We will look at the top four [Altcoins](/news/article/polkadot-price-uk) listed in the last 30 days via Coingecko according to price, unique selling points and its vision for the future. 

## Coingecko new coins - Fudge

The most talked-about Altcoin project is the [FUDGE](https://www.fudgetoken.com/) token: it's a high-tech blockchain-based digital money akin to Bitcoin and Ethereum. 

Every quarter, 10% of the remaining tokens are proportioned and given to all holders' purchase/token holdings. 

Users will conduct an intelligent token burn every three months to minimise the available supply until no more unallocated tokens are available. After 12 months, any remaining tokens burn. At all times, the FUDGE team will only own 2% of the tokens.

FUDGE is unusual in that it charges an 8% cost to token sellers, and 50% of the transaction fee is then redistributed to all other FUDGE owners, rewarding those who keep their receipts and discouraging selling. After that, an additional 20% of each original transaction charge is compounded and contributed to the liquidity pool. Six hundred eighteen trillion tokens are available.

## Coingecko new coins - Zoopad 

[Zoopad](https://www.zoopad.finance/) assists investors in discovering tokens in their early phases before they join the mainstream and investing in them through presales. 

ZOOPAD intends to promote fair decentralised launches by distributing prizes evenly across all participants, implying that there would be no first come, first served. All token holders will profit from their platform, letting everyone invest in the most promising new meme tokens. 

Investors may buy trending tokens through selling methods such as public sale, fundraising, or a whitelist ICO, IDO... 
All proceeds from these sales help to repurchase ZOOT. Users that want to participate must have a particular amount of ZOOT on their accounts.

To promote programmable payments and open financial infrastructure development, it employs a basket of fiat-pegged stablecoins algorithmically stabilised by its reserve [currency](https://thebittimes.com/token-ZOOPAD-BSC-0xc0Ce710ec4945f66bF29E6b4b447E2c6398322F1.html) ZOOPAD. The network had transacted an estimated $299 billion for over 2 million members as of December 2020.

## Coingecko new coins – Technoland 

[Technoland](https://icoholder.com/en/technoland-1031162#:~:text=Technoland%20is%20an%20ecosystem%20that,metaverse%20world%20and%20buying%20something.) allows you to exchange technology in the metaverse universe freely. It is a Web 3.0 compatible technology product enabling consumers to make purchases using the $TECHNO token with the logic of Shop2Earn. 

The key takeaways from the technology include the following:

•             SAFU & KYC & AUDIT. 

•             Application to BLOKTOPIA.

•             CMC/CG fast track.

•             LP Locked for 1 Year. 

•             Experienced team.

•             Big Partners.

•             Low Tax.

•             Solid Tokenomics.

## The current Technoland road map involves the following:

•             Stocking of top-selling devices.

•             Modelling and getting it ready for the Metaverse.

•             Prepare the airdrop system.

•             Partnership with technology and crypto brands.

•             Virtual Reality experiments.

•             Launchpad sales on Pinksale.

•             Opening a TechnoLAND in Bloktopia.

•             Binance Smart Chain for $TECHNO.

•             They are dealing with almost all computer parts suppliers. 

•             Marketing across all platforms. 

•             The token claim portal is live.

•             Structure of the NFT marketing plan.

•             Regular communication with their community via AMA.

•             Listing significant crypto exchanges.   

## To conclude  

•             Staking is live for $TECHNO.

•             Begin building our P2E Game.

•             New services suggested by members or businesses.

•             Multiverse brainstorming.

## Coingecko new coins - Block-E.

[BLOCK-E](https://block-e.app/) is a blockchain-based marketplace; it allows users to buy goods with a Defi wallet and will soon allow users to sell their products. Block-E breaks down financial barriers; the platform provides a secure purchase system; the project's goal is to provide online e-commerce businesses with the benefits of blockchain technology. 

Blockchain technology expands prospects for the e-commerce business by delivering enhanced security, total transparency, anonymity, and other benefits. - Blockchain-based e-commerce provides definitive answers to various difficulties that traditional e-commerce businesses face. 

BLOCK-E is a marketplace based on blockchain technology. It lets users buy items using the Defi wallet and sell their stuff. The platform offers a secure purchasing procedure.

In sum, there seem to be some promising new coins listed on Coingecko. The [logic](https://reftoken.io/introduction-to-initial-coin-offerings-icos/) behind ICO fundraising is that after the product debuts and gains users, demand for its token will rise, leading token prices to shoot up to the advantage of coin holders.

Presale participants have extra incentives on coin purchases to pay for their increased exposure. However, time will tell whether it will add value to consumers causing prices to rise and for it to become more mainstream or whether it is just a flash in the pan. 



Coingecko new coins review

It is a [platform](https://changelly.com/blog/gala-price-prediction/#What_Is_GALAnbsp) that aspires to revolutionise the gaming industry by restoring power to gamers. Currently, gamers spend numerous hours playing the game and investing in its in-game purchases, which can be removed anytime. Users may use Gala to purchase things, upgrades, and other in-game assets and as the governance token.

## When was the Gala coin launched?

The project's native token is already popular among gamers and cryptocurrency fans. The play-to-earn principle is applied here: the more tickets you earn, the more you play. Officials noted that it allows them to make free-to-play games lucrative while providing gamers more control over NFT in-game assets. Aside from being a fun and easy method to earn cryptocurrency, they also offer the opportunity to participate in the gaming industry's future by allowing players to vote on critical game development choices.

The ecosystem powers all transactions inside the ecosystem. It offers a diverse selection of games to cater to all sorts of gamers, with all transaction data recorded on the blockchain. The token also powers the marketplace, where players may purchase and trade in-game things. Like an ERC-20 token, users can save [Gala](/news/article/gala-games-explained) on any ERC-20 wallet. The network will let users purchase, sell, or exchange assets using the token.

## Is the Gala coin a good investment?

Firstly, because the token is still relatively new, there is room for price growth. Secondly, the token's organisation has prior expertise in the gaming and blockchain sectors, giving them a distinct viewpoint on applying blockchain technology to produce a more efficient and user-friendly experience. 

Thirdly, they have already worked with several well-known companies in the gaming business, giving them an advantage over their competitors. Finally, factors such as the growing popularity of NFTs and crypto games indicate that this currency is in high demand.

There are only 50 billion tokens, making it an excellent investment: the token's value may increase as demand develops. The game has over 1.3 million players, and the community is growing. The token's staff is continually enhancing the games ecosystem and increasing the number of Gala games accessible, making it an ideal long-term investment with price growth potential.

## Gala coin price prediction

The circulating quantity of Gala tokens is around 7 billion tokens. On the cryptocurrency market, the token achieved an all-time high of $0.8367 on November 26, 2021. It traded in September 2020 for its minimal value of $0.00149.

 The coin's average price will most likely be $1. However, according to projections, this will take at least eight years.



An in-depth look into Gala coin token and its use

The [Chia (XCH) protocol](/news/article/chia-crypto) requires the farmer to interact with a specific server and submit proofs of space to demonstrate how much-plotted space users have. They can alter the pool to which the [Plot NFT](https://github.com/Chia-Network/chia-blockchain/wiki/Pooling-User-Guide) belongs. It can keep track of how much space each member gives, and when one of the members wins a block, it may split prizes proportionally to how much space each farmer supplies. 

They are assured to be able to receive any block [rewards](/news/article/chia-coin-price-prediction) discovered by someone who is presently farming with them.

As a result, it is similar to lottery insurance: all members participate in the "lottery," When one person wins, they receive the prize and distribute it to other members, minus a small charge. To [begin](https://www.tomshardware.com/news/chia-network-introduces-pooling), users must update the blockchain software to version 1.2.0. 

 It differs from most other crypto pooling algorithms in [three](https://github.com/Chia-Network/chia-blockchain/wiki/Pooling-FAQ) ways: 

1) Joining requires no permission. 

2) Farmers earn 1/8th of XCH rewards plus transaction fees, while the pool receives 7/8th of XCH benefits to disperse among all participants (minus fees). 

3) The winning farmer will farm the block, not the server.

## Factors to consider in Chia pooling 

One of the most important [factors](https://www.chia.net/2021/07/09/how-to-pick-a-chia-pool.en.html) to examine is a provider's experience and track record. The ordinary person with no expertise in operating and growing safe online apps would most likely be unable to run correctly or securely. Choosing a supplier with experience in such services makes predicting future performance much more accessible. 

The reputation of an operator is related to experience. Which might be from various projects and firms on which they have worked. 

Community participation is also essential for many people since it is convenient to contact someone who can give guidance and help in times of need.

The first consideration is their payment mechanism for individual farmers' part of pooled farming income. Many farms have settled into a pattern of charging fees in the 1-3% range. Another critical factor is the transparency that a pool gives. 

Furthermore, how their shares are structured, when and how users gain shares, and when counting ceases. Evaluating the procedure for exiting their pool is also a good idea. This period might range from a few minutes to several hours.

Finally, knowing that you are using a service provided by a company or person based in America, Europe or Asia may be a factor for users. 

Dependability in terms of uptime is particularly advantageous, as customers do not want something that is always down for extended periods, impacting revenue. Also, managers must have extensive security knowledge as it will keep and secure customers' digital money. 






A guide to show the use of Chia pooling protocol

Ever wonder what is the market demand for crypto by the next generational transfer of wealth this crypto winter? This crypto survey reveals some key insights.

## Crypto survey responses

According to the [responses](https://www.seedmarketingagency.com/student-insight-and-research/wmtu-3/), only 10% of so-called "zoomers" (18–24) are eager to try cryptocurrencies but won't choose them over other investment forms. Two thousand persons were interviewed throughout May, which was then in the midst of the [crypto crash](https://www.ledgerinsights.com/tag/crypto-crash).

Women are even less interested in cryptocurrencies, with 75% disapproving of them. Contrarily, only half of the males are open to trying it.

With 70% of respondents believing non-fungible tokens (NFTs) are frauds, the scenario for NFTs was much worse.

Some of the more specific demographics offer additional insights. For instance, compared to 10% elsewhere, a third of Londoners are more receptive to cryptocurrency speculation.

Less than 25% of students (or degree-holding individuals) were willing to bet on [NFTs](/news/category/nft-news) as an investment. But the proportion—43%—was far more significant for those who dropped out after high school.

## Crypto survey views according to agencies 

The youth marketing company conducted a more thorough survey of its "network" of more than 60 people. They all anticipate that NFTs will gain importance in the future. But right now, they're not persuaded. That is a logical opinion, especially given the market's speculation and rug pulls.

However, their inclusion in a marketing agency's "network" may be biasing a more positive picture because they are in the marketing network agencies. As NFTs can present a financial opportunity for several agencies.

Out of a total population of 67 million people, more than 80% of whom are adults, FCA calculated that [2.3 million](https://www.fca.org.uk/publications/research/research-note-cryptoasset-consumer-research-2021) people in the UK were cryptocurrency owners. A Gemini survey revealed that [18% of UK adults](https://www.gemini.com/state-of-crypto) own cryptocurrencies. Even though the Gemini study was conducted six months later, that number is drastically different due to the smaller sample size. The real question is if crypto demand will grow in the future.



Crypto survey reveals dwindling millennial demand

Bitsgap is a one-stop crypto trading platform which allows users to bring all their crypto exchange accounts together for bot trading purposes.

[Bitsgap](https://bitsgap.com/?ref=2cb1231&utm_source=coincodecap&utm_medium=article) integrates with over 25 major exchanges, including [Coinbase](/news/article/blackrock-crypto) Pro, Binance, Poloniex, Kraken, Bitfinex, and others. 
 
The account sign-up procedure takes little more than two minutes because customers must validate their email addresses. People can also log in using their Google or Facebook accounts. 
 
Furthermore, it offers a 7-day free trial during which the trader may enjoy several features at no cost. After creating an account, customers may use their API credentials to connect their account to one of the available exchanges. Simply by making an order or launching their bot. It enables users to take advantage of arbitrage possibilities on the chosen exchange.
 
## Features on the Bitsgap platform 
 
•	Arbitrage - is the practice of maximising the price difference between two or more transactions often on different exchanges or markets. 

•	Trading Terminal- High-quality tools enable customers to trade spots and futures on numerous exchanges from a single interface.
 
•	Futures Trading Bots —Futures Bots is one solution that allows customers to create futures trading bots. 

•	Signals – For the best selections, signals keep an eye out for any market oddities to capitalise on. 

•	Portfolio Tracking -Traders will be able to track their funds and earnings using a live-generated portfolio. Automated bots — Provides pre-configured machine-learning-optimised bots.

•	High security - Customers connect their accounts using the API credentials; however, users can make no deposits using the platform itself; on behalf of the user. It will never access consumer cash—all the API orders are encrypted with high-end 2048-bit encryption for added security. 

•	Demo Exchange- 'My exchanges' displays all the exchange accounts the user connects through API. 'The Demo' function, on the other hand, allows the trader to practice utilising all the exchange features, allowing the user to become acquainted with all the platform offers.
 
## Bitsgap GRID trading bot 

The bot driven by the GRID algorithm allows traders to establish investment ranges and restrictions before distributing these investments proportionally. As a result, every time the system executes a limit order, GRID issues a sell order at a slightly higher price than the market value.

Limit orders work in the other way, in that after the initial order, it creates another buy limit at a somewhat lower price than the market value. If the crypto prices do not surpass the trader's pre-set value range, the system will continue to execute transactions indefinitely. 

To conclude, users can rely on automatic algorithms to provide a consistent money stream regardless of market conditions. The essential advantage of investing in the grid is that it needs less market forecasting – predicting where the price will likely move in the future. As a result, it is an excellent tool for new and experienced traders.
 
 



What is the Bitsgap crypto platform?

According to a series of letters sent on Tuesday morning, the 30th of August 2022, House Committee on Oversight and Reform requested information and documents from four agencies and five digital asset exchanges. [Coinbase](https://www.cnbc.com/quotes/COIN), FTX, Binance.US, Kraken, and KuCoin were among the parties contacted about what they are doing to protect consumers from scams and combat cryptocurrency-related fraud.
 
The letters request that government authorities and cryptocurrency exchanges respond by the 12th of September with details regarding their efforts to protect customers. According to the committee, the respondents' feedback will be utilised to develop legislative solutions.
 
The letters specifically request that the exchanges produce documents dating back to the 1st of January 2009. To demonstrate efforts to combat crypto scams and fraud, as well as efforts to identify, investigate, and remove or flag potentially fraudulent digital assets or accounts, as well as discussions about "whether to adopt more stringent policies.
 
In one letter to Sam Bankman-Fried, CEO and creator of FTX, the committee states that although some exchanges evaluate cryptocurrencies before listing them, others allow digital assets to sign up with little or no verification.
 
According to FTC analysis, more than $1 billion in cryptocurrency has been lost to fraud since 2021.
 
## Congress looks at crypto schemes developed by companies

Chainalysis, a blockchain analytics firm, discovered that [37% of crypto scam money](https://www.cnbc.com/2022/08/30/coinbase-ftx-binance-get-inquiries-from-congress-on-crypto-scams.html?__source=google%7Ceditorspicks%7C&par=google#:~:text=Blockchain%20analytics%20firm%20Chainalysis%20found,then%20vanishing%20with%20the%20funds.) last year went to "rug pulls". A rug pull is when someone lists a token on an exchange and invests in it to increase the price and market demand before selling the position at a premium and disappearing with the proceeds.

Binance US, which received an [investigation](https://www.reuters.com/legal/litigation/new-binance-class-action-likely-clears-one-hurdle-faces-plenty-others-2022-06-14/) from the committee on Tuesday, has been charged in a class action complaint with deceiving customers about the safety of investing in [terraUSD](/news/article/terra-usd) (UST) and its sister token, Luna.

The terms and conditions of the investor-crypto exchange agreement also differ, which needs to be standardised.
Agencies will continue infighting and cannot successfully implement consumer and investor safeguards relating to cryptocurrencies and the exchanges on which they are traded unless clear definitions and advice are provided. 






Congress investigates crypto firms scam protection

According to Celsius, they have filed a counter-complaint against defendants Jason Stone and his business KeyFi  due to incompetence, deception, and conversion. It seeks to require the defendants to turn over valuable assets stolen from them and pay damages and restitution for the substantial injuries the defendants have caused through their blatant breaches of duty. 

## Defendants are thieves

The lender, Celsius, continued by stating that Stone's majority-owned corporate vehicle could not effectively deploy coins and appeared to have lost thousands of their coins due to terrible mismanagement. Furthermore, the defendants were not just inept but also thieves. 

[Celsius](/news/article/celsius-bankruptcy-protection) said that the defendants stole millions of dollars in cryptocurrencies from their wallets and blockchain addresses by moving them to wallets owned by the defendants, based on information and belief.

The company additionally says that Stone and his company used its coins to purchase hundreds" of non-fungible tokens (NFTs) and then stole the NFTs they obtained with Celsius' coins by transferring them to wallets that they own or control.

## Ponzi scheme

Celsius' lawsuit follows Stone's original critique. Stone referred to the company as a Ponzi scheme in the complaint filed in early July. He stated that the company manipulated the price of its native coin CEL with customer monies. Stone further said that it lost a significant amount of money because it failed to hedge against the risks posed by its activities. 

According to Stone's complaint, the coin price swings have utterly disrupted them and damaged its capacity to pay its depositors. 

The company only accepted deposits in Bitcoin and Ether, the two cryptocurrencies with the largest market capitalisation, implying that when the values of these two coins rose faster than the prices of other tokens, the corporation found itself owing more to its clients.  This occurred because the firm included other currencies in its customer reward mechanism. 

Stone reportedly claimed the crypto lender owed him millions of dollars in compensation.





Celsius accuses KeyFi of stealing crypto

Rollbit provides a casino, crypto trading, and [NFTs](https://www.newsfilecorp.com/release/86084/NewAge-Crypto-Casino-Rollbit-Launches-Cryptocurrency-Trading) all on the same site. Find out all you need to know about how to get lucky with this lottery here!

## Bonuses for advancing in rank and level 

When users advance to the next level, they will receive around 12.5% of the house advantage for the wagering necessary. Plus, with each level advancement, users receive a fantastic gift! 

## The Rollbit boss 

The "Rollbit boss" is the person who has bet the most during the day by 00:00 UTC. This individual receives $5,000! 

## Cashback

Players will receive a 5% of the house advantage every Day, Weekly, and Monthly.

## Slots 

The casino has over 3,500 slots that players can select. 

## Classic games

Customers also have a rather large selection of games. Players can discover traditional blackjack and roulette. Other conventional games, including baccarat, are also accessible. 

## Games with a live dealer 

The exchange collaborates with leading game providers and offers a wide range of live dealer games. 

## Casino payment methods

Wagering will utilise cryptocurrency rather than fiat currency. 

## Deposits 

Users can fund their accounts in one of two methods. If you have Bitcoin, Ethereum, or Litecoin, you may deposit it and begin gambling upon receipt of the transfer to your Rollbit account. 

If customers don't already have any of those cryptocurrencies, they will need to acquire some to get started. Players can use VISA, MasterCard, Google Pay, or Apple Pay to pay. Users may also buy cryptocurrency at major exchanges or at their exchange partner, MoonPay. 

## Withdrawals 

Withdrawing monies is quite simple. Customers can withdraw their Bitcoin, Ethereum, or Litecoin. They may sell their crypto currency for fiat they desire after they have won it! Withdrawals are processed quickly, and there is no maximum withdrawal cap.

## Customer service

Customer care is available via live chat and email on the website. Both types of assistance offer quick response times and appear to be well-informed. The website also has a very comprehensive FAQ section. 

On May 10th, 2021, the company debuted its [cryptocurrency](https://finance.yahoo.com/news/age-crypto-casino-rollbit-launches-201500764.html) trading, allowing customers to wager on the price of Bitcoin and Ethereum. Dogecoin and Litecoin have recently joined the trading platform. 

The new cryptocurrency trading tool has several advantages over previous platforms, including the following: 

•	Zero-fee trading 

•	Up to x1000 leverage 

•	Automatic cashout

•	A community focus

Rollbit's NFT marketplace allows you to purchase NFTs without incurring costly Ethereum network fees. Users may experience the thrill of generating passive money from a popular sportsbook while qualifying for special incentives. The essential service provided by Rollbot NFTs is the ability for holders to establish Rollboxes and receive a return on the NFTs they risk. 

Rollbit offers a fantastic website, a large game selection, a cryptocurrency trading functionality, an [NFT](/news/category/nft-news) collection, and exceptional customer support. This casino also has a complete license, ensuring the user's money is safe and secure.



Review of Rollbit casino games and exchange

StrongBlock was founded by David Moss, Brian Abramson and Corey Lederer to add secure, decentralised blockchains to any application.  Strong coin became the first and only blockchain-independent protocol to compensate users for running nodes. 

Nodes, critical to any blockchain's life, store complete copies of blockchain transactions but are challenging to build and expensive to run. As a result, many nodes are running obsolete software, holding partial blockchain histories, and going down occasionally. 

The Nodes-as-a-Service feature enables miners to build nodes in seconds. Miner's rewards are in the form of the blockchain's native cryptocurrency, STRONG, for maintaining the node without having to power their device 24 hours a day, seven days a week. The strong coin price is very high. 

The company has a collection of [Non-fungible tokens (NFTs)](/news/category/nft-news) that are available in four categories: bronze, silver, gold, and platinum.

Once a node is deployed, anybody can use it to access the blockchain.

## Use of strong coin (STRONG)

STRONG is an ERC-20 cryptocurrency based on the Ethereum blockchain. Its initial supply was ten million. However, after releasing the revised version of its Decentralised Finance (DeFi) system, it burned 94 % of the initial tokens, restricting the supply to about 535,000. 

StrongBlock said in the second edition of its tokenomics paper that it [supports a low-inflation approach](https://strongblockio.medium.com/strongblock-tokenomics-v2-b56acdbd2ed3) with incentives produced primarily through node involvement that may fluctuate over time based on token worth. 

The protocol establishes governance, ultimately regulating how StrongBlock functions as a decentralised network. 

It assists the initiative in developing a paradigm of long-term, self-sustaining growth.
According to [CoinMarketCap](https://coinmarketcap.com/currencies/strong/) statistics at the time of writing, there are now 138,269 coins in circulation. It has a market value of $136,056 and is the 1395th biggest cryptocurrency. 

## Strong coin (STRONG) price prediction 

After reaching a record high of $1,193.31 on October 28, 2021, it failed to recover, falling to $9.87 on August 8, 2022. Throughout February 2022, the strong coin price dropped 47% amid widespread market negativity as tensions on the Russia-Ukraine border escalated. 

According to Wallet Investor's research based on previous performance, the coin price might cost $460.507 in 2023 and reach $1,751.200 by 2027.

DigitalCoinPrice forecasted that by the end of 2027, the coin price might reach $376.08. Its long-term strong coin projection is that the cryptocurrency will reach $553.34 by 2030.


Strong coin price forecast

Bitex Bitcoin provides a mobile and online platform for investing and trading in digital assets and a matching engine capable of processing up to 1 million transactions per second. The exchange also provides charting tools, order books, trade options, and a derivatives platform with quarterly futures contracts and margin trading. 

[Bitex Bitcoin](https://www.financialexpress.com/market/crypto-exchange-bitex-begins-providing-cryptocurrency-investment-disclosure-following-govt-mandate/2236916/), which was established in 2014, in Buenos Aires, Argentina, also provides financial services. Customers benefit from the company's services for cross-border payments, payroll, and billing clients overseas at the lowest possible cost, time, and effort. 

Bitex does not allow U.S. investors to trade on its exchange for foreign exchange control reasons.

In terms of the trading view on the bitex Bitcoin platform, it is similar to other brokerages.

On the [bitex platform's landing page](https://www.bitex.la/) on 10 June 2019, the price chart below displays the volume and the highest bid and ask prices. It displays the order book, or at least a part of it, and a price chart of the selected cryptocurrency and order history. There also two conveniently located  buy and sell boxes. 

![bitex.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/bitex_80029db772.png)


The Bitex trading platform offers a lot more than simply placing orders. For professionals, it provides complex charting and financial indicators. 

Users may also place spot and limit orders on all available trading pairs on Bitex for [Bitcoin](/coins/btc) and use the pre-existing 10+ indicators to customise charts to match their trading needs.

## Trading Fees of Bitcoin on Bitex 

Bitex charges a flat 0.50 % trading fee regardless of whether investors are makers or takers. This trading cost approach may appeal to investors who want to pick up existing orders from the order book. 

Bitex's flat trading costs of 0.50 % are higher than the industry average of 0.25%. In addition to trading costs, there is an annual 0.50 % "custody charge," regardless of trading activity or lack thereof.

## Bitex- withdrawal and deposit fees

Bitex withdrawal costs for Bitcoin are 0.0004 BTC. Wire transfers is available however credit cards are not. As a result, their withdrawal costs are reasonable.

## Bitex technology and security 

To stop the rise in fraud, the Bitex Bitcoin exchange platform utilises cutting-edge technology and the best development methods. In order to protect user privacy, all identity papers supplied to the exchange are securely kept in a remote database using the most robust encryption standards. Furthermore, to guarantee a secure experience, Bitex deploys various security methods such as 2FA, email verification, I.P. filtering, mobile verification, and manually verifying anomalous account activity and transactions. 








How Bitcoin is traded on the Bitex Bitcoin

## Chainalysis crypto scam report

According to a Chainalysis report released on Tuesday 16 August 2022, the research suggests that total crypto scam revenue is presently resting at $1.6 billion, a [65% decrease from the prior year period](https://blog.chainalysis.com/reports/crypto-crime-midyear-update-2022/), which appears correlated to the market average of falling cryptocurrency prices. 

The report points out that speculative investment opportunities and outsized profits appeal most to victims during bull markets and that traders more likely to fall for crypto scams. Bull markets also have a larger percentage of new, novice crypto investors who are more vulnerable to scams. 

The numbers in the report are admittedly biased in the report because of the comparably massive PlusToken and Finiko cases in 2021, which generated $3.5 billion in total scam income. According to reports, the most significant fraud case of 2022 has only garnered $273 million to the cannabis investing portal JuicyFields.io, which has locked investors out of their accounts on its cannabis-focused "e-growing" service. 

On the other hand, crypto-based hacking has defied the trend, jumping 58.3% to $1.9 billion through July 2022, excluding the [$190 million Nomad bridge attack](/news/article/nomad-crypto-hack) that began on August 1st. This value increase is primarily due to the emergence of decentralised apps, [which surged in 2021](https://blog.chainalysis.com/reports/2022-defi-hacks/).

According to the research, a significant concentration of these hackers originated from North Korean elite cyber organisations such as Lazarus Group, with these entities accounting for over half of the crypto seized.

## Crypto scams are not entirely a bad thing

Due to smart contract programming languages like Solidity are relatively new, the fraud cases are not terrible as these vulnerabilities can improve security by allowing code audits. The crypto brand has suffered due to  bad actors leaving investors feel that there is no security, but through learning the hard way from these mistakes we hope that industry participants will build the crypto ecosystem back better. 

The report also stated that darknet market income is down 43% in 2022; dark web black markets provide illegal products and services, typically utilising cryptocurrency as payment.


Crypto scams are falling as victim investors exit 

## How UK users can fund their Binance account

### Step 1: Register an account

UK Users can register for a Binance account with their email or phone number from the  App,  website, or desktop app.

### Step 2: Complete verification

UK users can complete [identity verification](https://www.binance.com/en/support/faq/360027287111) on their Binance account to unlock the Fiat deposit and withdrawal limits, which includes verifying their basic account information, providing ID documentation, and uploading a picture.

### Step 3: Buy crypto

## Deposit Fiat 

Users can deposit up to 50+ Fiat currencies, such as EUR, BRL, and AUD, to their Binance UK account using bank transfer and bank cards. Once deposited, they can use them to buy crypto directly.

## Buy crypto using a debit/credit card

Users can also buy crypto directly using their credit/debit card on the Binance website or the lite mode on the Binance app.

## Buy crypto via P2P

Users can also go to the [Binance P2P](https://www.binance.com/en/support/faq/360043832851) page, select "buy crypto", and click "P2P trading" on the top navigation.

Investors can select the currency they want to buy. They can also filter the price and the "payment" in the drop-down, select an ad, and then click "buy".

Investors must enter the amount or quantity they want and click "buy."

The payment method and amount confirmations are on the order details page.

Investors must complete their fiat transactions within the payment time limit. Then click "transferred, next" and "confirm".

Once the cryptocurrency is released and the transaction completed. Users can click "transfer to spot wallet" to transfer the digital assets to their spot wallet.

Users can also click "check my account" above the button to view the digital asset they just bought.

Make a deposit or transfer crypto from the existing wallet

Users can log in to the Binance UK account and click wallet-overview 

Users then click deposit and see a pop-up window with the following options. 

1) Make a crypto deposit
2) Make a Fiat deposit

If users choose the crypto deposit option, they can select between [BTC](/coins/btc), ETH, USDT, BNB and EOS.

Next, investors choose the deposit network; however, users must ensure the selected network is the same as the platform they are withdrawing from to avoid losing funds.

Users can select BNB, BSC, ETH, SOL, and TRX.

Users must click to copy their Binance UK wallet's deposit address and paste it to the address field on the platform that they intend to withdraw crypto.

The transaction can take time to approve, depending on the blockchain and its current network traffic.

Funds are credited to the user's Binance account right after.

### Step 5: Explore Binance UK products

## Spot trading

Users can trade hundreds of cryptocurrencies in the spot market, including BNB. As well as develop tokens on the Binance smart chain.

Be warned, Binance is cheap to buy but could cost you your coins

As a last word of caution, be weary of keeping your crypto in Binances hot storage wallet, as, they have been known to be hacked and for suspending withdrawals to UK customers. 

What’s more, as they operate in an unregulated industry there is limited to no accountability and guardrails. Binance recently halted Bitcoin withdrawals, citing technical difficulties. According to a tweet, the platform momentarily suspended bitcoin withdrawals early on Monday, June 13, 2022, due to a stalled transaction producing a backlog. 

It may be cost effective to buy your crypto currency on Binance and transfer it to a cold storage wallet such as a Ledger. Consider transaction costs (network fee’s) to transfer coins out from the Binance and understand the risks of buying and holding your coins on the platform.


Guide to the Binance platform for UK users

A considerable degree of demand appears to have been built at the $20,000 level for Bitcoin after the drop last month, creating a floor. 

## Assessment of the Bitcoin drop

On Monday, blockchain research startup Glassnode released its latest "The Week On-Chain" [report](https://insights.glassnode.com/the-week-onchain-week-31-2022/), which assessed [Bitcoin's drop](/news/article/norway-bitcoin-mining) during the previous week. 

Analysts cited sideways growth in transactional demand, active Bitcoin drop addresses continuing in "a clearly defined downward trend”, and decreased network fees as reasons to dampen investors' enthusiasm about the 15% increase in BTC price over the last week. 

[According to CoinGecko](https://www.coingecko.com/en/coins/bitcoin), Bitcoin has been down 2% in the previous 24 hours, trading below $23,000 to $22,899. 

The features of a bear market seem prevalent, such as a decrease in on-chain activity and a shift away from speculative investors and toward long-term holders.

According to Glassnode, a drop in network activity might indicate a lack of fresh demand from speculative traders over long-term holders and investors who strongly believe in the network's technology. 

The present network demand pattern and the one developed in the 2018-2019 period were comparable, according to the research. Like the last cycle, network demand dwindled following the all-time high in BTC price in April 2021. Demand increased noticeably in the months running up to the following November when prices reached a new high. 

However, demand has been declining since last November, leading to a bitcoin drop, with a significant dip during the mass sell-off in May:

Network costs have entered "bear market territory" due to a lack of demand from anybody other than hardcore Bitcoin fans. Daily network fees hit 200 BTC when prices reached an all-time high last April. Over the last week, daily fees totaled only 13.4 BTC. 

If fee rates climb significantly, demand is increasing, which will assist in supporting future "positive structural shifts" in Bitcoin network activity:

## Optimism amid the Bitcoin drop

On a brighter note, capacity in Bitcoin Lightning Network (LN) public channels continues to reach new all-time highs. Despite the current weak market, total LN public capacity has reached 4,405 BTC, a 19% growth over the previous two months.



















Has Bitcoin's drop reached its floor?

Tornado Cash, the Ethereum-based non-custodial open source software project, has been sanctioned by the United States’ Treasury department.

The sanctions announced on Monday stop people in the US, and anyone subject to US jurisdiction, from using the cryptocurrency mixer.

All property, as well as interests in property, of Tornado Cash in the US or held by US persons are blocked and must be reported to the Office of Foreign Assets Control (OFAC).

The crypto tool enables users to mix their coins using its smart contract, obscuring the prior trail of coins exchanged over a transparent ledger. 

[The sanction](https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220808) relates to the smart contract protocol. These actions have created a bad precedent for open-source software development. 

Following the US Treasury's announcement, it was discovered that Circle, the centralised issuer of stablecoin USDC, has also blocked [every sanctioned address](/news/article/crypto-russia) from using USDC. 

As tracked by internet readers, the number of [black-listed](https://dune.com/phabc/usdc-banned-addresses) USDC addresses now stands at 81.

These activities have prompted many to doubt the security of storing digital assets in a centralised location, even for non-criminals who want to employ privacy-enhancing techniques.

## Tornado Cash Co-creator's Github Account Suspended

Roman Semenov, the co-creator of Tornado Cash, had his GitHub (open source development repository) account disabled. He responded by questioning whether it is now illegal to create open-source code.

Considering the nature of the restrictions imposed this could disturb freedom-loving crypto fanatics. 
These activities also offer various tools in the so-called DeFi space which rely on centralised stablecoins and may have centralised development choke points.

As painful as it may seem, Bitcoin's spontaneous and decentralised nature is a reason why such open-source software exists today.

Open-source software will continue to function as intended, but with increased pressure on software/wallet/protocol developers, only the strongest and most truly decentralised networks will remain.

When considering the long-term case for Bitcoin, one of its most compelling value propositions is that it is an asset with no counterparty risk or dilution (devaluation) risk.
 



Tornado Cash Sanctioned by US Treasury

Step 1: Open an exchange account: Sign up for a crypto exchange account to begin the conversion from GBP to MANA. Then, to validate the user's account, submit a copy of the investor's ID and fill in the necessary know your client (KYC) information. 

Step 2: Deposit: Fund your account with GBP. Please note some exchanges have minimum requirements, for example eToro  requires customers to deposit $10 (£8.25). 

Step 3: Look for the [Decentraland](/news/article/how-to-invest-in-metaverse) token (MANA)- go to the relevant investment page, search for 'Decentraland'. Go to the web page and click on 'Trade.'

Step 4: Obtain the Decentraland Token: Finally, inform the exchange how much money the you wish to invest in Decentraland, beginning with $10 (£8.25). Click 'Open Trade' to confirm. 

## Purchase mana with a credit or debit card

Credit/Debit cards are the two standard payment options for buying mana. The broker will not charge investors any deposit fees, but the investors' card issuer may charge them a small transaction facilitation fee. 

An investment of at least $200 (£165) and up to $40,000 (£33,000) to get started. It is also good to exchange gbp for US dollars before investors deposit. The minimum trading amount when purchasing on eToro is $25 (£20.62).

##Buy MANA with GBP using Paypal

Decentraland may be acquired using [PayPal](https://www.paypal.com/gh/home) on cryptocurrency trading sites such as eToro. 

The trade limit for purchasing with PayPal on eToro is $25, as it is for the other payment methods. PayPal allows users to deposit as little as $200 and as much as $10,000 into the brokerage. It would be advantageous if users additionally made USD deposits to avoid being charged a 2% currency conversion fee.

## Buy MANA without ID Verification

Due to increased calls for crypto regulation worldwide, most crypto exchanges and brokerages will not enable users to purchase tokens anonymously. 

However, a few that enable investors to obtain Decentraland tokens (MANA) without ID verification will keep trade restrictions to a minimum. The maximum deposit into an unconfirmed eToro account is $2250.


How to convert MANA to GBP on an exchange

People who work for themselves, sitting in their underwear on their sofa all day generating millions, offer a false promise of "easy money" and the allure of self-sufficiency. 

## Harsh truth about crypto day trading

Based on various [studies](https://www.cnbc.com/2020/11/20/attention-robinhood-power-users-most-day-traders-lose-money.html):

•	40% of day traders trade for only are active for one month

•	In the first two years, 80% of all day traders quit

•	Only 13% continue to day trade after three years. After five years, just 7% remain

•	Individual investors underperform market indexes by 1.5% per year on average; active traders underperform by 6.5% per year

## What is random reinforcement within crypto day trading?

The term "random reinforcement" refers to the use of arbitrary events to qualify (or disqualify) a hypothesis or idea; attributing skill or lack of skill to an unsystematic outcome; and gaining support for positive or negative behaviours from products that are inconsistent, such as the financial markets. 

The market tends to reward poor habits with a limited sample size while penalising favourable behaviours. 

Some amateur traders made money by investing in random [altcoins](https://news.monitalks.io/news/article/xhd-coin-explained) and selling for large, quick returns. In the 2017 crypto market, everyone was a "genius." Then, in 2018, the bubble burst, and inexperienced traders with leverage on their margin could not deal with the drawdown resulting in their account being liquidated. They did not sell their assets and kept holding them until they lost everything.

Many retail investors involved in crypto day trading overheard "big names" on social media discussing an altcoin, leading them to examine the chart and notice that the price is rapidly increasing. They start to buy and sell for a quick profit after a few successful trades, amateur traders begin to believe that they are skilled traders.

Retail traders involved in crypto trading often begin to believe that a favourable outcome on a few random trades indicates success in the future. However, in hindsight, the market rewarded their poor behaviour. However, as they continued to trade impulsively, they eventually lost their capital, as was the case in the 2018 crypto day trading crash.

On the other hand, some retail investors involved in crypto trading spent several months developing a trading plan with risk management, proper portfolio allocations and trading rules. 

However, as they continued losing several times in a row, they began doubting their system. Amateur traders then began to places high-risk trades that breach their strategies rules and succeeded a few times, putting the retail trader back to square one, trading without a strategy because the market has rewarded their bad behaviour.

This is how stock trading can sometimes be compared to gambling.

Crypto day trading loses more money than HODLing

According to a Nomad crypto statement, anyone who returns at least 90% of stolen tokens would be considered a white-hat hacker who tries to expose weaknesses rather than making harmful profits. The remaining 10% would essentially become the incentive. 

“We will not pursue white hats”, stated the firm's chief executive officer. He added that they will continue collaborating with their partners, intelligence agencies, and law enforcement to pursue all such bad actors to the greatest degree permitted by law.

What caused the nomad crypto hack 

Nomad  put up a recovery wallet address to persuade the "white hat hackers who have been keeping ETH/ERC-20 tokens to restore the stolen digital assets. The wallet came into existence following a collaboration with the custodian bank Anchorage Digital. Currently, $19.4 million (roughly 10%) of that crypto is back with the protocol. Nomad has already resorted to Twitter to express gratitude to some donors. 

According to 1KX Research, the breach [occurred due to a mistake](https://blockworks.co/after-latest-crypto-bridge-hack-industry-participants-call-for-tightened-security/) in the code. Developers unintentionally activated a code setting that automatically validated any transaction script provided to the protocol as long as it contained a "root" of “0x00."

## What is Nomad?

Nomad is a bridge protocol which allows tokens to be transferred across blockchains to make diverse networks compatible. Bridges have become one of the crypto sector's weak areas following multiple attacks, with an estimated $2 billion in tokens stolen from them in 2022, according to consultancy Chainanalysis. 

Based on data from Etherscan, a tool used for analysing the Ethereum blockchain, and the bridge provider's calculations, Nomad has recovered around US$20 million of the US$190 million. Nomad says it worked with forensics specialist TRM Labs and law enforcement to identify hackers. 

Shortly after, the attack on nomad crypto emerged earlier this week. The crypto industry suffered another blow when hackers targeted the [Solana ecosystem](/news/article/solana-wallet) on Wednesday, 3rd August 2022, which affected thousands of wallets. 




Nomad offers 10% bounty of crypto $190 million hack

After the algorithmic stablecoin, Terra lost its peg to the US dollar, this was accompanied by a bank run that rendered $40 billion in tokens almost worthless. Crypto collateral valuable enough to cover loans one day became highly undervalued or illiquid, casting uncertainty on the fortunes of seemingly invincible hedge funds and other high-profile lenders.

## What led to the crypto market crashing?

The seeds that spawned the crypto market crashing — greed, excessive leverage, and a delusional belief in price going up — are not new. They were there when almost every other asset bubble burst. However, crypto is a new and highly unregulated market, with boundaries blurred and failsafe weakened by the notion that everyone engaged can get wealthy together. 
Leveraged trades rely on borrowing, increasing the risks and profits. There are an estimated 1,900 crypto hedge funds, and the majority appear to utilize leverage to trade at bigger volumes with collateral that may not meet requirements of centralized financial regulation.

## Analysis of crypto market crashing

In a December study, the Bank for International Settlements (BIS) highlighted the implications of decentralised financing's high leverage. The BIS noted that when debt decreases due to investment losses or depreciating collateral, investors are obliged to liquidate assets, exerting further downward pressure on prices. Crypto has had multiple large dips in its history, dubbed "crypto winters" by the community and a bear market by the rest of the financial industry. Still, the sector's expansion and increased acceptance from Main Street to Wall Street means more is at stake today.

Its expansion has further amplified the impact of this year's turbulence: After the expiration of the crypto market crashing in 2020, the industry peaked at $3 trillion in total assets last November before plummeting to less than $1 trillion. 

If [Terra](https://www.cnbc.com/2022/05/30/terra-2point0-new-luna-cryptocurrency-is-already-crashing.html) led to this crypto market crashing and was the equivalent to Bear Stearns in the 2008 financial crisis, many believe that the Lehman Brothers moment is just around the corner. The failure of lenders to make margin calls was an early warning flag in the 2008 financial crisis, and crypto has experienced its counterpart this month: Celsius Network, Babel Finance, and Three Arrows Capital all disclosed severe issues when digital-asset values fell, causing a liquidity crunch that ultimately comes from the industry's interdependence.

Consumer confidence and perception of bad actors had a role in the crypto market crashing and the financial crisis, but what is occurring now is money flowing out of deployed, working systems due to over-leverage and irresponsible risk-taking." 

Leverage allows investors to generate more returns with less investment during bull markets, but when the market falls, such positions swiftly unravel. Also, in crypto, such bets frequently include more than one type of asset, increasing the likelihood of a crypto market meltdown.

## How Celsius contributed to the crypto market crashing

Over the last several weeks, a crypto news site has received many complaints from Celsius users. Some are concerned about losing their houses after being liquidated on millions of dollars of loans secured by the company's cratering CEL token. Celsius has been leveraging client assets to pay out 17 % APY utilising a variety of DeFi protocols, including Terra's Anchor and Ethereum mainstays Lido and Curve. 

Given the danger of accepting crypto loans, particularly those via decentralised finance applications that do not use intermediaries like banks, sometimes ask borrowers to put up more collateral than the loan is worth.

[Celsius](/news/article/celsius-bankruptcy-protection) began lending to human traders two years ago, managing risk by requiring collateral from these borrowers. Celsius leased financial assets to players that can profit from arbitrage, market making, or shorting specific equities or digital assets." 

However, as market values fell, it led to the crypto market crashing. After Celsius started lending in the DeFi space, exposing borrowers to risky market fluctuations, whereas lending to a creditworthy institutional borrower is entirely different. The danger is not the same as relying on cryptocurrency market prices to remain stable or increase."

Loans that were previously over collateralised are now in danger of liquidation. This process is automated in DeFi, worsened by the increase of traders and bots looking for methods to make quick profits. 

## Views of Finance Professor on crypto market crashing

According to a finance professor, John Griffin at the University of Texas at Austin, the spike in cryptocurrency prices last year was fueled by leveraged speculation, possibly even more so since the previous crypto market crashing. A low-interest-rate environment and ultra-accommodative monetary policy helped set the scene.

With interest rates increasing and a lack of trust in leveraged platforms, the deleveraging cycle had the impact of unwinding these prices far faster than they grew, the finance professor added. Though traditional markets frequently rely on a slow and constant level of leverage to expand, the effect appears to magnify in crypto due to the concentration of speculation in the industry.

Regulators are watching the industry, looking for indications of instability that might jeopardise their fledgling ambitions to regulate cryptocurrency. Even laws proposed in the spring have changed in the aftermath of Terra's collapse, with some countries considering measures to mitigate the systemic impact of failing stablecoin systems. 

He added that while there may be occasional bull rallies, he does not see the cycle reversing soon. He said that when the Nasdaq bubble burst, analysis indicated that wise investors were among the first to exit and sell when prices fell, whereas retail investors bought up and lost money. 

Digital assets were the domain of affluent retail investors and a small handful of crypto-focused firms. Now, the industry has developed a greater appeal to pump-and-dump investors and hedge fund giants, prompting authorities to routinely intervene with comments warning consumers of the risks of trading such products.

After witnessing the crypto market crashing many times and broad acceptance, most investors now see crypto as another asset class and treat it like the rest of their portfolio. As a result, cryptocurrency values correlate with other asset classes, such as technology stocks. 

The crypto market's experimental and speculative characteristic exacerbated the meltdown, knocking out small retail traders who put their life savings into unregulated projects like Terra which have no track record. Furthermore, the industry is overhyped by new generations of crypto cult members using social platforms like Twitter and Reddit. Exchanges have also contributed, with FTX, Binance, and Crypto.com investing in marketing and high-profile sponsorships.




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