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4 common mistakes you should avoid when trading cryptocurrencies

Today, you can invest in cryptocurrencies quickly and easily. You have the freedom to invest with the help of an online broker, but you cannot say for sure whether this is a safe venture. There are many risks and pitfalls to face if you are considering entering this field. However, you don’t need to become a master in the world of IT or finance to get started. What this means is that you have to make an informed decision. In this article, we will talk about some common mistakes that most cryptocurrency investors make. Read on to find out more.
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1: You are buying the wrong coins

If you have decided to buy Bitcoin, you must be careful. There are different types of Bitcoin, such as Bitcoin private, Bitcoin SV, Bitcoin Gold and Bitcoin cash. In other words, there are numerous shoots to watch out for.
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While these aren’t bad or scams, make sure you know what you’re buying. Even if you buy the wrong coin, you can still sell it and look for the right one.
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2: You’re not up for the Wild Ride

If you want to enter the world of cryptocurrencies, you need to have nerves of steel to deal with volatility. Unlike the traditional world of finance, cryptocurrency has extreme volatility, according to Theresa Morison, who is a certified financial planner in Arizona.
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According to her, as a new investor, you should initially invest a small amount, for example $100 per month, and then forget about it. If you watch the market everyday it will drive you crazy.
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Also, just because you are a beginner, you may want to stick to 2-3 cryptocurrencies that you are familiar with. Ideally, consider established coins like Bitcoin and Ethereum first.

3: You don’t double check the address
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Many cryptocurrency traders lose their coins just because they don’t verify the address. Unlike a conventional bank transfer, you cannot simply reverse the transaction. So, you have to be very careful when doing this type of transaction using cryptocurrency. If you are not careful enough, you can lose thousands of dollars in a second.
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4: You have lost access to your wallet

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

According to a report by Chainanalysis, 1 in 5 Bitcoins mined so far are not accessible due to a lost password. So make sure you store your password in a safe place before you start reading.
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In short, we suggest you avoid these four most common mistakes if you want to become successful in the world of cryptocurrency trading. We hope these tips will help you be confident and successful as a trader or investor.
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Online store sells gold product based on digital currency

Forces fought and burned cities to the ground to acquire the metals. All the time, every time gold has stood the test of time, it is much easier to own it for yourself than ever before. There are gold bars that are approved for individual retirement accounts and also certified. So much is offered in 1 Oz and 1/10 Oz gold rounds, at the best prices people can find. A selection of gold coins, which are legal tender, are offered in sizes of 1/20 Oz, 1/10 Oz, ¼ Oz, ½ Oz and 1 Oz. They are IRA approved which means they are good for individual retirement accounts and certified which means that senior citizens and other target investors from the United States can rest easy on their assets. For buyers looking for them with a lot of pieces that are bought every day, they are in abundance. Some are considered historical. Buying from a commercial website is buying directly from the supplier without the need for retail operations. The no-surcharge website ensures safe shipping and handling. The consumer is not concerned about receiving factory-made rounds that would be ordered freshly minted from a wholesale company, when one orders 100 or more coins. The product will be brand new and original. Customers regularly shop online to buy high quality. 9999 fine gold bars and gold coins from The Mint.
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One coin in the latest menu addition on the website is dedicated cryptocurrency collection. It is 1 oz in size. It’s called gold Bitcoin .9999 Fine Bullion Round. Customers look at a display with a Bitcoin It is designed with an icon in physical form on the front and an image of a globe on the back.
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The coin is minted in the form of gold bars. That is 9999 fine gold or 24 kt

Balance not designed for consumption not designed for cash flow. It is a work of art.

It weighs 1 troy ounce. It costs $1,289.40 or $1,341.00

IT IS reeded in its creation. This coin has a Latin term meaning many numbers called vires. The Sku the number is CRYPTOBITC1.0AU
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Bitcoin is the first digital money flow that transfers authority from a central point to some local government and is now remembered in gold. Some people can buy anywhere from one to dozens from a site sellers call Mint. Voters who use Blockchain (a certain kind Bitcoin wallet) buy this coin in the United States of America.
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Wholesale Source provides free shipping on all orders of $500 or more, and shipping is secure within the United States. A smaller number of shipments were subject to export laws.

CBN sacking of bank directors – Issues arising

The chicken has come home to roost. This is a common phrase heard from commentators following the recent bombshell from the Central Bank of Nigeria that led to the sacking of the CEOs of five commercial banks. Banks are rated as financially unhealthy. The Nigerian banking and finance industry has for some time been awash with rumors of ill health, unfair demarketing practices and the need for a comprehensive overhaul of the system.

Although some knowledgeable commentators have argued that this is a welcome development that is long overdue, it is my humble opinion that there may be more serious issues that need to be addressed beyond the changing of the guard at the top of these institutions. It is the only bold step that signifies that proactive risk management has taken center stage in the Nigerian banking industry.

First of all, the action clearly confirms that the stories about the liquidity crisis faced by certain banks are true. If out of the ten (10) banks surveyed so far, five (5) had to receive the hammer, then we have a serious problem because that represents fifty percent (50%) of the sample size covered. What happens when the examination of the remaining fourteen (14) banks is completed?

One can only imagine the decline the industry will face after these revelations. The CBN Governor’s assurance that no bank will be allowed to fail is a strong reassuring measure. However, when it comes to money matters, I’m sure the average individual will not want to take the risk.

Another worrying development is the main reason cited by the CBN as the basis for the dismissal, which can be summed up as poor corporate governance practices. In short, the global financial crisis has just managed to expose very poor corporate governance practices in our banking industry. I want to say categorically that no institution anywhere in the world, with or without a financial crisis, can survive for long with poor corporate governance practices. Bad corporate governance is reflected in weaknesses in internal controls, so the institution’s assets are not protected from abuse. And when the safety of depositors and shareholders’ funds is threatened, any system, no matter how big and attractive it looks, can eventually fail.

This brings to mind a very vital lesson in business/corporate failure as it relates to financial management. Businesses usually fail not because of a lack of profitability, but more because of a lack of liquidity. The lesson here is simple; Cash flow is as important as profit. Understanding this sacred canon is at the heart of successful business management. It does not matter whether it is a company from the public or private sector. The rule is universally applicable.

Other questions that require answers include:

1. What is the level of involvement of non-executive directors, subsidiaries and other key actors in the financial positions of these banks?

2. Since shareholders’ funds are significantly reduced, to what extent is the impairment and how long will it take to fully recapitalize the institutions to the appropriate status after the CBN takeover?

3. What are the new corporate governance rules for the new management teams of these banks entrusted with public and private financial resources?

4. What collection mechanisms are being put in place to ensure that the authorities fully recover all monies owed to these sick institutions?

5. For all financial institutions in Nigeria, what is the ratio of total marginal loans to total deposits, the ratio of total marginal loans to shareholders’ funds and also the ratio of total marginal loans to total loan portfolio?

6. What is the structure of their marginal loans? There is a need for a detailed review based on industry, age and loan servicing history.

7. If the affected institutions were net borrowers of funds from the industry, how long has this been going on and what corrective actions have been taken by those responsible so far?

8. What actions are necessary to prevent further decline in bank share prices in the Nigerian capital market as the industry prepares for another round of share price crisis?

9. What is the legal, administrative and operational framework of these institutions after the takeover of the CBN?

10. Who takes ultimate responsibility and for what and to what extent, if these institutions do not continue to operate in the near or distant future under the supervision of the CBN?

It is my opinion that finding concrete and valid answers in detailed terms to the above questions will help to allay the fears of depositors, build investor confidence and ultimately protect the Nigerian national economy.

When the Central Bank of Ghana cracked the whip amid a volatile overbanked sector

The Central Bank of Ghana continues its efforts to rehabilitate the banking sector. Notably, among some of the obvious sanctions he carried out was the mandatory takeover of two private banks: Capital Bank and UT Bank back by the state-owned Ghana Commercial Bank under the authority of the Bank of Ghana in 2017. still implemented by the Central Bank of Ghana, the sector still needs some stability. Currently, Ghana’s banking sector is unstable, although its outlook looks good in the not-too-distant future if the Central Bank implements major regulations and activities.

A sector that is still nursing wounds in relation to last year’s sanctions for 2 banks, and another bank experienced direct sanctions from the central bank, i.e. Unibank, (it was named the 6th best company in Ghana at the 2017 Ghana Club 100 awards). Currently, the Central Bank of the country announced that on March 20, 2017, it mandated and authorized the Management of Unibanka (privately owned bank) to dissolve and take over KPMG. Interesting!

Now the Bank of Ghana itself needs house cleaning. It is highly unacceptable to monitor a sector from which a player is rated 6th best just because he is said to have withheld some important data. The central bank, however, has its own defense for the lawsuit against Unibank that the bank persistently maintained a capital adequacy ratio close to zero, which could practically mean that Unibank is insolvent. The reports of the Central Bank state that Unibank was ordered to refrain from approving additional new loans to clients, however, the Bank did not comply with the directive and continued approving new loans. Also, Unibank was directed to forego any additional capital expenditures that it (Unibank) did not comply with, in violation of Article 105 of Law 930.

Admittedly, Unibank has been a creative bank if their banking activities over the years are viewed from a distance, as such, the Central Bank and KPMG’s guide to the bank should be one that will not break their positive employee and customer culture that is readily seen to “vibrate” between their clients and the bank. Unibank has several very loyal clients, a large number of whom are traders. The Bank of Ghana should therefore lead Unibank, taking into account the existing brand and finding obvious ways to revive the bank.

Having said this, the number of Universal Banks is too much for Ghana. The number should be limited because having close to 40 banks for a population of 26 million is obviously a lot. What needs to be done is to build the capacity of existing banks to “branch out” to clients. This can be done in two ways: by expanding physical infrastructure to get closer to customers and by expanding digital (online/mobile banking) infrastructure. Already existing banks should be interested in improving service experience, bringing people closer, expanding digital means of banking and improving banking security.

To be clear, however, I am in no way against the registration of banks, in fact, my position is the opposite as I do not forget the importance of financial services to individuals and the economy as a whole. My position will be the opposite. It is clear that my position is that instead of registering new banks, some of which operate several branches without superior services or infrastructure, it would be better if the existing banks use resources to improve their capabilities.

Finally, some of these financial institutions will have to consider merging if there is any possibility of remaining profitable in business and serving customers in accordance with standards as the sector begins to become more competitive in the coming years, especially now that the minimum capital requirement has been increased from by the Central Bank to 400 million Ghana cedis for banks, which will take effect from December 2018.

The Future of Blockchain Technology

What is Blockchain?

The term blockchain has been used in many social and corporate conversations in recent years and it seems that everyone has heard of blockchain technology, but most of the population has no idea what it actually means.

To clearly explain what blockchain technology actually means, let us give you a brief history of how the transaction of money has evolved. Historically, whenever people exchanged valuable items, there were intermediaries whose sole purpose was to record the authenticity of both parties and build trust between them. Currently, these intermediaries are known as banks. The use of banks and brokers continued over time, and with the advent of digital assets such as stocks, electronic money and intellectual property, the need for a more secure method emerged. This is because digital assets are usually files inside a computer that are therefore vulnerable to manipulation and theft. Therefore, the use of blockchain technology allows parties to transact openly and transparently ensuring that the exchange is secure and efficient.

The Future of Bitcoin

Blockchain has the ability to completely disrupt the financial industry the same way social media disrupted mainstream media or the same way Netflix destroyed Blockbuster movies. Blockchain technology has the potential to be used as a platform that provides financial services to everyone in the world, including people in developing countries who may not have access to traditional banking services and cannot afford the rates required to make large transactions. This technology has the potential to make major breakthroughs in almost all major industries that are usually manipulated by large corporations.

The use of Blockchain technology in education

Blockchain technology in education can be used to discover students who really need scholarships and those who can afford them. This is because several students have bypassed the system and received funding. This would actually end up being detrimental to needy students who end up dropping out or racking up a lot of debt that almost keeps them from working.

In the end, the vast majority of the population may be hiding their heads in the sand right now because they want blockchain to go away, but this piece of technology is definitely not going anywhere. In the near future we will all trade using blockchain as part of our daily activities, our great grandchildren will read about money and ATMs just like we read about barter and gold. It is therefore imperative that we jump in as soon as possible and adapt before we are forced to adapt.

Cryptocurrency: Fintech disruptor

Blockchains, sidechains, mining – terminologies in the secret world of cryptocurrencies are piling up by the minute. Although it sounds counterintuitive to introduce new financial terms into the already convoluted world of finance, cryptocurrencies offer a much-needed solution to one of the biggest distractions in today’s money market – the security of transactions in the digital world. Cryptocurrency is a defining and disruptive innovation in the fast-paced world of fin-tech, a relevant response to the need for a secure medium of exchange in the days of virtual transactions. In a time when business is all about digits and numbers, cryptocurrency suggests just that!

In its most rudimentary form, cryptocurrency is a proof-of-concept alternative virtual currency that promises secure, anonymous transactions via peer-to-peer online networking. The misnomer is more of a property than an actual currency. Unlike everyday money, cryptocurrency models work without a central authority, as a decentralized digital mechanism. In a distributed cryptocurrency mechanism, money is issued, managed and approved by a collective network of community peers – whose continuous activity is known as mining on the peer’s machine. Successful miners also receive coins as a token of appreciation for their time and resources used. Once used, the transaction information is broadcast to the blockchain in the network under a public key, preventing each coin from being spent twice by the same user. Blockchain can be thought of as a cash register. The coins are secured behind a digital wallet protected by a password that represents the user.

The supply of coins in the world of digital currency is pre-decided, without manipulation, by any individual, organization, government body and financial institution. The cryptocurrency system is known for its speed, as transaction activities through digital wallets can materialize funds in minutes, compared to the traditional banking system. It is also largely irreversible by design, which further reinforces the idea of ​​anonymity and eliminates any further chance of the money being traced back to the original owner. Unfortunately, the prominent features – speed, security and anonymity – have also made crypto-coins a means of transaction for numerous illegal trades.

Just like the real world money market, currency rates fluctuate in the digital coin ecosystem. Due to the limited supply of coins, as the demand for the currency increases, the value of the coins inflates. Bitcoin is the largest and most successful cryptocurrency to date, with a market capitalization of $15.3 billion, a 37.6% market share, and a current price of $8,997.31. Bitcoin hit the currency market in December 2017 by trading at $19,783.21 per coin, before facing a sharp decline in 2018. The decline was partly caused by the rise of alternative digital coins such as Ethereum, NPCcoin, Ripple, EOS, Litecoin and MintChip.

Due to hard-coded limits on their supply, cryptocurrencies are considered to follow the same principles of economics as gold – the price is determined by limited supply and fluctuations in demand. With constant fluctuations in exchange rates, their sustainability remains to be seen. Consequently, investing in virtual currencies is more of a speculation at this point than a day-to-day money market.

In light of the industrial revolution, this digital currency is an indispensable part of technological disruption. From the point of view of the casual observer, this ascent can seem simultaneously exciting, threatening and mysterious. While some economists remain skeptical, others see it as a lightning revolution in the monetary industry. Conservatively, digital coins will displace roughly a quarter of national currencies in developed countries by 2030. This has already created a new asset class alongside the traditional global economy, and a new set of investment vehicles will come from crypto-finance in the coming years. Recently, Bitcoin may have declined to turn its attention to other cryptocurrencies. But that doesn’t signal any decline in the cryptocurrency itself. While some financial advisers emphasize the role of governments in suppressing the secret world to regulate the central mechanism of governance, others insist on continuing the current free flow. The more popular cryptocurrencies are, the more scrutiny and regulation they attract – a common paradox that encroaches on the digital note and undermines the primary purpose of its existence. In any case, the lack of intermediaries and supervision makes it extremely attractive to investors and causes drastic changes in daily trading. Even the International Monetary Fund (IMF) fears that cryptocurrencies will displace central banks and international banking in the near future. After 2030, regular trade will be dominated by a cryptocurrency supply chain that will offer less friction and greater economic value between technologically capable buyers and sellers.

If cryptocurrency aspires to become an essential part of the existing financial system, it will have to meet very different financial, regulatory and social criteria. It will need to be hacker-proof, consumer-friendly and well-secured to offer its fundamental benefit to the mainstream monetary system. It should preserve the anonymity of users without being a conduit for money laundering, tax evasion and internet fraud. Since these are necessary things for the digital system, it will take a few more years to understand whether cryptocurrency will be able to compete with real world currency in full swing. While this is likely to happen, cryptocurrency’s success (or lack thereof) in meeting the challenge will determine the fortunes of the monetary system in the coming days.

6 Advantages of investing in cryptocurrencies

The birth of bitcoin in 2009 opened the door to the possibility of investing in an entirely new type of asset class – cryptocurrency. It entered space very early.

Intrigued by the huge potential of this young but promising asset, they bought cryptocurrencies at cheap prices. Accordingly, in 2017 they became millionaires/billionaires. Even those who did not invest much made a decent profit.

Three years later, cryptocurrencies still remain profitable, and the market is here to stay. You may already be an investor/trader or you may be thinking of trying your luck. In either case, it makes sense to know the benefits of investing in cryptocurrencies.

Cryptocurrency has a bright future

According to a report called Imagine 2030, published by Deutsche Bank, credit and debit cards will become obsolete. Smartphones and other electronic devices will replace them.

Cryptocurrencies will no longer be seen as outcasts, but as an alternative to existing monetary systems. Their advantages, such as security, speed, minimal transaction fees, ease of storage and relevance in the digital era, will be recognised.

Concrete regulatory guidelines would popularize cryptocurrencies and encourage their adoption. The report predicts that there will be 200 million cryptocurrency wallet users by 2030, and nearly 350 million by 2035.

An opportunity to be part of a growing community

WazirX’s #IndiaWantsCrypto the campaign recently completed 600 days. It has become a huge movement supporting the adoption of cryptocurrencies and blockchain in India.

Also, the recent Supreme Court judgment overturning the RBI’s ban on crypto banking from 2018 has instilled a new surge of confidence among Indian investors in bitcoin and cryptocurrencies.

The 2020 Edelman Trust Barometer report also points to the growing faith people have in cryptocurrencies and blockchain technology. According to the findings, 73% of Indians trust cryptocurrencies and blockchain technology. 60% say the impact of cryptocurrency/blockchain will be positive.

By being a cryptocurrency investor, you become part of a thriving and rapidly growing community.

Increased profit potential

Diversification is an essential rule for investments. Especially in these times when most assets have suffered heavy losses due to the economic difficulties caused by the COVID-19 pandemic.

While investing in bitcoin has returned 26% year-to-date, gold has returned 16%. Many other cryptocurrencies have registered triple-digit ROIs. The stock market as we all know has had a bad performance. Crude oil prices fell below 0 in April.

Including bitcoin or any other cryptocurrency in your portfolio would protect the value of your fund in such uncertain global market situations. This fact was impressed by billionaire macro hedge fund manager Paul Tudor Jones when he announced plans to invest in Bitcoin a month ago.

Cryptocurrency markets are on 24X7X365

Unlike normal markets, cryptocurrency markets work 24 hours a day, every day of the year without getting tired. This is because digital currency systems are essentially designed using pieces of software code that are protected by cryptography.

The operational plan does not involve human intervention. So you are free to trade cryptocurrencies or invest in digital assets whenever you want. That’s a huge benefit! Cryptocurrency markets are very efficient in this way.

For example, Bitcoin has successfully processed transactions with 99.98% uptime since its inception in 2009.

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No paperwork or formality required

You can invest in bitcoin or any other cryptocurrency anywhere and anytime without any unnecessary conditions.

Unlike conventional investment options, where an absurdly large amount of documentation is required to prove yourself as an ‘accredited investor’, crypto-investing is free for all. In fact, this was the goal behind the creation of cryptocurrencies. Democratization of finance/money.

To buy any cryptocurrency at WazirX, you need to open an account for which you just need to provide some basic information including bank account details. Once they’re confirmed, within a few hours, you’re good to go.

Sole investment ownership

When you buy bitcoin or any other cryptocurrency, you become the sole owner of that particular digital asset. The transaction takes place in an equal arrangement.

Unlike bonds, mutual funds, stockbrokers, no third party ‘manages your investment’ for you. You decide to buy and sell, whenever you want.

User autonomy is the biggest advantage of the cryptocurrency system that provides incredible opportunities to invest and build a corpus on your base capital ‘independently’.

These were some of the benefits of investing in cryptocurrencies. We hope you find them useful and compelling enough to start your crypto investment journey.

Online payment solutions for secure online shopping

Online payment solutions refer to the various approaches or systems used to pay online for online sales. The emergence of online stores made the integration of payment systems very necessary. Online shoppers can only pay for purchased products and services when unique payment solutions are available.

Currently, there are various types of online payment solutions available for use on the internet. The type of solution you will use depends a lot on the e-commerce website. Different categories of online payment solutions are available on the internet. Let’s examine them.

  • Credit/debit cards

Different types of credit/debit card companies have now come online. Among the main ones in use are Visa and MasterCard. Most online stores and other e-commerce businesses allow the use of credit or debit cards on their platforms. Most online shoppers prefer to use credit or debit cards to easily pay for products and services. This is often because the processing time is very fast.

  • Bank Wire

This is another online payment solution that is most commonly used online. It is often used to fund online accounts. It can also be used to pay for services provided online. A wire transfer is also known as a wire transfer. It’s the safest way to fund or withdraw money online. The only downside is that the procession takes 3 to 7 days.

  • Online payment companies

There are several companies that offer unique payment systems to millions of internet users. The most popular among them are PayPal, Skrill, Payoneer, Google Check-out and so on. Several e-commerce sites and online stores have the opportunity to integrate such payment approaches into their platforms. Customers can easily pay for products or services by clicking on the appropriate payment system.

  • E-currency platforms

E-currency is fast becoming the order of the day on the internet. It includes the buying and selling of electronic currencies. There are different types of e-currency platforms that work online. The most popular among them are Perfect Money, Ego Pay, Bitcoin, Webmoney, Payza, Liberty Reserve, e-Gold and so on. Most of these platforms allow free account registration. They also give customers several options for financing, withdrawing and exchanging e-currency. You can change one form of currency to another form. For example, you can change USD to EURO through any of the trusted e-currency platforms.

Apart from the above, there are many other online payment solutions available on the internet. Many of them are still emerging, while others are already making waves on the Internet. Most online payment companies collect thousands of cash on a daily basis. This is often the case with those of them who are known for providing quality services.

To get the most out of online payment solutions, you need to be careful when using any of the available funds. If you use credit or debit cards, for example, you need to be sure of the site you are dealing with. This prevents you from being scammed. If you also use other online payment platforms, you must do proper research on the companies before using any of them. If you are in any doubt for any reason, you should not use the payment gateway until you have made inquiries.

A guide to successful trading of major cryptocurrencies

Cryptocurrency trading has taken the world by storm and is what has become the norm for most traders and investors. If you are eager enough to do your research before you start trading, you stand a chance of enjoying real growth and profits in the end. The worst thing you can do when it comes to a trade like this is to go into it blindly simply because everyone else is doing it. A little research on major currencies and delving into the basics of buying and trading can make a big difference. Below are some guidelines to help you succeed in trading.

Take the time to understand how the blockchain works

Blockchain technology has redefined transactions and is changing everything. Blockchain can be defined as a list of records that continuously grow into blocks secured and connected using cryptography. Blockchains are resistant to data modifications and serve as a public ledger of transactions between parties. The transparent and decentralized nature of the block chain makes it very secure and in the world of hacking it is really functional and reliable. It solves the manipulation problems that have become so evident in the world today. While no one person can claim to understand everything blockchain is, learning a few basics will make trading much easier.

Meet and learn the best currencies

The virtual currency space is getting crowded thanks to how popular currencies have become. The fact is that there are more than 100 cryptocurrencies today, which means that you need to know which ones are the best and most popular, so that you can make the right buying and selling decisions with profitability in mind. Bitcoin makes up half of the entire market with the highest volume, but Litecoin and Ethereum are also on top and giving Bitcoin a run. Learn as much as possible about the currency you are interested in. The more you know the better you will be at making decisions; you can actually manage to trade more than one cryptocurrency without any challenges.

Be aware of the inherent risks

Bitcoin and other currencies are quite volatile even when compared to the stock market and gold. Remember that this is still a technology in its early days and faces many challenges. The probabilities of profit are quite high, but so are the risks. Public sentiment about a currency can actually affect its prices. What goes up is bound to come down so be careful with the trade moves you make. The higher the risks, the higher the reward could be, but be prepared for losses. The best thing you can do regardless of the cryptocurrency you choose is to keep an eye on events that can affect prices and act quickly.

Once you know everything that is important in cryptocurrency trading, then you can go ahead and open a brokerage account and fund it, and then you can start buying and selling currencies. Rewards are numerous for interested traders.

Crypto currency vs fiat currency

Crypto currency vs. fiat currency

Are you familiar with fiat currencies and crypto currencies? Both are currencies in one form or another and are open for public use worldwide. But both are distinct and different in their own way. There is always one group that favors the use of cryptocurrencies, while another has a soft corner for fiat currencies.

In a cashless society – crypto money plays a huge role

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

Crypto currency and fiat currency are always at odds

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

The difference in what the currencies represent

Before starting to differentiate between them, you need to understand what they represent and how they are defined.

Fiat currency is a legal tender that is backed by a central government and operates in physical form. For example, US Dollars, British Pounds, Euro, etc. On the other hand, cryptocurrency is not legal tender and does not have any backing from a central government or bank.

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

• Cryptocurrencies are decentralized and global in nature. There is no single entity or government that controls the currency with its own laws and regulations. Fiat currency is centralized, under the control of the laws and regulations of the banks and the government.

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

• There is a limited supply of cryptocurrencies with a maximum set of them being supplied to the market. Whereas, fiat money has an unlimited supply because the government and bank have the right to produce coins and paper money whenever needed.

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

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

• Market supply and demand do not recognize the value of cryptocurrencies. While the value of fiat currency is determined by market regulations of supply and demand.

Different types of crypto and fiat currencies

In the last decade, the popularity of cryptocurrencies has proven to be a huge success. It was in 2009, when Bitcoin was first introduced, and years after several other types of cryptocurrencies emerged. Starting with Litecoin. Dogecoin, Ripple to the Dcash and Zcash, there are tons of them. On the other hand, fiat currency has rich and ancient roots, with the Great British Pound, dating back to 775 AD. It is considered the oldest currency in the world that is still in use.

Differences in anonymity between the two currencies

When using fiat currencies, you must go through a user identification or verification process. You are required to upload a recent picture of yourself and some of the required documents that will be issued by the public authorities. You don’t have to undergo any of the necessary processes with cryptocurrencies. Although your personal information and confidential details do not become public, but all your transactions are recorded and tracked in fiat and crypto currencies.

Fiat Currency vs. Crypto Currency: The Level of Transparency

• The level of transparency in crypto-type currencies is considered to be higher. This is because the revenue streams are shown on the public chain. Anyone can witness their own and other people’s transactions.

• Fiat or others. currencies are not transparent, because there are no public chains to see people’s income streams.

Comparative historical roots

If you compare crypto money with that of its counterpart, fiat or government currency, you will see that their existence and creation make a difference. Fiat or national currency dates its existence back to 775 AD with the introduction of the Great British Pound. This is why fiat currency is easily accepted by people around the world.

On the other hand, crypto coin may have been introduced for the first time only ten years ago, with the introduction of Bitcoin in 2009. The challenge that Bitcoin and other cryptocurrencies face is to catch up with the huge popularity and growing fan base of fiat currency. . Crypto currency is undoubtedly gaining importance and popularity in the economic market, but it is still not widely accepted in society as fiat currency.

Comparative history of the two currencies:

• It was in the 11th century, when China’s Song dynasty was perhaps the first to issue paper money. It was not allowed to exchange precious things like gold and silver or silk.

• There were tally sticks that were introduced as fiat or government currency. 1100 Tally sticks were introduced to fight the shortage of gold.

• 1971 was the year when fiat currency gained world recognition. President Nixon introduced it to eliminate the system of pegging the dollar to gold.

• It was in 1998, when Wei Dai came up with the idea of ​​an anonymous electronic cash system. Bitgold-the first cryptocurrency was created by Nick Szabo, but it has not received as much attention as Bitcoin.

• In 2009, Bitcoin was introduced to the market, becoming the first cryptocurrency to be accepted worldwide. In 2011 and beyond, a number of other cryptocurrencies were introduced. Some of the popular ones include Litecoin, Dogecoin, Ethereum, Ripple, Zcash, Dash and so on.

Features of both currencies

The potential of crypto and fiat currencies, access to their features is important. You will find that by some criteria Bitcoin and other cryptocurrencies are superior to fiat or government currency, and in some cases the latter outperforms. It is up to you to choose the type of currency (crypto currency or fiat currency) based on your personal needs and requirements.

Let’s compare their features in relation to certain factors.

• Both crypto coins and fiat currencies are fungible in nature.

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

• In terms of non-consumable criteria, crypto-currency and fiat currency have equal status.

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

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

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

• In terms of the transaction process, cryptocurrencies are simple and hassle-free. While, on the other hand, the withdrawal process associated with fiat currencies is easy, but not as with cryptocurrencies.

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

• Cryptocurrency-based currencies have a high scarcity, while fiat currencies are unlimited because the government can issue coins and paper money whenever the need arises.

• Cryptocurrency-based currencies are based on mathematical algorithms and can be programmed. Fiat currencies are not programmable at all.

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

The process of functioning of currencies

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

On the other hand, if you are involved in exchanging money using fiat type currency, a mobile wallet is in use. You can exchange the amount of e-money being transferred into an equal amount of e-value. Both fiat and cryptocurrencies allow you to buy anything you want. But the processes involved are absolutely different from each other.

Depending on the things you’re buying, you’ll find that one form of currency is better than another. This is absolutely your choice.

Is Bitcoin, a cryptocurrency, better than fiat currency?

The long-term benefits and capability of Bitcoin are still undetermined. But cryptocurrency gurus and experts predict that they will come a long way, especially by revolutionizing the way online transactions are done. In the current market, Bitcoin is mainly involved in online casinos and gambling, but it is not limited to it.

Moreover, when you compare fiat currencies, Bitcoin allows you to take power and authority from banks and government since it is not controlled. A cryptographically based currency has the ability to create or design free market capital. Unlike crypto-based currencies, fiat currencies are affected by inflation and market changes. Such aspects lead individuals to believe that crypto-based currencies will soon take over mainstream currencies and bring about a transformation in the way money is used.

Why is Bitcoin considered a better aspect than fiat currencies?

• Bitcoin gives you the opportunity to recreate free market capitalism.

• The power to control money rests absolutely with individuals, not with banks as with fiat currencies.

• When there is inflation, Bitcoin is not affected. But fiat type currency will be easier to lose and be influenced by.

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

• Transaction fees related to Bitcoin are much cheaper and easily affordable.

Cryptocurrencies seem to be a favorable option among people

Fiat currencies are a centralized and legal way of exchanging money. However, cryptocurrencies have gained immense popularity over the past few years. There will never be anyone to act as an intermediary, as is the case with banks. Moreover, cryptocurrencies are much cheaper and cheaper than conventional fiat currencies.

Send money anywhere directly without waiting for bank approval

You can send money to anyone in the world directly, and it’s super fast. Money clears within minutes. You don’t have to wait for the traditional clearing and verification processes of banking systems, which can take several days to get approved. Since it is decentralized and not subject to government laws and regulations, no one has the authority to do anything with your account.

Blockchain technology has a very big role

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

Bitcoin: All It Was Announced?

If you had spent $27 on Bitcoin when it was created by Satoshi Nakamoto in 2009, your investment would now be worth over $37,000,000.

Widely regarded as the greatest investment vehicle of all time, Bitcoin experienced a meteoric rise during 2017 from $777 all the way to $17,000.

Making millionaires out of opportunistic investors and leaving financial institutions speechless, Bitcoin has answered its critics at every turn this year, and some believe this is just the beginning.

The launch of Bitcoin futures on December 10, which will allow investors to enter the Bitcoin market via a major regulated US exchange for the first time, implies that we are just getting started.

What makes Bitcoin so valuable is that there is a limited supply. There will only ever be a maximum of 21 million bitcoins and unlike normal fiat currencies, you can’t just print more of them whenever you want. This is because Bitcoin works on a proof of work protocol: to create it, you have to mine it using computer processing power to solve the complex algorithms on the Bitcoin blockchain. Once this is achieved, you are rewarded with Bitcoin as payment for the “work” you have done. Unfortunately, the reward you get for mining has decreased drastically almost every year since Bitcoin’s inception, meaning that for most people, the only viable way to get hold of Bitcoin is to buy it on the stock market. At current price levels, is it a risk worth taking?

Many believe that Bitcoin is simply a bubble. I spoke with crypto expert and long-term investor Duke Randall who thinks the asset is overvalued, “I would compare this to many supply and demand bubbles in history, such as Dutch Tulip Mania and the dot com bubble of the late 90s. Prices are just speculation based, and when you look at Bitcoin’s functionality as an actual currency, it’s almost embarrassing.” For those who don’t know, the dot com bubble was the period between 1997-2001. when many Internet companies were founded and given outrageously optimistic valuations based solely on speculation that later fell by 80-90% as the bubble began to collapse in the early 2000s. Some companies, such as eBay and Amazon, recovered and are now well above those estimates, but for others it was the end of the line.

Bitcoin was originally created to take power away from our financial systems and put people in control of their own money, cutting out middlemen and enabling peer-to-peer transactions. However, it is now one of the slowest cryptocurrencies on the market, its transaction speed four times slower than the fifth largest cryptocurrency and its closest competitor for payment solutions Litecoin. The untraceable privacy coin Monero makes transactions even faster, boasting an average block time of just two minutes, a fifth of the time Bitcoin can do it, and without anonymity. The world’s second largest cryptocurrency, Ethereum, already has a higher transaction volume than Bitcoin, even though it is valued at just $676 per Ether compared to $16,726 per Bitcoin.

So why is the value of Bitcoin so high? I asked Duke Randall the same question. “It all comes back to the same economics of supply and demand, there is relatively not much Bitcoin available and its recent rise in price has attracted a lot of media attention, this combined with the launch of Bitcoin futures which many see as the first sign of Bitcoin being accepted by the mass market, which is caused many people to jump on the bandwagon for financial gain. Like any asset, when there is more demand to buy than to sell, the price goes up. This is bad because these new investors are entering the market without understanding blockchain and the underlying principles of these currencies, which means they are likely to get burned.”

Another reason is that Bitcoin is extremely volatile, it has been known to move up or down thousands of dollars in less than a minute, which, if you are not used to it or expect it, causes less experienced investors to panic and sell, resulting in a loss. This is another reason why Bitcoin will struggle to be adopted as a form of payment. The price of bitcoin can fluctuate significantly between the time sellers accept bitcoin from buyers and sell it to exchangers for their local currency. This erratic movement can destroy their entire profitability. Will this volatility disappear soon? Unlikely: Bitcoin is a relatively new asset class and although awareness is increasing, only a very small percentage of the world’s population holds Bitcoin. Until it becomes more widely distributed and its liquidity improves significantly, volatility will continue.

So if Bitcoin is pretty much useless as an actual currency, what are its uses? Many believe Bitcoin has moved from a viable form of payment to a store of value. Bitcoin is like “digital gold” and will simply be used as a benchmark for other cryptocurrencies and blockchain projects to be measured and traded against. There have recently been stories of people in highly inflationary countries such as Zimbabwe buying Bitcoin to hold on to what they have rather than see its value plummet under the recklessness of their central banking system.

Is it too late to get involved in Bitcoin? If you believe in what these cryptocurrencies will do for the world, it’s never too late to get involved, but with the price of Bitcoin so high, it’s a ship that has already sailed for some. You might be better off looking at Litecoin, up 6908% for the year, or Ethereum, which is up a whopping 7521% for the year. These newer, faster currencies hope to achieve what Bitcoin first set out to do at its inception in 2009 and replace government-run fiat currencies.

Who knows what the price of these currencies will be in ten, fifteen or even twenty years? One thing is for sure though, we better buckle up because it’s going to be a wild ride.

Bitcoin thrives no matter what

Since it’s all the rage right now, I’d like to announce that I’m launching my own cryptocurrency next week.

Let’s call it “kingcoin”.

No, that’s too selfish.

How about “muttcoin”? I have always bred mixed breeds.

Yes, that’s perfect – everyone loves dogs.

This is going to be the biggest thing since fidget spinners.

Congratulations! Everyone reading this will get one muttcoin when my new coin launches next week.

I will distribute 1 million muttcoins evenly. Feel free to spend them wherever you want (or wherever someone will accept them!).

What is it? The cashier at Target said they won’t accept our muttcoin?

Tell the doubters that muttcoin has scarcity value – there will only be 1 million muttcoins. On top of that, it’s backed by the full faith and credit of my desktop computer’s 8GB of RAM.

Also, remind them that ten years ago bitcoin couldn’t even buy you a pack of gum. Now one bitcoin can buy a lifetime supply.

And, like bitcoin, you can store muttcoin safely offline away from hackers and thieves.

It is basically an exact replica of bitcoin’s properties. Muttcoin has a decentralized ledger with unbreakable cryptography, and all transactions are immutable.

Still not convinced that our mutcoins will be worth billions in the future?

Well, that’s understandable. The fact is that launching a new cryptocurrency is much more difficult than it seems, if not completely impossible.

That’s why I believe bitcoin has reached these heights against all odds. And because of its unique customer network, it will continue to do so.

Of course, there were also setbacks. But each of these setbacks ultimately resulted in higher prices. The recent 60% drop will be no different.

The Bitcoin Miracle

Bitcoin’s success rests on its ability to create a global network of users who are either willing to transact with it now or store it for later. Future prices will be determined by the rate at which the network grows.

Even in the face of wild price swings, bitcoin adoption continues to grow at an exponential rate. There are now 23 million wallets open worldwide chasing 21 million bitcoins. In a few years the number of wallets may grow to include 5 billion people on the planet connected to the Internet.

Sometimes the motivation of new crypto converts was speculative; other times they looked for stores of value away from their home currency. In the past year, new apps like Coinbase have made it even easier to onboard new users.

If you haven’t noticed, when people buy bitcoin, they talk about it. We all have that friend who bought bitcoin and then wouldn’t shut up about it. Yes, I’m guilty of this – and I’m sure plenty of readers are too.

Perhaps subconsciously, owners become crypto-evangelists because persuading others to buy serves their own self-interest in increasing the value of their holdings.

Bitcoin evangelism – spreading the good word – is what miraculously caused the price to rise from $0.001 to a recent price of $10,000.

Who could have imagined that its pseudonymous creator, fed up with the global banking oligopoly, would launch an intangible digital resource that rivaled the world’s major currencies in value in less than a decade?

No religion, political movement or technology has ever witnessed these growth rates. Then again, humanity has never been so connected.

The idea of ​​money

Bitcoin started as an idea. To be clear, all money—whether it’s shell money used by primitive islanders, gold bullion, or the American dollar—began as an idea. The idea is that the user network values ​​it equally and would be willing to part with something of equal value for your form of money.

Money has no intrinsic value; its value is purely external – only what others think it is worth.

Look at the dollar in your pocket – it’s just a fancy piece of paper with a one-eyed pyramid, a portrait and signatures of important people.

To be useful, society must view it as a unit of account, and merchants must be willing to accept it as payment for goods and services.

Bitcoin has shown an incredible ability to reach and connect a network of millions of users.

One bitcoin is only worth what the next person is willing to pay for it. But if the network continues to expand at an exponential rate, limited supply means prices can only move in one direction… more.

Bottom line

Bitcoin’s nine-year rise has been marked by massive bouts of volatility. There was an 85% correction in January 2015, and several others over 60%, including the colossal 93% pullback in 2011.

However, through each of these corrections, the network (as measured by the number of wallets) continued to expand at a rapid pace. As some speculators saw their value decimated, new margin investors saw value and became buyers.

Abnormal levels of volatility are actually what helped the bitcoin network grow to 23 million users.

Hey, maybe we just need muttcoin price volatility to attract new users…