Is Bitcoin the Future of Money?

 

 

Bitcoin is the first decentralized currency. There were many supporters and detractors of this new innovation. So, why Bitcoin is better than money and why is it the future of money? In this article, we will make an attempt to explain it.

Speed

Bitcoin allows you to make 8 transactions per second. The transactions done by third parties like banks can make thousands of transactions per second when done locally in same currency, but in case of international transactions, Bitcoin wins.

Cost

The cost of transferring Bitcoin depends on its value which is roughly $ 0.40 US at current value. Where ever in the world you may be, it’s pretty cheap as it’s the same all around the world. Hence, you do not need to abide by any nation specific laws and everywhere the costs are exact the same.

Portable

Bitcoin is portable as you can carry it with you in a smartphone or a laptop or a thumb drive and even on a single piece of paper. You can store any amount of Bitcoin in these methods and move around in whichever way you want. You can also email it or send it through social media. You can also send Bitcoin across borders without having anyone’s special permit or approval and can transfer Bitcoin internationally without any hesitation.

Divisibility

There will be only 21 million Bitcoin in its entire existence. So, it is not mathematically possible to divide it among 7 Billion people. But there is always a way as Bitcoin is a digital currency that can be broken up into smaller bite-sized pieces which are called Satoshis.

So, these are a few essential points that makes Bitcoin and other cryptocurrencies like ethereum, litecoin etc. better than money. Cryptocurrencies are being driven by fast, global and secure transactions. Cryptocurrencies use cryptography system to control additional creations and to secure the transactions. Only the owner with private key or code can transfer the cryptocurrencies in the cryptography system, which makes it much safer, secure and authentic. From the above mentioned points we can easily say that cryptocurrencies are definitely going to be the future of money

A Short Guide to Crypto Details

 

There has been a lot of noise about cryptocurrencies like Bitcoin in the news lately. So, there are few important things you should know and understand regarding crypto currencies before investing in this new digital asset.

Cryptocurrencies are a form of digital currency. Cryptocurrencies are not under any control of centralized authority or formal institution. A peer-to-peer decentralized network called the blockchain supports crypto currencies. There are so many plus sides of investing in crypto currencies which can benefit you in a huge way. On the contrary, there are many downsides also which may cause you great loss. So, it is better to know about all the pros and cons before investing in cryptocurrencies. There are various types of cryptocurrency each having their individual exchanges and databases. The blockchain network keeps track of each and every cryptocurrencies that are being used in trading. These are a few important points that you should keep in mind while thinking of investing in cryptocurrencies.

Is crypto currency legal?

Yes, it is legal. You can exchange cash for bitcoins given as a paper receipt. You can purchase legal goods and services as there are many places and enterprises that accept cryptocurrencies like bitcoins.

Pros and cons

There are both pros and cons of investing in cryptocurrencies. The plus side is the massive return on investment and the downside is with issues of devastating hacks and certain countries having an all-out ban like that of South Korea.

Paying taxes

So, if you are wondering whether you have to pay taxes with cryptocurrencies or not, then, the answer is again yes. You have to pay taxes and it might be a little complicated compare to the ones you pay for property, stock, bond or real estate.

Purchasing cryptocurrencies

Surprisingly, it is really easy to purchase a cryptocurrency like Bitcoin. There are a lot of apps and platforms which will take you through the process and supply you with all the data and help you determine which cryptocurrency you should purchase for the best returns.

Decentralized control

Cryptocurrency is an encrypted, decentralized digital currency as opposed to centralized digital currency and central banking systems. This implies that the entire database of cryptocurrencies are not controlled by any central banks or other governmental authorities.

What is Bibox?

 

Bibox is a digital asset exchange which was founded a group of blockchain giants consisting of venture capitalists, entrepreneurs, Bitcoin enthusiasts, and AI experts.

It is similar to the functioning of centralized exchanges and the use of AI is not yet clear in the platform. Bibox is mainly used in the Asian market and has adopted many features of the Binance.

It is ranked among the main 25 exchanges on the coinmarketcap and the exchange handles crypto trades worth USD 50milion every day on an average. The native token of Bibox is symbolized by BIX and is similar to that of Binance.

Purpose of Bibox

Bibox is encrypted and AI-enhanced digital exchange where one has the option of peer-to-peer trading. It is paired with DAI, USDT, BTC and ETH. Bibox was created to give an accurate analysis of the trading and to provide a quantitative computation of the trading market cycles. It is similar to the functioning of centralized exchanges and the use of AI is not yet clear in the platform.

Technology of Bibox

The Bibox team have very renowned experts from Houbi and Okcoin and are adopters of the blockchain technology.

It has the ability to handle more than 10million users at a time due to its modern distributed cluster system. This system also helps in making Bibox error tolerant.

This advanced distribution system of Bibox can execute a large amount of traders per second which reduces the execution time and makes it faster than other exchanges.

Working of Bibox

Bibox uses the ERC20 standard and is based on the Ethereum blockchain. If an investor holds a BIX token, he is bound t get 20% profit of the total Bibox exchanges profit. Also, the investors of Bibox get discounts on the trading fees on the exchange which is starts from a flat 50% reduction for the first year and goes down to 6.25% concession in the 4th year of using the platform.

Bibox is one of the new crypto’s and have seen high volumes throughout. BIX is expanding day by day and listing new tokens. BIX has a promising future as the team is well qualified and well versed in cryptocurrency.

Trading Tips for Bitcoins and Altcoins

 

One should be very cautious while trading in the crypto market as losing your hard-earned Bitcoins can be very upsetting. Here are some of the tips you should keep in mind while trading in Bitcoins and Altcoins.

  1. Risk Management

The first tip of the trade is to make small profits rather than looking for the peak of the crypto movement. Your small profits will accumulate into big profits eventally.

It is important to manage the risk in your portfolio. You should invest some small percentage of your portfolio into the non-liquid and liquid market. In the case of high-liquid currencies, you should assign a higher degree of tolerance.

  1. Clear Strategy for entering a trade

You should be very clear about the reason for entering a trade and have a precise strategy towards its trading. The altcoin and Bitcoin market has large whales which drive the market and wait for small traders to make mistakes. So, when small traders like you make a mistake, the large fishes earn profits.

Thus, it is very important to have a strategy and sometimes it is important to study and do nothing, rather than trade and lose money. Thus, there are some days where you earn just by not trading at all.

  1. FOMO (Fear of Missing Out)

It is important to stay cautious and not go with the trend of FOMO. Since large whales in the market are waiting for the small traders to sell their coins so that they can buy the same which they have brought in cheaper rates.

  1. Knowing when to Stop

In trading cryptocurrencies, it is very important to know when to stop rather than when to start.  One should always set a target and trade with stop-loss for cutting loses.

In the traditional stock exchange, the value varies to maximum10-12 % in daily trading while in crypto trades, sometimes the values goes down by 80-85% within a few hours which can be very disheartening and a lot more riskier. So, one should not let their ego or greed take control, instead one should know when to stop trading and when to exit the trade.

What does Cold Storage in Cryptocurrency refer to?

 

Cold storage is a storage facility used when we need to preserve something for a long period of time. In the same way, cold storage is used in the crypto ecosystem to keep the keep your cryptocurrencies safe.

Why is Cold Storage necessary?

It is important for you to know that if a user owns the private keys of their crypto coins, then only they own the coins otherwise not. If a user is holding their cryptocurrencies on exchanges and hosted wallets, then they can lose their coins in a second.

This can happen as the exchanges and the hosted wallets hold the private key to the user coins and if something goes wrong with the servers or if they are shut down, the user can lose their crypto coins forever.

To safeguard you any of these risks, the concept of cold storage comes into play. The cold storage or the Cold wallet means storing the private keys of your coin in an offline ecosystem, away from the internet.

The online system can be hacked or can shut down at any moment which makes your hard earned cryptocurrencies vanish in an instant. To avoid any of these situations, cold wallets hold the keys of your coins in an offline manner so that they are not vulnerable to the volatility of the online environment.

Cold storage Wallets

  1. Desktop Wallets

Desktop wallets are a common type of cold storage and these are clients which only exist on your personal computer. The private keys of your coins are encrypted and stored on your desktop which is offline. Only, during the transactions of funds, you go online.

  1. Paper Wallets

A paper wallet is the commonly used and the cheapest form of cold wallets in the market. The private keys of your coins are generated offline where you don’t have to worry about their security.

  1. Hardware Wallets

Hardware wallets are the safest mode of cold wallets and they are electronic devices like Trezor, Ledger Nemo 5 or KeepKey which stores the private keys in an offline system. If the device gets damaged, then funds can also be recovered by using a backup seed key.

What is Factom Cryptocurrency?

 

Factom is a cryptocurrency which works on data integrity and promotes honesty and transparency in the world. It is data layer protocol which is built on top of the Bitcoin and is open-source. Thus, people can make applications on the Bitcoins blockchain with the help of Factom.

Bitcoin blockchain is considered one of the safest and immutable platforms for financial transactions and Factom uses these advantages of Bitcoin for evolving into a better platform.

The man motive of Factom is to maintain transparency so if something is recorded on the Factom platform stays forever without any changes in it. It becomes irreversible and cannot be changed. This makes it a trusted database against which any copy can be verified again and again without any chances of error.

Factom helps in providing scalable blockchain technology for handing and sorting complex data. Its top clients include the Melinda Gates Foundation and the U.S. Department of Homeland security. It not only handles, preserves and ensures the digital assets but also validates them.

 

FCT (Factoids)

Factom platform is governed by FCT (factoids) and are traded in the cryptocurrency market like all other cryptocurrencies. FCT link the Factom to the Bitcoin blockchain by securing data.

Future of Factom

Factom platform is an easy way of using the advantages of the Bitcoin blockchain without buying the Bitcoin cryptocurrency. Factom opens up the Bitcoin platform for a wide range of services and used in the real world.

Factom can be used for medical records, legal applications, security systems, voting systems, Journaling applications, statistical compilations and every other application which needs data integrity.

Some of the popular uses of Factom already in use are:

  1. Iris: the Factom Iris is a tool which is used for tracking the identity of IoT things.
  2. Harmony: Factom Harmony solves the problem related to the mortgage industry in the entire world by keeping a clean record of all the properties.
  3. Apollo: Factom Apollo is a tool developed for providing an all-time solution for auditing services.
  4. 4. dLoc SMARTRAC: Factom dLoc SMARTRAC is a verification and authentication tool.

The Impact of Cryptocurrency of the Freelance Economy

 

The gig economy and the world of freelance working is something that almost always appeals to independent, self-motivated individuals. Perhaps they sense a dream opportunity to make untold amounts of money, or maybe to restore some work life balance to their own life circumstances. Whatever their motivation, it is very clear that the blockchain and its emergence has and can continue to act as a catalyst for the freelance economy.

Introducing Trust and Value

As a freelancer, when you become engaged in working for a client, there are a number of ways to do so. Most of these in the traditional market evolve around working remotely through platforms such as Upwork. These are a great point, the problem which often occurs though is a lack of trust and confidence between freelancer and employer. This concern is two-fold and impacts both parties in a negative way. What the blockchain allows through the complete transparency it provides, is to instill a sense of complete trust that everybody will work together to do their best.

Often, on these platforms such as gigtricks and other projects who have upcoming ICOs, the projects are operated under a peer-review system. This gives all parties involved a sense of surety as to the quality they are receiving.

Opening More Doors

Naturally, as a freelancer, more opportunity is always welcome. How this opportunity comes about is often irrelevant and therefore, in this sense, the emergency of the blockchain for backing projects within the freelance economy and individual cryptocurrencies functioning as a valuable payment method, have been highly beneficial to the continued success within the freelance sector.

Final Thoughts

As new projects and platforms continue to come online in the weeks, months, and years ahead, it can safely be noted that the impact of crypto and the blockchain will be felt within the freelancer economy for many years to come.

Using Blockchain Technology to Grow Your Business

 

It has been simply impossible to ignore the popularity of cryptocurrency and the growth in adoption of blockchain technology in the last 12-18 month especially. As a business owner, you may be curious as to how adopting blockchain technology could help your business and moreover, how you could go about incorporating the blockchain into your business. The barriers to entry are not as high as you may have imagined. Here we will look at the three most popular ways to bring your business on to the blockchain.

Run an ICO

Rinning an ICO (Initial Coin Offering) has never been more popular. Already this year has seen over 500 ICOs launched which have generated over $11 billion for the companies involved. This is your ticket to getting your company on the blockchain but it isn’t all sunshine and rainbows. Many ICOs actually fail to reach their targets for a number of reasons. Also, it is not cheap. The costs of running an ICO are rising in tandem with the popularity and can end up in the hundreds of thousands of dollars range.

Start Your Own Blockchain

Why be a participant in the game when you can run your own. There are hundreds if not thousands of blockchains out there, hosting applications and providing frameworks for meaningful accomplishments, each one claiming to be better than the next. Starting your own blockchain is relatively easy as this guide shows. Marketing it to achieve enough attention, respect, and a user base however may not be so.

Coordinate with an Existing Platform

There are a variety of platforms out there which will take care of all of the difficult work involved in launching a blockchain based project so you don’t have to. This includes creation of smart contracts, issuance of tokens, and marketing. Some of these platforms are even free (commission based) such as BrightCoin which is worth checking out.

Conclusion

Launching or becoming involved with a blockchain based project is not as difficult as you may first think. It can be financially costly and time consuming with the possibility of failure, but then again, so can any business venture.

The Role of Ratings Agencies in Launching an ICO

 

Debate has been stirred lately about the role of ICO rating sites on the success of projects. More specifically, the debate surrounds how transparent these sites are when it comes to providing true and honest reviews. To counter existing rumors, major sites such as ICOBench have recently implemented more rigorous review processes when it comes to appointing platform reviewers.

That raises the question of just what kind of role the ratings sites play in the success of an ICO. Just how important are they?

Respected Community Exposure

Whether you agree with their concept or not, we cannot ignore the fact that most potential ICO investors check out the projects on a ratings site first. This means that a project will gain valid and valuable exposure to the market which it is try to attract. This can only be a positive.

Making the Correct Choice

There are many ratings sites available to choose from when launching your project. The major player in the industry is as we mentioned above, ICOBench. Therefore if you want the most exposure, that can be a god place to start. There are many other popular alternatives though. These will vary in terms of how they write reviews and how objective they are being. FXEmpire runs a network of several popular ratings sites which manage to attract very strong amounts of traffic whilst providing factual, objective reviews.

Combatting Rising Costs

Cost is a huge issue. This is exemplified by the big players in the industry charging anywhere from 1-10BTC for premium listings. For many projects, this type of pricing is simply not sustainable. IF you are looking to reduce your running costs, it may be worth looking at some start up ratings sites. These can still offer great promotion and potential at a much lower price point.

Decentralized Solutions

Ultimately, with many questions circulating about the legitimacy of some of the main players in the ratings industry, the time will eventually arrive where we pursue decentralized solutions on the blockchain. This will ultimately help us to ensure complete transparency and fairness for every project.

What is the Actual Cost of Running an ICO?

 

In recent months there has certainly been a downturn in the crypto market in terms of pricing where the major currencies and altcoins are concerned. This downturn though, has not stopped the flood of new ICOs coming into the market. This is already reached over $11 billion for the year.

Many projects think that launching an ICO is just as simple as starting a page for their ICO and deploying the smart contract, then just sitting back and reaping the rewards. This is simply not the case. There are many associated costs with launching an ICO which has seen the cost spiral as this method of capital generation increases in popularity.

To assess the true cost, we must look at the combination of factors which create the cost themselves.

Marketing

This is one of the biggest associated costs with launching an ICO. It is also one which is continuing to rise. The CPC of running advertising for an ICO is through the roof and as we have seen lately, many major platforms are restricting access to ICO advertising. This is why we see huge chunks of budgets now allocated to marketing.

To have your ICO listed on one of the major listing agencies and receive attention is one major way to generate investments. This does not come cheap though with prices running up to 10BTC for some premium listing options with certain providers.

A Professional Dedicated Team

If you want to band together a professional and credible team which will be respected in the industry, it will not come for free. As the old saying goes, you get what you pay for. This is very true in terms of team members.

It is essential to hire a diverse team of technical, security, development, blockchain experts, and legal compliance to make sure your project is completely on the correct path. Many of these team members will insist on being paid retaining amounts at the very least. They are highly unlikely to settle for token rewards, especially in the current market climate.

Development

Running an ICO from concept alone is often doomed for failure. Investors respect and require to see at least an MVP. These require often substantial investment to achieve. That being said, if you truly believe in the project and see a future behind it, it will be worth the investment.