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Staking Coins with HolyTransaction Wallet: Earn Passive Income with Crypto

Peercoin Blackcoin Gridcoin PIvx Staking HolyTransaction Wallet

Staking Coins: Earn Passive Income with Crypto

You might be familiar with mining in cryptocurrencies like Bitcoin, where expensive energy-intensive equipment works to generate blocks. However, there is an alternative to this model that doesn’t require the massive energy costs of mining or equipment. Staking coins can generate passive income without such headaches. Some examples of coins which rely on proof of stake include Peercoin, Blackcoin, Gridcoin and Pivx.

Stake Peercoin, Blackcoin, Gridcoin, and PIVX in HolyTransaction Wallet

HolyTransaction is excited to present to you the launch of our new staking service. You can now leverage Proof of Stake (POS) holdings to safeguard crypto networks while earning financial rewards. Staking PPC, BLK, GRC, and PIVX has become much easier with HolyTransaction! Starting the 1st of September 2020 customers with balances in those cryptocurrencies will begin to receive their rewards distributions.

Key Advantages to Staking with HolyTransaction:

  • Start obtaining distributions instantly, you just need to deposit
  • Payouts every 24h
  • Exit easily from your staking position by transferring your coins out of your HolyTransaction Wallet

HolyTransaction Staking Wallet lets you not only stake coins, but also trade them, buy new ones, or sell the ones you have for fiat.

This makes it rather easy to exchange your rewards earned through staking, withdraw the money, and use it in the real world.

Of course, you can always just keep it and increase the amount you have for staking, which will help you earn more in the long-term.

How does Staking Coins Work?

In contrast to the proof-of-work consensus mechanism that Bitcoin uses, some cryptocurrencies use an alternative model for consensus called proof-of-stake. So instead of miners creating new coins and verifying transactions as in the proof-of-work model, you have what are called forgers creating new coins and performing verification of transactions in the proof-of-stake model. These forgers are chosen in a variety of ways from a pool of coin holders who have staked their coins. The selection criteria vary depending on the cryptocurrency, but the most typical ways are a random selection or how long the coin holder has held the coin. When a forger gets chosen, they can then create new blocks and verify transactions.

Risks and Benefits of Staking Coins

The most immediate benefit of staking coins is that you earn income for doing so. In comparison with proof of work schemes, proof of stake removes the need for expensive equipment to perform all the proofs of work that validate transactions. Such equipment that is used to mine coins on a proof of work blockchain would often soon depreciate as more advanced hardware came out. Staking your coins does not come with this problem. Blockchains which used proof of stake for consensus are greener as they do not require the massive amounts of electrical resources to perform the calculations needed by proof of work schemes. Finally, it is simply just fairer for users who have invested in the cryptocurrency to reap the benefits of verifying transactions on its network.

The only real drawback to staking coins is that the coins can be unavailable while they are staked. This isn’t an issue when the coin is gaining value, but if the coin loses value you can be locked in for the ride. Some cryptocurrencies allow you to stake your coins even if they are in a cold (or offline) wallet. This means that the coins are not connected to the internet at all times. This is more secure, however, some coins require that your coins must be in a hot wallet, which is a wallet that is always connected to the Internet.

Conclusion

Staking coins is a great way to earn passive income, avoiding the exorbitant cost of the hardware required for mining, which quickly becomes obsolete. Staking coins is more environmentally friendly as it does not rely on the massive amounts of electricity needed to power mining rigs. Instead of rewarding those who invest in the expensive hardware needed to verify transactions, cryptocurrency projects which rely on proof of stake reward those who invest in the coins themselves. This results in a fairer system where anyone can earn passive income. HolyTransaction is a very user-friendly wallet all you need is just to deposit for staking to commence.

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

Satoshi
cardano upgrade holytransaction

HolyTransaction Successfully Completes Cardano’s Shelley Upgrade

cardano shelley upgrade holytransaction

Sending and receiving ADA with Cardano‘s Byron and Shelley-era addresses is available on HolyTransaction now.

 

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

Satoshi
holytx welcome new coins

HolyTransaction supports five new crypto assets

HolyTransaction Five Crypto Assets

HolyTransaction has added five new crypto assets to the platform: USDC, MANA, ENG, ANT, and LINK.

USD Coin (USDC) is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE,

Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain. In this virtual world, users purchase plots of land that they can later navigate, build upon, and monetize. Decentraland uses two tokens: MANA and LAND.

Enigma (ENG) is a crypto platform that’s trying to solve the problem of privacy on the blockchain by giving access to data storage and privacy while remaining scalable. Enigma aims to extend Ethereum Smart Contracts by introducing secret contracts.

Aragon (ANT) is a decentralized platform built on the Ethereum network that offers a modularized way to create and manage dApps, cryptoprotocols, and decentralized autonomous organizations (DAO). The ANT ERC-20 token will enable its holders to govern the Aragon Network.

Chainlink (LINK) connects decentralized peer-to-peer networks and smart contracts to real-world data, events, and payments. Since blockchains cannot access data outside their network, oracles (a defi instrument) are needed to function as data feeds in smart contracts.

To create your web wallet you don’t need to have a bank account, so you can set it up in just one minute.

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

Satoshi
game swap holytransaction

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
cryptocurrency volume fake

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
cryptocurrencies important

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
DigiByte Logo HolyTransaction

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.

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holytransaction multi collateral dai

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.

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1528833579

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
maker holytransaction

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: BitcoinDash, Ethereum, DogecoinLitecoin, DecredZcash, Dai Stablecoin, DigixDao, Augur, 0x Project, Gamecredits, Enjin CoinBlackcoin, Gridcoin, Aidcoin, PeercoinSyscoin, 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