars—Fiat USD trading Request. To gain a digital currency on the exchange you need to visit your private account and find the Wallets section where all the wallets are shown. The platform creates a crypto address to which we transfer funds. Money can be credited to the exchange within two days, with the time required depending on the currency and mode of payment (e.g. bank transfer, credit or debit card, and so on). Therefore, after the transfer, the funds are credited to the exchange's internal wallet. In order to include a user account for depositing and withdrawing funds in dollars, Bittrex must add the user’s bank account to the white list. Therefore, to replenish the balance with fiat money, you must fill a special form.
Obtain approval for Fiat (USD) Trading, Deposits, and Withdrawals.
To do this, fill out and submit the form: https://bittrexglobal.zendesk.com/hc/en-us/requests/new?ticket_form_id=360000352300 https://preview.redd.it/jwcp2jguied51.jpg?width=861&format=pjpg&auto=webp&s=9ef519cbcf579cc3567e53b55af29fa154e342e3 Keep in mind that wire transfers can only be received from bank accounts approved through the fiat trading application. 2) Make sure your bank account has been whitelisted. Sign in to your Bittrex Global account. Go to the Holdings Tab. Type “US Dollar” in the search bar. Click the Withdraw button beneath Actions. All available whitelisted (approved) bank accounts will be shown. https://preview.redd.it/ldwmvt3wied51.jpg?width=974&format=pjpg&auto=webp&s=71d3da503e050f5b4d231184ea82f65fd477b671 3) Generate your USD deposit code. To get a USD deposit code, click the Holdings tab. Type “US dollar” in the search bar, click Deposit beneath Actions. Your USD deposit code will appear at the bottom of your Wire Transfer Instructions. Copy this code and input it in the memo/notes subject of the wire transfer form to your financial institution. https://preview.redd.it/pf7sowxxied51.jpg?width=974&format=pjpg&auto=webp&s=c99b3c10a1921254e8247c77a04f529bc60e290b Use your USD deposit code every time making wire transfers. Wire transfers cannot be processed without a correct USD deposit code. 4) Best practice: Use the wire transfer information provided in your USD wallet when asking your bank for assistance. Bittrex recommends that users resort to a local bank branch when sending wire transfers for the first time. To show wire info, enter the "US dollar” in the search bar at the bottom of the Holdings page. Then click Deposit beneath Actions. You will see all the wire information. Use the deposit data to fill out a wire transfer form correctly. In case the info does not appear or if you have questions, please contact Bittrex Global support. Make sure the wire transfer is not sent as an ACH transfer. ACH transfers aren't permitted so they will be banned. Be aware: Wire deposits (wires sent to Bittrex Global) CANNOT be initiated on the Bittrex Global webpage. Only withdrawal wires can be initiated on the webpage. All wire transfers must be processed from the bank account number that was provided to Bittrex Global, in your fiat money transfer application. 5) Wait for the amount to be credited to your Bittrex Account. All USD deposits are credited the same or next-business-day once settled in Bittrex's bank account. Wires take 5-10 days to settle. More delays will occur if the wire data does not fit the whitelist. Wire transfer charges: Bittrex exchange does not take any wire transfer fee. Please ask your bank about the commission it charges for sending or getting a wire transfer. International banks usually involve mediators so check the commission the intermediary charges for their services.
Depositing Euros on Bittrex
There are three ways available for depositing Euros into Bittrex Global account:
SEPA Credit Transfer
International Wire Transfer
If you need to wire-transfer euros to a Bittrex Exchange Account, you will have to do the following:
Debit and Credit Card Transactions on Bittrex Global
To use a debit or credit card in your Bittrex Global Account do the following:
Click Holdings in the upper-right corner of the home page
Select Deposit via credit/debit card
Enter an amount to buy (weekly limit: $2,500/monthly limit: $7,500)
Click Enter card info next
Enter your credit card data
After the submission, you will be redirected to your bank’s 3DSecure portal (follow the prompts to confirm the transaction). As soon as the transaction is permitted, the funds may be credited to your wallet. You can track the transfer progress in the Deposits section of the Holdings page.
Credit Cards Accepted: Visa
Processing Fee: 3%
Daily Limit: $2,500
Weekly Limit: $2,500
Monthly Limit: $7,500
Alternative Options to Fund your Wallet: USD Wire Transfers (No Deposit Limit)
Andorra, Austria, Australia, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Italy, Japan, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Monaco, Montenegro, Netherlands, New Zealand, Norway, Philippines, Portugal, Reunion, San Marino, Singapore, Slovakia, Slovenia, South Korea, Sweden, Switzerland, Taiwan, United Kingdom, Vietnam.
Depositing Coins/Tokens on Bittrex Crypto Exchange
To deposit crypto coins to your Bittrex exchange account, you will need to take a few important steps. It's critical to be especially careful to make your deposit as secure as possible. To deposit coins to Bittrex Global, do the following:
Click Holdings in the upper-right corner of the home page.
To withdraw Bitcoin in cash, you need to make at least one deposit using a bank account. You can buy Bitcoin from an exchange using another cryptocurrency or via fiat currency itself. You can either deposit it into your digital wallet or let it store on the exchange wallet itself. The fiat currency withdrawal occurs via bank transfer, and depending on your bank it may take up to 1 to 5 days to ... Our users have earn thousands of free Bitcoins! Join Today and earn Free Bitcoin! You can earn Bitcoin from Faucet, View Ads, Play arcade games and more! Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. Please click on the "Withdraw" section on the left-hand taskbar. Choose the wallet you want to withdraw the funds from. Choose the "Bitcoin (BTC)" option. Enter the amount of funds you wish to withdraw. Click on "Request Withdrawal". Finally, you will need to enter your Bitcoin address then click "Withdraw". Can You Withdraw Bitcoin to Your Bank Account. It goes without saying that every Bitcoin holder can exchange cryptocurrency for fiat money and transfer it to the bank account in a matter of minutes. In fact, there are 4 ways to do that: Sell Bitcoin on the crypto exchange and get money directly to the bank account. There are many trusted crypto exchanges operating on the Internet nowadays and ...
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