Archive October 2018

iCE3X Turns FIVE and is Better Than Ever!

iCE3X Turns FIVE and is Better Than Ever!

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Time has gone by so fast, we can hardly believe it. Today marks iCE3X 5th Birthday. The platform has come a long way and we now have the most extensive collection of cryptocurrency related content in South Africa. We are very proud of all the hard work the team have done and glad they are all still around to enjoy the successes.
Our beginning – YES this is what it looked like when we launched.
Let us start with an old screenshot of the site from 2013. It looks very typical for a website from that time period. It is astounding how fast the fashion of websites has been changing, hasn’t it? We offered one of the earliest cryptocurrency exchanges in the world and serviced South Africa from the very beginning. We will always focus ourselves here.

Sleek & Sexy
As you can see, our exchange has changed a lot. We have come a long way and now provide the most feature rich cryptocurrency exchange in South Africa.

Classic View

Trade View

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We have made Major Improvements
For the last 5 years, we have been investing our best into iCE3X to provide you with the most complete cryptocurrency exchange platform.
We have been working hard to provide the best experience while trading and we hope that our efforts show on our platform.
More than just the site itself, we’ve improved our helpdesk and customers services to make sure you get the exact help you need promptly. We offer a robust solutions archive with all the frequently asked questions easily accessible. If you have any other queries, you can log a ticket here and our staff will get back to you as soon as possible we also have a live chat function on the main page
Offering more than just Bitcoin
Initially offering just bitcoin and litecoin, we have expanded since our beginning to offer, in our opinion,  the TOP 10 different cryptocurrencies. These include:

Bitcoin Cash
Cardano (ADA)

We are always looking to improve our service to look to add new coins in the future. If you have a suggestion or you want something specific then go to our support forum and post about it. The more popular it is then the more likely we will look into its addition.
Transparency and Integrity
During the last five years, we have always been keeping a single mantra in mind. We want to be the most honest cryptocurrency exchange platform ever. We pride ourselves on our ethics and our commitment to keeping you safe and secure while on our exchange. Here are a few things we think is important:
We do not trade on the platform with ourselves as a company
In the past month, you can read about the New York Attorney General investigation which was looking into some US-based exchanges. A large number of them were making trades on their own platform, making themselves look busier and have more funds available on their exchange. We can confidently say we have never done this and can side with other legitimate exchanges.
We do not allow Ponzi schemes
Our cryptocurrency exchange only accepts real customers. They go through vigorous account validation processes so you know you are trading with legitimate traders only.
We do not make fake comments or reviews about ourselves
All of the reviews online about us is the true and honest opinion of the writers of said reviews. iCE3X does not engage in fake reviews or comments but we enjoy a very loyal fanbase. We have plenty of great reviews and comments, and we have our valued customers to thank for those.
We do not pay for paid articles, just to be “popular”
You will not find a featured or sponsored article about us on the usual popular sites which allow this. We produce a lot of great content here on the blog, which we stand by.
It’s not just iCE3X 5th Birthday, but it’s a double birthday

It’s not just our birthday, we also have a recent addition to our staff who is celebrating his birthday on the 18th too. Crypto KJ, our Content Lead, has been a busy beaver and has really been publishing a ton of great content on the blog. We wish him a happy birthday as well. We promise to take you out for a birthday carrot cake!
What is a Birthday Without some Presents?
We will be rolling out our latest update next week and have a host of new features and functionality. We will be applying TFDP‘s to users who are online throughout the week.
If you have any feedback or comments about the platform or anything about how we operate, please leave us a comment below!
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Bitcoin Price on an ATM! Why it is Expensive and Should You Use it?

The post Bitcoin Price on an ATM! Why it is Expensive and Should You Use it? appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
A bitcoin ATM is a kiosk that allows users to buy and occasionally, sell bitcoins for cash. These ATMs are not the same as the ones that receive support from banks or other traditional financial institutions. These Bitcoin ATMs are often more expensive than trading online as the infrastructure is costlier.

#Bitcoin #ATM at the #PanamaCanal.#Cryptobuyer #Panamá
— Dustin M. Jackson (@CaymanPirate) October 12, 2018

How do I use a Bitcoin ATM?
First, the user would need to scan their identification in order for the ATM to validate it. The user will then feed the machine some cash, and generate a QR code from their wallet. Next, the user will send their amount of bitcoins to the presented address. ATMs will either generate a paper wallet or a digital one.
Essentially, a Bitcoin ATM is a tool that transmits money. As such, any businesses that come under FinCEN rulings will have to comply with Know Your Client (KYC) and Anti Money Laundering (AML) procedures. In order to register for the money transmitter status, Bitcoin ATM owners will have to pay large amounts, meaning they will have to knock up the fees to compensate.
What’s the Price of Bitcoin ATM?
This process can take seconds to process, making Bitcoin ATMs of the fastest platforms to transact in bitcoin.
Continue reading to understand the price of bitcoin when using an ATM. Transaction fees are commonly in the range of around 5% with highs of 7%. Bitcoin ATMs generate price quotes live from large cryptocurrency exchanges worldwide. Bitcoin ATM owners will often manage their cash and Bitcoin exposure by maintaining a balance between the inputs and outputs through live trading with an exchange. As a result, holding too much bitcoin without hedging can open them up to the possibility of large losses.
Bitcoin ATMs commonly set upper and lower limits to the number of funds you are able to deposit. As the upper limit may be lower than the price of a single bitcoin, customers are given the option to purchase a fraction of a bitcoin. Once a purchase is made, the bitcoin will appear in the customer’s e-wallet. Also, this process can take seconds to process, making this one of the fastest ways to transact in bitcoin.
Even though many Bitcoin users are enthusiasts and even aficionados, there are practical uses that may have helped in the global spread of Bitcoin ATMs. A well-known use is for any travellers facing high fees at traditional bureau de changes is to buy bitcoin before the flight, and sell it after. Despite this, with fees ranging from 5 – 7 % this can be a risky decision when the market is volatile.
If you are not convinced and prefer an ATM to bitcoin exchanges, you can read our article about Buy Bitcoin with Paypal for another way to get bitcoin for Rand.
Where can I find Bitcoin ATM’s in South Africa?
There have been many reports and we have been around long enough to remember the first bitcoin ATM in South Africa
The way we exchange and transact bitcoins changed once Bitcoin ATM’s surfaced. This is because it compliments the decentralized nature of cryptocurrencies. Now, anyone is able to visit their local Bitcoin ATM and buy or sell bitcoins with ease. These machines are secure and very user-friendly, coming with a screen that clearly instructs users on how to operate it. It may be important to note that most Bitcoin ATMs only run during business hours. So unless you have a 24hr store near you operating one, it may be wise to plan your day and make sure your nearest Bitcoin ATM is operating when you need it.
What is the best way for you to exchange your bitcoins? Have to tried a bitcoin ATM? Would you try if you have a chance? Leave us your comments about bitcoin ATMs below!
The post Bitcoin Price on an ATM! Why it is Expensive and Should You Use it? appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.

Two-factor authentication (2FA) for Dummies

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Two-factor authentication often sounds difficult, confusing and to some people, it doesn’t make sense. So what is it? Think of it like this; You’re going to your apartment and you have the key to your door, but a guard is asking for a password before he lets you in the door. In essence, 2-factor authentication requires something you have, and something you know.
What is Two-Factor Authentication?

It's Week 3 of #CyberSecurity Awareness Month! Are you #CyberAware? Enable 2-Factor Authentication (2FA) wherever possible to add another layer of security to sensitive third-party apps and websites. *cough* Twitter *cough*
— Angelita Mardiros (@AM_ITConsulting) October 15, 2018

When using online banking, or our iCE3X cryptocurrency exchange, you will often need to set up Two-Factor authentication (2FA). We’ve witnessed a large increase in the number of websites being hacked, resulting in users personal data being stolen. With cybercrime becoming more sophisticated, the old 1 password and email security system is outdated. Though sometimes it’s just simple human error at fault resulting in a cyber attack. Companies often find that their old security infrastructures are no match against modern cyber threats and attacks.
2-Factor Authentication adds an extra layer to security, implemented to make sure a user trying to access an online account is who they say they are. A user will enter their email/username and password, then as soon as they log in, they will need to give another piece of information.
This second factor can be any one of these categories:

Something you have: Usually something the user would have on their people such as a bank card, phone or small hardware token
You know: Something the user would remember such as a PIN number, a password or the answer to a secret question. Even a specific keystroke pattern.
You are: A new option for 2FA, this is a biometric layer of security. This could be a fingerprint, a voice print or an iris scan.

With 2FA, if your password is stolen or you lose your phone, the chances of another person having any of your second-factor information are extremely low. In the future, if consumers use 2FA correctly, a website or app could be more confident about the user’s identity and unlock the account based on trust.
Different types of 2-Factor Authentication 
Nowadays, any websites that don’t require 2FA upon entry open themselves up to the risk of hackers. However, this doesn’t mean that all 2FA techniques are the same. There are a variety of 2FA techniques in use today, some are more complex than others, but they all offer better protection than just having a password. Here is a list detailing the different types of 2FA
Hardware Tokens
One of the oldest, if not the oldest form of 2FA around. Hardware tokens are small pocket size items that generate a numeric code once every 30 seconds. With these, a user will log into one of their accounts, and glance at the device to see the code, then enter it into the website or application. Some versions of hardware tokens will automatically enter the 2FA code once they enter into a computer system’s USB port.
Hardware tokens are known to provide bank – level security to users. They are usually an enterprise tool; meaning they are not built for use with other sites or applications than the one that chose to provide the hardware token. Despite this, hardware tokens still suffer from various downsides. For example, businesses struggle with distributing these items as they are expensive. Also, many users say that the size of the tokens makes them easy to misplace. Plus, it becomes an item you have to keep on you 24/7 just to log in.
Software Tokens
Probably the best form of Two-factor authentication. Using a software generated one-time passcode that self-destructs after a short period of time (codes lose their validity after 30 seconds – 10 minutes), software tokens provide a superior alternative to SMS and voice 2FA.
Software tokens like Google authenticator / Authy are easy to use apps that secure 99% of all 2FA enabled applications and sites. All a user would need to do is download the 2FA app on their smartphone or computer. After this, they will set it up, then after they enter a username and password, they enter the code shown on the 2FA app.
Similar to hardware tokens, the codes generated in order to log in only last for a short period of time. A big concern for SMS or voice delivery methods is hacker interception. But with soft tokens, the code generates and displays on the same device, leaving no entry points for a hacker. These tokens operate using the internet so there is no need for a phone connection so long as you have an internet connection.
Voice-based 2FA / SMS
SMS is the least secure method of 2-factor authentication as sim cloning is a widespread problem all over the world
SMS Text message based 2FA directly interacts with a user’s phone. After a site receives a username, password and phone number, a one-time passcode (OTP) is sent via text message. The user must then enter this passcode into the application to receive access to the account. Voice-based 2fa operates in a similar way; Users will receive a call and will be told to verbally deliver the 2FA code. This is more common in countries where smartphones are expensive and cell phone service is bad.
If you’re using a low-risk website, this authentication method may be all you need. But when using a website that stores your personal information, or your funds like on iCE3X, you may be better off with a Software Token. SMS is the least secure method of Two-factor authentication as sim cloning is a widespread problem all over the world.
In countries like South Africa, cell phone reception is poor in some places, so if you don’t have service, you won’t be able to access your funds. With operator downtime becoming a factor when using this method, this should be your last resort. Especially if you’re in South Africa.
Backing up your master key
Backing up your master key is extremely important. If you don’t do this, you are storing all your accounts on your authenticator app. This is because without backing up your device, all the information is kept on your phone. If you lose your phone, you’ll lose your accounts too.
To counteract this, you can opt in to back your accounts up to the cloud. Of course, all authenticator accounts go through encryption before the upload in order to keep all your information safe. Your phone is the only item that can encrypt/decrypt the files.
How to activate 2FA on iCE3X

Login to the iceCubed Platform (
On the main page, click on “My Account”.
Click on the “Settings” tab.
You may use any one of these links listed below to download the authenticator app on your phone.
For Android
For iPhone
Click the “Enable” icon to begin to activate Two-Factor Authentication
Scan the QR code with your Google Authentication App. You will now have a 6 Digit Authorization Code which will change every time you log into your account. When asked for this code, only use the code that shows on your phone screen.
Insert the 2fa from Google Authenticator then press the “SAVE” button.
Please tick all the tabs where you want the extra security of two-factor authentication, and save it using your authorization code.

Read more about why 2FA matters!
Stolen and weak passwords are a common cause for security breaches. Though passwords are the main ( and sometimes only) way companies attempt to protect their users, 2FA can be a simple solution. An outbreak of 2FA based accounts would be a hacker’s worst nightmare. Set up 2FA on your account now to ensure your funds and personal information are safe.
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Ethereum (ETH) Coin Profile. ETH Token!

The post Ethereum (ETH) Coin Profile. ETH Token! appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
Ethereum is a rising star in the cryptocurrency realm. If Bitcoin is king of cryptocurrency, Ethereum is the queen. Since it’s launch in 2015, Ethereum has quickly taken the #2 spot as the second largest digital currency. In this post, we will be going over what makes Ethereum worthy enough to challenge the #1 spot. For more about what is ETH Token, Ether & Ethereum dive into the knowledge ocean provided by iCE3X.
A decentralized blockchain app platform.
Launched in 2015, Ethereum was created by Vitalik Buterin and a global team of developers making up the Ethereum foundation, a Swiss non-profit organization. In a nutshell, Ethereum is a decentralized platform that runs smart contracts and Distributed Autonomous Applications (dApps).

Ethereum also shares several similarities with bitcoin, one being the fact that both are public peer-to-peer networks with a digital token. In this case, Ethereum’s digital token is Ether (ETH) or ETH Token.

What are smart contracts? 

There is much talk about ERC20 and #smartcontracts. But how do users actually interact with them on the #Ethereum #blockchain? Check out our latest infographic.
— Alethena (@alethena_rating) October 11, 2018

In a nutshell, smart contracts are applications that run in regards to how the user decides to program them. These applications run on the blockchain, and are users can program them without any need for a middleman, and without the risk of any downtime or censorship.
One of the many features that come with Ethereum apps is the ability to move funds around. Users are able to develop their own markets and store debt registries. Ethereum’s blockchain can store data for use by computer programs running on the blockchain. These applications are ‘decentralized apps’ (dApps).
Ethereum users who want to develop their own dApps have the ability to build:

Tradable tokens with a fixed supply cap, paired with a central bank with the ability to issue funds as well as a puzzle-based cryptocurrency.
A crowd-fund to involve people in a product before it’s initial release.
A crowd-sale for virtual shares on a blockchain organization, as well as an auction of a certain number of items
A virtual organization to vote on issues on the Ethereum network/blockchain
Transparent associations for shareholder voting.
Create your own country with an unchangeable constitution and improved delegations for democracy.

For an engine such as Ethereum to run smoothly, it’s going to need fuel. As a result, ETH Token is the fuel for all operations on the Ethereum blockchain
The thing that I often ask startups on top of Ethereum is, ‘Can you please tell me why using the Ethereum blockchain is better than using Excel?’ And if they can come up with a good answer, that’s when you know you’ve got something really interesting. – Vitalik Buterin
ETH Token or Ether Tokens (ETH) 
Ether or ETH, is the digital token users use to pay for computational resources for applications running on the Ethereum network. In other words, ETH is the digital payment made to the system that executes each operation. As a result, users get ETH token rewards for offering their resources.
A common interest amongst the cryptocurrency community and on the crypto forums is the supply of tokens. All cryptocurrencies on the market have a differing supply of coins, and while the ETH token cap may be high, it is not infinite. The total supply, as well as the issuance rate, was reliant upon the donations for the platform’s prescale occurring in 2014. During this presale, the developers came to the conclusion that the issuance cap of ETH token would be 25% of the initial supply per year. As a result, the relative inflation drops each year.
The supply stats of Ether (ETH) are:

The Ethereum presale contributors managed to generate 60 million ETH tokens.
From this 60 million, 12 million tokens went toward the development fund.
It takes 15 seconds to add a miners block to the chain, generating 5 ETH tokens in the process.
Known as the ‘Uncle/Aunt’ rewards; 2-3 ETH tokens are occasionally sent to miners if they were able to find a solution despite their block not making it to the blockchain in time.

Computers across the globe maintain Ethereum’s engine

Ethereum mining

When mining any digital currency, you are solving problems in order to add new blocks to the blockchain. The computer system that signs the latest transaction to the blockchain would generate a new block in order to get 3 ETH. As this is still mining, compensation is given in proportion to the system’s processing power. Meaning, if you want to get the most ETH token value, you will need a powerful mining rig which can be very expensive.

Ethereum wallets

Traders all over the world that use ETH, use an Ethereum wallet. Ethereum wallet storages are the foundation of the dApps on the Ethereum blockchain. Users can use these wallets to buy and hold onto your ETH, as well as any other Ether assets in a secure and decentralized manner. Alternatively, users can use them as a method to send and receive coins/crypto assets if they so chose to do so.

Ethereum trading

After Ethereum launched in 2015, the cryptocurrency quickly rose to the 2nd highest market share, sitting comfortably behind Bitcoin. On a daily basis, thousands of ETH tokens are traded on cryptocurrency exchanges like iCE3X. Traders of all levels of experience, from the seasoned veterans to the newcomers may see profitable benefits with Ethereum trading.

Peer-to-peer marketplaces

A wide selection of peer-to-peer marketplaces assists in keeping the Ethereum blockchain running smoothly. This is made possible by allowing both prospective and current Ethereum investors to buy and sell Ether (ETH) tokens, while also keeping track of its market capitalization.
iCE3X and Ethereum
We have added ETH/ZAR markets to the iCE3X exchange. If you would like to buy or sell Ethereum in South Africa, you can do that on our exchange. Ethereum deposits are 100% free and our trading fees are competitive.
With all the features that Ethereum offers the cryptocurrency industry, we at iCE3X believe that ETH token is worth holding as a long-term asset. If anything, this is most likely why many South Africans love this cryptocurrency so much.
Ethereum is one of the most trusted cryptocurrencies on the market. Though Ethereum is second place on the market, many people argue that it is superior to Bitcoin. Even though ETH tokens are worth less than BTC tokens, With all of the features that are on the Ethereum network and the ability to create dApps, Ethereum offers better scalability than bitcoin while also providing faster transaction speeds.
Some believe there is definitely an opportunity for Ethereum to become the most valued cryptocurrency in the world. But for now, with the markets in a mundane state, and most cryptocurrencies down by more than 20% from their peaks; Ethereum may remain the underdog of the cryptocurrency market, despite it being in the number 2 spot already.
What are your thoughts on Ethereum? Will you be trading it with ? Let us know your thoughts in the comments below.
The post Ethereum (ETH) Coin Profile. ETH Token! appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.

Cardano coin profile – Cardano (ADA)

Cardano coin profile – Cardano (ADA)

The post Cardano coin profile – Cardano (ADA) appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
If any altcoins out there are more exciting than Ethereum or Monero, it’s probably Cardano coin. Cardano (ADA) was founded by Ethereum co-founder Charles Hoskinson and Jeremy Wood.
What is Cardano (ADA)?
A major innovation of Cardano is that it will balance the needs of users with those of regulators, and in doing so combine privacy with regulation. The vision for Cardano is that its new style of regulated computing will bring greater financial inclusion by providing open access for all to fair financial service – Cardano
Cardano coin launched in 2015. 3 organizations contributed to the development of Cardano. These were the Switzerland-based Cardano Foundation, cryptocurrency research team IOHK and a FinTech company named Emurgo. Cardano’s main goal is to tap into the markets where bank systems are far too expensive to implement. As a result, Cardano comes with a balanced, sustainable ecosystem that takes it’s users’ needs into consideration, developing financial systems that await integration.
At its root, Cardano is a decentralized public blockchain technology with an open source cryptocurrency tied to it. It’s smart contracts aim to provide some of the world’s most advanced protocol features to the market.
Cardano’s smart contract platform uses a programming language named ‘Haskell’. This code has a high degree of fault tolerance, as well as built-in flexibility, making way for a margin of error. Soft forks apply maintenance and new upgrades to the platform. Cardano coin operates on 2 layers in order to maintain this level of flexibility.
ADA (Cardano’s cryptocurrency) is available to trade on our cryptocurrency exchange to buy or sell for bitcoin or rand. You can also use ADA to send and receive digital funds securely, using the ability of quick and direct transfers provided by crypto wallets.

What’s Next for Cardano $ADA ?
1. Game Theory and Proof-of-Stake2. Decentralization and Staking3. Ouroboros development5. Two new programming languages: Plutus and Marlowe6. Smart contracts7. Side chains8. Hardware wallet
— HODL (@HodlBitcoin2020) October 3, 2018

How does Cardano coin work?
The Cardano coin platform implements decentralized financial applications (also known as DApps) which often have daily crypto use cases for ADA holders as well as organizations and governments all over the globe.
Cardano’s 2 layers operate with the intention of separating the ledger of account values; for the same reason why values have to move from one account to another. This helps to incur more flexibility for the smart contracts. As a result, ADA investors will have the ability to personalize their privacy, design and execution techniques of each contract they have for their Cardano coin use-cases. These two layers are:

Cardano Settlement Layer (CSL)

Acting as a balance ledger, this layer has the intention of being an improvement to the bitcoin blockchain. Paired with the blockchain’s Ouroboros Proof-Of-Stake consensus algorithm, it is able to determine how individual nodes reach consensus about the network.
When using the Ouroboros PoS, the ‘Follow the Satoshi’ algorithm will select a cryptocurrency you hold. Then, you will be able to become a slot leader and push new blocks to the network. Nodes will automate this process for you.

Cardano Computation Layer (CCL)

The Cardano Computation Layer stores all the information on why any transactions that take place on the network occur. With this layer, users have the ability to create different rules when testing transactions. The CCL also provides compatibility for the Ethereum smart contract (DApps) programming language Solidity. This is mainly for low assurance applications.
The Cardano developers are working toward creating a new programming language ‘Plutus’ to create smart contracts on the CCL. As well as this, it will be a tool that verifies code, as well as enhancing code assurance. A reference library for the Plutus code is also in the development stage for use in all DApps projects.
Following this, Cardano also aims to support ‘KMZ Sidechains’, a protocol which involves the proof-of-work consensus. The integration of KMZ Sidechains will allow funds to safely move from CSL to any CCL or blockchain running this protocol. Under certain regulatory standards, the side chains will also allow ledgers to interact with CSL without sharing any private data.
Cardano ADA transaction fees
Whenever a Cardano coin user wants to transfer an amount of ADA, some minimal fees are computed dynamically for that transaction. In order for a transaction to be validated, these minimal fees have to be applied. Despite this, the sender is free to pay higher fees if they so chose to.
A formula determines the minimum fees for all ADA transactions:
A + B * Size
In this formula;

A is a special constant, as it stands, it is currently 0.155381 ADA
B is also a special constant, currently, it is 0.000043946  ADA/byte.
Size is equal to the size of each transaction in bytes.

This formula means that each transaction will cost at least 0.155381 ADA, with an added cost of 0.000043946 ADA per byte of the transaction size. As an example; a transaction with the size of 200 bytes (a fairly common size) would cost:
0.155381 ADA + 0.000043846 ADA/byte * 200 bytes = 0.1641702 ADA
Both the A and B parameters serve a special function to make the network and transactions work cohesively.

Parameter A prevents DDoS attacks. Even a small tester transaction should cost enough to hurt any attacker’s wallet attempting to generate thousands of them.
Parameter B reflects the actual costs of transactions. Storing larger transactions requires more computer memory than storing the smaller one. As a result, large transactions cost more than smalle transactions.

Although the particular values for these parameters have been calculated, there is a chance that these values could be adjusted in the future in order to better reflect the actual costs.
Where to buy Cardano ADA?
ADA trading markets went live on the ICE³X cryptocurrency exchange platform on 1 August 2018. iCE³X  listed the ADA/ZAR and ADA/BTC markets simultaneously and also have no trading fees on the ADA/BTC market.
iCE3X offer a wide selection of cryptocurrencies and 17 markets in total. We believe that Cardano coin is a good addition to the exchange. New coins are carefully evaluated before being added to our exchange. We consider not only the market demand but also the team and community behind a particular coin, its history, the state it’s currently in, and the future of ADA. Furthermore, it is important to note that any new entrants to the market add value or unique features, else the token is just another digital token.
We think Cardano ADA is currently the most suitable coin to add to the exchange, because it is fundamentally different in its approach, I think Charles (Hoskinson) is an incredible mind and in the sea of ICO noise, Cardano is the elusive mystery island. – Gareth Grobler, CEO at iCE3X
ADA/BTC Markets
ADA/ZAR Markets
How to sell Cardano ADA (graphics from the trading platform)
Traders are invited to register and trade ADA tokens on iCE3X. Further information on how to trade ADA and frequently asked questions can be found on our service desk portal. Trading ADA on the iceCUBED exchange is quick, easy and secure.
Traders have the ability to sell ADA/BTC with no fees on our market. We have live charts that provide our users with customization options to better cater to their chart reading skills.

If you’re looking to cash out your ADA to fiat money instead, we also provide ADA/ZAR Markets

The ADA token value is volatile under certain conditions. As a result, such conditions will, by and large, affect all coins equally. What makes Cardano one of only a handful of coins or tokens worth considering for long-term investment is its academic principle.
Let us know your thoughts about Cardano in the comments below.
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Top Bitcoin Countries in Africa and how bitcoin is regulated there.

The post Top Bitcoin Countries in Africa and how bitcoin is regulated there. appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
When looking at the top 10 countries searching globally for the term ‘bitcoin’ on Google you will find that African countries make up 3 of the top 10. These countries: South Africa (#1 worldwide), Ghana (#7) and Nigeria (#10) ranking so high on Google trends speaks volumes about the popularity of cryptocurrency rising in Africa. Be that as it may, how do the authorities in Africa look at cryptocurrency? Are they being regulated or even straight up banned? In this post, we will be going over the top 5 Bitcoin countries in Africa.
Top 5 Bitcoin Countries in Africa

South Africa (Rank #1)
Ghana (Rank #2)
Nigeria (Rank #10)
Kenya (Rank #37)
Morocco (Rank #53)

Bitcoin Regulations in South Africa
Is Bitcoin legal in South Africa?
Despite the South African Revenue Service (SARS) cracking down on crypto traders, Bitcoin is completely legal in South Africa. As it stands, bitcoin and cryptocurrency have no legal status, nor a regulatory framework in South Africa. As a result, bitcoin and other cryptocurrencies are unregulated. People are free to buy and sell cryptocurrencies to their heart’s content in South Africa.
Cryptocurrency tax law in South Africa
In South Africa, SARS doesn’t regard cryptocurrencies as a currency eligible for income tax purposes. Instead, they regard cryptocurrencies as assets of intangible nature. Despite this, SARS stated that for the 2018 annual budget review, VAT treatment for crypto assets will go under review.
Cryptocurrency exchange platform in South Africa
We are proud to express that iCE3X is a trusted local cryptocurrency exchange platform for South Africa. You are always welcome to see bitcoin price, ethereum price, and 8 more altcoin prices. We will always provide you with the most secure and featured exchange platform.
Bitcoin Regulations in Ghana
Is Bitcoin legal in Ghana?
The bank of Ghana released a statement in January 2018 saying the trading and use of Bitcoin and cryptocurrency in Ghana was not legal yet. This is because it is not a legitimate form of currency in this country. Be that as it may, around the same time this statement was made, a bill called the Settlements and Payments hit the surface. This could result in better adoption of cryptocurrencies if Ghanaian officials pass the bill.
Bitcoin Regulations in Nigeria.
Is Bitcoin legal in Nigeria?
Similarly to Ghana, cryptocurrency is unregulated in Nigeria. The Central Bank of Nigeria announced a ban on virtual currencies in Nigeria. However, they have since clarified this statement, saying:
Central bank cannot control or regulate bitcoin. The Central Bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it
Users are free to trade and transact in bitcoin in Nigeria like any other country.

"I see Africa taking a big leap in the #Blockchain space ahead of everybody else." – @develocon, CEO, @utu_house #AeternityAfrica #BlockchainKE
— Bitcoin Kenya (@BitcoinKE) October 11, 2018

Cryptocurrency tax law in Nigeria
In an article by Nigerian Law Today, it was made apparent that cryptocurrency companies operating in Nigeria are not required to pay more tax than any other companies. Be that as it may, Nigerian startup companies and consumers will have to sit on the sidelines while they wait for the Nigerian government to release a legal framework for the regulation and taxations of crypto assets. Nigeria, like South Africa, want to be on top of the list of bitcoin Countries developers want to go to.
Bitcoin Regulations in Kenya
Is Bitcoin legal in Kenya?
The trend of unregulated cryptocurrencies continues in Kenya. It’s not illegal to transact and trade cryptocurrency in Kenya, however, there is no regulatory framework in place to protect you. Despite this, in July 2018, the Kenyan parliament gave Kenya’s Treasury Secretary the task of investigating the state of cryptocurrency. They were to analyze cryptocurrency adoption within the country and advise the parliament on how to move forward with cryptocurrency regulation.
Dr. Patrick Njoroge, the governor of The Central Bank of Kenya was originally against cryptocurrencies in the past. But in an article published in May 2018, it seems as though banks are coming to grips with cryptocurrency and warming towards the idea of adopting it. The article read: “CBK Governor Patrick Njoroge said the regulator was open to introducing cryptocurrencies such as bitcoin as alternative payment vehicles with the opportunity to reduce fraud.”
Cryptocurrency tax law in Kenya
Despite cryptocurrencies not being legal tender by the Central Bank of Kenya, any earnings from cryptocurrencies are not exempt from taxation. Any income generated from unregulated activity such as cryptocurrency mining are subject to taxation. All wins and losses from trading and mining are expected to be reported.
Bitcoin Regulations in Morocco
Is Bitcoin legal in Morocco?
Actually, no. Cryptocurrency is illegal in Morocco.
In November 2017, Morocco officially outlawed cryptocurrencies. This happened following an announcement by Moroccan digital services company, MTDS, that it would be accepting Bitcoin payments. As a result, if any Moroccan citizens are caught making transactions in cryptocurrency, they will subject to being fined.
Did you like our list of top bitcoin countries?
While cryptocurrencies are mostly unregulated across Africa, it’s left to cryptocurrency exchanges to protect themselves. As a result, these exchanges are using Anti Money Laundering solutions (AMLs) and Know Your Customer (KYC) in order to protect their customers, and protect their trading platforms from being used for criminal activity.
It may seem tedious having to prove your identity to your cryptocurrency exchange, but know that it is to aid in protecting your funds from any attackers.
Will you be trading cryptocurrency in Africa? If so, whereabouts are you, and would you consider the state of crypto to be in a good spot at present? Let us know in the comments below. We would like to know which are your top 5 bitcoin countries.
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Bitcoin and Ethereum Comparison 2018 by iCE3X. Bitcoin price or Ethereum’s prize?

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With more than 2800 different cryptocurrencies in circulation, it may often get confusing when comparing bitcoin to altcoins. After all, making comparisons between bitcoin and 2800 other coins is a daunting task. However, of all these altcoins, there are a few that have their own buzz. One of the altcoins attempting to challenge bitcoins #1 position is Ethereum. In this post, we will be going through the factors that affect the price of Bitcoin and Ethereum, as well as some of their key features.
Since it’s release at the North American Bitcoin Conference in 2015, Ethereum has received a lot of attention. Consequently, becoming a popular altcoin opens you up to infinite comparisons to Bitcoin. Investors deem it highly important to understand the differences and similarities between Ethereum and Bitcoin, as well as the factors affecting the price of Bitcoin and Ethereum.
Bitcoin and Ethereum Comparison

Bitcoin (BTC)
Ether (ETH)

What is it?
A currency
A Token

Satoshi Nakamoto
Vitalik Buterin, Joseph Lubin, Gavin Wood, etc.

Went live
January 2009
July 2015

Supply Style
Deflationary (a finite # of bitcoin will be made)
Inflationary (like fiat currency, more tokens can be made over time)

Supply Cap
21 million in total
18 million per year

Smallest Unit
1 Satoshi = 0.00000001 BTC
1 Wei = 0.000000000000000001 ETH

New token issuance time
 Approximately every 10 minutes
Every 10 – 20 seconds

Amount of new token at issuance
12.5 (Oct 2018). Half at every 210,000 blocks
5 per every new block

Used for purchasing goods and services, as well as storing value (much like how we currently use gold).
Used for making dApps (decentralized apps) or smart contracts on the Ethereum blockchain.

Around $8500 at the moment
Around $228 as of writing

A new currency created to compete against the gold standard and fiat currencies
A token capable of facilitating Smart Contracts (For example a lawyer’s contract, an  exchange of ownership of property, and voting)


Launching in 2009, bitcoin became the first cryptocurrency on the market, and the first use of blockchain technology
Bitcoin is a digital currency
It aims to solve the plethora of problems in global finance
Bitcoin negates the need for a 3rd party such as a bank or PayPal
It was built to serve as an alternative to fiat currency
Tailored for manual transactions such as buying goods and services, or sending and receiving money
With a highly liquid trading volume, it is easy to convert bitcoin to fiat currency. Our bitcoin to rand calculator.
Bitcoin transactions can take a few minutes to process completely.


Launching in 2015, the Ethereum blockchain became commonly known as “Blockchain 2.0”
Smart contracts program transactions on this network
Smart contracts eliminate the need for a third party in more systems than just the financial system
The Ethereum platform gives users the ability to build smart-contract apps (dApps)
Ethereum has a custom programming language ‘Solidarity’ that is used to build dApps
Like bitcoin, Ether is highly liquid, making it easy to trade for cash
Ethereum take seconds to process

Driven by different purposes?
At its core, Bitcoin is a payment system. It is digitalized, and free from any central or government regulations (third parties). While it may be true that Ethereum and Bitcoin share several similar qualities, Ethereum is far more than a payment system. Ethereum is an infrastructure.
When you think bitcoin, you think “digital gold”. When thinking about Ethereum, chances are the first words that come to mind is “smart contracts”. While the price of bitcoin and Ethereum is one of the main factors people use to differentiate the two cryptocurrencies, this is the easiest way to remember the purpose of each of these cryptocurrencies and is also the primary difference between the two.
Bitcoin is a store of value. It provides users a way to send money to others. Ethereum does this also, however only when certain things happen. For example, the Ethereum platform for dApps allows it to send tokens (ETH) that represent a value. These values can be anything, it’s not limited to digital currencies, differing it from bitcoin.
The price of bitcoin and Ethereum hardly determine the potential value they have in real-world cases. Bitcoin is the most common adoption because it is a store of a larger value. Bitcoin is often the coin people default to when attempting to get involved in cryptocurrency. Despite this, Ethereum has far more potential, even though it is less expensive than BTC.
To better understand the way transactions work with these two currencies, I’ll explain how they would look:
Bitcoin transaction: James sends 5 BTC (Bitcoins) to Patrick
Ethereum transaction: Send 5 ETH (Ether) from James to Patrick if James’ balance is 10 ETH and the date is 01.01.2019
As you can see, bitcoin transactions are done manually. Whereas users can code their Ethereum transactions to become automatic. Another main difference between these two currencies are the transaction speeds. Ethereum’s block time (the time it takes to process a transaction) takes a matter of seconds. Bitcoin, on the other hand, can take a few minutes to process.
Ether is the fuel of the Ethereum network, powering transactions. Consider it a gas
Bitcoin is a store of value with the intention of becoming the default in real-world transactions. Consider it money
Supply cap
The coin supply of these two cryptocurrencies is also different. Bitcoin has an all-time supply limit of 21,000,000 coins in circulation at once. Ethereum, on the other hand, has no coin limit. Ether has a continuous flow of production, however, the supply of Ether will slow down over time. Founder of Ethereum, Vitalik Buterin, stated “The total number of coins in circulation will not reach more than 100,000,000 ETH in the foreseeable future”
Despite this, the price of Bitcoin and Ethereum has the potential of going up solely as a result of bitcoin nearing its market cap. Most altcoins move in the direction Bitcoin does on the market.

Bitcoin vs Ethereum community tensions thiccc right now, the hate is real
— Crypto Bobby (@crypto_bobby) September 3, 2018

The bottom line
Many people make comparisons between the price of Bitcoin and Ethereum, but is that what’s most important? Ethereum is an advancement of the principle blockchain technology that supports bitcoin, all without trying to be a direct competitor of bitcoin.
When looking at Ethereum’s concept, it’s clear to see that it truly has no intentions of becoming a bitcoin alternative. Instead, Ethereum attempts to run alongside Bitcoin, serving a different but equally as necessary purpose.
As it stands, there is plenty of room for these two cryptocurrencies to co-exist without endless comparisons. Although, if there was room for only one of these cryptocurrencies to survive on the market, chances are it’d be Ethereum. This is because it provides smart contracts, fast transaction speeds as well as a store of value.
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TREZOR Latest Firmware Updates; New era for Trezor One?

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Trezor One and SatoshiLabs have come a long way in the 5 years they have been in business. This year marks 5 years since the creation of SatoshiLabs. On August 30th, Trezor released the new 1.6.3 firmware update for their cryptocurrency wallets. This new firmware features security updates among many other improvements, expanding upon the application of the 1.6.1 update. The new security updates fix the physical attack vectors seen in the aforementioned Trezor firmware update.
Trezor One is the most trusted and ubiquitous hardware wallet in the world. It offers unmatched security for cryptocurrencies, password management, Second Factor, while maintaining an absolute ease-of-use, whether you are a security expert or a brand new user.
If you’re looking to store your bitcoins, now is a great time.
Trezor Model T
With Bitcoin Cash updating their standard address format while also keeping all old address formats compatible, Trezor have released an update supporting these new addresses. Trezor Model T devices now use the new BCH address format exclusively. If you have an old BCH address, you will need to convert it to a new one.
The latest firmware update for the Model T also provides support for NEM. Code was rewritten from the source as it was originally developed for the Trezor One, and adapted to the new model. In order to use the NEM blockchain, you will have to pen the universal NanoWallet, then connect your Trezor device via their API.
Finally, the Model T has now got added support for several new cryptocurrencies. These are

Bitcoin Private, Lisk, Fujicoin, Zcoin, Viacoin, Vertcoin
EOS Classic, Ellaism, EtherGem, Wanchain, Ethereum Social
500+ new Ethereum tokens

Trezor One
The latest Trezor One update is an expansion on the scope of the 1.6.1 firmware update, addressing the same issue. This fault mainly affected the supply chain of Trezor One wallets. If your Trezor One is already set up correctly you shouldn’t have a problem. But if you’ve just purchased your Trezor One device, make sure that it is updated to the latest version before you attempt to use it. Though there is a risk of physical attack due to the vulnerability found in 1.6.1, there has been no evidence that it has been used in practice as of yet.
Trezor devices come with anti-tamper seals, these ensure that you are the first and only person to open the package once you receive it. If you have purchased your Trezor device from either Trezor directly, or any retailers, if your package is untouched and no seals are broken, your Trezor device is good to go and you can start your update.
The new 1.6.3 firmware update focuses on verifying the authenticity of the bootloader in the device. This bootloader checks the signature of the Trezor firmware before installing it. If it is genuine, your device won’t display any warning signs, meaning your Trezor is ready to use and store coins.
The Vulnerability
In August, an anonymous cybersecurity researcher known only by the alias “Sunny”, kindly disclosed the potential problem to the developers at Trezor. Working together with Sunny, Trezor created a fix for the issue, releasing it in the 1.6.3 update.
Sunny found that the security update released in the 1.6.1 update could expand in order to cover for another attack vector of the same type. Trezor then acted on his suggestions, then implemented his improvements.
Consequently, Trezor has made the MPU rules stricter in this update in an attempt to prevent another class of potential vulnerabilities. In order to fully implement these improvements, this firmware update will update your device’s bootloader as well.
How do I update my bootloader and Trezor firmware?
Before you do anything, be sure that you have your recovery seed with you when you initiate the update. (Link to manual)
Once you’ve got your recovery seed, go to Trezor Wallet and follow the update instruction prompts on the screen. You will see a prompt to replug your Trezor One device with both buttons pressed to start your device in bootloader mode. After that, confirm the update procedure, and you will begin installing the Trezor firmware.
If you are running firmware 1.6.1 on your Trezor One, the device memory will be wiped during the update process. Always make sure you have the correct recovery seed ready
When first booting firmware 1.6.3, your system will begin to verify the hash of the bootloader, checking it’s authenticity. If the bootloader is genuine, the firmware will begin updating the bootloader to the latest version – 1.5.1. After this process has finished, your device will prompt you to reconnect it.
In total, you will reconnect your device twice during this update; once when the Trezor firmware update has finished, and the other when the bootloader has finished updating. You will see prompts on your screen instructing you what to do throughout the update.
Trezor One also now supports RSKIP-60 Ethereum checksum encoding, as well as a vast set of Ethereum networks: AKA, ESN, MUSI, ETHO, PIRL, ATH, GO
Also, The Trezor One is now able to recognize 80 More new Ethereum Tokens. For the full list of supported cryptocurrencies, refer to
A new era for Trezor One?

The latest hack of one of the major cryptocurrency exchanges in Japan #Zaif resulted in a lost of about $60 million worth of cryptocurrencies. Protect your private keys, use #Trezor.
— Trezor (@Trezor) September 24, 2018

Expect great things! SatoshiLabs and Trezor are celebrating SatoshiLabs’ five year anniversary this year. In light of the #SL5Y milestone, Trezor is announcing a new price for the Trezor One. Get yours today for only EUR 69!
Trezor’s mission is to bring intuitive and confidence-inspiring security and cryptography to the masses. This may not have been possible in the beginning. At launch, Trezor had to go through rounds of development, as well as grow in the market. However thanks to optimizations and organic growth, Trezor is able to achieve their goals this year.
This means the Trezor One is transforming into an affordable, battle-tested cryptocurrency wallet for everyone to enjoy. All while Trezor continues to develop the continuously growing feature set. The Trezor One is your key to the world of digital independence.
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Monero Coin Profile: Monero (XMR)

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In April 2018, we launched our Monero (XMR) trading markets for everyone using our iCE3X exchange. In this post, we will be going over what Monero Coin is, and what it could mean for you.
About Monero XMR:

One of the famous #virtual currencies in the market, #Monero (XMR), is going to be available for #African individuals and #investors. On April the 26th, #iceCUBED-X [ICE3] decided to add #Monero to its platform. The trading pairs offered will be #XMR/ZAR and #XMR/BTC.(Tech Talk)
— Huobi NEWS (@HuobiNews) April 29, 2018

In 2012, Bytecoin launched, becoming one of the earliest iterations of an altcoin to surface.  Together with CryptoNote, Bytecoin created an application layer protocol for decentralized cryptocurrencies, similar to the one that runs Bitcoin. The founder of Bytecoin proposed some controversial changes which caused many disagreements in the community. Eventually, the Bytecoin was forked, and ‘Bitmonero’ was created.
Bitmonero eventually became the ‘Monero’ we know it as now. On this new blockchain, it takes 2 minutes to mine a Monero coin block and add it to the blockchain. In using a blockchain designed with an extremely complex public ledger, people won’t be able to send transactions. As a result, no external observers will be able to decipher the source, destination or value of any transactions that take place on the network.
How does Monero coin maintain privacy?
Monero is developed around application-level cryptographic privacy-oriented protocols, these are; ‘Ring Signatures’, ‘Ring Confidential Transactions’ (RCT) or ‘Stealth Addresses’
Since Monero’s initial release, the blockchain has received numerous updates and improvements. Some of these include:

Improving migration of the blockchain to different database structures, bringing enhanced efficiency, versatility and seamless use as a result.
Introducing minimum ring signature sizes in an act to ensure private transactions by mandate.
An implementation of RingCT to hide transaction amounts on the blockchain
Various general security improvements

Ring Signatures / Stealth Addresses
Ring Signatures are digital signatures in which a multitude of transactions are verified. No user is able to see the signer of any transaction. It works by generating a one-time spend key for the sender. The recipient then detects and spends money based upon the one-time key. Each expenditure on the blockchain generates a key image. This is done in an act to solve the double-spend problem commonly found with cryptocurrencies; an initial goal of Satoshi Nakamoto when creating the Bitcoin Blockchain.
Stealth addresses also go by ‘one-time public keys’.  They prevent the linking of a recipient to funds in their wallet, making the recipient anonymous in the process. The address can be verified by a 3rd party in order to prove that the transaction actually happened. As a result, the sender will share their public view key.
Recipients receive funds through their wallet’s private view key. Once a user receives funds in their wallet, a single-use private key is generated. After this, recipients are able to use their private spend keys to spend their funds. This avoids the need for a public connection to the sender, recipient or the amount.
How Does Mining Monero Coin Work?
Monero was built on the CryptoNight algorithm, a Proof-of-Work consensus mechanism, developed on the CryptoNote protocol. This mining mechanism was ASIC-resistant until recently, but by using a regular CPU or GPU users can still mine Monero Coin.
Though it is possible to mine Monero, pool centralization is a challenge. This is due to a threat that secret ASIC mining is more efficient than mining Monero with a GPU. A result of a fork from ASIC miners, consequently resulting in a drop of over 50% in the Monero pools hash rate. Be that as it may, Monero coin remains a GPU-mineable cryptocurrency.
Main Privacy Features
All XMR addresses that send and receive tokens use default encryption. Both the sender and the receiver are completely anonymous, as well as the amount of XMR tokens sent in the transactions. By encrypting all transaction information, it becomes impossible to trace a transaction back to a real-life identity.
As Monero is a decentralized cryptocurrency, a network of dedicated XMR users operate it. All transactions are verified by a distributed consensus, bypassing the need for any 3rd parties. With Monero, all transactions stored on the blockchain are anonymous.
Stealth Addresses, Ring Signatures and Ring Confidential Transactions (RCTs) are all implemented to censor the amount, origin and destination of each XMR transaction.
How to buy Monero (XMR)
We think Monero is currently the most suitable coin to add to the exchange, because it is fundamentally different from bitcoin, has a real-world use case and somehow managed to stay more true to the “original idea” around which Bitcoin was created. The balance between our users’ needs and a safe and secure trading environment is continuously improving and the addition of XMR has been on our roadmap for a while now. We are keen to see the market response and hope to help cement XMR’s position in the crypto space – Gareth Grobler, CEO of iCE3X
Using our iCE3X Exchange, XMR, BTC, and other altcoin holders are able to buy and sell cryptocurrency directly with local traders. We have also detailed instructions on how to buy XMR on our exchange.
Monero’s privacy-oriented features are one of the main reasons Monero coin has become the 10th biggest cryptocurrency as of writing this post (according to CoinMarketCap). While these privacy advantages have helped this coin gain popularity, they come with challenges. As the coin is focused on anonymity, it opens it up to becoming a catalyst for disreputable purposes. Markets on the Darkweb that deal in illicit goods such as drugs, weapons, and gambling often accept Monero coin as payment.
While there are a few challenges, it shouldn’t be enough to discourage anyone from this revolutionary technology. Anonymity is why everyone migrated to bitcoin originally, this coin adds added layers of privacy. Bad people will use good things for wrongdoing regardless, it shouldn’t discredit the potential of this currency.
Will you be trading Monero with us? If not, what altcoin do you think is a better option? Let us know your thoughts below.
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Beware the Bitcoin rip-off

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The popularity of bitcoin and other cryptocurrencies has skyrocketed since late December. Consequently, a wave of scam artists surfaced, taking advantage of new investors who aren’t as informed as they should be. It’s easy for scammers to use big words to sound authentic to people who aren’t exactly sure what cryptocurrency is. Beware of bitcoin rip-off, guys!
Drawn in by big profits and easy steps to start, people become less cautious. This makes them more willing to hand over their money hoping to see a profit, without actually doing any research.
Cryptocurrency Scams
In most cases, an individual will open an account on a legitimate cryptocurrency exchange platform, then will go on social media in order to promote themselves as crypto traders, promising doubled profits on investments. Investors will have no idea who the real person is behind the account promoting this scam. In this case, the cryptocurrency exchange becomes the man in the middle.
Promises of easy and fast returns draw users into investing their money. Even though the account is tied to an exchange, once the money goes in, the fraudster converts it into bitcoin. Bitcoin is a highly mobile cryptocurrency, able to be sent anywhere electronically with ease. In most cases, these scammers will wait until they have received around 10-20 deposits before they vanish into thin air with everyone’s money.
After this has happened, the only people the scam victim is able to go to for more answers is the authority, or the exchange this took place on. The very nature of bitcoin makes retrieving the funds extremely difficult. This is because although every transaction is public, the person doing the transacting is far more difficult to pinpoint.
As bitcoin is currently most valuable cryptocurrency, the scammers are aim there. Why would you risk if  the price does not worth it? You wouldn’t, would you? That’s why % of bitcoin rip-off is much higher than other cryptocurrencies.
Beware the Bitcoin rip-off

Pretty good definition of a scam by @giacomozucco #bitcoin
— Whalepool (@whalepool) September 23, 2018

With more experience in the bitcoin world, it becomes far easier to be able to spot a bitcoin rip-off when it presents itself to you. Luckily, there are only a few ways that people can scam you for your coins. By doing your research, it can take as quick as 2 minutes to find out if you’ve found a bitcoin rip-off. There are a few common types of bitcoin scams, these are;

Cloud mining schemes
Fake ICOs
Hardware wallet theft
Exchange scams
Multi-level marketing

Cloud mining schemes
The only way to generate new bitcoins is to mine them. If you want to go about getting some bitcoin without buying or exchanging them, you’re going to have to mine them. However, it’s incredibly intensive and needs a lot of energy to work. The act of mining cryptocurrency coins is extremely unique, requiring a vast amount of processing power and electricity which consequently costs more money. As a result, some companies are offering Cloud mining services where they rent out server space on their mining farm to mine coins. This allows users to make an investment to rent server space, then receive a kickback for the bitcoins mined on the server.
In some cases, companies offer “lifetime contracts” in which they keep the costs the same and supposedly offer outstanding returns. What they don’t tell you, is that as the difficulty of mining increases over-time, your same investment will see smaller returns each time. On a similar note, some companies give bold statements about the returns they provide their customers, without being truly transparent about the true costs as well as the diminishing returns.
Of course, with companies offering services that are simple to grasp such as these, Ponzi schemes lurk in the water. Most of these end up in huge losses for the victims of the scam. Although these are some of the worst scams out there, they are often the easiest to catch. Most Ponzi schemes see only support by a second website promoting them. In most cases, when looking into a fake cloud mining service, you won’t find any information. If you can’t find anything on the company providing the cloud mining service, or anyone related to it, chances are it’s a scam.
Another thing after so many scam schemes is that people are afraid. They are reading too much information about how to keep your bitcoins safe. Where to store them and etc.. With cloud mining the bad part is exactly you are storing “in safe” your bitcoins in someone else’s computer. Now, tell me, isn’t that a red alert for bitcoin rip-off?
Fake ICOs
One of the best things to happen since the cryptocurrency bloom is Initial Coin Offerings. Initial Coin Offerings (ICOs) are a way for companies to raise capital to fund their startups. Waves of new blockchain-based companies have entered the scene with new exciting ideas and innovations, and now people are able to support their favorite companies via ICOs.
However, with good, comes bad. ICOs are pretty much just corporate GoFundMe pages, so if a scammer comes up with what seems to be a great idea all he has to do is make a fake ICO. There are many ways that fraudsters can take advantage of ICOs. By creating a website of a fake ICO, scammers can instruct their users to deposit their coins into a compromised wallet.
Sometimes, actual ICOs are at fault. For example, CentraTech was a blockchain venture with backing by several celebrities. CentraTech was sued by the US, accused of portraying fake team members, lying about their products and misleading investors. Reading a company’s whitepaper is a very efficient way of detecting a scam. Review the team members connected to the venture, as well as any board members or investors. If you’re going to invest your capital into a company, the least you can do is research into its authenticity.
Yes, even though that you can be scammed, because of fake ICOs, yet just be careful more if you own bitcoins. I always say bitcoin is the most delicious piece of cryptocurrency cake out there. And I always say: beware of bitcoin rip-off!
Exchange scams
Though cryptocurrencies are decentralized at their root, most of them are still bought and sold on exchanges. Though this makes it far easier to find what coins are in high demand, there are no regulatory third parties overseeing any of these exchanges in certain countries. As a result, several investors were left penniless when the exchanges they put money into were found to be fake. For example, a selection of South Korean exchanges was deemed fraudulent in December. This lead to promises of tighter regulations by South Korean authorities.
Though these scams are often not too hard to notice, they can be very costly if fallen for. Signs to look for are promises of unrealistic returns. Any exchanges that promise highly discounted bitcoins use this as a strategy to lure in victims. Moreover, users are able to check the URL of the exchange they’re planning on using. If it starts with HTTPS, you should be good to go. This is a sign that the connection to a website is secure. It’s always a bad idea to visit unsecured websites, but as an investor, you can avoid losing your capital if you look for the right signs.
Bitcoin rip-off is around the corner, HODLers. Do not trust all cryptocurrency exchanges! Only valuable and proven through the years such as iCE3X is your best bet!
Hardware wallet theft
For most people who are highly concerned with the security and privacy of their cryptocurrency assets, a hardware wallet is a popular option. Hardware wallets are a small physical device usually the same size as a USB, that offer a way to help investors store their cryptocurrency offline. While this seems foolproof, there have been reports of some hardware wallets coming with built-in vulnerabilities. These vulnerabilities open them up to the hands of hackers, giving them easy access to users holdings.
Though this is a big issue, it’s not the only one relating to hardware wallets. Ofir Beigel, owner of stated;
One scam entails selling hardware wallets to users with a ‘pre-configured’ seed phrase hidden under a scratch card. The new user is told that he should scratch the card and set up the wallet with the compromised seed.
Doing this creates a backdoor, allowing hackers to easily take all the funds sent to the compromised wallet. Slowly but surely, these types of scams are becoming more common. To avoid this happening to you, make sure you’re only accepting your hardware wallets from reputable sellers/retailers.
Multi-level Marketing
Even in the digital world, multi-level marketing schemes have continued to surface; offering unaware investors outstanding opportunities to make progressively larger sums of bitcoin and/or other cryptocurrencies. MLMs are based on offering fast returns, but in truth, they actually just take more money for the promise of receiving higher returns.
A company that has been accused of this on several occasions, is OneCoin. The owners of OneCoin were found to be in relation with other shady operations also. OneCoin offered potential investors massive earnings, as well as luxury perks for investing more money. Despite this, there is little to no to information about this company outside of their own website. When looking at reviews of OneCoin, most of them are very negative.
With the rising popularity of cryptocurrency, staying alert and doing your due diligence becomes an unwritten requirement before investing in the industry. Though scams are surfacing all over the world, the market is also showing signs of maturing. This consequently results in better transparency as well as clearer rules.
Whether you decide to invest in cryptocurrency to support the underlying technological revolution tied to it or just hoping to make money you need to be aware as to not become a victim of a bitcoin-ripoff. Much like hackers attempt to get your bank information by phishing or keylogging, people are doing the same with cryptocurrency.
We remind you to stay vigilant when roaming the world of cryptocurrency and be sure to do your due diligence before investing any of your capital into a company. This is still a fairly new industry and while it is maturing, sometimes it may be difficult to determine whether or not you’ve found a good opportunity to invest. In light of this, you should always stay alert, and be sure to spend a fair amount of time researching into any companies you are considering putting your funds into.
So tell us, how you’ll avoid bitcoin rip-off? Are you sure you are keeping in safe your cryptos?
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