Bitcoin Could Churn Out 130 Million Tons Of Carbon, Undermining Climate Action. Here’s One Way To Tackle That emission

The power demands and carbon emissions of bitcoin mining could undermine global efforts to combat climate change if stringent regulations are not placed upon the industry, a Chinese study has found. By 2024, mining of the cryptocurrency in China alone could use as much power as the entire nation of Italy uses in a year, with greenhouse gas emissions equalling those of the Czech Republic.

But rather than recommending increased taxation on bitcoin mining to curb emissions, or simply an outright ban on the practice, the paper, published today in the journal Nature, suggests that miners should be encouraged to shift their operations to regions that provide abundant low-carbon electricity.

The research is significant because China carries out at least 65% of the world’s bitcoin operations. Shouyang Wang, one of the report’s authors and chair professor at the Academy of Mathematics and Systems Science at the Chinese Academy of Sciences in Beijing, told Forbes.com:

“While everyone has focused on bitcoin’s great profitability, we want people to become more aware of its potential issues and start thinking about these questions: is this industry actually worth the associated environmental impact, and how can we make profitable bitcoin mining operation more sustainable in the future?”

Using simulation-based models, the researchers found that, short of any policy interventions, bitcoin mining in China will peak in 2024 consuming 296.59 terawatt hours of electricity—as much as a medium sized country—and generate 130.50 million metric tons of carbon emissions. The authors further note that this consumption and the resulting emissions could derail China’s efforts to decarbonize its own energy system.

“It is important to note that the adoption of this disruptive and promising technique without [taking into account] environmental concerns may pose a barrier to the worldwide effort on GHG emissions management in the near future,” Wang said, adding that the research team was “surprised by the energy consumption and carbon emission assessment results of bitcoin blockchain operation in China.”

But the solution to the challenge, the authors argue, is “moving away from the current punitive carbon tax policy to a site regulation policy”—in essence, ensuring that mining operations move to areas that guarantee high rates of renewable electricity. Under such a policy, they found, only 20% of bitcoin miners remained in coal-intensive energy regions, resulting in lower carbon emissions per dollar earned, compared to a higher taxation scenario.

Under the site regulation model, the researchers found bitcoin operations generated 100.61 million metric tons at peak, as opposed to 105.19 million tons under an additional taxation scenario. Wang said government regulation of the industry was needed, but that bitcoin miners would likely be amenable to his team’s proposed solution.

“Site regulation should be carried out by the government, placing limitations on bitcoin mining in certain regions that use coal-based heavy energy,” Wang explained. “That being said, we think that there are enough benefits to this policy which will incentivize the miners to move their operation willingly. For example, since energy prices in clean-energy regions of China are lower than that in heavy-energy regions, the miners can effectively lower their individual energy consumption cost, which would increase their profitability.”

That isn’t to say, however, that regulation is the only method by which China should be reducing the emissions impact from bitcoin mining. “The government should also focus on upgrading the power generation facilities in clean-energy regions to ensure a consistent energy generation,” Wang said. “That way, the miners would definitely have more incentives to move voluntarily.”

Crunching The Numbers

Bitcoin operates by using blockchain technology—publicly recorded peer-to-peer transfers on encrypted computer networks—which eliminates the need for centralized authorities or banks. Bitcoin miners use arrays of processors to determine results to algorithmic puzzles that verify transactions that are added to the blockchain, for which they are in turn rewarded in bitcoins.

With the value of a single bitcoin having risen from $1 in April 2011 to around $60,000 in April 2021, and with yesterday’s news that the value of the cryptocurrency market has exceeded $2 trillion for the first time, the financial incentives to mine bitcoin are obvious.

But there is a finite supply of bitcoins: they are limited to 21 million in total. To control the currency’s circulation, the supply of new bitcoins is halved every four years, which also halves the miners’ rewards. This has helped ignite fierce competition, attracting an increasing number of bitcoin miners to get into the race, utilizing ever more powerful processing arrays requiring more electricity.

So, in at least one sense, bitcoin is self-regulating. Or as Wang puts it, “this is the industry’s natural built-in way of phasing itself out.”

Silver Linings?

It has until recently proved difficult to determine the total emissions impact of bitcoin mining. Industry advocates have long claimed that miners tend to rely on low-carbon energy due to its relatively low cost, but those claims have been disputed.

Now, using more advanced modeling techniques, Chinese researchers have been able to more accurately estimate the energy uses of specific industry operations. According to the China Emissions Accounts and Datasets platform (CEAD), for example, bitcoin mining accounts for more than 5.4% of emissions from electricity generation in China.

In response, various policy solutions have been suggested, including heavier taxation of bitcoin mining operations. The new research suggests site regulation could be the preferable option. But did Wang think this could result in too many miners moving into areas with abundant renewables, gobbling up energy supply?

“There would be an influx of bitcoin miners into clean-energy regions,” he said. “However, we don’t think that this increase in bitcoin mining operations would place burdens on the local energy grid. The energy-generation infrastructures in the clean-energy regions of China are still being improved and developed … we think that increases in energy generation capacity would outpace the increase in bitcoin mining operations in these regions, which would reduce the potential burdens.”

Even so, with a forecast of 100 million tons of carbon emissions at the industry’s peak, would it not simply be better, in environmental terms, to ban the practice outright?

“We think that simply banning bitcoin mining altogether is not ideal,” Wang said. “Even if bitcoin mining is completely banned, its increasing profitability would drive miners to continue their activities through other measures, such as stealing electricity. That is why we are suggesting a push for moving the miners to clean renewable energy regions would be more ideal.”

Asked whether future cryptocurrency operations could potentially result in the same or similar energy demands as bitcoin, Wang offered a note of optimism.

“Cryptocurrency communities have become increasingly aware of the carbon emissions generated through mining activities,” he said. “As a result … we think the development of these new consensus algorithms would improve the energy efficiency of cryptocurrency mining activities, which would be beneficial for China’s sustainability efforts.”

 

My key interests are in decarbonization and the development of circular economies.

Source: Bitcoin Could Churn Out 130 Million Tons Of Carbon, Undermining Climate Action. Here’s One Way To Tackle That

.

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Teens Are Being Bullied ‘Constantly’ on Instagram

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Harassment on the platform can be uniquely cruel, and for many it feels like there’s no escape. No app is more integral to teens’ social lives than Instagram. While Millennials relied on Facebook to navigate high school and college, connect with friends, and express themselves online, Gen Z’s networks exist almost entirely on Instagram.

According to a recent study by the Pew Research Center, 72 percent of teens use the platform, which now has more than 1 billion monthly users. Instagram allows teens to chat with people they know, meet new people, stay in touch with friends from camp or sports, and bond by sharing photos or having discussions.

But when those friendships go south, the app can become a portal of pain. According to a recent Pew survey, 59 percent of teens have been bullied online, and according to a 2017 survey conducted by Ditch the Label, a nonprofit anti-bullying group, more than one in five 12-to-20-year-olds experience bullying specifically on Instagram. “Instagram is a good place sometimes,” said Riley, a 14-year-old who, like most kids in this story, asked to be referred to by her first name only, “but there’s a lot of drama, bullying, and gossip to go along with it.”

Teenagers have always been cruel to one another. But Instagram provides a uniquely powerful set of tools to do so. The velocity and size of the distribution mechanism allow rude comments or harassing images to go viral within hours. Like Twitter, Instagram makes it easy to set up new, anonymous profiles, which can be used specifically for trolling. Most importantly, many interactions on the app are hidden from the watchful eyes of parents and teachers, many of whom don’t understand the platform’s intricacies.

“There is no place for bullying on Instagram, and we are committed to fostering a kind and supportive community. Any form of online abuse on Instagram runs completely counter to the culture we’re invested in —a platform where everyone should feel safe and comfortable sharing their lives through photos and videos,” an Instagram spokesperson told The Atlantic in September.

This week, the company also announced a set of new features aimed at combatting bullying, including comment filters on live videos, machine-learning technology to detect bullying in photos, and a “kindness camera effect to spread positivity” endorsed by the former Dance Moms star Maddie Ziegler.

Still, Instagram is many teens’ entire social infrastructure; at its most destructive, bullying someone on there is the digital equivalent of taping mean flyers all over someone’s school, and her home, and her friends’ homes. After a falling-out with someone formerly in her friend group last year, Yael, a 15-year-old who asked to be referred to by a pseudonym, said the girl turned to Instagram to bully her day and night.

“She unfollowed me, blocked me, unblocked me, then messaged me days on end, paragraphs,” Yael said. “She posted about me constantly on her account, mentioned me in her Story, and messaged me over and over again for weeks.” Yael felt anxious even just having her phone in her pocket, because it reminded her of the harassment. “Every time I logged on to my account, I didn’t want to be there,” she said.

“I knew when I opened the app, she would be there. I was having a lot of anxiety over it, a lot of stress.” But still, she hesitated to quit the app entirely. Her friends on Instagram serve as a source of support. Also, quitting wouldn’t stop her tormentor from talking about her, and she’d rather know what the girl was saying. “You know someone’s talking about you, they’re posting about you, they’re messaging about you, they’re harassing you constantly,” she said. “You know every time you open the app they’re going to be there.”

Because bullying on your main feed is seen by many as aggressive and uncool, many teens create hate pages: separate Instagram accounts, purpose-built and solely dedicated to trashing one person, created by teens alone or in a group. They’ll post bad photos of their target, expose her secrets, post screenshots of texts from people saying mean things about her, and any other terrible stuff they can find.

“I’ve had at least 10 hate pages made about me,” said Annie, a 15-year-old who asked to be referred to by a pseudonym. “I know some were made in a row by the same person, but some were from different people. They say really nasty things about you, the most outrageous as possible.”

Sometimes teens, many of whom run several Instagram accounts, will take an old page with a high amount of followers and transform it into a hate page to turn it against someone they don’t like. “One girl took a former meme page that was over 15,000 followers, took screencaps from my Story, and Photoshopped my nose bigger and posted it, tagging me being like, ‘Hey guys, this is my new account,’” Annie said.

“I had to send a formal cease and desist. I went to one of those lawyer websites and just filled it out. Then she did the same thing to my friend.” The scariest thing about being attacked by a hate page, teens say, is that you don’t know who is doing the attacking. “In real-life bullying, you know what’s doing it,” said Skye, a 14-year-old. “Hate pages could be anyone. It could be someone you know, someone you don’t know—you don’t know what you know, and it’s scary because it’s really out of control at that point.

Teachers tell you with bullying [to] just say ‘Stop,’ but in this case you can’t, and you don’t even know who to tell stop to.”

Aside from hate pages, teens say most bullying takes place over direct message, Instagram Stories, or in the comments section of friends’ photos. “Instagram won’t delete a person’s account unless it’s clear bullying on their main feed,” said Hadley, a 14-year-old, “and, like, no one is going to do that. It’s over DM and in comment sections.”

Mary, a 13-year-old who asked to be referred to by a pseudonym, said that relentless bullying on Instagram by a former friend gave her her first-ever panic attack. It started, Mary said, after she made the cheer team and her former friend did not. “She would DM me, or when I was with my friends, if they posted me on their Story, she would [respond] and say mean stuff about me since she knew I would see it since I’m with them,” Mary said. “She would never do it on her own Story; she’d make it seem like she wasn’t doing anything.”

“There was literally a group chat on Instagram named Everyone in the Class but Mary,” she added. “All they did on there was talk bad about me.”

On Instagram, it’s easy to see what people are up to and whom they’re hanging out with. For teenagers who are acutely aware of social status, even a seemingly innocent group photo can set a bully off. Teens say that tagging the wrong friend in a photo can unleash a bully’s wrath. Every location tag, comment, Story post, and even whom you follow or unfollow on your finsta (a secondary Instagram account where teens post more personal stuff) is scrutinized.

“Lots of bullying stems from jealousy, and Instagram is the ultimate jealousy platform,” Hadley said. “People are constantly posting pics of their cars, their bodies. Anything good in your life or at school goes on Insta, and that makes people jealous.”

Many high schools have anonymously run “confessions”-style Instagram accounts where users submit gossip about other students at school. For instance, an account like Greenville High School Confessions will pop up with a bio asking followers to “send the tea,” i.e., gossip. Students will follow the locked account and submit texts of people saying bad things about one another or gossip they’ve heard about people at school.

The account admin or admins will select the juiciest rumors and blast them out on Stories or on the main feed, sometimes even tagging the student’s handle. When someone who runs a school’s confessions account doesn’t like you, it can feel like the whole school has turned against you. “There was a page made called DTS.gossip, the initials of our school,” Riley said. “The account was made to post rumors and crap about people in my school, but a lot of them were about me.”

Rory, a 15-year-old, said that confessions accounts had gotten so out of control at her high school that administrators had banned taking photos of other students on campus. “People at my school would … expose drama or make up stuff, Photoshop people’s faces, bully them basically. It’s all anonymous.”

But Rory said that the no-picture rule hasn’t really curbed bullying. Not long ago, someone posted an entire diss track saying awful things about a 15-year-old girl to SoundCloud, which students promptly set as the link in their Instagram bio. “I think a lot of kids get really invested in drama,” Riley said, “with beauty gurus, YouTube, stuff like that. When it happens at school, they’re very interested in it. It’s fun. Which is horrible.”

In Rory’s case, Instagram has been both the catalyst and the medium for bullying. When she was 13, she was featured on the official Instagram account of Brandy Melville, a popular teen clothing brand.

“Tons of people from my school saw it immediately and started to make memes of me, calling me anorexic,” she said. “Then there were others suggesting I wasn’t thin enough. On their finstas, people were posting these mean things, people I thought I was friends with. I would block their finstas and they would tag my main account.”

But even in the midst of the worst bullying, teens say they’re wary of logging off. Rory is still active on the platform, though she only uses one account. “Everyone has friends from Instagram,” said Liv, a 13-year-old. “Everyone makes friends that way. It’s inevitable. Everyone does it.” Some teens did say they’d deactivate or take a break if their parents forced them to, but quitting forever “wasn’t an option.”

“You can message someone on insta ‘Hey, you’re a bitch’ so easily,” Liv said. “People need to think more about what they say before they say it, even if it’s a DM you forget about and log off. The person you sent that message to, it can impact them. You can really screw someone’s life up.”

By Taylor Lorenz

Source: Teens Are Being Bullied ‘Constantly’ on Instagram – The Atlantic

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Brain Drain: Scientists Look at Why Mental Exertion Triggers Exhaustion

It’s a familiar feeling on a Friday evening. After finishing a gruelling day’s work, you finally agree with friends on where to meet for a night out. But by the time you have figured out what to wear and where you left your keys, a night on the sofa begins to sound more appealing than one on the tiles.

Now, scientists think they may be able to explain why you feel so weary before you have even reached the bus stop: your brain has slowed down to manage the strain. The brain could suffer from something similar to the painful buildup of lactate in muscles during physical exercise. This could be why hard mental yards – and resisting the temptation to give up throughout the day – feel equally taxing.

Prolonged mental activity leads to the accumulation of a potentially toxic neurotransmitter in the prefrontal cortex, according to a study published in Current Biology. The researchers suggest the brain slows down its activity to manage the buildup, offering an explanation to why we feel tired.

“Even when you resist scratching an itch, for example, your brain is exerting cognitive control,” said Antonius Wiehler of the Paris Brain Institute, the first author of the study. Repeated demands on cognitive control functions can lead to fatigue, he said. The prefrontal cortex is the region of decision-making and cognitive control, which is applied when the brain overrides an impulse or fights any kind of temptation.

The team monitored the brain chemistry of 40 participants while they completed repetitive tasks on a computer. They formed two groups, who performed either hard tasks or easy tasks for over six hours. The researchers measured levels of a neurotransmitter in the prefrontal cortex. They found a greater accumulation of glutamate in participants who were given the harder tasks.

Work that involves a lot of thinking requires the brain to repeatedly resist the temptation to do something less demanding. Unsurprisingly, this can leave people feeling tired, but the brain chemistry behind it has remained unclear. Now, researchers suggest cognitive control may lead to the accumulation of glutamate in the brain – of which high levels can be harmful because it overexcites neural cells.

“We found that glutamate was accumulating in the region of the brain which controls the tasks we set participants,” said Wiehler. “Our understanding is that the brain has some kind of clearance mechanism to counteract this, which may slow down activity.” The researchers posit that mental fatigue could be linked to recycling the glutamate that builds up during neural activity. “The accumulated glutamate needs to be cleared away, which we think is likely happening during sleep,” said Wiehler.

When participants were asked to report their level of fatigue, no definitive link between glutamate and fatigue was found – the groups performing hard and easy tasks recorded the same tiredness. Researchers said this could be due to fatigue being subjective, and those doing the easy task were unaware of the difficulty of the other.

“The fact that glutamate levels don’t track the reported fatigue is slightly disappointing, but not surprising because there is often a dissociation between biological features and self-reported fatigue,” said Dr Anna Kuppuswamy from the Institute of Neurology at University College London, who was not involved in the study.

The researchers monitored only glutamate but suggest other related substances could be linked to fatigue. “The study measures a single neurotransmitter in a very specific part of the brain, so we have to look at it more globally,” said Kuppuswamy.

But the results were encouraging, she added. “We know that during physical exercise lactate accumulates in the muscles, leading to muscle fatigue. It is kind of intuitive that something similar happens in the brain and this is good first evidence to suggest that.”

By:

Source: Brain drain: scientists look at why mental exertion triggers exhaustion | Neuroscience | The Guardian

Critics:

Mental exhaustion is a feeling of extreme tiredness, characterized by other feelings including apathy, cynicism, and irritability. You may be mentally exhausted if you’ve recently undergone long-term stress, find it hard to focus on tasks or lack interest in activities you usually enjoy.

Mental exhaustion often happens as a result of overuse, like physical overuse injuries. Even though you can’t point to it, it has more in common with repetitive stress injuries, like carpal tunnel or tennis elbow. Rather than overstressing a muscle group, mental and emotional exhaustion come from overstressing your mind.

Mental exhaustion is completely possible and is probably more common than it should be. After a long period of stress or time of intense emotions, mental exhaustion is bound to happen. Just like our bodies show symptoms after we push too hard, our minds are bound to display signs of mental exhaustion if we don’t take proper care.

Mental exhaustion can be caused by many things. Typically, though, people feel mentally tired after experiencing long-term stress. This is especially true if the stressors increase a person’s cognitive load or reduce their resources. 

For example, you may be responsible for completing a challenging project with many moving parts and tradeoffs. This would require a high level of project management skills and political savvy (e.g., increased load). 

Another example would be traveling for work. Constantly changing time zones would leave you feeling jet-lagged (reduced resources). Many stressors involve both reduced resources and increased load. 

Work travel to an unfamiliar country where you don’t speak the language amps up the cognitive load. Taking care of a sick family member may involve coordinating medical care and interpreting unfamiliar terms while managing emotions (increased load). But you may also be getting less sleep (reduced resources). Over time, increased responsibility and stress plus poor self-care can result in mental exhaustion.

Though a wide variety of stressors can cause you to feel mentally drained, we’ve boiled down the 7 most common causes of mental exhaustion below. 

1. Chronic stress

This is the most frequent cause of mental exhaustion. Chronic stress keeps your brain — and body — on high alert all the time. Over time, this begins to wear away at your well-being. Chronic stress can also lead to empathy or compassion fatigue. It can become difficult to muster an emotional response to the constant strain.

2. Uncertainty

The human stress response was designed to work efficiently in the face of short-term stress (think fight-or-flight). However, it’s a much less effective response to a constant, nagging feeling of uncertainty. Unfortunately, uncertainty has become far too normal of a feeling since the start of COVID-19 pandemic. This has made mental exhaustion more common than ever. 

3. Work stress

Stress at work can take many forms. It can arise from a values mismatch, difficulty managing tasks and priorities, or a high-demand, risk-oriented job. Some jobs (or programs of study) involve a lot of new learning. They could also require processing and making sense of a lot of information. Whatever the reason, it’s not always possible to leave work at work. Left unchecked, workplace stress can even evolve into burnout. Your work stress could bleed into your weekends and ultimately, develop into a bad case of the Sunday scaries

4. Family issues

Few things are more stressful than worrying about a family member. Being a caregiver for young children, sick relatives, or aging parents can be mentally taxing. Even if everyone’s healthy, families can bring all kinds of stressors. Divorce, disagreements, and estrangements have a way of following you into all areas of your life. Ultimately, family troubles can be a big cause of mental exhaustion.

5. Juggling multiple commitments

In addition to caring for family, many people have other commitments on their plate — those commitments come with details, schedules, logistics, and challenges. Balancing an intensive school or training program, a second job, or a freelance business can leave you feeling like you’re never “off.” If you’re not able to, or don’t know how to, manage your priorities, you’re at risk of becoming mentally drained.

6. Emotional stress

There are dozens of things that can cause emotional stress. No matter the cause, the experience is similar. Constant negative feelings, events, and circumstances can make it difficult to relax. This emotional exhaustion can quickly lead to mental fatigue.

7. Poor self-care

Without gas in the tank, you won’t get very far. When you get busy or you’re feeling a bit down, it’s easy to neglect self-care. However, over time this will affect your ability to be resilient in the face of stressful situations. If you have a chronic illness, like multiple sclerosis or chronic fatigue syndrome, brain fog may be a side effect. Rather than pushing through, it’s important to be especially diligent about self-care.

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How Bybit Empowered Crypto Believers To Achieve Their Dreams & Revolutionized The Traditional Finance

Bybit, established in 2018, is an innovative, fast-growing cryptocurrency derivatives exchange. The company was founded by a team of professionals having expertise in investment banking and the forex industry. Bybit has its headquarters in Singapore and is registered in the British Virgin Islands. It envisions a global economy and provides a seemingly fast, secured, and transparent trading system.

It has embarked on a journey to build the next-gen financial ecosystem powered by innovative and advanced blockchain technology. With more than 1.6 million Bybit users globally, and retail or professional clients, Bybit remains customer-focused and endeavors to provide the best user experience.

Bybit exchange, a crypto derivatives exchange, provides a fair trading environment to trade futures with good leverage in BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts. According to our Bybit review, this cryptocurrency exchange operates and provides a safe, secured, fair, transparent, and efficient futures trading platform.

Features of Bybit

While there are many similarities between the exchanges, some distinctive features that Bybit has included could make them attractive.

  • Bybit exchange offers trade derivatives products, including Bitcoin and other cryptos, with three contract options:-
    • Inverse Perpetual
    • USDT Perpetual
    • Inverse Futures
  • It gives full access to a wide range of trading features, including cross and isolated margin trading. Bybit offers 100X leverage trading, which is not adjustable if utilized in the cross-margin option.
  • Bybit permits limit order, conditional order or conditional limit order, stop-loss order, and advanced orders such as Good till Cancelled, Immediate or Cancel (IOC order), Fill or Kill. Advanced Order Forms are easy to use and great for quick access.
  • It provides a host of data analysis tools to access data such as price moving averages, moving average indicators, and monthly price range. It also includes funding data, specific index prices, rolling volatility chart, BTC daily realized volatility, market analysis, and the latest news.
  • It provides a great trading experience with an intuitive user interface for the crypto community.

Perpetual Futures and The Dual Price Mechanism

A perpetual futures contract is a derivative that does not expire, unlike spot and futures trade contracts. It helps to maximize profit opportunities. Bybit has plans to incorporate quarterly futures contracts and subaccounts when it integrates with the MetaTrader 4 foreign exchange platform.

The Dual Price Mechanism protects traders from trade manipulation or price manipulation, which results in steep losses due to liquidation of positions due to margin shortage or requirement at prevailing market price.

Bybit’s Mark to Market Price

‘Funding’ provides a healthy spread between the spot and the derivative cryptocurrency exchange price. It helps to match spot price and derivative exchange price, once in eight hours, by making the last asset traded price on the crypto platform ‘mark price to market price.’

100X Leveraged Trading

Bybit allows 100x leverage on perpetual futures products. Thus, most traders can increase their leverage to match the maintenance margin requirement. It equips experienced traders in entering sizable positions.

The Contract Loss Mechanism

A leveraged long or short position in a highly volatile market might be liquidated if the price goes lower than the bankruptcy price. Bybit Insurance Fund helps liquidated traders to cover the deficits caused due to losses.

Socialized Loss system Vs Auto-Deleveraging system (ADL)

ADL can protect traders from abnormal losses by potential deleveraging of the highest profitable and leveraged positions in that order. Its unrealized profit ratio and leverage determine the ADL ranking for each position.

Bybit Payments or Deposits into their account can be made through Visa, Mastercard, Electronic Fund Transfer or Wire Transfer, and Bill Payment options. Bybit operates in collaboration with Banxa, Xanpool, MoonPay, and Mercury to support payments through fiat currency. Mobile App users can click on the ‘Assets’ tab on the bottom right-hand corner and click on ‘Deposit.’

Bybit Fees

Makers and Takers: Users can be classified as either ‘Makers’ or ‘Takers’. Market Makers provide liquidity and market depth, whereas market Makers squeeze the liquidity from the order book. Makers orders are not filled immediately, whereas Takers orders are filled immediately as a market order. Market makers are rewarded for providing liquidity and market depth.

Bybit offers a maker fee (rebate) of 0.025% instead of charging fees to Makers, unlike a fee of 0.075% charged for Takers. The net cost accrued by the Bybit platform is 0.05%. One can withdraw funds by entering the wallet address and clicking the withdrawal button three times a day with a withdrawal fee. Bybit withdrawal limits are 10BTC. It also has limits on daily withdrawals, which is 0.0005 BTC, and Bybit Funding Fee or Funding Rate is 0.02%/ -0.02%.

Services Provided by Bybit Exchange

Currently, Bybit offers trading strategies or options in Inverse Perpetual Contract, USDT Perpetual, and Inverse Contract in Bitcoin, EOS, Ethereum, and Ripple XRP. It offers up to 100x leverage on Bitcoin’s perpetual swap future contract. Deposits are accepted in all the currencies that they trade, i.e., BTC ETH EOS, XRP.

Bybit Promotions

Rewards Hub

For new signups, $50 coupon for first-time deposit within 48 hours and $10 after 48 hours, $5 bonus on a BTC deposit, and $5 coupon on following Bybit on social media channels or networks. It is a user-friendly exchange that also conducts trading competitions offering colossal prize money to the winners.

Bybit bonus can either be used as an initial margin or initial maintenance margin to cover losses or offset the trading fee. Bonus as such cannot be withdrawn. However, the profits derived from trading with bonuses can be withdrawn. As soon as the referee becomes qualified, the bonus is deposited immediately in the trader’s Derivatives Account, which refers to the new user.

Bybit Trading Bot

Trading bots are automated software that trades as per the pre-set conditions by experienced traders. Some trading bots that enable a trader to auto trade in Bybit are TradingView, 3Commas, Alertaton, Autoview, Cornix, FMZ, GoodCrypto, Haasonline Hydor, Mudrex, Profit Trading, ProfitTrailer, Profitview, Sirius Trader, Stacked, TokenBot, Tycoon, Wunderbit, and WBCCLUB.

Bybit Testnet

Bybit testnet enables a potential trader to better understand the key features, options, advantages, and pros and cons without making a deposit. It’s a virtual account provided solely to practice crypto trading with fake money. A new user could explore for informational purposes and have a hands-on experience without actually exposing oneself to the risk of losing money.

Bybit Mobile App

The mobile app is fully compatible with the most advanced Android and iOS systems and can be downloaded from the Google play store. Like desktop, one can buy cryptocurrencies like Bitcoin, Ethereum, and other coins through the app, either using a credit card, debit card, or a bank transfer. Though it’s a bit challenging to study TradingView charts and monitor numerous markets on the app, it’s a good tool for monitoring open positions. The crypto account is fully secured through a multi-signature cold storage wallet solution. One can choose to trade various trading pairs like BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, and other perpetual trade contracts. It processes 100,000 transactions per second which ensure the fulfillment of every trade order.

Bybit Security Parameters

Bybit spends 20% of its annual budget on ensuring the platform’s security against the industry average of 15%. Unlike most other exchanges that use ‘hot wallets,’ it has adopted ‘cold wallets,’ which have inbuilt robust security management, features, and measures. All deposit addresses are cold wallet addresses. Offline signatures carry on underlying Asset transfers and withdrawals. Withdrawal requests are subject to three levels of verifications and manual reviews per day to manage risk, and traders can withdraw once every eight hours.

Bybit has a stringent policy regarding crypto-asset consolidation, including system security, physical environment security, operation authentication, encryption techniques, monitoring, and audit. It protects user data and personal information, which is in line with its privacy policy. Each employee of the platform is thoroughly trained, scrutinized, and assessed for internal security control.

The exchange always insists the user have two-factor authentication. The user has to scan the QR code, and a six-digit 2FA code is generated randomly inside the Google Authenticator App. Users should write down the Recovery Key Phrase and store your RKP securely inside a cloud server with full SSL encryption.

Bybit Customer Support

Bybit has a 24/7 customer support team on a global scale to answer the phone or live chat function to resolve any queries or issues. The language options here are English, Chinese (Cantonese and Mandarin), Japanese, Korean, Russian, Spanish, and Vietnamese.

Source: https://www.bybit.com

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What Are The Benefits of Working For a Private Blockchain Development Company

Blockchain technology is a relatively new development that has the potential to be a game-changer. Some even promote blockchain technology as being the next technological revolution. A lot of businesses are excited about the possibilities that exist with blockchain and are trying to get in on the game early.

Over the last few years, blockchain technology has made a lot of progress. This is one of the most talked-about trends in the technology sector. With the potential to change everything from institutions to platforms, there is no doubt blockchain technology is here to stay. While it is still in the early days, we have a long way to go before we see it being used by most people and businesses.

This blog looks at some of the biggest benefits of working for a private blockchain development company.

 What is a private blockchain?

A private blockchain is a blockchain that is not open to the public and can only be joined by invitation. These blockchains are usually controlled by a single entity, organization, or group of people. There are also consortium blockchains that are controlled by a pre-selected set of nodes or miners. In the case of a public blockchain, the transactions are openly validated by a network of miners. On the other hand, in a private blockchain, transactions are validated by either a single entity or a group of people.

There are several benefits of working for a private blockchain development company, depending on the business you’re in. Private blockchains are a good option if you want to keep your transaction data private. It is also great if you want to carry out multiple transactions per second. However, a private blockchain is not a decentralized system and is usually used by a single entity.

 How is private blockchain development better than public blockchain?

You might have heard about public blockchain and private blockchain, but what is the difference between them? Let’s see what the difference between private and public blockchains is.

A public blockchain is a decentralized ledger that is open to everyone on the network. Anyone can download the software and join the network. All transactions are transparent and the miners’ identities are public. Anyone on the network can participate in the consensus mechanism.

A private blockchain is a private version of the public blockchain. It is behind a firewall, so only those who are granted access can join the network. So, it is permissioned. A private blockchain can be permissioned by a single entity or by a consortium of companies. A private blockchain is used for enterprise solutions. It is centralized, but it is not controlled by a single entity. It is controlled by a group of companies.

 Benefits of hiring a  private blockchain development company

Today, Blockchain technology is one of the fastest-growing industries in the world, and there are a lot of Private Blockchain development companies that you can hire to help you with your project. But you must know them. Blockchain has been in the news a lot lately, with many companies making headlines by using the technology.

Bitcoin, which is a digital currency, was the first application of Blockchain technology. Bitcoin was developed in 2009, and in that same year, Blockchain technology started to gain popularity. Today, Blockchain technology is used in a variety of different industries and has a large number of applications.

When you work for a private blockchain development company, you get to work on some really interesting projects. You also get to learn new information and technologies. These are just a couple of the benefits of working for a private blockchain development company, but they are also some of the most important. You will also be able to apply your knowledge to a wide variety of different projects.

Conclusion

The benefits of working for a private blockchain development company are about the same as for any other IT job. You get access to new technologies, you get to learn new skills and you get to work with other talented people. The main difference is that you are working for a company that is using blockchain technology, so you are sure to be working on something new and exciting.

By: John.V

Source: What are the benefits of working for a private blockchain development company?

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