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

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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.

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

Where can you find the lowest fees on the crypto exchanges?

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A trader in any market, be it stocks, currencies or cryptocurrencies that are currently trending, is surrounded by a multitude of additional costs. These are all kinds of commissions, spreads, swaps, etc. And if you plan your trades incorrectly, such costs can “eat up” the lion’s share of profits or even reduce them to zero (see our crypto currency converter for comparison).

Fees on cryptocurrency platforms

When using the services of a cryptocurrency exchange, a trader has to pay a number of commissions. The most common types of these on the trading floor are:
1. Transaction Fee. This is the most common commission that is charged for deposits or withdrawals at the exchange.
If a cryptocurrency exchange only supports the deposit or withdrawal of cryptocurrencies, then the trader only pays the commission charged by the miners for such transactions. The amount of the commission is usually insignificant in this case.
For transactions with fiat currencies, you have to pay a commission for the use of the payment system. At the same time, the amount of the commission varies depending on the system chosen (bank transfer or something else). In addition, the degree of verification of the merchant account usually also affects the amount of the commission.
2. Commission for closing a trade. This commission on cryptocurrency exchanges is calculated directly when trading, when placing an order. Usually the level fluctuates in the range of 0.1-0.25%, but on some platforms it can even be more than 1% of the trading volume.

Maker and taker

A maker is a trader who opens sales transactions. The name comes from the English word “to make” (to do something). It is assumed that the maker brings his assets to the stock exchange, that is, “makes the market”.
A taker is a trader who buys something. It is assumed that the taker reduces the liquidity of an asset class on the market because after the purchase the asset moves to an external account and is therefore no longer on the market. is available.
Since the maker provides liquidity and the taker takes it away, the amount of the commission for the maker is usually lower than for the taker.
However, there are cryptocurrency exchanges where there are no commissions at all for placing orders. Such sites are becoming increasingly popular, but the liquidity in their trades often leaves a lot to be desired. In addition, to compensate for the lack of trading commission, such sites often charge excessive transaction fees.

Cryptocurrency platforms with minimal fees

The following platforms differ from crypto exchanges in that they have minimal commissions:
ü Binance has the lowest fees among the most popular platforms – at 0.1%, and if you use the exchange’s own tokens, they are even lower.
ü On the HitBTC website, the commission for placing an order for both the maker and the taker is 0.1%.
ü On Bitfinex, the trading commission for the maker is 0.1% and for the taker 0.2%.
ü On io, a maker pays between 0% and 0.16% for placing an order, for a taker the commission is between 0.1% and 0.2%.
ü There is no trading commission for makers on the GDAX and itBit platforms. For takers it is 0.25%.
ü On the Livecoin exchange you will find an option with a commission-free deposit in fiat currency (via the capitalist system). When the trading volume is small, the trading commission is 0.18%.

Under the supervision

There is a wide variety of cryptocurrency platforms offering digital asset trading – from humble exchanges that focus on the local market segment and have different reputations to the top giants that are analogous to the NYSE, LME or the NASDAQ are in the cryptocurrency world. Therefore, every trader can choose an exchange with acceptable commission fees for himself. We wish you every success in such an exciting business as trading in cryptocurrencies.

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Blockchain

Capitalizing on Blockchain’s Promise, Unicly Delivers NFT Fractionalization

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Unicly’s decentralized and permissionless protocol empowers the community to fractionalize, combine, and trade non-fungible token collections through sharding, improving overall NFT accessibility and fungibility through its novel design.

Accompanying Unicswap DEX Attracts Millions In Liquidity

Non-fungible tokens have become all the rage as platforms onboard high-profile artists, entertainers, and evangelists seeking a new way to monetize their collectibles, creations, and works of art.

Yet, the eye-popping auction figures aside, NFTs represent one blockchain area that largely remains inaccessible to wider audiences as surging prices concentrate overall ownership. Moreover, this nascent market’s dynamics don’t correspond to the fungible token market characterized by high liquidity among popular tokens.

By definition, a non-fungible token is not designed to be easily exchangeable. Because an NFT is unique, it ordinarily has a single buyer, contributing to an absence of market depth and almost no real-time liquidity. Accordingly, building an efficient secondary market is difficult, especially given that NFTs all have different values and varying levels of demand.

Despite these very real obstacles, Unicly, led by pseudonymous founder 0xLeia, has unleashed a platform that can fractionalize NFT ownership. Besides granting NFT holders a new channel for monetizing their existing NFT holdings, the protocol can provide liquidity to whitelisted collections while promoting more widespread adoption and participation.

Transforming Non-Fungible into Fungible

Unicly has developed an innovative approach for improving NFT fungibility. Unlike other projects in the space, this anonymous, self-funded initiative has introduced sharding to the equation. Sharding effectively splits a blockchain network into multiple parts to process transactions quicker while adding scalability.

In Unicly’s case, each NFT gallery can be a shard, distancing itself from other competing solutions which shard each NFT individually. The new protocol will allow users to create and fractionalize NFT collections from NFTs minted in either of Ethereum’s ERC-721 and ERC-1155 standards. Each collection is independently named and configured before settings, including token supplies and tickers, are determined for each gallery.

Once the corresponding NFTs are moved from a user’s wallet to smart contracts, uTokens (with the ticker mentioned above) are issued. After a preset percentage amount of uTokens are staked, the collection is unlocked for bidding.

Building Up NFT Liquidity

Secondary market liquidity has been the Achilles heel of NFT trading platforms, but Unicly has devised a cunning answer where others have failed. Taking a page out of decentralized finance’s book, the platform has introduced Unicswap, a fork of the popular Uniswap protocol. This AMM DEX helps users stake their uTokens and other cryptocurrencies to farm UNIC, the native Unicly token, through liquidity pooling.

Since unveiling the mainnet just days ago, the platform has already garnered significant popularity. According to figures, Unicswap attracted $3.5 million worth of liquidity to whitelisted pools in just four days. Additionally, 24-hour volume of $1 million puts competition SuperRare squarely in Unicly’s sights. After reaching nearly one-quarter of the competing platform’s monthly transaction volume in mere days, the total capitalization of NFTs in Unicly’s marketplace has now topped $20 million.

Proving beyond a doubt that its model is valuable, some significant collections have already joined the platform. uMask, a collection of 85 hashmasks, has reached a value of approximately $16 million, marking a 16-fold increase in the valuation from its original listing at $1 million. The first gallery listed on the platform, uUNICLY experienced similar exponential growth after listing 3 branded NFTs, rising from $300 to an astounding $180,000.

Another gallery, titled uLEIA, was built as an homage to the anonymous founder of the protocol by combining 0xLeia’s profile picture with AI-generated content. The platform has also appealed Chris McCann, a National Geographic award-winning photographer who listed his uCM collection of NFTs and other noteworthy collections from DokiDoki, MoonCats, WAIFU, and Nubians.

Taken together, Unicly’s fresh approach to NFTs is already demonstrating that a better model for community engagement and egalitarian participation exists, thanks in large part to sustainable incentives and valuable user-centric features.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/company/capitalizing-on-blockchains-promise-unicly-delivers-nft-fractionalization/

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Blockchain

Riot Blockchain Bitcoin production jumps 80% over pre-halving levels

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The company said it held more than $94 million in crypto as of March 31, all from Bitcoin it has mined.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/riot-blockchain-bitcoin-production-jumps-80-over-pre-halving-levels

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