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Litecoin (LTC) Leading in $10 Billion Crypto Market Surge

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A crypto correction that started a couple of days ago was quickly quashed when Bitcoin found support and moved back towards $8k once again. Since then the altcoins have been on fire with some, such as Litecoin, surging ahead of the pack.

Another $10 Billion Back into Crypto

From a low of $243 billion yesterday crypto market capitalization has pumped to a high of $254 billion before stabilizing at around $250 billion where things currently sit. Daily volume has surpassed $80 billion once again which is extremely bullish. May has seen some of the highest volumes on record and they have been maintained which has kept markets buoyant.

Total market cap 24 hours – coinmarketcap.com

Bitcoin has made it back over $8k one again, hitting an intraday high of $8,140 according to Coinmarketcap.com. The bullish sentiment has resulted in a further 2 percent gain from Bitcoin which has yet to have any real pullback in this current rally. After spending the majority of April at around $5,300 BTC has found a new resistance zone around $8,000. Its market dominance is currently 56.6 percent and the altcoins are leading the digital race today.

Litecoin Ignited in 20% Pump

Litecoin is one of the top performing altcoins at the time of writing. It has surged from $88 to $104 over the past day and reached its highest level for almost a year. There is massive resistance at $100 which LTC has already hit last week. A move above it could send the ‘silver of crypto’ surging in a parabolic pump mirroring that of December 2017. LTC has trounced EOS to take fifth spot with a market cap now exceeding $6.4 billion.

The halving event in 73 days is likely to be driving early momentum for LTC which is bound to trade a lot higher as August approaches. Coin scarcity and increased demand could push prices back to their all-time highs of $370.

Binance Coin is also trading well and has just made a new all-time high at $34. A 7 percent surge on the day has been the result of the world’s top exchange announcing margin trading features. Though it can’t catch Litecoin at the moment, EOS has made 8 percent and is up to $6.50 at the time of writing.

The momentum for crypto markets is holding and May is shaping up to be another month of solid gains. Crypto market cap has doubled since the beginning of the year indicating that things have finally lifted off the bottom and the bulls are running the show now.

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The 8 Best Bitcoin Wallets of 2022 (Editorial)

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I am sure you have heard about Bitcoin by now.

And I’m also pretty confident that some of you might even own some bitcoins!!

But where are you keeping those bitcoins?

On Bitcoin exchanges like Binance, BitMEX, or hosted Bitcoin wallets such as Coinbase or CEX?

If that’s your answer, then you are putting the ownership of your bitcoins at serious risk!!

These services keep your Bitcoin private keys under their custody on your behalf. This is not a safe practice, as your Bitcoin private key is the only way to claim your bitcoins.

If you don’t know, consider reading this guide on private keys, and the MtGox hack.

So now the question is, where should you keep your bitcoins?

Here at Coinsutra, we don’t write about things that we have not personally used.

Moreover, I think one needs to look for the following things when selecting a reliable Bitcoin wallet, irrespective of whether it is a software or a hardware wallet:

  • Control private keys – A wallet where you own and control your keys.
  • Backup & security features – Seed backup keys and pin codes.
  • Developer community – Active development community for maintenance.
  • Ease of use – Elegant UI for fast and easy use.
  • Compatibility – Compatible on different operating systems.

Now that you know what to look for in a Bitcoin wallet, let’s check out the top 5 best Bitcoin wallets.

The Best Bitcoin Wallets: (Hardware, mobile & desktop)

1. Ledger Nano X

Ledger Nano X is a hardware wallet from a French start-up. This is the most modern and functional Bitcoin wallet that you can purchase in 2021. This hardware wallet works with desktop and mobile and comes with an in-built battery. 

From the security perspective, it has 2 chips (1 is for the secure element) which ensures your private keys never get exposed to the world.

You can store up to 100+ cryptocurrencies and using Ledger Nano X, you can use it as a login for many exchanges. 

Some of the supported coins by Ledger Nano X are:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Ripple (XRP)
  • Binance chain (BNB)
  • Dash
  • Cardona (ADA)
  • USDT
  • Tron
  • Monero (XMR)
  • All ERC 20 Token
  • Terra
  • Polkadot
  • Solana

This is by far the best option that you have. The hardware wallet is priced at $119 and offers free shipping. 

2. Ledger Nano S

This is the early version of Ledger Nano X and  It’s like a USB drive that connects to any USB port. It doesn’t have a battery and only starts up when plugged into a computer (or mobile device).

The Ledger doesn’t come with an anti-tampering sticker as its cryptographic procedure checks for the integrity of the instrument when powered on.

It also comes with an OLED screen and two side buttons for confirming transactions.

When you configure your Nano S as a new device, you need to set up your pin code in order to secure your wallet. After that, note down and store your 24-word recovery phrase. This recovery phrase can be used anytime to restore your bitcoins.

With this wallet, your private keys are stored offline, so you need not worry about the safety of your coins.

Nano S is also the cheapest multi-currency hardware wallet ($90).

The Ledger Nano S wallet supports the following major cryptocurrencies:

  1. Bitcoin (BTC)
  2. Bitcoin Cash (BCC)
  3. Ethereum (ETH)
  4. Ethereum Classic (ETC)
  5. Litecoin (LTC)
  6. Dash (DASH)
  7. Dogecoin (DOGE)
  8. Zcash (ZEC)
  9. Ripple (XRP)
  10. Stratis (STRAT)
  11. Komodo (KMD)
  12. PoSW
  13. ARK
  14. Ubiq
  15. Expanse (EXP)
  16. PIVX
  17. Vertcoin
  18. Viacoin
  19. Stealthcoin (XST)
  20. NEO (Works with NEON Wallet and supports GAS too)
  21. Bitcoin Gold & more…

Also, it is a multi-currency wallet where you can store/manage more than 700 coins and ERC20 tokens all at once place. And you can see the list of all supported cryptocurrencies here.

Check out other supported currencies on Ledger here: Which Cryptocurrencies Are Supported By The Ledger Wallet?

Note: You should always use a hardware wallet when you have a lot of bitcoins or altcoins. 

Watch this video by Coinsutra’s YouTube channel to learn how to set up your Ledger Nano S.

3. Atomic Wallet

Atomic Wallet is a multi-currency custody-free wallet that supports over 300 coins and tokens. This one is the first cryptocurrency wallet with decentralized cross-chain atomic swaps on board. Users can exchange Bitcoin, Litecoin, and QTUM with no intermediaries. The team of Atomic Wallet plans to enable Ethereum for the swaps, as well.

Apart from that, Atomic Wallet provides a built-in regular exchange service for a range of cryptocurrencies, and an option to buy XRP, BTC, LTC, and ETH with a bank card.

All these features are well crafted in one clear and comprehensive interface. You don’t need to verify your identity or register. You just download the wallet for your operating system, install it and start using it. Currently, Atomic runs on a range of desktop operating systems, such as Windows-64 bit, macOS. Linux, etc., and will be available for Android and iOS devices as well.

Like other non-custodial wallets, Atomic generates a mnemonic seed for your wallet and encodes private keys in your device. If you are about to store your crypto in Atomic, you must write it down and keep it in a secure place, since the seed is shown only once and not sent via email.

The wallet supports private keys import, so you can move your funds from any other wallet to Atomic in a few clicks.

Interestingly, Atomic Wallet provides its interface for custom tokens, so anyone is able to add their custom tokens by importing a smart contact address. That’s a quite convenient option when it comes to ICO campaigns.

Regarding the latter, Atomic is planning to release its underlying ERC20 token by the end of 2018 and now is running a bounty program where everyone may participate before the public sale.

To sum up, Atomic Wallet seems to be a quite non-typical cryptocurrency project. In one place, you can manage 300+, exchange and buy some of them, try innovative Atomic Swaps, get access to custom tokens and participate in the bounty. And all these features are performed in a non-custodial manner.

4. Trezor

Presented by SatoshiLabs, a Czech Republic-based company, Trezor is the world’s first Bitcoin hardware wallet.

It is a small device with an OLED screen, which connects via a USB to your personal computer or phone. Its fundamental purpose is to store your private keys offline and sign transactions.

The initial setup is a bit different from the Ledger Nano S.

With Trezor, when you first connect it to your PC, it shows a nine-digit pin code on its OLED screen. You need to enter the same pin code by clicking on your corresponding PC screen. This code is generated randomly every time you connect Trezor and makes sure that even a tampered PC can’t get your pin.

After entering the pin, you will be asked to write your 24-word recovery seed. Again, you need to keep your recovery key safe because this is the only way you will be able to restore your bitcoins.

After that, using it is pretty similar to the Nano S.

Trezor now supports many cryptocurrencies:

  • BTC – Bitcoin
  • ETH/ETC – Ethereum/Ethereum Classic
  • NMC – Namecoin
  • LTC – Litecoin
  • DOGE – Dogecoin
  • ZEC – Zcash
  • DASH – Dash

Update: Trezor now supports more than 600 cryptocurrencies/tokens for more details read: Which Cryptocoins Does Trezor Hardware Wallet Support?

Trezor can be used with apps such as TREZOR Wallet and Mycelium.

It is available now for Windows (version 7 and higher), OS X (version 10.8 and higher), and Linux. You can also use it with your Android devices.

It is available in 3 colors – white, gray, and black – and costs $110.

5. Exodus

Exodus is a free to use, desktop-only wallet crafted by JP Richardson and Daniel Castagnoli in mid-2015.

It is the world’s first multi-cryptocurrency desktop wallet.

Simply looking at Exodus.io, you can tell that the company is putting a lot of effort into creating a good user experience.

You can store your bitcoins without worry, as Exodus has no hosted servers or logs. At present, it supports cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, Golem, and Augur.

No registration or identity verification is needed to start using Exodus. But you certainly need to take a backup of your seed key!

If you want to access and spend your funds, you are required to set a password.

While taking a backup of your seed key, it also asks for your email id for sending you a one-click link recovery feature. You can always use this email link along with your password to restore your Exodus wallet.

However, one thing to remember while using Exodus is that you can only take a backup of the seed key when you have some balance in your wallet.

I like using this wallet because a pie-chart at the center shows your entire token portfolio in one glance. The UI is very nice.

Exodus is the first desktop wallet to have ShapeShift built in for exchanging cryptocurrencies.

And if you need help, you can get personal support from the founders via email.

It is available on Mac, Linux, and Windows.

6. Trust Wallet

Trust Wallet is the world’s leading multi-asset digital wallet which stores both bitcoins and altcoins.

It currently supports 13 crypto coins and is an ideal choice for multi-cryptocurrency users.

With an active development team working at lightning speed, it’s also very reliable. Altcoins such as Binance, Monero, Tether, Ripple, and many more are on their development roadmap.

Trust Wallet provides a seamless, frictionless, and easy to use UI. It takes no email verifications, no onboarding, and no usernames/passwords to start using Trust Wallet.

It is an HD wallet which comes with a seed backup key feature. The seed key helps you in controlling and restoring your crypto assets in case your device is damaged or lost.

You can export your private keys, and import bitcoins or altcoins from paper wallets.

It is available now on Android and iOS.

7. Guarda

Guarda is one of my favorite Bitcoin wallets.

It is an open-source and well-established Bitcoin wallet with an active developer community that is always innovating.

This is a frictionless tool for storing bitcoins, as it requires no email verifications, no onboarding, and no usernames/passwords to get started.

If you are new to Bitcoin, you will love Guarda’s very easy to use UI.

Moreover, you control your Bitcoin private key and can always import it when you need to.

Guarda is non HD wallet which provides you with a 12-word backup seed key which you should write down somewhere and keep safe. In case you damage or lose your device, this backup seed key will enable you to recover your bitcoins.

Guarda is compatible with Ledger Nano wallets.

Guarda is available on all platforms.

Always remember: If you lose those 12 words, you will lose your bitcoins.

8. Best Bitcoin Lightning Network wallet

As the Lightning network adoption is increasing, it is important that you have a lightning network supported Bitcoin wallet. This way you would not be restricted by high network fees of Bitcoin network, and use services like Bitrefill, Paywithmoon to name a few.

Here are some of the best Bitcoin lightning network wallets:

The Best Ways To Store Bitcoin – Crypto Wallets

Name of Crypto Wallet Types Of Wallet Rating
Ledger Nano X Hardware Wallet 10/10
Trezor Hardware Wallet 9.5/10
Exodus Desktop Wallet 8/10
Trust Wallet Mobile Wallet 9/10
Guarda wallet Mobile Wallet 9/10
Muun Wallet Mobile Wallet
(Lightning compatible)
9/10

It’s important to store Bitcoin away from an exchange. If you don’t do this, you risk losing all of your coins in an instant.

Luckily, you have many online and offline wallet options available to you.

Understand what are Bitcoin Wallets with an example:

You have your email address based on which service you are using like emailaddress@service.com.

This is a public address (i.e. everyone can see it, and you can share it with anyone for receiving emails). And you have a software/service like Gmail or Hotmail through which you send and receive your mail.

And you have a password to log in to your email service to send mail on others’ email IDs (others’ public addresses). But your password is confidential and private for your own use and theirs is confidential and for their own use.

And the software/service understands both the public address (emailaddress@service.com) and your password (private address) to successfully log you in and send/receive/store emails.

Similarly, for sending/receiving/storing bitcoins, we require a wallet on the Bitcoin network, which is nothing but a place which stores our public address (a place to receive bitcoins) and a private address (to send/spend bitcoins).

So in short, the place where you have both your bitcoin address to receive bitcoins and the private key to send/spend bitcoins is called a Bitcoin wallet. In an even more simplified way, a wallet is a digital file which stores your bitcoins.

  • Bitcoin Address + Private Key = Bitcoin Wallet

So what kinds of Bitcoin wallets exist on the market?

Different Types of Bitcoin Wallets:

There are a lot of Bitcoin wallets available out there in the Bitcoin world. To make it easier for you to understand, I have classified them based on certain criteria such as online connectivity, custodianship, and device availability.

Hardware Bitcoin Wallets (aka Cold Storage)

This is the most secure and safest way to store your bitcoins because they are stored in an offline environment.

At the time of this writing, there has been no reported theft or loss of bitcoins from a hardware wallet. The private keys and digital signature needed to spend bitcoins are generated via these wallets.

I will explain about Bitcoin private keys in the upcoming articles…

Hardware Wallets:

Mobile Bitcoin Wallets

Bitcoin wallet applications which are installable on mobile phones are called mobile wallets. For each mobile operating system, such as iOS, Android, Windows, and Blackberry, compatible wallets are available.

Below are the various Bitcoin mobile wallets and each mobile OS compatibilities. The one that I prefer using is TrustWallet on my Android phone. They have integrated a lot of security measures & are quite safe. At the same time, there are many more mobile wallets that you can pick based on your smartphone’s OS.

Bitcoin iOS Wallets
Bitcoin iOS Wallets

Android Wallets:

iOS Wallets:

Desktop Bitcoin Wallets

Desktop wallets are Bitcoin wallets which are installable on different desktops, and as per the user’s needs, are compatible with Windows, Mac, and Linux.

Below are various Bitcoin desktop wallets compatible with all operating systems.

Bitcoin Desktop Wallets
  • Exodus
  • Jaxx
  • Electrum
  • Armory
  • Copay
  • Bitcoin Core

Web Bitcoin Wallets (aka Hot/Online/Hosted Wallets)

Wallets which are basically web services and are accessible through web/internet-based browsers such as Google Chrome, Firefox, and IE are called web-based Bitcoin wallets.

The private keys are held online in these kinds of wallets. They are accessible via an internet address such as https://xyz.com.

They are also called “hosted wallets” because you store your bitcoins on the servers of the agency which you have chosen as your online wallet. 

Web Wallets:

Paper Bitcoin Wallets (aka Cold Storage Wallet)

Paper wallets are a piece of paper with a public address and the private address printed on them.

You can use the public address to send any amount of bitcoins. You can then save the piece of paper as it also contains the private key which can be used to transfer/spend bitcoins or sweep the Bitcoin paper wallet completely to another wallet.

Since the keys are offline, printed and secured by the owner, there is no threat of any electronic damage to bitcoins unless the printed keys are lost.

Paper Bitcoin Wallets

Read: Bitcoin paper wallet

Bitcoin wallets based on connectivity

Hot Bitcoin Wallets (Online)

Wallets in which bitcoins are stored online and which are connected 24/7 to the internet are called hot wallets. Such Bitcoin platforms and services which can receive/withdraw bitcoins for their users are hot wallets. They are very much like the wallet you have in your pocket.

Akin to a cashier in a bank who has not kept the money deposited in the bank vault but left it on his/her desk, your bitcoins are always under threat when placed online and connected 24/7.

Cold Bitcoin Wallets (Offline)

And you must have guessed, those bitcoins stored offline in hard drives or USB drives or paper, away from internet connectivity are called cold wallets.

Read: What is Cold storage in cryptocurrency

Bitcoin wallets based on custodianship of keys

Custodial Wallets (3rd Party Services)

When you entrust your bitcoins to be held by some agency/exchange on your behalf, it means you are trusting them and storing your bitcoins with them on their servers, thereby giving them custody of your bitcoins.

Non-Custodial Wallets

When you entrust your bitcoins to nobody and take responsibility for your own funds by saving your Bitcoin private keys yourself, such wallets are called non-custodial wallets.

Which Bitcoin Wallet Should You Use?

It is a tricky question.

The type of wallet you should use really depends on your level of activity and level of security with which you want to handle your bitcoins.

It also depends on how frequently you use your funds and how much you want to store on any particular wallet. Also, are the bitcoins you possess for your savings/investment or are they for daily transactions?

I personally prefer hardware wallets like Ledger Nano X for storing a significant amount of bitcoins because of the high-security features. And I use desktop wallets to keep bitcoins which I am not using for daily transactions. So that whenever required, I can quickly connect my desktop wallet to the Bitcoin network and transfer bitcoins.

I only use web wallets or mobile wallet to keep small amounts of bitcoins, similar to a wallet in my pocket for daily transactions.

Bitcoin wallets

Which wallets do you prefer to use? Have you used any on this list? Let us know in the comments below!

Like this guide to Bitcoin wallets? Share it with your friends!

Here are a few hand-picked guides for you to read next:

If you want to learn about paper wallets, check out this article.

I hope this detailed article on the different types of Bitcoin wallets – including software, hardware, and desktop wallets – will help you in making the right choice for yourself.

Do let me know which bitcoin or altcoin wallet you are using in the comments section below.

And if you find this post useful, do share it with your friends on Facebook & Twitter! 

Further Suggested Readings:

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Terra Secures Sports Sponsorship Deal With MLB’s Washington Nationals

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In what can likely be labeled as the first DAO vote on a sports sponsorship deal in history, Terra has formally announced their new sports sponsorship deal with Major League Baseball’s Washington Nationals.

While the MLB deals with an ongoing lockout, Terra has solidified their first-ever sports engagement, marking a major milestone for the growing blockchain. According to the formal DAO proposal to the Terra Luna community, which went live last week on Terra’s governance platform, the blockchain will shell out $38.5M for a five-year sponsorship deal for the Nationals.

Terra Luna, The Washington Nationals, & A New Wave Of Sports Sponsorship?

We started dedicated sports coverage at Bitcoinist last year, and we can firmly say we’ve never seen a sports sponsorship deal quite like this one. It is the first time we’ve seen a community vote through a DAO mechanism – most certainly around a deal secured with a ‘big 4’ league (which consist of the NFL, MLB, NHL, and NBA) in North America. The proposal went live last week and was a clear-cut approval by the weekend, with details limited.

We’ve covered quite a bit of ubiquitous sports sponsorship and partnership deals throughout the past year or so, and admittedly, an MLB team was not on our short list. The NBA has arguably been the leader in crypto-related deals, including a league-wide deal with Coinbase, and vocal team owner advocates, such as Mark Cuban. Additionally, other headline deals, such as Crypto.com’s acquisition of the downtown Los Angeles arena naming rights, and the NBA’s broader initiatives into blockchain-related properties (think Dapper Labs and Top Shot) have given the league a particularly unique position.

However, other leagues are showing that they’re not interested in being last to market – with the MLB being the latest league to give the nod of approval. The MLB has previously worked with Topps and Candy Digital around NFTs, however team-specific deals have been few and far between thus far. The same applies for the NFL (who has restricted team-specific crypto deals for the most part, but has also partnered with Dapper Labs for NFL NFT product ‘NFL All Day’) and the NHL (who has shown some reception, but limited engagement in crypto and blockchain thus far).

For Terra and founding team Terraform Labs, the move is especially unique not only because of the league that the deal lies in, but also the fact that it will be located in the heart of US policymaking, Washington DC.

Related Reading | Microsoft Corp Seeks For A Crypto Business Director To Build Its Web 3.0

Terra Luna's native LUNA token had an exceptional 2021, and looks to continue scaling acceptance and adoption. | Source: LUNA-USD on TradingView.com

The Bread & Butter

With their first sports sponsorship deal, Terra will possess brand assets behind home plate, indoor suite club naming rights, and educational and informative content around the Terra ecosystem. It comes at a time when Terra’s UST stablecoin has established itself as the leading decentralized stablecoin, however the broader Terra ecosystem is longing for growth that extends beyond the blockchain’s flagship Anchor Protocol product.

Ideally this deal will help establish exactly that. In a statement released by the Nationals, Terraform Labs founder Do Kwon stated:

“By approving this sponsorship deal, the community has a new way to engage and educate the public, including the policy makers doing important work in Washington, D.C., about decentralized money and the burgeoning technology that underlies it.”

Related Reading | FTX Teams Up With Sports Giants, Super Bowl To Prove Its Crypto Power

Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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LooksRare Vs. OpenSea (Comparison): The Bullish Case For $Looks Token?

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  • OpenSea Vs. LooksRare: What future holds?
  • Is Looks token worth investing?

Which one is better, and which one should you be using?

I will try to share my observations and research in this comparison post.

Will also look at $LOOKS token from the investment perspective.

2021 was the year of NFT, and it seems like we are just getting started. Not a lot of users know that OpenSea which is probably the #1 NFT marketplace right now, was launched in 2017. It was in 2021 when the NFT market got viral, and OpenSea turned out to be a winner because of its easy-to-use interface, the constant addition of new features, and integration with multiple blockchains made it a go-to platform for launching and buying/selling NFT’s.

But as we have seen with Binance Vs. FTX, there is always a need for an alternative, and this is where LooksRare comes into play. It picked all the shortcomings of OpenSea and also airdropped the $Looks token to users who have used OpenSea. The $Looks token worked as a lead magnet, and a massive number of users claimed their AirDrop. I also did a detailed video on how to claim $Looks token AirDrop. If you have used OpenSea before the AirDrop, you can still claim $Looks token AirDrop. Watch the below video to learn how to do that:

LooksRare Vs OpenSea:

LooksRare Vs. OpenSea stats as of 28th Jan 2022. Credits: Dune Analytics

Looks token and community incentive:

$Looks token is the most striking difference between OpenSea and LooksRare. $Looks is the native community token of LooksRare platform which was first airdropped to OpenSea users, and now it is being used to incentivize users to buy/sell NFT’s and also to the liquidity provider and stakers of $Looks token.

As the words are spreading fast, more and more users are migrating to LooksRare for buying/selling NFT’s, as they are being rewarded in $Looks token for their effort. This profit sharing is making this new platform lucrative.

According to their official help doc:

All collections now generate trading rewards. No minimum volume required – you earn LOOKS every time your buy or sell an NFT on LooksRare, from any collection! (Excludes private sales! )

So trading rewards are being distributed in WETH (Wrapped Ethereum) and $Looks token. I could earn over 0.5 ETH by staking some limited amount of $Looks token.

As the volume of LooksRare is increasing, the early adopter and staker of $Looks token will get maximum advantage. LOOKS token stakers earn 100% of the trading fees on LooksRare.

The price action of $Looks token is wild, and if it was not for recent crash, we would have been seeing more upper price action.

The $Looks is also listed on some of the top exchanges due to high demand and the fair distribution. At the time of writing this LooksRare Vs. OpenSea comparison, you can purchase $Looks token on the following top crypto exchanges:

Looks tokenomics:

Looks tokenomics page gives a detailed overview of how $Looks token will be emitted, and how the distribution is done. The below screenshot gives a glimpse of Looks tokenomics:

Considering the fact that OpenSea is valued at $13 billion, and there was a huge need for a community-centric NFT platform, LooksRare seems well-positioned to climb the ladder and claim that spot.

The current fully diluted market cap of $looks token is $4.3 Billion (@ Price of $4.32), and looking at the growth of the entire NFT ecosystem and current OpenSea valuation, I feel it could do an easy 2-3x from here. Provided, they continue building and working closely with the community. Not only that, as an investor, you should stake your $Looks token on their platform here, to take advantage of $Looks staking rewards and platform fees rewards, which could be a lucrative passive income source.

In its mere <60 days of existence, it is listening to the community demand and constantly adding new features.

Also, as the platform is sharing fees with the platform and community participants, it seems to do all the right things that we expect from any Web3.0 centric platform.

Platform fees:

Another striking difference between OpenSea and LooksRare is the platform fees.

Platform fees OpenSea LooksRare
2.5% 2%
Extra incentive in the form of $Looks token

The $Looks reward and lower platform fees are another reason users are floaking to LooksRare. The entire 2% of rewards is distributed to the $Looks token stakers.

Interface:

From the platform interface perspective, OpenSea is still a clear winner. It took years of re-engineering and constant development to have the interface that it has. In comparison, LooksRare is a newly launched platform, in the 2nd week of January 2022, and the interface is clean, usable but not as great as OpenSea. However, in my limited experience of using LooksRare to buy/sell NFT, it was not bad at all. Though, I feel OpenSea offers more features and LooksRare has to make some effort to catch up.

Why OpenSea over LooksRare:

Even though I made a strong recommendation of the LooksRare platform above, right now it would take months, if not years, for LooksRare to get closer to what OpenSea offers.

I could attribute the growth of OpenSea to organic growth. The LooksRare is using the incentive model to attract NFT users, which seems to work at the moment, but only if they maintain the momentum. It could be #2 or even #1 NFT marketplace in the future.

Features like support for more blockchain (Polygon), and lack of minting are some of the roadblocks for LooksRare, but for now, OpenSea is leading the pack.

There are certain collection which is doing really well on LooksRare, and if you are an NFT trader or investor, you should not miss out on scouting LooksRare to buy/sell NFT.

Conclusion: LooksRare Vs OpenSea

As an industry participant, I’m happy to discover LooksRare, as the community needed an alternative to OpenSea. Monopoly is not good in any industry, and competition like LooksRare would also push OpenSea to build faster.

From the investor’s point of view, the price tag of $4.5 for $Looks token is looking lucrative. As I mentioned earlier, consider staking the $Looks token to maximize your return on the investment. You can get $Looks token on the top exchanges such as FTX or ByBit. From here, you can withdraw the $Looks token to your Metamask wallet and stake it on the LooksRare rewards page.

What is the price target for the $Looks token?

I would attribute an easy 2.5x-3x from the current price of $4.5. I would not be surprise if $Looks break the ATH of $7.07, and will land in the price discovery mode. A $10 is the modest price target for the $Looks token.

Where can one buy the $Looks token?

$Looks token could be purchased on the following top exchanges:

FTX
Bybit
Huobi
Uniswap

What are the risks associated with Looks token from an investment perspective?

If stakers lose hope from this platform or if the platform goofs up the community sentiment, this could lead to high sell pressure and sinking the price, though, in the limited existence of LooksRare, they have been hitting all the right spots.

OpenSea Vs. LooksRare: Which platform to use?

For NFT scalper, LooksRare offers better incentive, though OpenSea has more volume and better collection. If you plan to launch your NFT collection, OpenSea, as of Jan 2021, is apt, as LooksRare is yet to launch the minting feature.

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11 Best Cryptocurrency Exchanges In The World To Buy Any Altcoins

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Here is a consolidated list of the best cryptocurrency exchanges with my comments:

Name of the Exchange CoinSutra Comments Overall CoinSutra Rating No of Trading Pairs
Binance • It offers a mobile app and the world’s largest exchange.

• If you need to pick only one, this is the best and #1 in 2022.

• It offers max number of cryptos, basic and advanced trading.

• A lot of exciting features, including Margin trading, Exchange coin (BNB), and many more

9.8/10 1292
FTX • Fastest growing crypto exchange with a native token called FTT.

• Read FTX review

9.2/10 423
Huobi Global • One of the largest exchanges of the crypto market

• High security and great customer support

910
Changelly • Instantly convert any cryptocurrency to any of your choices.

• Great for instant conversion.

8.7/10 747
Bitfinex • High trading volume and liquidity 111
Coinbase • A U.S.A. regulated exchange based out of California. 9.1/10 211
Kraken • Based out of the USA, and secure crypto exchange, existing for last half a decade. 346
KuCoin • Simple and easy to use

• Many low cap gems available

325
1inchexchange • Best decentralized exchange aggregators of the market

• Custody of funds remain with the user

474
CEX • Simple and easy to use 202
Bybit • Very popular with high volume.

• Ideal for margin trading.

• Read Bybit review

Slowly and steadily, Bitcoin and altcoins are getting attention from more investors all around the world.

And why not? These cryptocurrencies are time and again proving themselves to be a safe haven against the government’s inflationary policies.

Not only this, now people have a variety of products to earn substantial passive income on their crypto assets. Moreover, some people make good money by pure speculation with short-term trading (i.e., buy low, sell high).

And for those who are just starting and need answers to some basic questions like:

  • Where do I buy such cryptocurrencies?
  • What are the best cryptocurrency exchanges?
  • Which crypto exchange is secure and user-friendly?

But before we talk about the best exchanges out there, I need to tell you that it’s not too late to get invested in cryptocurrencies. At the time of this writing, the Bitcoin and altcoin market is at a market cap of $1.18 Trillion. I believe we will cross the $3 Trillion mark in the next year.

So now that you know that you should invest, here’s where you need to go to do that.

Note: This list starts from easy-to-use exchanges and moves towards some of the advanced exchanges.

11 Best Cryptocurrency Exchanges for Trading Cryptocurrency

1. Binance

Binance

Binance is the world’s leading cryptocurrency exchange that concluded its ICO on 21st July 2017 and raised $ 15 Million. In addition to being a blazing fast exchange, The platform is designed for traders of all levels, i.e., from a beginner trader to an advanced trader. 

The platform offers an inbuilt wallet which is ideal for storing Bitcoin for a short time. In addition, Binance has an Earn feature to deposit your crypto assets such as Bitcoin or USDT and earn interest on your holdings.

Since its ICO to date, it has grown tremendously. It has become the leading cryptocurrency exchange globally in trading volume and availability of pairs of a token. It now has over 370+ altcoins listed on it, which are further provided in over 1300 pairs. Additionally, coin listing is increasing with every passing month.

Binance being a centralized exchange has taken a unique take to expand its business and provides a decent discount for day traders if they use BNB coins. BNB is the native currency of this platform, saving money on buying/selling any coin.

Binance is a global exchange that is ideal for everyone and has the highest liquidity. Users from the USA can signup for Binance.us. Use the table below to pick the ideal Binance exchange for your jurisdiction:

Binance Global Sign up here
(10% trading fees off)
For everyone (Users from all country) except the USA
Binance USA Sign up here
(Get $15)
For the USA users

Binance’s fee structure is also unique.

It has a 0.1% standard trading fee that is already relatively less than its peers. You can even reduce your fee further if you pay your trading fee in BNB according to the below-shown structure.

Binance Discount Rate

To get started with Binance, you need to register using your email ID and the process is simple & fast. Binance is one of the few exchanges that offers a mobile apps for iOS and Android.

Read: Binance Review: Features, Fees in 2022 (Beginner’s Guide)

Being using it for a while, I find it too easy to trade cryptocurrency while on the move. However, you can watch this video to learn how to use its mobile app.

They also have aggressive plans like multi-lingual support, mobile apps for both iOS and Android users, the Binance lending program,  and the Community Coin Per Month, etc for more adoption of their platform.

Binance Mobile App

2. FTX

FTX Exchange

FTX is a relatively new exchange that was established in May 2019 by FTX Trading Ltd. The exchange is growing at a rapid pace because of its very interactive user interface and many unique offerings in the derivatives market. The company is incorporated in Antigua and Barbuda, the Caribbean, and its offices are based out of Hong Kong. Read our full review of the FTX Exchange here.

The USP of the exchange is its team which has relevant and dynamic experience in the crypto and traditional trading sector. FTX team comes from some leading Wall Street quant funds and tech companies: Jane Street, Optiver, Susquehanna, Facebook, and Google. The team has ample exposure to the traditional secondary market. Members have backgrounds in equity derivatives trading and seem to have an understanding of how derivatives are traditionally designed, and what kind of derivatives are in demand. FTX’s motto is “by the traders, for the traders”.

In August 2019, the Exchange raised USD 8 Million to invest into the operations of the exchange.

The exchange has almost all the services provided by other leading exchanges such as spot trading, futures trading, ETF trading, margin trading, and staking. However, it also has some unique products such as leveraged tokens, tokenized equity stocks, prediction markets, OTC transactions, etc.

For Example:

  1. There is a future contract named Trump2024 in which you can bet on whether Mr. Donald Trump will become president of the USA in 2024
  2. You can purchase a token form of many traditional equity stocks such as Tesla, Amazon, Apple, Nokia, and many more
  3. There are futures contracts named Shitcoin Index Perpetual Futures and Altcoin Index Perpetual Future

The platform comes with extensive benefits such as:

  1. User-friendly interface
  2. Interactive mobile application (for android and iOS users)
  3. Substantial community and social media presence
  4. The exchange has a 3 Tier Liquidity Protocol and an FTX Insurance Fund, which provides immense liquidity to the users
  5. Low Exchange Fees
  6. Domain expertise of the management
  7. Like Binance, FTX Exchange has an in-house governance token called FTT which can be also be staked for staking rewards

With a substantial number of features and benefits, FTX is a wholesome exchange that provides almost every traditional (spot, futures, staking, 2FA, etc.) and many new services (tokenized stocks, leveraged tokens, prediction market, etc.) to its users. 

Further, with the growth potential of the exchange, there is a substantial potential upside to the exchange’s native token FTT.

3. Huobi Global

Huobi Global

Huobi is an international cryptocurrency exchange that originated in China but now has moved across the world to serve a maximum number of investors. It is based out of Singapore and has been operating in this space successfully for the last five years.

As we speak, it occupies the #2 spot on CoinMarketCap’s list of exchanges by volume and has 973 cryptocurrency pairs. Hence, you will never face liquidity problems on this exchange.

They also have a mobile app for Android and iOS for users who want to trade cryptos on the go.

Their registration process is also pretty simple, so go ahead and do the needful. Oh, and just so you know, the exchange fee is also pretty low. Have fun.

Do read Huobi Exchange Review: Pros and cons

4. Changelly

Changelly

Changelly is one of the easiest ways to get ahold of various cryptocurrencies.

Changelly has a proven track record of consistently good products being put out into the crypto-space.

One of the best things about Changelly is that you don’t need to go through any lengthy verification or registration process. It is a non-custodial exchange.

Currently, Changelly supports around 199 cryptocurrencies along with fiat pairs such as USD/EUR. It is one of the best and easiest to use crypto exchanges out there. 

When you use Changelly to exchange cryptocurrency, the matching engine connects in real-time to some of the best and busiest cryptocurrency exchanges in the market to get you the best price.

Usually, when using Changelly, a crypto-to-crypto exchange takes 2 to 20 minutes.

The amount you see is the amount you get, so you don’t have to worry about any hidden fees or charges.

All you need to buy from Changelly is a VISA/MasterCard (credit/debit card) and a wallet where you want to receive your new coins.

The procedure is very simple.

Head toward Changelly, and follow the on-screen instruction to exchange your coins.

5. Bitfinex

Bitfinex

Bitfinex is another one of the largest and most popular cryptocurrency exchanges out there.

Based out of Hong Kong and operational since 2014, it gives its users the option to trade in 139 cryptocurrencies offered in 320 different trading pairs.

You can trade using USD (with a wire fee of at least $60). Also, users will need to pay a trade fee which varies from 0.1% to 0.2% (details here).

Also, whenever you withdrawal or deposit anything, you are charged a certain fee:

On Bitfinex, if you are a pro-trader, you will find advanced trading tools such as limit orders, stop orders, trailing stop, fill or kill, TWAP, and others, along with different market charts.

And whenever you get bored with the web version or want to trade on-the-go, you can use Bitfinex’s Android and iOS mobile apps.

6. Coinbase

Coinbase

Coinbase is a U.S.-based crypto exchange that serves a global audience. The exchange offers excellent speed and reliability and is beginner-friendly.

Using Coinbase, you can quickly buy cryptocurrencies and trade at the same time. They have an app for iOS and Android, which gives you the comfort of exchanging cryptocurrencies from anywhere. The wire transfer feature is also available on Coinbase.

The security standard of Coinbase is enterprise-grade, and they have been around for many years. Coinbase is supported in almost all the continents (Africa, Asia, Australia, Europe, North America, South America)

The exchange has listed 72 cryptocurrencies which are offered in 232 different trading pairs. Coinbase also supports popular stable coins such as DAI, USDC which is an important aspect of any popular cryptocurrency exchange.

7. Kraken

Kraken Crypto Exchange

Kraken is one of the oldest crypto exchanges that has existed for over a decade now. Established in 2011, the exchange offers Bitcoin as well as a number of known altcoins. In total it offers 346 pairs of crypto tokens.

The exchange has an interactive web version as well as mobile applications for Android and iOS users. The features of the platform can be fully explored by an advanced crypto user. 

Features such as take profit orders, take profit limit orders, etc. are some of the unique features of the platform.

Kraken also offers derivatives products on which margin is available up to 50x. Further, it has options to earn passive income such as staking.

You can use Kraken to deposit and withdraw fund to any bank accounts globally. In my experience of using Kraken, bank transfers is quick, and support is excellent.

8. KuCoin

KuCoin Exchange

KuCoin is another easy and hassle-free cryptocurrency exchange. KuCoin offers many popular and unique coins such as CHR, $KCS, and many others. Just like Binance, they offer a fully functional mobile app for Android and iOS.

To get started with KuCoin, you can deposit any crypto of your choice, ex: BTC, and start trading. I have been using KuCoin for the past two years, and they have constantly been adding extra features.

You can use Kraken to deposit and withdraw fund to any bank accounts globally. In my experience of using Kraken, bank transfers are quick, and support is excellent.

Overall, Kraken is one secure and trustable exchange that you should check out.

9. 1inchexchange

1inch exchange

All the exchanges in my list are centralized exchanges. This means an exchange that has a record of your identity and holds your private keys for you. 

People who specifically want to trade anonymously and to keep custody of their funds should choose a decentralized exchange.

1inchexchange is the best DEX (Decentralized Exchange) aggregator which consolidates prices from various other DEXs and brings the best price for you.

The platform is very secure and provides better liquidity than any other Decentralized Exchange. I would suggest you much try this platform once to have a touch base of the Decentralized Financial eco-system.

10. CEX

CEX Crypto Exchange

CEX.io was established in London, the United Kingdom in 2013. Originally the organization was a cloud mining service provider which handled a number of cloud mining pools. From 2015, the organisation dropped the mining service business and focussed completely on the exchange services.

In 2017, the exchange was audited by a third-party audit firm which confirms its compliance company’s diligent approach towards crime prevention. In 2019, the company set up its offices in nine US states and has been expanding since then. 

The exchange has 80 different crypto tokens which are offered as 201 different trading pairs.

Features of CEX.io are as follows:

  • Spot Trading and Margin Trading
  • Derivatives Trading (in form of Contracts for Difference (CFD))
  • Fiat to crypto transaction for 4 cryptocurrencies (USD, EUR, GBP, RUB)
  • Options to earn passive income through staking and savings
  • Crypto backed loans

In addition to this The exchange also offers a Demo Account for paper trading. The basic trading fee is 0.25% for a taker and 0.16% for a maker. 

The platform is secure and easy to use. Along with an interactive web application, it offers a mobile application for Android and iOS users.

Read a review of CEX.io exchange

11. Bybit

Bybit Crypto Derivatives Exchange

Bybit is a specialized spot and crypto derivatives market exchange. Established in March 2018, Bybit is one of the fastest growing cryptocurrency exchanges, with more than 3 million registered users.

Further, the exchange offers a margin on the above derivatives upto 100x. In case you are looking for an exchange for spot and derivatives trading, then Bybit is the best bet.

The platform is adding quality and trending coins every other day, and it might become the fastest growing crypto exchange of 2022. It is one of the best crypto exchanges which is secure and easy to use. It has an interactive web application and has a mobile application for Android and iOS users.

For beginners, Bybit also has a feature of paper trading.

Read our full review on Bybit here.

What if a user needs some low market cap gems?

Using the above cryptocurrency exchanges will allow you to buy almost all of the cryptos you could ever want to buy.

However, there are a few more cryptocurrency exchanges that you should have an account with, as there are a few coins that are only available there. It’s a good idea to have an account on most of these, which will save time when you discover a winning coin.

So, here are some bonus exchanges which I am sure you would love.

12. Hoo

Hoo Crypto Exchange

Hoo.com, a cryptocurrency wallet, was established by Hufu Technologies in Hong Kong in 2017. In June 2019, the company acquired two Chinese exchanges and integrated them with Hoo.com. Thus, Hoo Exchange became a complete digital asset trading platform.

The exchange provides all the basic features such as spot and margin trading, futures and options trading, etc. In addition to this, Hoo has an OTC (over-the-counter) platform which can be used for bulk trades. The exchange offers around 400 tokens (507 pairs of token).

The trading fee on HOO is 0.2% of the transaction value. People who have high trading volumes can get a discount on this trading fee.

The benefits of trading on Hoo Exchange are as follows:

  • The exchange provides many low market cap gems
  • A number of options to earn passive income are available on the platform
  • The platform has an interactive mobile app that allows you to trade on the go
  • The founding team has good experience in the crypto markets

Please read our full review on Hoo Exchange here.

13. MEXC Global

MEXE Global Exchange

MEXC Global (formerly known as MXC) was established in 2018 in Seychelles, East Africa. The exchange has listed 518 coins which are offered as 887 different pairs.

You can use MEXC Global for spot, margin, and derivatives trading. In addition to this MEXC Global provides several features such as ETF (Exchange Traded Funds) Trading, staking, DeFi Farming, etc.

The trading fee on MEXC Global is 0.2% of the transaction value. This fee can be discounted by holding the in-house token of MEXC Exchange i.e. MX Token. 

The benefits of using MEXC Global Exchange are as follows:

  • The platform has a very user-friendly interface
  • The platform has an interactive mobile app that allows you to trade on the go
  • You can earn passive income through staking and depositing assets in DeFi products

Please read our full review on MEXC Global Exchange here.

14. AscendEX (BitMax)

AscendEX Crypto Exchange

AscendEX (formerly known as BitMax) was established in 2018 in Singapore. Founders George Cao and Ariel Ling have substantial experience in investment banking and traditional stock markets.

The exchange provides the following services:

  • Spot, Margin, and Futures Trading
  • OTC (over-the-counter) Trading (for bulk purchases)
  • Fiat to crypto purchase
  • Staking (to earn passive income on your crypto assets)
  • DeFi Yield Farming (to earn passive income on your crypto assets)

AscendEX has listed 186 tokens on the platform, which are offered as 299 pairs of token. The trading fee of the platform is 0.1% for large-cap tokens and 0.2 for altcoins.

The benefits of using AscendEX are as follows:

  • Copy-trading feature for futures trading(you can copy trade settings of professional traders)
  • Passive income earning options available (staking and DeFi Yield Farming)
  • The exchange has a user-friendly interface

So that is it for my list of most reliable cryptocurrency exchanges. Now, with such an information overload there is a need to summarise this information. Let us understand how to choose the best crypto exchange for ourselves.

How to select the best cryptocurrency exchange for you?

Following are the crucial factors you should consider while choosing the best crypto exchange for yourself:

  • The country you live in

Almost all exchanges have a list of supported countries. Residents outside these jurisdictions should not use these exchanges.

Further, you should also check whether your native fiat currency is supported by that exchange or not. If not, then you need to figure out a way to transfer your funds to this exchange.

  • Security of funds

Security is the key factor for the sustenance of the whole crypto market. Before choosing an exchange for yourself, you should have an answer to these questions:

  1. Who keeps custody of my funds?
  2. Is there any security audit done on the exchange? What was the conclusion?
  3. Where are the funds of the exchange kept? Is the place secure enough?
  4. Does the exchange has any insurance in case of loss of funds due to a security breach?

Once you have answered the above questions, you will be able to judge the security of the said platform.

  • Whether it is centralized or decentralized

Centralized exchanges need your personal details before they allow you to trade on their platform. Further, most of these exchanges keep custody of your funds.

This is not the case with a decentralized exchange.

  • Ease of use

Some exchanges although very good in product offerings have a very complicated user interface. This leads to confusion in understanding the product or method of transactions.

Thus, you should choose an exchange that has an interactive web application and a compatible mobile application.

  • Liquidity and Trading Volume

If you want to purchase a token, you need to ensure whether people are interested in selling that token on the exchange. Thus, liquidity means the availability and scale of crypto funds on a particular exchange.

For this, you should check the number of trading pairs supported by the platforms and the 24-hour trading volume of the platform.

  • KYC Rules

KYC stands for Know Your Customer. Almost all the centralized exchanges have a KYC Policy basis that collect information of user and enable them to use the platform.

What you need to check is the type of information collected as well as the time in which verification is done by the exchange.

  • Trading Fee

On every transaction, a trading fee would be charged by the exchange. This trading fee is a cost to you and thus you should try and choose an exchange with the lowest trading fee.

  • The reputation of exchange in the market

A crypto exchange is an intermediary between a buyer and the seller. Therefore, you need to ensure that an exchange is legit and does not have a bad reputation in the market.

For this, you should search for any possible scams that an exchange could have been a part of.

  • Relationship of the exchange with the country’s authorities

Lastly, you should check whether a crypto exchange is in line with the regulations of your country. In case an exchange is banned by the authorities, you should not use that exchange in any case.

Conclusion – Best Crypto Exchanges 2022

Trust me, I have squeezed my 5 years of experience in the crypto markets in this single post. My objective is to bring you the most feasible products of the crypto markets and help you in earning life-changing money.

I will update this post as I find other trustable and feature-rich cryptocurrency exchanges. For now, you can consider joining our Telegram channel to stay updated with all the latest info.

I hope these insights help you in choosing the best cryptocurrency exchange for you to use.&amp;lt;!–td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}–>

But one word of caution:

Don’t use these exchanges as a wallet to HODL your cryptos. If you are storing cryptocurrencies on these exchanges for a few hours or even a few days for the sake of trading, then it’s probably OK. Otherwise, this is a bad practice.

Large-scale hacks like Mt. Gox can happen at any time. I would strongly recommend you to use the Ledger Nano S or a wallet like Atomic, where you can store a lot of different cryptos and control your private keys.

So now it’s your turn to tell me: Which one of these exchanges do you like the best? Also, what’s another great exchange that I haven’t listed here? Let me hear your thoughts in the comments below!

Here are a few hand-picked articles you should read next:

Are any cryptocurrency exchanges regulated

There are a few exchanges that are regulated. For example, CoinbaseCEXCoinmama are regulated.

Which are the best cryptocurrency exchanges?

As mentioned above, the following are the top cryptocurrency exchanges:
1. Binance
2. FTX
3. Huobi Global
4. Changelly
5. Bitfinex
6. Coinbase
7. Kraken
8. KuCoin
9. 1inchexchange
10. CEX
11. Bybit

Which cryptocurrency exchange has the lowest fees

Binance and Bybit offer the lowest fees at this moment.

What is the best Cryptocurrency exchange for beginners?

Changelly or Changenow is the best for those looking for instant exchange of coins. On the other hand, Binance offers the biggest ecosystem, and the platform is also beginner-friendly.

Which Cryptocurrency exchange has the most coins?

Binance has the maximum number of coins that are of high quality.

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How To Setup Gala Node in 15 Minutes or Less [Tutorial]

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Learn how to set up the Gala node in 10-15 minutes.

What is Gala Node?

By becoming a Gala node, you help to secure the network. In return, you get daily distribution in the form of Gala tokens, NFT, game items, and the Townstar coins. If you believe in Gala games, this is the best way to support their growth.

The Gala token has been appreciated in recent times along with its popularity. You can buy Gala tokens from the following exchanges:

How to Set Up Gala Node?

You can set up the Gala node in a few steps on your local or cloud server. The cloud server is better as it runs 24*7 for which you have to pay a nominal fee of $20/month to run the server. I’m using the Vultr server, which is currently offering a $100 promo using this link, which means your first 5 months are free.

Here are steps needed to set up a Gala node:

  1. Setup Gala account and buy a Gala Node
  2. Buy server for Gala and deploy a server
  3. Connect Server with Terminal or Putty and Change Machine ID
  4. Connect and Setup Gala node
  5. Useful tips for Gala node owners

Let’s get started.

Step 1: Setup Gala account and buy a Gala node

This is a three-step process.

  1. Create a Gala account
  2. Fund your account using ETH
  3. Buy the Gala node license

The first thing you need to do is to create a Gala account and set up your profile including 2FA. Following this, click on inventory and deposit the required ETH to buy the Gala node.

As the price depends on current market, you must calculate ETH required to buy Gala. At the time of writing, buying a founders Gala node costs around 29 ETH ($90,000).

Click on place order, and make payment to confirm your purchase of the Gala node license.

Once this is done, we will move to the second and most important part.

Step 2: Buy a server for Gala and deploy

You have multiple options to run a Gala node server. Here I’m sharing the exact steps you need to follow to launch your server.

We are using the Vultr server (cloud infrastructure) that helps deploy Linux or Windows machine type on the cloud. You can deploy your server on Windows or Linux per convenience.

In this guide, we will only be using Linux. If you want to deploy on Windows, you should check out this tutorial.

$100 free cloud server

When I logged into my Vultr server, I saw it’s offering a $100 free promo for the new users. I got only $50 using someone else’s promo, but you can use the link below to take advantage of the $100 promo. It means that your first 5 months are free.

Get a $100 free Vultr account

Once you have created your Vultr account, you need to buy a server. Here you can see the latest requirement for running a Gala node. At the time of writing, these are as follows:

  • 4 GB RAM
  • 2 CPU Cores
  • 60 GB Disk Space

On Vultr, select Cloud Compute and choose your nearest location.

Select Ubuntu as your server type and version 20.04 x64

Now pick any plan that requires the same config.

  • 4 GB RAM
  • 2 CPU Core
  • 60 GB Disk Space

It should cost around $20/month and with a $100 promo, your first five months are free.

In the ‘additional features’ section, no need to select anything. Name your server and click on deploy when you are ready.

Your server should be live within a minute.

You can click on the server name to find more details that should look like the following image.

You need to enter an IP address, username, and password in the next step to connect with the server.

Step 3: Connect to your server and change the Machine ID on Linux

Connect with your server via SSH tool such as Putty (Graphical interface) or via Terminal on Mac.

If you are using Mac, you can use Terminal that is also a simple tool.

Open the Terminal app (search Spotlight) on your Mac and connect with your server using these commands:

Type ssh root@x.x.x.x where x.x.x.x is your VPS IP address

Click on Yes, and copy-paste your password to log in to your newly created VPS server.

Before proceeding, change the Machine ID.

If you are wondering why you have to do this, you can read it here.

Here are the three commands you need to run:

sudo rm /etc/machine-id /var/lib/dbus/machine-id 

sudo dbus-uuidgen | sudo tee /etc/machine-id 

sudo cp /etc/machine-id /var/lib/dbus/machine-id

Once this is done, reboot your server by using the command

sudo reboot

Once the server is rebooted, you are ready to install the Gala node server on your VPS server.

Log in to your server again by using the ssh root@xxxx command again.

Step 4: Install and configure Gala node

Run the script: sudo apt-get update && sudo apt-get upgrade -y

Download the node software package. Type wget -O install-headless.sh https://static.gala.games/node/install-headless.sh; sudo bash install-headless.sh and hit Enter.

Follow the prompts. You are finally good to go!

Once the installation is complete, you will see the following link on your terminal.

Copy-paste the link in the browser and authenticate using your Gala login and 2FA (if enabled).

Select your node name, click on save, and then exit.

Congratulations! Your Gala node is active and running already! ✅

Step 5: Verify everything and enjoy passive income

Now that the set-up is complete, verify everything before you enjoy your passive income.

Make sure to run the command gala-node stats and check for a value that says msActiveToday, which should not be more than 0. If not, rerun the command after 1 minute.

You can also go to your Gala account to see your connected node status under node info as shown in the image below.

As you can see, the founder’s node is online. Gala distributes daily rewards every 24 hours.

For Gala nodes owners, here is some useful info regarding Gala token:

  • Currently, you can receive around 400 Gala (around $120 per day).
  • For any future in game coin, you get a cut with founders node.
  • Any NFTs released, 5% of the airdrop is allocated to founder nodes, including town nodes. If you are lucky, you may get one for free.
  • Gala also plans to make these license as an NFT that you can resale in the future.
  • Don’t forget that the halving of Gala rewards is in July 2022. But I am hopeful, more games will be out by then and those other coins make up for the difference. For example, town tokens increase 1% or so per day currently as the numbers of players is increasing.

With the current price of Gala ($0.35), you could earn $43800 in one year + price appreciation + airdrop + everything else.

Here are a few useful links for you to explore the Gala node.

Transparency Notice: CoinSutra content is reader-supported, which means if you click on some of the links on this website, we may earn a small referral fee. Please know that we only recommend products that we use ourselves and/or believe will add value to our readers.

How’s your experience as a Gala node owner? What do you think is the future proposition of the Gala ecosystem? Are they designing and launching the games to support the kind of ecosystem they are building? Let me know your answers in the comment section below.

How many Gala founders nodes are there?

There would be a maximum of 50,000 Gala founders nodes, and after that, there will be paid and free nodes.

Is running a Gala founders node profitable?

At the time of writing, the Gala founders node costs around $90,000 and gives a return of $100-150/day. In July 2022, the rewards would be halved, and only time would tell what distribution would be there. The biggest silver lining is when you can sell your Gala founders node as an NFT, and due to scarcity principles, you should be able to sell it at a higher price than your cost price.

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