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How can you convert your Bitcoin to Cash?

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The leading cryptocurrency in terms of market capitalization and market dominance, bitcoin, has come a long way since its inception, but it is widely considered as a store of value and not as money. The utility of bitcoin in the real world is not that great as it still on its way to mainstream adoption. Bitcoin is bought and sold on crypto exchanges or peer to peer platforms such as Localbitcoins.com.

 

How to turn bitcoin into cash?

There are several ways that you can use to cash out your bitcoins, depending on what country you live in. You can sell your bitcoins in person for hard cash or sell it on an exchange for cash into your bank account. 

Note: You can also spend your bitcoin to buy things from Amazon using services like Purse.io.

 

1. Selling bitcoins on a peer to peer platform

Peer to peer platforms such as Localbitcoins allows bitcoin holders to meet people who want to own bitcoins. These are decentralized platforms that act as a medium between buyers and sellers. On Localbitcoins, you are directly dealing with the buyer, and there is no middle party involved. On P2P platforms, you can select what payment mode you prefer. As the buyer initiates the transaction, bitcoins get stored in the escrow wallet and then transferred to the buyer’s account once the transaction is successful. The crypto cash platform, which offers crypto trading services, can also be used to cash out your bitcoins. 

Note: Localbitcoins is based in Helsinki, Finland, and has on-ground buyers and sellers in more than 15,000 cities across 248 countries. 

 

2. Converting bitcoin for local currency on an exchange

If you have stored bitcoins in your wallet that you bought from an exchange or from elsewhere, you can sell them on any crypto exchanges that let you cash out. If you live in the USA or Europe, there are several exchanges that you can use to cash out your bitcoins. Kraken, Binance, and Gemini are some of the leading exchanges that you can sign up on and cash out your bitcoins. Crypto exchanges charge small withdrawal fees for cashing out bitcoins. 

Note: It advised to be diligent while dealing in cryptocurrencies to protect yourself from frauds. You can also try bitcoin.era after your own due deligence.

 

Conclusion

Bitcoin is envisioned as the currency of the future with its features that frees it from the political forces. Bitcoin is an opportunity for people to take back financial control from the state and separate money from the government. However, bitcoin has a long way to achieve mass adoption. If you follow the above guidelines carefully, you should be equipped with the knowledge on how you can cash out your bitcoins. 

Read full post How can you convert your Bitcoin to Cash? on Chaintimes.com.

Source: https://chaintimes.com/how-can-you-convert-your-bitcoin-to-cash/

Blockchain

Brazilian Firm to Launch Blockchain Platform for Promoting Environmental Sustainability 

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Brazil is making some waves in the blockchain and cryptocurrency industry, as it is now joining the ranks of nations applying these technologies for good. While most countries are optimizing various systems with blockchain, however, a company in the Latin American nation is primarily focusing on its environment. 

Eliminating Tree Felling

Yesterday, Reuters reported that JBS, a local meat processing firm, has announced the development of a blockchain-based system that will correct its supply chain system and cut out the participation of incriminating farmlands. 

In July, the Guardian reported that the firm had been in contact with at least one indirect supplier that had been cutting down trees illegally in the Amazon rainforest to grow its pasture size. Fearing action against the company, its chief executive, Gilberto Tomazoni, turned to technology to seek a solution.

Per the report, JBS has recently come under fire for contributing to the illegal deforestation of the Amazon rainforest by doing business with farms that are into the activity. Per the company’s announcement, however, it plans to put a stop to that. The system will improve traceability across the firm’s supply chain system, thus ensuring that no farmlands with illegally felled trees will supply it with meat.  

Speaking with Reuters, Tomazoni explained that they intend to have the system monitor al of the company’s indirect cattle suppliers by 2025. 

“Currently, the company does not monitor indirect suppliers and no company does so. But we plan to close this gap using technology,” the CEO added.

This isn’t the first time that JBS will harness blockchain technology’s power to develop a traceability system. When the coronavirus first hit China last November, JBS Australia – the company’s Australian subsidiary and the country’s largest food processing company, began developing a tracer that would provide “from-paddock-to-plate” data. The system, which was also developed by Sydney-based blockchain startup Lumpchain, uses a wide array of tech concepts – including cloud computing, blockchain, and artificial intelligence –  

 “The end-to-end transparency that this trial is demonstrating has enormous potential for not only Australia’s meat producers — but the entire food chain. For consumers Lumachain’s solution provides the rich information that they want, giving them peace of mind about what they are feeding their family for dinner,” said JBS Australia CEO Brent Eastwood. 

The deal followed a $1.5 billion meat sales deal that JBS Australia closed with Win Chain, a supply chain platform based out of China. While blockchain is finding new use in Brazil, a local finance firm is also making history in the crypto industry. This week, the Bermuda Stock Exchange (BSX) announced that Brazilian fund manager Hashdex had inked a deal with the Nasdaq to launch the world’s first Bitcoin exchange-traded fund (ETF). 

Per the press release, the new fund – called the ‘Hashdex Nasdaq Crypto Index’ – got the required approval on September 18. Hashdex is set to launch 3 million Class E shares on the exchange in a sale that is predicted to happen before the end of the year. 

Speaking to local news source Ogbolo, Hashdex’s chief executive, Marcelo Sampaio, explained that the ETF should advance institutional participation in the crypto sector. Given that many have clamoured for Bitcoin ETFs in the past, this is a monumental move.

Source: https://insidebitcoins.com/news/brazilian-firm-to-launch-blockchain-platform-for-promoting-environmental-sustainability

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Will Uniswap [UNI] Survive The Ongoing Token Outflow?

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The surprise launch of Uniswap’s UNI governance token created a lot of buzz in the DeFi world. Days after climbing to an all-time high of $7.07, UNI shed more than 46% of its gains in just two days when it dropped to $3.79. Despite the dip, UNI bounced back, and at the time of writing, the token was priced at $4.97.

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However, according to a recent development, most users who claimed UNI either sold or transferred all of their stakes shortly thereafter. This was revealed by the crypto-analytic firm, IntoTheBlock that tweeted,

“The day the UniswapProtocol’s token $UNI was released, there were 178.330 active addresses. By analyzing the number of zero balance addresses, we can confirm that most UNI claimers either sold or transferred all of their stake immediately.”

Source: Intotheblock.com

Outflow in tandem with Price Surge

The number of active addresses reached an all-time high of 178.33K on the 17th of September, a day after its launch on Ethereum mainnet. On the same day, the number of ‘Zero balance addresses’ climbed to 104.83K. But as the price of the token increased and reached ATH, the number for active addresses saw a massive outflow of funds.

Notably, this continued even after UNI suffered a drop following the market downturn in which pulled down several DeFi tokens to lose significant value.

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Currently, the token’s price appeared to be headed for a recovery route, but the same cannot be said for the figures for daily active addresses.

Despite this, many investors were bullish on Uniswap’s capabilities. Arthur Cheong, the Founder of Defiance Capital recently tweeted in favor of the protocol,

“I used to be skeptical of Uniswap’s model due to its capital inefficiency and inability to reject toxic taker flows but turn out there’s a lot more nuanced than that when it comes to scaling MM and liquidity.”

He added,

“One year ago, no professional market-maker/trader thinks the Uniswap model will work in the long-term and will be able to challenge centralized exchange in volume. Just goes to show that extrapolating tradfi knowledge to DeFi doesn’t guarantee you to be a know-it-all.”

UniSwap [UNI] Ownership Stats

Source: Intotheblock.com

According to ITB, there are currently 14 whales that own more than 1% of the total circulating supply, out of which three addresses were highly active. The number of investors, who own 0.1%-1% of the total tokens in circulation, stood at 36. Retail volume, on the other hand, amounted to just 8.07% of the total ownership concentration.


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Author: Ketaki Dixit




Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

Source: https://coingape.com/uniswap-uni-survive-token-outflow/

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Yearn.finance (YFI) On “Life Alert” After Weak Attempt To Hold Support

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Yearn.Finance (YFI) had such an abrupt rise to fame, now that momentum has changed, the plunge could be equally as dramatic. Thus far, any attempt to hold above support has been weak, says one crypto analyst.

They also claim that YFI is currently on “life alert” and in danger of a much more drastic fall if the DeFi token cannot hold strong here.

Yearn.Finance Falls Back To Support At Recent Local Low, Lingering On “Life Alert”

The popularity in DeFi tokens like Yearn.Finance, LEND, UNI, and several others have been what’s propelled the crypto market back toward profitability and out of the bear market gutter.

The trend has become so dominant in the crypto space, the term “DeFi” now outweighs all mentions of Ethereum in the media by a large margin.

Related Reading | Top Defi Dogs YFI, LEND, and UNI Correct Nearly 20%

ERC-20 tokens even outgrew Ethereum’s market cap when combined, because of how popular and profitable the trend has become. Nearly every new week, another DeFi token turned little investment into a small fortune.

But now, the tides have been turning, and top DeFi dogs have been digging for bones, causing them to fall deeper than anyone would have expected. It has also left YFI on “life alert” according to one crypto trader.

yfi yearn.finance yifusd crypto altcoin defi ethereum

YFIUSDT Yearn.Finance Retesting Support | Source: TradingView

YFI Flying High Could Lead To Dramatic Collapse To Bitcoin Prices

YFI, for example, has tumbled from more than four times the price of a Bitcoin to just $22,000 per token. And while that sounds expensive for any token to beat out Bitcoin in price, its quite a feat.

That achievement alone was enough to cause Yearn.Finance value to skyrocket in its earliest days. But like Bitcoin, it got overheated too quickly and is now pulling back big time.

YFIUSDT finds itself back falling to support previously tested, that its now at risk of losing. If Yearn.Finance loses this support, it could fall back toward Bitcoin prices.

Related Reading | Yearn.Finance (YFI) Flies 15% Percent From Local Price Floor, Fractal Targets $60K+

What makes this token so much more valuable than Bitcoin price-wise, is just like the leading cryptocurrency by market cap itself: digital scarcity.

There are only 30,000 YFI tokens, making what little liquidity to enter the token supply a powder keg for explosive price action. Unfortunately, this also works in reverse, as YFI holders are seeing right now.

But when the DeFi token finally turns back around, it could be an investment of a lifetime due to just how limited the supply is.

Featured image from DepositPhotos, Charts from TradingView

Source: https://www.newsbtc.com/2020/09/24/yfi-on-life-alert-after-weak-attempt-to-hold-support/?utm_source=rss&utm_medium=rss&utm_campaign=yfi-on-life-alert-after-weak-attempt-to-hold-support

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