Crypto Currency

From Miscellany
The short link to this page is https://bit.ly/miscCrypto

Blockchains

The basic building block of crypto currencies

Coins vs Tokens

What are altcoins? What are tokens? What's the difference?
Coins are standalone cryptocurrencies based on their own blockchain. Tokens are built and hosted on existing blockchains.  --Finder.com

Sometimes people use the term “coin” to refer to what other people call “tokens”, and “token” to refer to what others call “coins”, but in reality, they are both Digital Assets and act as transferring value. Coins are usually created within a network as ETH, BTC, LTC. Tokens are Digital Assets created within the application on a blockchain. On Ethereum network they are called ERC20 tokens. -- Ethereum Wallet

Non-Fungible Tokens (NFTs)

Non-Fungible Tokens (NFTs) are unique, immutable virtual assets, such as Decentraland LAND or CryptoKitties or baseball cards. They are used as collectibles, and have sparked surprisingly robust and well-funded markets considering that they are largely imaginary items with no intrinsic value. NFTs are based on the Ethereum blockchain following the ERC-721 standard.

Smart Contracts

Code that acts as the "back-end" of decentralized applications (DApps)

DApps

Decentralized Applications

DeFi

Decentralized Finance

Crypto Wallets

Where one keeps links to crypto assets, protected by public-private key encryption

Staking

Some digital assets are eligible for "proof of stake" rewards, which vary per asset. Staking requires a minimum holding and may incur commission fees from exchanges or "bakers" (the rough equivalent of coin miners) who actually perform the work involved in maintaining the blockchain in question. In the case of Tezos (XTZ), a list of such bakers, to whom a small trader can delegate their stakes, can be found at https://mytezosbaker.com
Not all wallets or exchanges pay interest, but here are some that do:
  • BlockFi supports BTC, ETH, LTC, USDC, GUSD & PAX
    • primary custodian: Gemini
    • up to 8.6% APY on interest-bearing accounts

Borrowing Against Crypto Assets

Some tokens can be used as collateral for loans. See the particular coin or token website for terms.
  • Nexo
    • Minimum loan US$10
    • Loan interest rates 5.9% - 11%, depending on the amount "staked" in Nexo tokens
    • Dividends on staked tokens up to 30% APR
    • Collateral required based on coin. Borrow up to this amount:
      • BTC: 52%
      • ETH: 50%
  • Coinbase Borrow
    • Borrow up to 30% of BTC holdings
    • 8% APR
    • One-year term, pay interest monthly
    • Not yet available (waitlist)
  • BlockFi supports BTC, ETH, LTC, USDC, GUSD & PAX
    • Loans up to 50% of assets held, 12 months @ >=4.5%

Crypto-based Debit/Credit Cards

  • Ternio Blockcard debit card supports BTC, BCH, BAT, DAI, ETH, LTC, PAX, XLM, TERN, USDT, TUSD, USDC & XRP, plus a number of tokens
    • "Rewards" of 6.38% on purchases
    • Use where ApplePay, Google Pay or Samsung Pay are accepted
    • Funds stay in crypto until spent
    • No deposit, exchange or transaction fees (but monthly fee if card is not used)

Crypto Info Sites

Examining Blockchain Transactions

Search for "block explorer" to find an app to read blockchains. There are many available with the ability to read transactions on different blockchains.

How to Use Block Explorers

Blockchain Explorer Explained
Each and every cryptocurrency that relies on its own blockchain will also have its own block explorer. So you must use block explorers specific to that cryptocurrency.

Some Block Explorers

Everipedia blockchain-based wikipedia

  • Built on EOS blockchain
  • Has its own token, IQ
    • Earn IQ by contributing to Everipedia or voting
    • Buy IQ on some exchanges
  • Uses the Scatter app/wallet
    • Log in to Everipedia
    • Stake EOS
    • Scatter Bridge development platform
      • SDKs integrate with web, mobile, Unity, and Unreal applications
      • Supports creating DApps

About Ethereum

Newsletters

Podcasts

US Taxes on Crypto Transactions

All crypto sells, conversions, payments, donations, and earned income are reportable by US taxpayers.

Crypto Currency Exchanges

For buying or trading crypto currency

Keeping Track of Alt Coins & Tokens

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