Category Archive: cryptocurrency

HolyTransaction supports GAME Token Swap

Game Credits Token Swap

GAME has been upgraded from a Proof-of-Work blockchain to an ERC20 Ethereum token.

Game Credits users will retain the balance of their GAME addresses, which have been migrated to an Ethereum ERC20 token with the GAME ticker symbol. Balance totals for HolyTransaction GAME users will reflect the same GAME total that they had prior to the GAME Token Swap.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

95% of Cryptocurrency Volumes is Fake

If you have been trading on a cryptocurrency exchange, you might have noticed how these platforms work. Buyers and sellers come together to exchange their favourite coins, in hopes of making a profit. The total volume of those transactions determines the popularity of an exchange, as well as the liquidity of cryptocurrencies.

For the longest time, the public used reported daily volumes of exchanges to determine the quality of an exchange and, as an extension of that, the best option to exchange cryptos quickly.

However, one strange thing started to happen as cryptocurrencies became more popular. The exchanges with the highest volumes were relatively unheard of and, in some cases, completely unknown.

This confused many market participants. How can an exchange with only 2000 Facebook fans and a quiet Telegram group have 3x more volume than Bitfinex?

And how can those same exchanges not create any liquidity for new coins, even though they report such massive numbers?

Long and behold, Bitwise launched an investigation to explore the causes of this issue. A short while later, in a 104-pager, they shared their findings with the world.

Most reported volumes are fake

According to the research performed, many cryptocurrency exchanges were artificially inflating their reported volumes. In fact, the numbers were so highly inflated that it is assumed that about 95% of the total volume is actually non-existent.

Why does this happen? Well, according to the same paper, it happens in order to increase the exchanges’ market position and make more profit on new coin listings. This, of course, makes it hard for new market participants to trust exchanges.

The logical thing to do then, is find platforms that you can actually trust. Exchanges that report real volumes, coherent with the activity of their users.

Paybis has created a helpful infographic to help you understand which platforms you can actually trust. Check the following infographic to better understand the findings of Bitwise.

fake-volume-infographic

As you may have imagined, the news was unpleasant for most crypto-enthusiasts. In fact, the community demanded answers from CoinMarketCap. The company that got recently acquired by Binance tackled this issue by introducing a Liquidity metric. Based on this, users are better able to distinguish between honest and “scammy” exchange platforms.

After its acquisition by Binance, the Reported Volumes metric also got a pleasant refresh. Volumes now look a lot more realistic and in line with the actual volumes being made on a daily basis.

Where do we go from here?

Cryptocurrencies, as a market, are still in their infancy. Thankfully, as the space keeps improving, so do the metrics of data collection. As such, it is expected the following year will completely eliminate irrelevant platforms that offer now value to the space.

Moreover, many new FIAT on-ramps for different countries are appearing on the market. We expect that this effort will continue and, eventually, increase the standard of requirements for the proper operation of exchange platforms.

By all means, the cryptocurrency space looks massively different than what it did two years ago. And with companies like Bitwise analyzing the market and helping its growth, we are more than confident about the next 2-5 years.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

9 Reasons Cryptocurrencies Are So Important

classification-of-cryptocurrencies-is-an-important-issue

Image courtesy of GammaLaw

Digital currencies have created a buzz since the sudden rise of the Bitcoin price. They have, over time, become a new trend in the global money market due to their incredible benefits. Here are some of the aspects that tend to make cryptocurrencies so important.

Safety

Bitcoin and Litecoin are arguably the most trusted and safest digital currencies in the world. In a world where looters and cons are everywhere, virtually everyone wants to trade safely. Cryptocurrencies give online traders that assurance, and that’s why people consider them as a reliable means of exchange.

Policies

The recent increase in the demand for Litecoin and Bitcoin can be attributed to policies that govern cryptocurrency networks. Cryptocurrencies are a digital currency, which means traders rarely need a third-party to complete a transaction. That often gives online traders a sense of security and reassurance. Cryptocurrencies tend to allow online retailers to transact anytime and anywhere.

Cost

Bitcoin and Litecoin are considered a low-cost means of transaction. The cost of transacting with cryptocurrencies can be far less than other currencies. The fact that the cryptocurrency network is responsible for compensating miners tends to eliminate transaction fees. Low-cost transactions could mean that cryptocurrency users won’t shell out money in exchange for Bitcoin and Litecoin. All a cryptocurrency user may need to transact is knowledge of cryptocurrencies and a smart phone.

Storage

Cryptocurrencies can be stored in a safe e-wallet or USB drive. Storing your bitcoin or Litecoin in either an e-wallet or USB drive may not attract any fee.

Privacy

Privacy has been a concern for most people transacting over the internet. Cryptocurrency users can expect their financial transactions to be highly confidential. You can transact using bitcoin and still be anonymous. With digital currencies, the seller and buyer don’t transfer money directly. Instead, the cryptocurrency network often serves as an intermediary, which means that users may not share their credentials with anyone. Cryptocurrencies can be used as a new measure to curb identity theft, which has become a menace in the global money market. If something seems doubtful, you are at liberty to share any information you may want with your merchant. By accepting payment in digital currencies, online traders tend to accept and welcome clients who would wish to remain anonymous. Accepting payments in bitcoin can make a brand an industry leader and increase its awareness.

Investment

Cryptocurrencies can be bought in a fraction. That means you can invest any amount of money in cryptocurrencies. For example, if you can’t afford a full unit of bitcoin, you can split it and invest in a quarter or half of it. That can help reduce the cost of investing in cryptocurrencies and avoid overspending. With a crypto converter, an investor can find out the price of any digital currency in their country.

Autonomous

Using digital currencies can make you autonomous. Cryptocurrencies tend to eliminate third-parties, so you can be sure that no fees or commissions are involved. These currencies can also allow online traders to manage their accounts.

Decentralization

Decentralization is a feature that often makes cryptocurrencies lucrative for merchants and customers alike. It means that digital currencies can’t be subservient to any authority or agency. No one owns digital currencies, which means no individual can have control over it. Digital currencies can provide online retailers with the freedom to transact without worrying about geographical barriers.

Digital currencies are considered a game-changer in the global money market. Their incredible benefits are arguably the reason behind their recent popularity. Cryptocurrencies are considered the safest and most trusted currencies around the world. You can store Bitcoin and Litecoin in the cloud or USB drive and move with them anywhere around the world. By using bitcoin, online traders can expect their transactions to be confidential. Digital currencies are also a reliable medium of exchange that can give sellers and buyers control over their accounts. The fact that Bitcoin and Litecoin can be bought in a fraction can make digital currencies an affordable investment.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

Universal Cryptocurrency Wallet HolyTransaction Adds Digibyte to Its Crypto Collection

DigiByte Logo

Once again, we recently listed Digibyte and expanded our collection.

In case you are searching for a reliable and easy to use digital wallet, then HolyTransaction Cryptocurrency Wallet is perfect for you. A digital wallet is ideal for cryptocurrency traders who are looking to store, trade, and send, as well as access their cryptocurrencies through a single account. This way users can easily convert the supported cryptocurrencies without having to transfer their coins to other exchanges.

HolyTransaction Wallet for DGB

As a HolyTransaction customer, you can create a new address for DGB (Digibyte) and use the HolyTransaction Web Wallet to send as well as receive coins. You can also use the wallet to convert them into any other cryptocurrency conveniently. Thus, HolyTransaction users can send cryptocurrency, receive transactions, as well as exchange DGB with other supported cryptocurrencies, with Digibyte being one of the latest coins to be included.

What is Digibyte (DGB)?

Digibyte is a rapidly-growing, public, decentralized blockchain project, which features a cryptocurrency of the same name. The project has been around for a long time, with some of the fastest transaction speeds in the industry composed by an active development team which has been consistently working on it for over 5 years.

Digibyte has also always been transparent, with its team and founder never hiding their identities. DGB can be obtained through mining, purchased on HolyTransaction, or received as payment. In addition to that, the Digibyte team has been making an effort to reach out to merchants without waiting for them to come to cryptos, in an attempt to provide more options to its users as possible.

DigiByte has been active for over 5 years now with a market cap of $69.8 million, which makes it at least as old as Ethereum while DGB itself ranks as the 70th-largest crypto.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

HolyTransaction supports Multi-Collateral DAI

DAI users will retain the balance of their DAI addresses, which will be migrated to a new multi-collateral contract with the DAI ticker symbol. Balance totals for HolyTransaction DAI users will reflect the same DAI total that they had prior to the contract swap.

DAI has been upgraded from a single-collateral token to a Multi-Collateral DAI token.

SAI (single-collateral token) will no longer be supported or traded on HolyTransaction.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

Update for Customers With Tether Stored on HolyTransaction

Please note that we have migrated your Tether balance to USDT on Ethereum (ERC20). Thank you for your continued support for HolyTransaction. If there are any doubts or questions, please don’t hesitate to contact us.

Stay tuned!

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

Wallet Maker: MKR token is available on HolyTransaction

As of today, you can instantly purchase MKR on HolyTransaction, transfer them to any HolyTransaction’s customer for free, and do crypto-to-crypto swaps between your Wallet MKR and more than other 30 cryptocurrencies.

MakerDAO it’s a prime example of Ethereum’s smart contract platform.

Maker is a decentralized autonomous organization on which the MKR token and DAI operate, and it is built on Ethereum. Essentially, it exists to reduce the price volatility of the Dai against the US Dollar. MakerDAO’s native cryptocurrency token is MKR, which can be stored on HolyTransaction now.

maker-holytransaction

Dai and MKR are dependent on each other to operate, Dai offers stability, while MKR offers involvement and potential on MakerDAO.

As the technology and methodology behind MakerDAO continues to progress the future of stablecoins and DAO are certain to bring interesting evolution to the cryptocurrency economy.

All HolyTransaction customers can create a new address for MKR and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other cryptocurrency.

Just like with Bitcoin, you can:

  • Send MKR to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
  • Receive transactions;
  • Exchange MKR with any supported coins;
  • Make instant transactions between HT users;
  • Get real time exchange rates on the website;
  • Set OTP for additional protection.

To add Wallet Storj just click on the “plus” button you find at the top right of the balance page, once you successfully enter into your wallet.

You can find the “plus” button to select the wallets you want to see in the main page like shown in the picture below:

Add new cryptocurrency

We’re excited to be part of the STORJ community!

NOTE: Our multicurrency wallet can store more than 30 cryptocurrencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Litecoin, DecredZcash, Dai Stablecoin, DigixDao, Augur, 0x Project, Gamecredits, Enjin CoinBlackcoin, Gridcoin, Aidcoin, Peercoin, Syscoin, Groestlcoin, Power Ledger, BAT, BlockVPIVXTrueUSD, Cardano, STORJ, Monero and MakerDAO among the others.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

Stablecoins: How they Strike a Balance between Crypto and Fiat

stablecoin rocks

There appears to be no end to the growing popularity of cryptocurrency and its related technology. The real world uses and applications of crypto are increasing and blockchain technology has found use outside, instead of just being a basis for the recording of crypto exchange. More ICOs are in development and a wider range of working cryptocurrencies is becoming available to the growing crypto community. The advent of crypto technology is not just a trend that people are getting hyped up about, it is an actual breakthrough in technology.

Bitcoin, the first functioning cryptocurrency, was developed in 2009 by an anonymous party known as Satoshi Nakamoto. The main goal of this new “currency”? To function as an international currency, created with the hope of minimizing costs and increasing efficiency of exchange through the development and use of a decentralized public ledger that distributes the verified records. This makes it a permanent and immutable documentation of what has happened to each and every bitcoin that has been mined and exchanged.

The new concept of decentralization is one of the breakthrough innovations of bitcoin which has been put to use in many other ways. However, too much emphasis has been placed on the investment and earning potentials of bitcoins and other cryptocurrencies. Owed to how it was able to gain popularity as being the digital currency that bore millionaires from investments that were once worth a few pennies, there is a large majority in the worldwide community that know about Bitcoin but fail to comprehend what it is and why it was created in the first place. Alarmingly, there are quite a number of people who are so quick to join the bandwagon of investors, hoping to get in early, as profits are rising for those already investing in Bitcoin, but have not equipped themselves with the necessary know-how for managing their bitcoin. Aside from being a recipe for failure for these individuals investors, it also negatively impacts the real purpose of Bitcoin as a cryptocurrency as it is unable to function as an actual currency.

The value of Bitcoin is dependent on the interrelation of two things – supply and demand. Getting into where the supply of Bitcoin comes from would take too much discussion. The important thing to note, however, is that there is a finite supply of bitcoins and, because of the rise in its value late in 2017, there has been a rise in its demand. The seesaw between supply and demand markedly changes the value of Bitcoin, making it a volatile currency. This means that it’s value changes, not just every day but consistently throughout a day. As an investment or commodity, this makes it one of the favorites for many investors or traders since it provides a great opportunity for trading. With the rises and falls in the market, it provides great trading opportunities.

It’s not just Bitcoin that follows this trend, other crypto currencies are also very volatile. However, this has now defined the crypto world as being more of a world of trading than as one made of alternative currencies. Luckily, there are now a few cryptocurrencies with values are so closely linked with a fiat currency that they do not behave like the others. For a trader, these are the cryptos to avoid, as there is little to no growth in your investments, but, for the person looking for a way to store, instead of invest, their assets, these stablecoins provide the advantages of both fiat and crypto – stability and efficiency.

Stability

From their names alone, stablecoins are stable or not as volatile as other cryptocurrencies. They are “stable” in a sense that although there are still rises and falls to their market values, these are not as frequent or as big a change. As introduced earlier, these coins are linked to an existing fiat, which helps to steady and maintain their values.

Crypto “currency” also defines its purpose by name. It aims to function as a currency, a medium which can be used to exchange goods, services and the like. However, due to the volatility of a majority of crypto, using it as a mode of payment is difficult. There is a need to constantly update the prices on items, based on the value of a certain crypto. Purchases that are made over a span of a few days may seem cheap and affordable on the first day, but upon finalization of payment may turn out to be too costly. With a currency that has a value that changes at an hourly rate, would one really prefer to pay items through bitcoins?

Efficiency

The underlying technology that supports Bitcoin or any other cryptocurrencies – the blockchain – provides many advantages that still make it a good mode of payment. Not only is it a secure method, due to its decentralized system of verifying any transactions, but it is also a fast method of exchange, which can be done at a low cost. Saying that it is efficient is an understatement as it removes the need for costly transactions that have to be checked, confirmed and processed by a centralized body. Add to the fact that there is always room for error in these centralized systems and there has been not just one incident where issues on the management of finances have come up. Putting too much trust on a single company to handle your money may be what we have become used to, but having a public ledger which is immutable and secure surely changes things.

What are stablecoins again?

They are cryptocurrencies with fiat properties. They are both stable and efficient alternatives that provide wallet owners with the best of both worlds. Are you a trader looking to find a storage for your assets without having to transfer it into your bank or are you just someone who dislikes the centralized banking system but would prefer not to hoard cash at home? Storing your assets online as a stablecoin may be a great option.

Author Bio: Kim Hermoso is a content writer. Her articles are mostly guides and feature pieces on all things related to cryptocurrency, such as blockchain technology and smart contracts.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Jack

Wallet Cardano: how to store ADA

cardano-ada-logo

We are excited to announce our new Wallet Cardano.

Cardano is a cryptocurrency with a different infrastructure-level design than Bitcoin and Ethereum. In addition it benefits from having (IOHK), a fully-funded development team led by Charles Hoskinson.

The organization behind the project is the Cardano Foundation that selected a well-known think-tank to to enhance the research program of the Protocol of Cardano and Ada. As a result, Cardano did not begin with a comprehensive roadmap or even an authoritative white paper. Cardano is a project that involved feedback from hundreds of the brightest minds inside and outside of the cryptocurrency industry.

You can instantly purchase ADA with more 30 cryptocurrencies in your HolyTransaction wallet and send them to any HolyTransaction’s user for free.

Therefore, HolyTransaction’s customers can create a new address inside their account and use HolyTransaction Wallet to send, receive transactions and to instantly convert them to any other supported cryptocurrency.

Just like Bitcoin and the other 30 cryptocurrencies we currently support, you can now:

  • Send ADA to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
  • Receive transactions;
  • Exchange ADA with any supported coins;
  • Make instant transactions between HT users;
  • Get real time exchange rates on the website;
  • Set OTP for additional protection.

To add your ADA address, click on the “plus” at the top right of the balance page. You can use the “plus” to select the wallets you want to see in the dashboard, for instance:

Add new cryptocurrency

We are honoured to be part of this new community!

NOTE: HolyTransaction Web Wallet can store more than 25 digital currencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Litecoin, Decred, Zcash, Dai Stablecoin, DigixDao, Augur, 0x Project, Gamecredits, Enjin Coin, Blackcoin, Gridcoin, Aidcoin, Peercoin, Syscoin, Groestlcoin, Power Ledger, BAT, BlockV, PIVX, TrueUSD and Cardano, among the others.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

Wallet TrueUSD: how to store TUSD

trueusd-tusd-logo

We always work to provide you with a better service, and now we are glad to announce our new Wallet TrueUSD.

We are very proud about this new implementation for storing safely this disruptive digital currency.

You can instantly purchase TrueUSD through your own HolyTransaction wallet now. Send them to any HolyTransaction’s user for free, and do crypto-to-crypto transfers from/to TUSD, and more than 25 cryptocurrency’s networks.

This stablecoin provides yet another instrument that can facilitate wider adoption. The team at TrueUSD has been able to create a trustable product that can enhance the cryptocurrency world.

The TrueUSD team plans to tokenize different assets like, TrueEuro, TrueBond, TrueYen, and stable baskets of tokenized products.

All HolyTransaction customers can create a new address for their own Wallet TrueUSD and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other supported cryptocurrency.

Just like Bitcoin and the other 29 cryptocurrencies we support, you can now:

  • Send TUSD to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
  • Receive transactions;
  • Exchange TrueUSD with any supported coins;
  • Make instant transactions between HT users;
  • Get real time exchange rates on the website;
  • Set OTP for additional protection.

If you can’t see your newest Wallet TrueUSD, just click on the “plus” button that you find at the top right of the balance page, after that you login into your wallet.

You can use the “plus” button to select the wallets you want to see in the dashboard:

Add new cryptocurrency

We’re really excited to be part of this new community!

NOTE: Our multicurrency wallet can store more than 25 digital currencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Litecoin, Decred, Zcash, Dai Stablecoin, Augur, Enjincoin, Peercoin, Blackcoin, Gridcoin, Syscoin, Groestlcoin, BAT, BlockV, Vertcoin and TrueUSD, among the others.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi