Connect with us

Blockchain

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.

Avatar

Published

on

Please share and grow the BitPinas community.

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

Ethereum, Cosmos, VeChain Price Analysis: 05 December

Thanks to Bitcoin’s performance over the past 10 days, many of the market’s altcoins noted sharp upticks recently. However, that wasn’t to last as the world’s largest cryptocurrency continued to conso

The post Ethereum, Cosmos, VeChain Price Analysis: 05 December appeared first on AMBCrypto.

Avatar

Published

on

Thanks to Bitcoin’s performance over the past 10 days, many of the market’s altcoins noted sharp upticks recently. However, that wasn’t to last as the world’s largest cryptocurrency continued to consolidate on the charts under the $19k-mark, many alts fell after a correction wave hit them. While some like VeChain continued to record gains over a weekly basis, other cryptos like Ethereum and Cosmos saw mixed fortunes.

Ethereum [ETH]

Source: ETH/USD on TradingView

Ethereum, the world’s largest altcoin, has been brimming with optimism lately. Not only did the cryptocurrency surge on the back of Bitcoin’s own hike, but the community also welcomed the launch of the Ethereum 2.0 Beacon Chain on the 1st of December. However, despite these updates, ETH’s price fortunes haven’t been the best lately.

Days after ETH surged to levels unseen since June 2018, ETH fell by 8.6% on the charts as corrections ensued. Despite these corrections though, the larger market sentiment remained on the bullish side, at press time.

This was evidenced by Ethereum’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles the Relative Strength Index was hovering near the overbought zone.

Cosmos [ATOM]

Source: ATOM/USD on TradingView

Cosmos [ATOM], the cryptocurrency ranked 26th on CoinMarketCap’s charts, has seen topsy-turvy movement over the past few months. Despite such volatility, however, ATOM has been unable to hit the highs it last saw back in August. While ATOM’s investors did hope to see the cryptocurrency surge when the rest of the market did, the crypto disappointed. In fact, ATOM was down by almost 15% in the last 10 days alone.

ATOM’s movement on the charts was underlined by the findings of its technical indicators. While the Bollinger Bands were dropping slightly south, the MACD line crept under the Signal line following a bearish crossover.

Cosmos was in the news a few weeks ago after Celo gave Chorus One a grant to build a bridge to facilitate interoperability between Celo and Cosmos.

VeChain [VET]

Source: VET/USD on TradingView

Popular altcoin VeChain, like ATOM, has seen a lot of sideways movement in the months gone by, despite a host of updates on the developmental side. Thanks to the general bullishness in the market triggered by Bitcoin’s movement over the past week, VET finally surged on the charts, with the crypto up by over 20% on the weekly timeframe. This was a healthy hike, especially since most of the market soon saw corrections after the aforementioned bullishness had passed.

While the Awesome Oscillator underlined the momentum in the market, the Chaikin Money Flow was holding steady under 0.20, a sign of capital inflows being greater than capital outflows.

VeChain’s development of a blockchain-based medical solution was recently adopted by a service provider based in Cyprus.

Source: https://eng.ambcrypto.com/ethereum-cosmos-vechain-price-analysis-05-december

Continue Reading

Blockchain

Legalise Bitcoin and scrap the IRS – Former US Presidential candidate

Former presidential candidate Ron Paul, advises the government to legalise Bitcoin  Some states have strict crypto regulations guarding the operations of the industry  Ron Paul, former presidential candidate has called on the government to legalise Bitcoin. According to him, the best way to be able to deal with cryptocurencies like Bitcoin would be to legalise […]

Avatar

Published

on

  • Former presidential candidate Ron Paul, advises the government to legalise Bitcoin 
  • Some states have strict crypto regulations guarding the operations of the industry 

Ron Paul, former presidential candidate has called on the government to legalise Bitcoin. According to him, the best way to be able to deal with cryptocurencies like Bitcoin would be to legalise it.

The former Texas congressman went on to state that Bitcoin interests him because the crypto asset was not a creation of the government. He made this statement on the Stephan Livera podcast where he also added that the government was, however, paying a close attention to the crypto asset.

Paul noted that the government should give people the liberty to make their choices. And to do that, the right thing would be for them to legalise Bitcoin. 

The libertarian also said that he had no believe in the Internal Revenue Service (IRS). So, because of that Bitcoin shouldn’t be taxed. This view of his is not entirely surprising as libertarians are generally against taxes. 

Paul used gold as an example of government dalliance to press home his points. The government did not legalise ownership of gold until 1975. His current call to legalise Bitcoin is to avoid a similar situation that happened back then.

Libertarians believe that people should have freedom of choice over everything. This includes the kind of financial system and the monetary currencies used in such systems.

United States yet to legalise Bitcoin 

The government of the United States is yet to legalise Bitcoin nationwide. 

Different states in the country have strict regulations guarding the operations of cryptocurrency. New York, for instance, is an example of one of such states with strict crypto regulations.

While in some other states, there is little to no regulations guarding the use of cryptocurrency. 

However, players in the crypto industry can expect the input of more regulation into the US crypto market. The Securities and Exchange Commission (SEC) have, at different times, released different regulation to guard the operation of the industry. 

Source: https://www.cryptopolitan.com/legalise-bitcoin-and-scrap-the-irs-former/

Continue Reading

Blockchain

Editorial: Is “Digital Yuan” China’s Weapon to Rule Global Markets?

The advent of cryptocurrencies like Bitcoin as a mainstream investment market and a reliable payment gateway has forced governments around the globe to take notice of the nascent technology. The ongoing bitcoin bull run driven by the mainstream financial giants such as PayPal and MicroStrategy & rising global trade tensions has only made the contention

The post Editorial: Is “Digital Yuan” China’s Weapon to Rule Global Markets? appeared first on Coingape.

Avatar

Published

on

advertisement


The advent of cryptocurrencies like Bitcoin as a mainstream investment market and a reliable payment gateway has forced governments around the globe to take notice of the nascent technology. The ongoing bitcoin bull run driven by the mainstream financial giants such as PayPal and MicroStrategy & rising global trade tensions has only made the contention of digital currencies stronger as the future of money.

Advertisement

StormGain

Rise of State Owned Digital Currencies

Governments around the globe have shown interest in developing their own sovereign digital currency pegged against the national fiat issued by their respective central banks. However, the large institutional interest combined with multi-billion dollar companies planning to use bitcoin as a hedging asset has made governments realize that the time for digital currencies has arrived.

Many countries have been either planning to develop a sovereign digital currency or they have it under development. If we look at the progress made by these countries, China is definitely at the top with their digital yuan or DCEP which is already under several pilot programs in different provinces of the country.

The US is currently working on the research aspect while the UK is already ready with a model and seeking feedback. Apart from these Russia, Canada, South Korea, and a few European countries have also laid out plans for a digital currency.

Source: China Briefing

China’s Growing Footprint in Digital Currency Space- Digital Yuan

China is one of the most progressive countries when it comes to digital payment where more than 80% of the population uses some form of digital payment in their daily lives. China started its research towards a sovereign national digital currency in 2014 itself and they have already developed their digital payment system called DCEP or digital yuan which is currently under trial in different parts of the country. The pilot programs for digital yuan started almost a year ago and it has already grown from few cities to several provinces. In fact, there were rumors of a possible launch by the end of 2019 itself.

The pilot for digital yuan started as a traveling subsidy for government employees and was later expanded to be used at restaurants, hotels, and many other service providers. The digital yuan transactions have already exceeded above 2 billion yuan which is about $300 million.

Looking at different use cases of digital yuan combined with a nationwide launch would give China an unfair advantage in the digital currency race and most of the countries have started to realize it especially the US.

Advertisement

Cryptocoincoach

The US and China do not really hold very cordial diplomatic ties and are not good allies as both countries are looking to stamp their authority as world power where the US holds an upper hand. The US Dollar is seen as a default currency of trade giving them a monopoly in the trade market and China is looking to end that dominance. The US is very much aware of the threat which is evident from the recent letter from the director of National Intelligence to the chief of SEC, in which he deemed digital yuan has a security threat.

The growing dominance of China in the digital currency space has sparked speculations about its impact on the dominance of the US Dollar, where many fear that China would try to bypass the US Dollar for trade with other countries.

Can Digital Yuan Become Global Currency of Trade?

The US Dollar is currently used for over 88% of the international trade followed by the Euro at 32.3%, while the Chinese yuan is only used for 4.3% of the trade which is almost negligible compared to the USD. This brutal dominance of the Dollar gives the US an unfair advantage which allows them to put sanctions on other countries with whom they don’t share a good relation, barring them to use or make a trade-in USD.

Source: CNN

Chinese currency’s influence in the international trade market is too little to challenge the US Dollar’s dominance. Also, China does not hold a good relation and confidence in the rest of the world, especially after the COVID-19 pandemic. At present the best China can hope for is to increase its influence with the digital yuan in the international trade market.

One other aspect being discussed about the possible use of digital yuan is for trade with sanctioned countries. Sanctions have become quite cruel for the countries affected by it such as Iran which suffered dearly during the pandemic and its national fiat also lost almost 50% of its value in the past decade. The emergence of China as an alternative trade corridor could prove fatal for the US but only if it manages to flourish and create an impact of that level.

Final Thoughts

China has been eyeing to dominate as the world power for quite some time now and the emergence of digital currency as a possible future of money could well serve them right. China’s presence in the international trade market is large enough to challenge the US, however, its progress with the sovereign digital currency could give it a fair advantage in the growing fintech world.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Prashant k Jha




An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Source: https://coingape.com/china-masterplan-digital-yuan/

Continue Reading
Blockchain3 days ago

SushiSwap Hits Multi-Week High on High Profile Synergies; What’s Next?

Blockchain4 days ago

Google Searches for ‘Bitcoin Price’ Hit 18-Month High

Blockchain5 days ago

Ripple’s remarkable 291% rally in November in jeopardy as the chart prints this critical bearish pattern

Blockchain3 days ago

Tether the Cryptocurrency and it’s Future

Blockchain3 days ago

UAE entrepreneur Khurran Shroff ushers in a new era of blockchain

Blockchain5 days ago

Crypto’s largest over-the-counter trading desks are reporting record volumes

Blockchain5 days ago

Ethereum 2.0 Launches Tomorrow. Here’s What to Expect

Blockchain5 days ago

BitMEX appoints Alexander Höptner as CEO

Blockchain3 days ago

1inch Raises $12M to Keep Up With DeFi’s Growing Crop of DEX Aggregators

Blockchain5 days ago

Litecoin price prediction: LTC to hit $95, analyst

Blockchain5 days ago

Coinbase Will Let You Stake and Trade Ethereum 2.0 Tokens

Blockchain5 days ago

JD Coin Interview on Exploring the Block

Blockchain4 days ago

Bitcoin lacks market integrity, says former Trump economic adviser

Blockchain4 days ago

Bitcoin Analysts Explain What Will Happen to Bitcoin After Crash

Blockchain5 days ago

Ripple Co-Founder Ramps Up Sales of XRP Due to ‘Radical Increase’ in Volume, Says Crypto Researcher

Blockchain5 days ago

Bitcoin Tuesday: A More ‘Tax Efficient’ Way to Donate to Charity

Blockchain5 days ago

Ripple price prediction: Price to climb above $0.660 level if support holds

Blockchain5 days ago

Ideaology’s IDEA Token – Uniting Freelancers and Startup Innovators

Blockchain4 days ago

PayPal-Backed Identity Platform Acquired by Nevada’s Blockchains LLC

Blockchain3 days ago

With Ethereum 2.0 About to Launch, Ardor Continues to Thrive

Blockchain3 days ago

Analyst: SushiSwap Token Price to Hit $9.00 Eventually as Strength Grows

Blockchain5 days ago

Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing – YFE Presale Is Live

Blockchain5 days ago

Status of Second Stimulus Checks as Deadline for Government Shutdown Draws Near

Blockchain5 days ago

Ripple price prediction: XRP to move towards $0.75, analyst

Blockchain4 days ago

A Flurry of Double Top Snubs Hints Bitcoin Will Hit $21,000

Blockchain4 days ago

Why Bitcoin Needs Institutional Investors to Reach Mass Adoption

Blockchain4 days ago

Former White House Adviser Bashes Bitcoin, Says it Lacks Market Integrity

Blockchain4 days ago

TradingView general manager explains how the current crypto bull market is unlike 2017

Blockchain5 days ago

Is Bitcoin Just an Experiment?

Blockchain4 days ago

Part Of The 2016 Bitfinex Hack’s Stolen BTC Gets Moved, Worth $5M In Total

Trending