A popular crypto exchange based in Hong Kong, Bit-Z, has listed Ripple’s XRP today. We often report on things that happen with crypto exchanges that don’t keep too big a profile in the cryptosphere. Not today. Today it’s about one of the big boys.
Bit-Z is a cryptocurrency exchange based in Hong Kong since 2016. It has a physical presence in 10 different countries, mainly in Asia (South Korea, Japan, Singapore). Tokeninsight (a professional assessment agency) considers it to be the world’s fourth most important. The company is a lot more than a simple cryptocurrency exchange. It also works in social networking, games, finance and electronic commerce. Lots of fingers in lots of pies.
Bit-Z, who has listed Ripple’s XRP just today, used to do business in very much the same way as most of the world’s crypto exchanges. By that, we mean that you could get a single trading account which is essentially useful to buy or sell Bitcoin. You have to verify your account through your mobile phone, and they could ask you to send some kind of ID to verify at a higher level.
While several digital assets are available at Bit-Z, before a few weeks ago you couldn’t use it to buy any directly, the way to go was to transfer Bitcoins from your wallet to your account on the website. Then you would trade Bitcoins for any of the other coins available.
If you’ve been involved in crypto as a retail investor, you’ll know that this is the way in which most exchanges work. The number of platforms that will allow you to buy any cryptocurrency using your debit or credit card is somewhat limited and, very frequently, you can only buy Bitcoin at the start.
Even before listing Ripple’s XRP, Bit-Z was already ahead of the curve because it offered something called “OTC Trade” in which you can use USD or Chinese yuan to buy ETH, BTC or LTC.
These purchases are done off the exchange service, but once you have them, you can transfer them to your Bit-Z account. And they take a wide variety of payment methods such as wire, cash deposit, AlyOPay, Moneygram, Neteller, WeChat, PayPal, and Western Union.
The information presented so far should suffice to show that this company has been innovative in opening the crypto horizons to all kinds of users who are not experts in blockchain technology or digital assets. And now, it’s taken another step beyond most competitors.
— Leonidas (@LeoHadjiloizou) November 20, 2018
So, the announcement says that starting today, Bit-Z will be supporting Ripple’s XRP for trade and exchange. Not only that, it won’t be paired with Bitcoin or other cryptocurrencies only (which is the most common scenario, to the frustration of many) but also paired with a fiat currency, namely, the United States Dollar.
This can be a game changer, at least in the short term for Bit-Z because very few exchanges are offering the opportunity to buy XRP directly (instead of exchanging it for Bitcoin) and XRP is quickly becoming one of the world’s most important currencies.
XRP has been the coin that’s held its own during the last week’s market debacle; it’s dethroned Ethereum for the world’s second spot concerning market capitalization despite the mess we’ve attested over the last few days. And let’s not forget it was last year’s most profitable asset.
This is excellent news for XRP, Bit-Z, and lots of users – so we congratulate both entities on the new stride that will consolidate them both as some of the market’s leading players.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image Courtesy of Pixabay.
Bitcoin Investors – Keep Your Eyes on Inheritance Tax
The IRS recently warned crypto investors to pay their bitcoin taxes or amend returns that have been misreported. By sending out warning letters, the IRS essentially put the magnifying glass on all crypto investors.
This magnifying glass is about to get even bigger following a recent court order delivered on August 26 by a Florida court. If you are a crypto enthusiast, then you have likely heard of Craig Wright, an Australian computer scientist who has attracted criticism over his claim that he is the mysterious bitcoin inventor, Satoshi Nakamoto.
Craig “Satoshi” Wright was sued by the estate of his former business partner, the late Dave Kleiman. Kleiman is a bitcoin pioneer who died in 2013. Before his death, Dave and Wright had allegedly mined over a million bitcoins together.
Craig Wright to hand over 500,000 BTC worth over $5 billion
In the August 26 order, Judge Bruce Reinhart of the Southern District Court of Florida said that Wright should hand over half of the bitcoin (BTC) that he and Dave had mined before the latter’s death.
That’s 50% of the 1.1 million bitcoins Craig Wright and Dave Kleiman allegedly mined together going to the plaintiff – Dave’s brother, Ira Kleiman. Ira…
How Will Mozilla’s Firefox Private Network Affect the VPN Market?
Mozilla announced earlier this month that its web browser, Firefox will block third-party trackers for everyone by default. And last week, the company announced another interesting product that could revolutionize the browser market.
The new product dubbed Firefox Private Network will act like a virtual private network (VPN) although the company thinks what it is building is something different from the conventional VPN. The new product is expected to give Firefox users more privacy online by providing an encrypted path to the web.
One major difference between the Firefox Private Network and the traditional VPN is that Mozilla’s product is web-based, which means you can only access its services when browsing the internet using the Firefox browser.
This presents an interesting challenge to other developers of web platforms including Google Chrome, Microsft Edge, and Apple’s Safari, among others. It also poses a potential threat to VPN service providers since this could be a substitute product to the already existing services.
The company recommends its new product to those using public Wi-Fi or those that want to hide from ad trackers. Nonetheless, this is not a comprehensive VPN service and will be a huge let-off for VPN providers.
In addition, while the service is available originally free on beta, Mozilla said that this is only for a limited time. So, clearly, a premium service will eventually replace the free pilot…
eToroX Review: A Top Cryptocurrency Exchange
eToroX is a digital assets exchange which features a cryptocurrency trading exchange as well as a crypto wallet. eToroX is created by the same group that operates the eToro forex and CFD social trading platform, but this Exchange is for trading, buying, selling and exchange of cryptocurrencies and blockchain-based/tokenized assets.
Regulation and Ownership
The crypto wallet and exchange services offered by eToroX (a company incorporated in Gibraltar and owned and operated by the eToro Group) are regulated by the Gibraltar Financial Services Commission. eToro X is a regulated DLT provider with licence number FSC1333B.
Two types of fees are incurred by eToroX users: exchange fees and wallet fees. Exchange fees relate to deposit/withdrawal transactions and charges on trading activity. eToroX does not charge for deposits. Trading fees are either maker (limit orders) or taker fees (market orders). Maker/taker fees are tiered and are adjusted by trading volume.