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Why are trading fees so high in a crypto wallet?

why are trading fees so high in a crypto wallet
why are trading fees so high in a crypto wallet

Why are trading fees so high in a crypto wallet?

The fees in your crypto wallet are high only because of the blockchain fees. As most wallets do not charge a fee. But the blockchains taka a fee. 

When you are trading inside a cryptocurrency wallet you usually only pay 2 fees. The blockchain transaction fee and the DEX (Decentralized Exchange) fee. We rarely actually see the crypto wallet itself charge its users a (high) fee. Only for trading inside the wallet a routing fee is sometimes charged. Which should only be a small fee by itself. 

The real reason that you pay so much for trading inside a crypto wallet is because of the gas fee on a blockchain like Ethereum is super high. These days a lot of people try to use Ethereum at the same time making them bid against each other for their transaction to go through first. This makes the prices of the transaction fee go up. And eventually making trading expensive. 

How to not suffer from high trading fees in wallets?

Well, that’s simple. Just use another blockchain. For now, Ethereum just is expensive and will be till ETH2.0 works at its full potential. In the meantime, we can use other blockchains and sidechains. With BSC and Polygon both making it much cheaper to use Defi (Decentralized  Finance) and NFT collecting. You can easily add one of these chains to Metamask wallet if you want to start using them. 

Which cryptocurrency has the cheapest fees?

Many cryptocurrencies competed with each other for having the cheapest fees. But the clear winner has shown to be the Bitcoin on the lightning network.

Even tho there are many blockchains out there that try to have the lowest fees and make their network available to everyone. They all still charge at least some fees in the same range of often under 1$ cent. This makes us divide blockchains into 2 categories. Those with high fees and those with low ones. The chains that have a high gas cost are often the longer existing chains like Ethereum and Bitcoin (main chain). And the cheaper networks are usually the newer networks like Solana and Avalanche. 

These newer networks have a more upgraded system making them faster. But it does not mean they are always the cheapest. Especially because layer 2’s on the older more expensive networks can have the same effect. With the Bitcoin Lightning network charging fees as low as 0-1 Satoshi. Making it the cheapest possible way. 

do all crypto wallets charge a fee

Do all crypto wallets charge a fee?

No, the majority of all crypto wallets do not charge any fee for using their wallet. But receive their income from using Dapps or other extra features. 

This means that (with the majority of wallets) you can just send and receive as much as you like for free. Only will you have to pay the gas of that specific network. If you use a lot of Ethereum you can expect this to cost you at least 20$+ for each transaction. While if you use Cardano you can expect this to be lower than 1 cent. 

Crypto wallets do usually have their own way of making an earning. But this comes from other charges they have. Or sometimes from the fact that they have done a wallet token offering. Wallets that do so usually also have other products besides their wallet. With products like DEXes and NFT market places to make them profitable. In examples like these the wallet usually just functions as a promotion tool or a backbone to support their Dapp ecosystem. 

Which ETH wallet has the lowest fees?

Wallets like Metamask, Trust Wallet, TokenPocket. All come essentially without fees. So you could call them wallets with the lowest fees.

But the thing is a bit more complicated. Because like we mentioned before almost all the Ethereum wallets do not charge you a transaction fee for using their service. It is only the fees they place over the extra features within their wallet that charge you sometimes. We believe this is a great thing because wallet providers do not make it extra expensive for you to use a blockchain network. Especially in these times that  Ethereum has such high fees. 

How can I avoid high Ethereum fees?

Simply by timing right you can avoid high fees on the Ethereum blockchain. By searching for moments that not a lot of people use the network.

On websites like Etherscan.io you can find the current gas prices for Ethereum. If you want to really transact on the network but can not afford to pay 100$ for on trade on a DEX you could try to time it. If you can find a spot during the day that not so many people are using the network you could get a better gas price. Because the usage of the chain goes up and down during the day fewer people bid up the gas price. Making it possible for you to find a moment with a more affordable price so you can make a trade worthwhile for you.

FAQ

Why are Coinbase wallet fees so high?

Coinbase’s non-custodial wallet does not charge a fee. But the exchange platform’s wallet does charge a standard fee for trades.

Fees on all of Coinbase’s products differ a lot and are not the same for each product. These fees can change over time as well. For the current fees, it is best to check the Coinbase fee page to see what they are at the moment.

Where do Bitcoin fees go?

The fee you pay for using the Bitcoin network is paid out to the Bitcoin miners. AKA the people that confirm the transactions. 

These transaction fees function as an incentive for the miner to validate your transaction. This is important as the miners need to earn some money to fund their operations. They would not run the Bitcoin network if they would not get paid to do so. That is why Bitcoin transaction fees are super important for the miners and support the upholding of the whole Bitcoin network. 

How do I avoid Coinbase wallet fees?

You can avoid fees in the Coinbase wallet by only using the free options or avoiding the user peaks each day.

When we say this we are talking about the Coinbase non-custodial wallet. As the wallet does not charge you fees for normal transactions using the wallet. If you thus want to save on fees you will have to try to save on the blockchain fees. If this is still not good enough for you, you could try a custodial platform (of Coinbase). Here you will not have to pay direct transaction fees. But are also limited with what you can do with your crypto as you do not have direct control over your funds. 

Do Bitcoin trading bots make good profits?

Do bitcoin trading bots make good profits
Do bitcoin trading bots make good profits

Do Bitcoin trading bots make good profits?

Do you want to be a Bitcoin trader? But you are not that good at it? Well, maybe you can try a trading bot. A solution often sought out by people that don’t want to spend their time trading or just don’t seem to make a profit from it themselves. 

Over the last year, we have tested out a few different trading bots, with different crypto trading pairs. With some of them still running and some of them not. In this blog, we will share our experience with it and some of the profits/losses we made. How to prevent getting scammed by one and the easiest way to get started with one.

Exchange trading bots

When we say exchange trading bot we talk about a free-to-use build-in trading bot within the exchange. We have seen this with the crypto exchange Kucoin. Were people can create exchange bots by just depositing some money onto the trading bot account and selecting the trading pair. This makes it super easy to start. The only thing you need is some crypto. Trading or technical experience is basically not required. Each bot gives you a bit of an estimate on the APY (Annual Percentage Yield) you will earn. But do note that this can change dramatically. And they do not always make a profit.

Using an exchange that offers this feature is super easy and for starters is definitely the easiest way to get started or to try it out a little bit to see whether or not you want to explore more other options in the future.

Making your own trading bot

If you have some trading and programming skills. Creating your own trading bot might be the thing that can give you a head start. This way you as the creator can stand out against the other trading bots. If you keep the bot to yourself (and it works well). On the other side if using a trading bot does not fit within your style you could decide to sell it and make a profit that way. This way you as a programmer take less risk and can give the opportunity to others that do not have your skills. However, always make sure you believe in your own product before selling it to others. You also would not want a bot that the creator does not trust. 

Trading bots for beginners

As a beginner in the crypto space making your own trades might be a bit scary or difficult. Using TA (Technical Analysis) is a whole skill by itself and takes time to learn. For those people, crypto trading bots might help out. Especially the once like build into an exchange like Kucoin. Here you only have to deposit money and you can start trading (with a bot). But not all exchanges offer this option for now. So if you prefer to use another one. You will probably have to make use of an exchange’s API key. That way you can make use of a third-party trading bot. And give it access to your Binance, Coinbase, or any other exchange account. 

Do make sure that when you do, you do not give the bot permission to withdraw your funds. Because this way a malicious bot could steal your funds.

Trading bot scams

Trading bot scams, one of the trickiest ones out there and sometimes hard to recognize when you are new to it. Let’s say you are looking for a trading bot to increase your portfolio’s return. And you end up on a website that claims that you can make 1000% APY if you just deposit with them. Well here are some red lights going off. The first one is that you should never give them control of your crypto fully to any third-party bot. They can just use an exchange APY to make the trades there so that you don’t have to give off your full control. Second, no one can realistically speaking give you a return of a 1000% on a trading bot. If anyone claims they can they probably are trying to scam you. 

If you want to start using a trading bot please always make sure to do enough research on the party behind the bot. This also goes for crypto-wallets. This way you can prevent using a scam crypto wallet or scam trading bot.

Trading bot earnings

Trading bot earnings

So far we have used some USDT/BTC, USDC/USDT, and several USDT/Altcoin pairs. And the profits have not been that great. To start with our USDT/BTC pair. We have seen these bots make good trades and horrible trades. Probably because the bot does not detect the social momentum in the industry. These pairs for us have been not to much profit, with some of them earning 15% APY and some of them -20% APY. This more or less shows us that on average the bots do not work that well. But if you can find the right one you can make a decent yield.

What we experienced as a positive with this trading pair, was that when the market dumped 40% our bot(s) would only lose 15% in USDT value. So in some way, the bot does make the loss softer when the market goes down.

On the pairs with USDT and Altcoins, we saw a big spread of profits and losses. This once again was so different for each bot. But what we have seen the most is that the bots with trading pairs where the Altcoins went up do better in general. 

Stable coin trading bots

The USDT/USDC pair we ran does make a decent profit. It is also hard to really lose when both represent 1 dollar. We came ended up with a 7% APY. Which is quite decent and definitely beats the interest on a bank account. And just come a few percentages under the stable coin lending APY on platforms like NEXO and Blockfi. Plus it is better than the saving rates you will receive on most exchanges and banks. Although it does not make much more APY it does give you a little bit of spread on the way you might make interest on your stable coins. 

Are crypto trading bots profitable?

So do Bitcoin/crypto trading bots make good profits? Well, yes and no. It depends a lot on the bot and the trading pair. For us, it was definitely an interesting experience to use all these bots but for our personal portfolios, we will stop using them as we think we can receive a better APY by using different methods. We will only keep the stable coin trading bot running as it seems like a nice spread for our stable coins. And it also makes a decent profit, at least better than the bank. 

If you are thinking about using a bot to make your APY. Do note that we do not give out financial advice and only you are responsible for your financial decisions. So if you make a win or a loss. Only you can claim the responsibility for both.

FAQ:

What is a trading bot?

A crypto trading bot is an automated trading system that swaps between different cryptocurrencies to make a profit. This is similar to how a human would do it only does a machine do the hard work in the background. Based on an algorithm that someone wrote for it.

Can you make money with a trading bot?

Yes, you can. But just like with trading crypto yourself, nothing is guaranteed. On top of the fact that not each one of them makes the same profit. Some of them even make you lose a lot of your money. So always make sure that you use a crypto trading bot that works and check often if it does not just make wrong trades and lose your money. Would be sad to lose your cash on that. 

How to connect a trading bot to a crypto exchange?

You can connect your bot to a crypto exchange by using the exchanges API key. An API key gives it access to your account. This way it can trade 24/7 for you at a very rapid speed. Do make sure that it does not have the option to withdraw funds from your account. Just in case it gets hacked or you have used one that turns out to be a scam. This way they withdraw the funds to a wrongful address.  

Crypto Wallet Tokens

crypto wallet tokens
crypto wallet tokens

Crypto Wallet tokens

In the world of crypto, many projects have created many different crypto tokens. Each token has its own use case or in some cases no use cases at all. One type of token that we see popping up more and more is crypto wallet tokens. These types of tokens are associated with a crypto wallet, usually with the same name. In this blog, we explore some of the questions around crypto wallet tokens. And also list the best crypto wallet tokens for you. 

Most of the tokens we talk about exist on top of another blockchain. Like an ERC-20 token runs on top of Ethereum. In the case of the tokens, we talk about in this blog they can exist on more than one blockchain. But may have a native blockchain they come from. As these tokens (usually) do not support their own blockchain it could switch between blockchains and reap the benefits of the chain of their choice. 

So to start right of with the most important question…

What are crypto wallet tokens?

Crypto wallet tokens are blockchain-based tokens that represent or hold the same name as a crypto wallet. Often we see that coins like this have a use case within the crypto wallet or in a wider crypto ecosystem. But most importantly these tokens are the representation of the wallets making them and their brand. Later on, we take a better look at the use cases of these tokens and why they exist. And we have a list of 14 of them down below. 

The concept of a wallet token has still not been fully explored as these types of tokens have only been around for a few years. Most of them popped up in 2017/2018. In the beginning, often had zero utility. Wallets started these tokens with either a plan to make them useful in the wallet or find more use-cases for them down the road. Because of this many received their use-cases later on. And we expect that new use-cases for them will most likely be discovered in the future.

why do crypto wallets have their own token

Why do crypto wallets have their own token?

These reasons for crypto wallets to have their own token vary a lot. Some of them start with an ICO for their token just to finance the development of the wallet. Others launch it after their wallet already has been around for some time. Usually to create a stronger sense of community around the wallet. Because the wallet token holders receive benefits within that ecosystem will most likely use that ecosystem. 

This can give these crypto wallets an edge over their competitors. Drawing in more users that stay longer. But they can also help with the income problem wallets walk into quite fast. Because most open-source and non-custodial wallets are free. This means they don’t have an income from downloads or fees. The wallet companies thus have to find another form of income. This comes often from small fees charged over Swaps and the use of other Dapps. But also sometimes in the form of extra features etc. Which sometimes also requires the user to buy these features with their token. Giving it again more utility. 

Different use cases for crypto wallet tokens

Crypto wallet tokens can bring different bonuses to their holders/users. With each provider choosing their own features. However, we expect that most of the ones below will expand the utility of their token in the future as the ecosystem grows. For now, we see these 6 use-cases the most.

Tiers – Giving extra features within the wallet for holding their token.

Discounts – This can be on Trading/Swaps or anything else they charge a fee for.

Purchases – Purchasing specific (digital) items.

Airdrops – Often to promote a project in collaboration with the wallet.

Sence of community – Just to keep the users more interactive with their product.

Revenue share – Which often comes in a way of a token burn or an interest you can earn when staking the token. This lets everyone invest in the wallet and its future performance.

best 14 crypto wallet tokens

Best 14 Crypto wallet tokens

XDEFI wallet token 

Tokens like the $XDEFI token were designed to have four main utilities: staking, governance, Funding, and play to (l)earn. Holders of Xdefi thus have a right to vote. Buying their way into the XDefi’s governance. Besides voting the holders can also stake $XDEFI to earn fees from the in wallet swaps. And pay lower fees to make a swap themselves. 

The token will be mostly used to promote the wallet. And teach (new) users about the world of crypto. XDEFI sold around $14 million worth of tokens in a public sale to fund their development. Because of this, not all the features that we mentioned are online. With the interest-earning feature going live around mid-2022. 

Math wallet token 

When it comes to the Math token they have built a huge and still growing ecosystem around it. The Math wallet just functions as an access hub to it. With a variety of Dapps like Math Vault, Math Swap, and many more giving utility for the token. Next, to being a utility token for Math’s Dapps it also works as the main utility token for their Math sidechain based on substrate. 

Trust Wallet token 

The Binance owned, super popular crypto wallet, Trust wallet. Of course, has its own token too. The token exists as a native BEP-20 utility token that gives benefits to its holders within their ecosystem. TWT provides benefits for people that use their multi-crypto wallet that supports all major blockchains. The benefits that get unlocked by holding the token include discounts on in-app cryptocurrency purchases and discounts for using Dapps like DEXes. TWT holders also can participate in the governance. Thus having a voice of where they will take the project’s development in the future. 

TokenPocket token 

The TokenPocket Token (TPT) is the official token of the platform. Holding TPT gives its users access to premium features within the app. But also makes them able to participate in some airdrops based on the number of tokens they hold. The TokenPocket team could also add other features in the future. But for now, they make the tokenomics work with rounds of repurchases and burns. Giving the token more scarcity and this way more value to the holders of TPT. 

Status token 

Status as a crypto app has been around for some time and so has their SNT token. The app is not just a web3 wallet only but also a private messenger. The Status token (SNT) has already all sorts of features within the wallet and many are under development too. For example, SNT needs to be held to sell crypto through their Teller network. Or you can buy stickers in the private messenger using SNT. Also registering ENS User Names within the app using SNT, as an option. And of course, SNT works as a governance token for the app, making it the token for their community to influence the work that is done by their team.

Safepal wallet token 

The Safepal hardware wallet also has its own token. This token is the functions as the center of their ecosystem. Giving users of their products extra benefits. But also making it easier for non-users to join in. As they receive discounts on their products when they hold SFP. This incentivizes people to hold their tokens from the start. And they keep this incentive with reward programs, NFT’s, fee discounts, and the option to vote in community governance. 

Peakdefi token 

The PeakDefi Token is not just a crypto wallet token. No, although Peakdefi does have its own crypto wallet. Their original service in the blockchain industry focuses on a decentralized asset management fund created to grow your wealth. The app that they have created works as a gateway to this. With their $PEAK token as the central token in their ecosystem giving holders/stakers a variety of benefits and interest-earning options.

Selfkey token 

Selfkey as a wallet focuses itself completely on decentralized identity. Not only do they offer wallet services but they actually have built a whole ecosystem with the KEY token in the middle. Key is critical to their ecosystem with all products and services being available through a nominal payment in $KEY.

For example, KEY can be used to pay for marketplace listings and generally, to

exchange value, incentivize use and adoption, and allow access as a token.

Monolith token 

The monolith TKN ERC-20 token functions as their community asset. The Monolith wallet has a Visa Debit card feature, so users can spend their crypto everywhere. To top up this card you pay a standard fee of 1%. This fee then goes automatically into the TKN community chest smart contract. TKN holders can then claim their share of this community chest whenever they want using their cash and burn mechanism. Giving back a share to their community. 

Nabox token 

Nabox is also one of the leading crypto wallet ecosystems. With their token not just being the representation of its wallet. But also as the utility token for their web3 ecosystem. Holders of $NABOX can provide liquidity or stake their tokens in return for rewards. Besides, that $NABOX holders are granted various tiers within their ecosystem which gives them more use cases. Next to that, it will give you a discount on SwapBox fees. Which also contributes to burning a part of the token supply. 

Later on, $NABOX will also work as a governance token, allowing holders to vote on proposals. 

SparkPoint token 

The SparkPoint token (SRK) is an ERC-20 token living on the Ethereum Blockchain. Created with a total supply of 14 Billion tokens. Which SparkPoint will eventually reduce to 10 Billion through multiple burning events. You can already trade SRK on many crypto exchanges. 

SparkPoint like many of the other tokens in this blog has a wider ecosystem around their wallet and not only a wallet. Users can use or earn SRK in their Defi ecosystem. But also in gaming and learning, with SparkPlay and Spark Earn

Atomic wallet token 

With a total Supply of 100.000.000 $AWC of which a large part finds itself in lock up. And already 40.000+ holders. The AWC tokens are the Atomic decentralized wallet’s main crypto token. 

AWC gives utility value for their holders by giving, discounts on exchange services, discounts on buying crypto with a bank card, extra features for the trading desk, dedicated support managers for AWC holders, stacking rewards for holders, and more. AWC is centered around its products and will most likely grow its utility in the future.

O3 wallet token 

The O3 token, on websites like CoinmarketCap often called O3 Swap. But even though the token is often revered as $O3Swap. They have a larger ecosystem that includes their multi-chain wallet, also called O3. But next to that their ecosystem includes the DEX (Decentralized Exchange) O3 Swap, O3 Hub, and O3 Bridge. The whole ecosystem makes use of $O3 for governance, fee reduction, etc. And just like with the other once. Their token is still quite new and will probably receive more features as the whole crypto ecosystem grows. 

Bread wallet token

The Bread wallet‘s BRD token is one of the tokens that has all of its focus on the Bread wallet and nothing else (for now). If you are a user of the wallet holding the BRD token gives you extra features. These features we can divide into tiers. 

  • If you hold 100,000+ $BRD you can receive a call back from their CEO
  • With 2,500+ $BRD you can use their phone Support
  • And 1,000+ $BRD gives you 25% off trading fees!
  • And the lowest tier 250+ $BRD you receive 30% off Accointing’s crypto tax tool
  • Where can I trade crypto wallet tokens?

Where can I trade crypto wallet tokens?

A majority of the crypto wallet tokens are very small in market cap. Especially as more wallets enter the scene and decide to do so with their own token. This comes from the fact that a crypto wallet is not a business like Tesla or Coinbase. So their token has not the same utility to reach billions of market cap. This is totally fine and you could still receive some good gains from investing in them. The only thing that we see right now is that most of the crypto wallet tokens do not have enough trading volume to get the attention of big crypto exchanges. Because of this most have not received listings on big Bitcoin exchanges. 

However, this should not matter for the average holder/user of crypto wallets. As they still get listed on Decentralized Exchanges (DEX). Here you can trade them any time you want without having to create an account. So if you use your own blockchain wallet for the use of Defi and other Dapps. You can just go to UniSwap or PancakeSwap and swap one coin for another.

Final word

Crypto wallet tokens can bring and keep users using the wallet. With different utilities to incentivize them. Although a majority of the tokens still have a lot of work in progress and promise more features, the tokens can still look promising. Especially as the whole crypto wallet landscape grows each year. It is important to realize that if you hold these tokens or want to buy them. That many of them also represent a Defi ecosystem that that wallet’s team is building as well. So an investment in these tokens does not only mean an investment in that exact wallet. 

Of course, as always this whole article does not serve in any way as financial advice and only you are responsible for your financial decisions. We hope this article taught you a bit more about crypto wallet tokens. If you want to learn more about our crypto-space then check out one of our other blogs or our wallet reviews! If you want to start using  Bitcoin, Ethereum, etc. Then find the perfect place to store them with our wallet finder functions!

FAQ

What is the best crypto wallet?

That highly depends on your needs. To see know which one works best for you, you need to know what you want. Our wallet finder function can help you easily find a wallet that has all the features you want/need. But if you rather see our opinion about some wallets then check out our reviews. Here we take a deeper dive into the Apps and look at their pros and cons.

What is a crypto token?

A crypto token is a crypto coin that runs on top of another blockchain. Meaning they do not have their own blockchain system. But rely on another like Ethereum. Here tokens use a standard called ERC-20 for common tokens. Another very popular blockchain “Binance Smart Chain” uses a similar Standard called BEP-20.

Where can I buy crypto wallet tokens?

There are 2 ways to buy crypto wallet tokens. One is to go to a centralized exchange like Kraken, Kucoin, or Coinbase. Here you can exchange your fiat Dollars/Euros for crypto and trade them for the crypto wallet tokens they have listed. If your favorite crypto wallet token is not listed on a centralized exchange. You can try to buy them on a Decentralized Exchange (DEX). To do this you will need some of the ETH if the DEX runs on top of Ethereum and some BNB if the DEX runs on top of the Binance Smart Chain.

Pride in the Metaverse

Yes queen club
Yes queen club

Pride in the Metaverse

How a collection of NFTs is bringing Pride in diversity to web3 this year.

We’ve all missed our fair share of good parties these past two years thanks to Covid. And whilst there might be more important things that we’ve set aside, as we’ve been made to work-from-home and been kept apart from friends and family, some parties actually play an important role in their communities. Like Pride.

Pride parades, festivals, and parties were largely canceled across 2020 and 2021 due to social distancing mandates. For members of the LGBT+ community, and their allies, Pride is a time of the year to come together, to celebrate diversity, and to showcase their creativity and contribution to the communities they live in. It’s been missed these last two years by many.

This year we hope to see more parties of all sorts go ahead. But we also expect that increasingly more social and community events will happen online, in various parts of the metaverse, given ongoing concerns about gatherings, decreased travel, and increased interest in virtual experiences.

So Pride 2022, like much of life, is likely to be a bit of a “hybrid” event – physical and digital. This means having the right virtual outfit and digital avatar is going to be essential.

Yes Queen Club

But if you look about the world of NFT’s you’ll currently see fairly limited options. Unless you’re dressing for a comic convention – where all of the Bored Apes and Crypto Punks wouldn’t look out of place – there’s not a lot that says, “I’m here, I’m queer” in a fashionable and fun way. 

Until now. Because at the end of January, YesQueenClub (YQC) is launching its collection of 10,000 fabulous and proud digital collectible queer characters living on the Ethereum blockchain.

Created by Brazilian designer Pati Aquarela, the collection features a diverse range of characters and traits that will allow anyone to flex their fashion at Pride, and in all their favorite digital spaces, this year. 

Inspired by a need to bring more diversity and inclusion to the web3, crypto, and the metaverse – YesQueenClub NFTs are the pride symbols of today. A study by the organization highlighted an unfortunate lack of acceptance in many online communities, with 63% of LGBT+ people surveyed saying they had faced discrimination. This paralleled a web2.0 study by GLAAD whose Social Media Safety Index indicated that 64% of LGBT+ Americans had reported harassment on the ‘big five’ social networks (Facebook, Instagram, Twitter, YouTube, and TikTok). 

Little seems to have changed then, but perhaps web3’s technologies can finally make a difference – by empowering, educating, and entertaining people in entirely new ways. If everyone can be given an opportunity to be involved that is – which is YQC’s mission: a new web built by everyone, for everyone.  

Unlike many other avatar projects, when you purchase a Queen you help fund the community, not enrich the founders. 100% of each purchase goes directly into funding the YQC community, which will be set up as a Distributed Autonomous Organization (DAO) giving control over the project to the people. 

And every holder of a YQC NFT will automatically become a member of this DAO with voting rights – getting to determine how the money raised is invested in order to better the lives of LGBT+ people all around the world. One day that might mean donating to a nonprofit, the next it could be supporting an incredible queer artist. 

Get your own Queen!

The parade of queens launches on January 25th, 2022 on OpenSea where 1 Queen will be auctioned every hour until all 10,000 Queens are let loose. So whether you’re LGBT+ or an ally, you can show your pride and support the community all year around. Sign up at YesQueen.Club to join the waitlist to be first in line.

How to start using Bitcoin

how to start using bitcoin
how to start using bitcoin

How to start using Bitcoin

We have already talked about the many reasons why one should own Bitcoin. The first digital currency has seen huge success since 2009 and has found its way into the portfolio of many investors and gamers from around the world. But although many people have bought it on centralized exchanges like Binance and Coinbase. Or earned it by playing games. Only a small group of these people really understands how to use it. And what to use it for.

So if you already have some Bitcoin or are interested in holding some in the future. Have you already asked yourself “how do I start using my Bitcoin?”.

Well before we can start using Bitcoin, we need to understand why it exists and what its use cases are. Check out our previous blog that explains you all about it here!

How to use Bitcoin as digital money

To start using Bitcoin you will of course need some Bitcoin first. You can do this by buying some BTC on an exchange like Binance, Kraken, or Coinbase. BTW, not financial advice! Once you have some we can start to use it as digital money.

Put simply if we want to use Bitcoin as money we will have to use it to transact. Or buy something. To do this we will first have to put the Bitcoin in our own wallet or use a debit card from the custodial that holds our Bitcoin. This could be Binance for example. Because you would also not go to the store with an empty wallet while also leaving your credit/debit card at home right?

Finding a wallet is easy just go to our wallet finder page and choose a Bitcoin wallet. But you can also take a lightning wallet for cheaper transactions or a wallet that allows you to use a physical card.

Now send your Bitcoin from where you first got it to your wallet. This can be done by withdrawing from the exchange and filling in the Bitcoin address of your wallet or new custodian. Almost just like sending an email. If you send it over the main Bitcoin network this could take a few minutes. 

Going to the store

Now you can go to the store and spend some BTC (make sure they accept BTC first of course). At checkout, the store or webshop will show you an address or QR code that you can scan to send them the payment in Bitcoin. Just scanning the code with your wallet should do the trick. In case you would use a physical card from Visa or Mastercard you can just use these the same way as you normally would, the store does not even have to accept BTC. Because the currency will be exchanged instantly behind the scenes.

Take a quick look here to see how to pay using the Bitcoin lightning network in El Salvador.

How to use Bitcoin as a store of value

Using Bitcoin as a store of value might be the easiest thing of all. The only thing you need to do is have Bitcoin and just keep it. Because of the limited amount of BTC that will ever exist. That means that from 2009 till forever no more than 21 million BTC will ever be created. Whereas with fiat currencies like the dollar, Euro, and many others, the supply will keep on growing forever. This creates inflation over time which devalues the value of the fiat money that people use. 

Bitcoin will never have this problem. And even though it moves up and down against other currencies. 1 Bitcoin today will still be 1 Bitcoin tomorrow. Making it so that over time Bitcoin should protect you against inflation and work as the perfect store of value for the digital age. 

If you hold Bitcoin as a store of value. Then please make sure you keep it in a safe place. Losing your BTC would be horrible so always make a backup and store it on a wallet that is safe or with a custodial you trust (preferably one that has insurance). This way you minimize your risk against loss of assets and against inflation.

how to use bitcoin to escape your government's tyranny

How to use Bitcoin to escape your government tyranny

Let’s say you live in Turkey, where your currency inflates at an exponential rate. Or in Brasil where you have to pay a high tax to switch to the dollar. Laws like these can make it super difficult for its citizens to travel to other places because of the cost. And takes away the right for them to protect their wealth. From the relatively light examples, we gave you here to the example of governments taking control of your bank account because you said something wrong on Twitter. It does not matter much. Right now if you use a fiat currency like the Dollar or Euro. The central government printing it, together with the banks, control your wealth and all that it interacts with.

For many people in developed western countries, this has not caused too many problems so far. But in many other countries, it has. This problem could just as well happen in the west as in the east and it all originates from the fact that money and the money supply are not directly controlled by the people.

Bitcoin solves this by having a permission less monetary network. Making it so that no one organization can stop the transactions or block people out of the system. Countries like Turkey, Brasil, China, Venezuela, and many others can, and in the case of some people already do benefit from Bitcoin. Just by the simple fact that people can decide for themselves what they want to do with their money. Instead of being tyrannized by an incompetent government or dictator. 

How to use Bitcoin for web3

Bitcoin currently does not support complicated smart contracts. Because of this, the blockchain network can not really run much of the web3 applications. To counter this layer 1, 1.5, and 2 solutions for Bitcoin exist. These solutions make use of the Bitcoin protocol but build some extras next to it to make it faster and have more features. A project called Stacks works on bringing the smart contract to Bitcoin. Giving it all the same features for decentralized application hosting as Ethereum does.

When it comes to web3 and Bitcoin we usually come to the idea of Bitcoin being used as a security layer and the application run on another network. For now, we have not seen that much web3 integrated with Bitcoin. As it is still all very new.

What we do see more often is that people wrap Bitcoin. Or bridge Bitcoin to another blockchain. This way Bitcoin can function just like any other token on that chain and interact with Defi applications. Giving you and others the option to earn decentralized interest on your  BTC. 

How to use Bitcoin from your phone

To start using Bitcoin from your phone you will need a mobile wallet. Preferably one that supports the lightning network. Once you have one you can start using Bitcoin on your phone. You can do this by simply sending and receiving transactions in BTC on your phone. Whether transactions for purchases or for just receiving payments from friends is totally up to you.

You could also use it as the place to receive your earnings from Bitcoin games. So you can stack some Sats no matter where you are. But most importantly a mobile Bitcoin wallet functions as a normal cash wallet would. Only instead of holding dollars in it, you hold BTC. 

How to use Bitcoin from your PC

Using Bitcoin on your PC works basically the same as using it from your mobile phone. With the only main difference being that your PC probably stays in one place and your phone doesn’t. This comes both with benefits of portability for the mobile wallet and more safety for your Desktop wallet as it stays in the same place. So it is less likely to be stolen.

Desktop wallets have benefits for when you work with your PC. But are usually still online wallets (directly connected to the internet) making them not as secure as a hardware wallet.

how to safely store bitcoin offline

How to safely store Bitcoin offline

To keep your Bitcoin in a safe place you need to keep it on a device that not only is virus-free. But also keeps the keys offline. The types of wallets that do so we call hardware wallets. A hardware wallet keeps your crypto stored offline making it impossible to hack. Hardware wallets come in a variety of forms from USB-looking devices to metal plates with private key on them. The point is that on a device like this no hacker can access it and your crypto should be as safe as it can be. 

If you buy Bitcoin, with the main idea of holding on to it as digital gold. Then a hardware wallet is definitely recommended. Especially if the price of your crypto goes up over time. Now a hardware wallet works ideal but please remember that even the best hardware wallets like Ledger, Ballet, or Cobo Vault do not protect you against fire, earthquake, or other natural disasters. So having a backup to these wallets is super important. This can either be in the form of a spare hardware wallet in a different location or a written-down backup code. No matter how you want to protect your cryptocurrency, making backups and storing them in a safe location is super important.

See our Ballet pro series hardware wallet review here!

Final word

If you want to start using Bitcoin for real and not just look at it from a distance. Then you should also understand “why Bitcoin?”. In our other blog “The 7 main use cases for Bitcoin“, we explain why Bitcoin can help us as humanity adopt a better money system with more intrinsic value. But if you already feel like getting started with a free Bitcoin wallet then go ahead!

We hope you understand how to use Bitcoin much better now. If you feel ready to start using your own Bitcoin wallet? Then check out our Wallet finder function. Or read one of our other blogs or reviews to learn more about Bitcoin and other cryptocurrencies!

FAQ

What is Web3?

The next evolution of the internet we call web3. The big difference between web3 against web 1 & 2 is that web3 runs on top of a blockchain system. Making the applications on it permissionless and more private.

Can I use Bitcoin for trading in web3?

Yes, if you have a Bitcoin token on a web3 application you can use it for trading. Be aware that trading of any token or coin comes at risk when traded on web3 just as well as on a centralized crypto exchange.

What is the best crypto mining app for my phone?

That really depends on what crypto you want to mine and in what way. Luckily we did a whole post on mobile crypto mining! Where we till you all about it!

The 7 main use cases for Bitcoin

the 7 main use cases for Bitcoin
the 7 main use cases for Bitcoin

The 7 main use cases for Bitcoin

Many reasons can be given for why one should own Bitcoin. The first digital currency has had quite a success since its start and has found its way into the portfolio of many people from around the world. But although many people have bought it on centralized exchanges like Binance and Coinbase. Only a small group of these people really understands what it does. 

So if you already have some Bitcoin or are interested in holding some in the future. Have you already asked yourself “what are the use cases for Bitcoin?”. Or how to use Bitcoin?

Well, let us dive right in and check out the use cases for the first cryptocurrency Bitcoin.

digital money

Number 1: Digital Money

Well, the first and foremost you have probably heard of is digital money. A simple concept that many are not too familiar with. Because why do you need digital money? My Euros and Dollars can already be sent over the internet, right from my bank’s app. So does that not make Bitcoin unnecessary? 

Well, no. Although (if you are from a developed nation) you can send money over the internet in a matter of seconds. That money does not really travel at the speed of light over the internet. No, instead your bank just agrees that it will receive the money from your friend’s bank (the sender). So in the meantime, it will give you access to the money that your bank holds. The real transaction that happens between the banks still has to occur. And this can take very long before they even settle it. This can cause all sorts of problems down the road as banks to own each other money all the time. Plus that sending these transactions will finally come at a cost that you the end-user will pay for in one way or another.

Because Bitcoin does not exist as a physical coin you will never have to settle at a later point and can just directly transact at a cheaper price and without being indebted to each other all the time. This is just a simple use case of how you but also the banks can transact with each other much more efficiently. 

Number 2: Super cheap transaction network

As of now (online) transactions networks may seem cheap. But they aren’t. When you pay online or in-person using a debit/credit card. You make use of a payment provider. These payment providers charge you an extra fee usually between 1% and 8% of the purchase. This might be new information to you as you do not really see this. Because this percentage is already put into the price of the products and is paid by the merchant. So you do not have to see it. 

However, merchants just raise their prices to pay for these fees. Making you to one that really pays for it all. Bitcoin can help solve this problem. Although transacting on the main Bitcoin network can cost you quite some money (Sats). Transacting over the Bitcoin lightning network costs you almost nothing. On top of the fact that the Bitcoin lightning network settles your transaction instantly.

With the Bitcoin lightning network, you do pay a small transaction fee. But it is minimal compared to the fees of companies like Visa and Mastercard. Much less than 1% usually and in some cases, it is actually completely free. This comes as most operators in the lightning network charge you a higher fee if the amount you send is also higher. So if you want to send just 1 Satoshi (a fraction of a USD cent these days). You normally don’t pay anything. This makes the network ideal for microtransactions and streaming payments. On top of the fact that it is cheaper compared to the traditional banks and payment networks.

Digital gold

Number 3: Digital Gold

Yes, one of the narratives we have heard a lot in 2021 and probably will hear a lot more. Digital Gold! But gold does not do anything? Exactly. And that is what we want. Because fiat currencies that do something like the Dollar and the Euro only do one thing. Inflate! Which no one wants. 

In the last 2 years, the United States printed more than 40% of all dollars in existence. And it will probably increase even more in the coming years. If you use another currency but not the dollar that does not mean you don’t have this problem. Most countries around the world have printed more or less the same amount and in most cases much more than just 40%. We now see this slowing turn into inflation of prices and we fear that it will harm many people everywhere. 

Now Gold has worked fine against inflation in the past. But transacting in gold right now would not bring the world forward. As gold inflates slowly and can not transact digitally without a central entity. 

Here Bitcoin comes in to solve both these problems. It can move digitally at the speed of light without any central control over it. But most important Bitcoin has a fixed cap of 21 million Bitcoin. Meaning that no one can inflate Bitcoin more than the 21 million. This way it can protect everyone that holds it against inflation caused by central governments. And yes 21 million Bitcoin is not enough for the whole population. But we can each Bitcoin into 100.000.000 Satoshis. In which you can transact. And just in case the price of Bitcoin goes up to much overtime we could divide a Satoshi even more on the second layer (transaction layer) level. So transacting could go a bit easier. 

Number 4: Anti-corruption

I don’t think there has been one moment in history that the world did not have any corruption. Yes, it’s a bit sad to realize that everywhere in the world we can find corruption at all times. In some places, you can see it more and in some less. Or you could say it is just hidden better. Although corruption can come in many forms, it usually has in one way or another a currency transaction somewhere. For corrupt politicians etc these transactions need to go unseen. And many banks or other money transacting tools help facilitate these transactions sometimes knowingly and sometimes not. 

As a majority of these transactions are hidden from the public we have no idea of what really goes on behind the scenes.  Bitcoin could solve some of these cases of corrupt transactions. As the transactions on the public Bitcoin blockchain are visible for everyone to see. 

Let’s say a government would decide to use Bitcoin for its transactions. We, the people could ask or demand the government to show their public Bitcoin address to which taxes go and the spendings go out off. This way we have the possibility to see all the spendings they make and double-check if that money is not partly going to someone’s personal account. Or if they do not make a suspicious transaction of one-hundred million dollars to create a government blog website. 

This way Bitcoin can help fight corruption when a whole country adopts the standard. Making it much easier for the people to demand clarity of where their money really goes to. 

Number 5: Permission-less money

If you live in one of the African, South American, or almost any other country where you see high levels of inflation these days. The chance is high that the government makes it difficult for you to switch from your currency to any other. Usually because of inflation and they want to force their people to keep using it. This can harm people in cases of inflation. On top of that if your government thinks that buying a newspaper that speaks out against what they do is bad and you should not do that. They could force the bank to cancel your account or just take all the money out of it. Making you essentially a monetary slave to the bank as well as your government. 

In Bitcoin’s case, this cant happen. The network uses a decentralized structure making it so that anyone can help support the network and no one government or bank can cancel or take your money. Plus you can add some layers of privacy in case you would want to buy a piece of news that your dictatorship ruler does not like. This way you do not have to be scared that the police will fall down your door because you read an article that says your leader is not blessed by God or whatever. 

Number 6: Metaverse currency

From Decentraland, The Sandbox, to Facebook and Microsoft the whole world starts to build in the Metaverse. These digital worlds also need digital currency. Most of the decentralized metaverses already have their own in-world currency. But few will probably make use of fiat currencies within these worlds. To transact well and efficiently in these worlds you do need a digital currency.

As Bitcoin starts being used in some games. The use case of it in a metaverse could work just as well. Even if that Metaverse does not run directly on top of Bitcoin. Bitcoin just as the Metaverse has a digital existence which could make them a good match for each other or as a base currency between the Metaverses. For now, playing Bitcoin games is the nearest thing we have to in-game Bitcoin. But it would be interesting to see Satoshi’s getting more integrated into larger games and eventually a Metaverse. Not just as a reward you could earn but as an in-game currency as well. That lets you buy and sell things in Sats (BTC).

One of the Bitcoin wallets that focuses on gaming with Bitcoin is the Zebedee wallet. Check out our Zebedee wallet review here!

web3 on Bitcoin

Number 7: Web3

Web3 is the latest hype in crypto and something that will shape our world in the future for sure. However, whether it will run on top of multiple chains, or a centralized/decentralized mega computer. We still have to find out. Many participants work on building the age of web3. But all of them do it their own way. Although for now, Bitcoins infrastructure does not allow you to build a fully functioning web3 directly on top of it. Building it on a second layer level could work for the blockchain network. With projects like Stacks, DefiChain, Omni, and many others trying to give more functionality to the cryptocurrency. Especially Stack stands a good chance of making the web3 on top of Bitcoin.  If web3 still is a bit of a question mark for you. Put it very simply. It is the internet as we know it build on top of a blockchain structure. Giving it all the features we mentioned in this article. With most focussed on a censorless and permissionless internet infrastructure. 

Final word

The use cases for Bitcoin that we mentioned are not all of them. Mostly because new use cases could be found in the future as the network is still relatively young. The ones we mentioned in this article we find to be the best use cases for Bitcoin. Now you understand why Bitcoin. It’s time to learn how Bitcoin. From our blog about “How to start using Bitcoin”. We hope you understand the use cases for Bitcoin a bit better now. If you feel ready to start using your own Bitcoin wallet? Then check out our Wallet finder function. Or read one of our other blogs or reviews to learn more about Bitcoin and other cryptocurrencies!

FAQ

What is the use case of cryptocurrency?

Many cryptocurrencies focus on the same use-cases as Bitcoin does. However, some of them put a more specific focus on one of these use-cases and not on the others. We will follow up with a blog with more info about the use cases of other cryptocurrencies. For now, always make sure you know the use cases of any crypto before you acquire some. 

Is crypto scalable?

That depends on what level. But yes, most cryptocurrencies can be scaled with the right tools and layers built on top of them. Read about how we could scale Bitcoin here!

What use cases does Ethereum have?

Ethereum has a lot of the same use-cases as Bitcoin does. But puts more focus on the web3 aspect. With many revering to Ethereum these days as the decentralized application network and Bitcoin as the decentralized monetary network. 

Scaling Bitcoin

scaling bitcoin
scaling bitcoin

Scaling Bitcoin

The endless debate between Bitcoin maximalists and altcoiner’s about whether or not altcoins should exist or be built on top of Bitcoin is endless. And almost always start with Bitcoins scalability issues. In this blog, we take a look at these issues, whether or not they are really a problem, and our alternatives for Bitcoin scaling and scaling the crypto space in general. If you are a very experienced technical reader this article might be a bit dull as we do not dive deep into the technicals. So we can keep it understandable for beginners alike. We will explain simply what the problems and solutions are. But not how they work exactly under the hood. 

Now please do note that we do try to stay as neutral as possible. And will not show support for any side of the debate when it comes to the ideology of “the one chain” vs a multi-chain ecosystem. We do not know how it will play out and believe that only time will tell. 

Let’s first take a look at…

Why is Bitcoin so slow?

Well, this comes from the fact that Bitcoin’s underlying system, the Bitcoin Blockchain has a pre-determined block time. Each block takes about 10 minutes to create and contains a limited amount of data. Because of this, you will have to wait at least 10 minutes for transaction confirmation. If your transaction is added to the block. As there exists a limit of the amount of data/transactions that can be in one Bitcoin block. This all has a reason we look into more later on. 

This system does not just create a long waiting time for your transaction to confirm. But also makes transactions more expensive. This limited block space causes people to compete for some space for their transactions. Users can compete for this space simply by paying higher transactions fees. As the miners (who confirm transactions and receive the fees) will make more money from it. Now, there is a good reason for the system to function like this. More on that later. 

Bitcoin sidechains

To solve the first most basic problem of Bitcoin, its scalability. We have to take things off-chain (for now). We can do this by making use of Bitcoin sidechains. These sidechains work an extra network connected to the Bitcoin blockchain. Many companies try to build the best Bitcoin sidechain so that the chain can scale. And all of them use different approaches. These approaches differ from having a different blockchain running besides Bitcoin’s blockchain or building a completely different payment infrastructure with Bitcoin locked on the mainchain.  

The Lightning Network

For now probably the most popular Bitcoin Scaling Sidechain solution, the Bitcoin Lightning network. The lightning network uses a form of payment channels between the people supporting the network. These payment channels hold BTC and can transact millions of times between each other and only settle one final transaction on the Blockchain. This only happens when the person that originally locked their BTC into lightning wants to settle on the mainchain. Probably because they want transaction finality with security. Or because their balance one a payment channel does not have enough incoming or outgoing BTC left. Because channels need to have both incoming and outgoing liquidity to function. But that is irrelevant to know for the end-user. With this method, users of the lightning network can transact super fast and super cheaply with BTC. While the people holding up the lightning network nodes settle on the mainchain once in a while. And also pay the blockchain fee for that. 

The Liquid network

Then we have the Liquid network created by Blockstream. Liquid works as a separate blockchain next to Bitcoin. The sidechain was mostly meant to facilitate transactions faster and cheaper between exchanges and other bigger players. But nowadays also tries to gain the adoption of smaller users with the use of Liquid assets. Basically, NFT’s and other game tokens build on top of the liquid network. With the Liquid network sending and receiving LBTC and liquid assets can go very fast at a cheap price. But does not seem to settle anything on Bitcoin except for the peg-in and peg-out transaction of BTC. 

Bitcoin dust

A small but existing problem we face with many crypto networks and not just Bitcoin is dust. Dust reverse to the amount left on an account after we send our final transaction with it. The dust amounts are so small that they will not even be large enough to pay for the transaction fee. This makes it so that we can not get the dust amount of that specific address/account. Making it more or less lost coins forever. With an increasing amount of users on all the crypto networks, these accounts with a small amount of dust will keep on growing. Making up for a larger sum of lost coins over time. Although sidechains do not solve this problem. They do take a large volume of disposable addresses of chain. On networks like the lightning network, we do not have this problem as you can send any amount as small as just 1 Satoshi. So if transacting (small amounts) on a daily basis with new addresses each time (for privacy) is a thing you do. You might want to consider doing this on a sidechain. It could save you a lot in dust over time. 

Smart contracts on Bitcoin

Besides sidechains for scaling transaction speed and cost on the network. We also have sidechains that focus on getting more smart contract capabilities to the network. But because the BTC network has its limiteds this usually requires a sidechain solution. Some of these solutions like DefiChain. Have their own blockchain. But settle a transaction on the Bitcoin network to use the security of the mainchain. Other sidechains like Omni and Roodstock RSK have tried a similar idea. But all of them have their technical differences. Bringing smart contracts to Bitcoin has so far not been a huge success. But all of these chains do see some regular users and could grow into something more in the future. 

Stacks

Stacks is one of the unique ways of bringing smart contracts to Bitcoin while also scaling Bitcoin. Their system anchors fully into the Bitcoin blockchain. And even pays out stakers of the STX tokens in BTC. Although they have a way to bring smart contracts to Bitcoin. Their system is not a sidechain or a layer 2. As their blockchain utilizes the miners and security of the Bitcoin blockchain. Learn more about how Stacks works in detail here.

Hosting smart contracts

As the crypto space constantly grows. New ideas and platforms come up all the time. One of the possibilities for bringing (more complicated) smart contracts to Bitcoin is with the help of other computing networks. Because not too long ago Bitcoin saw an upgrade with the implementation of Taproot. It could have the possibility to host a smart contract somewhere else and set BTC finality on the mainchain. Although much development still stands between this happening and now. With networks like Flux and ICP (Internet Computer), this could come to Bitcoin at some point in the future.

Should Bitcoin be scaled?

We will not give you a simple answer to this. We think you should answer that question fully with your own knowledge and opinion. The main reasons for which the Bitcoin network is not already upgraded to a super-fast transaction machine. Is because of the fact that Bitcoin has the main objective to be a secure and decentralized transaction layer. To work as one the network should try to not grow too large in size. While also avoiding risk by not making too many upgrades too fast. This all has made the network slow and expensive. But that does not mean the network can not scale or scale on the second layer level. We have seen the Bitcoin network receive some upgrades over the years with Taproot as its latest. These upgrades do make the network a bit more scalable and give it extra functionality. However to make it super fast, super cheap, and smarter we do need second layer solutions for now. Especially as scaling Bitcoin is not done in a second. 

Bitcoin transactions off-chain

When we say off-chain here we do not mean transactions on a second layer. What we really talk about is the transactions that do not settle on any decentralized network. It’s a thing that some early Bitcoiners talked about and still, some people see it as one of the options to scale the network. Having a centralized entity take control of the funds and only settle its transactions on the main network when needed does take away all decentralization. This usually does not come at the benefit of its users’ rights. But does give a solution for scaling. On top of that, it also could make things easier with a better user interface. As the users would not have to deal with any technicality. Plus if they make a mistake a transaction is not directly final and could be reversed. In its essence, the current centralized exchanges like Binance and Coinbase already function like this in a way. Because all the transactions on the exchanges are not settled on-chain. But only put its finality on the blockchain when users withdrawal their funds. Both centralized and decentralized options have their benefits and which one works the best for you, depends on you. We do believe that it is important to have both options out there so we all have a choice and can go with the one that fits our needs the best.

Why bitcoin is so expensive?

Well simply, because it needs to be. The whole network has a limit of 21 million BTC and that can never change. These 21 million BTC are released over time through a process called mining. In the beginning, each block (10 minutes) would give the miners of that block 50 BTC. But this reward (the block reward) is cut into 2 every 4 years (more or less 4 years). This will result in a period in the future where the block reward will go to absolute zero. Making mining not profitable by means of the block reward. But it could still be profitable by means of the transaction fee rewards miners receive. This fact makes it necessary for the transactions and thus the Bitcoin network to be very expensive. Else the miners that support the network would not want to support it. To keep this incentive running the Bitcoin price must go up over time and thus also the price for the network’s transaction fee. If it would not do this. The computing power behind the network would fastly decline, halting the network to a stop. 

Do we need altcoins?

This again you should answer yourself. As we do not know the future or give out any advice. All altcoins have their own use-cases and some even have no use-cases at all. They can be just funny tokens but also try to solve the problems that Bitcoin cant solve (yet). For now, many altcoins and the applications run on top of them can help many people. They have proven themselves to be useful and that there is definitely demand for them. However, it could also be entirely possible that many of these things will later on also be possible on top of Bitcoin or its layer 2’s. It is really difficult to say which way things will go. As everything is possible. 

Other Bitcoins

Yes, other “Bitcoins” do exist. But they do not use the same network. So we could say they are not the same thing. As even networks that have Bitcoin in their name try to achieve more or less the same thing, with a different approach. It is important to understand that they are not the same thing. If you are interested in these other networks it is of importance that you research what they are and what they do. Other Bitcoins would not really describe well what they are. As they are completely different networks. A key fact that many mainstream media sources seem to miss. 

Final thoughts

Yes, scaling the Bitcoin network could happen. But how we scale it and what that will look like is still a bit unclear. For now, we already have some wonderful products out there that achieve many of the things the whole crypto industry fights for. With super fast transactions on the lightning network and Defi and NFT’s running wild on Ethereum. How the future will look like, we don’t know. But it will definitely be interesting to see how the whole crypto space will evolve. We will be closely watching and hope you will too!

FAQ:

What is a Bitcoin maxi?

A Bitcoin maximalist is someone that believes Bitcoin is the one and only blockchain. And find that other blockchains and (depending on the maxi) tokens have no real use case. 

What are smart contracts?

A smart contract is comparable to a normal contract but instead of it existing on a piece of paper it exists on a blockchain. Here when the terms of the contract are met the contract will perform a certain action by itself. Like if you would have an agreement with Tommy and Billy that if they both give one dollar to Freddy. You will match that with 2 dollars yourself. With a smart contract, you can lock those 2 dollars and when both Freddy and Tommy have given their 1 dollar. Your 2 dollars will be sent to Freddy as well. Making it not possible for you to back out or Tommy and Billy to lie. 

Is it too late to buy Bitcoin in 2022?

A question you see about every your, “is it too late to buy Bitcoin in 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024. And will probably be asked for some years to come. We do not give any financial advice but do think that Bitcoin protects your purchasing power over time, meaning it is never too late to start protecting your monetary value. 

How can I get free Bitcoins?

You could try earning some Bitcoin by playing Lightning games. These games give you some free Sats for playing their games. This can help you get into BTC basically for free!

What is Bitcoin Cash?

When in 2017 the debate of whether or not Bitcoins block should be bigger heated up. A part of the BTC community decided to do their own thing and for of the Bitcoin blockchain. Making their own bigger blocked Bitcoin. This blockchain with bigger blocks is called Bitcoin Cash. Note: These both function as different networks so do not try to send tokens from one to the other.

How can I use the Bitcoin Lightning Network?

That’s simple. You just get a Lightning network wallet. Earn some Sats by playing some games. Or get some of an exchange with lightning support. And tada you are ready to go!Check some of our lightning network waller reviews here!

Why is Bitcoin’s value going up?

Well, Bitcoin works as a scarce asset. Meaning there will never be more than the original 21 million Bitcoin’s. When traded against a (fiat) currency like the dollar that has new dollars being printed daily. We can only expect that the price of Bitcoin would go up. But remember that nothing is ever guaranteed and we do not give you any financial advice here. 

Is Ethereum the next Bitcoin?

No, although we think Ethereum is great. They both focus on different things. Where Bitcoin has its focus on payments and being a store of value. Ethereum has its focus more on being a decentralized computer that facilitates a range of applications from Defi to NFT’s. 

What value do Bitcoins have?

Bitcoin gets its value from the fact that there is a limited amount of BTC (and Sats). On top of the use cases for the network. Which is currently mostly focused on borderless payments. 

What is off-chain?

Off-chain revers to any blockchain transaction that is not directly recorded to the main blockchain

What is on-chain?

On-chain revers to any transaction that is recorded on the blockchain and will be on it forever.

Crypto mining on a mobile phone

crypto mining on a mobile phone
crypto mining on a mobile phone

Crypto mining on a mobile phone

The consideration of not having to buy your crypto yourself but instead mining it seems very interesting to many people. But is this really possible with your phone? And can it make you a profit? In this blog, we take a look at what crypto mining is. If you can do it with your phone. And the different types of mining. Because many so-called miners do not really mine crypto. But instead, mint or just give out free crypto. We explain more about this later. Let’s first take a look at what crypto mining really is!

Bitcoin mining

What is crypto mining?

Crypto mining is the term that we give to validating transactions on a blockchain in return for new tokens/coins on that blockchain. With Bitcoin users can earn the mining reward by supplying computer power to the network. We call this system Proof Of Work (POW). The POW algorithm makes “miners” compete with their computer power. The computer that solves a mathematical problem first will win the mining reward and the turn to validate the transactions for that block. When we say block we talk about the batch of transactions being confirmed at that moment. 

Multiple cryptocurrencies like Zcash, Flux, Monero, Ethereum Classic, and many others work with this same algorithm for confirming transactions. They choose it because it has stood the test of time and anyone with any device can add some of their computer power to the network.

But not all cryptocurrencies use POW. No, many others use a large variety of different consensus algorithms. POS (Proof Of Stake) as one of them does not use this much computer power. But requires their validators to hold the network’s crypto token. This process we call staking and not mining. A mistake we see made often which can be very confusing is when people revert to staking or minting tokens as mining crypto. But this is not the same thing. Mining crypto simply and only refers to the process of creating new crypto/Bitcoin with your computer power.

The difference between POW mining and minting

Like we mentioned above many cryptocurrencies make use of POS and not POW. These cryptos can thus not really be mined. Still, we do see a lot of blockchain tokens use this term. Especially when it comes to mobile crypto miners. Many of the so-called mobile crypto miners let you “mine” crypto that is not Bitcoin. They say that you mine crypto but instead you really just get tokens awarded to you. These tokens were probably minted by them and then given to you. Or mined by them and then distributed to you for having their app or having an account with them.

We can not call this process crypto mining. And you should not always trust these apps/mobile miners. Because a large group of them just give out tokens to see if people will give value to them and then dump their large share of the token on the open market. We call this a crypto-miner rug pull scam. Many people have already fallen for this. So please make sure to not buy any of these types of tokens without knowing about the fundamentals of the project. A project that only builds on the fact that they give out free tokens will most likely end up scamming people out of their money. 

Check out our blog about the 5 most common crypto wallet scams! So you do not fall for any of them.

Crypto mining apps for Android

Because listing an app on the google play store does not require the same rules and checks as the iPhone’s app store, you will find many more “easy” crypto mining apps for android. This means the list has many and grows by the day. As well as shrinks on others. Because many of these apps are scams and some thus get removed over time. 

If mobile crypto mining on android phones or tablets is still something you would like to do. Then please make sure you check the app and the company thoroughly. So you do not fall for a scam app. We will put a list of mobile crypto-mining apps in this blog too. But not that we do not support or promote any of them. 

Crypto mining apps for iPhone and iPad

On iPhone, you will not find many, if any crypto mining apps. This is because the apple store has had a policy against these types of apps for some time. Meaning that you can not just list any crypto mining app on their store. Besides the fact that mobile mining on iPhone will not really generate much of a profit. However, some of the mobile mining apps do get through and are listed on the app store. This does not mean they won’t have any risk and you should always be careful and do some extra research about these apps. 

Bitcoin mining on mobile 

Although you can technically speaking mine Bitcoin using a phone’s hardware. It will just not pay you enough to even out. Because your phone has only a small amount of computing power compared to the specialized Bitcoin mining machines out there. Besides that buying a phone for Bitcoin mining cost a lot on the hardware side. You will also have to pay for the electricity and can probably not use it when it’s mining. Making it so that your phone can not do anything else. 

On top of the hardware problem. Using mobile miner apps like MinerGate will generate so little revenue. That it will take forever before you hit the minimum withdrawal amount. So you can just as well assume that will never really receive any crypto. Making it a complete waste of your phone and time. Because depending on your phone. The chance of the phone being destroyed because of overheating from the process is quite high. 

If you are still interested in mining Bitcoin. You could probably best start to learn about mining using specialized mining equipment and renewable energy. This way you can still get into the game without destroying your phone. And yes, this will cost you some to enter and can be seen as an investment. So like always, this is not investment advice! 

Altcoin mining using your phone

Like we said before. If you mine Altcoins on your phone. You are either receiving pre-minted coins. Or you mine a such a pace that your phone will not enjoy the process and it will take forever to pay you out. Still some projects let people “mine” (still not really mining) crypto which does not intend to scam you. One of the projects from 2017, called Electroneum ETN. Gave the users of their mobile wallet tokens for just having the app on their phone. The project does have some ideas and plans for the future and did not rug pull on anyone. This shows that some projects do have good intentions. And it can indeed help with the marketing of some projects to distribute tokens this way. Still, you should be careful as not all projects can be trusted and many of them give out completely useless tokens.

Cloud mining

Mobile cloud mining

One of the mining methods that can attract newcomers is Cloud mining. Although cloud mining does not really run in the cloud or on any mobile phone. It is still a good way for beginners to start mining. What cloud mining basically does is rent out computer power to mine crypto and then give this crypto to the person renting. This can work for some of us. But it is important to be aware of scam companies. So always try to go with a trusted and reviewed cloud mining company. 

Once you have found a trusted cloud mining company this does not mean that mining and holding cryptos does not have any risks. Always make sure you know the risks so you will not be surprised by any market swings etc. 

The Pi network mobile mining

The Pi network is one of these social crypto projects that you sometimes see pop by. In our experience, it usually comes from a non-crypto friend as they do not really understand what it is, and believe they found the next Bitcoin. But this time they are first and it’s free. Although Pi network works with a form of multi-layer marketing. Meaning that early users can earn more tokens by referring their friends. We can not really say if this is a scam in the long run for now.  Mostly because the company does not charge anything so far. 

However, they could dump hard on the market if their token lists on crypto exchanges. We do have a lot of concerns about this project but can currently only express our concerns and not say if the project is legit or not

Pi network concerns

To start with its purpose. The idea is to be a fairly distributed monetary network that is cheap, decentralized, and can be used by everyone. These points seem to not make much sense to use as they basically describe Bitcoin. The only difference is that Bitcoin has to be bought. But users can enter the Bitcoin space anywhere anytime for any price. Early adopters have it better. But for the Pi network to give everyone a fair share of its tokens we would have to wait till the whole world has downloaded its app. Which can not be achieved as not even the whole world uses the internet. 

Next is technology. So far no blockchain network has really managed to create payments infrastructure that lets users spend at almost no cost. Most that come close all still have some problems or other obstacles in their way. Except for the Bitcoin Lightning network. Here again, makes us wonder why and how the Pi network technology will function any better?

And last but not least, liquidity. Where can I sell or buy Pi tokens? How many Pi tokens will ever exist? Who controls or supports the Pi blockchain? We do not know either. And on websites like CoinmarketCap, we can not find much info about them either. 

These are our concerns but not our advice. Our content is informational only. So please make up your own mind because only you hold the responsibility to your finances. 

Fake crypto Mining apps

You can find fake crypto-mining apps all over the internet. Many do try to scam you and some others say they mine crypto for you. But are really just mining games and do not mine any crypto at all. To avoid falling for one of these fake apps. You should always research them thoroughly. In case you find a fake or scam crypto mining app, you should report them to the android or apple app store so they can delist the app from their platform. But best would even be to not try to mine crypto on your phone. But like we said many times, that decision is totally up to you.

A list of Mobile crypto miners

Here you find a small list of some “mobile crypto miners”. Please be aware that we did not test or check all of these apps and they could totally bear a risk. Or try to scam you. This is not a list of the “best or easiest mobile miners” but just simply a list of app claiming to be mobile miners.

  • Crypto tab Browser
  • MinerGate Mobile Miner
  • DogeCoin Miner
  • Boleh Miner
  • Jivx Miner
  • Bloom Miner
  • Digmine
  • Final Lines
  • Pi Network
our conclusion mobile mining

The Conclusion

We don’t really like mobile crypto mining. As easy crypto mining does not exist. Mostly because the profits are so small or non-existing at all when using a phone. On top of that, the risk of downloading a scam wallet or virus lurks around as well. This makes it just not worthwhile. We did however tried a lot of these mobile crypto miners. Especially when we were new to crypto. Because it seemed like a good free way to get into the crypto space. We soon stumbled on the problems we have mentioned in this blog and decided that mobile crypto mining is not worth your while. 

FAQ:

Do you know a way to get free cryptocurrency?

Yes, there are ways to earn free cryptocurrencies. Although you will have to pay in some other form or way with your time or work. Playing Bitcoin Lightning games works as one good way to earn some free Bitcoin. You can read our blog about it here!

Should I try crypto mining with my phone?

No, phone mining almost always does not really pay you out anything and will only cost you your time and storage space on your phone. If you would like to start earning crypto through mining it. Then try to learn more in-depth about crypto mining and start with the right equipment.

Can I really mine Bitcoin with my phone?

Yes, in theory, you can. However, the revenue you generate will be so low that it is not really worth it. Mining Bitcoin works much better and is more energy-efficient with the right mining equipment. Plus a good renewable energy source. 

Do you know any bitcoin mining site that I can mine and withdraw for free without any charges?

No, I’m sorry to tell you. But Free Bitcoin is not really a thing. Just like no one will give you free money. You either pay for it with other currencies, your time, or your work. If you see someone promising your completely free Bitcoin. That person or entity is probably trying to scam you. Protect yourself by learning about crypto scams.

Is Bitcoin mining currently profitable?

Yes, many companies and individuals from all around the world make a good profit from mining Bitcoin and other cryptocurrencies. To do so does require you to hold some knowledge about it and can generate a profit when done in the right way. 

What’s the Bitcoin mining process? Does it make you earn free Bitcoins?

No, the Bitcoin mining process is called Proof Of Work (POW) and requires electricity to generate Bitcoin. Plus the necessary hardware. More of each will generate more Bitcoin. But this does not come for free. 

How to mine cryptocurrency on your  android phone?

Like we said in this blog. Cryptocurrency mining on your android phone does not really work very well. Making crypto this way will bring you nowhere. And you will be better of by trying other ways of crypto mining.  

How to mine cryptocurrency on your  iPhone?

Just as with Android phones. Cryptocurrency mining on your iPhone phone does not really work very well. And the type of phone you use whether iPhone or Android should not make a huge difference. Phones are just not powerful enough to make a difference for crypto mining.

 

Free Crypto Wallet

Free crypto wallet
Free crypto wallet

Free Crypto Wallet

Something all crypto users want, a free crypto wallet. The problem that we usually find is that most websites and articles point you toward crypto exchanges or just the same 5 wallets as any other blog. In this article, we take a look at some of the best free crypto wallets. That put you in control of your cryptocurrency. We will look at 3 free crypto wallets for desktop, 3 free crypto wallets for mobile, and 3 free web crypto wallets. 

What is important to take in mind is that the wallets might be free to download but could charge a small fee on things as crypto swaps or using certain Dapps. For at least 1 free crypto wallet of the 3, we take 1 that supports Bitcoin and 1 that uses supports Ethereum. For the third, we choose one that we think stands out or has support for multiple different blockchains. 

3 Free Mobile Crypto Wallets

The Best 3 free mobile crypto wallets, for beginners as experts alike.

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Zebedee Wallet

The Zebedee wallet is known as the number 1 Bitcoin lightning network gaming wallet. If you have not used the Lightning network yet. You should definitely test it out! A perfect way to do so is with the Zebedee wallet. Because the wallet focuses on gamers that want to earn Sats. You do not necessarily need to buy Bitcoin. No, with the Zebedee wallet you can just start earning Sats by playing Bitcoin games. 

When you play Bitcoin games you will need a lightning wallet to withdrawal your Bitcoin too. But what makes Zebedee so great is that it is completely optimized for ease of use for newbies. While also giving you access to the power of the lightning network. 

Zebedee makes this easy for users by letting them log in to their wallets with a social account from Facebook or Google. As you might already think, yes that means they are a custodial Bitcoin wallet. So the private key originally belongs to them. But you will not need to verify any ID up to a balance of 250,000 Sats. And a receiving capacity of 2,000,000 Sats per month. 

Zebedee Gamer Tag

But the thing that we really wanted to highlight is their gamer tag. Because with this tag Bitcoin gamers can receive Satoshi’s much easier than without one. What we see a lot with Bitcoin lightning games these days is that they allow you to fill in your gamer tag so the Satoshi’s will automatically be sent to your wallet. This saves a lot of time as withdrawing manually requires you to open the wallet and request the Sats, etc. This all goes a lot fast with a gamer tag, making it almost a necessary thing in the Bitcoin gaming space these days. 

How does a Bitcoin Gamer Tag work?

Well, quite simple. You choose a name inside the wallet. That will combine with the wallet address, and tada. You now have a gamer tag. Just look in the wallet and you will be able to get one yourself in a matter of seconds. Now, these gamer tags basically work like an email address. So whenever you want to send Sats to a bitcoin gamer tag. You just need to fill in the amount of  Sats you want to send and the gamer tag. This way you will not have to scan any QR codes or have to deal with expired lightning network requests etc. 

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CoinBase Wallet

The CoinBase wallet works as a gateway to the Defi world. We choose this one as the Ethereum wallet. But it also supports many other blockchains. You can use the Coinbase wallet not only on mobile but also on the web. 

Using it you can open up to the world of Defi and NFT’s. So you can trade permission less with anyone, anywhere in the world. Or play blockchain games using your NFT’s on Ethereum, Avalanche, BSC, HECO, and many other blockchains. 

Is Coinbase wallet the same as Coinbase exchange?

A question we see come by on quora all the time. No, they are not the same. The Coinbase wallet works as a non-custodial crypto wallet that gives you full control over your crypto. And the Coinbase exchange functions as a full custodial crypto trading platform. Here Coinbase has control of the private keys and allows you to trade between other currencies 24/7.

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imToken Wallet

As a third, we have chosen imToken. We have already written a review about them before and were very pleased with their product. imToken supports a large variety of different blockchains and lets you connect to the web3 for Defi, NFT’s, etc. imToken not only supports many different blockchains but also token protocols. Which we do not see all the time. Most wallets with many blockchains do not always also support the tokens for these chains. That’s where imToken makes itself stand out by also offering support for these tokens on-chain. Making them much more useful than those that do not give this functionality. 

Check out our imToken review today!

3 Free Desktop Crypto Wallets

The Best 3 free Desktop crypto wallets, for beginners as experts alike.

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Exodus

If you just started using crypto recently and do not want to keep your crypto on an exchange. Exodus might be the place for you. As one of the number 1 crypto wallets for beginners. They offer support for many different cryptos, with a super user-friendly interface. We wrote a lot about this in our Exodus crypto wallet review

Now Exodus has recently added the Bitcoin Lightning network, with support of the Satoshi wallet on the technical end. But this was one of the things we really wanted to see within Exodus. Now you can have a super friendly non-custodial multi-crypto wallet that also lets you use the Bitcoin lighting network. If you have not tried exodus for either mobile or desktop. It is definitely worth trying out!

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TokenPocket

As one of the multi-crypto wallets that have been around for some time. TokenPocket has a quite strong and trusted brand in the crypto wallet industry. They support thousands of different Dapps and let you make use of the full world of web3. TokenPocket lets you use your crypto in the way you want. And lets you invest in various ways. With things like Staking, Defi, and DGames.

If you want TokenPocket but do not use a crypto wallet on your desktop. Do not worry, Tokenpocket is available for both desktop as well as for mobile.

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Infinity

The Infinity wallet can be the only digital wallet you need. Functioning as a gateway to decentralized finance in a user-friendly, multi-currency way. With convenient. The wallet is very informational on top of the normal functionalities. And allows users to trade between other cryptocurrencies as much as they would like. Infinity works for both desktop and mobile. 

Although they are still new (founded in 2020). They have already thousands of users in 170+ countries around the world. With their team also looking at other projects within the crypto space like their own token and Dex.

3 Free Web Crypto Wallets

The Best 3 free web crypto wallets, for beginners as experts alike.

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Marina

We choose Marina for this list as the place to store your Bitcoin for free on a web extension. But do not that Marina does not support Bitcoin or the lightning network directly. But instead utilized the Bitcoin liquid network. A Bitcoin sidechain created by Blockstream and meant to facilitate fast transactions and liquid assets. With Marina, you can spend and receive Bitcoin super fast. While also making use of Liquid assets like USDT and many others. 

Marina was created by Vulpem Ventures. Vulpem has been building bitcoin and blockchain ecosystems since 2017. Creating development of dedicated blockchain solutions for the security and custody of Bitcoin.

Their Marina Web wallet extension can help support the adoption of the Bitcoin liquid network as it works smoothly with a user-friendly design. And most important it does not cost you anything to use!

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DFox

Dfox is a  Crypto, DeFi & GameFi Wallet for the web as well as mobile. With Dfox you can fully use the whole Defi and blockchain gaming space on multiple blockchains like Ethereum, EOS, BSC, WAX, and all other EVM blockchains. 

Dfox is one of the lesser mentioned wallets but does have a lot of great features under a good design. Dfox also has a mobile app giving users a bit more flexibility of where they want to store their crypto. With Dfox you hold custody of your crypto and NFT’s. So making a backup is important as always. 

Dfox put its focus on providinging a secure web extension for users to fully discover the power of blockchain. Making the barrier smaller for all users to join the blockchain world.

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MetaMask

If you haven’t heard of Metamask by now you must be completely new to the crypto space. Metamask is one of the most popular EVM wallets out there for browsers. With Metamask you can connect to any blockchain running an Ethereum Virtual Machine (EVM). So in simple, you can connect to almost all blockchains with a Defi, and NFT ecosystem. 

This has made Metamask one of the go-to wallets for Defi, NFT’s, and blockchain gaming. Not only has Metamask been a good free tool to send and receive crypto. But it also onboarded millions of users already to on-chain economies.

Check out our Metamask Review, where we go into more detail about the wallet and why we think it’s a great pick!

Online Crypto wallets

All the wallets that we have mentioned above do work as a so-called online crypto wallet. Because they can not store your funds offline. Meaning that you can check up on your funds on a device (computer, mobile) that is connected to the internet. Now, this is different from an online exchange wallet as you do not have to log in with a user name or a password. But rather with a send Pincode or other security measure that you can set yourself. Or of course the backup code/private key (which you should always keep safe).

Download Free Crypto Wallet

To get one of the wallets that we have mentioned in this article you can just click the link to their page on our website which will give you more info about them and guide you to their site. And there you can find a link to download it. Be aware, that the wallets nor we take responsibility for your crypto funds and that transacting in crypto and using a non-custodial wallet makes you responsible for your financial actions!

FAQ:

Which crypto wallet should I start with?

Good question! We have just written the perfect article about it. Check it out here. So you can see which beginner-friendly wallet can help you!

What happens if the wallet company is shut down?

As they do not hold your funds you should not be impacted by this too much. The wallet will most likely just not receive any updates anymore. So you should probably get a new wallet and send the funds there. But in the meantime, your wallet will keep on working as it does not depend on any central company server. In case you have a Non-custodial wallet.

What is a Bitcoin address?

Just like with an email address Bitcoin or cryptocurrencies in general also have an address. To send or receive crypt you only need this address and you can send crypto to them in a similar fashion as you would send an email.

What are some important types of Crypto wallets?

Well, we can classify them into many different types. But we like to put it in Non-custodial. Meaning you hold the keys and responsibility and Custodial. Meaning someone else or a company holds the keys and responsibility. 

What is a Bitcoin wallet?

A Bitcoin wallet works as a place to store your private key. A private key is basically the password to your crypto funds. So a Crypto/Bitcoin wallet holds that key for you and thus represents the funds stored on that account. You could think of it as the place that holds your crypto/Bitcoin for you.

Where can I buy cryptocurrency?

You can Buy cryptocurrency in many places. You can check out ZenGo! A cryptocurrency exchange that has partnered with us.

Which are the best and safest Bitcoin wallets?

Well, that all depends on you. Most of the Bitcoin wallets are non-custodial. Meaning only you have full control of the crypto that’s on it. So safekeeping depends completely on you. However, some wallets out there do try to scam people. Check out how to prevent yourself from downloading a scam crypto wallet here!

What is Cryptocurrency?

Cryptocurrencies are digital computing and/or payment networks that can create values from the economies built on top of them.

What are NFT’s?

NFT’s, or Non-fungeble tokens are unique digital collectibles that can be used for all sorts of things online. Like represent an item in the Metaverse or even represent an item in the physical world. 

Do you need a crypto wallet?

YES, we wrote about this before. Because we believe it’s super important for every human being! Check out the article here!

What is blockchain technology?

Blockchain technology works like a computer system that lets users transact fast and permissionless. Making all sorts of applications possible like Defi, and real digital collectibles. 

Chain Games

Chain Games
Chain Games

Chain Games

With the rise of Blockchain gaming, NFT’s and the play-to-earn trend. Many new projects spring up to grab their market share. One of the projects that have been around since 2020 and has all of these elements is Chain Games. What makes them different? What makes their token valuable? And why does Chain games have a future in the blockchain gaming space? We will answer it all in this blog where we take a look at everything around Chain Games and their CHAIN token. 

What is Chain Games?

Chain Games is a blockchain gaming company that unlike many other games as Axie Infinity does not just create one play-to-earn ecosystem. No, what Chain Games (CG) is building are many games of skill ecosystems that are all based around their CHAIN token. Games of Skill means that players will have to compete with each other to win prizes. Players can set these prizes themselves, as the prize pool is mostly made up of the buy-in fee players deposit before playing.  This allows good (professional) players to make money by playing games and showing off their skills. A quick example. So let’s say you are playing the game ChainO (basically Uno but with their system integrated). You can join the game for 1$ (or more if you want), and compete against another player for the same amount. The winner of that game will automatically receive the other player’s money minus the platform fees.

Is this Gambling?

A question many people ask at first. But the answer is simple, no. Whereas with gambling the winning party has to depend completely on luck. For CG this is not the case as players can rely on their own skills. So playing in a game like this falls into the same kind of category as sports competitions. 

Creating more forms of income for gamers

Currently, professional games have basically 2 ways of making a living. You either put yourself in front of the camera and hope people online will like you, or you reach the ultimate top and play for huge championships. But for all of those that did not reach that level of gaming yet, no other option exists. Till now. What Chain Games really offers here is a way to let good gamers earn an income without having to become the best of the best. Just a more than average skilled gamer could already make some profits by playing games. On top of that, you do not always need to put up funds to start competing. Because some games have a play to earn model at the same time. You can also just play, earn, and then compete if you would like. Or even join a free tournament with sponsored prizes. So you can just show off your skills for free and earn at the same time!

Integrating Chain Games

Now all CG has a lot of games that they build themselves. But they also run their software on top of other games like Call of Duty, FIFA, Madden, NBA, and many more. So you can play many of your favorite games. Next to that, they give the option to other game developers to integrate directly into Chain Games. This lets users play and earn at the same time. But also gives an extra stream of revenue to the game developers as they can take a part of the platform’s fees. As you can imagine this win-win makes playing games more lucrative for both the creator as well as the player. Their SDK for game developers is not yet released to the public as of now. But we can expect it to come soon. When this goes live basically any game can just plug into the Chain Games ecosystem, utilize the Chain token. And make their games more interesting to play.

Chain Games, Games

Chain Games really has two parts to it. Its web 3.0 decentralized ecosystem and the Chain Games gaming studio. Although the company works on both these things of course. But the gaming studio has been working on creating their own play-to-earn or play to compete, games. Because these games are developed by CG themselves, they of course have the web 3.0 CG features built into them. Currently, you can play only 2 of their games. But they already teased many others coming soon. The current 2 games you can play are ChainO and Super Crypto Kart. Chaino we already talked a little about before. But Super Crypto kart works in a similar way to Mario Kart but then with crypto features. This also means that the game can give you special Karts when you hold the NFT for that card. Or you can receive NFT’s for achieving something in the game. How much these types of  NFT’s will be worth in the long term is always a good question. But we can imagine that players would prefer to earn rewards in-game against not earning rewards.Check out the best wallets for  NFT’s here. So you can store them in the right place!

Chain Games Partners

Chain Games launched its Chain token through the TrustSwap launchpad. Which is also one of the current partners that CG has. Although CG could technically speaking partner with many other parties they currently only have a few public partnerships. These partners include TrustSwap, Atari, and Transak. 

Transak

The relationship with Transak works quite simple. For Chain Games, user onboarding needs to be as simple as possible. So to have everyone buy tokens on a crypto exchange and then play with it would be too difficult. This is solved by using Transak’s services and having a direct fiat onramp into the games. This way normal players can simply pay for the games using their credit card. Making the time needed to start playing much shorter. 

Atari

One of their most interesting partnerships as of now is 100% the one with Atari. Because the gaming giant Atari has been focussing on a comeback to the public by building their games around web 3.0 and the Metaverse. Atari does this by building Metaverse casinos and putting their games on arcades within the metaverse. And we can expect them to do more in the future. Now, where it becomes interesting is that Atari will integrate Chain Games on top of most of their games. Bringing the Atari game players also to the Chain Games ecosystem. However, do note that many of these plans and games are still being developed and not everything is live yet. But definitely check out the Atari and Chain Games Twitter, Reddit, Facebook, etc to see how their progress is going.

Chain Games 2

CHAIN Token

The CG ecosystem is completely built around the CHAIN token. This token functions as the medium of exchange on the network. So when a player wants to play a game for 1$. They will have to put up 1$ worth of chain tokens. From the number of tokens put up by all players, a small percentage will be taken as the network fee. This fee or the revenue will be used for 3 main things 1% goes to a burner address. Meaning CHAIN is essentially deflationary. And the more games will be played the more the token supply will decrease. Then another 15% will be distributed to the Chain token stakers. Giving them some worth for holding the token. And the rest will go to the Chain Games contract owner, AKA the team. 

Chain Games Staking

To benefit from Chain Games if they become a success you will have to stake their token. This way 15% of the paid fees will go partly to you. Staking Chain can be done with almost any amount of tokens and can currently be done on either the Ethereum or Polygon blockchain. But CG also announced that they want to make this possible on BSC and other blockchains in the future. Besides making you earn more Chain tokens when you stake the token. You can also earn some extra funds from their drops. Although there is no guarantee that these will happen. During the last year, the CG team has airdropped multiple millions of tokens to their stakers. Rewarding them to keep staking as they roll out more games and features to the platform. You can check out their staking dashboard here. Do keep in mind that when you stake their token your funds will be locked within the smart contract for at least 7 days. Because the withdrawal time for staking is 7 days. This creates a bit more stability in the price of the token and the number of constant stakers.

Buy Chain Games

Because CG is still quite a new project, not many exchanges have listed their token. This means that if you want to buy it you will have to mostly go to DEXes (decentralized exchanges). Currently, you can find the CHAIN token on PancakeSwap (BSC), UniSwap (Ethereum), and QuickSwap (Polygon). As the project grows, more games come out and everyone starts to play their games. We can expect more centralized exchanges to also list their token. As for now, some centralized exchanges do have a CHAIN trading pair. These exchanges are Lbank, MEXC, Probit, and the biggest of them all Gate.ioIf you want to play some of their games you can either choose to play free matches or play for a price. Because all these prizes are always in Chain you will need some of their Chain tokens. To get your hands on some you can use one of the centralized or decentralized exchanges we mentioned above. If you wonder how to buy Chain Games tokens in the future. Then check out their website where they also give you that information.

A little disclaimer

One thing we can not stress enough. We at Yada Wallets do not give out financial advice. If you want to buy the Chain Games token, only you hold the responsibility for your money. Prices of cryptocurrencies and crypto tokens can go up or down like any other sellable thing. Chain can go to 5 dollars or to 0,01$. We do not make Chain Games price predictions and only you are responsible for buying or selling the token at all times. Please keep this in mind.