Investors Lost $135 Million Due To OKEx’s Decision To Close BCH Futures Too Early

OKEx upset its customers once again, this time the crypto exchange cancelled their investments too early, as a result, they lost quite impressive amount of money – $135 million.

These investments include Bitcoin Cash futures; OKEx has implemented such investments recently, however, they were not approved by any regulated business.

The exchange took all the measures due to Bitcoin Cash hard fork last week:

“Due to the upcoming hard fork, strong volatility is observed in the BCH spot and futures markets. We expect an even greater volatility…The final outcome of the BCH hard fork is still unpredictable, and so are the responses of other constituent exchanges to the new forked coins.”

Nevertheless, the disruption happened and caused drastic drop in cryptocurrencies’ prices. The Hong Kong-based OKEx decided to deliver the contracts before their due dates. It caused losses to some investors. According to Bloomberg, Qiao Changhe, one fund manager, lost $700,000.

We remind you

Bitcoin Cash: Overview, Advantages and Disadvantages, Details of The Hard Forks

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Cryptocurrency Prices Today, December 19: Crypto Is Showing A Long-Term Growth, Ethereum Has Overcome The $100 Mark

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Prices

According to the online platform Coingecko, Bitcoin (BTC) added 7.7% in the past 24 hours. The price at the time of writing is $3719 per coin.

Cryptocurrencies are in a stable green zone:

Bitcoin Cash added 26.34% over the past 24 hours and costs $114 per coin;

Ripple increased by 9.85% and its cost is $0.37;

EOS grew by 21.76% and its price is $2.45;

Litecoin gained by 5.56% and its value is $30;

Cardano became more expensive by 9.31% and its cost is $0.035;

Stellar added 9.06% and costs $0.11;

IOTA flew up by 16.4% and its value is $0.24;

Dash grew by 10.15% and its price is $79;

Monero became more expensive by 11.13% and costs $48.

Over the past 24 hours, Ethereum has added 8.99%. The coin rate is $103, according to Coin 360.

The total market capitalization rose to $123 billion. Bitcoin’s share is 53.7% of the total. In monetary terms, it is $66 billion.

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How to Choose a Cryptocurrency Exchanger? Top 5 Services

An infrastructure in the cryptocurrency industry is developing year after year, it helps to create connection between the real and the digital world. In this article we will talk about exchange services that allow to convert both cryptocurrencies one into another as well as exchange them for usual fiat money. After reading this material, you will know which nuances you should pay special attention to when choosing an exchanger, and how such services work. At the end of the article we will name Top 5 cryptocurrency exchangers that have already proven themselves.

(please, click the topic to scroll down to it)

  1. What are cryptocurrency exchangers?

  2. The principle of cryptocurrency exchangers work

  3. The main parameters to consider when choosing an exchanger

  4. Top 5 exchange services for digital coins

  5. Conclusion

1. What are cryptocurrency exchangers?

This is the case when the name speaks for itself – these are services, where you can exchange digital coins. Exchangers can be:

  • Offline. They are necessary for work with cash. Many of them also work when connected to the Internet. To use this service, it is necessary to create a request on the site: select the city, amount, currency, desired coin, and enter your cryptocurrency wallet. After that, it`s needed to go to the specified address and pay in cash. It should be noted that such services are very few and they are often concentrated in large cities only.
  • Online. This is a site, where you can exchange cryptocurrency for other coins, for fiat or vice versa. They are more popular, and they will be discussed in today’s material.

2. The principle of cryptocurrency exchangers work

The work mechanism of such services is extremely simple. A user creates a request for an exchange, after that the system checks on subject of physical possibility of implementing ( existence of a necessary coin reserve). The system makes a transaction after payment confirmation.

Before paying for an application, it`s necessary to know the work mode of the exchanger:

  • Manual. Each new operation requires a user to re-enter his data, and then it is manually checked by a person, after this user can make a return payment. Such exchange operation is often delayed for several days.
  • Semi-Automatic. A user also pays for his order, an operator checks it, but all the rest is done by a system. In this case, a operation often takes from 10 minutes to a couple hours. It all depends on the workload and physical capabilities of a particular exchanger.
  • Automatic. The user is only required to create templates and payment, the system assumes the rest. This is the fastest exchange option, since an operation takes just a few seconds.

As for anonymity, everything depends on a specific operation. For example, if the user exchanges Bitcoin for Monero (or for any other popular coins), in this case the anonymity is not a big problem. In order to convert one coin into another, only wallet`s address and email are needed. Some exchangers may ask to enter a full name, but if the user`s purpose is anonymity, then he can come up with a fictitious name. In case of a cryptocurrency exchange, these data (full name) does not matter at all.

If you need to transfer Bitcoins to a bank card it is completely another thing. Privacy is out of the question, since it is easy to track the movement on a bank card.

3. The main parameters to consider when choosing an exchanger

There is a huge number of exchange services on the market. Which is good, since the users have a wide choice. But it’s no secret that a certain percentage of exchangers (not only cryptocurrency) are scams. For an exchange procedure to go off smoothly, the service, which will be performing the conversion, should be examined thoroughly. We will describe below how a reliable cryptocurrency exchanger should work and look like:

  • an exchanger must be at least 12 months old;
  • it is easy to find the reviews about this service on the Internet, there should be at least 90% of positive comments;
  • an exchanger has a sufficient funds reserve (from 100 thousand dollar and above);
  • a service works in automatic or at least semi-automatic mode (due to increased volatility, a delay of 24 hours is an unaffordable luxury on the cryptocurrency market);
  • service works 24/7;
  • there is a support service, which works around the clock and ready to solve all issues raised promptly;
  • a service is presented in the popular aggregator sites list, such as YChanger or BestChange

4. Top 5 exchange services for digital coins

1. This exchanger is one of the most popular services on bestchange. The site supports 10 most popular coins, as well as fiat currencies. The service has several thousand positive reviews and has been working for more than one year.

2. This is a fairly large exchange service, which is very popular among the users. The exchanger supports more than 20 different payment systems. Its reserve is about 2 million dollars.

3. This is one of the most old cryptocurrency exchangers, it began its work back in 2012. The service reputation is confirmed by time. There is a large number of different coins.

4. This service has been successfully operating for about 4 years, and has more than one thousand positive feedback from users. This is a small bitcoin exchanger, since its reserve is only 0.7 BTC, but this is enough for most transactions.

5. It is possible to make an exchange operation in just a few clicks with the help of this service. The exchanger has been working not for so long, but has already gained trust of many users.

5. Conclusion

There are many cryptocurrency exchangers on the market. In order to make a successful exchange operation, it is necessary to take the choice of a service with full responsibility. There is no need to chase the most profitable rate, as this may eventually lead to a rather sad consequences. It is necessary to check exchangers for the presence of reviews, and it is better to check similar services on aggregator sites, such as, Best Change or YChanger.

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Kaspersky Lab’s Report: Cryptojacking Crimes Have Increased By 400% in 2018

Kaspersky Lab has published report that about 13 million cryptojacking crimes have been committed in 2018. This number is quite impressive, however, if we look at it from the annual statistics point of view, we can see that the amount of cases are up by 400% this year alone.

Cryptojacking is a term to describe malicious activity when a culprit generates cryptocurrency (transfer funds) without the owner’s knowledge using a compromised device. This kind of crypto crime is highly popular in the financial world.

The most common jacked cryptocurrency by cryptojackers is Monero (XMR). The virus or malware enters a user’s PC, usually it happens when the later watches online ads or solves captcha. Then the script creates chaos on a PC’s CPU power making the system run slowly.

Our editorship urges you to be careful in order not to fall into the hands of criminals. We want to remind you:

Kaspersky Detected a Crypto Exchange Hacker Attack Coming from North Korea

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Coinbase Now Has a Crypto-to-Crypto Trading Option for Commerce Customers

The cryptocurrency exchange Coinbase has added a long-awaited feature to its system: its users can now buy and sell crypto for crypto directly. The innovation is called Coinbase Convert and is already available at the site and both Android and iOS apps.

The trading pairs presented at Coinbase were selected based on the feedback of the exchange customers. This move will help the company to involve larger retail audience and engage it in digital trading.

According to the manager of the exchange Anna Clifton:

We’ll continue iterating on the product and expanding the functionality. An increasingly large number of customers will have this functionality available.”

We remind you:

Coinbase Will Again Offer Trading Pairs for Bitcoin Cash

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Malta Is Going to Launch a Blockchain Bank

It seems like Malta will soon open a financial institutions that will provide services for blockchain and crypto-related businesses, which is going to big a big step towards the introduction of cryptocurrency in Europe, since the conventional banks rarely have crypto-friendly terms.

RnF Finance Limited, a Maltese firm, has already applied to the financial authority of the country in order to get a license to create a blockchain bank.

Its CEO, Roderick Psaila, mentioned the following details:

The Bank shall engage into four main business streams: Offer banking services to corporates; Lending; Private Banking and Wealth Management.

The newly-emerged bank will focus its investments on the blockchain technology and artificial intelligence.

We remind you:

Bank of America Has Officially Patented A System for Saving Crypto Actives for Significant Corporations

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The Schoolboy Bitcoin Millionaire Believes that Bitcoin Is Pretty Much Dead

As it has been reported by the Marketwatch, Erik Finman, a teenager who became a millionaire back in the times when Bitcoin cost 20 thousand dollars, gave a very negative outlook for BTC in the future.

Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last. It may have a bull market or two left in it, but long-term, its dead,” said Finman.

As for Litecoin, here the teenager is sure that this coin “has been dead for a while”. He also mentioned those coins that, in his opinion, still have a chance at the market, such as Ethereum, ZCash and, surprisingly, Bitcoin Cash.

Although Eric is still very young and not that experienced, the fact that he owned 4 million dollars in BTC in 2011 make his predictions quite reasonable.

We remind you:

How Is a Schoolboy Millionaire Doing: A Story About the Youngest Bitcoin Richer

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