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4 different ways and 15 places you can sell your bitcoin online and offline in 2020

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sell bitcoin

The cryptocurrency market has been on an explosive path since the bitcoin outbreak of 2017. While it’s one of the most lucrative, talked about and buzzing sector a lot of us still are in a dilemma or have very little clue about anything.

For instance, a bunch of us may have already bought and hold onto a limb of bitcoins during the mayhem but now we have no place to go. A few governments have banned it whereas a few, just lost interest. You now want to get rid of your bitcoin. But how? 

In this article, we are going to talk about how and where you can sell your bitcoin. What are the ways in which you can exchange your bitcoin? Did you know that you can exchange your bitcoin for other cryptocurrencies as well? Let us find out more about this.

Where to sell bitcoin

where to sell bitcoinThere are a plethora of methods for selling BTC and each one of them a little varied from the other. No matter what choice you pick from the list below, they let you convert your bitcoin into fiat money in the comfort of your own home (or kiosks for if you are going through cash exchanges). 

You can choose the method you like depending on a few factors. Factors like How much time do you have? How much control do you want over the eventual price you get for your cryptocurrency? Or How much of bitcoin are you looking to cash out? These are some of the factors you ought to consider before plunging into cashing out your cryptocurrency. 

In the next segment, we’ll be talking about the ways you can sell your bitcoins in. 

1) Exchanges 

Foreign ExchangesExchange platforms are an ideal one-stop solution for you and act as a middle man that helps you convert and encash your bitcoin on behalf of you. Being one of the most common and simplest ways to sell bitcoin online, exchanges assist in converting the cryptocurrency into hard cash without you having to go through any hassle. You can choose between  Binance, Coinmama, Coinbase and CEX.10. 

And the best part about these platforms is that the registration and the verification process is simple as a breeze. Create an account and a wallet, link your bank account to it, provide them with a photo-ID if necessary and bam you are done. 

Photo ID verification is done before you start placing any orders for authenticity. The only thing you have to ensure is to set up your account well in advance of when you plan to trade, as the verification might take some time to be done. 

Once you are done with the verification and registration, the next step would be taking your deposit address from the exchange wallet and sending the bitcoins you wish to sell to that address. 

And while you are at it, placing a “sell order” would be a preferred option so your coins will be sold at the ongoing market rate. There are many exchange platforms that allow you to set a limit on your sale, so that at times when the Bitcoin’s price drop below a certain point, the sale would not proceed.  

The direct transfer of the funds into either your linked bank account or to your exchange currency account is one of the most significant advantages of an exchange platform.

2) P2P exchanges

Peer to Peer ExchangesAnother alternative for selling your BTC, these platforms, being a way of peer-to-peer trading, is a much more direct method of cashing out your coins, as compared to other exchanges.

Creating an account and getting verified is necessary for this method as well. Cashing out the coins will become much more of a breeze once you are all set-up after the verification. 

If you set up a sell order for a specific value, the site will alert you to proceed with the transaction, when someone comes along looking to buy at the agreed-upon price. The payment can be conducted via a plethora of methods on sites like Paxful and LocalCoinSwap. Gift cards, cash in the mail, MoneyGram and cash in person are some of the methods to conduct the payment as well.

One of the most wonderful advantages of such platforms is that there is no middle-man exchange involved. Therefore, you won’t have to worry about being hacked or the platform itself running off with your money. The only con or drawback we could discover in this method was that it is a lot more time consuming than automated exchanges. 

3) Bitcoin Gift Cards

bitcoin-gift cardsIt’s Christmas already and if you haven’t yet thought of what to gift to your loved ones, then we have wonderful news for you. A bitcoin gift card is a unique way to present coins to your friends and family. 

A plethora of online platforms such as Bit4coin allows you to mail the gift card or voucher to the specified address. Your friend can redeem the gift card against bitcoins at the exchange rate without any hassle. This platform is excellent at not only with the redemption but also at guiding you on how to open your own wallet. 

4) Bitcoin ATM

Bitcoin ATMYou might have heard of these machines only if you are really into cryptocurrency. If selling BTC online does not seem like an enticing idea, there is something even better for you. 

Bitcoin kiosks are the machines connected to the Internet that are uniquely designed to allow the insertion of cash in exchange for bitcoins. They are almost identical to the conventional ATMs in appearance, but they connect the user directly to a cryptocurrency exchange rather than a bank account. You can always rely upon CoinATMradar for cashing out your Bitcoins as it is one of the most reputable and reliable among all Bitcoin ATMs. 

The only catch with these kiosks is that they are not as freely available as that of money ATM kiosks. You can log on to coinatmradar.com to find out if there is any Bitcoin ATM near you

5) Your retirement account

bitcoin retirement planMost of the Individual retirement accounts are usually managed by custodians or trustees for their investors. But, if we look outside of these traditional assets, there are a plethora of other investment opportunities as well. Real Estate, Tax lien certificates, private placement securities, promissory notes, gold and even Bitcoins, are some of the most popular investment strategies. 

Adding BTC to your self-directed IRA is the easiest task of all time. All you need to do is open a self-directed IRA through a secure e-sign application. And when the new account is funded via a rollover or transfer, the final step would be completing a Bitcoin allocation order by the investor. It is only after you have reached the retirement age that you can start using your coins retirement asset, or else you will have to face a penalty for any early withdrawal.

How to sell Bitcoin for USD? (Converting bitcoin to dollars) 

bitcoin to usdThe most significant advantage of bitcoins is that you can exchange them for any currency you feel most comfortable with. If you have been looking for trading BTC for USD but not sure about the best way to sell bitcoin, then the following list contains some reliable cryptocurrency exchange platforms where you can convert bitcoin to US Dollars online. The choice you make would totally depend on what type of holder you are; an institutional holder, a trader or a small investor. 

Coinbase is an ideal exchange platform to sell BTC especially if you are a retail client. Being the world’s largest Bitcoin broker, this exchange is serving around 32 countries as of now. These countries provide direct sales of BTC either at the current average market rate or close to it. 

  • Kraken

Another popular exchange, Kraken has been allowing fiat currency deposits and withdrawals since 2011. Kraken is known to process the most BTC to Euro transactions. Supporting other major currencies like USD, JPY and CAD as well, Kraken charges very reasonable fees. Fiat & Cryptocurrency trades are comparatively much cheaper here than on other exchanges. Excellent security initiatives like 2-factor authentication are encouraged by this platform. The Kraken reach to your bank account just between 1-5 working days. 

  • Gemini

This exchange platform is aimed more at Large orders from traders and institutional investors. The ability to deal with both individuals and institutional clients comes easily to the exchange. You can easily withdraw and deposit to and from your bank account. All the exchanges take is trading fees of around 0.25% off both sides of the trade. 

  • CEX.10

Founded in 2013, CEX.10 is a London-based cryptocurrency exchange platform that has more than a million active traders. This platform allows you to sell bitcoin in a matter of just a few clicks. CEX.1.0 takes proper steps to ensure the security of customer data and financial information thus making this site extremely trustworthy when it comes to the users’ data and money. Even though this exchange is relatively more expensive as compared to the other platforms, their services are worth everything.

How to sell Bitcoin For Cash? 

bitcoin-for-CashAll these exchange platforms are fantastic but they can be a bit of a hassle at times. If you wish to avoid all the squabble associated with withdrawing from an exchange, you can always sell your BTC for cash directly to another person. Do you want to see how it can be done? Read further. 

  • LocalCoinSwap

LocalCoinSwap can be a perfect solution for anyone of you who are looking for cashing out large amounts of Bitcoin. In this exchange platform, people can post their own bids for buying and selling bitcoins for USD and other fiat currencies. 

The transactions tend to be more instant but that can happen only if both parties have sufficient funds in their accounts. This platform also offers the advantage of a face-to-face transaction offline with the other party. 

  • Meetup

This might come as a surprise entry but you can even rely on Meetup.com for exchanging bitcoins for cash too. If you are looking for a platform that allows you to indulge in Bitcoin-related meetups. You can meet other BTC enthusiasts and trade with them. Allowing a safe environment for its customers, this exchange platform is a hit among them. Although, no one can guarantee 100% that you would find exchange opportunities for these easily.

  • Paxful

Paxful is a peer-to-peer exchange platform that promises to radically transform the way you spend money. Connecting buyers and sellers to easily exchange bitcoin, this platform is uniquely designed to accept more than 300 different payment methods. 

Having solid security measures in place, Paxful is gradually becoming a legitimate cryptocurrency exchange platform. The security measures generally include security questions, 2-factor authentication, SMS verification and heavily encrypted servers. 

  • Bitcoin ATM

There is no solution better than a Bitcoin ATM if you are in a rush and want to sell coins instantly. Being the fastest way to cash out the bitcoins, the number of Bitcoin ATM machines are expanding rapidly since their inception in 2013. 

Also the machines have a bit of drawbacks associated with them. For instance, they are usually only available during business hours and they need you to be physically present at the location. 

How to sell Bitcoin for PayPal?

Here is a list of platforms that allow you to cash out BTC to USD cash like exchanging to PayPal. 

Coinbase has been allowing you to withdraw your USD balance to your PayPal account since 2016. This directs to the fact that you can move coins into your Coinbase account and withdraw them as USD straight to your PayPal account. Follow these steps to sell your Bitcoins:

  1.       Move the bitcoins you want to sell into your Coinbase account.
  2.       Go to “Buy/Sell bitcoins” and choose “sell bitcoins.”
  3.       Decide how many coins you want to convert to USD.
  4.       Choose PayPal as your payout method.
  5.       Click “sell bitcoins.”
  •  Bitpanda

It is an Austrian start-up company that holds expertise in selling – buying bitcoins and other cryptocurrencies. Even if Bitpanda does not allow you to buy BTC with PayPal, you could still cash out your coins in order to fund your PayPal account.

  1.       Sign up and get a Bitpanda account
  2.       Choose “sell” and “PayPal” as your payout method.
  3.       Once you send the bitcoins to Bitpanda, you will be sent a payment via PayPal.
  •  VirWox

VirWox stands for Virtual World Exchange which is a reputed and centralized Austria-based digital convertible currency exchange. It is the only website that allows instant buying and selling of Bitcoin with PayPal.

  •       Initial deposit- After depositing a certain amount of BTC, you will receive an email directly from VirWox.
  •       Posting- The expected posting time is supposed to be 1 hour.
  •       Purchase- You can buy the max quantum of L$ at the ongoing market price.
  •       Flat currency- In this step, you can be buying the max USD amount at the ongoing market rate.
  •       PayPal Withdrawal- For every 1$ you pay for PayPal fees, you would have to pay another 2%. 

Wrapping it up

If the cryptocurrency industry keeps on evolving with the pace it is doing right now, in no longer than coming few years, these coins would be ruling the industry but not a lot can be said about bitcoin. It is best to wait for a spike and then sell it for the gains (or hold it; it’s your choice). 

Also, it has become a whole lot difficult to acquire bitcoins in the first place whereas selling them in exchange for fiat currency is a whole different story. But, if you have read the above article, you are sure to be thorough with the whole process. Selling Bitcoin instantly using a Bitcoin ATM or transferring money to your PayPal account can be easy peasy for you. 

This article is just here to inform you of all the ways you can sell your bitcoin. We urge our readers to perform proper research before finalizing their investment decisions. If you have any further questions or need any further clarifications, feel free to write to us in the comments section below. We are happy to answer. 

Also, please be sure that Cryptotapas holds no responsibility for any of the investment decisions you take or the trades you perform using the information provided above. All the language used, no matter how suggestive, is just a form of expression and holds no direct implication nor stands as a set of instructions for you to make your investment choices. The article is a simple form of reference among many others that you would be taking before making an informed choice.

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Is Elrond better than Ethereum? Should I invest?

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Elrond Token review

Elrond(ERD) Token Review

Would the modern magic of internet work if we were still using dial ups? If you are from the generation that doesn’t know what a dial up means, it looks like this:

AOL Dial Up Internet Connection Sound + You’ve Got Mail (America Online) 90’s

Take a walk down memory lane and listen to the AOL (America Online) Dial-up internet connection sound and the famous You’ve Got Mail. Subscribe to Adventures…

Essentially, it would take you 30 seconds to 3 minutes to connect to the internet and open a text email.

If you were to load the YouTube website at the 56kbps speeds (considered good in those early internet days), it would take you probably 20 minutes.

We tried to load YouTube at 56 kbps speeds and after 7 minutes we were still waiting for the page to load. Compare that to the broadband that loads YouTube in a split second.

You can test what it feels to browse at 56kbps here.

While it is quite an extreme and dramatic example, I think that is the closest you can come when you try to explain what Elrond is in comparison to Ethereum.

At its current state, Ethereum processes 15 transactions. Compare that to Elrond which processed 35000 transactions during the test net run.

Obviously, the test environment is different compared to the real world.

Ethereum 2.0 could solve some of Ethereum 1.0’s flaws with claims of 100,000 to Million TPS. That is something we have to wait and see.

OK, what is Elrond?

There have been at least 100 Ethereum killers on the market since the birth of Ethereum.  Ethereum (Classic) couldn’t kill Ethereum, so we are not sure others will.

What is Elrond

Ethereum currently has serious scalability and TPS issues. Listen to this clip where Vitalik admits that Ethereum 1.0 cannot scale.

No Title

ICO prospectus: “Build scalable apps on Ethereum.” Mod: “Youre saying the concept of launching something that doesn’t scale then rebuilding it as something thats scalable was part of initial the plan.”Lubin: “We knew it wasn’t going to be scalable for sure.”Vitalik: *nods* pic.twitter.com/MBSFkQeugj

Ethereum 2.0 could be a whole another story.  However, it is not a reality at the time of this writing.

Elrond on the other hand already delivers on what Ethereum 2.0 is ‘aiming’ to.

In a somewhat hyped elevator pitch, Beniamin Mincu, CEO of Elrond, said that Elrond is a 1000x improvement over other protocols in the blockchain space.

In a nutshell, Elrond offers a high throughput blockchain ecosystem that makes use of sharding that ‘scales’ (adapts) with the demand put on the network.

This adaptive sharding helps Elrond to be efficient, secure, scalable and provide a high rate of TPS.

This is why Elrond boasts itself as A highly scalable, fast, and secure blockchain platform built for internet scale.”

ERD Scaling

What makes Elrond Special?

The strength of Elrond, in our opinion, is not in its novel or groundbreaking innovation.

It is in the simplicity of picking the ‘best’ of all the blockchain protocols that preceded and only solve the issues that these protocols failed to solve.

For instance, Elrond picks sharding from Zilliqa but makes it ‘adaptive’.  It picks interoperability from Cosmos and implements it at Virtual Machine level.   

Elrond says it as much in its whitepaper: “Elrond was designed upon and inspired by the ideas from Ethereum, Omniledger, Zilliqa, Algorand and ChainSpace.”

If we are to compare blockchain revolution to the internet, we have to assume that many companies will be replaced by newer solutions. 

Whether Elrond is that ‘next generation’ blockchain or if it will be eaten away by another project is something we have to wait and see.

For now, let’s focus on what Elrond promises that makes it special.

“1000x improvement” over its predecessors

“Elrond is a new blockchain architecture that can bring 1000x cumulative improvement in scalability, throughput, transaction speed and transaction cost,” that is how Beniamin Mincu, CEO of Elrond, explains the project.  

Scaling

Elrond promises to be able to ‘adapt’ to the scaling needs of the network.  The project uses what is called ‘adaptive sharding’.

For the technically inclined, here an excerpt from the whitepaper:

“Elrond proposes a dynamically adaptive sharding mechanism that enables shard computation and reorganizing based on necessity and the number of active network nodes. The reassignment of nodes in the shards at the beginning of each epoch is progressive and nondeterministic, inducing no temporary liveness penalties.”

Sharding is the process of breaking down a big problem into small ones to solve it faster.

Security

Elrond uses a modified version of Algorand’s Secured Proof of Stake concept.

Secure Proof of Stake randomizes the ‘selection of a node’ so that security is not compromised through 51% brute force.

Elrond goes one step further on this sPoS model where it introduces ‘stake and rating’ criteria to be even eligible to be randomly picked as a node.

Adaptive sharding is the ability to scale up or down the number of shards depending on the transaction at hand.

Obviously, that is a dumbed down English explanation of it, as we understood it.

This makes selection of nodes ‘random’ while taking meritocracy into consideration.

The rating is dynamic and is recalculated at the end of each execution.

ERD Token

Many investors in the crypto space don’t care what the project does if the tokenomics are weak.

  • Transaction fees

Elrond’s utility is acting as the ‘native’ token on the network to pay for the transactions. The more transactions that take place on the network the more Elrond will gain in demand.

  • Staking

Elrond offers crazy returns on staking. This means, there is a probability that many tokens will be locked out of circulation which could boast the price.

  • DApp Deployment

Like any other blockchain network, Elrond token acts as the ‘utility’ on the DApps deployed on the network.

  • Validator reward

Validators are rewarded for their work and Elrond token is used in disbursing these rewards.

Team

Crypto space is excited about the team that is involved in the Elrond project.

Just looking at the profiles of CEO, COO and CIO showcases that you are not dealing with a group of wannabes.

Elrond Team

The team brings in the right mix of technical prowess and business acumen.

Many blockchain projects either lack a strong technical forte or suck at running the business.  Elrond may not have that problem due its ‘experience mix’.

Partnerships and Integrations

This is one project that is making a lot of buzz in the past two months, with continuous updates and partnerships. Here are a few:

ERD and Indacoin

ERD and Indacoin

Indacoin is a fiat gateway with over 500K users which allows users to buy crypto with Visa or Mastercard using USD, GBP, EUR and many other currencies.

ERD and dfinance

elrond and dfinance

Elrond will work together with dfinance to enable users to build Elrond native assets as well as allow Elrond users to access DeFi platforms on dfinance.

ERD and LDV

Elrond and EDV

ERD tokens are now available on LDV, a Romanian crypto exchange and a fiat gateway. ERD/EURO and RON/ERD pairs will be available on the platform.

ERD and Crypto.com

elrond and crypto.com

Users of Crypto.com can now buy ERD token on their app. Crypto.com is considered one of the easiest modes of buying and selling crypto. With deposits and withdrawals of erd token enabled on crypto.com, the token is now available for over 3 million users of crypto.com

ERD and Utrust

Elrond integrated with one of the leading payment gateway for ecommerce, Utrust.

ERD and Swipe

Swipe partnership elrond

ERD is partnered and now available on swipe, a multi currency digital wallet. Swipe has over 500K users.

The other partnerships and integrations include Stateless Money, Staked, Moonpay, FinNexus, and many others.

Elrond is gaining traction fast and furious. Will it amass enough steam to surpass other blockchain protocols?  

We have to let the time answer that question.

ERD Token Metrics

ERD Token Metrics

Source: Elrond

*These token metrics are about to change after the EGLD swap.

Some pump and dump chat

You will notice that Elrond is showcased on the Samsung official video introducing Samsung Blockchain.

Samsung Blockchain wallet elrond

First and foremost thing everyone is excited about is its mainnet launch. 

We believe the rise in price is not just because of its mainnet launch, but also the high staking rewards that are expected to yield after the mainnet launch. 

With over 5 Billion ERD tokens already staked during the testnet, it is possible that more users will stake their tokens for passive income.

Risk factors

Late to the party, not to the town!

There are a lot of blockchain platforms in the blockchain space. Many promise sun and the moon with 100K to a million transactions per second.  

Most of these promises are just that as of now, promises.

Elrond is late to this TPS race, however, it could do what others have failed: Actually live up to its claims on the Main net.

In this sense, Elrond is late to the TPS party but it is not late to ‘make a mark’ for itself in the blockchain town.

More advanced projects in the space

What happens when Ethereum addresses its TPS issues, scalability aspects and makes it incredibly easy for people to launch DApps?

Ethereum already has a massive penetration in the space that it could leverage.

Beyond Ethereum, there are other projects like Zilliqa that could pose stiff competition to projects like Elrond.

And, do not forget Cardano, a project that is preparing its arsenal for a hostile takeover of the crypto space.

What is a head in Elrond’s Roadmap

Elrond Roadmap

Source: Elrond

Elrond Swap

ERD to eGLD

With the launch of Elrond Mainnet, Elrond token (ERD) will be swapped for Elrond Gold (EGLD), at a 1000:1 ratio. Simply put if you hold 10,000 ERD tokens, it will be swapped into 10 EGLD. In terms of price, if the current price of one ERD is $0.024, the price of 1 EGLD (*1000ERD) will be $24.
Elrond has garnered quite a lot of buzz before the mainnet, now it all comes to how the project is going to progress beyond mainnet.

How to swap ERD

As per their official Telegram channel, exchanges are making preparations to support Elrond swap to Elrond Gold.  The tokens will be swapped in about 30-60 days and the ERD(ERC20, BEP2) will be replace with eGLD. Check with your exchange and look out for communication about the swap support. Till then, ERD trading will run as it is over the exchanges.

Pros of Elrond Token Swap

The swap is expected to reduce the current total volume of 21 Billion ERD tokens to 20 million eGLD and to 30 million over the next ten years which in theory should make the coins dearer.  How this will work in reality is something we have to wait and see. Case in point but in reverse is VeChain, which was trading at $9 before the swap at the ratio of 1:100 and the price dropped so low that it has not yet recovered.

Cons of Elrond Token Swap

In our opinion, it is easy for a coin to jump from 1 cent to 2 cents and 2 cents to 4 cents, however, there is a psychological barrier from investors to let a coin trading at $20 to move to $60. However, if you see from a percentage, the underlying gains are the same. 1 cent to 4 cents is a 400% jump, however, it will take a lot for a $20 to jump to $80. If Elrond proves its value in the blockchain space then the project may pump in spite of the denomination.
Thank you for reading and sharing this article. Stay safe and healthy!

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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V-ID is bringing real world use case to Blockchain, can it succeed?

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Vidt Token review

VIDT Review, use cases, future prediction

What follows is the byproduct of our research on whether or not V-ID is a good project.  

We have a tendency to FOMO, so read everything with a grain of salt and always DYOR.

What is V-ID?

Anything digital can be altered. How then can you be confident about the authenticity of the digital files you are dealing with?

“V-ID is a blockchain powered document certification service. The VIDT API enables organisations to certify and secure their digital data against fraud and manipulation.”

You can tag digital files using V-ID and anyone around the world can verify its authenticity by simply using V-IDs free checker.

If any information is changed within the file, V-ID flags it.

This technology has an immediate use case in the real world to fight digital frauds. Especially in dealing with:

  • Invoices
  • Scientific papers
  • Contracts
  • Official documents
  • Diplomas/certificates
  • Data from Internet of Things

Watch this quick video to learn about V-ID.

Introduction to VIDT V-ID Blockchain Powered Validation

The V-ID validation service uses blockchain technology to end all document fraud. Our client base, with customers like Airbus Space & Defence, operates in va…

Take a simple example of purported crypto ‘recommendation reports’ that float on the internet. How do you know they are what subscribers were given?

How can you be sure that the document is not manipulated by someone to ‘alter the buy up to and sell at’ prices?

In this simple situation, using V-ID, one could verify the authenticity of the document.

In a world of Deep Fakes, a solution like V-ID can be a lifesaver.

How big is the problem that V-ID solves? 

According to the Javelin Strategy report, Identity fraud cost $16.8 Billion dollars in 2019 alone.  

Obviously this includes credit card and account takeover frauds. However, when a solution like V-ID becomes integrated, there is an opportunity to curb these identity thefts as well.

Fraud Detection and Prevention which was valued at $17.33 billion is expected to grow at an 18% (CAGR) rate from 2019 to 2025.

The more diverse our technology becomes with the advent of Internet of Things, Artificial Intelligence, Cloud Computing, Augmented Reality and reliance on smart mobile devices, the more we grow vulnerable to fraud.

In our opinion, the fraud space is only going to grow bigger and faster.  

V-ID has an opportunity to place itself as a reliable solution by leveraging the blockchain’s resilience.

VIDT Technology

Source: V-ID

Using V-ID

Any solution’s success will depend on its ‘ease-of-use’. We tested the V-ID ‘certification’ to get a taste of the platform.

When we scanned the QR code of the document, it took us straight to the document where we could easily verify that it was indeed ‘authentic’.

The ease at which you can verify someone’s credentials, certifications, diplomas, etc., is simply awesome.

Users can verify the authenticity of other documents through their free online checker. Obviously, the company has to be signed up with V-ID for the documents to be ‘stamped’ on blockchain.

V-ID promises verification in 5 seconds.  Here is a video that shows how the verification works.

VIDT V-ID verification live demo

The V-ID validation service uses blockchain technology to end all document fraud. Our client base, with customers like Airbus Space & Defence, operates in va…

All in all, the concept behind V-ID is quite simple and easy to use.  

This ease of use accompanied by an amazing use case is what forms the basis for blockchain’s adoption.  The tool makes you forget about the blockchain altogether.

Does V-ID need Blockchain?

Yes. We think V-ID has a blockchain use case.

When it comes to providing a hack-resistant environment and resiliency to the underlying system, blockchain really shines.

The V-ID makes use of blockchain the backend without inundating the end users with the intricacies of ‘how blockchain works’ is quite admirable.

“Currently V-ID offers anchoring in Ethereum, Bitcoin, IBM Hyperledger, Fantom, LTO Network, Digibyte and Binance Chain.” 

For V-ID, in our opinion, Blockchain is not just a fancy jargon to allure people to the project but rather it is a smart technology choice to meet the business objectives.

Team

Vidt Team

Source: VIDT

Marnix van den Berg, Founder & CEO, has over 17 years of experience.  He is supported by 3 other Founders on the project.

Pim Voets is the Founder and Lead Concept Design, Ceciel van Helden is the Founder and Lead Programmer, Wico van Helden is one of the Founder.  

The teams section of the website shows about 9 team members and 6 advisors, including Chris Robinson, Ex-CTO of American Express.  

Just between the 4 founding members have a combined experience of over 70 years. Wico van Helden has hands-on experience in taking a company IPO.

Progress, Case-studies and traction

V-ID has been associated with many brands.  They showcase few case studies on their website:

VIDT Case study

AMSPEC is using the V-ID technology to verify the authenticity of their inspection reports

How AmSpec protects data integrity with V-ID

Amspec has started to utilise V-ID blockchain validation technology to protect the authenticity of their inspection reports. This means that recipients of a …

V-ID made history by bringing 17th Century Rembrandt to the blockchain.  This verification was made possible with CMS Law acting as notary, collaboration with Duowes Fine Arts and V-ID.  

VIDT Rembrandt on chain – V-ID collaboration with Douwes Fine Art and CMS

For the first time, V-ID’s validation platform, known for securing digital files against manipulation, extends its activities into the physical world, by val…

V-ID is bringing certificates and diplomas onto the blockchain.  To this end V-ID has collaborated with NYENRODE and HBO Drechtsteden.

V-ID successfully installed the first IBM Watson-connected IOE sensor with V-ID data anchoring.  

IBM & V-ID install first IoE sensor on IBM NL headquarters’ roof

www.internetofenvironments.org

V-ID partners with Caltrix Consultancy to offer a tailored solution for any financial organisation to comply with KYC/AML challenges. 

LTO Network and V-ID entered into a partnership by rolling out an immediately applicable, GDPR-compliant blockchain solution for companies and governments. 

This alliance allows for any party to verify the authenticity of the diamond using the certificate, and the authenticity of the certificate using the V-ID service.

The brands with which V-ID has worked with and the diversity of the projects they have been involved in bring a lot of confidence in this project, in our opinion.

Price – Revenue Model

Companies need cash flow to sustain and grow. It is important to have a revenue plan for the company to thrive.

V-ID offers 3 different pricing options that you can see below.

VIDT Price chart

Euro 2 per file may seem like a big deal but companies have the option to use the verification only for sensitive documents.

For example, on invoices or contracts, to ensure authenticity.  

Challenges to consider

Icon Latest UpdatesOne of our favorite projects, ICON, also rolled out the Broof concept which helps organizations verify certification.

Blockchain projects, like ICON, with existing capabilities could potentially ‘extend’ their solutions in the verification arena.  This could pose stiff competition.

The verification problem is so big that it can accommodate more than one player, however, the more players you have the more it dilutes the upside potential.

What Blockchain identity verification will not solve!

Demand for counterfeits

When all is said and done, counterfeits exist because they have market demand.  Without demand a product doesn’t sustain long.

There are millions of people who want to experience luxury on budget, by choice or because of lack of choice.

The projects like V-ID cannot solve the counterfeit market for those who specifically seek them out.  

However, the project does solve the ‘authenticity assurance’ demand for people who are paying the full price for the genuine product.

Market for ‘copies’

Digital products have an amazing advantage which is its major flaw and that is: it can be replicated without much effort.

If someone is deliberately seeking out for a pirated copy of something, there is so little you can do.

VIDT, Coinmarketcap and where to buy and sell?

V-ID Blockchain has its own native crypto with ticker symbol: VIDT.

We have to specify this because there is another project on coinmarketcap with VID symbol and we had few folks who seemed to be confused.

At the time of this writing, VIDT was ranked at 224.

At this time, you can buy and sell VIDT at KuCoin.

In conclusion

Blockchain finds a great ‘real-life’ business use case in V-ID.  

The association of the project, even if indirectly, with big brands like IBM, AirBus and more is just a testament to the viability of this solution.

While it may be possible for other projects to try and emulate the V-ID solution, the focus and dedication of the V-ID team could put up a mighty fight, in our opinion.

Ultimately, the problem of fraud is quite big and could easily accommodate success of multiple players.

In the end, we are coming to the same opinion about V-ID that Chris Robinson, ex-CTO of American Express, did and that is “V-ID is a rare combination of 3 things — A great idea in a large and almost green space market. A company with a proven track record and real-world customers. And, finally, an exceptionally high quality team and advisors.

Thank you for reading and sharing this article. Stay safe and healthy!

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Crypto News Today #43

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Cryptocurrency Weekly News

What a week for the crypto bulls to come out!

Bitcoin performed exceptionally well and all the hibernating Crypto bulls spewed their predictions all over the internet.  

The hype frenzy was quite unreal and we are worried about the newbies that might buy into the hype and get in at the peak.

While most hypers were hibernating, we are keeping our calm and tracking the crypto space for the past 4 years.

If you want to see all that contributed (and continues to contribute) to the Blockchain, Bitcoin and crypto adoption – you just have to see the most important news since 2017.

In the spirit of continuing the tradition of keeping up with what matters, let’s dive into this week’s digest!

Brave and Guardian bring Firewall and VPN to iOS

brave-logoBrave Privacy browser that supports the Basic Attention Token (BAT) has partnered with Guardian to bring Firewall and VPN capabilities to the Brave Browser on iOS platform. In an announcement, Brave team disclosed that “with this partnership, the companies are integrating their technologies to enable the fastest, safest, most private Web browsing experience. Brave now offers Brave Firewall + VPN, available for download from the App Store. This partnership allows people to take back control of their own data, browse the Web, and use their apps more safely and securely.”

Ledger market data breach

Ledger Nano S reviewUnauthorized third party access using an API Key has compromised the contact and order details at Ledger.  A total of 1 Million email addresses might have been compromised. According to the official statement “Contact and order details were involved. This is mostly the email address of our customers, approximately 1M addresses. Further to investigating the situation we have also been able to establish that, for a subset of 9500 customers were also exposed, such as first and last name, postal address, phone number or ordered products. Due to the scope of this breach and our commitment to our customers, we have decided to inform all of our customers about this situation.”

Coinbase explores [more] new digital Assets

coinbase best exchangeCoinbase is exploring more digital assets to add to their platform.  These 19 digital assets include, as per the official post,  Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Melon, Ocean Protocol, Paxos Gold, Reserve Rights, tBTC, The Graph, THETA, UMA, and WBTC. Obviously, there is no guarantee that all of these tokens are going to be added but it is quite interesting to see some of the good projects making the list.

Putin signs Crypto bill into law

Russia just passed a bill that will allow the companies in Russia to issue digital assets as long as they seek and procure approval from the Bank of Russia.  According to Reuters (translated) “They can be an object of collateral, purchase and sale transactions, exchange of one type of digital asset for another. At the same time, CFAs are not and are not recognized as a means of payment.”

SEC Wants to Start Scrutinizing Binance Chain Transactions

sec crypto regulations“The Contracting Officer has determined that CipherTrace Inc., is the only source that can reasonably meet the SEC’s requirement […].  CipherTrace products are the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.,” read the official statement issued by the SEC.  This makes it clear that the transactions that people have conducted on Binance assuming they are ‘immune’ from the US government’s scrutiny are going to be surprised by what follows.

Cardano mainnet launched

cardano staking newsCardano has successfully launched its mainnet and introduced its ‘Staking’ phase ‘Shelley’. The entire crypto community has been eagerly waiting for the launch and has received the upgrade quite positively with Cardano (ADA) price coasting at 13 cents. Generally, when the community is not happy with the upgrades and mainnet launch, it tends to show in the negative price action. The stabilizing price movement indicates that the Cardano community has welcomed the mainnet launch.

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Thank you for reading and sharing this article. Stay safe and healthy!

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spam your inbox and we only send one email per week
with updates, news, eBooks, tax updates, and more!
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knowledge, not spam!  Subscribe here.

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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