At any particular moment, thousands of computers around the world are humming away, crunching complex math problems that create and sustain bitcoin. 

This network gives bitcoin its appeal: decentralized, always on and easily tradeable. But it also means the network is constantly using energy — a sticking point for many of the cryptocurrency's skeptics and critics. And it's not just a bitcoin problem. Other cryptocurrencies and blockchains including Ethereum have similar challenges.

The debate about bitcoin's environmental impact was elevated earlier this month when Tesla CEO Elon Musk, once one of the most notable bitcoin boosters, said his company would no longer accept it for the purchase of vehicles. He cited the use of fossil fuels for bitcoin mining as a reason.

It's an issue that some blockchain evangelists think they can solve — and potentially open the door to more widespread adoption of the technology. 

"It's a fundamental breakthrough for humanity, we can now do things that we could not do otherwise," said Danny Ryan, a researcher at the Ethereum Foundation, of decentralized computer systems and blockchain technology. "When humans find new tools they use them. So this decentralized thing, this crypto thing, it's not going anywhere, but there's also a much better way to do it."

The better way is called proof of stake. And for some cryptocurrencies, it's already in use.

To understand the implications of proof of stake, it's important to first detail the way bitcoin currently works: a system called proof of work.

The idea for bitcoin is generally recognized to have emerged out of a white paper published in 2008 by an anonymous author who used the pseudonym Satoshi Nakamoto.  It laid out the idea for proof of work, in which separate parties take on the task of verifying the records and transactions stored in a blockchain. 

The system is entirely decentralized, meaning that many computers from all over the world participate in the blockchain verification process. The underlying code of the bitcoin system governs the process, rather than any central authority. 

In order to participate, bitcoin miners need to use specially constructed computers and have access to a lot of energy. Currently, those computers are in short supply but in high demand. At their core are specialized computer chips and semiconductors, both of which are in a global shortage that has already affected the manufacturing of automobiles, laptops and smartphones.

The decentralized network of specialized computers, called "rigs" or "mining rigs," works hard to solve very complex mathematical equations. By solving the equation, they verify that the blockchain is accurate. People who participate in this verification process are called miners and they are rewarded for their efforts in the form of cryptocurrency, in this case, bitcoin. 

The process is energy intensive. In order to verify that the record is accurate, so-called bitcoin miners expend a significant amount of computing power. The miners verifying the records are then rewarded for their expenditures with bitcoin.

The security of the system is built into the enormous amount of computing power that is required to run it. In order to hijack the records, an entity would have to contribute over half of the total computing power. In the case of bitcoin, this would be prohibitively expensive and, due to the shortage of hardware, is not feasible. 

And so, any cryptocurrency built on a proof of work protocol is going to be plagued by, as Musk put it, "insane" energy demands as it scales larger. The Cambridge Center for Alternative Finance,  a part of the Cambridge Judge Business School, found that bitcoin uses about 110 terawatt-hours per year, which is similar to what Malaysia and Sweden use.

Proof of stake takes a different approach to security by ensuring trust in a more old-fashioned currency: money. 

To participate in the blockchain verification process in proof of stake, users create a node, that node can be run by one person or by a pool of people working together. You can think of a node as a computer. The node is required to prove its trustworthiness by locking away a certain amount of crypto coins, the same type generated by the blockchain they are verifying. Imagine putting a deposit in escrow or locking it in a security bond. This process of locking away is called staking.

For each block of transactions that needs to be verified, one node is selected by an algorithm that takes many factors into account to both reward those with more coins staked and prevent one node from getting too much control over the process. That node is responsible for checking and publishing or adding the block to the chain.

Then all the other nodes get some time to make sure that everything looks good. If there is a mistake or fraud, the node that published the problematic block is punished by having some or all of their staked coins destroyed. But if everything looks good, that node is rewarded with more coins. This is both the security mechanism for the blockchain and the motivator for participation.

"Instead of buying a bunch of hardware and burning a bunch of energy, I can instead take that asset and lock it in kind of like a security bond," said Ryan, the researcher at the Ethereum Foundation. 

Because the basis of proof of stake doesn't require any extra energy to prove trustworthiness, it is much more energy efficient. Unlike in proof of work, where specialized computing equipment like high-end graphics cards are needed, the proof of stake protocol can be run off of a laptop. The nodes are virtual spaces, not physical equipment.

As a result, participating in the "mining" process has a much lower barrier to entry, meaning that more people can participate in the process. And given that a core principle of cryptocurrency is decentralization, having more people participating in securing the blockchain helps secure the whole system.

The whole process uses marginally more energy than a computer would if it was just on. Researchers like Ryan believe that the result is that energy consumption for proof of stake is 99.99 percent lower than proof of work.

Proof of stake is already working. Cardano uses proof-of-stake and has the fourth-largest market capitalization — $50 billion — of any cryptocurrency as of mid-May. It is currently the most significant proof of stake cryptocurrency on the market.

Cardano surged after Musk tweeted about ending the program to allow people to buy Teslas with bitcoin due to energy efficiency concerns, which sent nearly every other cryptocurrency into steep declines. It has since followed suit and plummeted.

Other already functioning cryptocurrencies that use proof of stake include Polygon, Tezos, Polkadot and EOS.

But perhaps the biggest potential impact of proof of stake is a project called Ethereum 2.0.

Ethereum is the second largest cryptocurrency and has become more popular over the past year as investors have looked to diversify their portfolio away from bitcoin. And at its core, Ethereum is designed to be a versatile platform for an emerging concept called decentralized finance, or the use of smart contracts to automate many financial transactions that today require middlemen.

Launched in 2015, Ethereum is also run by proof of work, but since its inception, founder Vitalik Buterin envisioned a transition to proof of stake. At the launch of Ethereum, the community agreed to set aside 430,000 ether coins to fund the Ethereum Foundation, a registered nonprofit in Switzerland. That is now equal to about $1 billion. The foundation has supported the community through grants in an effort to move toward the more energy efficient Ethereum 2.0, but in the spirit of decentralization is not leading the way.

"There's hundreds of people that work on this project," said Ryan, who is one of the few researchers employed by the foundation. "The EF certainly plays a kind of coordination role, and has tried to help facilitate and keep things moving. But I would say it's certainly not centralized."

It is complicated to switch Ethereum to proof of stake. The engineers working on the project have to build and test the proof of stake engine and have it run parallel to the existing system, which continues to run on proof of work. This portion has already begun to slowly come online.

Once the proof of stake engine is completely online, it will run for some time while bugs are worked out. Then, when the kinks are fixed, the community will ideally come to a consensus and set a time for the swap to happen. Users of the platform and people who hold ether won't be affected; all the changes will happen on the backend. At that moment, the energy usage of the platform is expected to drop by 99.99 percent, according to the Ethereum Foundation.

Ryan says the goal is to get this done in 2021, but cautions that 2022 is also fairly likely. And there have been delays before.

As another day dawns upon the cryptocurrency industry, new battle lines need to be drawn. Bitcoin continues to show bullish momentum but meets some resistance. Placing a short for certain other currencies may prove worthwhile under these conditions. 

Based on the statistics by Datamish , speculative sentiment remains in favor of Bitcoin, Ethereum, Monero, and EOS. Although these first two are not a surprise, things are getting a bit more interesting with Monero. Some traders expect the Bittrex delisting to make a bearish impact, even though that exchange is mostly irrelevant for privacy coins. 

In the past 24 hours, this translates to more traders opening a long position for XMR. More specifically, Traders primarily short Monero, but there are 4.6% more longs to note as well. As the price remains stable near the $145 mark, it will be interesting to see what happens next. Going short against Monero may prove to be a wrong decision. 

For EOS, things seem to be heating up as well. This market still has many short positions but notes a decrease of over 47% in the past 24 hours. At the same time, there are 4.2% fewer long positions. This may hint at some sideways market momentum for the foreseeable future. As the price is buckling a bit, it remains unclear what will happen next.

Following a recent bullish surge, it is not abnormal to see people attempt to short Litecoin. The silver to Bitcoin’s gold has had a fair price run but seems to run out of steam. Over 10% of the longs have been closed in the past 24 hours. Perhaps this is a sign of things to come? 

Cardano has not received too much attention in recent weeks. Its overall performance has not been terrible, but nothing too spectacular either. As traders massively close their long positions – down by 17% – more and more shorts are being opened. The ratio of longs-vs-shorts is currently 2-to-1, which isn’t too ideal for those expecting to see more ADA gains. 

ZCash is another intriguing creature in the cryptocurrency world. Its price performance is never too exciting, and traders are currently not intent on keeping their long positions open. With over 18% of the longs being closed – and a 1.8% decrease in short positions – the ZEC price can head in any direction. 

IOTA took a lot of cryptocurrency traders by surprise during its inception. It achieved a multi-billion dollar market cap reasonably quickly. However, IOTA has fallen from grace ever since. Although traders maintain their long positions, there are also 33.5% more short positions against IOTA all of a sudden. For a currency still down by 93.7% from its all-time high, that is not a good sign. 

Finally, there is XRP, the native Ripple asset. Based on recent news, this currency should be trading much lower than it currently does. However, there is still plenty of bullish sentiment toward XRP. Simultaneously, a 46.1% increase in short positions indicates this may not be the case for much longer. 

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Both Binance and Coinbase are two mainstream cryptocurrency exchanges, which are known to the crypto enthusiasts for their exemplary trading services and reputation. The two platforms have been around for a good number of years, with some of the best management teams in the crypto space. In this Binance vs Coinbase review, we will compare side by side the main features of each platform to help users make an informed decision.

Binance is a cryptocurrency exchange that runs crypto-to-crypto trades. This means that the platform doesn’t accept fiat money, such as EUR, USD, or GBP. The exchange was officially launched in 2017, with China as its original location. However, the company relocated to Japan when China imposed stringent laws on cryptocurrency. Currently, Binance has its headquarters in Malta and a subsidiary branch in the US.

The brain behind Binance is Changpeng Zao, popularly known as CZ. So far, Binance has had a prosperous journey since its launch. Currently, the exchange can manage more than two billion dollars in daily volume. This makes it the largest platform for altcoin trading.

Coinbase officially joined the crypto community in 2012. The San Francisco, California-based cryptocurrency exchange is a brainchild of two men, Brian Armstrong and Fred Ehrsam. In the crypto space, many users view Coinbase as one of the largest crypto-broker exchanges worldwide.

The platform has more than 40 million verified users, with seven thousand institutions and 115,000 ecosystem partners attached to it. According to their official website, Coinbase is present in more than 100 countries across the globe, where it allows users to invest, save, earn, and use digital currencies easily and securely. 

Importantly, Coinbase holds a BitLicense, which makes it one of the few cryptocurrency exchanges that can legally work in New York. It has collaborated with the world’s top brands like Dell, Time Inc., and Expedia, among others, to process Bitcoin payments.

Coinbase serves as a crypto broker, allowing users to trade digital currencies at set prices based on the prevailing market trends. This means that users do not have to wait for orders to match, because transactions are simple and fast. Since its launch, more than $50 billion worth of crypto has been traded on the platform.

To identify the winner of our Binance vs Coinbase battle, we will start with the cryptocurrencies available on both platforms.

Coinbase allows customers to use different cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, USD Coin, Litecoin, Ripple, Basic Attention Token, EOS, Augur, Dai, Chainlink, Kyber Network, ZCash, and Cosmos.

Contrary to other traditional exchanges, Coinbase supports various fiat currencies in exchange for digital currencies. Accepted fiat currencies are EUR, GBP, and USD. Besides, Coinbase allows multiple payment methods to enable customers to send fiat money to the platform and buy crypto. Payment methods accepted on Coinbase include PayPal, bank transfer, debit/credit cards, and SEPA for European customers.

Binance supports more than a hundred different cryptocurrencies. Some altcoins available on the platform are Ethereum, Litecoin, and Zcoin, among others. With a wide range of cryptos, Binance offers high liquidity and a rich list of crypto pairs. It has more multiple trading options compared to Coinbase.

Coinbase is currently available in more than 100 countries across the world, including North America and South America, Africa, Australia, and Europe. Some countries can only convert fiat to crypto, while other countries can convert, buy, and sell. The capabilities vary from one country to another. Payment methods also vary from one country to another.

Binance, in contrast, supports users from more than nearly 200 countries and regions. Some of the countries include Argentina, Brazil, Colombia, Kenya, Malaysia, Mexico, Austria, Belgium, Lithuania, Luxembourg, and many more.

When it comes to user experience, Coinbase is recommended for novice traders and investors. This is because of its easy-to-learn interface. It allows even beginners to learn the ropes of using digital exchanges much faster. Besides, Coinbase users can easily cross over to GDAX and trade more currencies than those available on Coinbase.

Binance user interface is perfect for both beginners and seasoned users. The platform gives customers two options when buying. There is a basic and an advanced option. Beginners can start by using the standard option and move on to the advanced section once they become trading professionals.

While the two platforms support crypto/fiat exchange services, they operate differently. On Coinbase, users can trade Bitcoin directly from the company for fiat currency, such as the USD. Binance, on the contrary, offers more altcoins, which makes it the best cryptocurrency exchange for crypto-to-crypto trading.

If you want to easily perform crypto conversions, then Coinbase provides the best alternative.

Another important factor in our Binance vs Coinbase comparison is the availability of these platforms for mobile phone users.

Binance offers a mobile app for both Android and iOS users. These apps allow customers to trade fast and secure from their mobile devices. A unified trading platform, Binance permits users to trade futures, margin, or spot using mobile apps.

Similarly, Coinbase offers apps for both Android and iOS customers. Coinbase apps are reliable, allowing users to trade with ease from their smartphones or tablets.

With a good user interface, Binance allows users to easily withdraw funds from the platform. Here’s how it happens:

Similarly, Coinbase users can withdraw their funds by signing in to their Coinbase account and clicking the “Withdraw” button. A window pops up and asks how much the user would like to withdraw. The user enters the amount and the wallet address where the funds should be sent. The process is just that simple.

Binance withdrawals can take less than 30 minutes to reach the destination wallet. Withdrawals on Coinbase vary from one region to another. Generally, withdrawals to bank accounts take 1-5 business days.

In most cryptocurrency exchanges, the fees charged depend on the user’s country, currency involved, payment method, and trading volume. Coinbase charges fees as follows:

For credit or debit card purchases, Coinbase charges 3.99%.

Binance charges 0.1% on spot trading, 0.5% on instant buy/sell. It’s important to do fees comparison before using a crypto exchange.

In terms of security, Coinbase applies industry-standard security measures, which include strong passwords and two-factor authentication. The 2FA applies even to phones or mobile apps, such as Google authenticator. The platform also notifies users whenever a new IP address tries to access their account.

Binance, in contrast, is less transparent about its security measures. However, personal accounts are protected by 2FA and email verifications. In 2018, Binance experienced a hacking attempt that was nipped in the bud before it became disastrous.

In 2019, a hacker gained access to the platform and users’ API keys. Binance lost $40 million worth of crypto assets during this incident. However, the exchange reimbursed all the users who suffered the loss through their Secure Asset Fund for Users (SAFU) security fund.

Regarding customer service, Coinbase has been praised as having the best customer service among other mainstream crypto exchanges. Users can reach the customer support team through email and phone. Response time often takes between 24 and 48 hours.

Binance equally runs a similar email support system. Customers can reach the team through online support tickets available on the website and receive responses via email. Even so, some customers have complained of slow responses from the platform. Binance also offers learning resources through its Binance Academy or Binance Research branches.

In terms of reputation, Coinbase is seen as one of the most secure and reliable exchanges in the crypto industry. According to Google searches, Coinbase usually appears in first or second search results. Besides, the platform is very safe, given that all funds are stored offline.

Binance, at the same time, enjoys positive reviews, and with improved security measures, such as 2FA, it’s considered safe to use.

To sum up, Binance and Coinbase are both solid platforms for upcoming and seasoned crypto traders. Coinbase is an excellent choice for beginners who are looking for quick access to mainstream crypto assets, such as Bitcoin or Ethereum. Binance, in turn, provides a wide range of altcoins with low trading fees.

It works best for those who are already equipped with some knowledge of crypto. In the end, there’s no winner in our Binance vs Coinbase battle because it all depends on the user’s preferences.

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Here we go!  Although December was more mixed than all green November, the 2020 Top Ten Portfolio gained in value.  The big stories this month were XRP’s fall from grace with the SEC and Bitcoin’s new all time high.  

With this month’s update, we wrap up year one of tracking the 2020 Top Ten cryptos! In the order they started the year: Bitcoin, Ethereum, XRP, Tether, Bitcoin Cash, Litecoin, EOS, Binance Coin, BitcoinSV, and Tezos.

Just twelve months ago, this was the lay of the land – the Top Ten projects by market cap, which held nearly 90% of the total value of the entire crypto sphere.  The fact that 30% of the 2020 Portfolio have already dropped out of the Top Ten goes to show just how fast crypto moves.  

It’s also a good reminder of how fluid the space is and gives us all a heads up: the Top Ten today will almost certainly look different a year from now.  We’re still very early in crypto, the Yahoo, Napster, AOL days (when was that, around 1999?).  A lot can and will change in the coming years.

One year into the 2020 Top Ten Crypto Index Fund Experiment: 100% are in the green.  The portfolio as a whole has returned nearly 140%, which lands it in second place behind the 2019 Top Ten Portfolio. Four of the ten cryptos have seen triple digit price growth led by Ethereum, up +473% since January 1st, 2020.  

The 2020 Top Ten Portfolio’s +139% return outperformed six of the individual component cryptos contained within the Index while absolutely dwarfing the S&P 500’s +16% gain for the year. 

Scroll down for the answer.

Lots of movement, mostly down this month.  Only BTC, ETH, and LTC held their positions.  After flipping Tether for third place last month, XRP was re-flipped by USDT in December. Binance Coin was the only other crypto to climb this month (up from #10 to #9).  The rest lost ground: BCH and BSV fell one spot to #6 and #12 respectively, Tezos slid from #18 to #20, and EOS fell the most in December, dropping three places to #16.

Top Ten dropouts since January 2020: After one year 30% of the cryptos that started in the Top Ten have dropped  Tezos have been replaced by Chainlink, Cardano, and Polkadot.

The 2020 Top Ten dropout rate of 30% is slightly better than the 40% dropout rate of both the 2019 and 2020 Top Ten Portfolios.  

Which held and which lost the most ground compared to its peers?  Twelve months in, we have two both ended the year higher than when it began.  rong> have been steady. 

One more time, I’ll give a special year-end mention to Litecoin.  Much to the shock of us nerds who have been watching for a while, LTC fell out of the Top Ten just a few months ago. Climbing back not only to the Top Ten but to the Top Five by the end of 2020 silenced quieted those who started questioning Litecoin’s relevance (for now at least).

Beginning 2020 in 10th place, Tezos has dropped the most this year – ten positions.  Its final 2020 ranking of #20 places it in danger of becoming the first 2020 Top Ten crypto to fall out of the Top Twenty.  EOS has also had a nine position slide, dropping from #7 in January to #16 in December.

December Winners – Bitcoin won December.  It dominated the press coverage, hit a new all time high, and gained +51% in 30 days.  Litecoin quietly had an excellent month (+44%) as did Binance Coin (+22%).   

December Losers –  With the SEC news, XRP experienced a massive sell-off, falling -63% in December and falling out if its hard fought #3 spot in the ng> also struggled late in 2020, finishing the year down -18% and -17%, respectively. 

One year into the 2020 Top Ten Experiment, here’s a snapshot of the monthly winners and losers:

With three monthly victories, ETH had the most monthly wins in 2020. BTC, Tether, and Tezos follow with two Ws each.  BSV and Tether end the year tied with the most monthly losses at four each.

Year One Wrap Up – Ethereum dominates, 100% of cryptos in positive territory, EOS at the back of the pack.

Despite Bitcoin receiving the lion’s share of the buzz in 2020, Ethereum was easily the best performing Top Ten Crypto, up +473% in 2020. BTC comes in second with a +307% gain followed by Litecoin (+204%) and Binance , EOS is the worst performing cryptocurrency of the 2020 Top Ten Portfolio.  It has gained only +6% in a year of outsized crypto gains.

Unlike the parallel 2018 and 2019 Top Ten Portfolios, 100% of the 2020 Top Ten cryptos are in positive territory.  Even XRP, which had a horrendous December, managed to end the year well in the green.

2020 ended with a bang for crypto. For three months in a row, the month-end market cap has set new yearly highs.  $193B was added to the market in December, which immediately followed the $182B added in November,  The total market cap is now over the psychologically important $750B mark.  That’s three quarters of a trillion dollars.

In December we achieved nce to be exact, a record high for the 2020 Top Ten Portfolio.   

For context, the BitDom range since the beginning of the experiment in January 2020 has been roughly between 57% and 70%.

If you’re new to the space, keep an eye on this number: a high BitDom signals less of an appetite for altcoins and vice versa. 

After an initial $1000 investment on January 1st, the 2020 Top Ten Portfolio is now worth $2,395, up +139%. After leading most of the year, the 2020 group has fallen significantly behind the 2019 Top Ten Portfolio’s +169% which is now the best performing of the three Experiments. More on that below.

Here’s the month by month ROI of the 2020 Top Ten Experiment, hopefully helpful to maintain perspective and provide an overview as we go along:

+139% is the highest monthly ROI so far for the 2020 Top Ten. Also of note, the 2020 Top Ten Portfolio is unique: it is the only one out of the three Experiments to have never experienced a losing month.

The range of monthly ROI for the 2020 Top Ten has been between a low of +7% in March and the new high this month of +139%.

So, how does the 2020 Top Ten Experiment compare to the parallel projects?

Taken together, here’s the bottom bottom bottom line for the three portfolios: 

After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $‭5,601‬ ($513+ $2,693 +$2,395).

That’s up about +87% on the three combined portfolios, compared to +72% in November. 

Lost in the numbers? Here’s a table to help visualize the progress of the combined portfolios:

That’s a +87% gain by buying $1k of the cryptos that happened to be in the Top Ten on January 1st, 2018, 2019, and 2020.

But what if I’d gone all in on only one Top Ten crypto for the past three years? While many have come and gone over the life of the experiment, five cryptos have started in Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Let’s take a look:

Going all in on Bitcoin with $3,000 USD (dropped in $1k chunks every New Year’s Day since 2018) would have yielded +358%, turning that $3k into over $13,730.  ETH, the best performing of the Three Year Club last month, comes in second place at the end of 2020 (+310%). 

XRP, while still up in 2020, would have been the worst three year all-in bet, at -31%.  Just last month this figure was +88%.  That’s how fast the situation can change in crypto.

And at this point in the Experiments, while the +87% gain of the Top Ten Index Fund approach can’t compete with BTC, ETH, or LTC’s individual returns, it is outperforming a hypothetical all-in investment in both XRP and BCH by a healthy margin. 

So that’s the Top Ten Crypto Index Fund Experiments snapshot. Let’s take a look at how traditional markets are doing.

I’m also tracking the S&P 500 as part of my experiment to have a comparison point to traditional markets. Another month, another all time high for the S&P.  Year to date the S&P has returned +16% .

Overall, these are very solid returns, especially with such chaos in the world. This overachieves the 8% that financial planners use for predicted annual market returns and is quite positive considering 2020 was such an unpredictable year.  Scroll up for how it compares to crypto, or let me just make it easy for you: over the same time period, the 2020 Top Ten Crypto Portfolio is returning about +139%. The initial $1k investment in crypto is now worth about $2,395. 

That same $1k I put into crypto in January 2020 would be worth $1160 had it been redirected to the S&P 500 instead. 

That’s a $‭1,235‬ difference on a $1k investment, by far the largest gaps in favor of crypto all year.

But that’s just 2020. What about in the longer term? What if I invested in the S&P 500 the same way I did during the first three years of the Top Ten Crypto Index Fund Experiments? What I like to call the world’s slowest dollar cost averaging method?  Here are the figures:

So, taken together, here’s the bottom bottom bottom line for a similar approach with the S&P: 

After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $4,070.

That $4,070 is up +36% since January 2018, compared to a +87% gain of the combined Top Ten Crypto Experiment Portfolios over the same period of time.  You can also compare against five individual coins (BTC, ETH, XRP, BCH, and LTC) by using the table above if you want.

To help provide perspective, here’s a quick look at the combined three year ROI for crypto vs. the S&P up to this point in 2020.

For those keeping track: that’s seven monthly victories for the S&P vs. five monthly victories for crypto.  The largest gap is now: a 51% difference in favor of crypto. 

Crypto certainly seems to have some momentum: you may notice that every crypto victory has occurred in the second half of 2020. 

As opposed to some of the more “forgotten” cryptos of the 2018 Top Ten Portfolio, most are still aware of the 2020 Top Ten projects.  That said, with a 30% drop out rate after just twelve months, we’re reminded that things change fast in crypto.  

The 2020 Top Ten Portfolio is a good example of just how quickly projects can capture attention… then just as quickly be discarded.  That hot new project that everyone’s talking about?  It may or may not be around for next year’s Top Ten.

Thanks for reading and for supporting the Top Ten Crypto Index Fund Experiments over the years! I’ve continually tried to improve these reports over the years and will continue to do so.  Now that I have four concurrent Top Ten Portfolios to track (plus a possible stablecoin interest spinoff) I may have to figure out a different way to share the information.

Overall, it’s been a pleasure interacting with everyone, especially beginners – feel free to reach out if you have any questions.

As for the future of the experiments?  Full steam ahead.   

All the best in your crypto adventures in 2021!

C) $29,000According to Reuters, Bitcoin reached $29,300 on December 31st, 2020.

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Register now at Publish0x to claim your $$$. It only takes 15 seconds and it's free.

XRP price – BTC, ETH, XRP, ADA, EOS, XTZ, AVAX: Technical Analysis for March 17, 2021

The Bitcoin (BTC) price has bounced at an ascending support line which coincides with a horizontal support area.

Ethereum (ETH) was temporarily rejected below $2,000 but is expected to find support near $1,700.

XRP (XRP) is trading in a range between $0.36-$0.63.

Cardano (ADA) has returned in order to validate the previous all-time high resistance at $1 and bounced after. 

EOS (EOS) is trading inside a parallel ascending channel.

After reaching a new all-time high price on Feb. 14, Tezos (XTZ) dropped below the previous all-time high resistance area. This level was expected to act as support.

Avalanche (AVAX) has bounced at the $25 support area.

BTC has been following an ascending support line since the beginning of March.

After reaching an all-time high price of $61,844 on March 13, BTC began a downward move. The drop took it back to the support line, which also coincides with the $54,550 horizontal support area.

BTC has begun a bounce, which is supported by the bullish reversal in the short-term MACD. Despite the return to this support line, the trend is considered bullish as long as BTC does not close below it.

Similar to BTC, ETH has been increasing since Feb. 28. So far, it has managed to reach a high of $1,944.60 on March 13.

While ETH has dropped slightly since then, the decrease does not look impulsive. 

Furthermore, it’s still trading above the 0.382 Fib retracement level at $1,696. 

The MACD has turned bullish and the RSI is expected to follow suit soon. 

Therefore, ETH is expected to bounce at this support area and continue higher.

If it reaches a new all-time high, the next resistance area would be found at $2,500.

XRP has been moving downwards since it reached a high of $0.65 on Feb. 22. 

The drop took it to the $0.36 support area the next day, and XRP began the current bounce. 

Despite the increase, XRP is still stuck inside the $0.36-$0.63 range. 

Furthermore, technical indicators are neutral. 

Therefore, until XRP breaks out or down from this range, the direction of the trend is undetermined.

ADA has been moving downwards since reaching an all-time high price of $1.54 on Feb. 27.

The drop has taken it to the previous all-time high resistance area of $1. Therefore, the current decrease looks like a bullish retest.  After testing the level, ADA began a bounce which is still ongoing. So far, it has reached a high of $1.32.

The increase is also supported by the hidden bullish divergence in the RSI.  Furthermore, the MACD and Stochastic oscillator are increasing. These readings suggest that the long-term trend is bullish. 

Therefore, ADA is expected to gradually increase and eventually reach a new all-time high price.

EOS has been increasing since reaching a low on Feb. 23. However, the increase has taken the shape of a parallel ascending channel, which is often corrective. 

Technical indicators are neutral, failing to confirm the direction of the trend. 

Therefore, it’s likely that EOS breaks down from this channel and could potentially drop back to the $3.10 support area.

XTZ reached a new all-time high price of $5.64 on Feb 14. It decreased immediately after. This move has acted to validate the previous all-time high resistance at $4.40 as support. 

However, XTZ broke down instead and has now validated the area as resistance. 

Technical indicators are relatively neutral. While the Stochastic oscillator and MACD are partly bullish, the RSI is partly bearish. 

XTZ is still following an ascending support line. Whether it breaks down from this line or reclaims the $4.50 level will likely determine the direction of the trend.

AVAX has been moving downwards since reaching an all-time high of $60.35 on Feb. 10. The drop has taken it to the 0.618 Fib support at $25, where AVAX has bounced.

Both the Stochastic Oscillator and MACD have turned bullish, supporting the continuation of the upward movement.

The two closest resistance areas are found at $36.70 and $45.70.

For Fintech Zoom’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

XRP price – BTC, ETH, XRP, ADA, EOS, XTZ, AVAX: Technical Analysis for March 17, 2021 Tags: XRP price

Numbers have done all the talking in 2021. Here are some Year-to-Date rises: Ethereum 434%, Binance Coin 1486%, Cardano 1309%, Polkadot 467%, and Solana 2992%. While the coins on this list look cherry-picked and considering that other assets have outperformed these coins as well (Dogecoin come to mind?), the aforementioned assets fall under a specific consensus algorithm, which is Proof-of-Stake.

PoS tokens have legitimately made a home in the top-20 rankings. While Ethereum is not completely PoS consensus yet, its staking protocol has been live since December 2020. Other assets such as Cardano, Polkadot, and Solana have followed a PoS consensus model from the get-go and their market valuation is presently impressive.

It is important to note that these assets are not rallying just because of Proof-of-Stake. Ethereum is currently home to so many projects based on DeFi or dApps that its inherent value had to compound, sooner or later. Cardano is finally getting the attention of the larger market in the bull run, as 100% of its hodlers are presently profitable. Its price surge has only highlighted its fundamentals. Binance Coin represents the largest exchange in the world, while Solana is being deemed as the first web-scale blockchain, and the rise of FTX exchange hasn’t hurt its stock.

If PoS tokens are touted against PoW assets at the moment, PoS has overall blown PoW projects out of the water. However, the king coin i.e Bitcoin remains the largest flagbearer of PoW. Although, its working model came under criticism recently after Elon Musk criticized BTC’s mining energy consumption.

Musk implied that some cryptocurrencies succeed at a ‘great cost’ to the environment, and even stated that they were looking to add other crypto assets for Tesla transactions.

— Elon Musk (@elonmusk) May 11, 2021

Further, during a recent poll, 78.2% of people wanted Tesla to adopt Doge. FYI, Doge is a PoW token as well. Now, in comparison to Bitcoin, PoS tokens could be considered worthy transaction replacements. PoS is more energy-efficient and it does eradicate high-powered computation.

In Proof-of-Stake, the network secures itself through the commitment of stakers, and its security is derived from the perceived economic value of the network. In general, it is good for the environment. However, its strength also highlights its Achilles heel. For all their stability, PoS networks are difficult to secure. While stakers secure the network, they invariably also get richer as ownership is rewarded with capital, leading to centralization within the network.

PoW for Bitcoin, however, has stood the test of time. Over a decade down, PoW systems are yet to be successfully attacked. Additional sources also confirmed that Bitcoin’s energy consumption might not be as drastic as predicted. According to CNBC’s Brian Kelly, 74% of Bitcoin’s energy is renewable, and only 1 out of 5 provinces in China (Mongolia to be exact) is currently operating energy out of coal mines for Bitcoin mining. Kelly went on to state that Bitcoin is possibly acting as a ‘subsidiary for green energy’.

Taking nothing away from PoS projects, as their performance speaks for themselves, the PoW vs PoS debate stems down to economics, efficiency, and individual opinions. Bitcoin’s monetary policy is rigid but it is the only successful one. PoS projects have their issues but with its consensus protocols, multiple projects are breaking out in the market.

At this moment in the current market, the debate will only continue, without a clear-cut answer.

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Proof of stake is a consensus mechanism, which makes sure that only legitimate transactions get added to blocks.

It works by having validators lock up their cryptocurrency to secure the network.

Mining cryptocurrency is an energy-intensive business. But it doesn’t have to be.

The Ethereum community has been working to change how the currency is created in order to radically reduce the blockchain’s carbon footprint. The method it’s working toward is called proof of stake (PoS).

Proof of stake is an alternative to proof of work (PoW), which Bitcoin and Ethereum currently use.

Both PoS and PoW are examples of consensus mechanisms.

Public blockchains, at their most basic level, are just databases.

Most databases set permissions for who can access and edit them. This centralized control is convenient but makes them vulnerable to hacks. By contrast, blockchains make everyone running the software—from exchanges to traders in their basement—responsible for updating them.

That sounds like it would be messy, which is why blockchains use “consensus mechanisms” or “consensus algorithms.” Consensus mechanisms keep the network humming, making sure that only legitimate transactions get added to blocks. It’s all the nodes—or computers running the blockchain software—checking together to say, “Yes, this is true.”

In doing so, they guard against 51% attacks, which is when someone gets more than half of the computing power in a distributed network and can then control it.

To prevent attacks, which make it possible to spend funds twice, Bitcoin uses the proof-of-work consensus algorithm. That system asks people to use hardware and electricity to help the network process transactions. In proof of work, miners (or, their computers, to be precise) try to solve fiendishly difficult puzzles in order to be the first to complete a block of transactions. Their work helps to verify the transactions are legitimate. As compensation, they’re rewarded with cryptocurrency such as Bitcoin.

Proof of work was built into the design of Bitcoin, and replicated by other cryptocurrencies, including Ethereum. However, one of the by-products of this system is it requires a lot of electricity and machines working on a problem in order to solve it.

Ethereum developers are building a separate set of upgrades, Ethereum 2.0 that will run on proof of stake and will eventually merge with the Ethereum mainnet.

Proof of stake on Ethereum 2.0 aims to achieve the same outcome as proof of work: to securely verify transactions on the blockchain.

But whereas PoW miners dedicate hardware resources (large, expensive computers) to secure the network, PoS “validators” dedicate their cryptocurrency. With PoS, to get a chance to verify transactions in a block—and get the associated fees—validators must lock up, or stake, at least 32 ETH that they can’t spend. The blockchain uses that locked-up crypto to secure the network.

According to the Ethereum Foundation, proof of stake has several advantages over proof of work.

🖥️ Since earning rewards isn’t based on having the most computing power, you don’t need super-fancy hardware.

👨‍💻 That opens up the possibility for more people to participate in running an Ethereum node, which will allow for further decentralization and more resistance to 51% attacks.

🔌 Because of the lower hardware requirements, proof of stake uses far less energy than proof of work.

Validators are chosen at random by the network to propose new blocks.

They are also randomly grouped into committees of 128 nodes, which change daily. Every time a new block of transactions is created and added to the blockchain database, the PoS consensus mechanism selects multiple committees to “attest” that the block that’s been proposed is correct.

Validators receive rewards for both making blocks and attesting to seeing other blocks being made. If validators are offline or not making correct attestations, they receive a penalty. If they try to attack the network, they can lose up to their entire stake.

The algorithm is designed to make an attack on the network statistically improbable. According to ConsenSys (which funds an editorially independent Decrypt), “There is less than a 1 in a trillion chance that an attacker controlling 1/3 of the validators on the network would control ⅔ of the validators in a committee to successfully execute an attack.”

Ethereum isn’t the first cryptocurrency to use proof of , and Tezos have all implemented a version of proof of stake.

The Ethereum network is currently in Phase 0 of its upgrade to Ethereum 2.0. While people have staked ETH to the network, it’s not yet ready to be built upon.

As Scott pointed out in his video, any cryptocurrency that is used for day-to-day transactions should have a relatively stable price. If a cryptocurrency falls dramatically in price after you pay for something, then the merchant will feel like they sold the product for a steep discount. On the flip side, if the price of the cryptocurrency skyrockets after the purchase, then the buyer will feel that they have overpaid for the product. 

If we look at data from CoinGeko we can see that each of the three cryptocurrencies Scott discusses (BCH, LTC, and DASH) have exhibited significant volatility and price swings in the past year. Simply by eyeballing the charts, we can see that DASH has ranged from about $47 to $148, Bitcoin Cash has ranged from about $149 to $605, and Litecoin has ranged from about $30 to $177.

I understand that 2020 has been quite a crazy year, and obviously, dramatic price appreciation is a good thing for cryptocurrency as an investment, but we have to remember that the main goal of a coin for daily transactions is to retain an approximately stable value. 

In contrast to those cryptocurrencies, the top three stablecoins have generally stayed between $1.01 and $.98 throughout the course of the year. Dai experienced slightly more variation than the other two stablecoins (which we will discuss later), but overall they appear to do a much better job and have remained within 2% of the targeted value. Note: Although the fluctuations on Dai appear quite large, the scale on the Y-axis is in terms of cents whereas the scale for DASH is increments of $25. 

Although each of the top three stable coins does approximately the same in terms of maintaining their dollar peg, the way that they maintain this peg varies considerably which could be one reason why someone would choose one coin over another. 

For example, the USD (USDC) stablecoin is backed 1 to 1 by US dollars. In other words, for every USD stablecoin in existence, one US dollar should be sitting in a reserve account somewhere. Although Tether was originally believed to follow the same 1 to 1 system, it has a more relaxed definition of backing that the USD stablecoin and each Tether stablecoin is now backed by a combination of USD and “other” assets. 

Herein lies a problem with centrally issued stablecoins. Although they do a very good job at maintaining the $1 USD peg, they rely on trust that the company will actually keep the required amount of dollars in reserve to back them. Trusting a centralized company runs counter to the principles of cryptocurrency, and for that reason, many people prefer a decentralized stablecoin instead. 

In contrast to USDC and Tether which are issued by a centralized company, the Dai stablecoin is created and distributed by a decentralized network of participants interacting with smart contracts. I won’t cover all the details, but the general idea is that Dai is created when decentralized users lock cryptocurrency into a vault thereby minting new Dai. If the price of Dai starts drifting away from $1 USD, there is a market-based price inventive system that provides a financial incentive for users to mint more or less Dai and bring the price back to $1 USD.

In my opinion, Dai is more decentralized than either of the other two stable coins, but this decentralization and incentive-based price control also means that the price can drift a little bit further away from $1 than the other stablecoins. As with everything else in cryptocurrency, users have the choice of deciding what cryptocurrency they would prefer. Users who prefer more decentralization will usually opt for Dai, where is those that prefer a more precise peg to USD will likely opt for USDC or Tether.

As I described in a previous article, stablecoins are actually a token which means that they don't have their own dedicated blockchain and instead run on a pre-existing blockchain. Thus, the stablecoin that a person chooses to use will depend and not just on the merits of the coin itself, but also on what blockchain they are wanting to interact with.

For example, Dai Is an ERC-20 token that runs on the Ethereum blockchain. This means that paying a merchant for a cup of coffee will require them to have an ERC-20 compatible wallet. It will also require the purchaser to spend a significant amount of gas required to pay the ETH transaction fee. The reason that Scott did not recommend traditional Bitcoin as a day-to-day payment mechanism was due to the high transaction fees, and I see ETH and ETH based stablecoins sharing a similar predicament. 

 If we are simply trying to make small, frequent purchases, then we need to use a cryptocurrency that has very low transaction fees. Although Dai is great at being decentralized and does a good job of maintaining its $1 USD peg, it doesn't seem very efficient to spend $3 to $4 in transaction fees to pay for a $4 coffee.

I believe that one advantage Tether (and USDC to a lesser extent) has over Dai is that it is capable of running on several different blockchains including EOS, Ethereum, Algorand, Tron, and most recently Bitcoin Cash.

I would make the case that it's important to consider not just the merits of the stablecoin itself and how it is backed, but how much it costs to transfer value using that stablecoin. In other words, the blockchain itself on which that stablecoin is transferred should be taken into consideration when selecting a stablecoin. For example, if I want to pay a merchant $5, I can do so with Dai on the Ethereum blockchain, which will likely take several dollars worth of fees in addition to the purchase price of the item. Or, I can send $5 worth of Tether on the Bitcoin Cash Blockchain which will add just a few fractions of a cent to my purchase price.

Further, operating on multiple blockchains allows a stablecoin to be more widely received. For example, Dai, which operates only on the Ethereum blockchain, can only be accepted by merchants with an ERC-20 compatible wallet whereas Tether could be accepted by anyone that has a Tron, Ethereum, BCH (with SLP support), Liquid Network, Algorand, Omin, or EOS compatible wallet. 

Although stablecoins do have many advantages over true cryptocurrencies, they aren't perfect, and I want to finish up by going back to Scott's video. Although DASH, LTC, and BCH might not be as good at maintaining a stable value, they offer much more decentralization than USDC or Tether are capable of offering. Although Dai is more decentralized than Tether or USDC, its transaction fees are currently very high which means that BCH, LTC, and DASH are more well suited to day-to-day transactions at least in that respect. 

As with everything in crypto, there is a bit of balancing required, and everyone must make their own choices. Someone who prefers very high decentralization and a tight dollar peg might prefer to transact in Dai, but they would have to accept the high ETH gas fees. Someone that prefers a tight dollar peg and low fees might elect to use Tether on the BCH blockchain, but they would have to be content with trusting a corporation to be honest about its reserves. Someone that wants decentralization and low transaction fees might use BCH, LTC, or DASH as Scott suggested, but they would have to be comfortable with greater fluctuations in price. 

My point in writing this article was to show that there are many great options in crypto, but, at least in my opinion, there is no ONE option that can do everything all at once. The coins that Scott suggested are a great starting point to consider, and although I would probably choose BCH (one of his choices as well) for the "best" daily use crypto there are many different coins/tokens which offer differing balances of speed, stable value, decentralization, and fees. Some people may find that they prefer the speed and decentralization of BCH/LTC/DASH whereas other people may be willing to give up a bit of decentralization or pay higher fees to have a more stable value coin. As always, it is up to each user to determine what balance is best for their specific purposes, and I believe there are a lot of "right" answers.

As always this is not financial advice. 

Thanks for photos/iar-afB0QQw

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If you’re only beginning your crypto journey or have been trading Bitcoin for years, there’s a fair chance you’ve tried to delve into the universe beyond Bitcoin and Ethereum just to be perplexed by all the various cryptocurrencies available.

After all, thousands of substitutes have arisen in the decade since Bitcoin first gained popularity. And there are currently over 45 cryptocurrencies available for trading on Coinbase alone. Tokens that support control decentralised finance (or DeFi) protocols have grown in popularity in recent years, and as a result, a lot of the cryptocurrencies on this list come from that world.

   

Algorand aims to improve on related ventures like Ethereum by increasing scalability, stability, and decreasing the time it takes for network transfers to be deemed “final.”

Developers may use Algorand to build decentralised applications — for loans, decentralised trading, and a variety of other purposes — that can benefit from smooth, low-cost transaction processing whilst scaling to a large number of users.

How it works: By a mechanism known as PPoS (or “Pure Proof of Stake”), algorand nodes find agreement on what should appear in the blockchain. — which uses a staking system (instead of a Proof of Work mining system like Bitcoin’s) to verify new transactions and produce new crypto tokens.

Participants in the Algorand network (or nodes) will stake any of their ALGO in return for the chance to be randomly chosen to suggest a new block of validated transactions. The winner receives a new ALGO.

Keep in mind that PPoS schemes, such as Algorand’s, use less electricity than Proof of Work blockchains, such as Bitcoin, so they do not rely on thousands of miners expending energy to solve cryptographic puzzles for the chance to gain a block reward and receive transaction fees.



The Bitcoin Cash blockchain is built on the first Bitcoin blockchain, although there are several significant variations. One significant difference is that the actual block size has been expanded to 32MB from 1MB in Bitcoin. Because of the larger block size, Bitcoin Cash can handle transactions quicker than Bitcoin, with lower fees and a higher per-second transaction ability.

Remember that Bitcoin Cash is available on almost all exchanges and is backed by PayPal. But keep in mind that just because it was built to be quicker and cheaper than Bitcoin does not mean that Bitcoin consumers have left the original in favour of a newer edition.



Chainlink is a decentralised oracle network operated by the Ethereum token LINK.

Oracles are a critical component of the decentralised finance (or “DeFi”) landscape: in the absence of a centralised authority, they are the primary process by which DeFi applications obtain reliable external data (especially prices). There was no reliable solution that permitted smart contracts and DeFi apps to access external market rates prior to the development of Chainlink.

Chainlink was created to incentivize a global network of computers (or “nodes”) to deliver reliable data to Chainlink’s oracles. Today, several oracles are in use, including those that offer price data across a broad variety of properties, weather data, and location data.

The Connection token is used to pay for network resources and to incentivize nodes to do verifiably truthful work and provide reliable data.

Keep in mind that in order to become a node and begin sending data to Chainlink oracles, holders must stake LINK tokens into a smart contract as an opportunity to refrain from misbehaving or sending false data to the network.



EOSIO aspires to be a competitor to Ethereum. It functions as a “blockchain computer” and offers blockchain infrastructure for decentralised applications, allowing developers to build, deploy, and host their own smart contracts and decentralised apps (or dapps).

How it works: Due to technologies such as parallel processing, EOSIO appears to be able to serve thousands of dapps without facing any detrimental network consequences such as heavy fees or long approval times. This could be attractive to commercial developers and financial institutions interested in implementing blockchain technology for large-scale use cases.

EOS, the network’s native coin, is used to power blockchain transactions and applications and can be staked for a reward in a consensus mechanism known as Delegated Proof of Stake (DPoS.)

Keep in mind that EOSIO was designed to be simple for developers and end users to implement, with a strong emphasis on the pain points experienced by developers of blockchain apps today, especially those of speed, scalability, and programme design flexibility.

Litecoin is one of the most known cryptocurrencies. It was developed in 2011 as a fork of Bitcoin and provides quicker processing times and lower transaction costs.

How it works: As a fork of Bitcoin, Litecoin did not attempt to alter the underlying logic or architecture – it is almost similar to Bitcoin in terms of use and nature – but with a faster transaction processing time and a lower transaction rate (as much as 50 times lower, depending on market conditions).

Keep in mind that while Litecoin’s speed and low fees make it attractive as a payment choice and means of exchanging money, the network has far less miners than Bitcoin, which has a negative impact on overall network protection.

MakerDAO is a decentralised company founded on the Ethereum blockchain that operates a DeFi network that allows users to lend and borrow cryptocurrency. Its native token is DAI, a stablecoin. DAI is an ERC-20 token that operates on the Ethereum blockchain. It is intended to keep the worth of one US dollar constant. MKR is a governance token distributed to MakerDAO DeFi service customers. It offers holders a voice in the organization’s future.

How it works: MakerDAO operates in a mechanism known as “overcollateralization,” in which assets provided by users are locked up in smart contracts as collateral in exchange for newly generated DAI tokens.

The MakerDAO DeFi lending platform operates on the basis of a set of smart contracts that enable users to supply and borrow cryptocurrencies without the need for a centralised loan provider.

DAI is created by users depositing some of their cryptocurrency into a smart contract on the website. DAI, once developed, acts as a token on the Ethereum blockchain that, like any other cryptocurrency, can be exchanged between wallets to facilitate the transfer of value. DAI is useful as a mechanism for transactions since each token still tends to be worth one US dollar — meaning the value will not fluctuate wildly throughout the exchange. A secure cryptocurrency is referred to as a stablecoin.

What exactly is OXT? With data privacy and surveillance becoming more of a problem for people all over the world, VPN services (“Virtual Private Network”) have become a common platform for searching the internet and connecting with web services anonymously and safely.

Orchid is a blockchain-powered VPN service that seeks to combine the simplicity of standard VPN systems with the encryption and privacy advantages of blockchain technologies. OXT is an Ethereum token that can be used to pay for Orchid’s VPN service in a safe manner.

Bandwidth suppliers are expected to stake OXT in order to be held accountable.

However, you do not have to be a full-service supplier to reap from staking OXT. Any OXT holder will participate in a pool with a maximum bandwidth provider by staking some of their tokens.

Keep in mind that Orchid’s goal is to establish a distributed network of trusted, high-quality bandwidth providers, allowing users to access the internet privately rather than relying on a single centralised VPN infrastructure.



OMG, formerly known as OmiseGo, is a layer-2 Ethereum scaling approach intended to be implemented into popular wallets. It operates on top of the Ethereum blockchain, allowing users to transfer Ethereum tokens more quickly and cheaply than converting them directly on the Ethereum blockchain.

OMG holders may also stake some of their tokens, which aids in the network’s security. When you stake any OMG, you win a share of the total payments collected from end users by the OMG Network.

Remember the OMG appears to be “currency agnostic.” Fees remain constant regardless of whether currencies or blockchains are involved in a given transaction.This feature could be particularly useful for payment processors and financial institutions.

Stellar is a blockchain payment application that debuted in 2014 as a hard fork of the Ripple network. XLM, which was developed by the non-profit Stellar Development Foundation, aims to link companies and financial institutions all over the world through blockchain, enabling them to easily settle payments and conduct low-cost currency exchanges.

How it works: XLM (or Lumens) power the Stellar network. The Stellar network is a device that enables transfers to cross borders (and currencies) even more quickly and cheaply than conventional financial-system networks.

A bank in Japan, for example, might use Stellar to transfer money to a bank in Mexico. Stellar will convert yen to XLM automatically, send the payment via blockchain, and then convert XLM to pesos at the best current exchange rate.

Stellar was designed to complement current assets and cryptocurrencies by enabling users to generate digital copies of any asset as a Stellar token. These will then be used to trade on the blockchain and exchanged for the base asset at any point.

Tezos, like Ethereum, is a blockchain network and smart contract tool. Tezos allows developers to build decentralised software (lending apps, decentralised exchange apps, and much more).

Tezos’ goal is to create a “self-improving blockchain.” Both protocol updates and changes are handled on-chain through decentralised governance in this model.

That government is completely managed by the society. XTZ is the governance coin, which allows investors to vote on how Tezos can change in the future.

How it works: Voting on suggested protocol updates and improvements is done by a mechanism known as “baking,” in which users lock up XTZ tokens to protect governance privileges. This is a kind of Proof of Stake.

Bakers can also win awards for proposing plans that are executed effectively.

Keep in mind that Tezos was one of the first initiatives to go “fully decentralised,” enabling token holders to vote on protocol updates that will be instantly integrated by smart contract, greatly minimising the chances of clashes and hard forks. It debuted in 2017 after a record-breaking $232 million token auction.

What it is: Cryptocurrencies are being used to make transfers, interact with decentralised networks and tools, and store value. They do, however, have a characteristic that restricts their usefulness on a daily basis: uncertainty. Also Bitcoin, which has seen less instability in recent years, swings too fast in relation to fiat currencies to be a convenient everyday currency among certain consumers.

By assuring token investors that they can exchange one USDC for precisely one US dollar at any time, the risk for market speculation is greatly diminished, resulting in a crypto asset with a fixed value.

USDC is an Ethereum token that can be used to allow blockchain purchases and value transfers within Ethereum smart contracts. This enables users to store cryptocurrencies in a pocket, ready to give to a friend or connect with decentralised financial resources and services, with no fear of their funds losing value before they can invest them.

Keep in mind that USDC is a stablecoin created by Centre, a consortium that includes Coinbase and Circle as founding members. Since each USDC token is backed by one US dollar kept in a deposit, the stablecoin will sustain a 1:1 exchange rate with the US dollar.

UNI is Uniswap’s administration token, which requires users to decide on the protocol’s future.

How it works: By incentivizing users to supply tokens to liquidity pools in return for prizes, Uniswap enables near-instant exchanges between any Ethereum ERC-20 token without the use of an intermediary.

UNI is Uniswap’s governance token. UNI investors have the right to vote on any proposed amendments to the Uniswap protocol, use of treasury funds, fee arrangement adjustments, or other changes to the regulations under which it runs. Early users were given UNI in return for providing liquidity to specific pools.

Keep in mind that Uniswap facilitates token swaps by deposits provided by liquidity suppliers — effectively, any crypto investor who chooses to lock any of their crypto in liquidity pools in return for incentives (based on a percentage of any fees paid by traders who swap that asset).

If you deposit any of your cryptocurrency in a liquidity pool, you will be given liquidity tokens, which signify possession of your portion of the assets. Liquidity providers can withdraw their crypto from the pool at any time by cashing in their liquidity tokens.



YFI is an Ethereum-based token that drives Yearn.finance, which is intended to make depositing funds into DeFi ventures easier. DeFi usually necessitates a high level of scientific expertise. Yearn.finance (or yEarn) seeks to address this issue by developing an easy, simplified portal from which less technically-skilled consumers can reach DeFi platforms. Consider it a “robo-advisor” of sorts.

How does it work? yEarn aspires to be a complex “yield farming” automation platform with an easy-to-use gui. It automatically transfers funds provided by investors between the liquidity pools of various DeFi projects via smart contract in order to maximise investor returns.

It also allows investors to use automation to make decisions on which ventures to invest in in order to get the right value and increase their earnings.

Keep in mind that YFI is a governance token, which allows holders to vote on modifications to the protocol’s configuration or operating model. Since it has only been circulated to a small number of people, current YFI can be purchased and sold much as every other cryptocurrency.

There are many crypto brokers to watch out for as we march into the new year. It is no longer news that the cryptocurrency market is evolving in a very rapid manner. We have seen the price of Bitcoin hit an all-time high as we close the year 2020. 

The recent occurrence in the crypto space is an indication that the coming year (2021) will be one of unprecedented innovation in the crypto industry. Therefore, as a newbie or a seasoned crypto holder, you will be coming across many crypto brokers or cryptocurrency exchanges. 

The major challenge will be identifying the best among the many crypto brokers you are bound to interact with. This post will help you narrow it down to know which crypto exchange is best for you. 

It is not any platform that can offer the services of a crypto exchange. Certain things set these crypto brokers apart from the rest of the market. We shall explore three of these reasons:

For you to consider any platform a crypto broker, the platform must have a greater liquidity pool. Any cryptocurrency that is bought or sold requires someone to buy from or sell to. The more people buy and sell, the more “liquid” the platform will be. Before a platform can be seen as a good crypto exchange, it must have a good number of sellers and buyers. 

In other words, the exchange needs to populate its trading pairs order books with buyers and sellers. By doing this, the exchange provides a viable market for its users. 

One key feature of a suitable crypto broker is that it has reduced spread and slippage fees. Ideal cryptocurrency exchange with high liquidity in the order book will lead to low spread and slippage fees. A low liquidity crypto broker will result in the high spread and slippage fees that will eat deep into your funds. 

Every good crypto broker will have an increased crypto pair to trade. The ability of a cryptocurrency exchange to offer assets without liquidity losses is a great advantage. Users can use a single cryptocurrency broker trade, manage their crypto portfolio, and store assets in one location without the need to register with multiple exchanges to trade. 

Leading Crypto brokers to watch in 2021

This list follows no specific order but explores all the top crypto exchanges that you need to follow closely.

eToro is an Israeli based social trading broker that was founded in 2007. eToro serves its UK customers through a regulated unit by the Financial Conduct Authority (FCA). It also serves its Australian customers through a regulated unit by the Australian Securities and Investment Commission (ASIC). However, all other customers are served by the Cypriot unit that is regulated by the Cyprus Securities and Exchange Commission (CySEC). 

Although eToro does not disclose its annual report on its site and does not also have a bank parent, it is considered safe. The major reason it is considered safe is that top-tier financial authorities regulate its UK and Australian arms.

eToro offers products like stock, Exchange-traded fund (ETF), Forex, Contract for Difference (CFD), and crypto. There is a charge for inactivity, and the withdrawal fee is $5. 

Take nothing away from eToro; it is arguably one of the top crypto brokers to look out for in the coming year. 

Stormgain is one of the exciting crypto brokers that you should watch out for in 2021. Users can leverage the volatile crypto market with well-known crypto pairs and use high leverage of up to 300x. Every contract is settled in the stablecoin Tether (USDT). The stablecoin will appeal to traders to limit their portfolio exposure and limit the exchange rate risk peculiar to Bitcoin and Ethereum. 

Stormgain supports the following crypto; Bitcoin, Bitcoin gold, Cardano, Dash, EOS, Ethereum, Ethereum Classic, Ripple, NEO, Stellar, Tether, Tron, and a host of others. This crypto broker also risks management tools like stop loss, take profit, crypto forecasts by Stormgain specialists, and indicators. 

If you are a cryptocurrency enthusiast, you must have heard of Coinbase crypto exchange. It is one of the biggest cryptocurrency brokers, available in more than 100 countries with over 30 million users worldwide. 

This platform is duly registered and regulated in the United States. Although it started as a Bitcoin brokerage service, additional services got incorporated along the line. Coinbase supports more than 20 different cryptocurrencies; examples include Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, Stellar Lumen, Ethereum Classic, USD Coin, Zcash, etc. 

Binance is one of the leading crypto brokers in the world, and this is the more reason you need to watch out for it. By trading volume, Binance is the world’s largest online cryptocurrency exchange. There is a wide range of cryptos available on the Binance crypto exchange. You can find the top 20 cryptos by market capitalization on Binance and other smaller and less known cryptos. 

You have the Bitcoin, Ether, BNB, and Tether trading pairs, and there are also crypto/fiat pairs on Binance.

This is one of the top and well-known crypto brokers supporting the trading of more than 70 cryptos. It was founded in 2016 and is designed to provide crypto traders and investors with a wide range of crypto options. Crypto.com supports all the leading cryptos by market capitalization. Examples include Bitcoin, Ether, Ripple, Stellar Lumen, Tether, USD Coin, Cardano, etc. 

It also supports the lesser-known cryptos like Cosmos, Enjin Coin, ICON, Tezos, and VeChain. Users who already own cryptocurrencies that are supported by Crypto.com can transfer them to Crypto.com compatible wallets. Users can also deposit fiat through wire transfer or buy cryptos with a credit card using the Crypo.com App.

Another one of the great crypto brokers to look out for in 2021 is Prime XBT. Prime XBT is both a cryptocurrency and forex broker that provides leveraged trading to traders across the world. Since it was founded in 2018 in Seychelles, the platform has grown to serve customers in more than 150 countries. 

There is a range of visualization tools, execution methods, and trading histories. You can execute different order types on Prime XBT, with the option to simultaneously place stop losses and take gains. The leverage rates at Prime XBT are very competitive, especially when crypto pairs offer up to 1:1000. Prime XBT deals exclusively on cryptos when it comes to transactions. 

The last but not the least on our list of top crypto brokers to watch out for in 2021 is Gemini. Gemini is built on transparency and user empowerment. It is exclusively a Bitcoin and Ether exchange platform. Currently, Gemini is a New York Trust Company and has acquired the Bitlicense. This means that Gemini is certified as a crypto company operating under the supervision of the New York Department of Financial Services (NYDFS). 

Gemini also has insurance for all user funds deposited on the exchange. In 2016, Gemini became the world’s first licensed Ether exchange. According to coinmarketcap, Gemini is the 39th largest exchange in the world. This platform also provides crypto to fiat payments and BTC/ETHC market. Gemini accepts fiat currency (only USD). 

These top crypto brokers to watch out for in 2021 are positioned to lead the crypto exchange market. The question is, which one of them will take it all as we head into the New Year? Well, time will tell.