Metex Exchange currently accepts deposits in Bitcoin, USD Tether or Ethereum crypto currencies. Each of these popular crypto currencies are traded 24/7 on exchanges around the world, making them suitable trading pairs on Metex Exchange due to liquidity and availability. Please note that deposits of Australian Dollars are not currently available.

If you would like to buy tokenized metals on Metex Exchange, you should first ideally deposit Bitcoin or USD Tether to your account as these will have direct trading pairs with all listed metals.

 

Are you new to crypto currencies? Let’s have a closer look into Bitcoin, USD Tether and Ethereum.

Bitcoin

Created in 2009, bitcoin is a peer to peer crypto currency running on a decentralized global network. There is no central authority controlling Bitcoin and its value is derived by the benefits it offers the global user base. Bitcoin has become a globally recognised store of value and is independent of government, banks and other centralized institutions.

Network security is provided by computational hashing power, known as proof of work, and is rewarded by newly minted Bitcoin. This secure network of global computers (nodes) continually synchronizes a ledger of bitcoin transactions in “Blocks”.  Bitcoin’s code is programmed to have a maximum issuance of 21 million bitcoins and in line with this the rewards to miners lower every 4 years. Scarcity is programmed into bitcoin.

Once minted, Bitcoin is then traded globally through private transactions or via the 100’s of exchanges around the world. Bitcoin is not just blockchain code, but a carefully crafted form of economic policy which ensures a peer to peer ledger can exist globally in a highly secure and immutable way.

Key Points:

  • Bitcoin is purely a name and there isn’t a physical “coin”
  • Bitcoin can be transacted in any decimal value down 8 decimal points. You don’t need to purchase whole numbers of bitcoin. Eg 0.00000001 Bitcoin
  • Transactions on the bitcoin network are irreversible. Sending a value to the wrong address will lose it forever.
  • Bitcoin is known as BTC on the Metex Exchange
  • BTC can be deposited to Metex Exchange and used to trade into;

 

 

USD Tether

USD Tether, known as Tether or USDT, is a blockchain-based cryptocurrency whose tokens in circulation are backed by traditional fiat US Dollar held in a designated centralized bank account. This fiat backing is what helps tether to maintain its valuation at around the $1 US Dollar mark on global crypto exchanges. Known as a stable coin, Tether tokens run on the ethereum blockchain and operate under the USDT symbol.

Tether is used by many as a temporary medium of exchange or store of value in the crypto space. It must be highlighted that there is no guarantee provided by Tether Ltd. for any right of redemption or exchange of Tethers for Us Dollars. That said, the global crypto community continue to use this token for its historic price stability and widespread availability on exchanges.

Key Points:

 

Ethereum

Ethereum was created in 2015 and set out to increase the functionality and potential of a blockchain. Since its launch Ethereum has enabled developers to gain access to a secure blockchain whilst also giving them ability to add smart contracts and even issue new tokens. A community rapidly grew around Ethereum and it’s now the largest and most active blockchain community in the world. Over the past 2 years the wider crypto ecosystem has started to see Ethereums potential, with a new decentralized finance segment (DeFi) growing predominantly on Ethereums blockchain.

Similar to Bitcoin, Network security is provided by computational hashing power, known as proof of work, and is rewarded by newly minted ETH to miners.  ETH is the base token on the Ethereum network and is also used as “gas”, which is a transaction fee to process transactions. The more complex the transaction, the more gas is used and paid to the miners as an additional reward.

Key Points:

  • Ethereum is known as ETH on the Metex Exchange.
  • Transactions on the Ethereum network are irreversible. Sending a value to the wrong address will lose it forever.
  • ETH can be deposited to Metex Exchange but can’t be used to trade directly into metals.
  • To help assist Ethereum holders, Metex Exchange does offer Ethereum trading pairs with Bitcoin and USD Tether also.

 

This was just a top line introduction to these crypto currencies. If you would like to learn more and gain a more technical understanding about crypto currencies please google these key topics:

  • Private vs public keys
  • Hardware wallets
  • Elliptic Curve Cryptography

 

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