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How to Trade SLP, AXS, ETH to PHP Instantly Through BloomX

Do you have SLP or AXS? Axie Infinity players can take advantage of BloomX’s Direct SLP/ETH/AXS to PHP through FB!

The post How to Trade SLP, AXS, ETH to PHP Instantly Through BloomX appeared first on BitPinas.

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Last October, we published an article on BitPinas “Playing Axie Infinity vs Minimum Basic Salary in the Philippines.” Axie Infinity, the hit blockchain game released a cryptocurrency called “SLP” this year which can be earned simply by playing the game. Because SLP is a requirement in-game to breed Axies, provided the game is being played, there will be some level of demand for Axie breeders buying SLP to breed winning Axies. 

There are a lot of Axie Infinity players in the Philippines. Some, without any means to earn during the pandemic, have looked into playing the game to earn from it. As a cryptocurrency, SLP is convertible to ETH, which is then convertible to USDT and ultimately to PHP. While the process to do so is not complicated, the fees could be a lot because of the multiple conversions.

For some players, the multi-step process could risk a loss of funds due to transaction fees or worse, transferring SLP to a wrong address. According to KooKoo, an Axie Infinity player and content creator on YouTube, he heard far too many stories of Filipinos transferring SLP directly to wrong addresses and losing their hard earned rewards. These are mistakes that could be avoided, of course, but any way to make converting SLP to PHP easier would of course be welcomed by the community.

For a brief overview of Axie Infinity and its impact in the Philippines, check out the following articles:

  1. The NFT Game That Makes Cents for Filipinos During COVID by Leah Callon-Butler on Coindesk
  2. Playing Axie Infinity vs Minimum Basic Salary in the Philippines by Michael Mislos on BitPinas

Table of Contents.

BloomX Supports Instant Buy and Sell for Axie Tokens (SLP, AXS)

BloomX, a licensed virtual exchange (VCE) in the Philippines, has begun offering a direct SLP to PHP buy and sell service via Facebook Messenger – skipping the ETH and USDT steps outlined above. First unveiled during a Bloomcast episode, Luis Buenaventura, Co-founder and Chief Strategy Officer at BloomX (and host of the webcast) said this is their way of supporting the Axie community in the Philippines, which has been growing day by day.

In a message, KooKoo said he and Gabby Dizon, CEO of Altitude Games, a fellow Axie Infinity player were brainstorming ideas to make it easier for Filipinos to swap SLP since the swapping tends to be a common pain point among players. KooKoo approached Mr. Buenaventura if such a service could be launched in the Philippines.

Using the Binance infrastructure, BloomX allows users to sell their SLP, AXS (Axie Infinity Coins), ETH, or even major cryptocurrencies like Bitcoin for cash straight through Facebook Messenger. 

Advantages:

  1. We all have Facebook Messenger
  2. Swap your SLP and AXS for PHP in one simple step.
  3. BloomX deposit the payment straight to your Gcash/PayMaya or bank account
  4. They only require basic IDs like Barangay ID* for KYC.
  5. BloomX is a licensed VC exchange so you might find comfort that they adhere to the guidelines set up by the Bangko Sentral ng Pilipinas (BSP) regarding cryptocurrency transactions.
  6. Better rates than doing the multiple transfer route (SLP > ETH > USDT > PHP)

*The kind of ID that BloomX will require will depend as well on the amount in the transaction you will do. For smaller amounts like Php 1,000, basic IDs will suffice.

Disadvantages:

  1. If you sell to Bloom, they have their own indicative rates. This is different than say selling on Binance through their order book exchange, where you can specify your sell limit order.
  2. Running on Facebook Messenger, the transaction will only be as secure as your Facebook account.
  3. There is a Php 40 withdrawal fee, but every service like this will likely have a withdrawal fee.

How To Sell SLP (or other crypto) to PHP through BloomX:

The following screenshots are obtained with permission from KooKoo’s YouTube video.

1. Start a conversation with BloomX on Facebook Messenger

2. Indicate that you want to sell SLP (or AXS) for PHP. Note that you are talking to a BloomX team member here in the Philippines so you can also speak Tagalog.

3. BloomX will send its indicative rates. It is up to you to accept this or not – feel free to compare to other platforms like Binance or the rates on UniSwap and make your own informed decision. 

Assuming you accepted, let’s proceed.

4. Bloom will ask you to send your SLP to their address:

5. Go to your MetaMask Wallet or Trust Wallet (We use MetaMask here).

6. Indicate the number of SLP to sent

7. Copy BloomX’s address and paste it to MetaMask

8. Indicate a Network Fee. You can choose the ones automatically provided by Metamask, as shown below. Or you can click “Advanced” and set your own network fee. If you are going the “Advanced route,” go first to https://ethgasstation.info/ to check the current fees in the Ethereum network.

9. Once that is done, click “Send”

10. Wait for the confirmation on the blockchain.

11. Go to https://etherscan.io/ and paste your Ethereum address. Then find the last transaction, which is the transaction you did for sending SLP to BloomX. Click it.

12. Copy the transaction address (on your browser, just copy the url).

13. Send this transaction address to BloomX. This acts as your receipt, a record that a transaction has taken place.

14. Wait for BloomX to check the transaction on their end. Once confirmed, BloomX will ask you where to send the payment. They can pay through GCash, PayMaya, or any bank.

15. Wait for the payment to arrive, and that’s it!

Are there other crypto you can sell via BloomX?

You can also sell your AXS, ETH, or any major cryptocurrencies like Bitcoin. BloomX send its service is built using the Binance infrastructure so basically any coins there can be sellable. During the webcast, however, Mr. Buenaventura said they might only allow major cryptocurrencies.

Can I BUY instead of selling?

Yes. Reach out to BloomX to know more about the service.

Any tips for selling SLP to PHP? (KooKoo’s Tips!)

KooKoo provided us with some tips before you sell your SLP for PHP:

  1. Always double check the recipient address. Check carefully what the clipboard has copied because many have had failed transactions because of wrong copy pasting
  2. When attempting to “sync” the SLP on your game to the blockchain, the recommended sync amount is 2,000 SLP to save on transaction or gas fees.
  3. When asking help or for any other activity ALWAYS hide your private keys or seed phrases. 
  4. If your household has two accounts, you can send the SLP into one of the accounts to swap and save fees. In this way, when selling SLP through BloomX, you don’t need to facilitate two transactions.

Video

Wait, I can play Axie Infinity on my phone?

Yes, check out this guide from KooKoo. Also check out more information about Axie Infinity here.

Also check out the two big Philippine-related articles about Axie Infinity here:

  1. The NFT Game That Makes Cents for Filipinos During COVID by Leah Callon-Butler on Coindesk
  2. Playing Axie Infinity vs Minimum Basic Salary in the Philippines by Michael Mislos on BitPinas

This article is first published on BitPinas: How to Trade SLP, AXS, ETH to PHP Instantly Through BloomX

Please share and grow the BitPinas community.

Source: https://bitpinas.com/learn-how-to-guides/how-to-trade-slp-axs-eth-to-php-instantly-through-bloomx/

Blockchain

Dogecoin Spinoff SHIB Tanks After Ethereum Founder Vitalik Buterin Dumps Tokens

Shiba Inu is in the doghouse. Vitalik Buterin might be as well.

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In brief

  • Some crypto projects gave Vitalik Buterin a lot of tokens, hoping that it would add to their legitimacy.
  • Maybe that wasn’t a great idea.

So, remember when Vitalik Buterin got a bunch of those Shiba Inu tokens? And then some folks warned that he could rug pull the Dogecoin-wannabe?

Well, it kinda just happened.

A wallet attached to the Ethereum creator today removed over 2 trillion in Shiba Inu tokens ($40+ million) from Uniswap, according to data from block explorer Etherscan, helping propel the token into a nosedive; SHIB has lost 20% of its value in the last hour, per Nomics.

Vitalik removing SHIB liquidity from Uniswap. Source: Etherscan

Shiba Inu, a Dogecoin knockoff, is a meme coin that calls itself an “experiment in decentralized spontaneous community building.” Unlike Dogecoin, it runs on the Ethereum network, where it has helped contribute to a surge this week in the price of transactions. 

SHIB’s developers sent more than half of the total tokens to Buterin. They figured that meant the tokens were practically “burned,” or removed from the market as a means of decreasing supply and upping demand. Buterin instead burned SHIB holders by removing the SHIB from a liquidity pool on Unsiwap.

The autodidactic developer wasn’t done, as he continued dumping Shiba Inu in favor of Ethereum. 

Taking the opportunity to clean out his crypto wallet, Buterin then traded 50 billion Akita Inu tokens for ETH, according to information on Etherscan, causing that dog token to crater by 30% in an hour. Forty trillion Dogelon Mars (ELON) tokens got the same treatment, getting swapped for 619 ETH. That’s down a whopping 90% this hour.

Don’t worry, though, shitcoin speculators. Your loss is a charity’s gain.

Vitalik sent 500 of his just-bought ETH (over $2 million) to a wallet associated with the India Covid-Crypto Relief Fund and another 1,000 ETH to a Coinbase wallet for the Methuselah Foundation, a medical charity for extending human life. GiveWell received $53 million in ETH, while Gitcoin, an Ethereum-based foundation for open-source development, received over half a billion dollars’ worth of AKITA tokens.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/70672/dogecoin-spinoff-shib-tanks-after-ethereum-founder-vitalik-buterin-dumps-tokens

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This Bitcoin bull on XRP supporters: They just don’t look at the truth sometimes

The last couple of months for XRP have been noteworthy, to say the least, from the latest developments of the ongoing XRP vs SEC lawsuit to its surging price rally, The asset was trading at $1.52 at p

The post This Bitcoin bull on XRP supporters: They just don’t look at the truth sometimes appeared first on AMBCrypto.

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The last couple of months for XRP have been noteworthy, to say the least, from the latest developments of the ongoing XRP vs SEC lawsuit to its surging price rally, The asset was trading at $1.52 at press time.

Mike Novogratz, the CEO of Galaxy Digital had a different take on XRP’s sudden rise and the asset’s community.

During a recent interview, Mike Novogratz slammed XRP supporters or the so-called ‘XRP army’. He compared them to conspiracy theorists in an interesting analogy during this ‘Earn your Leisure’ interview. He stated:

“Over the years, the XRP army has built up a real community of people that really want to believe it…You could tell them anything. It’s like 9/11 conspiracy theories. There’s a little bit of that in crypto. They just don’t look at the truth sometimes.”

He made a unique remark about the XRP supporters, drawing parallels with the former US president’s supporters. He stated:

“This community reminds me of the former President, Donald Trump’s supporters, who continue to deny the legitimacy of the 2020 election.”

Statistics from Bitinfocharts paint a different picture. According to this, Tweets per day related to XRP amounted to 19,392 at the time of writing.

Source: BitInfoCharts

Furthermore, XRP supporters had recently taken to Twitter to urge crypto exchanges to “Relist XRP” a hashtag that went viral on the social media app in the recent past. Meanwhile, Google Trends data recorded a surge in the ‘relist XRP’ search term, over the past month. An important reason for the surge can be credited to the publicity gained from the lawsuit filed by the SEC.

Just two days after the lawsuit was filed, the crypto had lost almost 50% of its value in 24 hours. It’s no wonder skeptics question the rise of the digital asset, despite the lawsuit.

So what did fuel this spike? Was it the XRP supporters, the whales, public sentiment? The right answer could be a combination of everything, including rumors about a possible Ripple IPO.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/this-bitcoin-bull-on-xrp-supporters-they-just-dont-look-at-the-truth-sometimes

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Bitwise Launches Crypto Company ETF on New York Stock Exchange

The ETF will track 30 companies heavily invested in crypto.

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In brief

  • Crypto asset manager Bitwise today announced the launch of a new ETF.
  • The ETF will track the value of 30 companies that are involved in crypto—such as Coinbase.
  • But the ETF is still not the crypto ETF that many companies are hoping to get approved.

Asset manager Bitwise today announced the launch of a new exchange-traded fund (ETF) that will give investors exposure to companies heavily involved in cryptocurrency

The ETF, Bitwise Crypto Industry Innovators ETF, will be listed on the New York Stock Exchange (NYSE) under the ticker BITQ. The idea is that those who want to put money in the crypto world but are perhaps put off by the complex technological side of things can do so by buying shares.

ETFs are a big deal for investors. They track or follow the price of an underlying asset and allow people to buy shares of it, without having to own any of the asset themselves. ETFs can track anything from gold and foreign currencies to, most recently, Ethereum

In this case, Bitwise’s new ETF will track the Bitwise Crypto Industry Innovators 30 Index, a list of public companies that have significant exposure to crypto. The companies include cryptocurrency exchange Coinbase, business intelligence firm Microstrategy and Bitfarms, a Bitcoin mining firm—all of which own lots of Bitcoin and other digital assets. 

Bitwise CIO Matt Hougan said: “Until recently, most great crypto innovators were private companies, but that’s changing rapidly. Today, there’s a growing set of public companies capitalizing on crypto, and more to come. BITQ aims to identify these businesses and give investors access.”

The company’s CEO, Hunter Horsley, added that the ETF’s goal was to make investing in crypto available via “traditional investing platforms.”

But Bitwise’s NYSE listing still isn’t a crypto ETF in the truest sense—something that cryptocurrency investors in the US have anticipated for years, and which investors in other parts of the world have shown a strong hunger for.

There are currently nine companies hoping to get a Bitcoin ETF approved by the Securities and Exchange Commission (SEC). 

The SEC is currently in the process of reviewing three of them. Previously, however, the governmental body has rejected every attempt at crypto ETF while citing the need to protect investors from a Bitcoin market that can still be easily manipulated.

But in Canada, regulators have not only approved crypto ETFs, they have been extremely popular: there are eight Bitcoin and Ethereum ETFs in the country and all have sold eye-watering amounts of shares. When Purpose, the first Canadian Bitcoin ETF launched, it sold $80 million in just one hour.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/70649/bitwise-crypto-company-etf-nyse

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