ICoinPro Review And Member’s Area Insider Look

ICoinPro Review and Member's Area Insider Look

ICoinPro Review and Member's Area Insider Look

I am sure you have come across ICoinPro review sites that claim to tell the truth about this Bitcoin business, but many of these reviewers are not even ICoinPro members. How can someone pretend to give an honest review when the person has not even used the product or service in the first place? I am sure they have not even seen what is inside the member’s area and experienced the benefits that are offered by the membership. This is like giving a review about a car when they have not even test-driven the car. Even worse, I have read ICoinPro reviews that get their facts wrong.

On the other hand, I am an ICoinPro member, and I will show you a complete, no holds-barred insider’s view of the ICoinPro member’s area. Although you may think that my review would be one-sided and unfair since I am a member, I will do my best to present an objective review without any sugar-coating. I will just give the facts as they are, and you can decide for yourself if this business is for you.

ICoinPro Review: What Is ICoinPro?

ICoinPro is an educational membership site that teaches everything about Bitcoin and cryptocurrencies in a step-by-step easy to understand format. You can also learn how to trade cryptocurrencies with a trading system known as the Micro Profit System. Furthermore, you can earn a passive residual income through ICoinPro’s compensation plan that pays out in five ways.

Currently, the lesson modules are organized in three sections in increasing level of difficulty:

ICoinPro Review - Core Training

Core Training

This is an introduction to the world of cryptocurrencies and consists of 12 lessons. Some sample lesson titles are:

  • Introduction to Monetary Systems, Currencies, and Cryptocurrencies
  • The Birth of Cryptocurrencies and Blockchains
  • Bitcoin Myths

Advanced Training 1

This next level of training has 12 lessons. These are some of the lesson titles:

  • Security
  • Alt Coins Overview
  • Cryptocurrency Exchanges

Advanced Training 2

The last level of training has 16 lessons and these are some of the lesson titles:

  • Making Money from Cryptocurrencies
  • Make Money by Mining Cryptocurrencies
  • Make Money by Investing in Cryptocurrencies

What I like about these lessons is that there is a mini quiz after every lesson to make sure that the reader has fully understood the current lesson before attempting the next lesson. In fact, it is impossible to jump into any lesson without completing the previous lesson.

While it can be argued that all of this knowledge is freely available on the Internet, it is very well put together and can transform the complete cryptocurrency beginner to an expert within a short time.

After you finish one of these training modules, you also get a nice certificate which you can show off to your family and friends on social media or print out for framing if you like.

ICoinPro review - training certificate

 

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ICoinPro Review: The Micro Profit System

ICoinPro review - Micro Profit System
Some words have been blurred to protect the details of the trading system.

I think the true value of the ICoinPro membership lies in its Micro Profit System. This is ICoinPro’s proprietary cryptocurrency trading system that is very easy to learn yet highly effective in reaping daily profits in the cryptocurrency markets.

This trading system will show you:

  • Which cryptocurrency exchange to sign up with
  • How to deposit Bitcoin into your trading account
  • How to set up your trading chart interface with a specific indicator
  • What signals to look for to know when to Buy
  • How to use the provided Profit Calculator tool to know the price to Sell to make your profit
  • How to track your trades using the Profit/ Loss Tracking tool

These steps are explained in great detail with the help of videos. There is even a private Facebook group in which members can share trade alerts and help each other with their trades.

August 2017 Update:

The Micro Profit System has two different trading techniques now, namely Buy The Squeeze (the original trading technique) and Buy The Dip. The basic indicator used is still the same. The difference is in the timing of the trade entries.

A very exciting upcoming benefit for ICoinPro members is a mobile app that will allow members to monitor cryptocurrency prices and receive trade alerts when there are potential trade opportunities through its cutting-edge Trade Finder program. I have not seen such a feature in any of the mobile apps currently available, so this will definitely be a game-changer for cryptocurrency traders.

ICoinPro Review: The Membership Fee

Everyone can register free to preview the program. Click on the button below to register and take a tour.

When you are ready to upgrade, there is a Setup fee of $40 and the first-month fee of $39.95, which comes to $79.95. After that, you need to maintain your membership with $39.95 monthly.

Better still, you can upgrade with the 6 Month or 12 Month membership plan which gives you added discount and benefits in terms of the compensation plan rewards.

Click Here for the ICoinPro Free Tour

ICoinPro Review: The Compensation Plan

Contrary to what some review sites say, you cannot promote ICoinPro as a free affiliate because there is no free affiliate program. You can only enjoy the rewards of the compensation plan as a paid member.

Some people may become ICoinPro members simply for the education and to learn how to trade with the Micro Profit System. This is perfectly fine, and the great thing is that they can still earn some income through the compensation plan even if they do not actively refer new members. You will understand this part when you see the details of the compensation plan later.

The ICoinPro compensation plan pays out in ways. If you do not actively refer any members personally, you can still get paid through the first 2 ways, namely the Powerline Bonus and the Matrix Payout. The other 3 ways reward only those who have personally referred members to the program.

Powerline Bonus

This one is very simple to understand. You get paid for the next 5 members that upgrade to become paid members after you, regardless of who enrolled them company-wide. You get to earn 3% x $39.95 x 5 members = $6. This is paid monthly.

You may say this is just chicken feed, but to a lot of people, this bonus is the first income that they have ever earned online. This gives them an awesome feeling and may just be the spark to ignite their passion to build this business seriously. You can also think of this as a discount on the monthly membership fee of $39.95.

Matrix Payout

Every week on Wednesday (cut-off day), all newly upgraded members are placed into a company-wide binary matrix (meaning 2 downline members under each member). Therefore, it is possible to have spillover from your upper levels even if you do not refer a single person. However, the amount and speed of spillover entirely depend on how actively the members above you are recruiting new members. The minimum that you can earn is $2,046 monthly when your 2 x 10 matrix is filled up.

Of course, if you want to earn a lucrative income in this business, you cannot just rely on spillover and must do your part to promote this program actively. You can potentially earn $32,766 monthly just from the matrix if you are ranked as 3 Star.

The following next 3 rewards are only paid to members that actively refer new people.

Fast Start Bonus

ICoinPro review - Fast Start Bonus

The Fast Start Bonus is very easy to understand. This works like the typical affiliate commission- you are paid a fixed fee for every new member that you or your referred downline members(called your Enroller Tree members) bring into the program.

The bonus amount depends on your rank and is paid to you weekly. For example, if you are ranked as 1 Star and you personally referred 3 people while those 3 people each referred 2 people(This is in your level 2), then your Bonus would be calculated as:

3 (personally referred) x $15 plus 6 (in your level 2) x $5  =  $45 + $30  =  $75

Coded Infinity Fast Start Overrides

The Fast Start Overrides is also paid out weekly and is only for people who have achieved the rank of Star Elite. This is too complicated to explain just with text. Watch the Compensation Plan video below to understand how it works.

 

Matching Bonus

The Matching Bonus allows you to match a percentage of all of the commissions that everyone whom you personally introduce to the program earns every month. This is huge if you have a big network. Watch the following video to see how it works.

Click Here for the ICoinPro Free Tour

ICoinPro Review: Weekly Live Training and Cut-Off Webinar

Besides an active official Facebook group, there is a weekly live video training which is conducted by the CEO himself, Paul De Sousa. Paul is probably one of the most hands-on and approachable CEO of any company around. He is extremely passionate about cryptocurrencies and his vision is to help millions of people to embrace and profit from cryptocurrencies through the ICoinPro program.

Every Wednesday, there is also a Cut-Off Webinar through which prospects who have yet to upgrade to paid members are encouraged to upgrade before the cut-off time at Wednesday midnight PST(Pacific Standard Time). At this time, all newly upgraded members are placed into the company binary matrix in the highest available positions under their referring sponsors.

ICoinPro Review: Shortcomings and Conclusion

As I have said before, I will not sugarcoat this review but present the facts as they are. Now it is time to mention some ICoinPro’s shortcomings.

  • The Advanced training modules are still a work in progress with no content but only titles.
  • The Marketing section only has some banners available. The management has said that more marketing aids will be added soon.
  • The “Our Company” page is quite sparse and could be improved with more details about the company background and key personnel.
  • The free tour for pre-enrollees does not give a complete picture of ICoinPro’s educational program and trading system but focuses too much on the compensation plan.

The reason for these shortcomings could possibly be due to ICoinPro’s extremely fast growth since their official launch on June 21, 2017. As of this time their members have exceeded 10,000 worldwide. A number of members have highlighted these shortcomings to the ICoinPro management and I believe these will be rectified soon. If there are any changes, I will post an update on this review.

In this ICoinPro review, I have tried my best to give you a clear idea of the exact benefits that you will receive when you upgrade to become a paid member. In my opinion, the educational value and financial rewards are worth far more than the small monthly fee.

If you are still not sure, the best way is to upgrade, study all the modules, take a few trades following the Micro Profit System (No minimum capital needed. You can even start with $10). If you enjoy it, then continue your membership. If not, simply ask for your money back under the 30-day money back guarantee. You have absolutely no risk whatsoever. Think of this as an investment in yourself.

Warren Buffett, one of the world’s greatest investors said, “The best investment you can make is in yourself.”

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Fork Watch: ‘Bitcoin Cash’ Support Grows as August 1 Draws Near

Originally posted at: https://news.bitcoin.com/fork-watch-bitcoin-cash-support-grows-as-aug-1-draws-near/

The user-activated hard fork (UAHF) on the Bitcoin network is looming around the corner. ‘Bitcoin Cash’ (BCC; BCH) is slated to break away as a new fork from the Bitcoin blockchain on August 1 at 9:20PM JST or 12:20PM UTC.

Also read: Fork Watch: JP Powerhouse Coincheck Now Unlikely to Suspend Bitcoin Payments

Major Exchanges Embrace Bitcoin Cash

Multiple bitcoin exchanges have signaled support for ‘Bitcoin Cash.’ This news comes alongside the inevitability that a UAHF event will occur.

Last week, Bitcoin.com detailed many of the exchanges and platforms that will be rejecting Bitcoin Cash (BCC), but now more appear to be settling into the idea that it will exist as a legitimate digital token. At the time of writing, futures of BCC are being traded on Viabtc’s exchange for roughly $390.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws NearBitcoin Cash Futures Trading at $394 USD

Kraken

The large bitcoin exchange Kraken made an announcement yesterday in support of Bitcoin Cash. They said they will be providing users with the ability to trade it on their platform. They pledged to credit clients with an equivalent amount of Bitcoin Cash based on their current holdings of bitcoin.

Although the Bitcoin Cash fork is expected to be minor, it may be successful. Provided that unforeseen circumstances do not make it prohibitively unsafe or difficult for us to do so, Kraken will support Bitcoin Cash…

However, Kraken warned margin traders on their platform to “be very cautious across the fork.” They were told to either greatly reduce their position or cease margin trading altogether to ensure a smooth transition. In the least, they should set stops and not rely on Kraken to function optimally while the fork is in progress.

Bitfinex

The bitcoin exchange platform Bitfinex also announced they would be supporting bitcoin cash. They plan on providing an amount of bitcoin cash tokens equivalent to that of bitcoin in their customer’s wallets.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

They said, “A minority of Bitcoin miners will be forking on August 1st, 2017 to create a new chain called Bitcoin Cash. The fork does not impact Bitcoin balances, but it creates a new token. At the time of the fork, all Bitcoin addresses holding a balance will automatically have equivalent balances in Bitcoin Cash.”

The company, however, mentioned they will not be using “BCC” for the bitcoin cash ticker symbol. They said it is already in use on their platform. Instead, they will use “BCH.” The company will distribute BCH tokens with the UTC timestamp of the first forking block, which will occur August 1. Their page contains details on how they plan on ironing out the kinks and managing technical issues.

 Hardware Wallet Company’s Support Bitcoin Cash

Besides exchanges, major hardware wallets manufacturers are also supporting Bitcoin Cash. Both Trezor and Ledger have provided details on securing bitcoin cash in their wallets when the fork occurs.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

Trezor wallet said they can safely adopt bitcoin cash functionality with their wallets since the currency supports replay attack protection. They said, “Bitcoin Cash has implemented the necessary protection against replay attacks, meaning Trezor can support the currency safely. We will provide an interface, accessible from Trezor Wallet, where you can access and safely claim your Bitcoin Cash coins. You will be prompted by Trezor Wallet once you select ‘Bitcoin Cash’ in the currency selector.”

As a result of the in-built replay attack protection, Ledger will also provide full functionality for bitcoin cash via their wallets. They say users will be able to gain access to bitcoin cash after the fork by using a special tool. They said users could view bitcoin cash currency as “free air-dropped money.”

As a result, all bitcoin holders will be granted a new duplicated Bitcoin Cash balance (literally airdropped free money) if the fork activates — this post and the follow ups will describe how you can best secure this new balance, then decide to trade it, hold it or sell it as you wish.

Both hardware wallet companies wrote details on their page explaining how to respond to the fork and gain access to freshly minted bitcoin cash.

Many Company’s Working With Bitcoin Cash; Protect Your Keys

Several other exchanges and wallet providers are also signaling their support for the hard-forked token. Exchanges include Quoinexchange, Viabtc, Kcoin, Btcbox, Bithumb, Kex, Mercury Cash, Huobi, Quadrigacx, Toubi, Korbit, Bittrex, and Btcpop. Wallet providers who are adopting Bitcoin Cash include, Bitcoin ABC, Bitcoinclassic, Electrum Cash, and btc.com.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

The exchange Quoinexchange said, “We have also received many inquiries regarding BCC (Bitcoin Cash) crypto currency. As an exchange, our goal is to provide a fair exchange platform which is highly secure and compliant. As a result of the fork, users that hold BTC in their balances at the time of the fork will be credited equivalent BCC. If your account balance at the time of the fork holds 1 BTC, you will be credited 1 BCC.”

These announcements seem to suggest stronger community backing for the fork token. It does not look like the currency will die immediately in the rip and roar of the fork. The future of the digital asset remains uncertain, for sure.

However, the basic rules of forks still apply to everyone regardless of what happens: keep private keys safe. No matter what coin wins out, every bitcoin user should try to maintain their coins with their own securely held private keys. This ensures that control of both coins remain in the user’s hands.

Will bitcoin cash continue to grow after Aug 1? Will it have more supporters? Let us know in the comments section below.

Images courtesy of Shutterstock, bitfinex.com, and crunchbase.com

Bitcoin.com’s own store features a wide range of interesting Bitcoin-related products. Looking for a hardware wallet? We got ‘em. Want a good-looking t-shirt? It’s there. Want to gift a nice Bitcoin tea cup? Go shopping.

The post Fork Watch: ‘Bitcoin Cash’ Support Grows as August 1 Draws Near appeared first on Bitcoin News.

Fork Watch: Take Extra Precaution When Trying to Access Post-Fork Tokens

Originally posted at: https://news.bitcoin.com/fork-watch-take-extra-precaution-when-trying-to-access-post-fork-tokens/

Bitcoin holders should be aware that during and after a fork people can make mistakes when differentiating between the two chains. Alongside the confusion, there’s also a chance that malicious actors posing to be trustworthy may promise people help with access to ‘Bitcoin Cash’ tokens – and steal people’s private keys. The risk of losing bitcoin to errors such as these will be heightened during and after a network fork.

Also read: The Evolution of Cryptocurrency Visuals, Memes, and Bitcoin Street Art     

Before and After August 1

Fork Watch: Take Extra Precaution When Trying to Access Post-Fork TokensOn August 1st it’s likely the Bitcoin blockchain will split into two factions as the result of an upcoming “user-activated hard fork”. Essentially this means anyone who possesses keys to bitcoin will have access to the second chain and its associated token called ‘Bitcoin Cash’ (BCC). However, people will still have to wait for software providers, exchanges, wallets, and other third party support to utilize BCC to sell, trade or keep them.

As of right now, a few days before August 1, there are many bitcoin businesses explaining their plans for a possible fork. Some companies plan to deal with both chains, while some will only support the bitcoin (BTC) protocol. Most non-custodial wallets will provide infrastructure for the BCC chain, and there are exchanges that will list it as well. So there will be various methods for people to access the BCC chain and many people are preparing for this event right now.

The Chance of Phony Websites, Spoof Wallets, Phishing Scams Will Be Greater

Unfortunately, during confusing and troubling times, thieves like to use these opportunities to steal from people. So after the fork people should wait for their service provider (wallet/exchange) to announce how customers can deal with their BCC tokens. For instance, Trezor says after the fork they will integrate support for the alternate chain, and it will likely happen with updated firmware. In this case, Trezor users should be 100 percent sure they are accessing this firmware from the official Trezor website and should double check the serial code on the device to be sure it is legitimate.

PSA: Take Extra Precaution When Trying to Access Post-Fork TokensThere will likely be a few instances where malicious actors pretend to be trustworthy businesses or create ‘spoof apps’ so they can steal private keys. Over the past few years, there have been many spoof wallets on the App Store and Google Play that steal keys. Further, some hackers may create phishing sites that are almost identical to online wallets, which could lead to a loss of funds as well.

Backup Everything, Double Check Everything, Don’t Rush, and Just Be Patient

During and after a fork people should take extra precautions if they are trying to gain access to the BCC chain. For good measure, people can double check websites for security certificates, make sure the wallets they download are official, verify firmware, and double check that everything looks legit before entering a seed phrase or sweeping private keys anywhere. Make sure the third party provider is trustworthy and who they say they are because there’s always a risk of foul play.

The bottom line is if the Bitcoin Cash fork happens, the token itself will not exist until after August 1. The likelihood of phony websites offering extraction or splitting tools will be greater. Utilizing the BCC chain will require access to BTC private keys so people should be very careful and patient when trying to extract or move these tokens.

What do you think about the possibility of shady websites and spoof wallets happening after the fork? Let us know in the comments below.

Images via Pixabay, and Twitter. 

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Fork Watch: Take Extra Precaution When Trying to Access Post-Fork Tokens appeared first on Bitcoin News.

Fork Watch: Korean Bitcoin Exchanges Divided on ‘Bitcoin Cash’

Originally posted at: https://news.bitcoin.com/fork-watch-korean-bitcoin-exchanges-bitcoin-cash/

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'

Bitcoin exchanges in South Korea have been preparing for the planned user-activated hard fork (UAHF) on August 1. Some have announced their support for Bitcoin Cash (BCC), the new cryptocurrency that is expected to result from the event, while others have not yet decided.

Also read: South Korea Legalizes Bitcoin International Transfers, Challenging Traditional Banks

The South Korean won is currently the third-most traded currency for bitcoin worldwide behind the Japanese yen and the US dollar, according to Coinhills. As bitcoin exchanges worldwide prepare to deal with the possible upcoming UAHF and the resulting Bitcoin Cash cryptocurrency, bitcoin exchanges in South Korea have also clarified their positions.

Bithumb

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'The largest bitcoin exchange by volume in South Korea, Bithumb, is one of the first exchanges to announce its support for Bitcoin Cash. The platform has approximately 75.7 percent market share of the domestic market, according to the Korea Herald. The exchange has announced that “during the forks, from 2017-07-31 00AM to 2017-08-07, we will suspend bitcoin deposits and withdrawals. And Bithumb is not responsible for any desposits (transactions) during those period.” In addition, the exchange expects to list BCC on August 3, adding that:

Bithumb supports BCC and users can get BCC at 1:1 ratio with bitcoin. BCC Withdrawal will be available after August 7 and the date is changeable due to circumstances.

Korbit

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'South Korea’s second largest bitcoin exchange Korbit, with 17.6 percent market share, announced that “we will be halting all bitcoin deposits and withdrawals several hours before the UASF event.” The suspension “may last a day to several days,” the exchange advised. Customers wanting to access their bitcoins soon afterward must withdraw them before August 1. The suspension will be lifted once Korbit believes the Bitcoin network has become stable.

In addition, Korbit stated, “we will stop buy orders of the other digital assets (Litecoin, Dash, Zcash, etc.) when we halt bitcoin deposits and withdrawals, and we will stop sell orders for a short period before and after the UAHF.” As for Bitcoin Cash support, the exchange stated:

In the event that Bitcoin Cash gains traction, we may enable Bitcoin Cash trading, within a few days after the UAHF, if and when we deem it safe to do so. If we do, we plan to allocate to our users Bitcoin Cash at a 1:1 ratio with Bitcoin based on users’ Bitcoin balance at the time of the UAHF

Coinone

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'The third largest bitcoin exchange in South Korea with 6.7 percent market share, Coinone, announced that bitcoin deposits and withdrawals were suspended from July 28 at 6pm. Customers wanting to trade immediately after the hard fork needed to have withdrawn their bitcoin by that date and time. The exchange added:

Coinone has not yet decided whether or not to support BCC officially. We will consider whether to support BCC in consideration of technical issues and the bitcoin ecosystem in the future.

Coinplug and Coinnest

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'Bitcoin broker and exchange platform Coinplug announced on Friday that it is suspending bitcoin deposits and withdrawals on July 30 at 0:00 KST. Services will be resumed once the exchange feels that the network has stabilized.

“After the UAHF hard fork we will monitor BCC carefully and once we feel that BCC is safe and gains noticeable traction within the community we may enable BCC trading at our exchange,” Coinplug wrote. “If we do decide on BCC trading, you will be allocated an equal amount of Bitcoin Cash at a 1:1 ratio with bitcoin based on your bitcoin balance at the time of the UAHF hard fork.”

The smaller bitcoin exchange Coinnest also announced its support for Bitcoin Cash. The exchange has posted a notice on its website stating that customers holding bitcoin in a Coinnest wallet at midnight on July 31 “will receive the same amount of BCC” as bitcoin.

Do you think all bitcoin exchanges in South Korea should support Bitcoin Cash? Let us know in the comments section below.

Images courtesy of Shutterstock, Bithumb, Korbit, Coinone, Coinplug

Need to calculate your bitcoin holdings? Check our tools section.

The post Fork Watch: Korean Bitcoin Exchanges Divided on ‘Bitcoin Cash’ appeared first on Bitcoin News.

Bitcoin Whales and How They Make Market Waves

Originally posted at: https://news.bitcoin.com/bitcoin-whales-and-how-they-make-market-waves/

Bitcoin Whales and How They Make Market Waves

Sometimes when there’s a huge drop in bitcoin’s price traders called “bitcoin whales” are blamed for dumping on the market. Bitcoin whales are individuals or groups who hold vast quantities of bitcoins and can sometimes sway the market towards their preferential price. These market movers have been around since the early days – ‘shaking out weak hands’ many times over the years – but have also failed their missions at times as well.

Also read: Following Money Through the Bitcoin Laundry Is Not So Easy

What is a Bitcoin Whale?

If you trade bitcoins or altcoins, you’ve probably heard the term “whale” before as the name is used to describe big cryptocurrency holders. The term is used this way because whales are the biggest creatures in the ocean and they can overpower smaller fish with their large size. Bitcoin whales are looked at similarly because their extensive holdings can affect large schools of smaller traders with just a few successful trading methods. Additionally the smaller the market and less liquidity means whales can devastate smaller altcoin markets way more easily than bitcoin. We also assume that Satoshi Nakamoto may be the biggest whale of all as the creator allegedly owns 1 million bitcoins.

Rinse and Repeat

Bitcoin Whales and How They Make Market WavesThere are many trading maneuvers whales use to profit, like using a trading tactic commonly called the ’rinse and repeat cycle.’ The rinse trade is used in many types of markets and can be effective if timed correctly and very profitable if you are a bitcoin whale. The trader with a lot of holdings starts selling bitcoins lower than the market rate which at times can cause a panic sell off by small-time traders. The trick is the whale sold just below the current market value and just enough to watch panic ensue. Then the whale waits and watches the panic selling take place until the bitcoin price reaches a new low. At this point, the whales quickly scoop up way more bitcoins than they first started with and after the ‘rinse’ they usually ‘repeat’ this type of trade often. People speculate that there are many ways whales can throw their ‘BTC weight’ around to either push the price up or down to accumulate more bitcoins. Further, whales are not just individuals and can be an organization like a bitcoin investment fund as well.

Utilizing Buy and Sell Walls

Bitcoin Whales and How They Make Market WavesWhales in a sense don’t even have to trade their bitcoins to affect the market as they can also bluff with buy and sell walls. In cryptocurrency markets, exchanges use an order book to facilitate trades where a buyer can set up an order to buy or sell at a specified price other than the spot price. For instance, if the market drops traders will usually buy at a lower bid and sell if the price reaches a higher level. In order to place an order in the exchange’s order book, you have to legitimately own enough funds to cover the order. This means a whale and even smaller traders in many ways can bluff and make it seem like a buy or sell walls exist. However, often times large buy and sell walls disappear just before the price gets close enough because a big player was just bluffing. Nevertheless many buy and sell walls are very real and can change the odds rather quickly if they manage to liquidate someone’s assets.

OTC Markets and Dark Pools

Sometimes whales don’t purchase or sell on traditional exchanges because their holdings or orders could cause a stir in the market. For cryptocurrencies over the counter trading (OTC) or “dark pools” is where big buyers and institutional traders can purchase vast amounts of bitcoins without being seen by the public eye. Dark pools are similar to OTC trading as they are usually found on exchanges that enable ‘off the record’ trades which ensures a whale’s moves are more private. Typically OTC markets and dark pools only allow traders who purchase an abundant amount of bitcoin at one time and set minimums for entry.  

The Infamous Bear Whale

Back in October of 2014, there was an event where a massive bitcoin whale liquidated 30,000 bitcoins for $300 a piece. Many traders and speculators thought it would wreck the market at the time but instead, the order was ripped through by buyers and bitcoin’s price subsequently rose to $375. The event was remembered forever, and the trader will forever be known as the “bear whale.” The 30,000 BTC order was also recorded on video alongside many memes and graphics depicting the epic slaying of this gigantic whale. Many bitcoiners felt victorious that day in October because a whale of that size failed to sway the market.

Bitcoin Whales and How They Make Market Waves

Whales Are Often Blamed for Big Market Shake Outs

Whales have been discussed in the bitcoin space for quite some time, and they are usually blamed for unexplainable market phenomenon. Further, there are a lot of conversations across bitcoin forums asking the question — How many bitcoins does it take to be a whale? It seems the answer varies from 1,000 bitcoins to 10,000 bitcoins according to multiple threads on Bitcointalk.org and Reddit. Many people believe that whales can still affect the market due to bitcoin’s relatively small market capitalization where multi-million dollar orders can still shake things up. As bitcoin markets become stronger and gain more liquidity, speculators believe it now takes bigger bitcoin whales to shift the trading waters.

What do you think about bitcoin whales? Do you think large holders can still sway the market? Let us know what you think in the comments below.

Images via Shutterstock, Pixabay, Bitstamp, and Christopher Steininger. 

Can you remember your first-ever bitcoin purchase? For hundreds of us, it was some kind of bitcoin-related swag to show the world we supported the digital economy. Try spending your first bits at our bitcoin.com Store – there’s bitcoin clothing, accessories, art, even bitcoin wallet hardware and research reports. Start your journey down the rabbit hole now. 

The post Bitcoin Whales and How They Make Market Waves appeared first on Bitcoin News.

Hard Forking For Dummies: 2 Simple Rules to Access Your Bitcoin Cash

Originally posted at: https://news.bitcoin.com/hard-forking-for-dummies-2-simple-rules-access-your-bitcoin-cash/

Hard Fork

There are two cardinal rules bitcoin holders should follow to prepare for the bitcoin hard fork. These rules will help users protect their bitcoin and gain access to bitcoin cash after the fork resolves.

Also read: Fork Watch: Korean Bitcoin Exchanges Divided on ‘Bitcoin Cash’

Bitcoin.com has had a lot of people inquire about how to protect their bitcoin and gain access to bitcoin cash with the popular wallets Breadwallet and Blockchain.info specifically, which will be addressed at the end of this article.

Forking For Dummies: 2 Simple Rules to Access Your Bitcoin Cash

The hard fork is happening Monday. Bitcoin cash is being created by the fork. It is a new and different token (coin) than “bitcoin legacy” (the current Bitcoin network).

Do not panic, though. Your coins will not just evaporate into thin air. You will have options on how to handle the consequences of the fork no matter what happens. Here are the two cardinal rules.

Rule 1: Protect Your Private Keys

The most important thing to remember: do not keep your coins on a custodial wallet. This will ensure you will have access to your bitcoin after the fork. Make sure you store your coins in a wallet where you KEEP THE PRIVATE KEYS.

Keys are not the same thing as “password”. You can use a password to login to a service (like an online wallet). “Keys” refer to the actual code used to control your funds (your coins) on the Bitcoin blockchain. As long as you have the key, you can always use that key (in almost any Bitcoin-compatible wallet) to access your funds.

To keep your private key private all you need to do is to use a wallet where you create a seed code or generate a password that protects your private keys. Many wallet applications provide information on whether they are custodial or not.

How to Protect Your Bitcoin During the Hard Fork and Access Bitcoin Cash

As a rule of thumb, any trading platform, exchange, or web wallet generally manages user’s keys themselves. They do not give you access to the keys, so in reality they control all the coins on their site — much like a bank would control your assets if they are kept inside.

For clarification, a word code or seed code basically acts a replacement for your private keys. In the event that you lose your private keys, the seed code is used to regenerate that key and gain access to your coins.

When the fork occurs, possessing the private keys means you will be able to access also bitcoin cash. The amount you can control will be the equivalent amount of bitcoin you had the keys to at the time of the fork. If you do not have your keys, however, the custodian or web wallet controller will make that decision for you (whether to credit you with the new bitcoin cash coins or not).

Waiting Period: Obtaining Bitcoin Cash After the Fork

Furthermore, after the fork completes, each wallet provider may provide (or have already provided) information on how to manage bitcoin cash. Usually, this will just involve each service/app creating a tool or application that allows you to access your newly minted bitcoin cash. The user can simply wait until the service in question provides that tool. Read the news blog of the company behind the wallet you are using to check their latest statements. If there is no statement on Bitcoin Cash and they don’t reply to questions on the matter, it might be advisable to move coins to a wallet that explicitly supports bitcoin cash.

If the company does not, it is still possible to extract your private keys (in most cases, not all) and use them to claim bitcoin cash in another wallet, although this process requires some technical knowledge of command line or code. It may be best for most users just to keep their keys in wallets that have already announced support for bitcoin cash. Coinbase.com, for instance, currently does not support bitcoin cash.

Another option, although a bit riskier, is to place your coins at an exchange that’ll support bitcoin cash (they’ll credit your account with the same amount of bitcoin cash). Here is a list.

Rule 2: Do not Transfer Bitcoin During or Immediately Following the Fork

How to Protect Your Bitcoin During the Hard Fork and Access Bitcoin Cash

The second rule: Users should not to do any bitcoin transactions — send or receive coins — during or directly following the fork. All users should wait until two or three days after the fork before sending funds (maybe longer depending on network stability). This is important because the network may be unstable and vulnerable to attacks during this period. However, any vulnerabilities cannot be easily exploited if users are not sending funds around.

If you follow the two rules cited above, you should be well protected both during and after the fork, as well as be able to access bitcoin cash. Stay tuned to Bitcoin.com for more information regarding the fork as the situation develops.

Obtaining Bitcoin Cash on Breadwallet and Blockchain.info

Breadwallet

Some users are confused about how they will obtain bitcoin cash on Breadwallet. This should be a simple process. After the fork, Breadwallet will develop a new wallet application specifically for bitcoin cash. A user will then just use their seed code from their original wallet with the new one to gain access to their bitcoin cash.

It is still unclear how long it will take Breadwallet to develop the application. However, after the dust settles, users should still be able to send and receive their “legacy” bitcoin. Their bitcoin cash amount — at the time of the fork — should remain safe until Breadwallet’s application goes live.

Bitcoin.com spoke with Aaron Lasher, the CMO of Breadwallet. He clarified:

Subsequent to a persistent fork, bitcoin experts and coders can access their private keys using the BIP39 protocol and their 12-word recovery phrase. Retail customers will need to wait a little longer for us to release a separate version of the app that segregates the coins in a user friendly manner.

Blockchain.info

In the case of Blockchain.info, users must first make certain they generate their private keys on the security settings page (a 12-word seed phrase). This will guarantee the user retains access to their funds after the fork. Blockchain.info has not provided details on how they plan on supporting bitcoin cash. Founder, Peter Smith, tweeted users can choose their fork at Blockchain, but did not provide more details.

Transactions clearing in a timely way at @blockchain and with your own private keys, you can choose which fork to be on. #BeYourOwnBank

— Peter Smith (@OneMorePeter) July 29, 2017

Blockchain.info could still opt not to develop a tool or application to give users access to their bitcoin cash funds. If this occurred, users would have to extract the private keys to later gain access to their coins via another wallet that supports bitcoin cash. Currently, it would be recommended that users keep their bitcoin with wallet providers that have detailed how they are going to provide access to bitcoin cash. This will make obtaining it easier after the fork resolves, without having extra technical/coding skills.

How to Protect Your Bitcoin During the Hard Fork and Access Bitcoin Cash

Not Keeping Bitcoin Cash

All users must also bear in mind they are not in any way obligated to access or try to keep any bitcoin cash. If you just want to access your bitcoin, all that is recommended to do is wait for the fork to finish and the dust to settle. When the fork resolves, you should be able to continue using or saving your bitcoin like nothing happened.

If you have any further questions about this process, please post them below! We will do our best to answer questions and help users secure their bitcoin and bitcoin cash. 

Images courtesy of Shutterstock

Need to calculate your bitcoin holdings? Check our tools section.

The post Hard Forking For Dummies: 2 Simple Rules to Access Your Bitcoin Cash appeared first on Bitcoin News.

Fork Watch: Indian Bitcoin Exchanges Will Not Support ‘Bitcoin Cash’

Originally posted at: https://news.bitcoin.com/fork-watch-indian-bitcoin-exchanges-will-not-support-bitcoin-cash/

Fork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash'

India’s top bitcoin exchanges have announced that they are either not supporting or have not planned to support “Bitcoin Cash,” the new cryptocurrency that is expected to result from a user-activated hard fork (UAHF) on August 1. The exchanges have also announced that they will be suspending bitcoin deposits and withdrawals during that time.

Also read: Indian Bitcoin Hotspot Bangalore Sees 50+ Merchants Added This Month

India has three major bitcoin exchanges; Zebpay, Unocoin and Coinsecure. All three have made announcements regarding Bitcoin Cash, as well as how each plans to suspend bitcoin services during the planned hard fork.

Zebpay

ZebpayFork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash' claims to be the biggest bitcoin exchange in India. Its app surpassed 500,000 Android downloads in May and ranked as the 7th most popular finance app in the Apple app store in June.

The company announced on Thursday that it will neither support Bitcoin Cash (BCC) nor its trading, stating that:

If you want access to Bitcoin Cash, please remove your bitcoins from your Zebpay wallet to a wallet in which you control the private keys on or before 31st July. Bitcoin Cash will not be available for customers who leave bitcoins in Zebpay.

In addition, the exchange is suspending bitcoin deposits and withdrawals from July 31 at 10 pm to August 2 at 10 am.

Unocoin

UnocoinFork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash' claims to be India’s most popular bitcoin company with a focus on merchant services. The platform reported having over 300,000 registered users and trading volume of more than 200 million INR each month.

The company announced last week its contingency plan for the hard fork. While the exchange will support the chain with the majority, it stated:

Unocoin has not planned or equipped to support other shorter and weaker chains if they pop up.

The company also announced a system maintenance of the site between July 30 and August 4 “to avoid any loss of customers’ coins via replay attacks and to choose the longer and safer chain to go with.” This period may be extended if necessary.

Coinsecure

CoinsecureFork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash' claims to be India’s fastest 24/7 real-time bitcoin trading platform. The company has announced that “to ensure the safety of customers’ funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 24 hours before activation of either fork.” In addition, the exchange stated:

If you do wish to have access to coins on the other forked chain or access your BTC during the fork, you should send your BTC from Coinsecure to your external address by July 30th.

What do you think about the standpoint Indian Exchanges are taking on Bitcoin Cash? Let us know in the comments section below.

Images courtesy of Shutterstock, Zebpay, Unocoin, Coinsecure

Need to calculate your bitcoin holdings? Check our tools section.

The post Fork Watch: Indian Bitcoin Exchanges Will Not Support ‘Bitcoin Cash’ appeared first on Bitcoin News.