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Onyxcoin (XCN), previously known as Chain (CHN), marks a major leap in blockchain infrastructure technology. Since its rebranding in March 2022, the protocol has gained traction as a leading enterprise blockchain platform. In a nutshell: it provides cloud-based solutions that enable companies to create and deploy financial services through private blockchain networks. Let’s explore this.

What is XCN?

XCN is the cryptocurrency powering the Onyx Protocol, offering both utility and governance, while the Onyx Protocol is designed to tackle key challenges in financial settlements. 

The Onyx Protocol is a versatile blockchain infrastructure designed to connect independent networks under shared standards, ensuring smooth interoperability. By separating asset control from ledger synchronisation, it delivers both security and flexibility to users.

Participants can issue assets using customisable "issuance programs," managed by "control programs" that enable the creation of advanced smart contracts. Network security is upheld by a federation of "block signers" to prevent forks, while a single "block generator" ensures efficient block creation.

Governance is managed through the Onyx DAO on Ethereum, with Onyxcoin (XCN) acting as the ecosystem's utility and governance token. XCN powers premium services, funds network upgrades, and enables token holders to influence the protocol’s direction.

Founded in 2014 with support from leading venture capital firms and partnerships with institutions like Nasdaq and Citigroup, the platform has evolved into an independent, reliable and advanced blockchain solution.

Key Features:

• Cloud-based blockchain infrastructure for enterprises
• Customisable tools for asset creation
• Smart contracts powered by control programs
• Integrated DAO governance for user participation
• Premium and standard service tiers

Technical and fundamental analysis

Market fundamentals

XCN’s tokenomics include a maximum supply of 48.47 billion tokens, with around 65% currently in circulation. Strategic allocations include 15 billion tokens for the foundation and 10 billion for the DAO, with monthly releases of 200,000,000 XCN per month, to maintain a controlled market supply.

Technical framework

The protocol’s architecture enables:

• Multiple independent blockchain networks operating simultaneously
• Secure asset control based on the principle of least authority
• Block validation by designated signers
• Efficient block creation via a single block generator

Trading volumes, price volatility, and sentiment indices for XCN

Trading volume

The current trading volumes of XCN provide key insights into market activity and investor interest. Steady or increasing volumes typically indicate sustained engagement, while sharp fluctuations could signify speculative trading or reaction to news events. For XCN, trading activity has shown variability, with spikes aligning with announcements or broader market trends.

Price volatility

Price volatility is another critical metric for understanding XCN's performance. While moderate volatility can attract traders seeking profit opportunities, excessive swings may deter risk-averse investors. Recently, XCN has experienced a mix of stability and rapid price shifts, largely influenced by macroeconomic factors and evolving sentiment within the cryptocurrency market.

Sentiment indices

Sentiment indices, derived from social media trends, news coverage, and community forums, offer a snapshot of market perception. Positive sentiment has often correlated with upgrades to the Onyx Protocol or advancements in the ecosystem, while negative sentiment has emerged during periods of uncertainty or market-wide downturns.

Together, these factors—trading volumes, price volatility, and sentiment—illustrate the complex dynamics shaping XCN’s market presence and potential for return on investment. For investors and traders, monitoring these indicators can provide valuable insights into potential opportunities and risks, though they should be evaluated alongside broader market conditions and fundamental analyses.

Short-term price predictions (1-3 years)

In the following sections, we’ll take a look at both short-term and long-term price predictions, considering both bullish and bearish market scenarios. For reference, at the time of writing XCN was trading at $0.01236 (see later price here).  

Bullish scenario

Analysis suggests that several positive catalysts could drive XCN's growth in the near term:

• - Enterprise adoption

• Predicted range: $0.005 - $0.01
• Key driver: Increased business partnerships and platform integration
• Potential catalyst: Growth in private blockchain network adoption

• - Technological development

• Predicted range: $0.006 - $0.012
• Focus areas: Transaction speed improvements and fee optimisation
• Impact: Enhanced platform capabilities could attract more users

• - Institutional investment

• Predicted range: $0.007 - $0.015
• Driver: Growing institutional interest in cryptocurrency
• Catalyst: Potential market expansion and improved regulatory clarity

Bearish scenario

On the flip side, here are the bearish predictions: 

• - Regulatory concerns

• Predicted range: $0.001 - $0.0015
• Risk factor: Increased government oversight
• Impact: Possible operational limitations

• - Competitive pressures

• Predicted range: $0.0012 - $0.0017
• Challenge: Market saturation from similar projects
• Risk: Potential loss of market share

Long-term price predictions (3-5 years)

Bullish outlook

Long-term positive scenarios suggest significant growth potential:

• - Enterprise integration

• Predicted range: $0.02 - $0.05
• Driver: Widespread adoption of Onyx Protocol's technology
• Catalyst: Integration into mainstream financial systems

• - Technology evolution

• Predicted range: $0.03 - $0.06
• Focus: Platform maturity and ecosystem development
• Impact: Enhanced competitive advantage through innovation

• - Market growth

• Predicted range: $0.04 - $0.08
• Driver: Overall cryptocurrency market expansion
• Catalyst: Increased mainstream acceptance and use

Bearish outlook

However, long-term challenges could present significant headwinds:

• Market sentiment

• Predicted range: $0.0005 - $0.001
• Risk factor: Extended crypto market downturn
• Impact: Reduced investor confidence 
• - Competition

• Predicted range: $0.0008 - $0.0015
• Challenge: Emergence of superior technological solutions
• Risk: Diminished market relevance

These predictions account for various market scenarios and factors, keeping in mind the natural volatility of crypto markets. The ranges provided highlight potential outcomes depending on market trends and the progress of the project. Please note that this content is speculative and not financial advice - it should not be construed as such.

Conclusion

Onyxcoin (XCN) presents a range of possible price trajectories, from potential growth through enterprise adoption and technological advancement to more conservative estimates reflecting market challenges. While bullish predictions suggest possible growth to $0.08 by 2030, bearish scenarios indicate potential downside risks. 

As with any investment in digital assets, thorough research is essential. Readers should carefully evaluate their risk tolerance and consult financial advisors before making investment decisions, as market conditions can change rapidly in the volatile crypto sector. Keep an eye on the XCN page within the Tap app to keep updated on price movements.

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The cryptocurrency market can be a maze of projects, platforms, and partnerships. Among these, XCN (Onyxcoin) has emerged as a notable digital asset that often sparks discussion – and sometimes confusion – in the crypto community.

This guide cuts through the complexity to deliver a clear picture of XCN. We'll examine what makes this cryptocurrency unique, tackle common misconceptions about its ownership (particularly regarding JP Morgan), and explore its potential value to the greater blockchain ecosystem.

Whether you're researching XCN for investment purposes or simply want to understand its role in the crypto ecosystem, this article will provide you with straightforward, accurate information to guide your decisions.

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What Is Onyx Protocol (XCN)?

Onyx Protocol is a cloud-based blockchain infrastructure enabling companies to create private blockchain networks for enhanced financial services. Unlike public blockchains, Onyx provides a closed, secure environment for issuing, storing, and transferring digital assets, minimising risks like security breaches and transaction delays. 

It caters to enterprise needs through products such as the Remote Procedure Call API (RPC/API) and Sequence, a blockchain-based accounting service. These services offer both standard and premium tiers, with premium features accessible via XCN payments.

The protocol’s core design addresses key financial settlement challenges, including reducing fees, increasing transparency, and streamlining transaction settlements, and uses innovative features like "issuance programs" for asset creation and "control programs" for managing assets securely. Block signers safeguard the network, while block generators ensure efficient block creation.

The Onyx Protocol is governed by a Decentralised Autonomous Organisation (DAO), where XCN token holders participate in decision-making by staking their tokens. This means that XCN acts as both a utility and governance token, offering voting rights, discounts on premium services, and a means to pay for Onyx Cloud and Sequence fees.

Founded in 2014 by venture capitalist Adam Ludwin, Onyx was initially backed by major firms like Nasdaq and Citigroup, raising over $40 million. After being acquired by Stellar’s Lightyear Corp. in 2018, it later became a privately held corporation in 2021. 

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With a maximum supply of 48.4 billion tokens, XCN powers the ecosystem and incentivises community-driven growth through its transparent, decentralised governance model.

XCN’s infrastructure

XCN's technological foundation rests on three main pillars:

• A scalable proof-of-stake blockchain that prioritises transaction speed and energy efficiency
• Smart contract functionality that enables complex financial operations and decentralised applications
• Cross-chain compatibility for seamless interaction with other blockchain networks

Although the platform uses advanced security protocols it still manages to maintain user accessibility, making it suitable for both individual and institutional users.

How to purchase and stake XCN

XCN tokens can be bought through several major cryptocurrency exchanges, including Tap. In order to participate in the staking process, users will need to acquire the tokens and complete the following: 

1. Set up a compatible wallet that supports XCN staking
2. Participate in the staking program through the official platform
3. Earn rewards based on the amount staked and duration of participation

The minimum staking requirements and reward rates are designed to encourage long-term holder participation. For more detailed explanations please see the official project’s instructions.

Leadership and development behind XCN

The Onyx blockchain network was founded in 2014 by venture capitalist Adam Ludwin with support from major venture capital firms, aiming to modernise financial systems. The team launched Chain Core after raising over $40 million through strategic partnerships with Nasdaq, Orange, Capital One, and Citigroup. 

In 2018, the platform was sold to Lightyear Corp., part of the Stellar Development Foundation, before transitioning in 2021 to operate as a privately held corporation with a new board, shareholders, and offices. In March 2022, CHN was rebranded to XCN spurring positive price growth.

Today, the XCN project is led by a team of seasoned blockchain developers and fintech experts specialising in smart contracts, protocol optimisation, and financial infrastructure. They are known to actively engage with the community via Discord, Twitter, and governance forums, maintaining transparency through roadmaps, progress reports, and AMAs. 

Alongside the strong development team is a decentralised governance model, allowing XCN token holders to shape the platform’s future, voting on critical proposals to ensure collective growth and innovation.

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XCN price prediction

Onyxcoin (XCN) has gained attention for its role in DeFi and its governance function within the Onyx Protocol. While price predictions vary, with some analysts anticipating steady growth as adoption of the platform increases, it is worth keeping an eye on the key factors influencing its price, notably market demand, advancements within the Onyx ecosystem, broader crypto market trends, and regulatory developments. 

However, given the volatility of the cryptocurrency market, it’s best to approach these XCN price predictions carefully and conduct thorough research before making any financial decisions.

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Clearing the air: JP Morgan's Kinexys (formerly Onyx) does not own OnyxCoin (XCN)

In early November 2024, JP Morgan rebranded its blockchain unit from Onyx to Kinexys, sparking conversations about distinguishing between unrelated entities in the blockchain world. Below we break down the key differences between OnyxCoin (XCN) and JP Morgan's Kinexys to clear up any confusion for investors and industry professionals.

Let the record state: OnyxCoin (XCN) is a separate cryptocurrency project operating independently of JP Morgan and its blockchain initiatives. To avoid potential confusion:

• XCN is not affiliated with JP Morgan or any traditional banking institution
• The cryptocurrency project operates independently of JP Morgan's blockchain platforms
• Any similarity in naming to JP Morgan's former Onyx unit is coincidental

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Looking to the future

XCN is a prime example of blockchain technology's evolution and the growing maturity of digital assets. As the cryptocurrency landscape continues to expand, XCN’s innovative framework and governance structure show how decentralised systems can adapt to meet new challenges. 

With blockchain advancing rapidly, platforms like XCN highlight the potential for transformation in the digital economy. Whether you’re drawn to the technical details or the broader implications, staying informed about these developments is key to understanding this ever-changing space.

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We’ve all been here: you land that dream job or get a nice raise, and suddenly your old budget feels unnecessarily restrictive. A few premium subscriptions here, some fancy dinners there, maybe a nicer apartment – before you know it, your higher income somehow feels tighter than before. 

Welcome to lifestyle creep, the subtle way our spending habits expand to match (or exceed) our growing income. It’s real, and it’s out there. Here’s how you can fight back. 

Why it happens

Lifestyle creep isn't just about splurging. Often, it's a series of small, seemingly reasonable upgrades. That €15 lunch delivery doesn't feel extravagant when you're having a hard day, and those €20 fitness classes are justified as a worthwhile investment in your health. 

The problem isn't any single expense, it's how these small changes compound over time, transforming from luxuries into what feel like necessities. And those small expenses can add up dramatically: an extra €50 per week on conveniences means €2,600 per year that could have gone toward retirement, a dream vacation, or your emergency fund. That’s a chunk of change in the end. 

Breaking the cycle

1. Find your motivation

Before making changes, identify why you want to control your spending. Maybe you want to switch careers, start a business, or build an emergency fund. Having a concrete “why” makes it easier to resist those immediate gratifications.

2. Audit your joy

Review your recent expenses and honestly assess which ones truly enhance your life. That streaming service you barely use? The subscription box that sits unopened? These are easy cuts. But don't stop at the obvious – examine everything, including your "necessary" expenses. Sometimes what we think we need is just habit in disguise.

Start doing this weekly, eventually moving up to monthly, until your inner accountant is completely satisfied with where your money is going. The idea here isn’t to strip all joy from your life, it’s merely to streamline it. 

3. Create friction

Make impulse spending harder:

• Remove saved payment information from shopping sites and phone settings
• Unsubscribe from marketing emails
• Establish a 48-hour waiting period for non-essential purchases

4. Address your triggers

Our spending habits are heavily influenced by our environment. Consider:

• Unfollowing social media accounts that trigger spending urges
• Finding free or low-cost alternatives to expensive social activities
• Being honest with friends about your financial situation and goals
• Planning social activities that don't revolve around spending

5. Regular check-ins

Schedule monthly "money dates" with yourself. Review your spending, celebrate wins, and adjust your strategy. Make it enjoyable – pour yourself a drink and put on your favourite record. This isn't about punishment, it's about alignment with your goals.

The mindset shift

Remember that reducing expenses isn't about deprivation, it's about choice and control. You might find that some lifestyle upgrades are worth keeping because they genuinely improve your quality of life. Others might be easy to let go once you realise they're not adding that much value.

The goal isn't to return to living like a college student. Instead, aim to be intentional about which upgrades you keep and which you can live without. This mindful approach to spending helps steer your money toward things that truly matter to you, rather than disappearing into a series of forgettable purchases.

By taking control of lifestyle creep, you're not just saving money – you're buying yourself options, flexibility, and peace of mind. And those are luxuries worth keeping.

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Καθώς η κουλτούρα των meme coins ανθίζει, τα memecoins του Solana κλέβουν την παράσταση στον κύκλο του 2024, συνδυάζοντας τηνκουλτούρα του διαδικτύου με ένα γρήγορο blockchain χαμηλού κόστους. Αυτά ταιδιόμορφα tokens έχουν κατακλύσει την κοινότητα των κρυπτονομισμάτων, με κάποιανα γνωρίζουν εκρηκτική άνοδο σχεδόν από τη μια μέρα στην άλλη. 

Η άνοδός τους δεν είναι απλώς διασκεδαστική, αλλάαποτελεί και απόδειξη της αυξανόμενης επιρροής των project που καθοδηγούνταιαπό την κοινότητα και του μοναδικού οικοσυστήματος που προσφέρει το Solana.Είτε τα αγαπάτε είτε γελάτε μαζί τους, τα meme coins του Solana αποδεικνύουνότι είναι κάτι περισσότερο από απλό αστείο.

Τα 10κορυφαία meme coins του Solana για το 2024

1. Bonk (BONK)

Το Bonk εμφανίστηκε ως η απάντηση του Solana στοShiba Inu. Με έξυπνα airdrops στην κοινότητα και συνεργασίες με πρωτόκολλα DeFiκαι projects NFT, το Bonk έγινε γρήγορα sensation, με αποτέλεσμα η μασκότ του,ένα πεινασμένο Shiba Inu, να αποτελεί πλέον σταθερό σύμβολο του οικοσυστήματος.

2.Dogwifhat (WIF)

Το Dogwifhat κέρδισε τον κρυπτο-κόσμο με τηνιδιόμορφη γοητεία του: ένα Shiba Inu με χειμερινό σκούφο. Σε αντίθεση με τατυπικά meme coins, αναπτύχθηκε οργανικά, τροφοδοτούμενο από γνήσια συμμετοχήτης κοινότητας, με τις καταχωρήσεις σε μεγάλα ανταλλακτήρια να εδραιώνουν τηθέση του.

3.Fartcoin (FARTCOIN)

Παρά το ενδιαφέρον όνομα, το Fartcoin έχει δείξειεντυπωσιακή απόδοση και σημαντική ανάπτυξη. Αυτό που ξεκίνησε ως αστείο έχειεξελιχθεί σε ένα project καθοδηγούμενο από την κοινότητα με πραγματικήχρησιμότητα, προσφέροντας χαρακτηριστικά διακυβέρνησης και staking.

4. Peanut the Squirrel (PNUT)

Το PNUT, εμπνευσμένο από έναν συγκινητικό φόροτιμής στο Peanut (ένα αγαπημένο κατοικίδιο σκίουρο που χάθηκε υπό αμφιλεγόμενεςσυνθήκες), έχει γνωρίσει μετεωρική άνοδο. Το νόμισμα σημείωσε άνοδο 280% μετάτην καταχώρησή του στο Binance.

5. ai16z (AI16Z)

Το ai16z συνδυάζει έξυπνα δύο από τις πιο καυτέςτάσεις στα κρυπτονομίσματα - την τεχνητή νοημοσύνη και τα meme coins. Το όνοματου project παίζει με την ονομασία της διάσημης εταιρείας venture capital a16z.

6.Popcat (POPCAT)

Το Popcat έγινε διάσημο αξιοποιώντας το viralδιαδικτυακό meme από το οποίο πήρε το όνομά του. Με δημιουργικό μάρκετινγκ καιενεργή παρουσία στα μέσα κοινωνικής δικτύωσης, έχτισε γρήγορα μια πιστή κοινότητα.

7. Baby Doge Coin (BABYDOGE)

Το Baby Doge Coin αξιοποίησε την επιτυχίαπροηγούμενων κρυπτονομισμάτων με θέμα το σκύλο, προσθέτοντας τη δική τουπινελιά: ένα "κουτάβι" spin-off του δημοφιλούς Dogecoin μεφιλανθρωπικές πρωτοβουλίες.

8. CatIn A Dogs World (MEW)

Το MEW έφερε μια φρέσκια οπτική στο χώρο των memecoins παίζοντας με την αιώνια αντιπαλότητα γατών-σκύλων σε μια αγορά πουκυριαρχείται από σκύλους.

9. Goatseus Maximus (GOAT)

Το Goatseus Maximus, το πρώτο meme coin πουδημιουργήθηκε με τεχνητή νοημοσύνη, συνδυάζει την κλασική μυθολογία με τηνκουλτούρα των meme για να δημιουργήσει μια μοναδική ταυτότητα στο χώρο.

10. BOOK OF MEME (BOME)

Το Book of Meme συνδυάζει την πολιτιστική δύναμητων memes με την τεχνολογία blockchain, δημιουργώντας ένα μοναδικό"ψηφιακό βιβλίο meme". Επιτρέπει στους χρήστες να συνεισφέρουν και ναέχουν πρόσβαση σε ένα αυξανόμενο αρχείο memes.

Συμπεράσματα

Η επιτυχία των κορυφαίων meme coins του Solana το2024 σηματοδοτεί μια αλλαγή στο τοπίο των κρυπτονομισμάτων. Project όπως τοBONK και το dogwifhat έχουν δείξει ότι τα meme coins είναι κάτι περισσότερο απόαπλές τάσεις. Το κλειδί της επιτυχίας τους βρίσκεται στην ισχυρή συμμετοχή τηςκοινότητας, το δημιουργικό branding και τα τεχνικά πλεονεκτήματα του Solana.

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The holiday season, with all its glitter, cheer and tradition, can sometimes feel like a whirlwind of emotions and expenses. Between those persuasive commercials and the relentless social media ads and influencers, it can feel like an added pressure on your finances that you just don’t have the energy to fight off at the end of the year.

But fret not, taming holiday spending isn't as tricky as wrapping a bowling ball, even if your loved ones are living it up in the holiday splurge zone while you're in the "I'm on a budget" Santa hat.

We’re here to help you sleigh the festive season without sending your bank account into winter hibernation. Here are five realistic financial boundaries to implement with friends and family this festive season. 

Create a budget

Who could have predicted this? Well, it's not exactly breaking news, but a well-crafted budget is your trusty reindeer reins. And no, it's not here to rain on your festive parade, it's the voice of reason when things get a little too merry.

Planning a holiday budget may not sound like a barrel of laughs, but trust us, it's the key to unlocking financial serenity this season. Here's your step-by-step guide to make it a tad more enjoyable:

Step one: Snuggle up with your favourite holiday treat and get comfy. Plot out your budget, factoring in gifts, decorations, travel, and entertainment.

Step two: Be brutally honest with yourself about your spending limits and keep expectations in check. Keep it realistic, and don’t ignore your January Voice of Reason.

Step three: Now, manage and follow your budget as if your life depended on it. It's your financial GPS, steering you away from the treacherous cliffs of overspending. Be in the business of staying disciplined, and both your wallet and future self will be singing your praises.

Be picky with your social calendar

Finding the right balance during the holiday season can be a bit tricky, especially if you're the life of the party who never turns down a chance to celebrate. While holiday gatherings are undeniably fun, they can also put a strain on your wallet, what with buying gifts or splurging on new outfits for every Friendsgiving or seasonal bash on your invite list.

So, what's the secret sauce? Simple, really: set a cap on how many events you'll attend, and fill your calendar with wallet-friendly or no-cost activities. 

Think about hosting a cosy Christmas cocktail night at home instead of hitting up pricy holiday pop-up bars, enjoying potluck dinners at friends instead of eating out, or even just swapping holiday-themed books with your pals. These options let you savour the holiday spirit without breaking the bank.

Propose a gift swap instead of playing Santa to all

The fastest way to empty your pockets during the festive season? Showering gifts on everyone you adore. It's undeniably heartwarming, as the holidays are all about giving, but if your mission is to rescue your finances, it's crucial to stick to that budget.

Here's the savvy play: suggest a group gift exchange like Secret Santa or White Elephant, where each person is responsible for a single present. This gem of an idea works wonders, especially if you're accustomed to playing Santa for your entire office or friend gang, at the cost of any good times in January.

Now, we get it. Your love language might be gift-giving and holding back your desire to gift everyone can be challenging. However, it'll save you a ton of money in the long run. Bonus? You might discover that you can give a more heartfelt gift when you're not fretting over multiple purchases or chasing down the perfect presents for everyone. Happier you, happier everyone.

Embrace the cash or debit approach

Taming the holiday spending frenzy calls for some clever tactics. Swap that tempting credit card for cash or a trusty debit card when you head off on your festive shopping adventures. With this approach, you'll stick to spending only what's safely nestled in your bank account.

It's like Santa himself keeping a watchful eye on your wallet, ensuring you don't venture into the land of overspending. When you physically see those bills leave your hand or the numbers dip in your account, it becomes a tangible reminder to stay within your budget. 

So, this holiday season, let your cash or debit card be your financial guardian and keep the festivities merry without the budget hangover.

Master the art of responsible online shopping

Last but not least, yes, online shopping is still spending. The allure of online deals and discounts can be irresistible, leading to overspending in the blink of an eye. To conquer this digital shopping realm, establish a strict limit on your online purchases and banish impulsive buying tendencies.

But there's more: declutter your inbox by unsubscribing from those tempting promotional emails. It's like building a fortress around your financial willpower. With fewer temptations, you're less likely to get lured into spontaneous shopping sprees.

Final thoughts

Navigating the holiday whirlwind without emptying your pockets is doable. Craft a budget, stick to it, and then lean into the festivities around you. Sticking to these boundaries will not only protect your mental health but also ensure a festive season filled with cheer, not financial stress. Because, after all, aren’t Aunt Linda’s questions about what you’re doing with your life stressful enough?

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Got Bitcoin and wondering how to turn it into spendable money? You're not alone. Whether you're looking to realize your profits, pay for goods and services, or simply diversify your investment portfolio, cashing out Bitcoin can be a straightforward process with the right guidance.

This guide breaks down everything you need to know about converting your digital currency into cold, hard cash (or cold digital cash, if you prefer).

How to cash out Bitcoin

There are a few options available to you - all with varying degrees of accessibility and complexities. We’ll run through them below, see which one most resonates with your preferences.

1. Online exchanges 

Online exchanges are probably the simplest option here, depending on the platform. When selecting a cryptocurrency exchange to cash out your Bitcoin, consider factors like security measures, user reviews, trading volume, and withdrawal fees. Look for exchanges that offer a seamless user experience and prioritise the safety of your funds.

While crypto exchanges will charge a small fee, they also allow you to: 

• Sell Bitcoin directly
• Transfer money to your bank account
• Track your transactions easily

Using Tap as an example, the process would be to download the app, create an account, complete the quick identity verification process (<5 minutes) and then transfer your BTC to your unique BTC wallet.

To sell it, simply select Sell, confirm the transaction and choose which currency you would like to receive the funds in. These funds will then be deposited into the relevant wallet in the app, which you can use to pay bills, send to your fiat bank account, spend using your Tap card or withdraw from an ATM. 

Transaction costs: usually 0.5% - 1.5%

2. Bitcoin ATMs

Bitcoin ATMs are darted around countries (see here for specifics) and allow users to withdraw the local currency for Bitcoin. Note that this route is notorious for higher fees, so take note when confirming the transaction. 

The advantages of Bitcoin ATMs:

• Instantly converts Bitcoin to cash
• Get money right on the spot
• Available in many major cities

Transaction costs: 5% - 10%

3. Direct peer-to-peer selling

Kind of like selling something on Gumtree, but for Bitcoin. These websites connect you directly with buyers who want Bitcoin and have varying degrees of security and features. 

Be sure to use verified platforms with good reviews as scams can be rife. Some of these platforms offer escrow services, meaning that they hold the BTC until the payment clears, after which they release the funds. Look at options like LocalBitcoins.

Transaction costs: Varies

Steps to ensure security

Before cashing out Bitcoin, here are a few steps to take to ensure the safety of your funds:

• Use reputable platforms that are licensed and regulated.
• Use strong passwords and enable two-factor authentication for added security.
• Regularly update your wallet/app software to protect against potential vulnerabilities.
• Avoid sharing your sensitive information or private keys with anyone to prevent unauthorised access.
• Consider diversifying your funds across multiple wallets for added protection. 

Tax implications of cashing out Bitcoin

When you sell Bitcoin for cash in the UK, it’s important to understand the potential tax implications. HMRC treats cryptocurrency transactions as taxable events, meaning you may need to report and pay Capital Gains Tax on any profits from the sale.

Consulting a tax professional or accountant can help you understand your obligations and navigate the often complex waters of cryptocurrency taxation. They can ensure you comply with current UK tax laws and provide guidance specific to your situation.

It’s also very important to keep an accurate record of all your crypto transactions. Make sure to document the date of purchase, the sale price, and any associated fees, as these records will make it easier to calculate and report your gains or losses when filing your tax return. (Side note: you can download your statements directly from the Tap app). 

For more information, explore HMRC's guidelines on cryptocurrency taxation. Staying informed and organised will help you manage your tax responsibilities smoothly and avoid potential penalties.

Verification requirements

When cashing out Bitcoin on an exchange, verifying your identity is an important step to ensure the security of your transaction and compliance with regulations. If a platform doesn’t ask for this verification: red flag. 

Overview of the verification process

Exchanges need to complete this verification step to prevent fraud and follow legal requirements. You’ll typically need to provide:

• A valid ID for identity verification
• Proof of address, such as a utility bill
• Sometimes, a selfie for facial recognition

The specific requirements can vary based on the exchange and the amount of Bitcoin you’re selling.

Tips for a smooth verification process

• Have all your documents ready before starting to avoid delays.
• Double-check the accuracy of the information you provide to prevent verification issues.
• Follow the exchange’s instructions carefully to ensure the process is quick and secure.

Security considerations

When submitting personal information, always use a trusted exchange with a strong reputation for security. Look for platforms known for protecting user data to reduce the risk of breaches.

Understanding fees when cashing out Bitcoin

Cashing out Bitcoin usually comes with some costs, so it’s good to know what to expect.

Exchange Fees

Most crypto exchanges charge a trading fee when you sell Bitcoin. The fee varies depending on the exchange and the size of your transaction.

Withdrawal Fees

If you transfer your funds to a bank account or payment method, the exchange might charge a withdrawal fee. These fees can be higher for larger transactions.

Network Fees

Bitcoin transactions also include network fees (or mining fees), which go to miners for verifying and processing your transaction on the blockchain.

To reduce fees, look for exchanges with low rates, choose slower transaction speeds to save on network fees, and compare withdrawal options to find the cheapest one.

Timing considerations traders might pay attention to

Timing can play a big role in deciding when to sell your Bitcoin. Here are some key factors traders often look out for:

Market conditions

Traders recommend staying updated on crypto news and keeping an eye on price trends and market conditions.

Withdrawal limits

Traders advise knowing the withdrawal limits of the exchange before completing their cash out so as to plan their cash-out strategy and avoid delays.

Funds transfer time

Traders plan ahead, knowing that it can take a few business days for funds to transfer after selling Bitcoin (depending on which avenue you took) allows them to manage their finances more efficiently.

Other potential roadblocks

When cashing out Bitcoin, keep an eye out for potential roadblocks, like minimum withdrawal amounts, which could affect how much you can withdraw at once. 

Be prepared for account verification requirements, as exchanges often need you to verify your identity before processing transactions. On some platforms this can take days - not ideal if you’re trying to take advantage of price surges. 

You might also have to deal with geographic restrictions that limit access to certain exchanges based on your location. Be sure to check this before signing up with a platform.

Conclusion

Here we’ve covered the essentials of cashing out Bitcoin, from selecting an exchange to understanding taxes. If you’re new to cryptocurrency, take the time to learn about the process before selling, and remember that what works for one person might not work for another. Being prepared will help you make better decisions and avoid mistakes.

Tip: Start small, learn as you go, and don't be afraid to ask for help! Our friendly Tap support staff are there to help 24/7. 

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