Category Archives: Blogs

Is crypto only about making money?

is crypto only about making money
is crypto only about making money

Is crypto only about making money?

Although 9 out of 10 people that you hear talking about crypto only mention “number goes up”. Crypto is in reality not only about just making money. The whole crypto revolution started with the idea in mind to break free from the current government and central bank-controlled financial system. Over which we have no control at all, as simple citizens.

So no, crypto is about so much more than just making money and it can really liberate people of all sorts. With many of its different functions that run on different blockchains. In this article, we take a look at what crypto really does, why people use it for making quick money, and what its place is/will be in the new digital economy of the future.

Besides making money what does crypto do?

There are many reasons besides making money that makes Bitcoin/crypto so popular. These vary from blockchain to blockchain. But we can start with a list of use cases we find in the overall industry.

Use cases of crypto besides making money

1. Cross border payment system

With crypto, you can transact any type of value anywhere in the world at almost no cost. Which can not be done cheaply and efficiently with the current fiat system.

2. Trust layer (contract signing)

Contracts recorded on the blockchain for whatever use case are there forever and can not be changed. Making it the perfect contract as everyone can see and validate its authenticity.

3. Inflation hedge

Many cryptos like Bitcoin have a maximum supply. Making it so that they do not have any inflation that can be caused by other entities or events. Some cryptocurrencies (like Polygon) even have a system that causes deflation and thus always rewards the holder/saver.

4. Separation of malicious governments and dictatorships

With crypto, no dictator or malicious government can stop you from transacting. This means that with crypto you can buy a newspaper that might say something bad about your government. And the government can not stop your transaction by going to the bank.

5. Tokenization of normally non-value digital items like game items

Now that almost everything is or moves to an online environment we interact with a lot of points or tokens in games or social platforms, that are usually bound to that platform. With crypto, you can take these points of the platform and choose to either use them somewhere else (if that is possible) or pass them on/sell them to someone else, when you do not need them anymore. This way you create value out of something you put your time into online.

6. A more secure industry for computer power and file storage

Big websites and platforms need to have a provider to host their data and send it out to someone else. Many companies provide this service with data centers etc. However, if a data center (or in some cases 2) would be destroyed all the data on it will most likely be gone. With blockchain tech, it is possible to distribute this data to many different computers giving file storage and web hosting a more secure backbone. That can not be destroyed that easily as it is distributed among many computers.

Crypto is still quite new as an industry and the use cases mentioned above will most likely not be all. Because the cryptocurrency industry is just like the internet and can be built upon and innovated upon. Making it possible for more and more use cases to be developed in the future. 

This innovation comes from a growing industry and just like innovation on the internet created the blockchain industry. The blockchain industry might create whole new industries on top of it. As the base layer of value on the internet.

why is crypto used to make money

Why is crypto used to make money?

But you might wonder if crypto is so good and innovative, why do I only hear all my friends and their uncles talk about how crypto can make you money, etc. 

Well, that is simple, blockchain technology can function as the value layer on top of the internet. And because of its limited supply of value (which protects against inflation), the value of the network coins/tokens will go up with more adoption. This was the same with other industries and the internet. The only thing that is different this time is that there is a limited amount of tokens that represent the value of a blockchain network. Making it so that the price goes up over time. 

This increase in price is of course very attractive for many people which drives a lot of adoption from people looking to make a quick buck. However, as we mentioned before, crypto is not at all about just making money. Still, we see that most people coming into crypto do come in for the money, and a small percentage of them stay for all the other reasons. This group is usually separated from one another when the markets go into a downturn and there is not that much money to be made anymore for that season.

Because of the simple nature, we find in crypto, we will always find a lot of money-hungry people in crypto. But if you look beyond them there is a whole ecosystem of innovation and freedom ideologies and much more. And yes you can make some money by supporting and building on that system. But please try to look around that and see what this industry can do for humanity.

How to not make money in crypto

If you had that friend or family member tell you that crypto is the place to make some good money. You probably also noticed that at some point they completely stop talking about it. That is because, without a good understanding of what the crypto market is for, you would be basically gambling and falling for scams. Just like someone new with a credit card on the internet would be scammed very easily. 

The chance is that that person who only talks about crypto and making money, has most of the time, no idea what crypto or the industry really does (and has probably no investing experience either). This results in them buying just tokens and coins that went up before or have a good marketing team. In a bull market (a market that goes up) this can make them some good money. But as we usually see is that they do not know what to do in a bear market (a market that goes down). This normally results in this person losing a lot of their money and then selling at the bottom, with a loss, and never talking or touching crypto again.

This is a super common thing and sadly a reality that many go through. However, with the right education about the industry, this can be prevented. When users buy into a use case of crypto instead of the idea that they are going to be rich. But like with everything that holds value the price can go up or down. So never expect a return from it, that you need at a later point. 

How to simply use crypto

Using crypto should and will be the end-stage for crypto networks. When the industry becomes more evolved, more people will probably use it for its use cases than to try to become rich. To get to this point we need more education on how to use crypto for whatever purpose you might choose. You could do this by practicing crypto, or just reading and learning more about it. 

If you decide to want to try it out, you can also do so and play around a bit without investing in Bitcoin or buying crypto. Especially now that Bitcoin gets more and more integrated into small games, you can simply earn a small amount by playing mini-games, and then use it with the Zebedee lightning wallet, which was made especially for gaming. 

This way you can use crypto and not necessarily invest or make a fortune with it.

What role crypto could have in the digital economy?

In this digital world, crypto will have a bigger and bigger role. Especially now that inflation springs up all around the world. The use cases of crypto will be more needed. First to protect against inflation and later on in the form of payment and utility tokens in the Metaverse. And all the other use cases we mentioned before at a larger scale. 

But finally crypto works as a value layer, so it can and always will be used as an economic system, which some use to earn money. The important thing to remember is that crypto is not just about that and that the economical aspect of it improve significantly compared to the current financial system. Wherewith crypto you can trade 24/7 on a DEX and participate in all sorts of money markets that would normally only allow huge investors and very rich people to join. Making it so that even the small fries like you and me can be part of a global financial ecosystem. And with many platforms like NEXO and Coinloan that offer high interest on your cryptos, you can be much better out than with the small interest that people receive on their bank accounts. 

Final word

We hope this blog thought you a bit more about what crypto/blockchain ecosystems are meant for. And made you see that it is not just about making money or getting rich quick schemes. If you like our content then do not forget to follow us on Twitter. And if you are stuck with any other crypto-related questions, ask us on our socials so we can answer you there or write an article about it next time.

Why is bitcoin so popular?

why is bitcoin so popular
why is bitcoin so popular

Why is bitcoin so popular?

Cryptocurrencies have been on the rise for already more than 10 years. With at its head the main and biggest cryptocurrency of all, Bitcoin. Bitcoin has never been kicked off its number one spot on the crypto market. But why is Bitcoin so popular and why does it even hold any value. In this blog, we go over all the reasons why Bitcoin is so success full and why it will thrive even more in the future days to come.

Inflation

The BTC price has seen enormous growth over the last 10 years. So much even that it can be named the lucrative investment of the century. Although Bitcoin has many use cases, the price of BTC has not only gone up because more people started using it. But also because of the inflation happening in other fiat currencies. Inflation that does not occur in BTC, and thus protects it against inflation. 

You see, other central bank-owned currencies all suffer from money printing, which as result causes inflation of the money supply and the rise of prices. This can have horrible effects on the population of a country as they lose their purchasing power at a rapid rate.

BTC does not have this as its supply is and always will be capped at 21 million BTC. The best fact is that this can not be changed as there is no central entity in control of Bitcoin. But rather everyone that participates in the network, from the miners to the node operators and coin holders.

This all created one of the reasons why BTC has been so popular. As a way to protect holders of BTC against inflation.

Cross border payments

Do you or anyone you know ever send some money from one country to another or from one currency to another? Well if you are someone like that or know people that do so. You will know how high the fees are to get your euros into Japanese Yen for example. With exchange and payment network fees running up so high that a 100$ transaction can charge you a 50$+ fee. 

This of course makes it a horrible experience to send your money between countries (and currencies). So for those people that work in one country and want to send home or simply transact with a friend on the other side of the world. The traditional financial system does simply not work. That is why many people that have to deal with this have switched to using Bitcoin instead. A transaction on the Bitcoin blockchain takes less than 10 minutes and costs less than 1$ to send to anyone in the world. And for those that send really small transactions they use the Bitcoin lightning network, which settles a transaction in under one second and costs basically nothing when it is used for small amounts. 

Depending on when and what people use BTC for they sometimes decide to convert it into their local currency. But some people also decide to keep it for transactions later on or any other of its use cases, like Defi on Bitcoin or its store of value aspect. 

Success story

The features that Bitcoin offers are not that unique anymore. With many other blockchains that offer the same features, with sometimes upgraded speed and at a cheaper cost. So why does Bitcoin still stand strong above it all and why is it here to stay?

Well, this it can thank a lot to its early success stories which helped the network grow to be the still undefeated number one of crypto. And accumulate a lot of computer power behind it. Making it so that it became the strongest computer network in the world. 

Counties

Because of its early and strong reputation, Bitcoin was adopted as legal tender in already 2 countries. With El Salvador taking the lead and the resend Central African Republic as the second country to adopt the cryptocurrency. 

Although both countries having a small population with a small economy. Both of them help the Bitcoin network grow and secure a future for itself in the same way Bitcoin helps these countries do so for themselves. Making these countries part of the crypto space and accessible for all the millions of BTC users around the world. While at the same time contributing to the large number of things people can use their BTC for. 

Green energy adoption

The world needs to become net zero. You have heard this before for sure. But you might have also heard that Bitcoin is a problem and that it would only make climate change worse because of its energy consumption. 

Although it does consume a lot of energy, that statement is not really true. Especially because Bitcoin consumes so much energy, it needs to make sure to do so in a cheap and reliable way as possible. This can not be done with coal and oil, but rather with renewables, nuclear, and other forms of green energy. Because these forms of energy come much cheaper than its polluting alternatives. The Bitcoin network runs already on 60%+ renewable energy. Which is more than double of what most countries run on and the highest on a world scale. 

The electricity spent on keeping the Bitcoin network running is an essential cost to keep a monetary system that can not be controlled by evil rulers and stays in the hands of the people. Bitcoin does all of this while at the same time pushing for more and more renewable energy as its network benefits from renewables. This has created a wholly renewable energy sector around Bitcoin that improves the energy infrastructure and greenness of it all. Making Bitcoin a tool for pushing the world energy to switch from gas and coal to wind, solar, and nuclear. 

advantages of using bitcoin

Advantages of using Bitcoin

Bitcoin comes with a number of advantages and ever-growing use cases as it is programable and thus upgradable. However, we have listed 4 main advantages of using Bitcoin here:

Speed

Compared to your average bank transfer, that takes about 1 day to complete. Or in some cases multiple days or weeks. Bitcoin only needs 10 minutes on the base layer, and not even a second on the second layer level. 

With the Bitcoin lightning network being able to send hundreds of thousands of transactions every second at the speed of light. 

No Inflation

As we mentioned before, BTC has a maximum supply of 21 million and thus can not inflate beyond that point. Making it the perfect hedge against inflation. This all gives BTC similar properties to gold but in combination with the other features, it gets from its digital existence. 

Control

Unlike with most other currencies, when you hold BTC. You really hold it. With this, we mean that you are fully in control, and no one else. If you hold your BTC on your own non-custodial wallet. You will have ultimate control over your funds. Which also means full responsibility. So always make a wallet backup, just in case.

With that control, you can also make other financial transactions like with a DEX. Which lets you choose how to trade and what to hold your value in. 

Interest

If you hold your Dollars or Euros in a bank account you probably get close to nothing paid in interest per year. With Bitcoin, you could possibly grow your Bitcoin within your own wallet

Crypto interest can be earned in many different ways. Both with decentralized and centralized platforms crypto holders can earn good interest on their crypto. Interest for BTC is often between 5 and 8 percent. Platforms like NEXO and Coinloan offer this in a centralized way. Giving users the option to use their platform sort of like a crypto bank. 

Why Bitcoin will succeed

Since the creation of Bitcoin many other blockchain networks, and crypto tokens have sprung up. With some of them competing as a different type of Bitcoin most of them have their own unique ideas and plans. 

In a world of crypto and web3, there will probably be space for more than one cryptocurrency, even one that could grow bigger than Bitcoin. However, if so, it will probably be with a different use case. As the Bitcoin network has already so much trust and innovation behind it that it would be extremely difficult to compete with it. Especially because you can also help and join the Bitcoin network instead. 

But just like the world has more than one fiat currency, there will most likely be more than one cryptocurrency that you can use in the future. Which once that will be, no one can tell. But it looks like it is highly likely that Bitcoin will be among the top of them. 

Final word

We hope this blog answered some of your questions and made you more prepared for the world of crypto. If you need some more crypto practice you can always check out any of our other blogs or reviews on our website. Or ask your question on our socials, so we may write about it next time. 

How to add Metis to MetaMask

how to add metis to metamask wallet
how to add metis to metamask wallet

How to add Metis to MetaMask

In this Metamask & Metis tutorial, we show you how to add Metis to the MetaMask wallet. But first, we take a look at what Metis is, what it can do, etc. If you do not want to read about that and directly want to see how to add Metis to MetaMask. You can go down this page and start reading “Getting Metis on MetaMask” to learn how to add Metis to MetaMask.

What is Metis Network Layer 2

With the slowing down of the Ethereum blockchain and ETH2.0 getting pushed back, again and again, the need for scaling solutions stays in high demand. Metis Andromeda is here to help solve part of that problem and push the adoption of crypto and EVM-type wallets and blockchains further. 

Metis Andromeda works as a full layer 2 network on top of Ethereum, making it fast, usable, and cheap to use. Because of the fact that Metis is an EVM-type sidechain, it makes it also easy to connect to all other EVM blockchains and thus connect you with all the other blockchains in the multi-chain ecosystem. 

Metis offers functionality on-chain for many things in the blockchain industry like NFTs, tokens, Dapps, and much more. One of the more original points that they focus on is DACs (Decentralized Autonomous Companies). By bringing more company structure to the blockchain, they in this way push adoption, as well as people using the service of these companies, will most likely start using Metis soon.

Check out their website for more info about the layer 2 network.

How does Metis utilize Ethereum?

Metis makes use of Ethereum security by anchoring it to the layer 1 Ethereum blockchain. With a system called optimistic roll-ups. Simply said this means that Metis Andromeda compresses its transactions and later records them in a compressed form on the Ethereum blockchain. By doing it in this way, users of the Metis sidechain are also backup up by Ethereums security and can still transact at a low cost.

How to pay fees on Metis

Out of all the sidechains that Ethereum has not all of them use their own token for transaction fees. With blockchains like Optimis and Aribitrum only using ETH for transaction fees. However, Metis Andromeda took a similar approach to the Polygon sidechain, which uses its own $Matic token for transaction fees. Metis Andromeda does this as well. So for each transaction on the Metis side chain, you will need to pay a small fee in the $Metis token. 

This token not only functions as a form of payment for transactions but also for the generation of NFTs and transactions with Dapps or deploying Dapps. And also as a governance token for the network. Which you can participate in when you stake the Metis token on-chain.

Where to buy Metis token?

Currently, $Metis is not available on many exchanges. But this could soon change with the adoption of the sidechain network going very rapid. For now, you can find the token on Kucoin and Gemini as the major big exchanges. But also on many DEXes like PancakeSwap and UniSwap. 

If you already have some $Metis in your wallet you could also buy or trade-in it on the Metis Andromeda layer 2 yourself. By using one of the DEXes native to Metis like Tethys or Netswap.

Please do note that none of this is financial advice and we are no financial advisores.

Bridging to Metis

From the start, Metis stood in the spotlight because of its technology but also a bit because the mom of Ethereums creator, Vitalic Buterin is part of the Metis team. Because of its popularity and the hard work of the Metis team the sidechain already finds itself bridged to almost all other EVM blockchains. Currently, 6+ bridges that connect Metis with other blockchains. You can find all Metis bridges here

These bridges connect Metis to BSC (BNB Smart Chain), Polygon, Aribitrum, Optimism, Ethereum, Avalance, Fantom, Aurora, BOBA, Harmony, Gnosis chain, and more to follow in the future. 

Briding from one EVM blockchain to another can help grow the ecosystem of all connected blockchains as people can interact freely with the NFTs and tokens of the other chains. Making all their ecosystems more interactive and liquid. 

Smart Contracts on Metis

Metis was built with an EVM structure. This means that it uses the same programming structure as all other EVM blockchains (which are many, including Ethereum). Because of this structure, EVM blockchains can easily deploy their smart contracts, Dapps, etc. on other EVM blockchains as well. Making it so that Metis is super compatible with all other EVM chains and gives Dapps on other EVM chains the option to move over to Metis. So that they can use the network’s cheap transactions and speed. Or even tap into a new ecosystem of liquidity and expand the reach of their brand. 

Exploring Metis

Just like any other blockchain. Transactions on Metis are recorded and stored on its network. With Metis, this can be transactions but also simple data. To see this transaction of data you can use a block explorer for Metis, a Metis explorer. Here you can find all the transactions that happen on the network openly. This can be super helpful when you want to see if your transaction went through or to see what went wrong. 

Besides spying on your own transactions or those of another address. You can also find some useful stats about the network like the number of wallet addresses, transactions, blocks, and much more.

Wallets that support Metis

Because Metis is a fully EVM compatible network it can connect to any EVM compatible wallet. Making it already integrated with a large number of wallets that let you add your own EVM blockchain. This of course includes the Metamask wallet, which we reviewed, and take a look at how you can add Metis to down below.

To find wallets that also support the Metis layer 2, you can simply go to the wallet finder function on our website and choose between one of the wallets that suits you the most. 

So now that you are all informed let’s add Metis Andromeda to your wallet!

Getting Metis on MetaMask

So to add the Metis Andromeda to MetaMask you have to open the MetaMask wallet (In case you don’t have MetaMask yet, please get it on this page).

If you already have Metamask, don’t sweat it and see if you can have a second Metamask wallet here.

Once you have MetaMask installed, open it up on the full screen. So you will have the same screen as in our example here.

metis metamask 1

Now go to the top right of the screen where it says “Ethereum Mainnet” and click on the little arrow pointing down next to it. This opens the network’s tap where you can select all different types of EVM blockchains (Ethereum virtual machine) networks. Now here you can click on the Custom RPC to add a new custom EVM blockchain network of your choice. In this case, Metis Andromeda.

metis metamask 2

Now Metamask will ask you for the data needed to connect the wallet to Metis Andromeda. Please fill in the list below.

Network Name: Metis Andromeda
New RPC URL: https://andromeda.metis.io/?owner=1088
ChainID: 1088
Symbol:  METIS
Block Explorer URL: https://andromeda-explorer.metis.io
metis metamask 3

When you have done this, you can just click save. And now you have added Metis Andromeda to your MetaMask wallet.

If you would like to switch between the EVM blockchains. Simply click on the Network button in the top right of the screen to select another blockchain.

Because adding different types of EVM blockchains works the same, you can add any EVM blockchain in the same way. But instead of the list given in this blog, you replace that with another network’s ChainID, symbol, etc.

We hope this blog post helped you to integrate a new EVM into your MetaMask crypto wallet. So that you can now use Metis Andromeda as much as you want.

Find your wallet here

In case you want to see all the other wallets supporting Metis Andromeda. You can simply take a look here to filter between all wallets that do!

We hope this article taught you more about how to add Metis Andromeda to MetaMask wallet. But in case you have Questions regarding Crypto or Ethereum? Feel free to ask them on our Facebook or Telegram groups. Because we are happy to help whenever we can!

So now that you know How to add Metis Andromeda to MetaMask, are you ready to start using your own Blockchain wallet? Take a look at our unique wallet finder functions here! So you can find the perfect wallet for your blockchain.

 

Is Polygon deflationary?

Is Polygon deflationary
Is Polygon deflationary

Is Polygon deflationary?

The polygon Ethereum sidechain has had its own token called $Matic since the start. Although Matic was not a deflationary token from the beginning. After the implementation of Ethereums upgrade, EIP-1559 Polygon also implemented its version of EIP-1559 which would burn a fraction of the transaction fee. Making the blockchain thus deflationary.

The so-called Ethereum London hardfork that implemented EIP-1559 for Ethereum was also added to Polygon on January the 18th 2022. These code upgrades made for a more stable fee structure on the Ethereum blockchain but also decreased the supply of ETH by burning a part of the transaction fee. The Polygon sidechain however does not have an inflation model and has a permanent hard cap. This means that with the implementation of EIP-1559 on Polygon the sidechain its token became deflationary. 

More Predictable Fees

Now after the upgrade to the sidechain we are left with 2 fees that together make up the whole transaction fee you pay to use the Polygon sidechain. At first, this fee used to be only the priority fee which is determined by the demand for block space. AKA how many people want to transact at that moment. The now introduced second fee is the base fee. The base fee is calculated by the supply and demand of block space. This model uses an approach that makes a transaction fee more predictable but not essentially cheaper. 

However, compared to the old model EIP-1559 does help make the transaction fee slightly more stable.

Burn it all

With this Polygon upgrade, the token supply will eventually get smaller and smaller. Which as long as Polygon is used a lot will mean that the token price should appreciate as well. Making it a fundamental upgrade for the whole Polygon/$Matic ecosystem. 

To see how much $Matic has already been burned, you can check out their “Watch the burn” tracker. Here you can see how much $Matic has already been burned and how the current burn is going. 

As of now, more than 600K of $Matic tokens was already burned. This leaves the Matic token at a 0.27% deflationary rate. This would change the real token supply from 10 Billion to 9.994- Billion. 

Although the burn rate is not that large yet. With the growth of the Polygon ecosystem and transaction volume. So will grow its burn amount of Matic tokens.

In theory, this should resolve into a positive for stakers, holders and users of the Polygon ecosystem alike and makes Matic look like a good Hold during the next decade. 

Future Polygon Upgrades

Polygon has since its start seen massive growth and has added more than 1 sidechain solution to its network of services. With multiple accusations that have happened in recent years. Polygon has put a focus on making itself one of the first carbon-neutral blockchains out there. But we expect that they will keep on innovating and expanding their huge network of services. Which as a result will all benefit the whole Polygon ecosystem and the Matic token.

More on how Polygon will move on into the future can be found on their website and blog.

Final word

Although we love Polygon and the Matic token, nothing on our website should be seen as financial advice as we are not financial advisors. But if you do have any crypto educational questions left that you want to be answered. Feel free to reach out to us on our socials or read another blog on our website.

If by now you have not started to use Polygon? Then learn how to add it to Metamask today, so you can transact at almost no cost.

Where can I practice crypto?

where can i practice crypto
where can i practice crypto

Where can I practice crypto?

Starting with crypto might not be as easy a task as you wish. Although it ain’t that hard, once you understand crypto and its financial markets. Including trading, saving, and earning interest. So before you start pouring in all your money into a new crypto trading strategy, hot altcoin, DeFi, or a crypto interest account. You might want to practice your crypto skills a bit. 

That is why in this blog we take a look at how you can practice crypto trading, transactions on-chain, how to start with crypto, and how you can try out all of the features that come with blockchain technology. So you will be ultimately prepared for starting with anything crypto, wheater gaming or trading. 

Feel free to skip to other sections in this blog if you look for specific things like trading, earning interest, sending on-chain transactions, and many more topics.

Practice crypto trading

At the very beginning of everyone’s crypto journey, we all have considered trading. However, being a trader is not really a job for everyone. Some people are better at just hodling their Bitcoin. Or working in the crypto space as a writer. 

So if you are just getting started with crypto you might want to test out if trading is something you like. Or if it is stressing you out way too much. You can only really find this out by trying it. You can start trading right away. But that would not be the best move if you have zero experience with crypto trading. What you could do is practice crypto trading with a crypto demo account. Before you put in your hard-earned cash. Because you can better lose some fake points than your BTC. 

So here we have a list of: 

The 3 best Crypto Demo accounts

BUX

Bux is a great platform for stock traders and crypto traders alike. They have a focus on small-time investors and mostly new investors. They approach these newbies to the space with their sleek design and user interface (UI).

Bux gives anyone new to its app the option to practice before they start trading. So you will receive some Bux dollars/points that you can trade with, to try out if it is something for you or not. This way you can get used to trading crypto before you deposit your own money. 

Trading view

Tradingview might be the most popular chart website in the world. It is the place where basically every trader goes to look at the chart and draw their lines and patterns. Tradingview however is not a trading platform. Which makes it ideal to use as a practicing tool. Trading like this we call paper trading. As you just write it down on paper.

If you simply write down your prices and positions in an excel sheet and then make your predictions with Tradingview. You can practice crypto trading without any risk attached to it. 

Bitcoin Flip App

The Bitcoin Flip App was made especially for those people that want to practice crypto trading. The web app lets you choose between a variety of different coins and tokens to speculate on with some fake dollars. And to make it more interesting they also added the option to add leverage to your position. 

The Bitcoin Flip App brings trading a bit like a game but can give you the simple start that you need if you never traded anything before.

Reading crypto charts

Reading crypto charts

Most crypto exchanges offer you the option to look at the charts on their website. However, these charts come with a limited set of tools. Making it so that you can often only see the depth of the order book and price.

If you want to really trade and not just gamble, you will need more of an accurate toolset that lets you draw lines and set indicators. The same program as we mentioned before can help you with this, Tradingview. With Tradingview you can draw any pattern on any chart you would like. Plus you can add indicators that show you things like the RSI, moving average, and much more of a stock/crypto.

With tools like these, you can much easier make trades based on a specific strategy. 

Start trading crypto with 100$

If you want to start with crypto (trading) but you do not want to put your money at risk. You could always try to earn a sign-up bonus and use that money for trading. This way you didn’t really put any of your own cash at risk but you can still reap the benefits if you do well. Although sign-up bonuses change all the time there are always a few that give you good cash. 

Some of the platforms that we found that give you a nice starting bonus are NEXO and Kucoin. Both can give you a sign-up bonus of $100+ when you deposit money with them. 

Earn crypto

The other 2 ways to get some crypto to trade with, without having to buy into it. Is by either earning it with your gaming skills or by earning it on your fiat currency. 

First, gaming can be done on many blockchains. By playing games like DeFi Kingdom or Crazydefenceheroes which pay you a bit of their token to play. Which you then can exchange for other crypto’s or directly trade with. But if you prefer BTC you can also earn some free Bitcoin by playing Bitcoin lightning games together with the Zebedee wallet.

If gaming is not your thing, do not worry. One easy way to earn some crypto with your cash is by depositing your fiat in an interest account at NEXO or Coinloan. Both these providers pay you a high-interest rate of 10%+ on your fiat currencies like the Dollar and Euro. This earned interest can then be paid out in your fiat currency or a cryptocurrency. If you then use this crypto for trading, you basically did not buy any of it. 

Use crypto test nets

If you want to practice sending, receiving, and using Dapps on a blockchain. But are afraid to lose your cash, you might want to try on a testnet first. With wallets like Metamask, you can add a testnet yourself. Just go to Chailist.org, search for the testnet you want and click add to the wallet. You can now use this specific testnet and try out some testnet applications. 

But you of course do need some tokens before you can send them. With a quick Google search for “testnet *network of choice* token faucet,” you will have found a website that gives testnet tokens out for free. These tokens hold no real value so you can do whatever you want with them and try out some of the Dapps that you might be interested in.

start using crypto for real

Once you are finally ready to start using crypto for real. You should start with getting some for yourself. But note that this nor anything else in this article is financial advice in any way. You can do this through exchanges or platforms like NEXO and Coinloan that pay you interest. 

Buy crypto

Buying crypto on any platform works almost the same. You will have to start by verifying your account so they know it is really you. After you have passed this you can start by depositing the fiat currency of your choice. Depending on the exchange platform. Most platforms take Euros and Dollars. But if you need a very specific smaller fiat currency you might have to search for a more local crypto exchange that accepts your currency.

Choose a wallet 

Now that you have gotten yourself some BTC, ETH, BNB, or any other crypto. You can start to withdraw it to your own crypto wallet. For this, you will of course need a wallet first. Just go to our wallet finder, then select the blockchains you want and the website will show you all the wallets that offer support for those blockchains. Choose one that you find to be the best fit for you. But do not be afraid you can always switch wallets later on.

Use the financial services on the blockchain

Now that you have your crypto on your own wallet, you can really start to benefit from the whole financial space on the blockchain. Whether it is for gaming or earning interest through DeFi. You can choose what to do with your crypto. Because blockchain ecosystems are all permissionless. This means you are ultimately in control and no one can tell you what to do or not do with your crypto. 

Final word

We hope this blog taught you something about how you can practice and start with crypto. As we aim to educate and spur crypto adoption around the world. 

If you have any questions for us, feel free to reach out to us on our socials. Or let us know what we should write about next. 

Can I transfer crypto between wallets?

can I transfer crypto between wallets
can I transfer crypto between wallets

Can I transfer crypto between wallets?

Yes, you can transfer crypto between different wallets. If you would not be able to do so you couldn’t use crypto as a way to transact. But maybe you just dipped your toes in the crypto industry and want to know the how and whys of it all. 

So in this blog, we go over all the details of transferring crypto between your wallets or to other wallets. See how you can create a crypto account/address, the fees that you pay when transacting in crypto, and much more. 

Because using crypto and sending it from one wallet to another may look difficult at first but is actually really easy. And the start of your journey into the world of blockchain technology and all its possibilities.

How to create a crypto account?

Well, technical speaking this would be a bit difficult. But we won’t go into that. The simplest way to just create a crypto account on whatever blockchain is by letting a custodial or wallet do it for you. Which is basically always.

When you download a new crypto wallet and start it up. The wallet will automatically generate a random address for you that you can use for your transactions. These addresses get generated with an algorithm and are always random and unique. You do have to make a backup of that wallet by saving a 12-word phrase or the whole private key somewhere safe. Because of how these work as the access code to your wallet. In case you lose yours. 

If you decide to not store your crypto within your own responsibility but decide to do so with a back or exchange platform. They will then generate an address for you. This address will function as a deposit address for your account with them. And is ultimately controlled by them and not you. However a bank or exchange does fall within the regulations of the country they are based in, so you always have some sort of claim on what they hold for you.

From custodial wallet to non-custodial wallet

When you buy Bitcoin, Ethereum, or any other cryptocurrency for the first time. You will probably buy it with a custodial like Binance or Nexo. When you buy with a company like this you could receive a nice interest on your crypto. But it does come at the cost of your own privacy and financial control. 

Most of us however start with a custodial because it is easier and more user-friendly. Non the less you can not use any Bitcoin DeFi or take full control of your finances when you hold your crypto on an exchange.

If you do want to take full control over your cryptos you will have to take them off the exchange and send it to your own non-custodial wallet. With a non-custodial wallet, you can make use of DEXes (Decentralized Exchanges) and no one but you will have access to your funds. Which will finally give you full control of your finances. 

Sending crypto from the exchange to your wallet

Now to send your funds really to your wallet. You will have to go to the wallet section of your exchange and click on withdrawal. Now you will be given the option to put in your address. And then choose withdrawal (after passing the security checks). 

When you withdraw from an exchange, do make sure that you send the funds to the right blockchain. And not try to send Bitcoin to Metamask as this could result in a loss of funds. So make sure you send it to an address that works with that blockchain. Or an EVM coin to an EVM address that you control. You can learn more about EVM blockchains and wallets here.

What is my crypto wallet address?

If you already have a crypto wallet and want to receive some coins you of course need to figure out what your crypto wallet address is. You can find this in most wallets either at the top of your account page or when you click the “receive” button. 

This should show you the public address. Which works in a similar way as your email address. So you can simply share it with anyone and they can send your coin or tokens to that address. 

Once you have received some coins/tokens you can also send them to others by clicking send and then choosing the amount you want to send and the address of the person you are sending it to.

What crypto can you send to a crypto address?

Just like letters need an address in the right country to arrive at the right location. A blockchain transaction needs the right address to arrive at the right address. However, you can not just simply send a transaction from the Bitcoin blockchain to the Avalanche blockchain. And vice versa. Blockchain transactions can really only travel on their own blockchain. Meaning that you can only send BTC to a Bitcoin address and ETH to an Ethereum address. 

However, this goes for basic transactions. If you really want to send a transaction between different blockchains that is possible. For this, you will just need a blockchain bridge. 

A bridge functions as a protocol between blockchains, that locks coins on one blockchain and releases a representation coin on another blockchain. This way you can sort of sending your coins from one blockchain to another. And still, use them in the ecosystem of the blockchain you are sending it to.

Transferring your crypto address to another wallet

If you do not like your current wallet anymore and want to transfer your funds from your old wallet to your new wallet. You do not necessarily have to do so by sending a transaction from the old to the new wallet. You could also just take the private key or secret 12-word phrase and import it into another wallet. This can save you some money on transaction costs and the little bit of dust (amount too small to send) that stays in your old account.  

You can usually find this info in your current wallet under your account, which is usually protected by a password of some sort. Or you could use the backup that you made when you created that wallet in the first place. 

Now that you have imported your crypto address to a new wallet, you can decide to keep the old wallet or deled it. If you do not plan on using it ever again. Deleting it might be the best option so no one can access your crypto address through your old wallet. But keep a backup somewhere save just in case you lose access to both.

can I transfer BTC to an Ethereum address

Can I transfer BTC to an Ethereum address?

As we mentioned before, you can only send one blockchains currency to an address on that blockchain. So no, you can not send BTC to an Ethereum address. But you could bridge BTC to Ethereum. 

If you do bridge your BTC to Ethereum you could start using it in Ethereum’s DeFi applications and start growing your BTC in your own wallet. To bridge BTC to any other blockchain you could use Ren, which functions as a decentralized bridge between the Bitcoin blockchain and other blockchains. But you could also do so by trading your BTC for WBTC or BTCB which are coins pegged 1 to 1 with BTC that is held by a custodial. And thus give you a centralized approach to using BTC on other blockchains

Transferring fees

Just like with any other payment system or payment, you make in general, you will have to pay a fee. This fee that you will have to pay when making crypto transactions goes to the parties that together secure and compute the transactions on that blockchain. 

These fees differ completely per blockchain and are also one of the reasons why some blockchains even exist. In the past debates about Bitcoins transaction fees, which usually exceed at least 1 dollar, caused the creation of many other different blockchains using the Bitcoin name. However, on the Bitcoin mainchain transacting is not the cheapest. Its sidechains like the lightning network make it cheaper than 1 thousandth of a cent to send a transaction and sometimes even completely free. 

The prices for these transaction fees differ so much that we can mention them all in this one article. But they range from DeFi transactions on Ethereum that cost multiple 100ths of dollars in fees. To 1 hundred of a cent on blockchains like Polygon.

Crypto wallet fees

Next to normal blockchain fees. You could also be exposed to crypto wallet fees. However, this does not always happen as most wallets do not charge fees over normal transactions. With wallets like SimpleHold and Ballet that don’t charge any extra fees on making transactions with their wallet product.

The only times that you will encounter fees on withdrawing from wallets will be with custodial wallets and exchanges. These providers offer service and need to charge a fee as it is part of their revenue model. Exchanges like Binance, Coinbase, Kucoin, and many more often charge you a fee for withdrawing.

But also normal mobile and desktop wallets sometimes charge you a small fee. Especially with lightning wallets as they charge a small fee for sending transactions. But in return do give you a nice interface and liquidity on the Bitcoin lighting network. On wallet that we have reviewed and provided great service for gaming and Bitcoin is the Zedebee wallet. Which you can check out here.

Final word

We hope this blog thought you something about transferring crypto and how you can get started with using crypto for yourself. If you are still stuck with any questions after reading this blog you can click the links in between the text that will guide you to blogs with a deeper explanation of some topics. And else you can always contact us on our socials so we can write another great blog for you next time.

Can I have two MetaMask wallets?

Can i have two metamask wallets
Can i have two metamask wallets

Can I have two MetaMask wallets?

Yes, you can have two or more Metamask crypto wallets. Within the wallet, you can create multiple addresses that function as a wallet. Each one can be imported to multiple devices as well. So you can use the same address on more than one device. Besides that, you can also add different blockchains and use the same address on each blockchain. As long as it is an EVM-compatible blockchain

In this blog, we take a look at how you can create multiple Metamask wallets, how you can add them to different devices, and also how to add other blockchains to the same wallet. 

We have already written a lot about this wallet as it is one of the most popular in the crypto space. So make sure you check out our Metamask review and the other articles that talk about it.

Creating a new Metamask wallet

If you already have a Metamask wallet and you want to add a second one, there are 2 ways to do so. One is by going into the wallet and going to the “my accounts” section. Here you find the “create account” button. Click it and you will add a new account/wallet to your Metamask. It is as simple as that. 

You can do this as many times as you want and use as many wallets as you like. So you can create one for each use case or just to divide your crypto for whatever reason you have. 

The other way to create a new one is through using another device and simply downloading a new one. Once you have done so you will receive a new address that you can use. And now you will have 2 Metamask wallets. If you do have Metamask on 2 different devices, you might prefer to also use the same address, to just make it a bit easier. Which you can also easily do.

How to use the same address on 2 different devices.

When you have a crypto wallet on 2 different devices, whether Metamask, Trust Wallet or Exodus. They all make use of 12-word phrases and private keys (depending on the wallet). This makes it simple to take the 12-word phrase or private key from one wallet and import it into another wallet, on another device. 
So if you use Metamask on mobile and as a web extension, you can just import the 12-word phrase to one another. But in case you want to use 2 different wallets but with the same blockchain account. You might need to import the private key. 
 
If you plan on doing this, we urge you to be very careful. Because a private key or 12-word phrase works as the password to your crypto account. Meaning that anyone with access to it can access your funds. So make 100% sure that no one that you would not trust with your money to see either of them. 

How to add a second wallet to Metamask

You can add a second wallet by doing so as we mentioned before. By clicking “add new account”. Once you have a second address you can send your ETH or BNB between the two addresses as much as you want. 

This way you can have on Metamask address for DeFi and one for games if you would like. And all of that from within the same wallet application.

One other thing you could do to add an extra wallet is to just have more than one crypto wallet. Although Metamask is very nice. There are more good wallets out there that you could use simultaneously. This gives you a bit more exposure to interfaces out there. But also to other blockchains. 

In the case that you use an EVM wallet, you could also still link that one to your old one and use 2 different interfaces for the same blockchain account.

How to add other blockchains to Metamask

Metamask supports a large variety of different blockchain networks. As long as they run an EVM on it nonetheless. So if your favorite blockchain has an EVM you could add it in a matter of a few seconds. We wrote already have many articles about how you can add a specific blockchain to Metamask. So here is a list below linked to those articles. 

Can I use the same Ethereum address for other blockchains?

Yes, you can. It is possible and also easier to use the same Ethereum address on other blockchains. As long as these blockchains are EVM-compatible. 

So all the blockchains mentioned above that you can add to your wallet do not all need a new address. You can just use the same address for many different EVM-compatible cryptocurrencies. Which makes it super easy to switch between chains and enjoy the whole multi-chain ecosystem. Whether you prefer to use Polygon or Moonbeam. Both can still use the same address and thus also have the same private key and 12-word phrase. 

If you ever end up accidentally sending your CRO or AVAX to your Ethereum address. You can still recover the tokens easily when you add that blockchain to the same wallet. So you have access to that wallet address on that blockchain as well. From there on you can either send it back, move to another blockchain with the tokens, or do anything else you would like to do with your crypto assets.

End

We hope that this article helped you answer some questions regarding crypto wallet addresses, etc. If you are still stuck with another crypto-related question, you can always reach out to us on our social media or read one of our other educational blogs.

Which Bitcoins are out there?

Which Bitcoin are out there
Which Bitcoin are out there

Which Bitcoins are out there?

If you are new to crypto and have heard the name Bitcoin before. You must have noticed that there are many other cryptos out there and also many other Bitcoins. This might be very confusing. So that is why in this blog we take a look at some of the cryptocurrencies that use the name “Bitcoin” and see what sets them apart. 

All the Bitcoins in the list below run their complete own blockchain and are not on the same network. All of them have different statistics, levels of security, and use cases. We will describe them in their own section. But before we dive into that you should understand that all of them aim at mass adoption in a different way. And that when we or other people say Bitcoin we rever to “Bitcoin” and not Bitcoin Gold. This also goes for mentions of Bitcoin Cash or Bitcoin SV. So all of them will be mentioned by their full name. In the case of the Bitcoin that currently sits as number 1 on the crypto market cap we rever to just Bitcoin. 

Some other people might revert to it as Bitcoin Core. But this will still talk about the same Bitcoin/BTC.

We do want to say that we will try to be as objective as possible and do not want to express our opinion on which Bitcoin is the so-called best. Neither do we recommend buying or selling any crypto as we do not hand out financial advice. 

Bitcoin

You have heard of the name Bitcoin for sure. But you might have heard of other cryptos or other Bitcoins. However, each crypto has its own use case or blockchain. Just like there are thousands of stocks on the stock market. With each stock representing its own company that makes its own products. 

The first-ever created cryptocurrency thus was Bitcoin. And because of its early status, it gained many adopters and support. Which in return made it into one of the strongest and most used networks in the world. 

Bitcoin with its ticker BTC stands at the top as the largest cryptocurrency. But it has its limits at the moment. This is why other versions of Bitcoin were created. However, the teams building on BTC try to not solve these problems on the first layer (the main blockchain) but rather on a second layer level. So they do not have to trade-of its security and decentralization. 

With the lightning network as one of the fastest-growing layer 2 for transactions and Stacks, Defi-chain, RSK, and many others trying to focus on smart contracts. So you can do DeFi on Bitcoin

Look through all the BTC wallets here and learn more about BTG on their website.

Bitcoin Cash

When in early 2017 Bitcoin ran into some scalability problems a heated debate started. This debate was about whether or not the block size of Bitcoin should be increased. So more transactions would be allowed on the chain for a cheaper price. This sounds of course great but did come with a less decentralized model as this would make the blockchain grow faster and harder to store for some people. 

This debate went on for some time. But in early 2017 the community decided that they would just split in 2 and both continue their own way. The people in favor of bigger blocks thus created a copy of the original blockchain and made the change to it. And time would tell which side was right. 

This new split of the Bitcoin blockchain is now called Bitcoin Cash. People the had their BTC before the split would have the same amount on the new blockchain where the token is called BCH. 

Look through all the BCH wallets here and learn more about BTG on their website.

Bitcoin SV

A little more than 1 year later the BCH community fell into a civil war again. This time with a smaller community after the first split. But not any less fierce. This resulted in a new split from the newly created bigger block network. With even bigger blocks and the spokesman of the network (Craig Steven Wright) claiming to be Satoshi Nakamoto. 

The news blockchain network is now called Bitcoin SV (Satoshi’s Vision). With the idea that it does what Satoshi wanted. However, whether you believe in the matter and if you like to use the network or not. The BSV blockchain currently grew into one of the largest networks by data. With its blockchain exceeding more than 2.5 terabytes

Look through all the BSV wallets here and learn more about BTG on their website.

Bitcoin Gold

In 2017 BCH was not the only crypto that forked off the Bitcoin blockchain. No, also many other new coins forked off the network. One of them being the Bitcoin Gold blockchain. 

When BTG split off to its own blockchain. It did not do so offer a huge debate but more from a community incentive. What Bitcoin Gold changed about its network was mainly the mining algorithm. As the team members believe that the current Bitcoin mining algorithm will only result in large parties holding control over BTC mining. So to change this they switched to a different one that makes it easier to mine from your own PC.

BTG still has a very active developers team and does do a lot of research on their blockchain which will in return benefit all the forks that came from the main Bitcoin blockchain and the original chain itself too.

Look through all the Bitcoin Gold wallets here and learn more about BTG on their website.

Bitcoin Diamond

Just like BCH and BTG, Bitcoin Diamond split from the main BTC blockchain in 2017. This was done by an anonymous team that did not just want to change the block size. But also the mining algorithm and supply of coins. 

This ended up with yet another Bitcoin out there called Bitcoin Diamond. BCD was given to everyone that held BTC before the split at a 1 to 10 ratio. Meaning that if you had 1 BTC you would also have 10 BCD on the new network. 

Although the network switched to a new mining algorithm, they still use a version of Proof of Work. This means that you will have to spend computer power to earn BCD and secure the network. 

Look through all the BCD wallets here and learn more about BTG on their website.

wrapped bitcoin & bitcoin bep2

Wrapped Bitcoin & Bitcoin Bep2

If you sometimes look at websites for crypto prices like CoinmarketCap and CoinGecko, you have maybe seen WBTC and BTCB in the top 100 cryptocurrencies. Both these coins do not run on their blockchain or are made are a split of the main Bitcoin blockchain. But rather a tokenized version of BTC brought to another blockchain. 

The reason for this is because some other blockchains like Ethereum and BNB Smart Chain allow for financial applications on top of their networks. If you would want to use your BTC in these applications you would have to bring it over to them. People have solved this problem by locking the BTC and creating a token pegged 1 to 1 on these other networks. This way you can use your BTC on top of BSC or ETH. 

Tokens like these are thus representatives of BTC but as a token.

Look through all the ERC-20 and BEP-2 wallets here.

End

We hope this article thought you a bit more about which Bitcoins are out there. If you wonder if you can send Bitcoin to Metamask click here. But if you have any other crypto-related questions you want us to answer, then feel free to reach out to us on our social media.

What is a decentralized exchange? A beginner’s guide to DEX protocols

what is a decentralized exchange
what is a decentralized exchange

What is a decentralized exchange? A beginner’s guide to DEX protocols

A decentralized exchange or DEX is a promising cryptocurrency exchange with complete decentralization.

A DEX supports peer-to-peer cryptocurrency trading without involving any intermediary. Therefore, it is suitable for every person related to the crypto world who wants to know the fundamentals of DEXs and their functions. This article discusses a detailed guide on DEXs, their types, benefits, and challenges. Read on to learn more!

A Brief Introduction to DEX

DEXs work like stock markets where cryptocurrency traders directly execute transactions. The robust feature of DEX is that they don’t transfer the responsibility of funds handling to intermediaries or custodians.

DEX can make transactions by ascending smart contracts, which generally incorporate self-implementing stated in code. DEXs can exclude the requirement for any authority for monitoring and authorization of transactions on the exchange. Since DEXs are non-custodial, they enable users to get ownership and control over their private keys. These benefits have made DEXs more popular these days. Nevertheless, it is also crucial to recognize the roots of DEX creation to understand their significance.

History of DEXs

Although DEXs are new, they have started challenging centralized cryptocurrency exchanges in terms of volume and users. The first and foremost modern DEX came in 2017. One of the earliest phases of DEX creation would be the HTLCs (Hashed Time-Locked Contracts). HTLCs can offer a fundamental cryptographic escrow system for aiding distrustful, on-chain trades between users who don’t depend on each other.

LocalBitcoins and Bisq were introduced in 2012 and 2014, respectively. These proto-DEXs depended on HTLCs and showcased that fundamental decentralized trading was easy.

With the rise of the first DEXs on Ethereum, the next evolution of DEX was evident. Ethereum smart contracts accelerated the new gen of exchanges and brought massive enhancements over the HTLC-based exchanges. DEXs have become a crucial component in the cryptocurrency world by allowing trading with many boosts in crypto volume. Furthermore, DEXs aided nearly $600 billion in trade volume between June 2020 and June 2021.

Types of DEXs

Using smart contracts, developers can build three main formats of DEXs: AMMs (Automated Market Makers), Order Book DEXs, and DEX Aggregators. Every DEX facilitates direct trade among users via smart contracts. Let’s discuss various types of DEXs to understand their function fully!

1. Order Book DEXs

This type of DEX is one of the main approaches in the DEXs’ creation. The model maintains records of every open order for buying and selling assets. The purchase orders showcase a trader’s interest in buying and bidding for an asset at a fixed rate. Besides, sell orders showcase that the trader wants to sell or request a special rate for the mentioned asset. The difference between the rates is the reason for deciding the order book’s intensity and the asset’s market rate.

Two different Order Book DEXs are there: on-chain and off-chain order books. On-chain order book DEXs refer to the DEXs that store their open order data on the chain. These DEXs could assist traders in improving their positions with finances from lenders on their platform.

However, off-chain order book DEXs store the Blockchain networks’ order books. They allow transaction settlement on the Blockchain. Hence, they provide the worth of centralized crypto exchanges. Another crucial feature of an order book DEX platform is the challenge of liquidity problems. Generally, order book DEXs correlate centralized exchanges and enforce extra changes for on-chain transactions. Nevertheless, with smart contract-associated issues, off-chain order book DEXs can eliminate the expenses.

2. AMMs (Automated Market Makers)

AMMs are another type of DEXs. It uses smart contracts effectively to identify the liquidity risks. AMMs enhance Blockchain-related services to acquire data from exchanges and other platforms to fix the rate of traded assets.

Blockchain-based services are known as Blockchain oracles. Smart contracts could boost liquidity pools instead of matching the purchase and sell orders. These pools are generally pre-funded pools of treasures, which play a pivotal role in the function of AMMs.

Users give finances for these pools and enjoy rewards with transaction charges assigned for trades on the specific pair. These users or liquidity providers should deposit a similar value of every benefit in a trading pair for growing interests in their crypto treasures through liquidity mining.

Liquidity pools in AMMs creation can permit traders to implement orders. Simultaneously, traders can grow interests distrustfully and freely. Usually, these DEXs get ranks depending on the whole number of funds locked in their smart contracts.

Because of a growing insufficiency of liquidity, AMM-based DEXs also have a terrible difficulty in the form of slippage. You can see the slippage if the inadequate liquidity causes the buyer to pay more than the market rate on their orders. In these matters, the bigger orders can experience higher slippage. Moreover, liquidity providers could experience the difficulty of temporary loss because of one asset’s unpredictability in trading pairs.

3. DEX Aggregators

DEX aggregators have also become popular. Generally, they are trading protocols that work by originating and routing liquidity across several DEXs as per particular needs. Henceforth, DEX aggregators don’t require serving only traders from their liquidity pools. So, you can see how they could deliver effective methods for crypto trading.

Advantages of Using DEXs

1. Invisibility

The anonymity of users is an advantage related to DEXs. Users don’t have to pass the basic recognition processes like KYC with DEXs.

2. Possibility of Tokens

DEXs offer the possibility of tokens, particularly those associated with the Blockchain. New projects can list their tokens on the DEXs before listing them on the centralized exchanges.

3. Reduced Counterparty Risks

You can see correlated risks when one party gets involved in a transaction and does not meet their expectations about the deal. The fundamental DEX showcases how DEXs aid transactions via smart contracts. Hence, you don’t require to rely on any medium for trades. You can get freedom from counterparty issues.

4. Enhanced Security

Security is a unique aspect of DEX. It doesn’t control the users’ funds. On the other hand, traders can manage their funds and communicate with the DEX as per their choices.

Challenges of Using DEXs

Apart from some benefits of DEXs, beginners should also learn about the risks related to them

1. Smart Contract Issues

Smart contract issues are common risks related to a DEX. Easy bugs in smart contracts could skip comprehensive code reviews and detailed audits, causing more problems.

2. Unproved Token Listings

People with the aim of liquidity can list new tokens on DEX platforms. Nevertheless, it can cause rug pull scams also. Moreover, investors could buy tokens with the thought that they will get another one. Hence, traders must invest due diligence in token verification before spending on them.

3. Need for Particular Knowledge

Users must have security-based ideas for protecting their funds in a decentralized crypto exchange. Furthermore, you should know about the wallets’ choices and fund the wallet with proper tokens.

Centralized exchanges vs decentralized exchanges

Centralized Exchanges vs. Decentralized Crypto Exchanges

There are some fundamental differences between centralized exchanges and decentralized crypto exchanges. DEXs work on open-source code without mediums, and their respective communities of users operate them. However, CEXs work on closed-source, proprietary code and their owners or companies administer them.

It can be said that CEXs are authorized, and DEXs are unauthenticated. Nobody will hinder your access to the latter. Anybody with an active internet connection can use DEXs, while CEXs are open to only the individuals who can perform according to the owner’s regulations.

Furthermore, design is an important differentiating factor between the two primary types of crypto exchanges. The DEX ecosystem has developed AMM trading as an innovation in finance, whereas CEXs depend only on the order book trading model. In addition, DEXs can be programmable money legos, so you can easily link them with other open-source DeFi applications to develop new apps. On the other hand, CEXs are made as siloed for profit to enrich their owners.

A few other fundamental differences between CEX and DEX are:

  •         Due to their trustless and open aspects, DEXs are remarkable for long-tail asset trading, which promotes trading around numerous low-volume, small cryptocurrencies. CEXs are ideal for short-tail asset trading for administrative purposes, promoting much volume around the best cryptocurrencies.
  •         DEXs provide non-custodial trading, while CEXs are custodial and administrative to the money you deposit onto their platforms.
  •         The regulatory demands make CEXs provide direct business-to-client shields, such as client service assurances, deposit assurance, etc. Since DEXs are not organizations, they don’t provide these standard protections.

Closure

Hopefully, you find this guide to decentralized exchange helpful. Stay connected with Mozaic Finance to learn more about DEXs and how you can save your time with automated DeFi.

Written by:

Calum Roberts

Calum Roberts –
Prop firm trader at Star Beta and founder of Mozaic.

From my humble beginnings driving trucks in the Australian Outback mining for gold, to working in a company with Australia’s most successful cryptocurrency traders, my passion has piloted me to launch my own DeFi protocol. My professional and now senior role at Star Beta has given me the opportunity to network with industry greats of all expertise, some of whom I’m proud to call my friends. Applying my ethos in life of less is more, combined with my business and finance acumen, I am filled with energy to create lasting solutions for a community I care about. It is from these foundations that my drive to help DeFi users through Mozaic is fuelled.

Outside of work I enjoy traveling, whether that be to professional events on the far side of the world or not-so-professional yet memorable moments of life.

I never let an opportunity go to waste which is why I am here. I enjoy connecting with like-minded people so feel free to drop a message.

What is an EVM wallet?

what is an evm wallet
what is an evm wallet

What is an EVM wallet?

In this article, we will talk a lot about EVM. To keep it as simple as we can we will not go into the technical details of how it works. But rather look at what it is and how you can use a blockchain that has one. 

Put simply an EVM is the Ethereum Virtual Machine. It is the place in which all Ethereum-like blockchain accounts and smart contracts live. An EVM is what defines the rules for computing and programming on a blockchain that runs one. 

The EVM Wallet

An EVM wallet then is a wallet that has the functionality to add custom blockchains. As long as it can run an EVM. This will mean you can use the same crypto address on more than one blockchain. 

EVM wallets give you the simple usability of all the EVM blockchains. And make it easy for developers to deploy their smart contracts on more than one blockchain. Especially now that the world starts to look more and more multi-chain. The option to add custom EVMs to a wallet becomes more important. So users can easily switch to and from other blockchains that run it. This way they can benefit from the speed, cheap transactions, or any other features these blockchains offer. 

On our website, we have listed many EVM-competible wallets like:

All these wallets have to option to manually add an EVM with their chain id, and RPC URL. So in case your favorite crypto is not yet supported you can just add it yourself.

What is an EVM crypto?

All blockchains that run an EVM on it, use a similar mechanism and coding language (Solidity) to deploy code (smart contracts) on the network. This gives these blockchains the option to easily bridge tokens to one another. But also the functionality to easily deploy smart contracts on more than one chain. Because it can be done in the same programming language. 

EVM-compatible cryptocurrencies thus have the capability to join a complete multi-chain ecosystem. With bridges between chains, and some Dapps running multi-chain. This goes from Avalanche to BSC and Ethereum. 

With many Dapps and crypto projects already functioning multi-chain, with things as staking contracts on Ethereum. But their Dapp, or game running on the Polygon layer 2. Which also runs an EVM. 

You can find all EVM blockchain on Chainlist.org

All EVM blockchains

If you checked out Chainlist.org you must already have seen that there are many EVM blockchains. And the list keeps on growing. Many of these blockchains function in some way as a support layer for both Ethereum and Bitcoin. But with their own token. Those that do have their own token for paying transaction fees we call layer one blockchains. 

The networks that do not have their own token for transaction fees like Arbitrum and Optimism, we call layer 2’s. Also known as sidechains. So far not really one of the EVM blockchains out there has found a way to move all transactions fast and cheap to their own network. All of them have their own unique approach to being the best network out there. But they do not always succeed to be that or grab all the market share. That is why a huge multi-chain ecosystem is forming between multiple EVM blockchain networks. Including layer 1’s and 2’s. 

Adding an EVM to an EVM Wallet

We here at Yada already went over many of them and how you can add them to the Metamask crypto wallet. In the blogs listed below, we go over how you can add these blockchain networks to an EVM/Metamask wallet. But also go over what that specific network does and why you should add it to your wallet. 

Here is a list of how to add:

End

This was our article about “what is an EVM wallet?”. We hoped it made you better understand what an EVM is and why blockchains run one. Of course, we hope you find the right wallet for you that also supports the blockchain(s) that you prefer.

If you are still stuck with a question regarding EVMs or any other crypto-related question. Feel free to reach out to us on our socials. So we can help you out or answer your question in our next blog post.