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3 Reasons $YFI is So Relevant

With Bitcoin ($BTC) approaching its historical high, major cryptocurrencies such as $ETH are enjoying a bullish run. Among them, one major highlight is undoubtedly $YFI, governance token of DeFi protocol Yearn Finance. Dubbed “DeFi’s Bitcoin”, $YFI has been a great hit in crypto space since its launch in July.

Here are a 3 reasons $YFI is so relevant.

1. Yearn Finance's Governance Token

Driving most of the excitement in crypto, DeFi protocol Yearn Finance is a community-driven robo-adviser for yield by aggregating DeFi protocols. In addition to introducing the yield farming or liquidity mining program, Yearn Finance also pioneered in launching the Vault product. This refers to capital pools that automatically generate yield for users based on opportunities present in the market.

Distributed through liquidity mining, $YFI is the native token of the Yearn Finance protocol. YFI is used primarily for its governance mechanism, allowing holders to vote on proposals, govern the Yearn ecosystem. It is also eligible to receive a portion of the protocol profits.

The introduction of governance tokens by major DeFi protocols led to the summer DeFi boom.

2. Andre Cronje, "King of DeFi"

Yearn Finance is the brainchild of the well-known cryptographic programmer Andre Cronje. In addition to Yearn, Cronje has in fact launched 5 DeFi protocols this year, such as yinsure.finance, Eminence (EMN), Liquidity Income (LBI), Keep3r Network ($KP3R), and lately Deriswap. He became the rising star of the crypto scene. However, with the bizarre hack on his unfinished project, Eminence, Cronje’s “test in prod” method has become one of the most controversial development processes in the crypto space.

3. "DeFi’s Bitcoin”

$YFI was officially launched in July 2020, and quickly became a mega hit in the DeFi space. It was experiencing a strong uptrend with its price rising from US$3 to US$30,000 by the end of August. And it became the first altcoins to exceed the historical high price of Bitcoin. After surpassing US$43,000 in mid-September, however, $YFI seemed to fluctuate in a consolidation channel, before recovering to approach US$30,000 level in recent months.

To learn more about $YFI and other cryptocurrencies, feel free to read our tutorial and join our Twitter, YouTube channel, and Telegram group.

What is CoinHere?

With the growing widespread popularity of cryptocurrencies, more and more people have been starting to purchase cryptocurrencies. However, there exists a problem in our world today. The accessibility to cryptocurrencies has always been a problem to many people. To resolve this issue, CoinHere provides ATMs to facilitate the buying and selling of digital assets. CoinHere operates one of the largest Bitcoin ATM networks in Asia and is looking to fuel the mass adoption of digital assets in the public. The company also cooperates with major exchanges to provide users with the most popular digital assets. Moreover, CoinHere also assists in the integration of Bitcoin and Crypto PoS systems. They educate and encourage the adoption of cryptocurrencies. Above all, CoinHere works closely with Genesis Block to educate and gear the public towards the ever-growing crypto industry.

A Little History

CoinHere was founded way back in 2017 backed by Genesis Block’s industry-leading technology. The goal was to make the Bitcoin and cryptos as accessible as ever. To make all cryptos accessible to all, CoinHere has partnered with numerous exchanges and businesses. Moreover, CoinHere has been continuously branching out to fuel merchant adoption for Bitcoin and crypto payments.

What are the advantages of using CoinHere ATMs?

CoinHere ATMs have several advantages. These advantages help to further drive the mass adoption of cryptocurrencies. 

  1. Trusted: Backed by an experienced team and all technology is supported by Genesis Block.
  2. Convenient: Over 30+ locations in Asia Pacific regions like Hong Kong, Taiwan, and Thailand, and over 20+ ATMs operating 24/7 providing continuous access to cryptos.
  3. Fast/Speed: Complete and receive your cryptocurrencies in less than 5 minutes. 
  4. Reliable: 24/7 support team always ready to assist any crypto-related issues.
  5. Privacy: Use ATMs without registration and verification providing anonymity and security. 
  6. Affordable: Low minimum entry of HKD$500 per transaction.

Why should you use crypto ATMs?

Just like a normal regular ATM, crypto ATMs are extremely convenient. With over 30+ locations and many operating 24/7, CoinHere allows everyone to have access to cryptos. Similar to how Bitcoin and other crypto trade 24/7, CoinHere hopes to provide uninterrupted access to cryptos to the public. Another important factor of crypto ATMs is the safety and anonymity that it provides. CoinHere ATMs utilizes industry-leading technology to provide a safe platform for users to buy and sell cryptos. Additionally, the low entry barrier makes it just one step easier for users to get into the crypto community! 

How safe is it really?

Crypto ATMs provide complete anonymity for users. The technology is paired with secure digital wallets and tokens vetted by Chainanalysis tools. The process also does not require KYC allowing users to trade freely without fearing their data being stolen.

Which cryptocurrencies are available?

CoinHere provides a wide variety of cryptocurrencies from the most popular Bitcoin and Ethereum to FTX, BNB, and more!

Are there any fees when I use ATMs?

When you purchase Bitcoin or other cryptos, there will be a transaction fee. Therefore, the price you see on the ATMs may not reflect the exact amount that you purchased. Moreover, the amount of the crypto you receive is also dependent on the current market price of the crypto which regularly fluctuates.

Which wallets are supported?

The ATMs support a wide variety of wallets ranging from ERC20, SHA256, and BEP2 frameworks. We suggest using a cold wallet when purchasing cryptos as it is the most secure way of storing your cryptocurrencies. If you would like to learn more about how you can best store your digital assets, check out this article!

Crypto Education

To allow more users to better understand cryptocurrencies, CoinHere has also partnered with Genesis Block to develop community building and education. CoinHere strives to fuel mass adoption, but also understands the potential threats of fraud and cybersecurity. In order to tackle that issue, CoinHere has launched a Cryptoclassroom series providing “How to” security tutorials and information for both Bitcoin and Crypto beginners and advanced users.

Conclusion

With one of the largest networks of ATMs in Asia, CoinHere takes into account the 1.7 billion underbanked and unbanked users in the world. Many of these people would have never had the opportunity to access financial services if not for crypto ATMs. And that is why CoinHere believes that Bitcoin and crypto can act as a vessel for financial freedom. If you’d like to own your cryptocurrencies, be sure to check out CoinHere ATM’s locations below!

What is USDT?

What is USDT?

What is USDT? Tether (or USDT) is a popular digital token that is backed by the fiat currency. The token is known as a stablecoin since it is pegged to the USD for trading digital assets. The initial issuing of this token was started by Tether Limited. The digital currency is on hundreds of different exchanges and has billions of dollars in transactions around the world. Tether is pegged to the USD at a 1 to 1 ratio. As of the time of writing, the currency is still the most popular USD-pegged cryptocurrency for trading digital assets. 

What is USDT for?

Tether is as an optimal way for users to move money effectively without having any decentralized authorities. This allows users to actively trade the currency and also use it for international transactions in countries that may have capital controls. Hence, one of the major driving forces for Tether’s supply and demand movements are the massive international payment markets. In order for Tether to equilibrate the price at one dollar, the company needs issuance and redemption to maintain it. So the company charges a 0.1% fee for every issuance or redemption, in the terms of USD this would mean that the company is always willing to buy back USDT at $0.999 and then offer USDT at $1.001. This helps maintain Tether’s price within a 0.2% spread from one dollar. 

Where can you buy USDT?

Tether is extremely popular so it is widely available at exchanges, OTCs like Genesis Block, and at crypto ATMs like CoinHere! If you would purchase Tether via an OTC check out this url! If you would like to purchase Tether via our ATMS, click on this link to find the closest ATM to you!

How do you store USDT?

Like many of the other popular cryptocurrencies, You can store USDT in various digital and hard wallets. The best hard wallet producers include Trezor and Ledger, and a few top digital wallet providers are Edge and Exodus. So hard wallets are often safer than digital wallets as is a hardware device which is not as accessible as to something compared to your phone or computer. To check out which wallet best suits you, check out this article! 

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

To learn more about USDT check out this video: 
https://youtu.be/Kg2pEIzbfss  

To read more about USDT check out this article:
https://genesisblockhk.com/tether-usdt/

 

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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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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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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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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. 

Find A Bitcoin ATM Near You!

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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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/

Find A Bitcoin ATM Near You!

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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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   

Find A Bitcoin ATM Near You!

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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What is Bitcoin?

You may have heard a lot of talk about Bitcoin (or BTC) lately, and are asking yourself “What is Bitcoin?”. In this tutorial we talk about Bitcoin, one of the most popular cryptocurrencies.

What is Bitcoin?

Bitcoin (BTC) is a store of value and a peer-to-peer electronic cash system that allows users to send BTC freely without having to rely on a third party. The creation of Bitcoin was by Satoshi Nakamoto in early 2009. In wake of the 2008 financial crisis, Satoshi saw the need for a new kind of money.

The current financial system relies almost exclusively on third parties they trust to process payments. They require middlemen are to mediate disputes, which lead to expensive fees and slow processing. Satoshi hoped to create a decentralized peer-to-peer payment system with no reliance on central authorities.

How Bitcoin Works

  1.  In order for Bitcoin to work, it requires a network of miners to continuously mine for BTC. When miners are “mining” for BTC, they are usually solving difficult computational problems. This process requires computers with high computational power and often times will take a lot of energy and electricity. 
  2. Once they solve the problem, the first miner to solve the problem will have to go through a “Proof of Work” (PoW), where other miners in the system have to validate the transaction and ensure the correctness of the problem. Only once the problem receives approval can they record the transaction on the Blockchain.
  3. Once a successful transaction is written on the Blockchain, the miners will then receive rewards in the form of Bitcoin. These Bitcoins will go directly into the miner’s wallet. 
  4. Those who are looking to invest in Bitcoin will then be on the lookout for miners or network participants that are trading Bitcoins.
  5. Miners and investors of Bitcoin will then exchange BTC for cash.
  6. The transaction between the miners and the investors will then be recorded onto the Blockchain.
  7. These transaction are available for the public to view on the Public Ledger where all transactions are kept transparent and public. 

How does Bitcoin Transaction work?

  1.  When we initiate a transaction, it contains information of the sender, the recipient, the transaction amount and a digital signature.
  2. The user will generate two keys. The digital signature is signed with the sender’s private key and the public key is available to other nodes to verify the signature.
  3. When a user signs a transaction, it will be sent to a pool of unconfirmed transactions called a mempool (memory pool). Miners pick the transaction and put into the next block.
  4. Miners validate blocks by solving mathematical problems i.e. hash function. The first miner to solve the problem will receive a block reward paid in Bitcoins. The hash identifies a block and is dependent on the transactions within. Any changes to the transactions will cause the hash to change completely and the rest of the network will reject it. This brings immutability to the history of transactions.
  5. Miners will broadcast the solved hash (i.e. his ‘proof of work’) to other nodes in the network. When other nodes verify and agree on acceptance, the network reaches a consensus.  Nodes express acceptance by working on the next block.

Bitcoin is Not a Physical Currency

Unlike the traditional fiat currency, BTC is not a physical currency. However, the value of Bitcoin equates to the dollar amount on the current market price of BTC. This price typically has a high volatility, but in the long run has grown exponentially over the past 10 years. 

Bitcoin is similar to Gold

Similar to gold, Bitcoin has a very finite supply with a total of 21 million BTC that ever be in circulation. At Bitcoin’s current mining rewards rate of 6.25 BTC per Block, Bitcoin’s annual production is equal to Gold. 

This is one of the many reasons why people refer to Bitcoin as “Digital Gold”. In addition, the fact that BTC the first cryptocurrency. By and large though, the primary reason for this nickname is due to the scarcity of supply. 

Why is Bitcoin Decentralized?

There is no centralised authority in the Bitcoin network. The blockchain ledger distributes across nodes all over the world and is open for anyone to view. The Bitcoin network is a peer-to-peer network where nodes reach consensus collectively. This mitigates the risks of data tampering and data loss.

Dencentralized Mining

The Bitcoin is operated by decentralized authorities having no bank or government control. This allows the individuals and companies to trade BTC anonymously and freely. Those who purchase the Bitcoin are a part of a system that buy/sell and mine BTC. So, in order to maintain the system’s credibility, it requires the “miners” of BTC to continuously mine for new Bitcoins by solving difficult computational problems.

 Once a miner solves the problem, the system logs the transaction onto the blockchain where it collects all transactions. The transactions are then available on the public record where anyone can view it. Protection for each transaction is also and made through a unique secure address making the payee anonymous. This process makes it difficult to falsify any payments.

Why is Bitcoin Secure and Immutable?

As a digital currency, bad actors may attempt to double-spend. Bitcoin’s network solves this problem by time stamping transactions.

Each block contains a hash of itself and the hash of the previous block. If a bad actor attempts to tamper with a transaction in the past, the hash of the blocks will change completely. Then other honest nodes will reject the block.

Features:
– Block size: 1MB
– Average block time: 10mins
– Consensus algorithm: Proof-of-Work (SHA-256)
– Supply limit: 21,000,000 BTC

Ways You Can Aquire Bitcoin?

There are a few ways for you to trade Bitcoin. It can be done through an online marketplace cryptocurrencies, an OTC (over the counter) service, or through a Bitcoin ATM. So, once you purchase BTC, you can store them in a digital wallet that functions the same as a physical wallet.

Find a Bitcoin ATM Near You!

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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