Mercedes Parent Firm is Building a Crypto Hardware Wallet for Cars

Mercedes Parent Firm is Building a Crypto Hardware Wallet for Cars

Daimler, the German multinational corporation behind the Mercedes-Benz brand, partnered with European blockchain interface solutions startup Riddle & Code to provide an open car hardware wallet solution, the startup announced in a press release published on July 22.

‘Turn automobiles into future market places’

Per the release, car wallets have a wide variety of use cases, such as car-sharing, autonomous vehicles, real-time exchange of secure traffic data and with smart city environments to reduce congestion and lower insurance premiums. The startup’s CEO Tom Fürstner declared:

“Autonomous cars must behave consistently to be trusted. Cars are already computing devices. A secure identity ensures that the right authorities have approved code executed inside vehicles and the trustworthiness of data exchanged. RIDDLE&CODE secures this with its cryptographic hardware and uses ledgers to turn automobiles into future market places.”

The wallet in question is reportedly built around the startup’s own secure data storage solution Secure Element 2.0, and allegedly provides a secure blockchain-based identity to vehicles. According to the release’s author, merging this kind of identity with a state-issued vehicle identity (registration) would enable unique and secure ledger transactions.

Blockchain in the automotive industry

A press release published in February also revealed that Mercedes-Benz has developed a platform based on blockchain technology to increase transparency and sustainability in complex supply chains. Furthermore, in January 2017, Mercedes-Benz has acquired digital payments startup PayCash Europa, spurring rumors that the giant is in the process of launching a payment service of its own.

Self-proclaimed electrification, automation and digitalization global giant Siemens has shown an interest in adopting blockchain-based solutions. In particular, Siemens is exploring the use of blockchain in the transportation industry.

Top 3 Best Crypto Exchanges for Trading Small Cap Altcoins

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While Bitcoin usually dominates the discussion around cryptocurrency prices, many choose to buy, sell, and trade altcoins like Ethereum, Monero, or DASH in the hopes of finding the right coin at the right time.

Altcoin trading can prove difficult due to often confusing and seemingly random price swings.

Price movements of altcoins can be tied to each other and to Bitcoin (an inverse relationship). This can make trading difficult when emotions run high or when Bitcoin is dumped.

Still, industrious traders who have a profit target and a stop loss to mitigate substantial loss can often survive turbulent market conditions.

High-trafficked and profitable cryptocurrency exchanges like Binance, Bittrex, and KuCoin are popular destinations for those looking to trade altcoins due to relatively simple interfaces and an abundance of coins.

Let’s take a look at Binance, Bittrex, and KuCoin, as they are some of the more profitable crypto exchanges for trading altcoins.

Binance: Still the World’s Best Cryptocurrency Exchange for Altcoin Trading

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Binance, which made headlines after moving its headquarters to the sunny Mediterranean island of Malta, remains a popular choice for altcoin traders.

The platform offers two different trading experiences, one for basic users, and one with in-depth technical analysis for more experienced traders.

Many describe the Binance trading process as relatively seamless. The exchange has attracted praise for its wide variety of coins. This includes well-known altcoins like EOS, Dash, Litecoin, NEO, Zcash, and Ripple, alongside a wide variety of trading pairs in BTC, ETH, USDT, and BNB.

Smaller volume altcoins which are traded frequently include Syscoin, Ardor, Ren, OST, and Agrello. The exchange also has a strong reputation for supporting coins that fork and pays these forked coins out very quickly.

Binance does not have deposit fees, and the exchange has a general 0.1% trading fee. The use of Binance Coin (BNB) for transactions activates a trading fee discount. Other exchanges like Bittrex and Bitstamp charge a much larger 0.25% per trade.

Withdrawal fees do vary, but all of them are pretty low. Users who withdraw Ethereum are charged 0.01 ETH, while Ripple withdrawals incur a 0.25 XRP charge.

Binance’s popularity and profitability are bolstered by strong security measures. While an attempted hack was carried out in March 2018, the exchange’s automated systems managed to catch the scheme before it was fully carried out.

The exchange’s security system drew praise from many in the cryptocurrency community since no users lost funds in the attempted hack.

Bittrex: Based in the USA, Quickly Growing Across The Globe

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 Bittrex is one of the globe’s fastest-growing cryptocurrency exchanges.

The exchange was founded by Bill Shihara, who drew on experience at Amazon and Blackberry in order to build a reliable and secure platform.

Altcoin traders who use Bittrex have access to hundreds of coins as well as trading pairs. The exchange is a popular destination for proof-of-work coins and hosts a wide variety of smaller volume cryptocurrencies like Peercoin, GoldCoin, TenX, and Pundi X.

Fees for Bittrex are a flat 0.25% for any trade. This figure is roughly around the same as other more established exchanges except Binance. If you plan on day trading however, this could pose a potential drawback for high volume altcoin traders.

One notable aspect of Bittrex is its location in the United States. The exchange is committed to following any rules and regulations stipulated by government entities. As a result, Bittrex has an Anti-Money Laundering (AML) and Know Your Customer (KYC) program that divides accounts into two tiers.

Basic accounts, which just ask for a name, address, and birthday, can withdraw up to 3 BTC worth of crypto each day if two-factor authentication is activated. The verification process is said to be faster than many other exchanges.

Traders who want to withdraw up to 100 BTC of crypto each day must have two-factor authentication and are required to send in scans of selfies and identifying documents.

However, Bittrex’s location in the United States has led it to delist a number of suspected security coins over the last few months. This has hurt the exchange’s market position and limits the number of altcoin options.

The exchange also has a large number of stablecoin to altcoin trading pairs. Trading pairs include altcoins to Tether like BCH/USDT and DASH/USDT.

Overall, Bittrex is a popular trading platform for those interested in proof-of-work altcoins and traders looking for an easy-to-navigate user interface.

KuCoin: The “New Kid on the Block” – Best Micro Cap Trading Exchange

KuCoin, with a headquarters in Singapore, is a relatively new player to the exchange scene. Its research and development team were formed in May 2017. Version 1.0 of the exchange went live in August of the same year.

Altcoin traders who use KuCoin have just over 400 live markets to choose from. KuCoin does not support fiat, but altcoin traders looking for stability can choose from a number of USDT pairs. The KuCoin exchange offers a number of ERC20 tokens like KCS, OMG, and DADI.

The exchange is also popular for its large number of microcap altcoins like Power Ledger (POWR) and Kyber Network (KNC). Lots of microcap altcoins give traders with smaller accounts a great chance to build up their cryptocurrency stash.

Trading fees on the exchange rest at 0.1. There are no transaction fees, and KuCoin adjusts withdrawal fees based on the cryptocurrency’s market performance.

GAS and NEO have no withdrawal fees provided the trader meets the minimum withdrawal amount. Users who hold KCS (KuCoin Share) can get trading fee discounts of up to 30%.

Active altcoin traders find KuCoin’s fee distribution structure advantageous. The exchange holds onto just about 10% of collected fees. 50% gets distributed back to users who hold KCS as a ‘KuCoin Bonus’. 40% of the collected fees are shared as invitation bonuses to the platform.

KuCoin also features a robust processing and security system for traders. All micro-withdrawal wallets are stored in a network architecture built with Amazon Web Services (AWS) Cloud. This lets wallets take advantage of AWS’ robust firewall.

Altcoin traders who use KuCoin are often drawn to the abundant amount of bonuses, the wide number of altcoins, and the speed of the core trading engine that has a peak trading order completion of 2 million+/second.

UPDATE: Click here a more extensive review of the Kucoin exchange, get all the detailed info you need in order to trade on this exchange like a pro.

The Top 3 Altcoin Exchanges for Great Account Building Coins

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All three exchanges offer a wide variety of altcoins, give traders aesthetically pleasing user experiences, and provide industry-leading security features.

Altcoin traders who are ready to start buying and selling should approach each trade with a solid strategy and not be afraid to sit back and hodl for a bit if necessary. Taking the time to learn the markets well and doing your due diligence with researching coins can set traders up for success.