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Cryptocurrency for beginners

In the first days of its launch in 2009, several thousand bitcoins were used to buy pizza. Since then, the sharp rise in cryptocurrency to $ 65,000 in April 2021, after a heartbreaking decline in mid-2018 of about 70 percent to about $ 6,000, has stunned many people – cryptocurrency investors, traders or just curious missed the boat.
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How it all started

Keep in mind that dissatisfaction with the current financial system has led to the development of the digital currency. The development of this cryptocurrency is based on blockchain technology from Satoshi Nakamoto, a pseudonym apparently used by a developer or group of developers.

Despite many opinions predicting the death of the cryptocurrency, the introduction of bitcoin has inspired many other digital currencies, especially in recent years. The success of crowdfunding caused by the blockchain fever has also attracted those who deceive the unsuspecting public, and this has attracted the attention of regulators.

Beyond bitcoin

Bitcoin has inspired the release of many other digital currencies. There are currently more than 1,000 versions of digital coins or tokens. Not all of them are the same and their values ​​vary significantly, as well as their liquidity.

Coins, altcoins and tokens

At this point, suffice it to say that there are subtle differences between coins, altcoins and tokens. Altcoins or alternative coins are usually different from the pioneering bitcoin, although altcoins such as ethereum, litecoin, ripple, dogecoin and dash are considered the “main” category of coins, which means that they are traded on more cryptocurrency exchanges.
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Coins serve as currency or a means of storing value, while tokens offer assets or useful uses, such as a blockchain supply chain management service to validate and track wine products from the winery to the consumer.

It is important to note that low value tokens or coins offer opportunities to raise, but do not expect such meteorite increases as bitcoin. Simply put, lesser-known tokens may be easy to buy, but they may be difficult to sell.

Before embarking on cryptocurrency, start by studying the value proposition and technological considerations, namely the trading strategies outlined in the White Paper accompanying any initial coin offering or ICO.

For those familiar with the stock and the shares, this is no different from the initial public offering or IPO. However, IPOs are issued by companies with tangible assets and business experience. Everything is done within a regulated environment. On the other hand, the ICO is based solely on an idea proposed in a white paper by businesses – which are yet to function and without assets – that are looking for start-ups.

Unregulated, so buyers beware

“One cannot regulate what is unknown” probably sums up the situation with digital currency. Regulators and regulations are still trying to catch up with cryptocurrencies, which are constantly evolving. The golden rule in crypto space is “caveat emptor”, let the buyer beware.

Some countries are open-minded by adopting policies to end cryptocurrencies and blockchain applications, while keeping an eye out for outright fraud. Still, there are regulators in other countries who are more interested in the pros than the cons of digital money. Regulators are generally aware of the need to strike a balance, and some are reviewing existing securities laws to try to address the many tastes of cryptocurrencies around the world.

Digital wallets: The first step

The wallet is essential to start dealing with cryptocurrency. Consider e-banking, but without the protection of the law in the case of virtual currency, so security is the first and last thought in the crypto space.

The wallets are of digital type. There are two types of wallets.

  • Hot wallets that are connected to the Internet, which puts users at risk of hacking
  • Cold wallets that are not connected to the Internet and are considered safer.

In addition to the two main types of portfolios, it should be noted that there are portfolios for only one cryptocurrency and others for several cryptocurrencies. There is also an option to have a wallet with several signatures, somewhat similar to a joint bank account.

The choice of wallet depends on the user’s preferences, whether the interest is only in bitcoin or etherium, as each coin has its own wallet, or you can use a third-party wallet that includes security features.

Notes in the wallet

The cryptocurrency wallet has a public and private key with personal transaction records. The public key includes a reference to the cryptocurrency account or address, as opposed to the name required to receive a check payment.

The public key is available to everyone, but transactions are only confirmed after verification and validation based on the consensus mechanism associated with each cryptocurrency.

The private key can be considered a PIN, which is commonly used in electronic financial transactions. It follows that the user should never disclose the private key to anyone and make backup copies of this data, which should be stored offline.

It makes sense to have a minimum cryptocurrency in a hot wallet, while the larger amount should be in a cold wallet. Losing your private key is as good as losing your cryptocurrency! The usual precautions for online financial transactions apply, from strong passwords to vigilance for malware and phishing.

Portfolio formats

Different types of wallets are available to suit individual preferences.

  • Hardware wallets manufactured by third parties to be purchased. These devices work somewhat like a USB device, which is considered safe and is only connected to the Internet when needed.
  • Web-based wallets provided, for example, by cryptocurrencies are considered hot wallets that put consumers at risk.
  • Software-based wallets for desktops or mobile devices are mostly free and can be provided by coin issuers or third parties.
  • Paper wallets can be printed, bearing the relevant data on the cryptocurrency owned with public and private keys in QR code format. They should be kept in a safe place until required during the crypto transaction, and copies should be made in the event of incidents such as water damage or printed data fading over time.

Crypto exchanges and markets

Crypto exchanges are trading platforms for those who are interested in virtual currencies. Other options include websites for direct trade between buyers and sellers, as well as brokers where there is no “market” price, but based on a compromise between the parties to the transaction.

Therefore, there are many crypto exchanges located in different countries, but with different standards of security and infrastructure practices. They range from allowing anonymous registration, requiring only email, to open an account and start trading. But there are others that require consumers to comply with international proof of identity, known as “Know Your Customer,” and anti-money laundering (AML) measures.

The choice of cryptocurrency exchange depends on the user’s preferences, but anonymous ones may have restrictions on the degree of permitted trading or be subject to sudden new regulations in the country of residence of the exchange. Minimum administrative procedures with anonymous registration allow users to start trading quickly, while going through KYC and AML processes will take longer.

All crypto transactions must be properly processed and validated, which can take from a few minutes to several hours, depending on the transactions of coins or tokens and the volume of trade. Scalability is known to be a problem with cryptocurrencies, and developers are working on ways to find a solution.

Cryptocurrency exchanges are in two categories.

  • Fiat cryptocurrency Such exchanges provide the purchase of fiat cryptocurrency through direct transfers from bank or credit and debit cards, or through ATMs in some countries.
  • Cryptocurrency only. There are cryptocurrencies that only trade cryptocurrencies, which means that customers must already own cryptocurrencies – such as bitcoin or etherium – in order to be “exchanged” for other coins or tokens based on the market rate.

Fees are charged to facilitate the purchase and sale of cryptocurrencies. Consumers need to do the survey to be satisfied with the infrastructure and security measures, as well as to determine the fees that are convenient for them, as different tariffs are charged by different exchanges.

Do not expect a total market price for the same cryptocurrency with an exchange difference. It may be worth taking the time to research the best price for coins and tokens that are of interest to you.

Online financial transactions carry risks and consumers should heed warnings such as two-factor authentication or 2-FA, be aware of the latest security measures and be aware of phishing scams. One golden rule of phishing is not to click on the links provided, no matter how authentic the message or email is.

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Bitcoin wallets – all aspects are explained

STORAGE OF BITCOINS

Bitcoin is a well-known digital currency and is unlike the physical or traditional currencies used around the world. This is a completely different type of currency because it does not exist in physical form or form in the world. They are mainly stored technically and used in the world of the Internet. If you want to use bitcoin, you need to have a bitcoin wallet.
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What is a bitcoin wallet?

In general, the bitcoin wallet is a software program in which bitcoins are stored securely. The wallet is similar to a virtual bank account and allows a person to send or receive bitcoins and save bitcoins. Those people who use bitcoin and have a balance, they receive a private key or secret number for each bitcoin address that is stored in the bitcoin wallet. Without a private key, a bitcoin transaction is not possible. You can use your bitcoin wallet from anywhere in the world.
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The main reason for getting a bitcoin storage wallet is to use bitcoin easily and safely. This is a digital wallet that can work easily on your smartphone and computer devices. If you are worried about hacking, then this is the best option because it gives complete security and safety to your bitcoins.
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Different forms of bitcoin wallet

There are several different forms of bitcoin wallet and each of them is used according to their requirements.

The four main types of bitcoin wallets are listed below:

• Mobile

Those who use bitcoins on a daily basis, regularly trading, buying goods and other daily activities, for them the mobile BTC wallet is a great option. This is an application that works on your smart phone. This will store your private keys and allow you to pay for things or use cryptocurrency from your phone easily from anywhere in the world.
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• Network

Web wallets allow you to use bitcoins from anywhere easily and in any mobile or web browser. Remember to choose your web wallet carefully because it stores your private key online and can sometimes be risky.
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• Desktop

Desktop wallets are downloaded and installed on your computer or desktop and offer you complete control over the wallet. You can store a private key and create a cryptocurrency account address to send and receive bitcoins.
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• Hardware

Hardware wallets are offline devices and are the most secure bitcoin wallet. They store your private keys offline so they can’t be hacked. This means you can use it on your computer whenever you want.
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Your coins are completely safe because your bitcoin wallet can only be controlled by you. No one else can get the details of your bitcoin unless you share the password. So use bitcoins without worrying about theft.
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Types of cryptocurrency portfolios and their overall security aspect

There are different types of cryptocurrency portfolios that allow users to store and access their digital currencies in different ways. The question that matters in this context is how secure these portfolios are. Before you look at the security aspect, it is useful to understand the different types or varieties of cryptocurrency portfolios that exist today.
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Cryptocurrency portfolio: Types and varieties

These portfolios can be broadly classified into 3 categories:

  • Software wallets
  • Hardware wallets and
  • Paper wallets

Cryptocurrency software portfolios can again be divided into desktop, online and mobile wallets.

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  • Desktop wallets: These wallets are designed to download and install desktops and laptops. This particular variety offers the highest level of security, although their availability is limited to the computer on which they are installed. In addition, if a computer is hacked or infected with viruses, a person is likely to lose all their money.
  • Online software portfolios: This range of cryptocurrency portfolios works in the cloud. In this way, they can be easily accessed from any computer device and from any geographical location. In addition to the convenience of accessibility, this type of digital wallets store private keys online. The keys are controlled even by third parties; this makes them easily vulnerable to hacking and theft.
  • Mobile software wallets: Unlike the other two varieties, mobile software wallets run on smartphones through an application. They can be easily used anywhere, including shops and malls. This range of wallets is usually much simpler and smaller than normal desktop wallets to fit the very limited space of mobile phones.

Difference between hardware and software portfolios
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Hardware digital wallets differ from software wallets in terms of storing the user’s private keys. Hardware wallets store user keys in a hardware device (such as USB). Thus, because the keys are stored offline, these wallets offer additional security. In addition, hardware wallets are easily compatible with many online interfaces and can handle different currencies. This variety of cryptocurrency portfolios is also easy to make transactions. As a user, you simply need to connect the device to any computer connected to the network before entering the PIN, transferring the currency and simply confirming the transaction. Your digital currency is kept offline by hardware portfolios, so the risk factor or security concerns are also much lower.
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Paper digital wallets: This range of digital wallets is also user-friendly and guarantees a high level of security. The term “paper wallet” simply refers to the printing on paper of both the user’s public and private keys. However, given the cases, this may also apply to a software application designed to generate keys securely before printing.
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Sweeping with paper wallets

Using paper wallets is relatively easier. To transfer any cryptocurrency to your paper wallet, simply transfer the funds from the software wallet to the public address that your paper wallet displays. Similarly, when you want to spend or withdraw your money, simply transfer the funds from the paper wallet to your software wallet. This procedure is popularly called “sweeping”.
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Clearing can be done manually, by entering private keys or scanning the QR code on a paper wallet.

How secure are cryptocurrency wallets?

Different types of digital wallets offer different levels of security. The security aspect depends mainly on two factors:

  • The type of wallet you use – hardware, paper, online, desktop or mobile
  • Selected service provider

Needless to say, it is much safer to store currencies offline than online. There is simply no way to ignore security measures, regardless of the portfolio chosen. If you lose your private keys, all the money stored in your wallet will disappear from your hands. On the other hand, if the wallet is hacked or you transfer funds to a fraudster, it will not be possible to reverse the transaction or refund this money.
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Investing in cryptocurrency is a smart business idea and therefore the use of an appropriate portfolio is inevitable. You just have to be a little more careful to ensure the safety and security of your money transfers and transactions.

Is cryptocurrency the future of money?

What will the future of money look like? Imagine entering a restaurant and looking up at the digital menu dashboard of your favorite combination dish. However, instead of being priced at $ 8.99, it is shown as 009 BTC.

Could crypto really be the future of money? The answer to this question depends on a general consensus on several key solutions, ranging from ease of use to security and regulation.

Let’s look at both sides of the (digital) coin and compare and contrast traditional fiat money with cryptocurrency.

The first and most important component is trust.

It is imperative that people trust the currency they use. What gives the value of the dollar? is it gold No, the dollar has not been backed by gold since the 1970s. So what is it that gives value to the dollar (or any other fiat currency)? The currency of some countries is considered more stable than others. Ultimately, people’s trust is that the government that issues this money stands firmly behind it and essentially guarantees its “value.”

How does trust work with bitcoin once it is decentralized, which means that they are not a governing body that issues coins? Bitcoin sits in a blockchain, which is essentially an online ledger that allows the whole world to see every transaction. Each of these transactions is checked by diggers (people working with computers in a network of peers) to prevent fraud and also to ensure that there are no double costs. In exchange for their services to maintain the integrity of the blockchain, miners receive payment for each transaction they verify. Because there are countless miners trying to make money, everyone checks their work for mistakes. This proof of workflow is the reason why the blockchain has never been hacked. In essence, this trust is what gives value to bitcoin.

Then let’s look at the closest friend of trust, security.

What if my bank is robbed or my credit card is fraudulent? My deposits in the bank are covered by FDIC insurance. Probably my bank will also cancel all the fees on my card that I have never made. This does not mean that criminals will not be able to perform stunts that are at least frustrating and time consuming. This is more or less the peace that comes from knowing that I will most likely recover from any wrongdoing against me.

There are many choices in crypto when it comes to where to store your money. It is important to know if the transactions are insured for your protection. There are reputable exchanges such as Binance and Coinbase that have proven experience in debugging for their clients. Just as there are fewer reputable banks around the world, the same is true for crypto.

What if I throw a twenty-dollar bill into the fire? The same goes for crypto. If I lose my credentials to enter a certain digital wallet or exchange, I will not be able to access these coins. Again, I can’t stress enough the importance of doing business with a reputable company.

The next problem is scaling. Currently, this may be the biggest obstacle preventing people from making more transactions in the blockchain. In terms of transaction speed, fiat money moves much faster than crypto. Visa can process about 40,000 transactions per second. Under normal circumstances, the blockchain can only process about 10 per second. However, a new protocol is being introduced that will increase the speed to 60,000 transactions per second. Known as the Lightning Network, it can turn crypto into the future of money.

The conversation would not be over without talking about convenience. What do people usually like about their traditional methods of banking and spending? For those who prefer cash, it is obviously easy to use most of the time. If you are trying to book a hotel room or car rental, then you need a credit card. Personally, I use my credit card wherever I go for convenience, security and rewards.

Did you know that there are companies that provide all this in the crypto space? Monaco already issues cards with the Visa logo, which automatically convert your digital currency into the local currency for you.

If you have ever tried to transfer money to someone, you know that this process can be very tedious and expensive. Blockchain transactions allow the user to send crypto to anyone in just minutes, no matter where they live. In addition, it is significantly cheaper and safer than sending a bank transfer.

There are other modern methods of money transfer that exist in both worlds. Take applications such as Zelle, Venmo and Messenger Pay. These applications are used by millions of millennials every day. Did you also know that they are starting to include crypto?

The Square Cash app now includes bitcoin, and CEO Jack Dorsey said: “Bitcoin doesn’t stop buying and selling for us. We believe this is a transformative technology for our industry and we want to learn as quickly as possible. ”

He added: “Bitcoin offers the opportunity to get more people access to the financial system.”

While it is clear that fiat costs still dominate the way most of us move money, the fledgling crypto system is rapidly gaining ground. Evidence is everywhere. Prior to 2017, it was difficult to find mass media coverage. Now almost every major business news outlet covers bitcoin. From Forbes to Fidelity, they all weigh their opinions.

what is my opinion Perhaps the biggest reason Bitcoin can succeed is because it is fair, inclusive, and provides financial access to more people around the world. Banks and large institutions see this as a threat to their very existence. They are at the losing end of the greatest transfer of wealth the world has ever seen.

Still haven’t decided? Ask yourself this question: “Do people trust governments and banks more or less with each passing day?”

Your answer to this question may be what determines the future of money.

Online Bitcoin Trading: Discover the Keys to Making Huge Income From Bitcoin Trading

Step 1 – Understanding bitcoin and blockchain

Bitcoin is an equal access payment system, also known as electronic money or virtual currency. It offers an alternative to the twenty-first century of bank banking. Exchanges are made through “e-wallet software”. Bitcoin has actually undermined the traditional banking system while operating outside government regulations.

Bitcoin uses state-of-the-art cryptography, can be issued in any part of the denomination and has a decentralized distribution system, is in great demand worldwide and offers several different advantages over other currencies such as the US dollar. On the one hand, it can never be garnished or frozen by the bank (s) or government agency.

In 2009, when bitcoin cost only ten cents a coin, you would turn a thousand dollars into millions if you waited only eight years. The number of bitcoins available for purchase is limited to 21,000,000. At the time of this writing, the total number of bitcoins in circulation is 16,275,288, which means that the percentage of total bitcoins “mined“was 77.5% at the time. The current value of a bitcoin at the time of this writing was $ 1,214.70 USD.

According to Bill Gates, “a household coin is exciting and better than a currency.” Bitcoin is a decentralized form of currency. You don’t need to have anymore “trusted, third party“related to any transactions. By excluding banks from the equation, you also eliminate the lion’s share of the fee for each transaction. In addition, the time required to move money from point A to point B is significantly reduced.

The largest transaction ever made with bitcoin is one hundred and fifty million dollars. This transaction takes place in seconds with a minimal fee. It will take days and costs hundreds, if not thousands, of dollars to transfer large sums of money with the help of a “trusted third party.” This explains why banks are fiercely opposed to people buying, selling, trading, transferring and spending bitcoins.

Only 003% of the world’s population (250,000) is believed to own at least one bitcoin. And only 24% of the population knows what it is. Bitcoin transactions are entered chronologically in a blockchain just as bank transactions are. Meanwhile, the blocks are like separate bank statements. In other words, a blockchain is a public register of all bitcoin transactions that have ever been executed. It is constantly growing as “completed” blocks with a new set of records are added to it. To use conventional banking as an analogy, the blockchain is like a complete history of banking transactions.

Step 2 – Set up your E Wallet software account

As soon as you create your own unique e-wallet software account, you will be able to transfer funds from your e-wallet to the e-wallet of the recipients in the form of bitcoins. If you want to use a bitcoin ATM to withdraw funds from your account, you will essentially associate the “address” of your e-wallet with the selected “address” of the e-wallet of ATMs. To make it easier to transfer your bitcoin funds to and from a trading platform, you will simply link the “address” of your e-wallet to the “address” of the e-wallet of your chosen trading platform. In fact, it’s much easier than it sounds. The learning curve in relation to the use of your e-wallet is very short.

To set up an e-wallet, there are countless online companies that offer safe, secure, free and ready-made e-wallet solutions. A simple Google search will help you find the right e-wallet software for you, depending on your needs. Many people are starting to use a “blockchain” account. It’s free to set up and very secure. You have the ability to set up a two-step login protocol to further improve the security and safety of your e-wallet account, essentially protecting your account from hacking.

There are many options when it comes to setting up your e-wallet. A good place to start is with a company called QuadrigaCX. You can find them by doing a Google search. Quadrigacx uses some of the most stringent security protocols currently in place. In addition, bitcoins funded by QuadrigaCX are stored in cold storage using some of the most secure cryptographic procedures possible. In other words, this is a very safe place for your bitcoins and other digital currencies.

To withdraw money in your local currency from your e-wallet, you need to find a bitcoin ATM, which can often be found at local companies in most major cities. Bitcoin ATMs can be found by simply searching on Google.

Step 3 – Buy any fractional denomination of bitcoin

To buy any amount of bitcoins, you are required to work with a digital currency broker. As with any currency broker, you will have to pay the broker a fee when you purchase your bitcoin. It is possible to buy 1 bitcoin or less if that is all you want to buy. The price is simply based on the current market value of an entire bitcoin at any given time.

There are countless bitcoin brokers online. A simple Google search will allow you to easily find the best one for you. It is always a good idea to compare their prices before proceeding with the purchase. You should also confirm the bitcoin exchange rate online before making a purchase through a broker, as the exchange rate tends to fluctuate frequently.

Step 4 – Stay away from any trading platform by promising unrealistic returns to unsuspecting investors

Finding a reputable bitcoin trading company that offers high returns is paramount to your online success. Earning 1% per day is considered a high return in this industry. Earning 10% a day is impossible. With online bitcoin trading, it is possible to double your digital currency in ninety days. You should avoid being lured by any company that offers a return of 10% per day. This type of return is not realistic when trading digital currency. There is a company called Coinexpro that offered 10% a day to bitcoin traders. And in the end it turned out to be a poncho scheme. If it’s 10% a day, get out. The trading platform mentioned above seemed very complex and proved to be legitimate. My advice is to focus on trading your bitcoins with a company that offers a reasonable return of 1% per day. There will be other companies that will try to separate you from your bitcoins using unscrupulous methods. Be very careful when it comes to any company that offers unrealistic returns. Once you transfer your bitcoin to a recipient, there is literally nothing you can do to return it. You need to make sure that the trading company you choose is fully automated and integrated with blockchain, from receipt to payment. More importantly, it is crucial that you learn to distinguish between legal trading opportunities and unscrupulous “companies” that are experts when it comes to separating customers from their money. Bitcoin and other digital currencies are not a problem. With trading platforms, you need to be careful before handing over your hard-earned money.

Your return on investment should also be above 1% + per day, as the trading company where you borrow your bitcoins is likely to earn an average of over 5% + per day. Your return on investment must also be automatically transferred to your “e-wallet” at regular intervals throughout the term of the contract. There is only one platform that I feel comfortable using. It pays each bitcoin investor / trader 1.1% per day in interest as well as 1.1% per day in equity. This type of return is stunning compared to what you would gain in traditional financial markets, but with cryptocurrency it is common. Most banks will pay 2% per annum!

If you are required to perform annoying activities such as logging in to your account, sending emails, clicking on links, etc., you should definitely continue to look for a suitable trading company that offers a “tune and forget” platform, as as they absolutely exist.

Things you need to know about Bitcoin Black

What is Bitcoin Black?

Bitcoin Black is basically a cryptocurrency for people, from people to people. It will be adopted for use as an equal payment system that restores power to the people.

If we talk about bitcoin, bitcoin has failed, the real value comes from the actual use of the ecosystem and the empowerment of people. Bitcoin transactions are slow and expensive and it can be said that bitcoin is somewhat centralized. Bitcoin takes away people’s power because it is also heavily manipulated through cycles that discourage cryptocurrency participants in general.

People buy bitcoins to get rich, not to participate in the ecosystem. The one percent elite takes advantage of bitcoin and creates discouragement, strategically raises the price and attracts entry for the dream of wealth and throws coins in their favor. In fear of adoption. Bitcoin is completely controlled, pumped and manipulated at will for many different reasons.

Bitcoin Black focuses on solving these problems, as the coin is a cryptocurrency with a fair distribution. Airdropped up to 1 million portfolios before EMI, with all funds going to community-voted community groups to move the project forward with a focus on equitable distribution, mass acceptance, usability, education, easy access, simplicity and community.

The goal is to become a real decentralized autonomous network, restoring people’s power. He does not belong to a group, but he belongs to many branches of the community.

Coin distribution

Bitcoin Black aims to initially have an airdrop of at least 1 million wallets with no more than 0.5% of the supply owned by 1 founding member, making it a truly decentralized cryptocurrency.

The project has a pre-sale of 2.5% of the total supply, which is almost 900 million coins.

If we take a look at EMI, 7.2 billion IEO coins will be distributed to several community foundations that will help the community move the project forward in the future.

Countermeasures (about 5%). Part used for the stability control fund to eliminate the possibility of early manipulation at small volumes and to maintain the stability of the currency.

Finally, the rewards for introducing the app will be 14.4 billion coins.

Introducing 30 million members with an increase in the percentage of new users. Method of depositing the coin in each schoolyard / university / workplace and community.

Total supply

The maximum supply is 36 billion coins.

Awards

3.6 billion coins will be requested from members who help share Airdrop.

A simple one-click social sharing platform. Share a social message that provides an introduction to the encrypted video and the download link of the app that will allow your friends to download it. The platform is currently active and functioning well.

Innovation

The best innovation is free transactions. You can send bitcoin black to anyone for free. Transactions are instant and you can send money as easily as a message.

The wallets are easily accessible and very easy to use.

Conclusion

Black bitcoins have a fair mass-distributed currency with a wide distribution of supply, which will create less volatility through synchronized pumps and discharges and lead to a more stable price. Black bitcoin will be the next bitcoin. You can sign up for airdrop by clicking here. I wish someone had included me in bitcoin airdrop back in 2008. Bitcoin Black will change lives and we want to say this as much as possible.

Digital currency: The technologist’s response to self-employment

Digital currency, commonly referred to as “cryptocurrency”, is a type of money that exists only in electronic format. This is a series of data that uses a technology called Block Chain, which acts as a registry and maintains a history of what the cryptocurrency was used for. Like coins or paper money, digital currency is stored in a digital wallet and can be used as a traditional method for buyers and sellers to pay for the exchange of goods and / or services. The transfer of ownership of a digital currency is stored as a record in the blockchain that can be traced from user to user. There are obvious benefits to tracking the activity of any currency, with the most significant benefits being proof of ownership and fraud prevention and mitigation.

The recent rise in the popularity of cryptocurrency has given way to a new era of wealth in the technology industry. While traditional means of generating income or accumulating wealth usually involve exchanging a product or service for money or compensation, digital currency is generated quite differently. Like digging gold or silver out of the ground, Digital Currency uses “miners” to process thousands and thousands of calculations every minute, effectively digging through a mountain of digital rocks and dirt to find what ultimately turns out to be a solution. an extremely complex mathematical problem.

Until recently, the technologist’s ability to generate salary relied on building digital applications or providing their technical skills to the business. However, with the birth of cryptocurrency, a technologist (or even a novice user with some basic computer programming skills) can bypass basic employment and participate directly in the production of this new currency by building footage of high-powered computers whose sole purpose is to “my” cryptocurrency.

The corporate world relies heavily on the skills and abilities of computer and IT professionals. However, as the popularity of virtual money continues to grow and become more popular, combined with the natural skills possessed by even some of the most basic computer programmers, the corporate world may begin to see cryptocurrency as a threat to their business operations. . Compared to the response of a boss in a technology company, the extraction of digital currency can be a very attractive job opportunity, leading to a potential shortage of skilled computer programmers in the technology industry.

Why should you trade cryptocurrency?

The modern concept of cryptocurrency is becoming very popular among traders. A revolutionary concept presented to the world by Satoshi Nakamoto as a by-product became a hit. Decoding. We understand that cryptocurrency is something hidden, and currency is a medium of exchange. This is a form of currency used in the created and stored blockchain. This is done through encryption techniques to control the creation and verification of the currency with which the transaction is performed. Bitcoin was the first cryptocurrency to appear.

Cryptocurrency is only part of the process of a virtual database operating in the virtual world. The identity of the real person cannot be determined here. In addition, there is no centralized body to manage cryptocurrency trading. This currency is equivalent to hard gold, preserved by humans and whose value is supposed to increase by leaps and bounds. The electronic system set up by Satoshi is decentralized, in which only miners have the right to make changes by confirming initiated transactions. They are the only providers of human touch in the system.

Counterfeiting of cryptocurrency is not possible, as the whole system is based on solid mathematical and cryptographic puzzles. Only those people who are able to solve these puzzles can make changes to the database, which is almost impossible. Once confirmed, the transaction becomes part of the database or blockchain, which cannot be reversed afterwards.

Cryptocurrency is nothing but digital money, which is created using an encryption technique. It is based on a system of equal control. Let’s now understand how one can benefit from trading in this market.

It cannot be turned or forged: Although many people may deny that the transactions made are irreversible, but the best thing about cryptocurrencies is that once the transaction is confirmed. A new block is added to the block chain and then the transaction cannot be falsified. You become the owner of this block.

Online transactions: This not only makes it suitable for transactions by anyone sitting in any part of the world, but also facilitates the speed with which the transaction is processed. Compared to real time, when you need third parties to enter the picture to buy a house or gold or take out a loan, you only need a computer and a prospective buyer or seller in the case of cryptocurrency. This concept is easy, fast and full of return on investment prospects.

The fee is low per transaction: There is a low or no fee charged by miners during transactions, as this is taken care of by the network.

Accessibility: The concept is so practical that all those people who have access to smartphones and laptops can access the cryptocurrency market and trade it anytime, anywhere. This affordability makes it even more lucrative. As the return on investment is commendable, many countries such as Kenya have introduced the M-Pesa system, which allows a bitcoin device that now allows one in three Kenyans to have a wallet with battle coins.

How to Buy Bitcoin – Step One

The best way to learn about bitcoin, is to jump in and get a few in your “pocket” to get a feel for how they work.

Despite the hype about how difficult and dangerous it can be, getting bitcoins is a lot easier and safer than you might think. In a lot of ways, it is probably easier than opening an account at a traditional bank. And, given what has been happening in the banking system, it is probably safer too.

There are a few things to learn: getting and using a software wallet, learning how to send and receive money, learning how to buy bitcoin from a person or an exchange.

Preparation

Before getting started, you will need to get yourself a wallet. You can do this easily enough by registering with one of the exchanges which will host wallet for you. And, although I think you are going to want to have one or more exchange wallets eventually, you should start with one on your own computer both to get a better feel for bitcoin and because the exchanges are still experimental themselves. When we get to that stage of the discussion, I will be advising that you get in the habit of moving your money and coins off the exchanges or diversifying across exchanges to keep your money safe.

What is a wallet?

It is a way to store your bitcoins. Specifically, it is software that has been designed to store bitcoin. It can be run on your desktop computer, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins on things like thumb drives. If you are concerned about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions invested in bitcoin, put their investment on hard drives which they then put into a safety deposit box.

*The Winklevoss twins are the ones who originally had the idea for a social networking site that became Facebook. They hired Mark Zuckerberg who took their idea as his own and became immensely rich.

What do you need to know about having a bitcoin wallet on your computer?

Below you can download the original bitcoin wallet, or client, in Windows or Mac format. These are not just wallets, but are in fact part of the bitcoin network. They will receive, store, and send your bitcoins. You can create one or more addresses with a click (an address is a number that looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where you can copy and paste a number like this from a person you want to send money to and off it will go directly into that person’s wallet. You can even create a QR code which will let someone take a picture with an app on their phone and send you some bitcoin. It is perfectly safe to give these out – the address and QR code are both for my donations page. Feel free to donate!

NOTE: This type of wallet acts both as a wallet for you and as part of the bitcoin system. The reason bitcoin works is that every transaction is broadcast and recorded as a number across the entire system (meaning that every transaction is confirmed and made irreversible by the network itself). Any computer with the right software can be part of that system, checking and supporting the network. This wallet serves as your personal wallet and also as a support for that system. Therefore, be aware that it will take up 8-9 gigabytes of your computer’s memory. After you install the wallet, it will take as much as a day for the wallet to sync with the network. This is normal, does not harm your computer, and makes the system as a whole more secure, so it’s a good idea.

Bitcoin Qt

  • The original wallet.
  • This is a full-featured wallet: create multiple addresses to receive bitcoins, send bitcoins easily, track transactions, and back up your wallet.
  • Outside of the time it takes to sync, this is a very easy to use option.
  • Search for Bitcoin Qt wallet download to find their site.

Armory

  • Runs on top of Bitcoi Qt, so it has all of the same syncing requirements.
  • Armory allows you to back up, encrypt, and the ability to store your bitcoins off line.
  • Search for Bitcoin Armory Wallet to find their site.

If you don’t want to have that much memory used or don’t want to wait for your wallet to sync, there are good wallets that do not make you sync the entire history of bitcocin:

Multibit

  • A lightweight wallet that syncs quickly. This is very good for new users.
  • Search for Bitcoin Multibit Wallet to find their site.

Electum

  • In addition to being quick and light, this wallet allows you to recover lost data using a passcode.
  • Search for Bitcoin Electum Wallet to find their site.

After you get the wallet set up, take a few minutes clicking around. Things to look for:

o There will be a page that shows you how many bitcoins are currently in your wallet. Keep in mind that bitcoins can be broken up into smaller pieces, so you may see a decimal with a lot of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).

o There will be an area showing what your recent transactions are.

o There will be an area where you can create an address and a QR code (like the one I have above). You don’t need the QR code if you don’t want it, but if you run a business and you want to accept bitcoin, then all you’ll need to do to accept payment is to show someone the QR code, let them take a picture of it, and they will be able to send you some money. You will also be able to create as many addresses as you like, so if you want to track where the money is coming from, you could have a separately labeled address from each one of your payees.

o There will be an area with a box for you to paste a code when you want to send money to someone or to yourself on an exchange or different wallet.

There will be other options and features, but to start out with, these are the items that you should know about.

Getting Your First Bitcoins

Now that you have a wallet, you will, of course, want to test them out.

The very first place to go is http://faucet.bitcoin.st/.

This is a website that gives out small amounts of bitcoin for the purpose of getting people used to using them. The original version of this was run by the lead developer of bitcoin, Gavin Andreson. That site has since closed and this site operates by sending out one or two advertisements a month. You agree to receive those messages by requesting the bitcoins. Copy and paste your new bitcoin address and enter a phone number to which you can receive an SMS. They send out an SMS to be sure that people are not continuously coming back for more since it costs nothing to create a bitcoin address. They will also send out once or twice a month advertisement to support their operation. The amount they send it trivial: 0.0015 BTC (or 1.5 mBTC). However, they process almost immediately and you can check to see that your address and wallet are working. It is also quite a feeling to get that portion of a bitcoin. (Non-disclaimer: I have no connection with this site and receive nothing if you use them. I simply think they are a good way to get your feet wet).

Congratulations! You have just entered the bitcoin economy.

To get your feet a little wetter, you can go panning for gold. There are a number of services and websites out there that will pay you in bitcoin to do things like go to certain websites, fill out online surveys, or watch sponsored videos. These are harmless, and you can earn a few extra bitcoins this way, but it is important to remember that these are businesses that get paid when people click on the links on their sites. They are essentially kicking back a portion of what they get paid to you. There is nothing illegal, or even immoral about this (you might like what you see and make a purchase!), but they are frequently flashy and may not be completely straightforward. All the ones that I have tried (particularly bitvisitor.com) have paid out as advertised. It is interesting to experiment with these, but even with the likely rise in the value of bitcoin, you won’t become a millionaire doing this. So, unless you are an advertisement junkie, I would recommend you move on. If you would like to try, simply Google “free bitcoins” or something along those lines and you will find numerous sites.

Buying Bitcoin Hand-to-Hand

Finally, this is going to be the real test of bitcoin. Can people easily trade them back and forth? If this can’t happen, then there can’t really be a bitcoin economy because retailers won’t be able to use it. If retailers can’t use it, what earthly good is it? Fortunately, this is not really a problem. iPhone is a bit of a hold out, but many smartphones have apps (mobile wallets) that will read QR codes and allow you to send bitcoin to whomever you want. You can also display a QR code of your address, or even carry a card in your wallet with your QR code to let people send bitcoin to you. Depending on what kind of wallet you have, you can then check to see if the bitcoins have been received.

A couple of things to note:

  • When you set up your wallet, if you click around a bit, you will see an option to pay a fee to speed transactions. This money becomes available to a bitcoin miner as he/she/they process bitcoin information. The miners doing the work of creating blocks of information keeps the system up to date and secure. The fee is an incentive to the miner to be sure to include your information in the next information block and therefore “verify” it. In the short term, miners are making most of their money by mining new coins (check the section on What Are Bitcoins for more information about this). In the long term, as it gets harder to find new coins, and as the economy increases, the fees will be an incentive for miners to keep creating more blocks and keep the economy going. Your wallet should be set to pay 0 fees as a default, but if you want, you can add a fee to prioritize your transactions. You are under no obligation to pay a fee, and many organizations that process many small transactions (like the ones that pan for gold described above) produce enough fees to keep the miners happy.
  • In clicking around your wallet, on the transactions page or linked to specific transactions, you will see a note about confirmations. When you make a transaction, that information is sent out into the network and the network will send back a confirmation that there is no double entry for that bitcoin. It is smart to wait until you get several confirmations before walking away from someone who has paid you. It is actually not very easy to scam someone hand-to-hand like this, and it is not very cost-effective for the criminal, but it can be done.

Where can you buy bitcoin like this?

  • You may have a bitcoin Meetup in your area.
  • You can check out localbitcoins.com to find people near you who are interested in buying or selling.
  • Some are trying to start up local street exchanges across the world. These are called Buttonwoods after the first street exchange established on Wall Street in 1792 under a buttonwood tree. See if there is one, or start one, in your area.
  • See if you have any friends who would like to try bitcoins out. Actually, the more people who start using bitcoin, the larger and more successful it will be come. So please tell two friends!

Some people ask if it is possible to buy physical bitcoins. The answer to this is both a yes and a no. Bitcoin, by its very nature, is a digital currency and has no physical form. However, there are a couple of ways that you can practically hold a bitcoin in your hands:

  • Cascascius Coins: These are the brainchild of Mike Caldwell. He mints physical coins and then embeds the private keys for the bitcoins inside them. You can get the private key by peeling a hologram from the coin which will then clearly show that the coin has been tampered with. Mike has gone out of his way to ensure that he can be trusted. These are a good investment strategy as in the years to come it may be that these coins are huge collector’s items.
  • Paper Wallets: A paper wallet just means that rather than keeping the information for your bitcoin stored in a digital wallet, you print the key information off along with a private key and keep it safe in a safe, in a drawer, or in your mattress (if you like). This is highly recommended and cost effective system for keeping your bitcoin safe. Keep in mind, though, that someone could steal them or if your house burns, they will go with the house and there will be no way to get them back. Really, no different than cash. Also, as with Casascius Coins, they will not really be good for spending until you put them back into the computer.

* There is software to make printing your paper wallets easier. bitcoinpaperwallet.com is one of the best and includes a good tutorial about how to use them.

* The bitcoins are not actually in the wallet, they are still on the web. In fact, the outside of the wallet will have a QR code that will allow you ship coins to the wallet any time you like.

* The sealed part of the wallet will have the private key without which you cannot access the coins. Therefore, only put as many coins on the wallet as you want to be inaccessible. You will not be able to whip this thing out and take out a few coins to buy a cup of coffee. Rather, think of it as a piggy bank. To get the money, you have to smash it. It is possible to take out smaller amounts, but at this point the security of the wallet is compromised and it would be easier for someone to steal the coins. Better to have them all in or out.

* People who use paper wallets are usually security conscious, and there are a number of ways for the nefarious in the world to hack your computer. Bitcoinpaperwallet.com gives a lot of good advice about how to print your wallets securely.

Some people have also asked about buying bitcoins on eBay. Yes, it is possible, but they will be far overpriced. So, selling on eBay might seem to be a better option given the extreme markup over market value you might see. But, as with anything that is too good to be true, this is too good to be true. As I will explain in the next section, selling bitcoin this way is just way too risky.

How Not to Buy Bitcoin

In the next section, I am going to explain a couple of key points about buying from Bitcoin Exchanges. Before I do, let me give you a warning.

A short history lesson: When people first started setting up actual business based on bitcoin, they used all of the tools available to any merchant. They sold by credit card and PayPal. The problem with this business model was quickly spotted: bitcoin transactions are not reversible by anyone except the recipient of the money. Credit cards and PayPal have strong buyer protection policies that make it relatively easy for people to request a chargeback. So, nefarious individuals realized this and began making purchases of bitcoin and then sooner or later requesting a chargeback. And, since bitcoin is a non-physical product, sent by new and poorly understood technological means, the sellers were not able to contest this. Because of this, sellers stopped accepting credit cards and PayPal.

This was a big problem for the currency: How to move money between buyers and seller? Some business emerged that would credit you with bitcoin if you wired them money. Very often these businesses would give addresses in Albania, Poland, or Russia. The fact is that many of these did work and there are a lot of stories on the forums of people who bought bitcoins this way. But it took a lot of time and in the meantime the buyer just had to bite his or her fingernails wondering if they would get their bitcoins or kiss their investment goodbye.

I expect that as bitcoin becomes more acceptable and valuable, we are going to see a version of the Nigerian Prince scam. So the warning is this: we now have exchanges and other businesses that allow for moving money easily onto and off of exchanges. Never wire money for bitcoin. It was a short-lived, and well-forgotten, moment in the history of bitcoin.

Next, I will be talking about how to buy from a bitcoin exchange and give a review of the some of the best known exchanges.

Crypto currency against fiat currency

Crypto currency against fiat currency

Are you aware of fiat currencies and cryptocurrencies? Both are currencies in one form or another and are open to the public worldwide. But they are both different and different in their own way. There is always one group that prefers the use of cryptocurrencies, while the other has a soft angle for fiat currencies.

In a cashless society, cryptocurrencies play a huge role

If you look at the market from the 1970s and 1980s, you will find that money played a dominant role. But with the change in technology, electronic transactions have become the norm. Today, more and more people are being influenced to become a cashless society. With the progress towards a cashless society, cryptocurrencies play a big role.

Cryptocurrency and fiat currency are always in conflict

Cryptocurrency and fiat currency are popular types of digital currency, especially when it comes to online transactions. Both are currencies currently used in the market, but have some differences. There are a hell of a lot of ads that you will hear every day comparing crypto money and fiat money. This article will highlight the difference between the two in a more comprehensive and clear way.

Distinguish between what currencies mean

Before you understand the difference between the two, you need to understand what they mean and how they are defined.

The fiat currency is a legal tender that has the support of the central government and operates in physical form. For example, US dollars, British pounds, euros, etc. On the other hand, cryptocurrency is an illegal means of payment and there is no backup from the central government or bank.

Therefore, the difference between cryptocurrency and fiat currency is noted as follows:

• Cryptocurrencies are decentralized and global in nature. There is no entity or government that controls the currency with its laws and regulations. Fiat’s currency is centralized, controlled by the laws and regulations of banks and the government.

• Cryptocurrencies exist only in the digital domain. On the other hand, you will find that fiat currencies have a tangible and physical existence.

• There is a limited supply of cryptocurrencies with the maximum set of them that are available on the market. While fiat money has unlimited supply, as the government and the bank have the right to produce coins and paper money when the situation is needed.

• Bitcoin and other cryptocurrencies are created by computers, while fiat currencies are issued by local government and banks.

• Cryptocurrencies are presented as public and private code. On the other hand, fiat currencies are presented in the form of coins and paper money.

• The value of cryptocurrencies is not recognized by supply and demand in the market. While the value of the fiat currency is determined by market regulations of supply and demand.

Different types of crypto and fiat currencies

Over the last decade, the popularity of cryptocurrencies has been a huge success. It was in 2009 when bitcoin was first introduced and years after the advent of several other types of cryptocurrencies. Starting with Litecoin. Dogecoin, Ripple to Dcash and Zcash, has plenty of them. On the other hand, the fiat currency has rich and ancient roots, with the Great British Pound dating back to 775 AD. It is considered the oldest currency in the world that is still used.

The differences in anonymity between the two currencies

When using fiat currencies, you must go through a user identification or verification process. You are asked to upload a recent photo of yourself and some of the necessary documents to be issued according to the public authorities. You do not need to undergo any of the required cryptocurrency processes. Although your personal information and confidential data are not made public, all your transactions are recorded and tracked in both fiat and cryptocurrencies.

Fiat currency against cryptocurrency: level of transparency

• The level of transparency with cryptocurrencies is considered higher. This is because revenue streams are displayed in a public chain. Everyone can witness their own and other people’s transactions.

• Fiat or the government. currencies are not transparent, as there are no public chains to see people’s income flows.

Comparative historical roots

If you compare cryptocurrencies with those of their counterpart, fiat or national currency, you will find that their existence and creation makes a difference. Fiat or the national currency dates back to 775 AD with the introduction of the Great British Pound. That is why the fiat currency is easily accepted by people everywhere.

On the other hand, the cryptocurrency may have been introduced for the first time only a decade ago, with the introduction of bitcoin in 2009. The challenge facing bitcoin and other cryptocurrencies is to catch up with the huge popularity and growing base of fiat currency fans. Cryptocurrency is undoubtedly gaining importance and popularity in the economic market, but it is not yet widely accepted in society as a fiat currency.

Comparative history of the two currencies:

• It was in the 11th century, when the Chinese Song Dynasty was perhaps the first to issue paper money. They were not allowed to exchange valuables such as gold and silver or silk.

• There were Tally sticks that were introduced as fiat or state currency. 1100 Tally sticks were introduced as a fight for gold shortages.

• 1971 was the year when the fiat currency gained worldwide recognition. President Nixon introduced it to abolish the system of fixing the dollar to gold.

• It was in 1998 when the idea for an anonymous electronic cash register system came from Way Dai. Bitgold – the first cryptocurrency was created by Nick Sabo, but did not receive as much attention as bitcoin.

• In 2009, bitcoin was introduced to the market, becoming the first cryptocurrency accepted worldwide. A series of several other cryptocurrencies were introduced in 2011 and beyond. Some of the popular ones include Litecoin, Dogecoin, Ethereum, Ripple, Zcash, Dash and so on.

Characteristics of both currencies

The potential of cryptocurrencies and fiat currencies, access to their characteristics is important. You will find that in some of the criteria bitcoin and other cryptocurrencies are better than fiat or state currency, and in some cases the latter exceeds. It is absolutely your desire to choose the type of currency (crypto currency type or fiat currency) based on your personal needs and requirements.

Let’s compare their features in terms of certain factors.

• Both cryptocurrencies and fiat currencies are interchangeable in nature.

• In terms of portability, both currencies provide more or less the same position.

• In terms of non-consumption criteria, cryptocurrency and fiat currency have the same status.

• Crypto-type currencies have high durability compared to fiat currencies, which have a moderate level of durability.

• Both crypto or virtual currencies and fiat or government currencies ensure secure and secure transactions and exchanges.

• Crypto or digital currencies are highly divisible by nature. On the other hand, fiat currencies are moderately divisible.

• In terms of the transaction process, cryptocurrencies are easy and hassle-free. While, on the other hand, the process of attracting fiat currencies is easy, but not like crypto.

• Crypto-based currencies are decentralized and global in nature, unlike fiat currencies, which are centralized and operate under government laws and regulations.

• Crypto-based currencies have a high shortage, while fiat currencies are unlimited, as the government can issue coins and paper money when needed.

• Crypto-based currencies are based on mathematical algorithms and are programmable. Fiat currencies are not programmable at all.

• Fiat currencies are sovereign in nature, while cryptocurrencies are not.

The process of functioning of currencies

You can find significant differences between crypto or digital currencies and fiat currencies with the way both work and the transaction process that takes place. They are contrasting in nature. Transferring money using bitcoin is very fast and you absolutely do not need a third party association.

On the other hand, if you participate in the exchange of money using Fiat currency, a mobile wallet is used. You can exchange an amount of electronic money, which is translated into an equal amount of electronic value. Both fiat and cryptocurrencies allow you to buy anything you want. But the processes involved are completely different from each other.

Depending on the things you buy, you will find that one currency form is better than another. This is absolutely your choice.

Is Bitcoin, a cryptocurrency, better than fiat currency?

The long-term benefits and capabilities of bitcoins have not yet been established. But guru and cryptocurrency experts have predicted that they will go a long way, especially revolutionizing the way online transactions are done. In the current market, bitcoin is mainly included in online casinos and gambling, but is not limited to it.

In addition, when you compare fiat currencies, bitcoin allows you to take power and authority from banks and government because it is not controlled. Currency based on cryptography has the ability to create or invent capital on the free market. Fiat currencies are affected by inflation and market changes, as opposed to cryptocurrency-based ones. Such aspects lead people to believe that cryptographic-based currencies will soon take over major currencies and bring about a transformation in the way money is used.

Why are bitcoins considered a better aspect than fiat currencies?

• Bitcoin allows you to recreate free market capitalism.

• The power to control money is entirely with individuals, not banks like fiat currencies.

• When there is inflation, bitcoin is not affected. But the Fiat currency will be easier to lose and will be affected by it.

• Bitcoin is easy to exchange and transfer compared to fiat or government currencies.

• Fees for bitcoin-related transactions are much cheaper and easily accessible.

Cryptocurrencies seem to be a favorable option among people

Fiat currencies are the centralized and legal way to exchange money. But cryptocurrencies have become hugely popular in the last few years. There will never be anyone to act as an intermediary, as is the case with banks. In addition, cryptocurrencies are much cheaper and cheaper than conventional fiat currencies.

Send money anywhere directly without waiting for bank approval

You can send money to anyone in the world directly and it’s super fast. The money is cleared within a few minutes. You do not have to wait for the traditional processes of clearing and verification of banking systems, which can take up to several days to obtain permission. Because it is decentralized and does not fall under government law and regulations, no one is allowed to do anything with your account.

Blockchain technology has a very big role to play

Thanks to cryptocurrencies, this gives us the strength and power to become our own bank and take control of our finances. This is due to blockchain technology, which offers a higher level of complexity in dealing with finances. In fact, there are some major financial industries that have begun to incorporate the idea of ​​technology.

4 common mistakes to avoid when trading cryptocurrency

Today you can invest in cryptocurrency quickly and easily. You have the freedom to invest with the help of online brokers, but you cannot say for sure if this is a safe endeavor. There are many risks and pitfalls you must face if you plan to enter this area. However, you don’t have to be a master in the world of computer science or finance to get started. This means that you need to make an informed decision. In this article we will talk about some common mistakes that most cryptocurrency investors make. Read on to learn more.

1: You buy the wrong coins

If you decide to buy bitcoin, you need to be careful. There are different types of bitcoins, such as private bitcoins, bitcoin SV, bitcoin gold and bitcoin cash. In other words, there are many shoots to watch out for.

While these are not bad or scams, make sure you know what you are buying. Even if you buy the wrong coin, you can still sell it back and look for the right one.

2: You are not for the Wild Ride

If you want to enter the world of cryptocurrency, you must have nerves of steel to face instability. Unlike the traditional financial world, cryptocurrency has extreme volatility, according to Teresa Morrison, a certified financial planner in Arizona.

According to her, as a new investor you should initially invest a small amount, for example $ 100 per month, and then forget about it. If you follow the market every day, it will drive you crazy.

Also, just because you are a beginner, you may want to stick to 2 to 3 cryptocurrencies that you are familiar with. Ideally, you can first look at established coins such as Bitcoin and Ethereum.

3: You do not double check the address

Many cryptocurrency traders lose their coins just because they do not check the address. Unlike a conventional bank transfer, you cannot simply cancel a transaction. So, you have to be really careful when making this type of transaction using cryptocurrency. If you are not careful enough, you can lose thousands of dollars in seconds.

4: You have lost access to your wallet

Although there is a limited number of 21 million bitcoins, the total number of bitcoins is not created. The reason is that many coin holders have lost access to their wallets due to forgotten passwords.

According to the Chainanalysis report, 1 in 5 bitcoins mined so far is not available due to lost passwords. So make sure you keep your password in a safe place before you start reading.

In short, we suggest that you avoid these four most common mistakes if you want to become successful in the world of cryptocurrency trading. We hope that these tips will help you be safe and successful as a trader or investor.

The definition of bitcoin

Bitcoin is known as the first decentralized digital currency, they are basically coins that can be sent over the Internet. 2009 was the year Bitcoin was born. The creator’s name is unknown, but the nickname Satoshi Nakamoto was given to this man.

Advantages of bitcoin.

Bitcoin transactions are performed directly from person to person via the Internet. There is no need for a bank or clearing house to act as an intermediary. Due to this, transaction fees are much lower, they can be used in all countries around the world. Bitcoin accounts cannot be frozen, there are no prerequisites for opening them, the same for the limits. Every day more and more traders start accepting them. You can buy everything you want with them.

How bitcoin works.

It is possible to exchange dollars, euros or other currencies for bitcoin. You can buy and sell like any other currency in the country. To store your bitcoins, you need to store them in something called wallets. These wallets are located on your computer, mobile device, or on third-party websites. Sending bitcoins is very simple. It’s as simple as sending an email. You can buy practically anything with bitcoins.

Why bitcoins?

Bitcoin can be used anonymously to purchase any type of product. International payments are extremely easy and very cheap. The reason for this is that bitcoins are not actually tied to any country. They are not subject to any regulation. Small businesses love them because there are no credit card fees included. There are people who buy bitcoins just for investment, expecting them to increase in value.

Ways to acquire bitcoins.

1) Buy on the exchange: people have the right to buy or sell bitcoins from sites called bitcoin exchanges. They do this using the currencies of their country or any other currency they have or like.

2) Translations: people can simply send bitcoins to each other through their mobile phones, computers or through online platforms. This is the same as sending cash digitally.

3) Mining: The network is protected by some people called miners. They are rewarded regularly for all newly confirmed transactions. These transactions are fully verified and then recorded in what is known as a public transparent register. These people compete to dig up these bitcoins, using computer hardware to solve difficult math problems. Miners invest a lot of money in hardware. Nowadays there is something called cloud digging. Using cloud mining, miners simply invest money in third-party websites, these sites provide all the necessary infrastructure, reducing the cost of hardware and energy consumption.

Bitcoin storage and saving.

These bitcoins are stored in so-called digital wallets. These wallets exist in the cloud or in people’s computers. The wallet is something like a virtual bank account. These wallets allow people to send or receive bitcoins, pay for things or just save bitcoins. Unlike bank accounts, these bitcoin portfolios are never insured by the FDIC.

Types of wallets.

1) Cloud Wallet: The advantage of a cloud wallet is that people do not have to install any software on their computers and wait for long synchronization processes. The downside is that the cloud can be hacked and people can lose their bitcoins. However, these sites are very secure.

2) Computer wallet: The advantage of a computer wallet is that people keep their bitcoins protected from the rest of the internet. The downside is that people can delete them by formatting the computer or due to viruses.

Bitcoin anonymity.

When making a bitcoin transaction, you do not need to provide the person’s real name. Each of the bitcoin transactions that is recorded is what is known as a public diary. This log contains only wallet IDs, not people names. so essentially every transaction is private. People can buy and sell things without being tracked.

Bitcoin innovation.

Bitcoin has created a whole new way of innovation. All bitcoin software is open source, which means anyone can view it. Nowadays, it is a fact that bitcoin is transforming global finance, just as the web has changed everything in publishing. The concept is brilliant. When everyone has access to the entire global bitcoin market, new ideas emerge. The reduction of transaction fees is a fact for bitcoin. Accepting bitcoins costs everything, and they are very easy to set up. There is no refund. The Bitcoin community will generate additional businesses of all kinds.

The rise of online payment gateways

The cashless payment system is growing exponentially with evolving payment methods, the growing use of e-commerce, improved broadband connectivity and the emergence of new technologies. Can the growing incidence of cyber attacks and spam hinder the growth of the online payments market or will it continue to grow rapidly?

The global digital payments industry is expected to reach the $ 6.6 trillion mark in 2021, recording about a 40% jump in two years. Cashless payment methods are evolving rapidly with revolutionary innovations such as mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments and cryptocurrencies. In the growing digital age, many payment technology companies are working with traditional financial institutions to take care of the latest preferences of consumers and merchants. Thanks to improved broadband connectivity, increased mobile commerce, the emergence of new technologies such as virtual reality, artificial intelligence and rapid digitalisation, billions of people have begun to accept contactless payments in both developed and developing countries. In addition, growing companies for e-commerce, digital money transfers, digital business payments and mobile B2B payments are stimulating the ecosystem of cashless transactions.

Users of cashless transactions of different generations widely accept digital peer-to-peer (P2P) applications because they are more attractive and flexible to use. In-app payments or touch and move transactions take seconds to make payments and allow users to make payments anytime, anywhere. Tokenization, encryption, Secure Sockets Layer (SSL), etc., offer many ways to secure payments while allowing digital transactions. In addition, users do not have to fill in information every time to complete the payment process. Thus, online payment portals play a crucial role in economic growth, enabling trade in today’s economy. With the rules of social distancing, digital payments have become an obligation for contactless transactions, not just an alternative to transactions to prevent the spread of coronavirus.

Digital commerce that enables business

Electronic payment systems have become a crucial part of the business as consumers’ propensity to shop online expands. With the expansion of Internet penetration, the growing use of smartphones and the variety of e-transaction options, most consumers prefer online channels to traditional shopping stores. That’s why companies go online with an electronic payment solution to maximize their profits. The automation of the electronic payment system eliminates the range of errors and saves significant time and effort. High standards for fraud detection and prevention in digital transaction systems and artificial intelligence based fraud detection protect users from security breaches. By providing the flexibility to make payments via credit / debit cards, mobile money, e-wallet, etc., businesses can expand their customer base. The electronic payment process improves customer satisfaction, as customers do not have to count cash or deal with documents when they want to make a transaction.

Biometric authentication to increase security

Biometric authentication involves the recognition of biometric features and structural features to verify a person’s identification. The verification method may include fingerprint scanning, facial recognition, voice recognition, vein mapping, iris detection, and heart rate analysis. With the rise of identity theft and fraud, biometric authentication has become a reliable and secure alternative to digital transactions. According to a recent study, biometrically verified mobile commerce transactions are expected to account for a whopping 57% of the total biometric transaction by 2023. Biometric payment cards are also becoming popular as they support push and move payments, allowing users to make faster digital transactions. Digital payment technology provider Worldline has partnered with France’s FinTech, A3BC (Anything Anywhere Anytime Biometric Connection), to protect mobile phones from intrusion through a two-factor authentication process. The combined solution eliminates one-touch identification, but rather recognizes fingerprints through a photo of the hand. MasterCard plans to introduce FinGo’s vein scan payment solution, which makes it easier for users to authenticate transactions.

Dominance of mobile wallets

In 2019, mobile wallets overtook credit cards to become the widely accepted type of payment worldwide. Digital wallets offer the flexibility for consumers to store multiple payment methods in one digital home and to convert cash into electronic money needed for online or in-store purchases. Financial institutions have already begun to embrace the digital portfolio trend by offering virtual cards to business customers. Virtual cards stored in digital wallets consist of details such as a 16-digit card number, CVV code, expiration date and work just like a physical plastic card. Currently, only 37% of merchants support mobile payments at the point of sale, but with increasing acceptance, merchants are willing to invest in technologies that facilitate digital wallets. Virtual wallets can save money due to low processing costs, as they limit the value and frequency of transactions. Artificial Intelligence (AI) enhances the user experience with ChatBots transactions designed to perform and robotize basic exchanges according to the user’s interest. In addition, e-wallets based on cryptographic money are being adopted by new companies for small and medium-sized digital money storage organizations. Smart voice technology has contributed to the growth of smart voice portfolios since Amazon launched the principle of this platform, which is now followed by Google and Apple.

The e-commerce boom is accelerating the growth of the digital payments market

The growth of e-commerce at an exponential rate is creating shock waves and the sound boom is echoing in the FinTech sector. The growth of many e-commerce companies is driven by the type of financial services they provide. Digital transactions make it convenient for buyers and sellers to make transactions and remain loyal to the market space. The COVID-19 pandemic added a different dimension to e-commerce innovation by introducing newer trends such as alternatives to cash registers (not digital wallets), virtual cards, QR codes and other contactless transactions. In addition, the Buy Now, Pay Later (BNPL) trend dominates the e-commerce industry as it eases the financial burden for the buyer. The BNPL includes a soft credit check so that consumers can buy what they need, maintain inventory movement and pay overtime without affecting their credit rating. BNPL provides businesses with much-needed liquidity and greater cash flexibility.

Impact of the COVID-19 pandemic on the growth of the digital payments market

Digital payment systems have gone beyond their peer-to-peer (P2P) transfers and bill payments. The COVID-19 pandemic has allowed digital payment systems to show their strengths, such as a strong understanding of hyperlocal markets and their ability to establish strong local partnerships. Businesses and consumers are increasingly “switching to digitalisation” to provide and purchase goods and services online. When the pandemic struck, people did not want to touch or exchange cash because of the paranoia of catching the infection from physical currencies. Several governments around the world have introduced digital financial transfers to provide assistance to COVID. Due to the blocking measures, users have switched to online platforms, which catapults the demand for digital payment systems. Digital platforms have now become a major component of people’s lives, and consumers are more likely to continue shopping online in the aftermath of the pandemic. The dramatic change in consumer behavior is likely to further increase the demand for electronic payment systems. That’s why companies are focusing on digital media to meet new customer requirements and thrive their businesses in a changing market scenario. Organizations are rethinking customer travel to reduce friction and provide new security features. Payment companies such as PayPal and Square Cash are recruiting staff everywhere to better understand the rearrangement of public norms and to stabilize the business in the near future.

Electronic payment systems are the future

With the growing penetration of smartphones and the Internet, consumers are becoming technological, which provides endless opportunities for digital payment markets. Digital payment systems after the pandemic are expected to continue to thrive in the coming years. Although cards remain the first choice for payments worldwide, mobile wallets are rapidly gaining popularity. Traditional cash flow is declining in bank branches and ATMs, demonstrating a move towards a cashless society. China currently dominates global consumption of mobile wallets, followed by South Korea. However, there are still many countries that are highly dependent on cash due to a lack of trust in financial institutions and a lack of adequate broadband infrastructure, and so on. to become widespread in developing countries as well.

Concerns about cybersecurity and privacy with online payment solutions

Threats to cybersecurity and confidentiality have become a worrying concern with growing cases of online fraud. According to a Mastercard survey, one in four consumers suffered some form of fraud in 2020, which increased the cybercrime rate by 49%. In the first half of 2020, online fraud increased by 73.8% compared to 2019. However, the adoption of new era technologies such as multi-factor authentication, biometrics, 3D security, artificial intelligence and machine learning can help control fraud activities such as phishing, virus attacks, etc. Switching to contactless cards, QR codes and tokenization can also help mitigate the risks associated with digital payment solutions. In addition, informing end-users about the secure implementation of electronic payment solutions by stepping up efforts to build financial literacy can help prevent fraud. The advent of mobile commerce and the evolution of e-payment platforms, backed by robust security solutions, can help achieve the goal of making the economy truly cashless.