BTC

5 Most Common Misconceptions About Cryptocurrency

We still have people who do not know that cryptocurrencies have been on the market for more than a decade. Not all of them, of course, but BTC has been around for even more. Despite this, most people aren’t familiar with them, and once they develop an interest, many things leave them confused. In the first years, while crypto indeed was a mystery, myths and misconceptions arose, and some of them remained to this day. In this article, we are going to talk about the five most common misconceptions about cryptocurrency. Could you keep reading and see what they are?

Source:medium.com

It’s Anonymous

These days it is popular to get involved with crypto. Such is the trend. But most people see it as some type of mystery, which grants them anonymity while they mine and trade it. This is not the case. It is actually more of confusion that the term pseudonymity creates with new users. It is because of this that people believe that crypto guarantees their anonymity, which makes a great misconception.

Furthermore, not all crypto’s are the same. One of the most famous ones, Bitcoin, provides pseudonymity because the user’s personal data are not disclosed during the transactions. But, this doesn’t mean that your exchange or blockchain doesn’t know who you are or that this data isn’t available to governmental and financial institutions who look over the legitimacy and security of crypto trading.

What people are actually are looking for are other cryptocurrencies such as Monero and Dash. They do offer their customers with a high level of anonymity and the highest possible levels of security and privacy. Even with all of that, once you log onto an exchange and create an e-wallet, you need to leave your personal data.

Cryptocurrencies are Mostly Used for Illegal Activities

Source:cryptotim.es

Yup, you heard it right. Many people link cryptocurrencies to illegal activities that occur on the other end of the web specter. There are those who believe that you can operate with crypto only on the dark web. Just like anything else in this world, there are people who conduct illegal activities with cryptocurrencies. But, they are few and far between to consider crypto as anything remotely illegal. Most activities conducted with crypto occur on the open market and are entirely legal.

This opinion still lives because people understand the numbers, but percentages not so much. During the last year, the dark web activity, which included Bitcoin, amassed to $829 million in transactions. This is a significant number on its own, but it’s just a tiny fraction of entire BTC transactions that happen during one fiscal year (0.5%). What this means that many other FIAT currencies are used on illegal markets much more compared to crypto. If you want to discover what we’re talking about, just look into how much US Dollars or Euro are represented on illegal markets. You’ll be astonished.

Tokens And Coins Are The Same Things

Source:steemit.com

All of the terms regarding cryptocurrencies are new to most people, and it’s no wonder we have as many misconceptions. Tokens and ICO (Initial Coin Offerings) are not the same. Blockchain has both of them, but coins are only there to manifest the value. Tokens, on the other hand, are much more. They do not only hold the simple value but also intangibles such as income, property, utility, and fungibility. In terms of crypto, the property can both refer to real estate transactions, but also to intellectual property. Tokens are much more broader term that also goes hand in hand with terms such as loyalty points and other commodities that crypto holds.

It’s Untaxable Income

Sometimes this statement holds the truth. There are countries in the world that haven’t out tax on crypto. If you are lucky enough to be living in places such as Holland, Denmark, Italy, or Singapore, you don’t have to pay taxes on BTC and similar crypto. But, despite the lack of regulations right now, it’s only a matter of time when things are going to change in these countries. While there are no established tax rules in some countries, it doesn’t mean you can do whatever you want. It all comes down to what you’re allowed and what you shouldn’t be doing regardless of the regulations.

On the opposite side of the countries, we listed above, you have the United States, United Kingdom, and Australia, where cryptocurrencies are seen as capital gains and thus is taxed. So if you live in the land down under, and want to start your crypto life with bitcoinaussiesystem, don’t forget the taxes. In addition to everything said above, we also have Japan that sees cryptocurrencies as miscellaneous income, and Germany that regulates it differently depending on either you sell, buy, or invest crypto.

Bitcoin is the Only Cryptocurrency that Matters

Source:coindesk.com

Yes, it all started with BTC. It is the oldest and the most valuable cryptocurrency, but it’s not the only one. Thanks to this, it became the most popular one, and it often overshadows the other ones available. It also holds the most incredible value, so there’s that. This is precisely why most people believe that they shouldn’t look further from it. While you won’t do anything wrong, if you focus only on Bitcoin, you could miss on the opportunities other crypto’s offer.

You should also know that due to the limit of available BTC and the fact it has been on the market for so long, it gets harder to mine it. We are not exaggerate anything, but while BTC lives of its old glory, many modern cryptocurrencies have upped their game and today have much more to offer compared to BTC. We should also mention the small matter of price, where BTC is reasonably expensive and provides lower margins of gain for trades in recent times. By now, you must be understanding that other cryptocurrencies such as Litecoin or Ethereum can rival BTC. Maybe not today, but soon. You are probably googling them as we speak.

Is Ethereum Becoming More Important Than Bitcoin – 2020 Guide

It can be said that cryptocurrencies are a perfect example of the statement, what goes up must come down. This is something that repeated a plethora of times since the introduction of Bitcoin back in 2009. In fact, the father of all cryptos is a perfect example of this statement in particular since its worth has come up and down so many times that we can’t even count them all. It came from its initial price of $1 in the beginning to almost $20k in 2018.

Source:personal-financial.com

However, this doesn’t mean that it was all the time. Sometimes, it could happen that its price dropped massively in only one day. This is an example that was followed by all other cryptos. But we can see that some of them are more stable than others. Basically, it all depends on the investments and there is nothing that can change this situation.

One of these cryptos many consider to be much more stable than BTC is Ethereum. This is a crypto that emerged a couple of years after BTC, and it positioned itself as one of the most stable ones of them all. It’s so stable that many online casinos have introduced it right alongside BTC, even though it doesn’t have too many users when compared to other cryptos.

Plus, many people don’t have all the answers to what kind of crypto is this and what are its particularities. If you are interested in finding these answers, be sure to check out crypto-profit.io. We are pretty sure that this is a pretty hot topic since so many people are interested in investing in all the digital currencies. So, let us take a look at the case of Ethereum and its relationship with Bitcoin and others.

The Ethereum Basics

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The initial idea behind the creation of Ethereum was to expand on BTC’s capabilities and opportunities. The concept is pretty much the same, but we can see that it introduced some of the additional features into it. Vitalik Buterin is a person credited with the creation of Ethereum. The initial idea was created in 2013, and the first version of this digital currency was introduced to the market two years later, in 2015.

As it is the case with BTC, ETH had the idea of completely avoiding all the financial institutions and banks. Therefore, we can complete the same backstory behind it. ETH has two main purposes in this day and age, it can be traded as all other cryptos on the market, or its network can be used to run different apps on it. This makes it a perfect option for many people who are interested in both of these purposes.

What are the Differences Between These Two?

As we’ve already stated, the concepts of these two are pretty much the same. However, it should be said that the main differences are in technical ways. For example, the transaction made by the Ethereum could have some kind of executable code. Anyone, who had a little bit of experience with BTC knows that there is no such thing with this crypto. Also, ETH has some kind of block time, which heavily depends on the transaction. Also, some algorithms are completely different with this crypto.

Also, the initial idea behind these two digital currencies was completely different. For instance, BTC was made with the idea of completely replacing all of the national and regional currencies. Ethereum’s original purpose was to facilitate programmatic contracts and other types of applications through their own currency. So, we are talking about two cryptocurrencies. But their initial idea was completely different from the start.

The Competitiveness

It should be said that ETH was made for the purpose to support BTC and other cryptos through the blockchain system. So, it makes sense to ask a question, why is competing with it? Well, it should be said that its popularity grew so much that it became obvious that it has so much potential, it would be a complete waste of it not to use it. This became a pretty important question, especially from the perspective of traders and owners of digital currencies. But we can see that they don’t have the same capacities. At the beginning of 2020, BTC’s market cap was almost $150 billion, and ETH’s market cap was much smaller, with only $16 billion.

Is Ethereum a Good Choice for Investment?

Source:nairametrics.com

From this perspective, it is pretty hard to say which one of these two is a better investment. The reason is that both of them have completely different purposes. It depends on what you are looking for in the first place. Also, you can be sure that you need to invest much more into BTC in order to expect proper results. Investing in ETH is a really good and much cheaper option. But we cannot say if this is going to be enough for you to have a proper ROI after some time. With having in mind that BTC is still the dominant force in this market, it’s pretty hard to say.

Both of these choices have their pros and cons. One of the things that will help you determine which one of these two you should choose is to see which one of these two you would like to have in your portfolio. Which one of these two will be considered more impressive after some time? Some people would argue that small miners and investors don’t have a future in BTC since a plethora of large companies has started mining and trading. We cannot be certain what the future will hold for both of these. We will just have to wait and see.

The Verdict

It would be pretty bold to say which one of these two is a better option. Both of these two concepts have their own advantages and disadvantages. As we’ve mentioned before, you need to make this decision based solely on your preferences and needs. Thankfully, there are a lot of materials you can go through and learn many things about these concepts. So, start researching and make your decision based upon that.

How Long Does It Take to Transfer Bitcoins Between Wallets – 2020 Guide

Trading Bitcoins can create nervousness and anxiety, but eventually, it leads to a happy outcome. It sometimes happens that it takes hours to receive BTC, and you got that feeling that something got stuck somewhere. Sometimes it takes only minutes, but either way, it begs the question – why are things like this? Most people who were in this situation ask the same question. This is why we have dedicated this article to this subject. Here you have the 2020 guide on how long does it take to transfer Bitcoins between wallets. Read carefully, and afterward, you’ll have a clearer image of the relation between BTC and wallets, and why it takes time to transfer funds. Many people dind’t understand this at first, but after going through this article with us, they learned a thing or two.

What is a Bitcoin Transaction?

Source:masterdc.com

As you already know, BTC is a digital currency – the oldest one, invented by Satoshi Nakamoto, back in 2009. This means it has no physical presence. So far, no person has held a Bitcoin in their hands, nor is there any collateral for its value. The only thing standing behind BTC is blockchain. In Bitcoins blockchain, you’ll find the entire history of all transactions and signatures since its inception. BTC is verified on this public ledger.

Once you get into possession of a Bitcoin, it would hold its entire history together with two keys – public and private. Bitcoin can be transacted by your private key that contains this purpose, while the public one is meant for others with whom you want to share your BTC. The public one holds all the info regarding the transaction, while the private one serves for verification and authorization.

Once you are prepared to make a transaction, you’ll receive a message that has three sections:

* Input – This is the code that contains the entire BTC history that comes with the public key. Thanks to this, you’ll know the origin of that coin.

* Amount – This section shows you the number of BTC contained in the transaction.

* Output – The address of the transaction is also tied to the public key, and it can be found in the output.

How Long Does It Take To Transfer BTC To A Wallet?

Source:bitcoinmarketjournal.com

Even the most uncomplicated BTC transaction can last an hour.  Yes, you heard it well, but things can get even worse. There are recorded cases when this lasted for twenty hours, and sometimes even for two days. Yes, this can happen, and we are not exaggerating. This can happen because there are many factors that influence the transactions of BTC. But, the two most important ones are the Bitcoins network and getting loaded onto it, and transaction fee, which is a standard for every BTC transaction.

Loading onto the network isn’t a quick process. It is influenced by the number of other transactions that happen on the BTC blockchain during the day. If there’s a high number of transactions, it will take more time to process them all. It all has to do with the limitations surrounding Bitcoin. The number of miners is limited, in addition to a limited number of transactions that can be tied to a 1MB block size of BTC.

Moving on, and we have that same 1MB block, which would prioritize the transactions based on the fee. The larger the payment, the faster the transaction. Furthermore, the miners also put their priority on the trade that carries the more oversized cost. So, in theory, your transaction could last for days if it has a small fee tied to it. In most instances, this is the sole reason why your Bitcoin transaction takes so much time.

The Actual Transaction Time of Bitcoin

Source:news.bitcoin.com

So, as you can see, the two things above block the speed of transactions regarding BTC. The actual time it takes to transfer BTC is close to ten minutes. This the same amount of time the miners need to mine one block of BTC. This time span is tied for your transaction when it is a part of the same block. But, if it is not part of that particular block, then you’ll find it in the BTC mempool. So, if your transaction is in the same block, the first confirmation of its successfulness will happen within the first ten minutes. In the next hour, you can expect the following five confirmation. When you receive the sixth confirmation, you can consider your transaction safe.

To avoid any panic when you transfer your BTC, it takes sixty minutes to get it over with. But, this is only the case when it is part of the first block. If it is not, it could take longer, so there’s no reason to worry too much. Before BTC became a global phenomenon, people waited for a full week for the transfer. There are many factors included, and you’ll need to arm yourself with patience. If your fee is good enough, and your transaction is tied to the first block, it can happen in less than sixty minutes, and this should make you happy.

When you take into account all transactions on the global level, the time they take is, on average, approximately twenty minutes. One way to shorten the time needed is to use the segwit enabled wallets. There are also many other solutions on the way, as people who deal with BTC consider this time for transactions as unacceptable.

Conclusion

Source:financemagnates.com

As you can see, trading Bitcoin is exciting and can bring you money, but what it lacks is the speed. From everything we have added above, you can tell that in a case you have many valuable BTC, everything would go smoothly. But in the case you do not have a vast fortune of this can you might have to wait for transactions to occur. All things written above are important to know if you are about to start trading BTC with https://bitcoin-up.live/ or any other similar outlet.

3 Reasons Why Bitcoin Price Could Crash in 2020

Three weeks ago, Bitcoin climbed to over $12,000 only to crash in a matter of minutes for $1,500. Investors got chills from such a huge plunge in a short time, and many are now questioning whether or not Bitcoin is able to maintain its value, or if the crash is inevitable. While the coin was taking a dive, 72,000 people decided to quickly sell their Bitcoins which brought down market capitalization from $214 billion to $208 billion. This may not seem like a big deal to ordinary folks who have no investments in digital currency, but in the currency exchange market circles, this is all investors talk about. Bitcoin seems to be justifying the suspicions that followed it from the first day, and now many are in doubt whether to keep the coins or cut their losses and run.

Source:forbes.com

Safer alternatives

This is a second hit for Bitcoin since the beginning of the pandemic back in March when it crashed to a value of a little over $4,000 for 1BTC. The currency is still standing and despite everything, is looking good with the little change for the past couple of weeks, but the traders are not so convinced. Many are questioning their decision to buy coins instead of gold which gained over 15% in value in the past few months.

Speculators are already rumoring that Bitcoin should be converted into more stable assets, with gold topping their choices. However, there have been some good predictions about Bitcoin circulating, like PayPal offering payments to its users in BTC, and Bloomberg suggesting that the coin could hit a $14,000 mark by the end of the year. Still, others seem to be scared of to further invest in an unstable currency and are looking for other sources and potential stakes.

In the last couple of years, investors have been at odds whether to keep Bitcoin or sell and invest in something else, namely gold. The price of gold spiked recently, mostly due to the banks stocking up on the assets, and being cautious since Federal Reserve started printing a lot of money to minimize the pandemic crisis. Will the gold manage to keep the trend of rising or is it just a temporary thing, only time will tell. In the meantime, speculators are buzzing about the weakened American dollar pointing out that it’s the best time to make gold reserves.

Source:express.co.uk

Domino effect

Major banks are suggesting that the market is about to crash which can pull down cryptocurrencies among other markets. One of the main reasons why Bitcoin is maintaining stability and value to some degree is the demand from Chinese investors through Tether. Tether is a US dollar-backed coin that was highly controversial since the creators claimed that every coin is backed by $1. In 2019 this all blew up and the Tether developers admitted that the coin actually was backed up by US dollar and loans. This “loan” part made it unstable and undesirable among investors. So, back to the Bitcoin. Currently, its value is closely dependent on the demand, if any, from the Chinese traders. If they decide at any point to move their investments into hedge funds, Bitcoin might lose the legs it’s standing on, and go down with the rest of the companies on the market.

Billionaires and some millionaires on the Wall St are wary of further investments until the markets are stable again. Many companies are struggling to remain liquid while the pandemic is still in effect. Big players on the New York stock exchange were not favoring Bitcoin even before the coronavirus crisis started saying that the currency that is backed by thin air is doomed. Today, investors are backing out of deals that they otherwise would not, and investing in cryptocurrencies right now is not even an issue. Truth be told, major investors are not thinking about investing in anything right now, but rather are just looking for ways to strengthen their hedge.

International Monetary Fund issued a statement saying that no one can predict with a decent amount of certainty how exactly pandemic is going to influence the markets. Uncertainty is not a friend to the investors and traders, and they tend to stay away from spending on fluctuating investments like Bitcoin. Pandemic completely disrupted trading, and no one can predict how it’s going to behave in the months to come. Because of this high net worth investors are laying low, trying to save their investments, and not making new ones. This could bring a market to a standstill and eventually crashing. When Federal Reserve started injecting more money into the economy to cover for all stimulus checks to boost consumerism and revive job markets, it sent the signal to banks and investment funds that the markets are in dire straits. This made investors put the hold on all investments and hold on to see new developments.

Influence of the stock markets

Source:investopedia.com

In the past year, every time Bitcoin came close to breaking an all-time high of $10,500 it suddenly dropped for a few thousand. This is a vicious cycle that keeps repeating itself. Even though Bitcoin is not backed by any asset, and is not controlled by any government, the stock markets do impact its value. Bitcoin is all about being not influenced by the movements of the traditional markets, but somehow it gets dragged under every time stock exchanges go under. So, we can determine that Bitcoin is not tied up to anything, but it is affected by the value swings of the stocks.

Will Bitcoin crash along with stock exchange? No one knows for sure. If you decide to invest in the current environment you should be more careful than usual. Stock exchanges around the world are struggling to keep moving, but the reality is that the major economies are on their knees. Maybe Bitcoin will survive one more crisis as it did before in the past, although many predict that it will be pulled down along with other stocks. In any case, do your research and get more information at https://infinitytrader.app/ before you make any moves that can cost you dearly.

Savings in Bitcoin Cash or Real Cash? What’s Better?

Bitcoin has been around for more than a decade, and more and more people are starting to believe that it can rival FIAT currencies. The way it survived this long is a testimony to this belief. Cryptocurrencies are taking over the world, and no one can deny this anymore. BTC became so popular that it initiated the creation of Bitcoin cash. This crypto was created three years ago, and its advantage is that it can increase the size of a block, and thus to allow more transactions. In a short span of time that it’s been present on the financial market, it gained popularity. Because of this, people are starting to wonder can they begin saving money in BTC cash. Of course, there’s the more philosophical question of savings in Bitcoin cash or real cash? What’s better?

There’s no easy answer to this question, so we’re going to give you the advantages of both ways, and you can choose for yourself. This is not a decision you should make in a rush, and because of this, it would be smart for you first to read this article. We are not aiming to give and definite answer as we believe it’s not possible to do it at this time.

Advantages of Saving Cash

Source:myonlineinsur.com

Real money has been present since the inception of the known world, and for many people is the only currency available. It’s no wonder people will decide to have their savings in cash. There are advantages to this way, and below you’ll have them listed. After reading them, you’ll understand while people will put their faith in what they can grasp with their hands.

Liquidity

Source:youtube

If you have a saving account, then you know that this way, your money is like a liquid investment. You can have access to it at any moment. If this is what you seek, then it’s better to have it in a bank than to invest in the stock market or crypto. It’s a low-risk low gain situation, but most people love it that way.

Convenience

This is by far the easiest way to save your money. You can arrange to have the funds transferred every month from your other accounts to the one where you save or withdraw the money on a whim. You can work with your money and know where it is at all times. Subsequently, you’ll also avoid having overdraft fees. It can’t get more convenient than this.

Safety of money

Source:betstories.com

While in a bank, your money can’t be touched. There’s no risk that you’ll lose any, as it’s not being invested. Yes, you’ll miss on the profits, the stock market could bring you, but there’s no risk involved. In the end, this is what you want if you decide to save in cash—no risk, for a calmer sleep.

Insurance

Most people want their money insured. This is natural, as there’s no point in saving if your payment is not secured. Luckily, if you put your money in the bank, it will be insured by FDIC or the NCUA. This type of security is what people are looking for in cash savings.

Short Term Savings

If you are looking to have money stashed away, but at your disposal for a quick spend, this is the way to go. Having money in the bank means that it’s there for you at all times. If you need a buck or two to spend on a vacation or some expensive item, a short time saving can be your thing.

Saving With Bitcoin Cash

Source:currency.com

By now, you know a thing or two about BTC, and you can learn more by going to immediate-edge.co. But, have you thought about saving in Bitcoin cash? This could be a thing that works for you if you’re willing to take the risk. Bitcoin is not tied to any amount of gold or coins, so it will probably retain its value. The fact it’s decentralized thanks to the blockchain means that it’s not controlled by any institution, which is its main characteristic and the one that attracts new investors, buyers, and traders.

So, is saving in Bitcoin cash a good idea? Well, BTC is sometimes unpredictable. It can hold its value for prolonged periods, only to spike. Same as it goes up, it comes back, but in the process of this, you can earn a lot. This is what makes it attractive for people to save in BTC. This crypto slowly is becoming trustworthy just like any other currency in the world.

To have savings in Bitcoin cash, you’ll need to have a wallet. Many platforms offer this service, and you can be a bank for yourself. This way, you can save your cryptocurrency as it was regular money in the bank. If you are lucky, your savings could grow with time, but at the same time, they could diminish in value due to Bitcoin’s volatile nature. For example, if you have put your savings into an electronic wallet one year ago, you would have more money today. With standard cash and a conventional bank, this would not be the case.

This the one thing you need to keep in mind. If you are looking to invest in Bitcoin cash and have savings, you risk a lot. This crypto is still rather new, and you’ll keep your savings only if the price doesn’t go down. And the only way to earn this way is if the price spikes as it happened with Bitcoin a couple of years ago.

Conclusion

As you can see, Bitcoin cash is rather new, so we’re not able to give it a high recommendation in terms of saving. While it has massive upside, we would stick with regular cash for the time being. There’s not too much to gain, but there’s little to nothing to lose either. In the case of Bitcoin Cash, you wouldn’t be saving any money but instead investing it as it’s the case with most another crypto. When you do this, it’s all up to the market with little being in your hands.

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.

Will Coronavirus Change the Cryptocurrency World

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The world is currently facing a mutual opponent. People around the world are isolated because of the coronavirus. Many people have died in the last 4 months, many of them are affected, but many of them are also cured. We need to mention the last thing because it is necessary to fulfill our days with a dose of positivity.

Anyway, the entire world is wondering for how long the entire crisis will last. However, we believe that even the biggest experts in this field can’t give you that answer. It is hard to predict how things are going to function in the world.

Source:aljazeera.com

Still, one of the things that we can say for sure is that the economy is going to change in the future. Many companies are shot down because of the crisis. They did not have the opportunity to make a profit because the streets are empty. This has especially affected small and medium-sized businesses. Still, it also influences big companies.

One of the things that bother people is – will coronavirus change the cryptocurrency world? Well, the answer to this question we need to analyze. However, the precise answer does not exist. We can only work with the pieces of data that we currently have.

Are There Signs of Changes?

The shortest answer that we can give you is “Yes, the signs are already visible.” They are visible in every field of economy and the cryptocurrency industry has not been skipped.

The influence that the pandemic has on cryptocurrency is bad. You can easily see that when you look at the price of different cryptocurrencies. For instance, the most popular crypto Bitcoin has suffered a huge fall. The middle of March was the biggest problem of all. In only one week, the value of BTC failed or 5 thousand dollars. This is a huge amount of money, doesn’t it? The current value of Bitcoin is around 6.9 thousand dollars. In the last 25h, the value of Bitcoins went down for 5.73%. Even if you are the biggest fan of cryptocurrency, you need to be honest and say that things are not good for this industry.

Source:coinspeaker.com

However, we need to stop being negative for a moment. Did someone in the world expect that something like this is going to happen? The value of Bitcoin and other popular currencies had a slow but perspective raise of value in the last couple of months. This only means that people were satisfied with this payment method.

Yet, no one expected something like this will happen. This includes everyone from doctors to economy experts. Because of that, people started to be paranoid. They started to sell their Bitcoin for a lesser price. Despite that, many businesses that were working with BTC stopped working. The transactions do not exist and that is the reason why we have this sort of situation.

However, this doesn’t mean that this is going to continue in the future. Keep in mind that the crisis is not going to last forever. Look at China and you will see a good example of that. The crisis there lasted for around 4 months. Fortunately, things are better now and that is going to happen soon with the entire world.

At that moment, the economies are going to continue to function in the same way before. Indeed, we do not want to say that people will easily get back to normal. However, when there are good conditions, the achievement of these goals is going to be closer. That is the reason why people in this industry think that BTC and other virtual currencies are going to survive and continue in the same manner as before the crisis. You can also here some optimistic opinions of people. They believe that, if BTC survives the crisis (it obviously will), it will become stronger than ever before. People will start looking for additional ways to earn money, and the cryptocurrency world is going to one of the places where they will make investments.

However, is this the right moment to invest in BTC? It might be, but we suggest people be more patient. The crisis in America has just begun and it will probably last longer comparing to Europe. Keep in mind that most of the investors are from the US. This can potentially mean that the value of the cryptocurrencies is going to fall more. That’s why we suggest you wait for a couple of weeks more and see how things are going to move.

Still, recognizing a good opportunity is a tough challenge. That’s why we recommend you network with other investors and learn more about this industry. Education pays off always. You can visit BitcoinsLifeStyle and find out more about Bitcoin.

Will Crypto Conferences Be Organized Once Again?

Source:medium.com

We also do not have a precise answer to this question. However, we do know that all these conferences had a positive influence on Bitcoin and other cryptocurrencies. They were a good tool to promote them and people started to invest their money because of them. Still, because of the travel restrictions, the Coronavirus messed up the plans of the investors.

For instance, have you heard about the Token2049 conference? This one was planned to be organized in the middle of March. It was planned to be organized in Hong Kong. However, the pandemic started there in December and it had to be canceled because of that.

A good example of how Coronavirus affected Crypto Conferences is Hong Kong Blockchain Week as well. This event was also planned for March. Still, for now, they plan to organize this educational festival for September. Is that going to be acceptable for potential visitors is something we will see soon.

Conclusion: Don’t Rush!

Before we say goodbye to our readers, we need to say one valuable advice. The crisis is a period when people make some wrong moves. They start to be afraid and they are looking for ways to earn more money. It is understandable why we have this scenario. A lot of people bankrupt, others lost their jobs, etc.

However, if you possess BTC currently, we do not recommend you sell it. If you are patient enough, this might be a long-term solution for your financial problems. It is important to follow the changes in the cryptocurrency world and see what is going to happen.

Don’t rush!