fake news

“Fake news” — that’s how Binance responded to reports that the cryptocurrency exchange giant is preparing to add USD trading pairs to its online trading platform.

The Hong Kong-based exchange, which is currently in the process of moving its operations to Malta, said Thursday that while it is holding discussions with banks in the hopes of adding fiat-to-cryptocurrency trading pairs in the future, it has “no plans” to support USD in the short-term. Nor, when it does offer fiat pairs, will verge (XVG) or ripple (XRP) receive preferential treatment.

That statement, straight from the Twitter account of Binance CEO Changpeng Zhao, contradicted baseless reports from several industry media outlets that claimed the exchange had announced that it was adding XRP/USD and XVG/USD trading pairs to its platform.

Part of the confusion may also stem from the fact that Binance has gradually been rolling out USDT trading pairs for altcoins that are listed on its platform. Better known as ‘tether‘ and created by a company of the same name, USDT is a cryptocurrency token that is supposedly backed by physical dollars at a 1:1 ratio. However, USDT holders cannot withdraw dollars directly to their bank accounts, nor can they deposit actual USD at Binance.

Binance currently ranks as the world’s highest-volume cryptocurrency exchange, with daily volume in excess of $2.1 billion. Consequently, getting listed on Binance increases a coin’s liquidity and generally leads to positive price movements — at least in the short-term.

Becoming one of the few coins to trade directly against fiat currency pairs has an even more profound effect on a cryptocurrency’s price, as it allows the coin to decouple from bitcoin and ethereum and trade in an isolated market.

It’s impossible to know the justification behind spreading these false rumors, though it would not be surprising if at least some of the perpetrators did so to artificially inflate the verge and ripple prices so that they could turn a quick profit.

Featured Image from Pixabay

cex.io chart

CEX.IO is a cryptocurrency exchange and former Bitcoin cloud mining provider. Founded in London in 2013, CEX first began as a cloud mining provider that owned the Ghash.io pool. As an online digital currency exchanger, CEX.IO offers the trading of cryptocurrency for fiat money, including USD, EUR, GBP, and RUB. The exchange charges commissions from 0% to 0.25%  on trades using the Maker-Taker fee schedule. The current list of cryptocurrencies available on CEX.io is Bitcoin, Ether, Ripple, XLM, Bitcoin Cash, Dash, Zcash, and Bitcoin Gold.

cex cryptoName: CEX
URL: https://www.cex.io
Total trading pairs: 15
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.20%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Basic Daily: 1000 USD; Monthly: 3,000 USD
Verified Unlimited
Verified Plus Unlimited
Corporate Unlimited

Registration

CEX.io allows for initial registration using email, Google Oauth, or Facebook Oauth. To continue after Oauth, you will still need to manually input your email address. An email verification link will be sent to you. Upon verification, you are directed to the /buysell page, which has prices for currency available for purchase by Credit Card, good for the next 66 seconds. After that, a new price is populated, based on exchange rate, and you are given a further 120 seconds.

cex.io screenshot

Verification

A full guide to account verification is available here. With basic registration, you are allowed to buy and sell bitcoin with a daily limit of $1000 via credit card only, and a monthly limit of $3000. Verification allows you to make bank transfers and take commissions as well as removes the deposit/withdrawal account limits on basic registration.

 

CEX.io verification screenshot
CEX.io verification

The Verified level requires the submission of identifying documentation (DL, Passport, or ID card) and a tax reference number, such as a social security number. This will include your address and scans/photos of your identification documents.

CEX personal information verification
CEX personal information verification

In the personal information section, the registree will be required to submit their Gender, date of birth, first, middle, and last name, place of birth, and contact number. Optionally you can submit social media profiles as well. The following page is a simple address verification form.

From the CEX.io website:

PAYMENT OPTIONS

Most popular methods: Visa, MasterCard, bank transfer (SWIFT, SEPA), cryptocurrency

STRONG SECURITY

Protection against DDoS attacks, full data encryption, compliant with PCI DSS standards

WORLD COVERAGE

Providing services in 99% countries around the globe, including 24 states of USA

LEGAL COMPLIANCE

Registration in the UKMSB status in FinCEN, essential licenses and strong relations with banks

MARGIN TRADING

1:2 and 1:3 leverages, automatic funds borrowing, no extra accounts needed, negative balance protection.

COMPETITIVE COMMISSIONS

Reasonable trading fees for takers and makers, special conditions for high volume traders, strong offers for market makers.

CROSS-PLATFORM TRADING

Trading via website, mobile appWebSocket and REST API. FIX API for institutional traders

ADVANCED REPORTING

Downloadable reports, real-time balance, transaction history with transparent fees

HIGH LIQUIDITY

Fast order execution, low spread, access to high liquidity orderbook for top currency pairs

coin renders

This is a weekly summary the current status of a few popular cryptocurrencies. More cryptocurrencies will be added over time. You can click on the name of each cryptocurrency to learn more information about it. If you have any suggestions, you can contact us!

Name Block Height Hash Rate Current Difficulty Current Price
Bitcoin (BTC) 516631 9223.37PH/s 3511060552899.72 $5611.58
BitcoinCash (BCH) 524428 2314.00PH/s 322446720222.0 $638.75
Ethereum (ETH) 5380686 258.21TH/s 3172000000000000.0 $378.76
Monero (XMR) 1544839 1.00GH/s 120509598719.0 $170.63
Litecoin (LTC) 1397700 210.64TH/s 6.8026260954785e+18 $116.70
Ethereum Classic (ETC) 5664893 11.15TH/s 168870000000000.0 $13.61

Data sources

All price data is sourced from BlockExplorer, and other data on each currency is sourced from various locations linked below.

Bitcoin: SmartBit.com.au
Bitcoin Cash: bitinfocharts.com
Ethereum: bitinfocharts.com
Ethereum Classic: gastracker.io
Litecoin: chainz.cryptoid.info
Monero: moneroblocks.info

A journey through Bitcoin Village.

Ever since around Thanksgiving, it’s been impossible to tune out all of the noise that Bitcoin is making in the media. First, it was Bitcoin’s meteoric rise to $20K, followed by an abrupt crash, downward spiraling all the way down to under $6K at one point. The widespread mania prompted (foolish) people to remortgage their homes to avoid missing out on the promise of Lambos and wealth beyond our wildest dreams. Dreams that quickly turned into nightmares for many, as FOMO turned to FUD in a mere few months.

Beyond the wild swings in price due to its volatile, speculative nature, those that have been embracing the cryptocurrency as a replacement for the almighty dollar, have begun to show the rest of the world what life using Bitcoin is like.

Bitcoin Village,” a small section of Portsmouth, New Hampshire, is taking lead and showing the rest of the world that cryptocurrency is indeed a currency that can be used for everyday occurrences, like dining out at your favorite restaurant, visiting a theatre, ‘getting your hair did’, or shopping at a local mom and pop retail boutique.

The journey started with STREET, a casual dining restaurant that was featured on an episode of the Food Network’s ‘Diners, Drive-Ins, and Dives’, entitled ‘Sausage, Seafood and Shawarma’. Flyers for Bitcoin that include a “quick-start guide” and references to a “world famous” Bitcoin tour. Marketing materials in the lobby call out that Bitcoin is “accepted here” and boasts that “people who paid with Bitcoin saw food prices drop by 75%” likely referencing Bitcoin’s parabolic value increase in 2017.

The signage boldly asks “can your money do that?”

STREET also accepts other cryptocurrencies, such as Dash, Bitcoin Cash, and Litecoin. When management was asked “why crypto,” the response was “there wasn’t a reason not to accept it,” citing how easy it was to integrate an app into their iPad-based point-of-sales system. STREET’s sister restaurant, an eclectic pizza parlor located in the same plaza called STREET’ZA also accepts the same cryptocurrencies.

Also on this famed Bitcoin “tour” was La Maison Navarre, a French pastry shop; Fresh Press, a 100% organic smoothie and foodie spot; Lair’s Bench, a brewpub; and Fezziwig’s Food and Fountain, which offers coffee, tea, crepes, milkshakes, and ice cream sundaes. And that only covers food.

Sol Sunwear, which was the first retailer to join the Bitcoin revolution that started in Portsmouth, takes a tongue in cheek approach to their accepting cryptocurrency. Like STREET, each shop accepting crypto in Bitcoin Village has unique signage to alert customers and passer-by that Bitcoin is accepted here. At Sol Sunwear, a shop that sells designer eyewear, the sign reads “Bitcoin millionaires prefer Prada and Valentino.”

Another fashion outlet, Cotillion Bureau, offers second-hand clothing selected for its craftsmanship.

As a tourism hotspot, Bitcoin Village is also home to a few gift shops that offer unique and interesting trinkets. Pickwick’s Mercantile is one of them. Their “feminine” counterpart is Lady Pickwick’s. Deadwick’s Ethereal Emporium is chock full of oddities including crystal balls, costumes, antiques and more – a stark contrast to the technologically advanced nature of Bitcoin and cryptocurrencies. All of these places will accept cryptocurrency alongside traditional dollars and cents.

For entertainment, 33 Artspace offers a local value for live performances, and the Seacost Repertory Theatre is a historic venue for plays, musicals, and more. Portsmouth School of Ballet, Portsmouth Smoke and Vape, Oomph Hair Salon, Port City Coin and Jewelry, Pickwick’s at the Banke, and even Portsmouth’s local Lens Crafters franchise accepts Bitcoin and other cryptocurrencies. Yoga classes at Bikram Yoga Portsmouth can be paid for using crypto. Crypto can buy you almost anything in this town.

Portsmouth is also home to the Blockchain Institute of Technology and offers hands-on education on blockchain development. Passing by the window, students were hard at work while unmanned computers had screensavers that flashed the images of various cryptocurrency tokens.

Last but not least, the tour ends at the Portsmouth Free State Bitcoin Shoppe. This is where it all started, the “Cryptoanarchy Mecca,” as the two founders define it. Their mission is to “help people use better money.” At the Free State Bitcoin Shoppe, everything from crypto related T-shirts, cold storage hardware wallets, books, and propaganda are available – but here, only cryptocurrency is accepted. That’s right, they’ll turn away fiat money and encourage you to use their crypto ATM if you don’t already own Bitcoin or one of the many other cryptocurrencies accepted here (including Bitcoin Cash, Dash, Zcash, Monero, Ripple, Ethereum, Litecoin, and Dogecoin). It’s the founders of the Free State Bitcoin Shoppe that encouraged other retailers in the area to get involved in the “movement.”

And what a job they’ve done. No other place on the planet offers such a wealth of diversity in its people and its businesses, yet also accept cryptocurrencies so widely and openly. Portsmouth, NH has always been an innovative community, but it’s the one place on Earth where the future of currency – a future led by cryptocurrencies – is already in practice.

 

Digital currency exchange giant Coinbase announced via their official blog that they’ll soon be supporting Ethereum-based ERC20 tokens across their various platforms, including GDAX and the newly launched Coinbase Index Fund.

Coinbase currently offers only four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The addition of ERC20 token support opens up the possibility of Coinbase adding one or more of the over 500 ERC20 tokens that exist on the market currently.

Coinbase itself only lists cryptocurrencies after they’ve been listed on GDAX, though Coinbase points out that just because an asset is offered on GDAX doesn’t necessarily determine if it’s offered via Coinbase as well. Coinbase cites liquidity and price range as factors that go into choosing an asset for listing.

On GDAX, Coinbase states that it’s waiting for further clarity on regulation and the effect it may have on the classification of specific assets (ie. a security, commodity, or currency).

Both Coinbase and GDAX supporting ERC20 tokens means there will soon be a pathway to recover any funds customers lost by sending ERC20 tokens incorrectly to an Ethereum address – a mistake that is surprisingly common.

Coinbase offers secure wallets for substantial value crypto holders through Coinbase Custody, which will also support ERC20 tokens. Coinbase Custody too is likely to offer additional asset storage beyond what is offered via GDAX or Coinbase proper.

Lastly, for Coinbase’s newly launched Coinbase Index Fund, the Coinbase Asset Management division will follow their previously announced approach, that any assets added to GDAX will automatically have its market cap applied to the Index Fund’s weighted average.

Coinbase took the opportunity to reiterate that despite the newly added support for ERC20 tokens, no specific asset support or listings are being announced at this time.