Month: July 2020

Uncategorized

What is FTT?

What is FTX?

What is FTT? FTX is an upcoming cryptocurrency derivatives exchange that offers futures, leveraged tokens, and OTC trading. The current futures exchanges have quite frequent clawbacks that often lead to losses in the millions due to the poorly designed risk management system. With FTX, it will reduce the likelihood of these clawbacks by using a three-tiered liquidation model. Hence, FTX hopes to become a leading exchange outcompeting BitMEX and OKEx within the coming years. 

Key Features of FTX:

  • Stablecoin settlement (TUSD/USDC)
  • New index futures (ALT, MID, SH*T along with USDT, BNB, etc.) 
  • Automated OTC trades
  • Backstop liquidity provider to stop clawbacks
  • One universal margin wallet
  •  Low fees, tight spreads, deep orderbooks, and a complete API

What is FTT?

FTT is a token that serves as the backbone of the FTX ecosystem. The token is intricately designed to increase network effects and demands for the token, while also helping to decrease its circulating supply. 

How does FTT work?

Users who trade on the FTX platform can utilize FTX to earn discounts on trading fees. This allows lower fees for trading on FTX futures and also tighter spreads for OTC. This token can also be utilized as a collateral for future positions which would also increase the utility and demand for FTT. During large market movements, instead of having clawbacks, FTX’s insurance fund will provide a net gain and this portion of gain will be socialized among its holders. Moreover, for those wanting to create leveraged tokens, they can use FTX’s token to do so. Crypto institutions who are looking to purchase a white label version of the OTC portal and the futures exchange can also purchase this via FTT. As the backbone of the FTX ecosystem, FTT will become more and more useful as more derivative products are added. The below graphic shows the trading fee discounts for holders of this revolutionary token: 

To learn more about this token, check out their whitepaper: 
https://help.ftx.com/hc/en-us/articles/360027945111–FTT-Whitepaper-Summary-

 

How can you purchase FTT?

FTT can be purchased at an exchange like Binance, FTX, or at an OTC like Genesis Block HK or even at a crypto ATM like CoinHere! If you would like to purchase this token via an OTC check out this url! If you would like to purchase FTT via our ATMS, click on this link to find the closest ATM to you!

How do you store FTT?

Storing FTT is quite simple as it is accepted by a wide variety of hard and digital wallets. Hard wallets include the famous Ledger and Trezor, and the digital wallets include Edge and Exodus. To check out which wallet best fits you check out this article! 

https://genesisblockhk.com/digital-wallets-cold-storage-how-do-they-work/

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Uncategorized

What is BNB?

What is BNB?

What is BNB? It is the native currency of Binance. It is currently #10 in ranking in terms of market cap, at the time of this article. At the very start, this token was just a way for the exchange to raise money with limited utility. However, over time we see the team creating value for BNB holders. 

What is BNB for?

BNB has a special usage, it allows users who hold the token to enjoy a 25% discount for trading. This Token also qualifies users according to the amount of BNB they hold. Check out the graphic below to see the trading discounts. 

BNB will also be burnt quarterly depending on the overall trading volume. This is to reduce the total supply of the token. Eventually, up to 50% of the total BNB will be destroyed. Moreover, the team has given up their token allocations meaning that the tokens will be attributed to an additional burning event. The currency has also seen adoption in the mainstream world as some goods and services are purchasable using Binance’s token. Some notable partners to note are Crypto.com (VISA card) and PundiX (a payment terminal for merchants). 

Where can you purchase BNB?

Like many of the usual cryptocurrencies, you can buy this token via an exchange, OTC like Genesis Block HK, or even at a crypto ATM like CoinHere. If you would like to purchase BNB, feel free to reach out to us at genesisblockhk.com or even locate a crypto ATM here. 

How can you store BNB?

BNB is quite simple as it is acceptable by a wide variety of hard and digital wallets. Hard wallets include the famous Ledger and Trezor, and the digital wallets include Edge and Exodus. Hard wallets are often much safer than digital wallets as it is less prone to hackers due to it being a hardware device that stores your currencies. To check out which wallet best fits you check out this article! 

What is Binance?

Binance is one of the leading cryptocurrency exchanges that is currently providing trading services for more than 100 different cryptocurrencies. The exchange currently offers both spot and margin trading making it one of the largest cryptocurrency exchanges in the world in terms of trading volume. Binance’s success comes from the notable team, market timing, and product impact. 

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Uncategorized

What is Ethereum?

What is Ethereum?

Ethereum is an open-source, blockchain-based, decentralized software platform that has its own cryptocurrency, Ether. Ethereum is a platform that allows users to create their own softwares and trade via the platform. 

Features of the Ethereum Network:

  • Average block time: 14 to 15 seconds
  • Consensus algorithm: Proof-of-Work – Ethash (Proof-of-Stake in the roadmap)
  • Supply limit: Currently no limit
  • They Mine Ether with GPU 

What is Ether?

Ether is the native currency on the Ethereum platform. Ether is used as a gas fee to allow users on the platform to build and deploy decentralized applications (Dapp). In order for a transaction to run smoothly, it will require the users to pay Ether as a gas fee. This currency is essential in the functioning of the Ethereum platform. Check out this article to learn more about the Ethereum platform! https://genesisblockhk.com/what-is-ethereum/

How does Ether work?

So Ether works quite differently from other cryptocurrencies as it has an actual function. Unlike Bitcoin, Ether has a purpose as it helps transactions occur on the Ethereum platform, whereas Bitcoin does not have this functionality. Check out the below website to see Ether gas fees! 

https://ethgasstation.info/

How do you purchase Ether?

So Ether works quite differently from other cryptocurrencies as it has an actual function. Unlike Bitcoin, Ether has a purpose as it helps transactions occur on the Ethereum platform, whereas Bitcoin does not have this functionality. Check out the below website to see Ether gas fees! 

https://ethgasstation.info/

How do you store Ether?

Now storing Ether is quite simple as it is accepted by a wide variety of hard and digital wallets. Hard wallets include the famous Ledger and Trezor, and the digital wallets include Edge and Exodus. Hard wallets are often much safer than digital wallets as it is less prone to hackers due to it being a hardware device that stores your currencies. To check out which wallet best fits you check out this article! 

https://genesisblockhk.com/digital-wallets-cold-storage-how-do-they-work/

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Tutorials

ATM Account Registration

Table of Contents


Required Information for ATM registration: 

1. Email address for notify when account is activated
2. Mobile phone number for one-time password
3. ID card/ Passport

Account Opening Procedure

Step 1:  Tap on any crypto icon

regster on ATM fin-01

Step 2: Press ‘BUY’

Step 3:  Press ‘MORE THAN 100000HKD’

Step 4: Press ‘NOT YET, BUT I WOULD LIKE TO BE REGISTERED’

Step 5: Press ‘I AGREE’ if you agree to provide your email, mobile phone number, ID card copy, selfie, and fingerprint.

Step 6: Enter your email address.

Step 7: Enter your phone number.

Step: 8: Check your mobile phone for one-time password

Step 9: Scan the front side of your ID card

Step 10: Press ‘YES’ to confirm

Step 11: Scan your back side of your ID card

Step 12: Press ‘YES’ to confirm

Step 13: Press ‘TAKE PHOTO’ to take a photo of yourself

Step 14: Press ‘YES’ to confirm

Step 15: Scan your index finger

Step 16: Press ‘OK’

Step 17: Scan your index finger again

Step 18: Registration completed, press ‘OK’

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Tutorials

How to Set Up a Bitcoin Wallet

In this tutorial, you will learn how to set up your first Bitcoin Wallet by using Trust Wallet. Trust wallet’s creation is by Binance. It allows users to send, receive, and store cryptocurrencies. Please get your device, a pen and paper ready. So, let’s begin! 


Follow the steps below for setting up your Trust Wallet! Or you may watch the video below! 

STEP 1: Download Trust Wallet’s APP 

  • You may find download it via Apple App Store, Google Play or Android App Store. 

STEP 2: Tap ‘Create a Wallet’ 

STEP 3: Write Down the 12 Recovery Words

  •  You will use the recovery words to recover your wallet, in case you lose your device or change devices. Please remember it is important to write down the recovery words IN ORDER! 

STEP 4: Keep Your Recovery Words Safe 

  • Please remember that to write the recovery phrases in the right order and store them somewhere safe. 

STEP 5: Enter Recovery Phrase

  • Re-enter the 12 words according to sequence. 

STEP 5: Complete! 

  • Your first wallet has been successfully set up! So now you can now send, receive, and start trading crypto! 

STEP 6: Enable Notification 

  • You may choose to enable notification to see events in the wallet, for instance, receiving payments. 

STEP 7: Add Tokens

  • Tokens like Bitcoin, Ethereum and BNB are already set up by default, you may also other tokens by tapping the plus icon in the corner. 

Please feel free to contact us if you have any questions about our ATM and cryptocurrencies. 

Thanks for reading our article on how to setup a Bitcoin wallet. If you would like to learn more about Bitcoin, Cryptos, or Blockchain. We recommend checking out our partner Genesis Block’s Crypto Classroom.

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Tutorials

How to buy Bitcoin at an ATM?

In this article we will cover how to buy Bitcoin at an ATM. If you haven’t set up a Bitcoin Wallet and would like to know how to set up, be sure to check out our ‘How to set up a Bitcoin Wallet’ Guide. There are numerous options out there, however, we recommend Trust Wallet.  

Step 1: Tap on Crypto icon to start 

  • Press the crypto icon for the cryptocurrency that you would like to purchase. 

Step 2: Choose amount

  • Choose your trade size. For transaction more than HKD100,000 , you are required to register for an ATM account and go through our KYC/AML procedures. 

Step 3: Scan Your Wallet QR code 

  • Open your digital wallet, scan the QR code for your desired wallet address destination. Please check your wallet address after scanning. 

Step 4: Insert Cash

  • Then, you may now start inserting cash. The first note must be HK$500 or HK$1000. We only accept HK$100, HK$500 and HK$1000 notes.

Step 5: Press Buy

  • After inserting the amount of cash the you would like to buy, press ‘BUY’. 

Step 6: Done! 

  • Your transaction is done! You may wish to take a picture of the screen, this can act as your receipt. Otherwise, we can always lookup your transaction based on your wallet address if need be. 

Thanks for reading our article How to Buy Bitcoin at an ATM? If you’d like to learn more be sure to checkout our other articles. In addition, our partner Genesis Block provides a free classroom that covers Bitcoin, Cryptos, and everything Blockchain. Checkout the link below to learn in the Crypto Classroom:

Crypto Classroom

Learn about Bitocin, Cryptos, and everything Blockchain. At your pace, on your time, completely free!

Learn
Tutorials, Uncategorized

How to sell Bitcoin on Bitcoin ATM?

If you would like to sell your Bitcoin or cryptocurrencies, you may visit our ATM at Wan Chai Office. Currently, our ATM is only supporting BTC sell. You may contact us to enquire about  other cryptocurrencies. 

 

Step 1: Tap on Crypto icon to start 

  •  Press on the Crypto that you would like to sell.

Step 2: Choose ‘SELL’ 

  •  Press on the Crypto that you would like to sell. 

Step 3: Choose Your Trade Size

  • Choose your trade size. For transaction more than HKD100,000 , you are required to register an ATM account or trade through OTC.

Step 4: Choose your selling amount 

Step 5: Enter your phone number （Optional)

  • You will receive a notification once the cash is ready to pick up 

Step 6:  Confirmation

  • The quotation will only be valid for 45 minutes. 

Step 7:  Scan QR code on the Printed Receipt 

Step 8: Click Send on your wallet

  • Be sure to exclude the transaction fee from the selling amount. Transaction can only be executed with the exact selling amount. We suggest you to choose a higher transaction fee If you would like to speed up the transaction. 

Step 9: Receive a withdrawal notification 

  • Be sure to exclude the transaction fee from the selling amount. Transaction can only be executed with the exact selling amount. We suggest you to choose a higher transaction fee If you would like to speed up the transaction. 

 Step 10: Tap on the crypto icon that you are selling

 Step 11: Press ‘Redeem Ticket’

 Step 12: Scan the QR on the receipt 

 Step 13: Cash eject from ATM   

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CoinHere operates the largest Bitcoin and Cryptocurrency ATM network in Asia. In fact, we have more Bitcoin ATMs than some banks.

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About

CoinHere’s mission is to fuel the mass adoption of Cryptos. With continuous expansion, we have the largest ATM network in Asia.  

HelpFul Links

COinHEre Office

1/F, 269 Hennessy Road, Wan Chai, HK
Tel: (852) 3996 9561
help@genesisblockhk.com

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