Bitcoin - Page 2

How To Cash Out Large Amounts Of Bitcoin Safely

People who invested in Bitcoin wisely and now have a large sum of it, all have the same question: How to cash out large amounts of Bitcoin safely? In the same manner, this question bothers those who only plan to get rich on Bitcoin. Anyway, it’s good to know the answer, and we’re here to give you one. First of all, if you want to cash in a large amount of Bitcoin, then you are rich and should be extremely happy, not worried.

Back in the day, people started working with this cryptocurrency out of curiosity or getting familiar with a new trend, but with time some of them managed to get rich in Bitcoin. Today, money is the main driver behind most people, and if you are reading this because you are ready to cash in, we’re glad to have you on board. Let’s go through the sundries of getting Bitcoin withdrawn to your bank account and convert it to regular currency.

Source:cryptocoinsociety.com

First thing first – large amounts of Bitcoin attract attention. While you probably have no issues withdrawing a small amount of Bitcoin, but with cashing in large quantities, you need to be careful. If we’re talking about a really massive sum, then you can expect that after cashing in, nothing is going to be the same for you. This fact is the primary reason why you need to take this action seriously. First of all, let’s talk about withdrawal limits.

Withdrawal Limits

In order to accumulate Bitcoin, you’ll need to cooperate with an exchange. By now, you probably know this information. What you also know is that most exchanges have withdrawal limits. Depending on terms of service yours has, you can either withdraw only a couple of thousands at a time, or it can be hundreds of thousands. Whatever the case might be, you’ll need to know this in advance. If the sum you want to cash in is more significant than the one allowed, you’ll have your money sitting, without knowing what’s causing the delay. Other things you’ll need to pay attention to are banks and taxes.

Banks and Taxes

Source:guardian.ng

Your bank won’t sit idle while your bank account starts getting richer from Bitcoin money. If you begin receiving large payments into your account, the bank will look into it. If they get really suspicious, your account might even get frozen. To avoid this, you’ll need to get familiar with the policies your bank implements. After that, you have the second most certain thing in the world after death – taxes. Large amounts of Bitcoin turned into cash are taxable. And compared to the smaller amounts of Bitcoin, large withdrawal brings more charges. Before you cash in, you need to know how much is that going to cost you in taxes, so that you can stay in the clear from law enforcement agencies.

Converting Bitcoin to Other Currencies (Fiat)

Source:cryptomojo.com

Some of you used Fiat to buy cryptocurrencies at the beginning. It works the other way around. You can convert your Bitcoin to Fiat if that’s what you want. But, you need to be careful when doing this if you plan on converting large sums. This article revolves around the matter of converting a large amount of Bitcoin into a Fiat currency. Keep reading and learn what else you need to do.

Lawyer up

This is an essential step which you shouldn’t skip. To avoid tax and legal issues is better to have an attorney to show you the legal side of cashing out large amounts of Bitcoin. Tax fees are different from state to state. When you get ready to cash in, you’ll want to lose as little as you can to taxes. Because of this, you’ll need legal help. Lawyers also cost money, but they won’t waste your money or time. If the money you’ll receive from Bitcoin is life-changing, you’ll want it to be as clean as it can get, and someone familiar with tax law will help you with that.

Check Out Bank Policies

As we already said, if you don’t warn your bank, there’s a chance they freeze your account. To avoid this, you’ll need to talk to your bank. They need to know that you are about to deposit a large amount of money on your account. There’s even a chance that they won’t allow the transaction at all. Banks have different policies on cryptocurrencies, so you might also be forced to change the bank to find one which will accommodate your needs. Be sure that you are cooperating with the right one to avoid the unnecessary hustle.

Chop Your Withdrawals Into Pieces

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If we are talking about a really massive sum, it would be wise to withdraw your Bitcoin in smaller portions. If you try to cash out all at once, there’s a chance of something going wrong. If this happens, all of your money could disappear. Smaller withdrawals – more security. You don’t want to lose any of your money, so just be wise with it. There’s also an option of withdrawing your cash through different methods such as peer-to-peer, OTC, and cryptocurrency exchanges.

The Most Important Thing – Taxes

When you cash out all of your Bitcoin and a large amount of money is now on your bank account, you need to do one last thing – report your taxes. Yes, you can try to play out the state where you live, and there’s a chance that you’ll succeed. But, there’s an even bigger chance that you’ll get caught, and then there are legal consequences. You don’t want this to happen, so do not avoid taxes at any cost. Report your gains, pay the fees, and live without the paranoia that one-day authorities will knock on your door, as they definitely would.

Conclusion

The thing is simple – you have Bitcoin, and you want to cash in. Above, you have all the steps you need to take. Talk to your bank, get a lawyer, and pay your taxes. If something still remains unclear, you can look at other sources. For more information, visit https://bitcoins-digital.com, and get even more thoroughly acquainted with this subject.

How To Exchange Cryptocurrency For USD

So, you became part of this whole cryptocurrency adventure in order to earn as much as possible and now that you’ve got some money, you would like to be able to cash in? Why not?! There are ways. However, as much as we want cryptocurrencies to prevail over fiat currencies, we’re still far from that, as gaining legitimacy is still not approved unlike US dollars or euros, which the government accepted as a legitimate means of payment. In order to take a piece of their paper profit, many people are interested in how to turn crypto money into fiat money. Regardless of the fact that many companies today accept cryptocurrencies as a regular payment method, that’s not enough for people and they don’t want thousands or millions to remain trapped in the form of digital money.

This guide will explain how you can convert your coins to USD. In search of ideas, wander into the following lines and we’ll try to meet your expectations and help you get closer to your profit.

1. Cryptocurrency exchange

Source:cryptoknowmics.com

This is one of the most popular and easiest ways to convert to USD. In addition to being a fast way, a big advantage is reflected in the fact that they can be easily linked to a bank account or Paypal account and thus enable easy withdrawal of USD.

The conversion method is quite simple. The process begins by transferring a certain amount of coins to the wallet of the selected stock exchange first. Once it’s in the form of a banknote of the selected stock exchange, we go to the Buy / Sell option where we can sell our bitcoin or some other cryptocurrency in USD. The dollars you earn will be sent to your bank account or Paypal.

What users point out as the disadvantage of this method is the verification of identity, which includes leaving personal data. Cryptocurrency traders are generally against it because they want to remain anonymous.

2. Peer to peer method

Thus, identity verification can lead to the exclusion of a large number of users who don’t agree with the sharing of personal data. However, these people have come up with some more ways to cash in on their digital earnings.

The peer to peer service doesn’t involve an exchange process but allows one user to sell their coins directly to another. Until the transaction is confirmed, the money remains deposited in one place, for example on LocalBitcoins. LocalBitcoins offers many more ways to convert bitcoin to USD.

Trading is most often done by cash mail, cash deposit, or Western Union. The good news is that you don’t have to sell them only for USD, you can also sell them for a code or a gift card. But also for selling a smaller currency for a larger currency, for example some altcoin for bitcoin.

3. Converting via Bitcoin ATM

As the name suggests, it’s assumed that you’re a bitcoin user so that you can use this method, as only with the help of these coins can you withdraw cash from an ATM. Another condition that determines whether you will be able to exchange virtual coins for USD in this way is that you must have a bitcoin ATM in the place where you live – the easiest way to get this information is online.

First, go to the ATM and press the option to start the process. The next step is to enter the amount you want to sell. When selling a large amount, the ATM may ask for an identity check. The ATM will then give you the address to which you need to send and to which the transaction should be performed. After confirmation, the ‘cash’ option should be marked.

This type of transfer is not ideal. Sometimes the process will be very slow and the fees are very high. In case of slow loading and long waiting, you will receive a code with the help of which you can come back later and check if the transfer has been completed.

4. Loan

Source:onmoneymaking.com

This method can be compared to taking a loan from a bank. The loan doesn’t involve long-term conversion and storage of dollars, but only for a short time, after which the borrowed funds are returned.

You guarantee and secure your loan with your cryptocurrency by getting a smart or executive contract, where it’s kept behind computer code. You get USD to your bank account. After the expiration of the agreed term, you return the borrowed money and get back the one you guaranteed.

Since capital gains and cryptocurrency sales are taxed, this is an ideal way to avoid paying taxes and get what you want for a while.

Another positive side is that during the duration of the loan, the value of your cryptocurrency may increase. With the current purchase, that cannot be achieved.

5. Debit cards

Source:medium.com

Just as there are regular debit cards, so we can find some alternatives in the cryptocurrency market as well. This is another perfect way to convert coins to USD.

As in the case when we handle regular cards, all the funds we earn are deposited and remain on it. Only here are bitcoins and other currencies in the role of funds, instead of dollars. The moment we want to make a purchase, an ATM or store will automatically convert the currency into USD.

This method also requires ID card verification but is convenient, which is why there are a lot of users.

6. Friends, acquaintances, and family

Source:blocktoq.com

This method is one of the simplest. It’s similar to the peer to peer way, only you don’t have to deal with strangers, but with people you know. And who will be more willing to help you than they are?

You simply don’t have to look for a buyer through a service such as LocalBitcoin, but you can sell it to an interested friend, relative, or acquaintance in exchange for a dollar.

With this process, you will minimize all possible complications and you can finally enjoy your earned money without worries. However, bitcoinpro advises you not to spend beyond your means and more than you can earn. So don’t relax too much and get back into the game quickly.

The methods mentioned above are some of the most reliable ways you can convert. If you thought that was impossible, we tried to make you happy and reassured, so feel free to try any of them at your earliest convenience!

Can You Earn Bitcoin without Mining and Investing

Doing a job that you do not like is truly a tough thing. You probably have a good salary. However, in most cases, the salary you have can’t cover all the costs that you have. Lack of money is not the only problem that people have. Let’s say that you like to travel a lot. Even if your salary is above average, will you have time to do what you like?

All these problems convinced people that they have to look for alternatives to make money. Fortunately, advanced technology brought many opportunities to our lives. This especially counts when we talk about finding ways to make more money.

Despite that, the Internet also brought some new industries to the world. For instance, traditional gambling is not as popular as before. Many people now support online gambling because of the benefits it brings. However, the online gambling industry is not the place where you should look for more money. We do not want to say you can’t earn it. Yet, only a small group of people manage to get rich from this entertaining activity.

Source:smartassets.one

On the other hand, the cryptocurrency industry is experiencing popularity growth. Indeed, this industry has a turbulent past that distracts people from investing. Fortunately, more and more people understand that certainty in the business world does not exist. The Coronavirus pandemic showed that neither of the industries is perfectly safe.

As you know, Bitcoin is the most popular digital currency in the world. People that have never participated in this industry heard about it. The two most popular ways to earn Bitcoin are mining and investing.

Should I Start Mining and Investing Now?

If you have enough money for investing, why not? You can now get BTCs for a relatively fair price. The pandemic also harmed the market cup of this industry. The consequences of the crisis are visible in the value of Bitcoin as well.

The price reduction is not something that should scare you. As we said, all industries were turbulent and this especially counts when we talk about cryptocurrency.

If you do not have enough money and knowledge, this could be a problem. Fortunately for all of us, the two most popular ways of earning Bitcoin are not the only ones.

How to Earn Bitcoin without Investing and Mining?

We do not want to say that alternatives are equally profitable as investing and mining. However, when lack of money is the problem, you can’t expect to earn a lot. The good thing is to start participating in this industry. How are you going to start investing if you have never met with any cryptocurrency? Our solutions are multi-practical. You will get some experience and Bitcoins to start. Let’s find them out together.

Entrepreneurs Should Accept BTC-based Payments

We know very well that this piece of advice is not suitable for everyone. It can be useful for entrepreneurs and people that plan to start a private business. Let’s imagine that you are preparing yourself to become a business owner for the first time. Logically, you created a business plan that covers all the aspects of your business.

Well, our recommendation is to add different payment methods to your business plan. More precisely, accepting Bitcoin-based payments will allow you to earn Btc without investing or mining. This is a message to all the people that run a private business.

Source:hackernoon.com

Work for Bitcoin

Some people are not just big fans of Bitcoin and other cryptocurrencies. They invest a lot of effort to make them more popular among people. Achieving that in today’s world is tough. Because of that, these people use different methods to change the way of thinking of people. Some of them invest in education and they strive to teach the world more about them. However, some companies accept to pay their workers in Bitcoins.

First of all, you can visit websites where you can do some simple tasks. These websites a perfect place for people that look for easy money. Fortunately for you, some of them will pay you in Bitcoin in exchange. We do not want to be too optimistic here. As you know, simple tasks are not profitable at all. The amount of BTC you will get is not going to be impressive. Still, this is a good way to make mini-steps in this industry.

If you want to make more, there is a good alternative you should know about. Some companies like to collaborate with freelancers on certain projects. Hiring a new employee for a couple of months would be unnecessary. If the owner of that company is a BTC supporter, be sure he will accept to pay you in BTCs. This is a good opportunity for people that possess certain skills. For instance, you can start working as a freelance content writer, graphic designer, etc.

Online Gambling

Source:casinosfactory.com

The online gambling industry is experiencing popularity growth in the entire world. Because of that, online casinos need to follow the latest trends including those associated with payment methods. Some casinos will pay you off in Bitcoins.

Still, there is one thing that we have to say about this method of earning Bitcoin. It is the riskest way of earning Bitcoins of all. Indeed, you need to take certain risks when investing and mining. However, gambling is not going to be profitable for you if you do not possess the necessary gambling skills. Some people managed to earn Bitcoins in that way, but be careful if you choose this method.

Bonus Tip: Trading

In the end, we would like to talk about one of the most effective ways to earn Bitcoins. Indeed, small investments of money will be necessary here if you plan to start. Despite that, you will have to create an account by using a reliable provider.

Still, this type of earning Bitcoins is not good for everyone. The entire cryptocurrency industry is complex. You will need to spend months or years to understand how the industry’s system functions. Because of that, education to become a successful BTC trader is education.

Research this subject in theory before you even start. After that, you can find a reliable broker/mentor that will share his knowledge and experience with you. If this seems like a good option for you, we recommend you visit cfds-trader.com. Here you can find a mentor that will teach you everything you should know about online trading. When you possess those skills, you will easily manage to trade with BTC successfully.

What is Bitcoin and How Does it Work? – 2020 Guide

As a newbie, you might get confused regarding what is bitcoin, and how does it work? Like most of the other people, you might find the concept of bitcoin quite confusing. In this article, we will help you find out all the details you need to know about it and its working process.

What is Bitcoin?

img source: investopedia.com

It is a digital currency token having no solid backing. It can be quickly sent electronically from one person to the other all over the world. The smallest fraction of this coin is named as a penny of BTC. It can be divided into eight decimal places, i.e., 0.00000001 bitcoins. It is named Satoshi, who is considered as the anonymous creator of this cryptocurrency.

The network is working on a decentralized network of computers all across the globe. A complete record of these transactions that these computers handle and update regularly is known as the blockchain.

Are these coins the Ones that We See in Photographs?

You might have seen this cryptocurrency as coins in photographs or newspapers. But in actuality, these are not coins. Those pictures are just an identity of the bitcoin. Those coins are the symbols that the journals use to portray. The reason is that they don’t have anything else to illustrate the news about BTC.

Bitcoin Works through Blockchain

img source: alphagamma.eu

Blockchain was first described back in 2008 by a person or people calling themselves Satoshi Nakamoto. We have seen that there are different types of cryptocurrency techniques, and many blockchains have been created on the concept of these techniques.

The basic understanding of blockchain is quite straightforward. You can earn money and do trading through different platforms and you can take insidebitcoins.com as an example. One chain contains only one blockchain, and all the information is stored in different blocks that is a secure way. All the stored data in blocks are in the form of 0s and 1s and minimize the hacking risk—the information secured in the blocks may be emails, land titles, marriage certificates, or bond trades.

When we talk about the contract, it is developed between two parties without the involvement of a third party. There are many possibilities for the products for each person, and everyone can secure the payments. It does not involve banking security, and all your emails and data save from end to end transaction.

Bitcoin Transactions

These transactions are more robust, and there are different wallet ids, and transactions are done between the wallets. BTC wallets store these transactions in a secret piece of data named as a private key or seed. This confidential data is helpful in signing transactions that help provide a mathematical proof that the transaction has come from the owner of the wallet.

The signature prevents the transaction so that it does not get altered by anybody once it has been issued. The deals are broadcasted to the network and get confirmed within a few minutes through the process of mining.

Bitcoin Mining

img source: supercryptonews.com

The process of making new coins and passing them on to the computers to maintain a robust network is called mining. These computers are in a consistent race to process new transactions coming to their system.

The person with the fastest computers stands out to be the winner, and he gets a chunk of new coins. A new winner is announced every 10 minutes.

The process of mining brings in a competitive lottery that prevents a person from adding new blocks to the blockchain. So, no individual can control in any way what is happening in the blockchain.

How can You Buy Bitcoin?

There are some BTC local agencies where you can get your desired cryptocurrency. Many companies sell these coins. A company named Coinbase will sell you digital currency in exchange for dollars.

Signing in for a bank account with Coinbase is similar to opening a traditional bank account. You will have to provide all your details.

How is the Worth of Bitcoin Decided?

img source: independent.co.uk

The value keeps on rising and falling. Its value is determined by the open market. It also depends on the bidding in crypto exchanges.

Does BTC Have Any Competitors?

Yes, it has plenty of competitors. BTC is the most used cryptocurrency and there are many competitors, but people rely on this currency. In the real world, the currency is worth only things that people are willing to accept as goods and services.

Criminal Nature of Bitcoins

img source: economy.com

Criminals like to deal with crypto. The reason is that trading does not require complex trading and identity verification. To open an account, you don’t have to pass through a lot of identification processes. Moreover, there is no central authority that collects or controls this information.

These days the cryptocurrency has become a method to make ransom payments. For example, your computer might be controlled by ransomware, and you may be asked to pay ransom payment in the form of bitcoins.

Can Bitcoin Users share it Themselves?

If a person is helping to maintain the database of all the bitcoin transactions, then the blockchain could change his copy of the records to add more money. However, if someone does that, the other computers maintain the records would consider that as a discrepancy and would reject that.

What are the Legal Uses of Cryptocurrency?

img source: wikimedia.org

The transactions made through bitcoins revolve around selling and buying Bitcoins on exchanges and predicting future prices. No one wants to lose their currency, and in most of the countries, people get the currency from the local exchanges and trust them.

Another meaningful business strategy is using this cryptocurrency to transfer money over international borders. It may take weeks if the money is transferred through banks. Although, many companies use bitcoin for transferring payment and you can send a lot of dollars in seconds. That’s why it has gained a significant reputation all over the world.

Conclusion

We hope this article helped you in finding out what is it and how it works. The process of buying and investing in this coin might become more comfortable for you now.

Blockchain and CryptoCrypto as a Solution

Ten fabulous predictions for the future of cryptocurrencies

We have grown from paying in cash and then using the cards for online transfers. However, one way or another cash is involved, and it’s getting difficult to carry it everywhere. As we are moving towards everything compact, cryptocurrency was introduced as an effort to give the world an alternative to cash.

Although it’s been ten years since cryptocurrency came into existence, there is still a significant population of people whe are unaware of its significance, or they don’t even know about it at all.

In December 2017, the world find out about bitcoin (a cryptocurrency) when its value increased quickly, and It went up to $22k. People who bought it a long time ago for a hundred or $200, made fortunes. Since then, it’s fluctuating, but the crypto traders and blockchain experts are hopeful that one-day, Crypto will take over the whole world. However, they are looking forward to the many significant countries to make it legal for that to happen.

To this day, only America, the United Kingdom, and Australia have come forward and made the mining and trading of cryptocurrency which you can read more here.

Here are ten fabulous predictions for the future of cryptocurrencies experts made:

Banking Sector

Source: pumapay.io

As cryptocurrencies are a means of finance, they have a lot to do with banking and finance sectors. Experts predicted that as the people start using the cryptocurrencies more, the banks will eventually accept them, and it will also allow banks to reduce their amount of complexities. They said that banks would offer cryptocurrency accounts, debit cards, you will be able to buy cryptocurrency directly from ATMs and cryptocurrency loans will be provided as well.

Swift processing:

Source: mybloggertricks.com

Process of buying things online or sending money to your loved ones across the world, there will not be any processing time. Your loved ones or anyone won’t have to wait for 3 to 5 days to get their hands on the money you sent. With cryptocurrencies, all the processes will be swift. You can make small or substantial transactions without worrying about the transaction fee because the fee will be low as compared to traditional means of money transfers.

Crypto Trading

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Bitcoin is the most popular and profitable cryptocurrency to date. New currencies are coming into existence. Some of the existing ones are emerging and becoming more famous day by day, Cryptocurrencies like Ethereum, Litecoin, Ripple, and Steller. There is going to be a significant rise in their value, and eventually, their prices will go high as bitcoin.

With the increase in cryptocurrency value, traders see a profitable bright future in crypto trading. With the growth in the value of these currencies, exchanges with one another are happening doing well in life. More often. People are buying and selling them, some people have become full-time crypto traders.

Blockchain and CryptoCrypto as a solution:

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As more and more industries are seeing blockchain as the ultimate solution for securing their data. With blockchain comes crypto currency, if you can become a licensed cryptocurrency minor, in future, you may be able to support entrepreneurs with loans, saving them from massive interests and lengthy processes of the bank loans. Although some developments still have to take place, we are talking about the future and the possibilities cryptocurrency is going to present.

Adaptation by the Government authorities:

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In the next ten years, countries will start adapting cryptocurrencies for governmental transactions under the SEC instructions. Blockchain is capable of simplifying the process of inter-agency or inter-authorities confirmation. Currently, every agency must maintain its database and then wait for the other one to process and give it a trough.

Date management and sharing of resources and distributed ledger will simplify and speed up the process, taking away all kinds of delays. To manage the cash flow in the country, cryptocurrencies will be chosen, and once they are implemented, this will empower the technology even more.

IOT & Crypto:

Source: freecodecamp.org

IoT is already ruling the world with its offerings, and some experts are very positive about these two techs are to serve the society by the joined venture. The first goal is to use a blockchain for secure and scalable communication between IoT abled devices and to provide stability to allow micro-investments in an efficient way for smart devices. I will only make the article complex and lengthy if I started talking on this topic. So let’s keep it to the point for now.

The $1M Claim:

Source: freecodecamp.org

An expert has predicted that by the end of the year 2020 bitcoin closing price will be $1 million. An extreme claim, but if we take a look at bitcoin’s growth in the past 2-3 years, this claim is believable. If the bitcoin can hit the $1 million mark, it will take over the world’s economy, making the dollar knight of the past.

Everyone will be paid in CryptoCrypto:

Source: pixabay.com

Some of the freelance workers and developers are already being paid in CryptoCrypto. Many of the world’s big companies have started to pay by using bitcoin and some other cryptocurrencies for the services they acquire from the internet (freelancers).

As no intermediary or bank transfers involved, this benefits both the service providers and service buying company as well in terms of transaction fees, and it removes delays as well. However, these transactions are only possible for the countries that have legalized the cryptocurrencies.

Volatility:

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Many measures are being taken to remove the volatility factor in cryptocurrencies. The regulation of the markets and country are factors behind. Once the cryptocurrency trading reaches the peak, these factors will go away, eventually taking away the only fear concerned with cryptocurrency.

Cryptocurrencies:

Source: pixabay.com

The new cryptocurrencies are going to emerge, as bitcoins, Litecoins, and Ethereum have made a powerful impact and impression on the world. And they are the first products provided by the blockchain. There’s a high chance there will be more innovative cryptocurrencies will be invented in the coming years.

Conclusion

Cryptocurrencies and blockchain are the technology of the future. If you adapt or start learning them now, you can be part of changing the world’s financial curve. They are the alternatives of every technology being used to secure and store data and to open new ventures to support the innovative foresighted entrepreneurs.

Bitcoin And Cryptocurrency : A Comprehensive Introduction

Bitcoin and cryptocurrency technologies have considered being obscure and widely unused even just five years ago and now has become one of the most flourishing technologies in the world. These technologies are being researched throughout the academic field and flourish throughout the world businesses.

Now we will take an intense dive into what bitcoin and cryptocurrency technologies are, what give them value and what cryptocurrency is.

An Early Introduction To Cryptocurrency:

Cryptocurrencies firstly came into existence in 2008 when an anonymous called “Satoshi Nakamoto,” published a research paper called Bitcoin whitepaper.

In this paper, he explained a new type of financial asset that was digitally-based and not held by any institution. Instead, they collectively shared, owned, and possessed by all of the globe dispersed participants of the network.

Uses Of Cryptocurrencies:

Source: pioneeringminds.com

The first cryptocurrency is the Bitcoin, and it is used for two objectives: firm price and facilitating the transfer of value.

Ethereum was firstly introduced by Vitalik Buterin in 2013, in the Ethereum white paper. It  was the first massive cryptocurrency to bring entirely new methods to cryptocurrency technologies and to the market place.

In the present era, there are more than 5,000 cryptocurrencies and many trading platforms like thebitcoinsystem.io, each with its applications, target market, or spin on paths to select Blockchain tech.

What are the factors about cryptocurrencies that offer them value?

  • Pseudo-Anonymity

Source: studystreak.co.uk

Cryptocurrency provides the best facility of taking back control of the financial privacy of people from around the globe by relating only a wallet address to transactions despite KYG- proven identification details like name, address, and date of birth.

Few cryptocurrency technologies like Monero have taken it one step ahead and worked to produce completely anonymous currencies that protect the identities of those contributed in transactions.

  • Low Fee Charges

While using PayPal, Western Union, and Banking system to make money transactions may incur charges depending on the situation and is the second massive draw card for cryptocurrency technologies.

  • Permissionless

There are so many people across the globe that isn’t able to use the mainstream financial process also due to wide range of various factors, and one of the central tenants of crypto, when it produced, was that having no one controlling organizations means that all are easy can use the network if they want.

  • Quickest Transfer Of Money

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International money transfer systems can take more than four days. Few banks don’t transfer money on two days of the weekend, PayPal also sometimes take time to move.

Surprisingly, Bitcoin is one of the laziest cryptocurrency with the transfer rate of 30 minutes.

What Is Bitcoin?

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Bitcoin is known as cryptocurrency, a form of electronic money. It is called decentralized digital currency completely independent from banks and sendable from user to user on the peer to peer bitcoin Blockchain system without the requirements for intermediaries.

Bitcoin was firstly emerged in 2008 just after occupy wall Street accused huge banks of illegal use of borrowers’ money, corrupting the system, duping the clients, and charging boggling fees. Bitcoinpioneers wished to keep the seller in charge, excluding the middleman, to cancel payments of interest, to make the transformation of money transparent, to ban corruption, to produce organic network value, and to deduce fees. They made a decentralized system, where you could store your amount and know what was going to happen without depending on the banking system.

Source: pixabay.com

Bitcoin has appeared far relatively short time. Across the globe organizations, from REEDS Jewelers, a huge jewelers chain in the United States, to a private sector hospital in Warsaw, Poland accepts its currency. Substantial money businesses such as Expedia, Dell, PayPal, and Microsoft do, too. Sites encourage it, publications like bitcoin magazine on air its news and value actions, platforms discuss cryptocurrency and business its coins. It possesses its application programming interface, value index, and exchange rate.

  • A Deep Dive Into Bitcoin

Bitcoin is either virtual currency or reference to the technology. You can perform transactions by checks, cash, or wiring. Furthermore, bitcoin can be used, where you suggest the purchasers to your signature, which is a lengthy line of security codes encrypted with 16 various symbols. The buyers decode the security code with his cell phone to attain your cryptocurrency. On the other hand, cryptocurrency is an ax m exchange of digital information that offers you the purchase of or sell goods and services. The security of transactions gains trust by running on a peer to peer network process similar to Skype, or BitTorrent, a type of file-sharing system. Nakamoto leveraged Blockchain technologies to offer Bitcoin to attain decentralization, full transparency, and immutability.

  • Launching Of Bitcoin

The launch of Bitcoin came into existence, when the resentment and repercussions of the world financial crisis were still fresh. All the people were still unfortunate at the world economic upper class for, at best, letting the disaster happen, and worst, producing it.

The following are a few Bitcoins transactional features:

  1. Irreversible features
  2. Fast and across the globe
  3. Pseudonymous
  4. Safe and secure
  5. Permissionless abilities

What Is The Genesis Block?

Source: pixabay.com

The genesis block is the first collection of transactions of any cryptocurrency that is formally accepted into its Blockchain.

The genesis block date of any cryptocurrency thought of as its birthday, and it is the first moment that crypto is basically in operation, and that the network utilized to do transactions recorded in its Blockchain.

The genesis firstly mined on the 3rd of January 2009 at approximately 16:15 am UTC for bitcoin. This milestone marked the real beginning of the life of Bitcoin. At the time when genesis block for bitcoin mined, the node that won received 50 BTC.

Conclusion:

Bitcoin and cryptocurrency technologies over the last 11 years have disrupted the world’s economic process and financial system by creating a payment system that is ahead of its era. They still have to cover a lot of miles. It is going to happen, very interestingly, to see where we are going to go from here.

Top 5 ICOs to Invest in 2020

ICO is the new buzz word for investors now! ICOs are Initial Coin Offerings and soon they will rise in value when they jump into the trade on currency exchanges! Of course, not all the ICOs in the world are successful. The majority of them are experimental, and the risk pays off in some cases. For instance, EOS had started its trading at $0.9 and look at its marvelous numbers now!

One must be cautious while picking up the ICOs to invest in! In this article, we’ll round up 5 best ICOs which we think may perform well in 2020. Let’s dive in!

1. Neo

source: bitcoinist.com

Neo is nicknamed as China’s Ethereum. The Chinese are innovating a new Blockchain program that may get wider-acceptance and stong proof-of-ownership. Neo project is a blend of decentralized commerce, smart contract applications, digitized identification and assets. Neo was mostly underestimated and mostly ignored by the investors during ICO. Once the big guns like Alibaba and Microsoft have backed the project, the hype for its ICO was skyrocketed.

2. Menapay

source: cryptocoinpravda.com

The Middle East and North Africa countries are represented as MENA region. The main goal of Menapay is to provide a way to secure and faster payments at a lower price. Menapay’s ICO MPAY is up for sale until March 15th, 2019. The initial token price is $0.165. It’s accepting deposits from Litecoin, Ethereum, Bitcoin, Fiat currencies, Bitcoin Cash, etc.

3. Ark

source: blockonomi.com

Ark stands for integration. The goal of Ark is to integrate all other cryptocurrencies in its own Blockchain. It’s that unique idea that has triggered interest in the investors. The ICO price kicked off at $0.01 when it was started in November 2016. Now, it’s priced over $10 and certainly a good investment option in 2019. You can know more about this on Bitcoin Revolution

4. BTT – BitTorrent

source: oracletimes.com

BitTorrent needs no introduction. Over a billion users all over the planet use this incredible file-sharing platform. The main reason for the huge ICO price of BTT is TRON. The billion-dollar company has acquired it at $100 million. Crypto experts believe that BTT is one of the best ICOs to invest in 2020.

5. Membrana

source: medium.com

Membrana is one of the few platforms that helps both the traders and participators to interact in an organized way. It has already made a good name as a trust management platform for cryptocurrencies. Membrana is all geared up to start its trade in 2019. The Membrana’s ICO will start its a trade on April 10th of 2019 and the initial token price is set at US$0.02. The users who invest in this ICO will get MBN tokens. These tokens help the investors to get huge discounts on deployment fees. They can also be used for closing the gap between exchanges and participants.

Wrapping up…

ICOs are awesome, but you need to be super-cautious! They are like high reward vs. high-risk things. You cannot just read a few blogs and forums and jump on the investment train. We recommend you to learn the basics and do your research before throwing in cash into ICOs.

All You Need to Know about Blockchain

The cryptocurrency industry is relatively young and people are still learning about it. Indeed, some people already became millionaires thanks to this field of business. However, the biggest part of the worldwide society is still learning about it. They usually start with reading about different types of digital currencies. There are a huge number of them and they all seem like an attractive thing for investing. However, one of the phrases that you will read many times while researching is “blockchain”. This probably seems like a confusing phrase. Because of that, it would be good to make a detailed analysis of it.

First of All, What Is Blockchain?

Source:leewayhertz.com

Most of the beginners in the crypto world are wondering why a complex technology would get the name “blockchain”. Well, if you look at it from its most basic level, this truly is a chain made of blocks. However, you need to forget about the traditional meaning of these two words. They are more complex than you think.

More precisely, block is a digital information and chain stand for the public database. Well, the digital piece of information is something we will have to analyze more. This sort of information has three different parts that you should know about.

The first thing that blocks store is some pieces of information associated with transactions. This includes things like time, date, amount of money, and most recent purchases. Despite that, it also collects information about the sides that are participating in the transaction. However, you are not exposing here your personal name. Instead, the system is using a unique “digital signature” that only you can use. In other words, this is some sort of username.

Finally, the third type of information might be the most complex to understand. Each block collects and stores information that distinguishes it from any other block. Each block that is developed has a unique code well-known in the crypto world as “hash”. The special algorithm is used to create each cryptographic code.

The example might make things clearer. Let’s say that you purchased an item from a webstore that accepts cryptocurrency-based payments. After you made a transaction for the current item, you realized that you need one more. The details of the new transaction will look almost the same. However, the unique code is something that is going to be different between them. In this way, it is ensured that additional problems are not going to happen.

How Does Blockchain Work?

Source:blog.v-comply.com

Well, this is probably the most difficult thing to understand for beginners. However, we will try to explain it in an easy language. Anyway, when the blocks store the pieces of information that we mentioned, they are all added to the blockchain. As you can conclude, blockchain is made of multiple blocks that come with different pieces of information. When the process ends, four different things can happen after that.

First of all, the transaction must occur. Let’s use the previous example once again. When you make the payment for a current item, the block will group with dozens of other transactions. In other words, your transaction will be packaged with the block of other users.

Despite that, the transaction is going to be verified. Without the necessary verification, your transaction would not be accomplished. However, users do not have to make any further steps. All the tasks are going to be accomplished by the computer network. It will check if the transaction details are the ones that you picked.

After that, the transaction is stored in the block. When everything is verified, the transaction that the user made is ready to go. All the necessary pieces of information are stored and it will be packaged with millions of others.

Finally, your block will get a hash. More precisely, it will get a unique code. With the unique code, the block gets the opportunity to be added to the blockchain.

We truly hope that everything we said is clear enough. You must educate yourself about this subject before making the first step in the crypto world.

Is Blockchain Safe Enough?

Source:businessinsider.com

The online world brings many advantages to the lives of people. Yet, it is also full of scams and people are aware of that. When the money gets involved, the only thing that people require is security. Because of that, many beginners are wondering if blockchain features safeness.

The shortest answer you can give you is “Yes, it does” and you can expect security in several different ways.

First of all, every new block is stored chronologically and linearly. As we previously said, each block is added to the blockchain’s end. Despite that, the unique code is making it even safer. It is almost impossible for a block to go back and alter the contents of the block. Each hash code is based on math functions. Because of that, every digital information becomes a combination of letters and numbers. Even if someone tries to somehow change it, the entire code will automatically change as well.

Connection Between Bitcoin and Blockchain

Source:youtube

Finally, is there a person in this world that hasn’t heard about Bitcoin? People that are not even planning to participate in this industry have heard about the strongest digital currency in the world. Indeed, this cryptocurrency had its ups and downs during a turbulent past. However, it remained strong enough to attract a huge number of investors and miners.

Anyway, we need to mention that the entire Bitcoin protocol is based on this technology. You have probably heard about the mysterious guy Satoshi Nakamoto. Officially, he is the creator of Bitcoin, but no one exactly knows who he is. It might happen that we are talking here about a group of people.

Anyway, he wrote a research paper as an introduction to the new digital currency. He described blockchain as the new electronic cash system that is fully peer-to-peer.

Let’s describe how the entire system of Bitcoin functions. You have millions of people using this digital currency. Imagine that only one person wants to buy new shoes with his coins. The first thing that you need to know that no one is controlling Bitcoin. Fiat money is controlled by governments and banks, but that is not the case with this currency. All the transactions are verified by the computer network. Now you understand why people say that the blockchain and Bitcoin network are decentralized.

Conclusion

Knowledge improvement is the key and that is the main piece of advice you should follow. We hope that things become clearer to you. However, if that is not the case, you might want to check usethebitcoin.com and expand your knowledge more. Go over the entire Internet, read every blog, and when you are ready – make the first investments.