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Cryptocurrency is a type of digital money. Unlike traditional currencies such as Canadian dollars or Euros, cryptocurrencies like 1inch (1INCH) operate on decentralized networks based on blockchain technology. “Decentralized” means that the network operates without a central authority or intermediary. There are several aspects of 1inch (1INCH) and other cryptocurrencies that qualify them as decentralized. These aspects include the use of blockchain (distributed ledger) technology that no single person controls, peer-to-peer transactions that don’t involve an intermediary, consensus mechanisms to validate and record transactions, and open-source code that allows anyone to scrutinize records of transactions.
If you’re a complete novice, this explanation may still be opaque to you, but we encourage you to investigate the basics further. You’ll soon catch on, and your confidence will grow steadily.
Have you ever felt annoyed while trying to find the best cryptocurrency rates on multiple exchange platforms? Just think about how much easier it would be if there were a platform that did all the hard work for you, finding the lowest fees and quickest ways to exchange your tokens. Exchanging tokens can be a real pain—prices are constantly changing, and getting the best deal means checking out multiple platforms. That's where 1inch comes in.
1inch Network is a decentralized exchange aggregator designed to search through multiple decentralized exchanges to find the most profitable platforms for liquidity providers. It enables users to access various sources within the Ethereum ecosystem, Binance Smart Chain and the Polygon Network to reduce chances of impermanent loss by diversifying trades. Impermanent loss is a small decrease in value caused by minor changes in the market or fees when exchanging cryptocurrencies. Additionally, 1inch allows users to transfer cryptocurrency from one blockchain to another.
The aggregation protocol of 1inch Network uses various algorithms to carry out its function, providing users with access to liquidity sources totalling over $30 billion. One of the great things about DEX aggregators like 1inch is that they give you access to different tokens and trading pairs. This makes it easier to trade cryptocurrencies because there are more options available. Moreover, using just one platform to access multiple exchanges saves time and makes trading simple.
Compared to centralized clearinghouses, market makers, and brokers, a decentralized protocol directly links trading parties, eliminating the need for intermediaries. This ensures transparency and prevents corruption or collusion, as everything is pre-programmed and visible.
Russian developers Sergej Kunz and Anton Bukov, who are experts in smart contract auditing, created the 1inch Network. In 2019, both Kunz and Bukov, began their DeFi journey by testing arbitrage bots and developing the first minimum viable product at the ETHNewYork hackathon. The project has raised approximately $15 million in funding. Currently, the network is managed by the 1inch Network Foundation, a non-profit organization that introduced the 1INCH token in December 2020.
In November 2020, 1inch released an updated version of its protocol. This new version allows users to swap cryptocurrencies on 21 different decentralized exchanges easily. The protocol helps prevent price fluctuations in trades and helps stabilize prices across the entire decentralized exchange market by increasing overall liquidity.
The 1inch crypto coin is called 1INCH. The total number of 1INCH tokens available is 1.5 billion. 30% of these tokens will be given to the community as rewards over the next four years. Additionally, 14.5% of the tokens will be used to develop new features, dApps, and grants during the same four-year period.
During its launch, the team airdropped 1INCH tokens to increase its popularity and attract a portion of Uniswap's traffic:
1INCH crypto can be used to pay for exchange fees in the network. It is also used to acquire voting rights to allow users to participate in the network's governance by voting on various aspects, such as swapping fees, price impact fees, governance rewards, referral rewards, and the token's decay period. Unlike traditional DAOs in the crypto space, the 1inch exchange utilizes a unique governance structure called "instant governance," making the process for token holders easier to propose and implement protocol updates.
The 1INCH price reached an all-time high of $8.65 USD on October 27, 2021.
Interested in investing in 1INCH crypto? Coinsquare provides customers with fast and secure cryptocurrency transactions. We keep funds organized to ensure quick and safe trading. There are different ways to store your crypto, and the best choice depends on your needs. Mobile and web wallets offer easy access to your phone or computer, while hardware wallets provide stronger security for long-term storage.
Want to jump straight into learning how to buy some 1inch (1INCH)? Here’s our quick-start guide!
Coinsquare is a leading cryptocurrency trading platform that was started by Canadians for Canadians in 2014. Coinsquare is trusted by hundreds of thousands of Canadians for their 1inch (1INCH) trades and has processed over $8 billion in trading volume to date.
This crucial step helps protect your identity and your 1inch (1INCH) transactions. It also ensures that Coinsquare meets its regulatory obligations. You will need to submit some personal information, including your name, address and phone number, as well as a scan of a government-issued identity document such as your driver’s license or passport. Rest assured that this data will be kept in the strictest confidence. You will also need to answer a few questions to determine your risk profile.
These funds are what you’ll use to buy your 1inch (1INCH). You can transfer money directly to your account for free using Interac e-transfer, or you can wire transfer the funds from your bank account.
Choose the currency you want to use to buy your 1inch (1INCH). For now, you’ll be using CAD because that’s what you have on deposit in your Coinsquare account, but later on, you might use USD or another cryptocurrency for your purchase. Once you’ve selected the currency, you can go ahead and purchase your 1inch (1INCH)!
You won’t be able to spend your 1inch (1INCH) at all Canadian retailers, but the list of stores that accept 1inch (1INCH) and other cryptocurrencies is always growing. Keep an eye on the news about 1inch (1INCH) and ask your favourite retailers about their policies.
All cryptocurrencies carry some level of risk, just like other volatile investments. It's essential to thoroughly research the token you plan on investing in and understand the risks before making any decisions. Remember, you should never invest more than you can afford to lose.
You can transact on Coinsquare in numerous currencies other than 1inch (1INCH), including Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), Polygon (MATIC), Shiba Inu (SHIB), USD Coin (USDC), XRP, and many more.
It is legal to buy and sell 1inch (1INCH) in Canada, but 1inch (1INCH) itself is not legal tender, meaning that it is not issued by the government or controlled by them. Cryptocurrency trading platforms are also legal in Canada, but be careful to choose one that is in good standing and has not been banned or isn’t allowed to operate in Canada. As a leader in the cryptocurrency trading space, Coinsquare is dedicated to complying with all federal and provincial regulations for cryptocurrency trading; we are held to the highest standards of any financial institution in Canada, so you can have confidence in the transactions you complete on our platform.
You can purchase other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Ethereum Classic (ETC), Polygon (MATIC), Shiba Inu (SHIB), USD Coin (USDC), XRP, and many more.
Get information and news updates in Coinsquare’s real-time news feed. On the website and in the mobile app, you can also check on the current market prices for 1inch (1INCH) and other cryptocurrency products, look at the trading history of 1inch (1INCH), and learn more about topics related to cryptocurrency.
Cryptocurrency has been criticized for its environmental impact, and not without reason. Traditional cryptocurrency mining, especially for coins like Bitcoin, has been associated with high energy consumption due to the power required for mining operations.
However, the cryptocurrency industry is sensitive to these concerns and is looking for ways to make cryptocurrency more sustainable. Here are some changes that some blockchains have undertaken to mitigate the impact of cryptocurrency on the planet:
Newer cryptocurrencies are being designed with sustainability in mind from the start instead of making changes after the fact. While these advancements show a commitment to sustainability and minimizing environmental impact, there is still a great deal of work to be done. Keep an eye on the news about the evolving cryptocurrency landscape.
Confirm your identity and answer a few onboarding questions.
Add funds to your account via e-transfer, wire transfer, or from another crypto account.
Choose 1inch (1INCH) from the list and select the currency you want to use.
Complete your 1inch (1INCH) purchase.
If you want to learn more about 1inch (1INCH) and the cryptocurrency world, getting involved with the 1inch (1INCH) community is a great idea. Here are some ideas about how you can follow trends, meet other investors, and contribute to the growth of the 1inch (1INCH) space:
If you have technical or business skills, you can also engage with development teams, contribute your skills to the 1inch (1INCH) project, or participate in governance by helping with decision-making and setting future directions.
Coinsquare offers a variety of services for all your 1inch (1INCH) needs.
Coinsquare Wealth provides more customized services from certified Wealth Directors. Although our Wealth Director don’t provide investment advice, they help our clients navigate the cryptocurrency space so they can get more out of it and avoid obstacles. Coinsquare Wealth also offers other advantages, such as same-day settlement in CAD or USD and enhanced liquidity for large trades/
Coinsquare Pro gives experienced traders the resources they need to make complex decisions and apply advanced trading strategies. Intuitive trading tools, enhanced trading logs, and near-instant execution of trades allow them to control their investments with greater precision.
Coinsquare Trade is a no-fuss service that gives our customers access to over 53 digital currencies, in-app customer service support, fast withdrawal and deposit options, and a clean, user-friendly interface.
Coinsquare has been in business in Canada since 2014 and was developed by Canadians for Canadians. We are confident that we can provide you with the best 1inch (1INCH) buying experience in the country. Join us today!
