Bitcoin.com Offers $15,000 in Rewards To Boost VERSE Token Liquidity

Bitcoin.com Partners with Kucoin to Enhance VERSE Token Liquidity

Bitcoin.com, a leading cryptocurrency platform, has announced a campaign to boost liquidity and trading volume for its ecosystem token VERSE. The company is offering $15,000 in rewards to incentivize individuals to provide market-making services for the VERSE/USDT trading pair on Kucoin, a top-tier centralized cryptocurrency exchange.

The Role of Hummingbot's Liquidity Miner Platform

Bitcoin.com's campaign is structured around Hummingbot's Liquidity Miner platform, which allows individuals to participate in market making using open-source software. Traditionally, market making has been a complex process, but the Hummingbot Liquidity Miner platform simplifies it by enabling anyone to be a market maker.

Jason Tomlinson, CEO of CoinAlpha, the creators of Hummingbot, described the platform as unique and accessible to anyone. He emphasized that the open-source Hummingbot client enables individuals to participate in market making with any amount of money.

The Details of the Campaign

The campaign started on January 16 and will run for 12 weeks. Participants will be rewarded with Bitcoin.com's ecosystem token VERSE and Hummingbot's governance token HBOT. The rewards, amounting to $1,250 per week, will be allocated to participants throughout the program.

Instructions on how to set up a bot using Hummingbot's open-source code and earn rewards are available on Hummingbot's website.

This campaign marks the second collaboration between Bitcoin.com and Hummingbot. The first campaign, which took place from October to December 2023, attracted 47 liquidity providers and significantly increased the market depth for the VERSE/USDT pair.

Democratizing High-Frequency Trading and Market Making

Bitcoin.com's collaboration with Hummingbot is driven by their shared mission to democratize high-frequency trading and market making. Previously, only affluent individuals and companies had access to these opportunities. Through this rewarded campaign, Bitcoin.com aims to democratize access to market making and promote liquidity and trading volume for the VERSE token.

Corbin Fraser, Head of Financial Services at Bitcoin.com, highlighted the importance of enhancing the utility of the VERSE token within the Bitcoin.com ecosystem. As a key player in the decentralized finance (DeFi) world, VERSE empowers individuals to operate independently in the financial domain, furthering economic freedom.

About Bitcoin.com

Bitcoin.com is a global leader in introducing newcomers to cryptocurrency and providing access to various opportunities for personal prosperity. Since 2015, the platform has offered accessible educational materials, timely news, and user-friendly products for buying, spending, trading, investing, and earning with cryptocurrency.

About VERSE

VERSE is the rewards and utility token for users who contribute to the Bitcoin.com ecosystem. Launched in December 2022, the VERSE token aims to expand access to decentralized finance and unlock economic freedom. It has experienced rapid integration into web3 platforms since its launch.

About Hummingbot

Hummingbot is a premier open-source market-making bot that champions accessibility and inclusivity in liquidity provisions. Since its open-source release in 2019, Hummingbot has provided a suite of tools for creating, backtesting, deploying, and managing automated trading strategies. It serves a diverse user base, including token projects, trading firms, and individual traders.

Frequently Asked Questions

What precious metals may I allow in my IRA?

The most common precious metal used for IRA accounts is gold. Gold bullion coins and bars are also available as investments.

Precious Metals are safe investments since they don’t lose value over the long-term. They are also a great way of diversifying your investment portfolio.

Precious metallics include platinum, silver and palladium. These metals all share similar properties. Each metal has its own unique uses.

In jewelry making, for instance, platinum is used. You can create catalysts with palladium. For producing coins, silver is used.

When deciding which precious metal to choose, consider how much you expect to spend on your gold. You may be better buying gold that is less expensive per ounce.

Also, think about whether or not you wish to keep your investment secret. If you do, you should choose palladium.

Palladium is worth more than gold. But it’s also rarer. So you’ll likely have to pay more for it.

Storage fees are another important consideration when choosing between silver and gold. The weight of gold is what you store. You will pay more if you store larger amounts.

Silver is measured in volume. Silver is priced by volume. You will pay less to store smaller amounts.

Follow all IRS rules regarding silver and gold if you are storing precious metals within an IRA. This includes keeping track, and reporting to the IRS, all transactions.

What is a Precious Metal IRA and How Can You Benefit From It?

Precious Metals are a great way to invest in retirement funds. They have held their value since biblical times. A great way to diversify and protect your portfolio is to invest in precious metals such silver, gold, and platinum.

Certain countries permit citizens to hold their money in foreign currencies. You can buy gold bars in Canada and keep them at home. You can also sell these gold bars for Canadian dollar when you visit family.

This is a quick and easy way of investing in precious metals. It’s particularly helpful for people who don’t reside in North America.

Which precious metal is best to invest in?

Gold is an investment that offers high returns on its capital. It also protects against inflation and other risks. As inflation worries increase, gold prices tend to rise.

It is a smart move to purchase gold futures. These contracts guarantee you will receive a certain amount of gold at a fixed price.

Gold futures are not for everyone. Some people prefer physical gold.

They can easily exchange their gold with other people. They can also easily sell it whenever they like.

Many people prefer not to pay taxes on their gold. To avoid paying taxes on their gold, they purchase it directly from the government.

This process requires you to make several trips to your local post office. You will first need to convert any existing gold in coins or bars.

Next, you will need to stamp the coins or bars. Finally, send the coins or bars to the US Mint. The US Mint will melt the coins and bars to make new ones.

These new coins, bars, and bars have the original stamps stamped onto them. This means they can be used as legal tender.

If you buy gold from the US Mint directly, you won’t have to pay tax.

Decide which precious metal you would like to invest.

Is a gold IRA worth interest?

It all depends on how big your investment is. If you have $100,000, then yes. If your assets are less than $100,000, it is no.

The amount you invest in an IRA affects its ability to earn interest.

If you are putting in more than $100,000 annually for retirement savings, you should open a regular brokerage account.

You will likely earn more interest there, but you’ll also be exposed to riskier investments. If the stock market crashes, you don’t want all your money to be lost.

An IRA might be more advantageous if you are able to contribute only $100,000 per year. At least until there is a rebound in the market.

What is the best way to make money with a gold IRA?

Yes, but it’s not as simple as you think. It depends on how much you’re willing to risk. You could have $1 million if you’re willing to invest $10,000 each year for 20 years. However, if you have all your eggs in one place, you could lose everything.

Diversifying your investments is important. Inflation is a problem for gold. It is important to invest in assets that increase with inflation. Stocks do this well because they rise when companies increase profits. Bonds also do this well. They pay interest each year. They’re very useful during periods of economic growth.

But what happens if inflation is not present? In deflationary periods stocks and bonds both fall in value. Investors should not put all of their savings in one investment such as a stock mutual fund or bond.

They should instead invest in a combination of different types of funds. They could, for example, invest in stocks and bonds. They could invest in both cash as well as bonds.

They are exposed to both sides of a coin. Inflation or deflation? And they will still see a return over time.

Statistics

SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
Silver must be 99.9% pure • (forbes.com)
If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item’s value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)

External Links

How To

How to buy gold for your Gold IRA

Precious metal is a term used to describe gold, silver, platinum, palladium, rhodium, iridium, osmium, ruthenium, rhenium, and others. It can be any element naturally occurring between atomic numbers 7 and 110 (excluding the helium). This is valuable due to its beauty and rarity. The most common precious metals are gold and silver. Precious metals can be used to make money, jewelry, industrial products, and art objects.

Supply and demand affect the gold price daily. Investors are looking for safe havens away from unstable countries and precious metals has seen a large demand over the past decade. The increased demand has led to a significant rise in prices. However, some are hesitant to invest in precious metals because of the rising costs of production.

Because gold is rare and durable, it makes a good investment. Like many investments, gold doesn’t lose value. Plus, you can buy and sell gold without paying taxes on your profits. There are two methods to invest gold. You can either purchase gold bars and coins or invest in futures gold contracts.

You can instantly have liquidity with physical gold bars and coins. They are easy for you to store and trade. They aren’t very effective in protecting against inflation. For protection against rising prices, gold bullion is a good option. Bullion can be defined as physical gold. It comes in different sizes. One-ounce pieces are available for billions, while larger quantities such as kilobars and tens of thousands can be purchased. Bullion is stored in vaults that are protected against theft and fire.

You might prefer to own shares of gold than actual gold. If so, then you should look into buying futures gold. Futures give you the opportunity to speculate about what might happen to gold’s value. Gold futures allow you to be exposed to its price without owning any physical commodity.

If I wanted to speculate about whether gold’s price would rise or fall, I could buy a gold contract. My position at the expiration of the contract will be either “long-term” or “short-term.” A long contract means that I believe the price of gold will go higher, so I’m willing to give someone else money now in exchange for a promise that I’ll get more money later when the contract ends. A shorter contract will mean that I expect the price to fall. I’m willing now to accept the money in exchange for the promise of making less later.

When the contract expires, I’ll receive the amount of gold specified in the contract plus interest. I am now exposed to the price of gold, without actually holding it.

Precious metals are great investments because they’re extremely hard to counterfeit. While paper currency can be easily counterfeited simply by printing new notes, precious metals cannot. Precious metals have remained stable over time because of this.

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By: Bitcoin.com
Title: Bitcoin.com Offers $15,000 in Rewards To Boost VERSE Token Liquidity
Sourced From: news.bitcoin.com/bitcoin-com-offers-15000-in-rewards-to-boost-verse-token-liquidity/
Published Date: Fri, 19 Jan 2024 12:00:55 +0000