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Wisly Industry News

The current influx of capital into crypto markets comes at a time of unprecedented economic uncertainty. It does, however, represent a milestone shift in the public’s perception of cryptocurrencies, which has us at Wisly holding on to our seats.

What was once seen by most as a speculative asset with eye-popping return potential has now captured the attention of the broader business community and individual traders alike as the future of world currency.

Bitcoin Hits $1 Trillion Market Cap 

Bitcoin surpassed $1 trillion for the first time on Friday, a surge that helps cryptocurrency returns far outperform more traditional assets like stocks and gold.

Speculators, corporate treasurers, and institutional investors are thought to be at the centre of fuelling Bitcoin’s bullish climb. Crypto believers are duelling with sceptics for the dominant narrative around the recent ascent. The believers recognise an asset being embraced for its ability to hedge risks such as inflation. Simultaneously, the sceptics sense an uncertain mania riding atop waves of monetary and fiscal stimulus.

This month, MicroStrategy recorded a sale of convertible bonds to $900 million to buy more Bitcoin, while Tesla disclosed a $1.5 billion investment in the cryptocurrency. These significant moves have brought the leading coin even further into the limelight.

“If companies’ fundamentals are going to become closely tied to movements in Bitcoin because they’ve suddenly become speculators on the side, we’re going to be in bubble territory before you know it,” said Craig Erlam, senior market analyst for Oanda Europe Ltd.

Elon Musk Socially Active Again

In a tweet, Elon Musk said Bitcoin and Ethereum prices “seem high”. The world’s richest person was replying to Peter Schiff — a crypto sceptic and gold bug — who said the precious metal is better to hold value than Bitcoin and fiat money.

“Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P 500 company,” Musk wrote, adding that Tesla’s decision to buy Bitcoin wasn’t a direct reflection of his opinion. “To be clear, I am ‘not’ an investor. I am an engineer. I don’t even own any publicly traded stock besides Tesla,” he explained.

However, Dan Ives at Wedbush Securities says Tesla has already made a considerable profit of around $1 billion over the past month from its Bitcoin bet. “To put this in perspective, Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its EV cars in the whole all of 2020,” he noted.

Novogratz takes position

Crypto advocates such as billionaire former hedge fund manager and Galaxy Digital founder Mike Novogratz are looking to position themselves for even larger gains in a pre-emptive boom. “Crypto is being institutionalised at an accelerating rate. It’s all part of this accelerating evolution of being a store of value.” Novogratz explained.

While high-profile Bitcoin action from Tesla and MicroStrategy may have grabbed the headlines recently, Novogratz believes many more companies and pension funds seek to follow in their footsteps.

He said, “We want Galaxy to be seen as the smartest guys in the room when it comes to crypto. We want to be at the centre of the action.”

Tether’s Sway on Crypto Markets 

Questions about the influence of Tether continue to spiral in cryptocurrency markets, even as the companies backing it defend the reliability of stablecoins.

Tether, and those behind it say it’s an equivalent ratio of value to that of the dollar and is used as a transaction gateway to move between cryptocurrencies and fiat money. It has a market capitalisation of $34 billion and is often used by traders as a place to park funds at times of high volatility. Many consumers in China use it as an easy entry path into the digital-asset market.

JPMorgan Chase & Co. strategists Josh Younger and Joyce Chang mentioned Tether in a report last Thursday. They believe the platform engages in classic liquidity transformation similar to that of traditional commercial banks but without the same strict supervisory and disclosure regime.

“Were any issues to arise that could affect the willingness or ability of both domestic and foreign investors to use Tether, the most likely result would be a severe liquidity shock to the broader cryptocurrency market, which could be amplified by its disproportionate impact on high-frequency-trading-style market makers which dominate the flow,” the JPMorgan strategists added.

Other industry observers remain unconcerned, citing the wide use of Tether by large exchanges such as Binance. Bloomberg Intelligence strategist, Mike McGlone, believes mass adoption facts tilt favourably toward Tether’s legitimacy.

He said, “It was about April 2019 that Tether came under investigation by the New York Attorney General. Since then, they remain under the microscope, yet their management assets have jumped to about $30 billion from around $5 billion. It seems the market doesn’t care.”

2021-02-25T09:57:55+00:00February 25, 2021|Cryptocurrency Tracker|0 Comments

Top Altcoins To Watch in 2021 – DeFi Edition

We are back with round 2 of our Top Altcoins To Watch series – this time, we have our gaze firmly planted on DeFi, who has many exciting projects to keep an eye on. With Alt Season looming, what better time to shift your focus from Bitcoin and see that tasty gains can be found in the exhilarating Defi Altcoins forest. 

What is DeFi

DeFi or decentralised finance is being tipped as the next big thing! The term describes various financial applications in cryptocurrency or blockchain geared toward upsetting the apple cart of financial intermediaries. It refers to financial services using smart contracts, which are automated enforceable agreements that circumvent intermediaries such as banks or lawyers and instead use online blockchain technology.

BAND

A competitor to the now well-established ChainLink (LINK), the Band Protocol (BAND) is an agnostic decentralised data oracle platform. This cross-chain platform accumulates and connects real-world data and APIs to smart contracts to facilitate the exchange of information. Band Protocol unlocks many new use cases to explore by supplying reputable, verifiable real-world data to blockchains.

It initially launched as an ERC-20 project on the Ethereum blockchain in September 2019 but has since pivoted to the Cosmos network to release Band Protocol 2.0 in June 2020. Built on BandChain using the Cosmos SDK, the new protocol uses oracle nodes on BandChain to relay data and participate in block production and validation, giving them dual purpose.

BAND is the native token of their ecosystem and is used as collateral by validators who fulfil data requests. It is also the primary medium of exchange on BandChain, where it’s used to pay for private data.

SUSHI

SushiSwap (SUSHI) is a decentralized exchange (DEX) that uses an automated market maker (AMM) – a tool with fast-growing popularity among cryptocurrency users. AMMs are decentralised exchanges that utilise smart contracts and automate trading liquidity between any two cryptocurrency assets.

The delicious Japanese food inspired protocol launched in September 2020 as a fork of Uniswap, the DEX which has become synonymous with the DeFi movement and the associated trading boom in DeFi tokens. SushiSwap claims to be a cheaper evolution of Uniswap and aims to diversify the DEX landscape.

It certainly better aligns incentives for network participants with its introduction of revenue-sharing as a reward via its in-house token, SUSHI. It takes a community-oriented approach to add features to improve the design of its protocol.

COMP

Compound (COMP) is a decentralized and algorithmic interest rate protocol where users can borrow or lend tokens – against interest – by leveraging one of the several platform-supported liquidity pools.

Compound looks to add value to their holders through an open lending platform, which allows anybody who deposits Ethereum supported tokens (ERC20) to easily earn interest on their balance or take out a secured loan — all in complete autonomy.

Much like Switzerland, Compound promotes community governance. This sets it apart from other similar protocols as holders of the platform’s native governance token, COMP, have a measure of control. They can propose changes to the protocol, debate and vote whether to implement changes suggested by others without any Compound team involvement.

Compound launched its mainnet in September 2018 and never looked back. Skyrocketing in popularity – they recently passed a $2 billion market cap.

YFI

Yearn.finance (YFI) is an aggregator service for DeFi investors. Using automation it targets the broader investor sector and allows them to maximise profits from yield farming.

It aims to simplify the ever-growing DeFi space for users who do not wish to get into the technical aspects, or who wish to interact in a less committal manner, than serious traders.

Launched in February 2020, the service, formerly known as iEarn, has seen a huge uptake in recent months as new products debuted and developers released in-house token YFI.

New features keep rolling out on Yearn.fincance, most with the intention of helping preserve the long-term value of the platform.

CRV

Curve DAO (CRV) is a decentralised exchange for stablecoins, using an AMM to remit liquidity. Curve launched in January 2020 and is already strongly associated with DeFi phenomenon.

The platform saw impressive growth in the second half of 2020 with the launch of a decentralised autonomous organisation (DAO), and their native token, CRV. The DAO uses the Ethereum-based creation tool, Aragon, to connect numerous smart contracts applied by users for their deposited liquidity.

The launch of the DAO and CRV token saw profitability boom. CRV is used for governance, and by virtue, is awarded to users based on liquidity commitment and length of ownership. An explosion in DeFi trading has solidified Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits. The future looks bright for CRV!

Conclusion 

Decentralised finance is in for one massive year, and if you can ride the treacherous waves of volatility that come with it, you could see gains far exceeding those of the market leader, Bitcoin. If you are looking to diversify our portfolio, the DeFi space is where you need to be!

Simplify the complex – Wisly helps you track DeFi transactions while having a clean, aesthetically simple view of your investments. Securely connect your ETH Wallet to Wisly for automated tracking and profit analysis today.

2021-02-25T06:12:52+00:00February 25, 2021|Cryptocurrency Tracker|0 Comments

Crypto Industry News V.2

Bitcoin’s record-breaking rally has come with some extreme moves, but it has been far less chaotic than in 2017. 

On a rolling 60-day analysis, Bitcoin’s swings are generally smaller now than when Bitcoin washen peaking 4 years ago. The reason for this is partly down to prices steadily climbing for the last year, and the January selloff being orderly.

So, what’s different in the current run-up compared to 2017? There’s a broader belief that Bitcoin will develop into a mainstream asset class and the backing of prominent investors, such as Paul Tudor Jones and Stan Druckenmiller, are significant leaps forward.

Crypto proponents insist volatility is bound to eventually decline as demand broadens from speculators to long-term buyers, using Tesla’s recent $1.5 billion buy-in as a prime example of this.

Mastercard & BNY Mellon Boost Bitcoin by Embracing Crypto

Bitcoin hits record high after Mastercard Inc and Bank of New York Mellon Corp moved to make it easier for their customers to use cryptocurrencies. Bank of New York Mellon Corp said on Thursday; it will hold, transfer and issue Bitcoin and other cryptocurrencies for institutional customers.

Mastercard picked out so-called “stable coins,” which tend to peg their value to that of another asset, such as the U.S. dollar. Mastercard has already partnered with crypto card providers such as Wirex and BitPay but requires digital currencies to be converted into fiat before processing payment transactions on its network.

Mastercard mentioned in a blog post last week that it has been “actively engaging” with central banks worldwide regarding their plans to launch new digital currencies.

 “The announcements from both Mastercard and BNY Mellon confirm the fundamental shift that financial institutions are committing to cryptocurrencies,” said Ed Moya, senior market analyst at Oanda Corp. “This is great news for further mainstream acceptance with cryptocurrencies and will likely continue to keep the excitement going for Bitcoin.”

Following in the footsteps of Tesla’s investment news last week, this puts greater focus on whether more companies will follow suit and buy cryptocurrency.

Paypal Say They Won’t Invest In Crypto

PayPal, which already supports payments for several cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash and Litecoin, says it doesn’t plan to invest corporate cash in cryptocurrencies. However, they it admitted it does believe the shift to digital currencies is inevitable.

The payments company indicated that the digital wallet space offers great opportunities within the ecosystem, and that is where they will look to capitalise.

Since October, PayPal users have been able to buy, hold and sell cryptocurrencies and for users to make purchases in PayPal’s retail network. The company announced that the buying, selling and holding of these cryptocurrencies would soon be available in the United Kingdom.

PayPal’s mobile wallet Venmo will introduce the same services in the first half of 2021, which will also be available in international markets.

Mark Cuban Comments On Ethereum As A Store Of Value 

Mark Cuban – the billionaire tech investor  – has often made contrasting remarks about cryptocurrency, and once boldly declared he would rather “have bananas than Bitcoin” only to later reveal a DeFi portfolio worth a few hundred thousand dollars.

Cuban’s latest remarks compare the coming age of crypto and blockchain to the early days of the internet, citing smart contract adoption as a critical trend to look out for in the near future.

According to him, it is too early to say that Bitcoin acts as an alternative or as a hedge to fiat. However, he does see the use cases for other cryptocurrencies to have an advantage over Bitcoin in this regard.

Commenting on the newfound ability for users to carry out complex financial transactions within seconds on DeFi platforms, Cuban says this has the potential to seriously disrupt financial institutions.

With all of the innovation happening on the Ethereum blockchain, he believes Ethereum will fast become a superior store of value to Bitcoin.

Miami Major Pushes Crypto

Francis Suarez, the mayor of Miami, has proposed paying municipal workers and collecting taxes in Bitcoin –, this the latest addition to a campaign to promote cryptocurrencies.

The mayor wants to allow Miami’s workers to choose to receive all or a portion of their pay in Bitcoin and proposes allowing people to pay all or part of property taxes in crypto. This is according to a resolution passed by the city’s governing commission.

The commission approved the resolution, but only agreed to study the practicality of such steps, rather than to take action just yet. Suarez has been courting Silicon Valley investors and technology companies for months, and adopting Bitcoin is a critical element of that plan.

Suarez expressed that he felt a titanic shift is coming and that the move to adopt cryptocurrency would send the right signals.

Girl Power

New research by Gemini reveals 2 in 5 crypto investors in the U.K. are women – this a significant shift in the gender dynamics of U.K. digital asset traders and represents a 152% increase from the previous study by the FCA.

Crypto investors are spread across England and typically live in urban or suburban areas rather than rural ones. Although most crypto investors are in Greater London (21.9%), the West Midlands have 14.6% of current investors, a disproportionate figure given the percentage of the U.K. population that lives there (8.9%).

Blair Halliday, Head of Gemini U.K., recently said, that the new data demonstrates an increasingly diverse base engaging with crypto and shows how the market is likely to evolve over the longer term. He also touched on the fact that as the industry continues to develop, more safe, secure, and regulated platforms are available for trading and investing, meaning unprecedented accessibility to crypto.

 

2021-02-25T05:15:24+00:00February 25, 2021|Cryptocurrency Tracker|0 Comments

Altcoins to Watch in 2021 – Non Defi Edition

Bitcoin was the maiden voyage in a fleet of cryptocurrencies to follow – all built on a decentralised peer-to-peer network. The pioneer and de facto standard for cryptocurrencies, Bitcoin, never ceases to inspire growing hordes of followers and new and innovative substitutes. While Bitcoin took centre stage dominating the crypto conversation in 2020 with its value ballooning by over 220% since early January, the year ahead could see the alternative crypto cast make more developments in the industry of digital currency. In this post we’ll take a look at the altcoins to watch in 2021, in particular looking at non defi altcoins.

What are Altcoins - Crypto Wallet

What are Altcoins?

An Altcoin is any cryptocurrency besides Bitcoin. These can include coins and tokens built on different protocols and can serve other purposes to that of bitcoin. The most well-known altcoin is Ether of the Ethereum project. It once began as a potential alternate for bitcoin until it developed into something completely different. It now has its own devoted audience and use cases well outside of the sphere of Bitcoin. The Ethereum ecosystem may be one to keep a close eye on with talented developers migrating into its token structure, building out new use cases and creating more possibilities for the market.

Let’s discuss which other projects and Altcoins that may have a productive 2021 and make your crypto portfolio move in the right direction!

Litecoin, Cardano, OMG, Vechain Altcoins 2021 - Crypto Wallet Wisly

Litecoin – The Oldest Altcoin

Litecoin was the first-ever altcoin to emerge in the early 2010s. It’s lost some shimmer since then, but the crypto still consistently attracts users to its platform. As a faster transaction method to the more time-consuming Bitcoin blockchain, Litecoin remains a force to be reckoned with. It offers a cheaper entry point into the market for new crypto investors than it’s pricey Bitcoin counterpart. Despite rising 167% in 2020, and a further 26% in January to around $132 currently, this is still a mere fraction of Bitcoin’s current price tag.

Cardano

Cardano is the world’s first-ever peer-reviewed decentralised blockchain solution, with its native cryptocurrency ADA gaining increased recognition recently. Cardano and ADA were both created by ex-Ethereum co-founder Charles Hoskinson. Since launching in 2017, Cardano has quickly established itself as one of the top cryptocurrencies.

It is considered a third-generation blockchain designed to support smart contracts with potential implementation in supply chain traceability and governance. Cardano uses a programming language that is native to military infrastructure and other influential industries, making it extremely valuable and attractive to a variety of sectors. It may even be used to prevent counterfeiting in the future.

Cardano is a competitor of Ethereum with an experienced core development team that may have improvements over Ethereum’s protocol in the pipeline. Cardano is the 6th biggest digital currency in the world, gaining a lot of interest among investors in chat platforms such as Discord and Reddit.

OmiseGO

OmiseGo originated a company that already handled many transactions in Asia under the name Omise. Founded in 2013 by Jun Hasegawa and Ezra Don Harinsut, OmiseGo is Omise’s blockchain solution. The idea is that OmiseGo is a similar solution for intra-bank payments, comparable to the well-known SWIFT network.

They have formed a number of key partnerships with large organisations in recent years, most notably with McDonald’s in Thailand. Their cryptocurrency is an ERC20 token, with every McDonald’s restaurant in Thailand accepting the coin. This may not have you batting an eyelid yet, but if you assume there are approximately 70 million people in Thailand who can now all pay less for Macdonald’s, then this could have a profound impact on the OmiseGo philosophy. June 2020 saw OmiseGo rebranded and transitioned to the mainnet, now going by the name the OMG Network.

VeChain

VeChain (VEN), officially re-branded to VeChain THOR (VET) in 2018. They also announced they will be teaming up with the international car manufacturing heavy weight – BMW. VeChain Thor enables businesses to track their products throughout its entire supply chain cycle with the help of the blockchain technology. This provides assurances of quality and authenticity of products. Their biggest partnership to date, came in August 2020, when they joined forces with Oxford University in a bid to aid the technical development of the VeChain THOR platform. There are already many stores and logistics companies that are making use of this ecosystem.

Altcoin Crypto Wallet Wisly 2021

Non Defi Altcoin Conclusion

Bitcoin is how many dip their toe in crypto, its much like how first-time traders buy Apple stock as a soft entry into securities. However, both are icebergs with much hidden under the surface. 2021 could well be the year that many altcoins break new ground. More people are starting to grasp the concept of Altcoins through their increasing real-world use cases. It’s an evolutionary certainty that their implementation will continue to rise with the price of their currencies and tokens. Make sure you track your altcoins wisly with our crypto tracking app – try it out now!

2021-02-24T16:57:24+00:00February 17, 2021|Cryptocurrency Tracker|0 Comments

Wisly Wednesday — 10/02/2021

The two most prominent cryptocurrencies, Bitcoin and Ethereum, both made new highs in recent weeks amid a debate on whether they’re capturing the attention of long-term investors or being lifted to higher levels by waves of speculative buying in a world awash with stimulus.

The age of Ethereum

The second-largest cryptocurrency by market value after Bitcoin has seen its price soar by more than 25% this past week to discover record heights. Exchange operator CME group launched its first Ethereum futures contract on Feb. 8, another offering in the crypto market alongside its bitcoin futures and options.

Grayscale reopened its Grayscale Ethereum Trust to new investors, after having to block newcomers for administrative purposes in late December. In a week alone, the trust has seen inflows of nearly 100,000 ETH. Grayscale now manages almost $5 billion in Ethereum.

JPMorgan estimates that initial volumes in Ethereum futures could be low, much like bitcoin in the early days, but say this is likely to change quickly. Negative price dynamics could follow this week’s listing of Ethereum futures contracts as some holders of physical Ethereum can hedge their exposures.

Bill Miller Backs Bitcoin

Bill Miller, an acclaimed hedge fund manager, has reserved the right for his multibillion-dollar flagship portfolio to add bitcoin exposure by investing in Grayscale’s Bitcoin Trust (GBTC). This is according to its filing with the U.S. Securities and Exchange Commission (SEC).

As one of Bitcoin’s earliest proponents among well-known investors, Miller previously mentioned in 2014, he owned the cryptocurrency personally. He now plans to drive 15% of the Miller Opportunity Trust’s $2.25 billion assets into Grayscale’s Bitcoin Trust.

The news comes a fortnight after Miller signed an income strategy letter hailing Bitcoin as an “emerging and under-owned technology in an enormous addressable market” with a “brilliant, logically consistent protocol with distributed governance.”

Miller in January told CNBC that he predicts bitcoin will surge 100% in 2021 as more investors add the coin to their portfolios as a hedge against inflation. He encouraged fellow investors to consider holding 1–2% of their portfolios in bitcoin rather than in cash, as cash is a “guaranteed loser” and will lose at least 2% of its value each year with the current inflation rate.

The Elon Musk effect

elon musk effect

Viral Elon Musk-Dogecoin Meme

The ripple effect of celebrity tweets on the cryptocurrency market has become an intriguing topic of debate after last week when Elon Musk triggered sizable price surges for Bitcoin (BTC) and Dogecoin (DOGE).

Blockchain Research Lab published recently released a paper on how Musk’s Twitter activity moves cryptocurrency markets. There have now been six occasions when the SpaceX and Tesla CEO has tweeted about crypto. Not every post affected Doge or Bitcoin’s price, but two did result in significant cumulative abnormal returns.

Dogecoin, the tongue-in-cheek cryptocurrency featuring a Shiba Inu dog as a mascot, briefly touched a record Monday after Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons all tweeted about it.

As the richest person on earth, and eventually mars, Musk holds enormous sway, emphasised by the market’s reaction to multiple tweets about Dogecoin recently. Snoop Dogg pinned a tweet saying, “Snoop Doge.” Simmons pointed out how much people could have made if they were earlier purchasers of Dogecoin. Speaking on social audio app Clubhouse on Feb. 1, Musk said he’s a supporter of Bitcoin and that he thinks it’s “a good thing.” He added that his comments on Dogecoin were meant as jokes.

The biggest impact Musk had on the Bitcoin price was on Jan. 29, when he added the word “Bitcoin” to his Twitter bio, setting off a chain reaction in the market. The value of Bitcoin surged within minutes of the new addition to Musk’s Twitter profile and climbed nearly 20% in the hours.

Tesla Invests in Bitcoin

tesla logo with bitcoin

Tesla has purchased $1.5 billion of Bitcoin, according to a 10-K filed with the Securities and Exchange Commission (SEC).

The electric car manufacturer said it plans to accept Bitcoin as a form of payment in the near future. While Tesla is not the only company holding Bitcoin, multiple Fintechs now do, they are the highest-profile publicly-traded company to commit to the cryptocurrency.

India Goes Against the Grain

India’s government looks to ban private cryptocurrencies, including Bitcoin. The decision would see the Reserve Bank of India (RBI) responsible for introducing an official digital currency for the country. The government is set to pass a new bill that will effectively ban all private cryptocurrencies in India.

“India is on the verge of banning a trillion-dollar industry instead of using it to strengthen its national security, economy, currency, technology, and foreign policy,” wrote angel investor Balaji S. Srinivasan on India’s decision to ban cryptocurrencies.

It’s hard not to feel that countries banning cryptocurrencies are removing themselves from an imminent decentralised internet. As we find ourselves on the precipice of change and widespread adoption — it’s like leaving the party before it even begins.

2021-02-17T14:22:34+00:00February 11, 2021|Cryptocurrency Tracker|0 Comments

Mining & Staking Cryptocurrencies – An Initial Overview

Cryptocurrency investors often wonder how they can acquire digital currency aside from buying on an exchange. There are 3 main methods available to you if you want to acquire cryptocurrencies: buying through brokers or cryptocurrency exchanges, mining and staking. In this article we’ll focus on the two latter ways- mining and staking cryptocurrencies, to you give you an overview of what they entail.

Mining Vs. Staking – What’s The Difference?

In essence, mining cryptocurrency is the act of creating/finding new cryptocurrency in the same way that miners would mine gold or silver. Staking on the other hand is being rewarded (in crypto) for supporting a cryptocurrency network by leaving your assets locked up, somewhat similar to a savings account in a bank where interest is accrued on your deposit. Now, let’s dive a bit deeper into both.

Mining vs Staking - Whats the difference - Wisly Crypto Wallet

Cryptocurrency Miners: Crypto miners earn coins for completing ‘blocks’ of verified transactions via computational processing. Most miners rely on a CPU, GPU (graphics processing unit) or an ASIC (application-specific integrated circuit) as part of mining architecture. Infrastructure involves computational power, stable electric access, and electronic cooling infrastructure (for large operations).  Overall, small-scale crypto mining has lessened in popularity due to rising costs and diminishing returns. However, options still exist for those interested in pursuing mining.

Cryptocurrency Staking: Staking comes into play with coins based on the Proof of Stake (PoS) algorithm. The process involves then holding them in a wallet for a certain amount of time. Coin holders are rewarded with more cryptocurrency by the network but coins need to be locked up for a certain period of time. Ultimately, those who stake their coins get rewarded for their long term commitment and focus to the cryptocurrency.

How To Stake Cryptocurrency

Those interested in staking cryptocurrency need to download the appropriate software wallet for the particular coin. Most staking schemes require 24/7 access to the network. Some choose to set up a desktop computer or Raspberry Pi to ensure uninterrupted access to the Internet. Others opt to run a virtual private server (VPS) on the cloud to stake. This eliminates concerns about high electricity costs associated with running hardware.

Crypto professionals who are looking for the easiest way to begin staking should turn to an exchange. Popular exchanges like Binance, Kraken, Coinbase and KuCoin offer users the ability to purchase staking-enabled cryptocurrencies. Rewards are automatically paid to accounts.

How to Stake Cryptocurrencies - Wisly Crypto Wallet

The Specifics of Mining Crypto

If you’ve decided that you want to mine crypto then it’s time to decide how you’re going to mine it. One of the most common methods to mine cryptocurrencies is with a GPU. This setup relies on graphics cards in computers to mine and is known for its efficiency and price competitiveness. ASIC and CPU mining are other options for miners interested in arranging their own setups. ASIC mining is controversial because the equipment produces large amounts of cryptocurrency, leading some to argue the arrangement robs other miners. CPU mining relies on computer processing power to mine. This option has become less viable as years pass because of high electricity costs and the slow mining rate.

Mining Cryptocurrency in the Cloud & Virtually
People interested in easier ways to mine often turn to cloud mining. With this process, a user pays money to rent out a mining rig (hosted mining). Profits (minus applicable fees and maintenance costs), are paid to crypto wallets. Cloud mining is popular since it opens up mining to people without the funds to own their own rig. Virtual hosted mining is another form of cloud mining available for people not interested in renting physical equipment. Users simply create a virtual private server and then install software to mine. Others choose to lease an amount of hashing power and forego managing a physical or virtual computer. This option remains the most popular mining style. Many cloud mining companies operate on a monthly subscription model where prices hinge on has rate speeds and the particular cryptocurrency to be mined.

The Many Options To Mine And Stake Cryptocurrencies

Cryptocurrency users and professionals eager to mine or stake have a variety of options available. Those uninterested in purchasing physical hardware and managing the running of said hardware can turn to digital alternatives. Users interested in setting up infrastructure have a few different options, based on their budget and the amount of maintenance work they would like to put into their rigs.

Mining, Staking and Tracking Cryptocurrency - Wisly Crypto Wallet

Mining, Staking & Tracking Cryptocurrency

Regardless of whether you choose to mine, stake or purchase crypto it is vital that you have the tools in place to measure your cryptocurrency portfolio accurately. Our crypto tracking tool is already used by countless cryptocurrency professionals and you can can give it a try for free and start to manage your crypto like the pros.

2020-12-22T17:21:34+00:00December 17, 2020|Cryptocurrency Tracker|0 Comments

Best Cryptocurrency Exchanges – Buy Your Crypto Safely

Perhaps, like other crypto investors, you are unsure about which is the best cryptocurrency exchange to buy your crypto on safely. You’ve probably heard of exit scams or exchanges getting hacked but in this post we’ll explain how and where you should go to buy your crypto safely (before tracking it safely), read on!

In one way or another, a cryptocurrency investor has to get involved with a cryptocurrency exchange. Unfortunately, with many platforms orchestrating exit scams or being hacked, virtual currency traders and investors have to decide where to buy and sell their coins.

Luckily, this often difficult task has been simplified. In this post, we look at key features of a reputable exchange, and three tried and tested platforms we recommend for trading your digital wealth. But, first things first..

What is Crypto Exchange - Digital Currencies - Wisly.io

What is a Crypto Exchange?

Simply put, a cryptocurrency exchange is any platform that facilitates the exchange of digital currencies either to another digital currency or to its fiat equivalent. Fiat currency is any currency issued by a government and supported by a country’s central bank. Virtual currency exchanges range from simple websites to complex platforms that need the experience to maneuver.

Types of Cryptocurrency Exchanges

Crypto exchanges can act either as centralized or decentralized. There is also an over-the-counter option, although this can be a section of a centralized exchange rather than a standalone exchange.

  • Centralized Exchanges – Think of a centralized exchange as a company that offers services for a fee. These platforms collect buy and sell orders, put them in an order book, and earn revenue per transaction.
  • Decentralized Exchanges – Also known as peer-to-peer exchanges, link sellers directly with buyers. Here, the activities on the platform are managed by distributed nodes.
  • OTC – Over the counter trading desks deal with large orders. Since these orders are likely to cause significant price movements, they are not recorded on an exchange’s order book. An OTC can operate as a standalone exchange or as a section of a centralized exchange.

In most platforms, the fee follows a maker-taker model where makers are charged less for providing liquidity, and takers are charged more for removing the order book’s liquidity.

Usually, market makers are those traders that place limit orders, thus adding liquidity in the order book, while market takers are traders who place market orders.

Importance of Choosing A Trustworthy, Reputable Crypto Exchange

In 2018, more than 1.1 billion US dollars were stolen from exchanges by hackers. Although this number significantly reduced in 2019, it stresses the importance of choosing a trustworthy and reputable cryptocurrency exchange. A crucial thing to understand is that there’s no one exchange that meets all of the traders’ trading needs.

Therefore, a virtual currency trader must carefully examine their needs and what the exchange offers before depositing their fund. Are they for spot trading, margin trading, or both?

Spot trading is the exchange of one asset for another at the current price. Margin trading, involves borrowing funds to increase your profit margin when. However, the higher the profits, the higher the risks. For example, one exchange may have everything for spot trading but has underdeveloped margin trading features and vice versa. However, there are primary pointers towards a reputable digital currency exchange.

Factors to Consider When Choosing a Reputable Cryptocurrency Exchange

What to consider when choosing a Crypto Exchange - Wisly.ioReputation – With growing virtual currency adoption, many cryptocurrency exchanges have been launched. Unfortunately, some are in it for the hype and may even fake their trading volumes to attract users. These have diluted the reputation of digital currency exchanges and reduced their longevity.

Fees – If you decide to actively trade cryptocurrencies, you may want to choose an exchange with low trading fees to maximize your profits. Things to consider include whether the platform has a clear fee schedule, whether there are incentives for trading large quantities in a certain period, etc.

How Much Can You Trade – Cryptocurrency exchanges like Kraken limit the amount tradable depending on the verification levels. Before committing to a crypto trading platform, it’s best to understand the trading limit. This includes limits on deposits, withdrawals, and fiat purchases.

Geographical Restrictions – Due to an uneven regulatory landscape, cryptocurrency exchanges like Binance have started to geofence users to avoid restricted countries’ access. Before settling on an exchange, therefore, ensure that your country is fully supported.

Supported Cryptocurrencies – What crypto coins are available for trading? Virtual currency platforms have varying numbers of listed and or actively traded coins. A reputable platform should have the major cryptos on its menu.

Best Crypto Exchanges - Coinbase Pro, Binance and HitBTC - Wisly.io

Top 3 exchanges that Wisly Uses & Recommends

1. Binance

Binance is the leading cryptocurrency exchange for spot trading. Although it has added support for margin and futures trading, its spot trading section has more than 500 trading pairs.

Binance’s key pillars include:

  • Trading fees are as low as 0.1 percent.
  • A wide range of listed coins and trading pairs.
  • Suitable for experienced traders.
  • It’s secure compared to other exchanges.

Unfortunately, the platform is not accessible in some states in the US and some other jurisdictions globally. Also, it’s not suitable for complete beginners.

2. Coinbase Pro

Coinbase Pro caters to professional cryptocurrency traders. Features include high-end trading options and information-packed charts. With a FinCEN license and an FDIC insurance in place, the exchange is ideal for those looking for a regulated cryptocurrency exchange platform.

Coinbase Pro advantages

Low fees

The exchange charges fees on deposits, withdrawals, and trading. However, trading fees can reach lows of 0.1 percent, although this depends on a 30-day trading volume. Interestingly, market makers are exempted from paying fees.

Supports different payment options

Users can deposit fiat using Wire, SEPA, ACH transfer, among other methods making it easy to board the cryptocurrency train. Also, users can deposit USD or EUR.

Made for professionals

Coinbase Pro is designed with professionals in mind. As such professional traders will find it easy to use.

It’s safe

Coinbase Pro’s FDIC insurance covers up to $250,000 of user funds. However, this is per user.

3. HitBTC

The HitBTC exchange has been operational since 2013. It focuses mainly on spot trading. HitBTC has a high liquidity, a top of the range matching algorithm, and a high-speed matching engine.

HitBTC’s main advantages include:

  • Low transaction fees.
  • Major cryptocurrencies are listed.
  • Strong security.
  • A strong application programming interface (API).
  • Has an OTC trading desk.
  • Has an affiliate program.
  • Has a friendly interface.
  • Supports major payment methods.

Best Cryptocurrency Exchanges – Conclusion

When choosing the best cryptocurrency exchange, there’s no one size fits it all. An exchange may be good for spot trading and bad for margin trading. Also, an exchange may be accessible from the United States and not from the United Kingdom. However, for a near-perfect fit, consider an exchange’s reputation, security, fees, supported cryptocurrencies, payment methods, trading limits, among others. Remember that security starts with you; use strong passwords and make them private.

2020-12-02T17:48:44+00:00December 2, 2020|Cryptocurrency Tracker|0 Comments

Your New Crypto Tracker Has Just Arrived – Wisly.io!

After years of developing and using Wisly as an internal crypto tracker and accounting software, we are proud to roll out the first public version today. You can now benefit from the insight and precision that professional cryptocurrency investors require!

Wisly is Live - Crypto Tracking Tool

How is Wisly.io Different From Other Crypto Tackers?

Wisly was initially conceived as the internal tool for a pool of crypto investors who wanted to share their knowledge and experience with investing in cryptocurrencies, staking/mining and trading futures. At first, we tracked using Excel or other basic crypto trackers, but very quickly – as the number and frequency of transactions grew – we realized these methods lacked some of the key features essential for accurate portfolio management such as:

  • Latest trusted price and market information for each crypto
  • Overall value, profit, investment metrics
  • Detailed metrics for each line of investment, including cost of acquisition, realized and unrealized profit, investment levels, etc.
  • Overview of the contribution of each member to the portfolio
  • Location of coins on the various exchanges and wallets
  • Proper risk assessment tools and metrics (Value at Risk, Volatility, Price Simulations)
  • “Housekeeping” and management ability: audit trails, error detection, easy transaction entry
  • Reports that allow for easier tax and regulatory reporting

We looked at the existing solutions on the market at the time, including leading crypto tracking apps and websites, but found that they only ticked the first two boxes…

…So, We Decided to Build our Own Crypto Tracking Solution!

Until now, no crypto tracker has satisfactorily ticked all of these boxes. Wisly is now a fully-fledged crypto tracking and accounting software. We support all of the above, and have added even more features:

  • Market analyses and statistical tools
  • Trading signals for major coins
  • Market overview and data, so that we can use Wisly as a “one stop shop” for crypto data
  • API integrations to facilitate transaction entry and minimize errors, with a unique portfolio routing system.

Wisly.io Is Available Now!

We are now launching our software for anyone to use, and is available as a web application, on desktop and mobile, as well as an iOS or Android native application. The best part? It can be totally free! Our Basic Tier users will be able to benefit from advanced insights and data that is usually included in other trackers’ paid offers. You only need to start paying for your subscription when your portfolio grows, at which point the small monthly fee should not have a big impact…

Wisly App - Crypto Tracker and Portfolio Tool Available now

How Can You Get Started?

Getting started is as easy as downloading our iOS or Android applications on the Apple App Store or on Google Play, or filling out our short signup form on our desktop app. Once you have an account, you can start importing your transactions via:

  • API Connections
  • Bulk CSV Imports (we provide the template)
  • Manual entry

We also offer a support service to help you get started.

What’s Next?

This is just the beginning for Wisly.io! We have many more ideas for the future, which include, but are not limited to:

  • Connecting to the top crypto exchanges. We currently connect to the major exchanges, but will soon be expanding to the top 300!
  • Tax filing reports. We currently provide all the reports, data and exports for your or your accountants to easily fill in your tax forms, at no additional cost. We want to expand this and provide you – when possible – with tax filing documents
  • Additional analyses and reports, including easy statistical tools to help you make more informed decisions.
  • More signals! We currently have signals for the top 20 crypto, and will expand as we go.

Wisly Tracking Crypto App - Get Involved

Get Involved!

We started Wisly as a way to make our team’s life easier; and we want to keep that spirit of innovation alive. We want to be the best crypto tracker for investors, by investors. So let us know what you think, what you would want to see, and how we can make our software better, so we can continuously improve it for the community!

2020-10-27T17:14:57+00:00October 27, 2020|Cryptocurrency Tracker|0 Comments
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