Poloniex Review: An American Cryptocurrency Exchange with BTC, ETH, XMR, and USDT Trading Pairs

Poloniex is a United States based cryptocurrency exchange founded in January 2014 by Tristan D’Agosta. The American company is currently registered in Wilmington, Delaware with a corporate office in Boston. It accepts only cryptocurrencies deposits (Including USDT) and has a large number of trading pairs – one of the largest, in fact.

Poloniex has a large amount of liquidity and as such is recommended for professional and mid to high-level traders, of which there are almost 60,000 online at a given time.

Poloniex currently ranks #1 on the BlockExplorer Top 25 Cryptocurrency Exchanges List.

Poloniex Cryptocurrency Exchange Summary:

poloniex cryptoName: Poloniex
URL: https://www.poloniex.com
Total trading pairs: 101
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.10% – 0.25%
Margin trading: yes
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Requirements

Limits

Level 1 Email, First & Last Name, Country $2,000, USD Margin Trading Enabled
Level 2 Complete Address, Phone Number, Date of Birth 7,000 USD
Level 3 SSN, Scan of Photo ID, Selfie holding your ID $25,000 USD
Enhanced Verification Contact Support Greater than $25,000 USD

Poloniex Exchange Verification Process

Poloniex’s verification process is simple and is only required for withdrawal of currency. All users will need to enter their full name, date of birth, and address to start, after which webcam based verification of photo ID and possibly a utility bill will take place – This involves holding the requested identification document next to your face and allowing your webcam to take an image.

Once verification is confirmed users can withdraw $25,000 equivalent per day, which can be increased by contacting Poloniex support. It is recommended that users get verification before beginning to trade, as without verification you can only deposit and trade currency.

The exchange has a tiered fee system using a maker and taker model. In this model, trades happen between makers and takers, where the taker places an order to match a maker’s order. Because makers add liquidity to the market they are given a fee discount. Fees are calculated as an average of trading activity, with higher activity leading to lower fees. You can find a breakdown of volume to fees available here.

How to use a Blockchain Explorer aka Blockexplorer

blockexplorer example

BlockExplorer allows you to view information about transactions, blocks, and addresses on the Bitcoin, Bitcoin cash, and Zcash blockchains. On the main page of BlockExplorer, you will see information about the bitcoin blockchain, specifically the most recent blocks and transactions. you can select which cryptocurrency you want to view at the top of the page, and just below that you can search for block heights, transaction hashes, and addresses, and you can select which currency you wish values to be displayed to you in, this defaults to USD.

How to view blocks on BlockExplorer

For blocks, you can see the height of the block, how long ago it was mined, how many transactions were on the block, who mined it (if that information is available), and the size of the block in bytes. You can also see a constantly updating list of all the most recent transactions sent to the network

You can either click on a block height or search for a block height to view more specific information about the block, such as the number of transactions on the block, the reward that went to the person who mined the block, when the block was mined, and the number of transactions that are stored on that block. Below that information, you can see each individual transaction on the block and some information about it, such as the address it came from and the address it was sent to, the amount transferred in your selected currency, and the number of confirmations the transaction has.

How to view transactions on BlockExplorer

If you click on a transaction hash or search for one, you can view details on that transaction, such as the size in bytes it takes up in its block, the fee per kilobyte at the time of the transaction, the time it was received, and the block it is in (if applicable). Below that you can see specific information on who the transaction came from, where the transaction was sent, and how much currency was involved

How to view addresses on BlockExplorer

If you click on an address you can see what transactions have been sent to it, the total amount of currency it has received, how much it has spent, and how much it currently has available

What are blocks, transactions, and address?

A block is a list of transactions when a block is mined all the fees for the transactions in it go to the miner, and the block is added to the blockchain. A transaction is just that, a transfer of cryptocurrency from one address to another, minus the fee. 

BlockExplorer has a Bitcoin Blockexplorer, a Bitcoin Cash Blockexplorer, and a Zcash Blockexplorer. Stay tuned for more!

Top 25 Altcoins, Blockchains, and Cryptocurrencies of 2017

top cryptocurrencies november 2017

Since the release of Bitcoin, cryptocurrencies and blockchain technology have taken the world by swarm. Typically, a cryptocurrency is differentiated from a normal, fiat, currency because it is decentralised, not centralised. Cryptocurrencies allow internet users to transfer value in a peer-to-peer (p2p) system without middle men. This means that payments cannot be censored, and financial friction will inevitably be lessened internationally. Over the last several years, we have seen all of these use cases slowly come to fruition.

Where Bitcoin and most other altcoins are only psuedonymous, new cryptocurrencies such as Zcash can actually be provably anonymous. Still others, such as Ethereum, have created decentralised platforms for smart contracts – paving the way for our decentralised future. Some of these cryptocurrencies use Proof of Work (PoW) while some use Proof of Stake (PoS) – still others use a hybrid model, or a different type of consensus algorithm to address the Byzantine Generals’ Problem altogether.

No matter how you look at it, since the release of Bitcoin in 2009, the cryptocurrency space has evolved – and is still evolving. Now that 2017 is coming to an end, let’s take a step back and look at the top 25 cryptocurrencies from 2017. Use this list to find the best cryptocurrency for you!

Where can I buy these cryptocurrencies? You’re in luck! BlockExplorer also has a Top 25 Cryptocurrency Exchanges List of 2017 that will let you compare different exchanges around the world and choose the one that’s best for you.

Disclaimer: Buy cryptocurrency at your own risk.  This top cryptocurrencies list does not constitute professional financial advice.

Top 25 Altcoins, Blockchains, and Cryptocurrencies (2017 Edition)

1. Bitcoin (BTC)

Max supply: 21,000,000.0
Current supply: ~16,705,000
Hashing algorithm: SHA256
Proof Type: PoW
Start Date: January 3rd, 2009
Difficulty adjustment frequency: 2016 blocks
Block reward: 12.5
Blockexplorer: https://www.blockexplorer.com

2. Ethereum (ETH)

Max supply: N/A
Current supply: ~96,000,000
Hashing algorithm: Ethash
Proof Type: PoW (PoS planned)
Start Date: July 30th, 2015
Difficulty adjustment frequency: Per-block
Block reward: 3

3. Litecoin (LTC)

Max supply: 84,000,000
Current supply: ~54,020,000
Hashing algorithm: Scrypt
Proof Type: PoW
Start Date: October 10th, 2011
Difficulty adjustment frequency: 2016 blocks
Block reward: 25

4. Bitcoin Cash (BCH)

Max supply: 21,000,000
Current supply: ~16,825,500
Hashing algorithm: SHA256
Proof Type: PoW
Start Date: August 1st, 2017
Difficulty adjustment frequency: Median Time Past (11 blocks)
Block reward: 12.5
Blockexplorer: https://bitcoincash.blockexplorer.com

5. Ripple (XRP)

Max supply: 38,305,873,865.0
Current supply: 38,305,873,865.0
Hashing algorithm: N/A
Proof Type: N/A
Start Date: February 2nd, 2013
Difficulty adjustment frequency: N/A
Block reward: N/A

6. Bitcoin Gold (BTG)

Max supply: 21,000,000
Current supply: ~16,775,123.4
Hashing algorithm: Equihash
Proof Type: PoW
Start Date: October 25th, 2017
Difficulty adjustment frequency: Per-block
Block reward: 12.5

7. Dash (DASH)

Max supply: 22,000,000
Current supply: ~7,716,621.9
Hashing algorithm: X11
Proof Type: PoW/PoS
Start Date: January 18th, 2014
Difficulty adjustment frequency: Per-block, Dark Gravity Wave (DGW)
Block reward: 3.6

8. IOTA (IOT)

Max supply: 2,779,530,283.0
Current supply: 2,779,530,283.0
Hashing algorithm: N/A
Proof Type: Tangle
Start Date: July 17th, 2016
Difficulty adjustment frequency: N/A
Block reward: N/A

9. Ethereum Classic (ETC)

Max supply: N/A
Current supply: 97,858,853.0
Hashing algorithm: Ethash
Proof Type: PoW
Start Date: July 23rd, 2016
Difficulty adjustment frequency: Per-block
Block reward: 5

10. NEO (NEO)

Max supply: 100,000,000
Current supply: 100,000,000
Hashing algorithm: N/A
Proof Type: Delegated Byzantine Fault Tolerance (dBFT)
Start Date: October 17th, 2016
Difficulty adjustment frequency: N/A
Block reward: N/A

11. Monero (XMR)

Max supply: N/A
Current supply: ~15,407,875.5
Hashing algorithm: CryptoNight
Proof Type: PoW
Start Date: June 2nd 2016
Difficulty adjustment frequency: 2 blocks
Block reward: 6

12. NEM (XEM)

Max supply: 8,999,999,999
Current supply: 8,999,999,999
Hashing algorithm: N/A
Proof Type: Proof of Importance (PoI)
Start Date: March 31st, 2016
Difficulty adjustment frequency: N/A
Block reward: N/A

13. EOS (EOS)

Max supply: 1,000,000,000
Current supply: 1,000,000,000
Hashing algorithm: DPoS
Proof Type: Delegated Proof of Stake (DPoS)
Start Date: June 26th, 2016
Difficulty adjustment frequency: N/A
Block reward:N/A

14. Cardano (ADA)

Max supply: 45,000000000
Current supply: ~25,927,070,538
Hashing algorithm: Ouroboros
Proof Type: PoS
Start Date: January 28th, 2017
Difficulty adjustment frequency: N/A
Block reward: N/A

15. Qtum (QTUM)

Max supply: 100,000,000
Current supply: 100,000,000
Hashing algorithm: POS 3.0
Proof Type: PoS
Start Date: December 19th, 2016
Difficulty adjustment frequency: N/A
Block reward: N/A

16. OmiseGO (OMG)

Max supply: 140,245,398
Current supply: 140,245,298.2
Hashing algorithm: N/A
Proof Type: PoS
Start Date: June 23rd, 2017
Difficulty adjustment frequency: N/A
Block reward: N/A

17. Zcash (ZEC)

Max supply: 21,000,000
Current supply: ~2,714,456.3
Hashing algorithm: Equihash
Proof Type: PoW
Start Date: October 28th, 2016
Difficulty adjustment frequency: Per-block
Block reward: 10
Blockexplorer: https://zcash.blockexplorer.com

18. Stellar (XLM)

Max supply: 100,804,167,793
Current supply: 17,713,853,990
Hashing algorithm: N/A
Proof Type: N/A
Start Date: July 23rd, 2016
Difficulty adjustment frequency: N/A
Block reward: N/A

19. Lisk (LSK)

Max supply: 159,918,400
Current supply: ~115,352,280
Hashing algorithm: DPoS
Proof Type: PoS
Start Date: May 24th, 2016
Difficulty adjustment frequency: N/A
Block reward: N/A

20. Tether (USDT)

Max supply: N/A
Current supply: 674,967,839.0
Hashing algorithm: N/A
Proof Type: N/A
Start Date: October 6th, 2014
Difficulty adjustment frequency: N/A
Block reward: N/A

21. Waves (WAVES)

Max supply: 100,000,000
Current supply: 100,000,000
Hashing algorithm: Leased POS
Proof Type: Leased Proof of Stake (LPoS)
Start Date: December 6th, 2016
Difficulty adjustment frequency: N/A
Block reward: N/A

22. Stratis (STRAT)

Max supply: N/A
Current supply: ~98,639,001
Hashing algorithm: X13
Proof Type: PoW/PoS
Start Date: August 9th, 2016
Difficulty adjustment frequency: N/A
Block reward: 1

23. Bitshares (BTS)

Max supply: 2,511,952,117
Current supply: 2,511,952,117
Hashing algorithm: SHA-512
Proof Type: PoS
Start Date: May 11th, 2014
Difficulty adjustment frequency: N/A
Block reward: N/A

24. Monacoin (MONA)

Max supply: 105,120,000
Current supply: ~55,627,825
Hashing algorithm: Scrypt
Proof Type: PoW
Start Date: January 1st, 2014
Difficulty adjustment frequency: Digishield
Block reward: 25

25. HShare (HSR)

Max supply: 84,000,000
Current supply: ~42,303,371.2
Hashing algorithm: To be announced (TBA)
Proof Type: PoW/PoS
Start Date: October 2nd, 2016
Difficulty adjustment frequency: N/A (TBA)
Block reward: N/A

 

 

What is Bitcoin?

According to Satoshi Nakamoto, Bitcoin is a “purely peer-to-peer version of electronic cash” that allows “online payments to be sent directly from one party to another without going through a financial institution.”

Also see: What is peer-to-peer?

Bypassing financial institutions is a key part of the Bitcoin promise. In the decentralization advocates mind, financial institutions are perfect examples of centralized points of failure. However, to average users of financial systems, which all of us are, bypassing financial institutions can mean significant savings in fees. When Alice wants to send Bob some bitcoin, all she needs is an internet connection and she’ll be able to broadcast her transaction to the Bitcoin blockchain – the ledger of all Bitcoin transactions.

Also see: What is a blockchain?(coming soon)

Bitcoins can be broken down to 8 decimal places. Fun fact: 0.00000001 ฿ is also known as a “satoshi.”

If there’s no central authority… How are Bitcoin transactions on the blockchain secured?

Bitcoin is a payment system that is based on cryptographic proof instead of trust.With Bitcoin, instead of having one central authority (failure point) that verifies transactions, controls the money supply, users of Bitcoin called miners secure the network.

Want to learn more about Bitcoin mining? What is Bitcoin mining? (coming soon)

Where to spend bitcoin in Savannah, Georgia

savannah georgia bitcoin

Savannah, Georgia might not be the first place that comes to mind when trying to think of places to spend bitcoin. However, the long-time port city has many entrepreneurial technologists that have not only adopted Bitcoin for personal use, but also at the businesses they work at. One such Bitcoiner, Zach Acosta explained to Business in Savannah why he convinced his family restaurant, Roma Pizza, to accept bitcoins:

“I’d like to see it really pick up and us do more transactions. We’ve already done, you know, half a dozen now and it’s been a couple of months. I’d like to see it take off phenomenally. Even if we don’t do a lot of transactions it’s just good for, you know, visibility and novelty aspects of it.”

Back in 2014, Bitcoin cost less than $100 per coin according to the Block Explorer price index.

Where can you spend Bitcoin in Savannah, Georgia?

Other places you can spend bitcoin in Savannah include a tattoo parlor called Anonymous Tattoo, a tailor called Kleo’s Sewing Studio, and even an online plant terrarium store called Sproutsouth – and that was just in 2014. For more current listings, check out coinmap.org – an open source map of Bitcoin and Litecoin accepting businesses all around the world.

The hope that was present in much of the Bitcoin industry years ago, when these Bitcoiners were interviewed, is still there – it has just been tempered with many, many other opportunities. It is often said that Bitcoin can’t be used for day-to-day transactions anymore, when there’s a possibility that your on-chain Bitcoin transaction fee might be more than the amount you’re trying to send to buy a cup of coffee – or a personal pizza pie at Roma Pizza.

What’s Bitcoin in Savannah like in 2017?

Like many other locales, Savannah used to have a Bitcoin meetup. Unfortunately, the official meetup group has since been disbanded. Block Explorer has reached out to the former organizer of the Savannah Bitcoin Meetup and will follow up with an interview on the current status of Bitcoin and blockchain technologies in Savannah, Georgia.