crypto.com in 2022June 18, 2022 2022-06-18 14:10
crypto.com in 2022
Crypto.com is Canada’s leading ICO platform. It has become a popular choice for many investors and startups due to its ease of use, low fees, and the ability to issue tokens with minimal risk.
Crypto.com is the most trusted Canadian crypto company online. It is a digital currency exchange platform that offers a wide range of services, including buying, selling, and trading cryptocurrencies.
It serves as both a Canadian crypto exchange and wallet provider. The company has been operating since 2016 in Canada. It is Canada’s largest cryptocurrency exchange and wallet provider, with over $300 million daily volume.
Here, we look at Crypto.com as Canada’s leading ICO platform and everything you need to know about this platform. Before then, let’s dig into some history.
Table of Content
- A Brief History of Crypto.com
- Crypto.com Exchange Structure and Functionality
- Bitcoin Mining Calculator – How Does it Work?
- The Bitcoin Price
- Best Canadian Crypto Experts that You Have to Connect to in 2022
- Frequently Added Questions (FAQs)
A Brief History of Crypto.com
Abhishek Goenka and Saurabh Shah established Crypto.com to provide users with a safe, easy-to-use platform for buying and selling cryptocurrencies. The platform allows Canadian users to buy cryptocurrencies from other countries via CAD or
USD using a Canadian local bank account, credit card, bank wire transfer, or PayPal account.
Using Crypto.com, you can trade and invest in various digital assets, including Bitcoin, Ethereum, Cardano, etc. the security of Crypto.com is top-notch. It comes as both an app and a wallet. Crypto.com offers a comprehensive Defi and crypto ecosystem that offers multiple options for investing and trading beyond traditional trading. It is regarded as the overall best Canadian crypto exchange for 2022.
Let’s look at the exchange structure and functionality.
Crypto.com Exchange Structure and Functionality
Crypto.com gives you access to trade and invest in over 250 cryptocurrencies, as well as access to one of the best crypto wallets in Canada. It has one of the largest market caps, where you can invest in Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin, and many more.
It has a widespread Defi coins ecosystem. On Crypto.com, you can access many Defi coins, ranging from Polygon to Decentraland Compound, VeChain, Stratis, and Maker.
Crypto.com supports an extensive array of stable coins, which is handy when the broader markets appear to be turning south.
The trading fee is crypto.com isn’t too high. To buy Bitcoin and other supported cryptocurrencies, you only have to pay 0.4%. While for deposit fees, the charges vary. It is dependent on the payment method you are going with, whether it is via bank transfer, wire transfer, Paypal account, or credit/debit cards. Bank transfers are regarded as the cheapest deposit option.
Also, you get charged 2.99% when you make a deposit using debit and credit cards. Regarding trading fees, there is no fixed percentage or amount. It varies and depends on several factors – such as the nature of the token you are trading, whether it is a CRO token (digital currency backed up by Crypto.com), or you are a market maker or taker.
Crypto.com offers crypto interest accounts that allow you to build passive income from your investment by generating a yield on your digital asset investments. The highest APY on offer you get to enjoy is 14.5%. The specific rate that will be offered to you generally depends on the nature and quantity of your crypto assets and lock-up terms.
Crypto.com offers a compatible trading app – which can be used on Android and iOS devices.
The minimum deposit in the exchange is $20. The fee structure is the maker/taker commission model.
- It has an excellent reputation and positive image that build trust in the heart of its users.
- It has a widespread market cap.
- Offer multi-payment options
- Offers crypto lending services and interest accounts
- Offer highly competitive fees
- The User Interface (UI) is designed to suit beginners more.
- MasterCard deposit cost 2.99%
Bitcoin Mining Calculator – How Does it Work?
If you want to go into Bitcoin mining, it is essential that you know how the BItcoin mining calculator works. This will help you to calculate your mining profitability. The two factors that influence your mining profits are:
- The Bitcoin price
- The total network hash rate.
The Bitcoin network hash rate grows at a rate of 0.4527678% daily. This simply entails that if you buy 70 TH/s of mining hardware, your total network share declines each day compared to the total network hash rate.
You have to understand that without factoring in this growth, most Bitcoin mining calculators show results that appear highly profitable than what is obtained in reality.
Let’s look at both factors.
The Bitcoin Price
The Bitcoin price has experienced an increase of slightly lesser 0.3403% daily over the past year. It is advised that you enter a custom Bitcoin price into the BItcoin calculator you are using based on what you expect to see as the average price the next year.
You should remember that the network hash rate will cause your share of the power to go down. However, the Bitcoin price will help you make up for some of the losses.
In a simple term, hash rate refers to the aggregate measure of the computing power generated for mining Bitcoin from different miners across the globe.
Miners use a high level of power and computer processing power to secure the network and keep records of all of the Bitcoin transactions, and they get rewarded with bitcoin for their efforts.
The simple mathematics here is that the higher the hash rate of an individual Bitcoin mining machine, the more bitcoin that machine will mine, and vice versa. While as the higher the hash rate of the entire Bitcoin network and the more machines in use, the more difficult it becomes to mine Bitcoin.
Bitcoin mining is one of the most profitable ways to generate passive income, but it isn’t that straightforward. As a miner, you must understand the factors influencing Bitcoin mining profitability.
Best Canadian Crypto Experts that You Have to Connect to in 2022
As a crypt enthusiastic or expert, it is necessary that you connect to some great minds in the field as they will help to mentor and guide you through your crypto journey. Getting mentored by these great minds will help reduce the level of losses you may get into and speed up your growth.
There are many out there, but below are five which you can start with.
1. Emal Safi
Emal Safi is the lead at Aircoins, a telecom company in Toronto.s Aircon isn’t just any type of Telecom Company. It is one of the first and the biggest Crypto
Augmented Reality (AR) platforms in Canada. Emal has recorded remarkable feet in the crypto space. He has worked as a business developer auditing Decentralized Finance (Defi), verifying tokens and Non-Fungible Tokens (NFT) smart contracts.
Also, have you heard of eFace. Emal Safi is the brains behind that amazing robust facial recognition technology that has greatly improved payment in today’s digital economy. He is one of the best people you can link up to on social media to grow quickly in the crypto and blockchain ecosystem.
2. Ageesen Sri
Ageesen is a tech entrepreneur and early Bitcoin adopter based in Toronto, Canada. He has been in the blockchain space since 2012. No doubt, he has accumulated experience and knowledge over these years. He founded the Locksbit, a cryptocurrency research institute, in 2012. After Locksbit, he launched Bitcoin.xyz, in 2015 and U.cash, a company that develops B2B and B2C decentralized finance applications.
Currently, he is one of the board of directors at Canada’s Blockchain Association, also known as the Digital Chamber of Commerce Canada.
3. Bogdan Fiedur
Bogdan is currently based in Manitoba. Bogdan Fiedur is an expert in the crypto and blockchain ecosystem with over 20 years of experience. He had served as the lead blockchain engineer for Auditchain Labs. He worked as a blockchain architecture advisor, Initial Coin Offering (ICO) technical advisor, smart contract architect, blockchain expert, as well as an all-around IT professional.
Bogdan has played advisory roles for over 20 ICO-stage blockchain projects. So you can see that he is really a pro at what he does. Currently, Bogdan offers consulting services for blockchain companies. And, recently, he launched a freelance site called Bitjob, explicitly designed for blockchain talents, who are primarily students.
4. Mukhtar Mussabetov
With over 30 years of experience, Muktar ranks as one of the smartest minds in the Canadian cryptosystem. Muktar founded the Genesis Block, where he serves as both the founding member and CEO. Also, he has worked on several projects, including HITECH Clinic, ICCNA, ISOC Blockchain SIG, and Business Activator.
Mukhtar currently works as a consultant for investors and startups. Presently, he is more focused on the intersection of fintech, blockchain, and the Defi economy.
You can follow him up if your interest is in these fields.
5. Paresh Khatri
Paresh Khatri founded Cannabanc, a blockchain-based banking solution for Cannabis businesses in Toronto, in 2017. Also, he serves as the CEO at Budd Holding Ltd, where he builds strategies on how to integrate blockchain technology into the cannabis industry.
With over 25k followers, Paresh is one of the leading experts who usually contribute to discourses around Crypto, Cannabis, and Health forums. Also, he works as a consultant.
Frequently Added Questions (FAQs)
Can you lose everything in cryptocurrency?
Yes, you can lose everything in cryptocurrency. Cryptocurrency is highly profitable and very risky all at the same time. It is nothing like the conventional stock market.
Investment is a bit safer.
Can you use a cryptocurrency as a saving?
Yes, you can use a cryptocurrency as a saving. A cryptocurrency savings account works like a traditional savings account. For instance, when you deposit money into a traditional savings account, the bank places you on a percentage of interest, usually per annum. This works precisely in exchange.
What are the setbacks of cryptocurrencies?
One of the significant cryptocurrency setbacks is instability in price. The price of cryptocurrency is hardly stable. Due to its volatile nature, it rises and falls. As such your eyes need to be constantly on the chart so you won’t be caught off guard.
Some of the other setbacks include:
- Lack of inherent value
- Cybersecurity/hacking issues
Is Crypto.com Safe?
Crypto.com is inherently secure because it is built on the Blockchain system. The decentralized and public nature of Blockchain technology adds to the security and transparency of the system.
Is Cryptocurrency a good investment?
Cryptocurrency is a good investment, highly profitable, but also very risky. You should be ready to lose money because the crypto market is highly volatile.