Monthly Archives: March 2019

Russian Social Media VK Could Launch Own Crypto

Russian media publication RNS has reported that popular social media platform VKontakte (VK) could soon be launching its own cryptocurrency.

According to an unspecified source, the company had planned a project to develop the cryptocurrency for use by existing users of VK. This would involve the creation of crypto accounts for all these individuals. However, the source also mentioned that no firm decision had arrived as to whether the coin would be launched.

VK had apparently made a presentation to RNS which demonstrated how users would be able to acquire some of these tokens as an incentive for spending time and completing activities on the VK platform. This way, users could earn, collect and then send those tokens between themselves and other users either as payment for services or products.

It would also be a simple way for users to tip each other, rewarding users for content that was interesting or comments that people liked. The tokens would even be exchangeable for fiat currency via its own payment provider, VK Pay.

VK Pay, launched in June 2018, has allowed VK users to send funds to each other via messages and a credit or debit card. Market researcher eMarketer once predicted that VK users would number over 40 million in Russia alone before 2019.

VK is Russia’s third most popular website, ranked by Alexa. Its founder, Pavel Durov, is considered a pro-crypto advocate and is widely respected for his work in developing messaging app Telegram, which focuses on privacy.

 

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KuCoin Review – Can I Trust This Cryptocurrency Exchange?

KuCoin Review

KuCoin is one of the newer cryptocurrency exchanges to be found online and has grown in popularity since being founded in 2017. The platform is based in Singapore, but also has offices in China, Thailand, Bulgaria, and the Philippines. This platform supports a great range of cryptocurrencies and tokens including its native KuCoin Shares (KCS). Holders of KCS get access to some special features such as discounts and bonuses. We will discuss these features and much more, in the following KuCoin review.

Setup and Verification

Setting up an account on KuCoin is a pretty smooth process. First, you enter and confirm an email address, and after that, you will be able to create a password.

sign up kucoin review

To deposit money, Google 2-factor authentification or SMS verification needs to be set up and a trading password needs to be created. This is necessary to create a deposit address on the platform. Until recently fiat deposits were not possible, however, since partnering with Simplex, users are able to purchase cryptocurrencies with Visa and MasterCard in over 100 countries. The platform currently supports purchasing with USD and EUR only.

At the moment, SMS verification is available in 9 countries including the USA, Canada, China, UK, India, Indonesia, Turkey, the Philippines, and Thailand.

Users can fill out the optional KYC form as an individual or a company by entering some personal or company information. There is a limit for unverified users with withdrawals capped at a maximum of 2 bitcoins per 24hr period.

Purchase

The exchange platform itself is modern, clean and simple, making it easy to get around and understand. Choosing the desired trading pair will take you to the exchange platform which is pretty standard containing everything that you need, such as an order book, charts and so on.

trading kucoin review

KuCoin offers 4 types of orders: limit order, market order, stop limit order and stop market order. However, before making any purchase you need to create a trading password. This is a feature new to KuCoin – a six-digit password used for withdrawals, transactions, and API creation. You have to enter this password before placing a trade. Once you enter the password, you won’t be asked to do so again for the next 2 hours. It can be a little bit irritating, but it adds an extra layer of security.

KuCoin exchange supports almost 400 live markets and users can choose crypto trading pairs including BTC, ETH, KSC, NEO, DAI, SC, USDT, PAX, TUSD, and USDC.

Smaller withdrawal amounts are usually processed very quickly and can be completed in a few seconds, while larger amounts can take up to ten minutes. Deposits take about two minutes to be completed.

Fees

KuCoin offers low and transparent fee structure. A trading fee of 0.1% is charged, which is much lower than some of their competitors’ offering such as Coinmama and Bitpanda. Withdrawal fees and minimums can vary depending on the currency and amount. For example, when withdrawing Bitcoin or Ethereum, fees are just 0.0005 BTC or 0.01 ETH and minimum withdrawals of 0.002 BTC and 0.02 ETH apply. Additionally, for some currencies such as GAS and NEO, there are no withdrawal fees.

Cryptocurrency deposits are free, while Simplex charges 5% on fiat deposits.

It’s also important to mention that KuCoin keeps only 10% of trading fees. The remaining 90% is divided between the Invitation Bonus program and users that have KCS in their accounts. The main benefit of holding KCS is that the users have access to a Trading Fee Discount. Currently, each user that holds at least 1000 KCS will receive a 1% discount. The discount percentage increases in this ratio until it reaches a maximum of no more than 30%. This means that users holding 30.000 KCS will get the maximum trading discount of 30%.

Privacy and Security

KuCoin uses the latest encryption technology and their team takes all measures necessary to ensure user data and funds are kept safe. We mentioned earlier that no trade, withdrawal, or API creation is possible without a trading password. If a trading password is changed for some reason, withdrawals will be disabled for the next 24 hours after the application is approved. The platform also supports 2FA Google verification, which is strongly recommended. On the dashboard, you will find a history of your previous logins and you will receive an email every time you sign in. You can also check their regularly updated Account Security section for recommendations on how to avoid phishing attacks and measures you should take to ensure your account is secure.

According to KuCoin, the sensitive data exchanged between users and the platform is encrypted and protected with digital signatures. Moreover, all personal user information will be deleted or made anonymous as soon as such details are no longer relevant or required.

Customer Support

KuCoin’s customer support is outstanding. Their team is highly professional and will respond within minutes. Most of the things you need to know can be found in their FAQ section. However, if your problem requires assistance, you can contact user support via online chat which is available 24/7 or via their ticketing system. They are also active on Twitter, Telegram, Reddit, and Facebook where they can be contacted in about 7 different languages.

KuCoin Review Summary

As we have already heard in this KuCoin review, the exchange is still new and some people may be sceptical at first. But so far, KuCoin has proven itself a reliable platform, with a team of professionals there to meet customer needs. The simplistic interface is modern and easy to navigate, which makes it suitable for beginners. Fees are low in comparison to some of their competitors and their fee structure is simple with no hidden costs. The small number of accepted fiat currencies and limited SMS verification availability may turn some users off the exchange. However, as they demonstrated with their recent improvements and partnership with Simplex, KuCoin is upgrading the platform constantly. So it is likely we can expect more fiat options and better SMS verification availability in the near future.

If after reading this KuCoin review you would like to try out this new exchange, you can sign up here and open an account. Equally, you can have a look at our other reviews here.

 

Disclaimer: Bitcoin News does not provide any warranties towards the accuracy of the statements in the above KuCoin review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.

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Netflix and Airbnb Products Now Available Through Crypto-Purchased Gift Cards

US media streaming service provider Netflix and online hospitality services site Airbnb are set to accept payments with gift cards purchased using cryptocurrency this month.

Bitrefill, a shopping platform with cryptocurrency payment options, has introduced a service enabling purchase of both Netflix and Airbnb gift cards, although at the moment such purchases are limited to US users.

The cards which come in denominations of $25, $50 and $100 are valid for 28 nights and can be purchased via the site using a range of cryptocurrencies including Bitcoin, Ether, and Litecoin. Bitrefill welcomed the chance to incorporate support for major sites such as Netflix, commenting:

“Great news — We’re excited to roll out support for a highly requested service: Netflix! Subscriptions with the world’s largest streaming service can now be purchased and renewed with Bitcoin, Lightning, Ethereum, Litecoin, Dash, and Dogecoin.”

Although clearly this is not the optimum way of making both Netflix and Airbnb payments due to the absence of both companies having their own crypto payments system, but it is a step forward, allowing US cryptocurrency users yet another way of accessing a popular service by spending their crypto assets.

However, as global interest in using Bitcoin as a payment method increases, some big names are already onboard accepting the digital currency, such as Microsoft, Subway, Overstock, Reddit, Playboy, and Virgin Galactic. Expedia, one of the world’s major travel agencies, allows you to pay for hotel bookings with bitcoins, with the possibility of users being able to pay for flights using crypto at some point in the near future.

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Bithumb Looses Almost $19 Mln in EOS, XRP ”Insider” Theft

bithumb

South Korean cryptocurrency exchange Bithumb suffered an attack that allegedly led to the theft of USD 19 million in EOS and XRP. The exchange addressed the circumstances of the hack on Twitter, on Saturday 30 March.

Bithumb details that suspicious activity was first detected at 10:15 on 29 March in the manner of abnormal withdrawals. All funds following this detection were secured via cold wallet storage, while users accounts have been temporarily blocked from making any deposits or withdrawals.

An insider attack

The exchange took full responsibility for the attack, claiming that it had only concentrated its security efforts on external attacks and this appears to have involved ”insiders.” It also apologized to clients for neglecting to verify members of its staff.

Despite this incident being the second hack that Bithumb has been subject to in less than a year, a statement from the exchange promised there would be no further security compromises.

During this latest attack, the EOS hot wallet sent consecutive payments totaling USD 12.5 million into the attacker’s wallet before the exchange realized what was happening. According to a report from the Block Crypto, an additional USD 6.2 million in Ripple was also stolen.

It has been speculated that the attack came as a result of Bithumb’s employee layoffs which has reportedly affected up to 50% of the workforce.

 

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Bitmain Reveals Next-Gen Antminer S17 Launch Date

mining, bitmain, antminer

Major cryptocurrency mining equipment manufacturer Bitmain has revealed the launch date for its latest technology, the Antminer S17 series.

Comprised of three different models: the Antminer S17 Pro, Antminer S17, and Antminer T17, the series will go on sale internationally on 9 April. Bitmain claims the second-generation 7nm ASIC chips will save 28.6% energy consumption during the mining process. While the company says the S17 series will operate at a higher hash rate, they did not reveal further details regarding numbers.

The company noted that with heavy electricity costs in relation to Bitcoin’s current prices, the ”improved energy efficiency” of the new models will lead to a ”significant drop in costs,” improving the profit margin.

It was recently revealed that Bitmain would deploy 200,00 of its own mining devices to Southwestern China after an executive decision was made that it would be more profitable to do so than to sell them.

A poorly performing cryptocurrency market has influenced fiscally conservative policies for the company. Bitmain closed its Israel center in December and reduced its Netherland operations earlier this year in January.

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