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California’s unemployment rate ticked down to 4.1% in September from 4.2% the previous month — the lowest rate in 42 years, according to the state’s Employment Development Department.
Payrolls in the state grew by 13,200 jobs compared with August, with the most gains coming in the business and…
US employers added just 134,000 jobs in September, the fewest in a year and short of the 180,000 forecast, reports the Wall Street Journal , though the figure was likely lowered by Hurricane Florence. Even so, the unemployment rate fell to 3.7%, the lowest level since 1969. Florence…
The U.S. Customs and Border Protection agency is expected to complete a 30-day test next month of the use of facial recognition technology to screen international travelers at Los Angeles International Airport.
But an audit by the Department of Homeland Security’s Office of Inspector General found…
Despite President Trump’s unusual public criticism of their monetary policy, Federal Reserve officials inched up their key interest rate again on Wednesday — and indicated they would do so again in the face of strong economic growth.
The latest 0.25-percentage-point increase, approved by a unanimous…
Stock indexes around the world held steady on Wednesday as markets awaited a Federal Reserve decision on interest rates.
Economists are nearly certain that the Fed will raise short-term rates by a quarter of a percentage point, the third such increase this year. But investors are more interested…
California regulators want to seize Cash America Advance’s license, alleging the storefront lender duped customers into taking out installment loans with triple-digit interest rates.
The California Department of Business Oversight, in a legal accusation filed late last month, said Cash America…
If you’re planning to swap between cryptocurrencies, there is no shortage of options. Many people will use a centralized exchange such as Binance, but there are also non-custodial solutions such as Flyp.me. There are pros and cons to both models in terms of privacy, speed, and value for the money. The following review will focus solely on the latter, with a view to determining which exchange mechanism offers the best value for money.
Also read: Four Alternatives to Shapeshift
If You’re Regularly Swapping Between Cryptos, Know Your Options
When you’re cashing out into fiat, or swapping between cryptos, every satoshi counts. This is particularly true for freelancers who are paid monthly in cryptocurrency and then obliged to cash out a lump sum to cover living expenses. Some professionals who are paid in ETH, for instance, will immediately switch to BTC, before selling what they need to through Localbitcoins.com. For the purposes of this review, we’ll consider the exchange rate when swapping a small amount of ETH to BCH ($ 100) and a larger amount of ETH to BTC ($ 2,000).
The Small Swap
Our first fictional freelancer has been paid $ 100 in ETH, which equates to 0.49 ETH at the time of writing. They wish to swap to BCH so they can spend it on swag in the Bitcoin.com store. We’ll ignore the cost of sending ETH to a custodial or non-custodial exchange in each instance, as at around 4 cents, it’s negligible.
- Performing the swap using Changelly will give you 0.23482 BCH.
- Performing the swap using Binance will give you 0.236 BCH (including Binance’s withdrawal fee).
In this example, the custodial exchange option will give you 0.00118 more BCH, which is a not inconsiderable $ 7.40. Pretty significant when you consider that you’re only swapping $ 100 of crypto.
The Large Swap
Our second fictional freelancer gets paid $ 4,000 in ETH a month and immediately transfers it into BTC, with a view to selling some P2P to cover living expenses. At the time of this review, $ 4,000 works out at 19.4 ETH. As before, we’ll ignore the negligible cost of sending ETH to a custodial or non-custodial exchange.
- Performing the swap using Flyp.me will give you 0.62216883 BTC.
- Performing the swap using Binance will give you 0.630679 BTC (once the Binance withdrawal fee has been taken into account).
The Binance method gives 0.00851017 BTC, or $ 53.35 at current prices, more than Flyp.me. Over the course of a year, swapping $ 4,000 of ETH for BTC a month through a custodial exchange would save you $ 640.20. That’s not to say it’s the preferred option of course: many cryptocurrency owners would rather pay a little extra for the added privacy that comes from using a non-custodial service. (While Binance is one of the few centralized exchanges that doesn’t require KYC, it remains to be seen how long it is able to retain that model.)
Custodial or Non-Custodial?
The examples used in this review cannot be compared side by side, as they involve different non-custodial exchanges (Changelly and Flyp.me) and different destination currencies (BCH and BTC). Nevertheless, they demonstrate the sort of exchange rate to expect when agonizing over a custodial or non-custodial option. Binance clearly offers better value for money, but as a centralized exchange it comes with its own drawbacks. Given the additional wait incurred with custodial exchanges, which tend to process withdrawals in batches, there are clearly times when a non-custodial model will be superior. Know your options and always check the exchange rate being offered before you pull the trigger.
What’s your preferred option for swapping between cryptos? Let us know in the comments section below.
Images courtesy of Shutterstock Changelly, Binance, and Flyp.me.
Need to calculate your bitcoin holdings? Check our tools section.
The post Custodial vs Non-Custodial Crypto Swap: Which Offers the Best Exchange Rate? appeared first on Bitcoin News.
Wage growth accelerated last month to its best year-over-year rate since 2009 in a strong jobs report released Friday, increasing the likelihood that Federal Reserve officials will keep hiking a key interest rate to head off higher inflation.
The Labor Department reported that the U.S. added 201,000…
The eurozone’s economy slowed slightly in the three months through June as imports jumped despite weak household spending, with few signs that a rebound is in prospect soon.
WSJ.com: What’s News Europe
The commissioners of a public utility district in central Washington State have unanimously approved a rate hike for cryptocurrency miners. The utility serves over 46,000 customers throughout the county. The cost increase starts at 15 percent beginning next year, 35 percent the following year, and 50 percent thereafter.
Rate Hike for Crypto Miners Approved
The commissioners of the Grant County public utility district (PUD) in Washington State, on August 28, “unanimously approved the new Rate 17 for evolving industries,” according to the utility. Grant PUD serves over 46,000 customers throughout the county, its website states. PUDs are nonprofit, community-owned, governed utilities that provide electricity, water, wholesale telecommunications and sewer services.
The decision to raise the energy rates on crypto miners was made after “nearly a year of analysis, staff outreach to the county’s cryptocurrency firms and public comment on the new rate at every commission meeting since the rate’s initial proposal in early May,” the utility explained, elaborating:
Starting April 1, cryptocurrency miners and other ‘evolving-industry’ firms will pay the first of a three-year, graduated increase to a new, above-cost electric rate designed to protect Grant PUD from risk and preserve below-cost rates for core customers.
Mining Viewed as High-Risk
An industry falls under the Evolving Industry Class based on its risk, Grant PUD noted.
“At this time, all Grant PUD customers in the evolving-industry profile are miners of cryptocurrency, including bitcoin, each with very high energy demand,” the utility revealed. “Since summer 2017, Grant PUD has received new service inquiries for more than 2,000 megawatts of power — more than three times the electricity needed to power all Grant County homes, farms, businesses and industry. Approximately 75 percent of those requests are from cryptocurrency miners.”
Grant PUD detailed:
Rate 17 [Evolving Industry Class] customers will receive a 15-percent increase next year, a 35-percent increase in 2020 and a 50-percent increase in 2021, when the new rate will be fully in effect. Any new evolving-industry customers would come in at the rate-phase in effect at the time they begin operations
Furthermore, the utility added that “each annual increase will be calculated on the difference between what the evolving-industry customer is paying now (per kilowatt hour) and the higher, target rate.”
Tom Flint, a Grant PUD commissioner, told the miners who attended the meeting:
Your industry is unregulated and high-risk…This is the best way to ensure our ratepayers are not impacted by this unregulated, high-risk business.
What do you think of the new energy rate hike for crypto miners? Let us know in the comments section below.
Images courtesy of Shutterstock and Grant PUD.
Need to calculate your bitcoin holdings? Check our tools section.
The post 50 Percent Energy Rate Hike for Crypto Miners Approved in Central Washington State appeared first on Bitcoin News.