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Do You Want to Become Independent of Banks?

The last few years have all been about cryptocurrencies as more and more people are becoming aware of the word. In particular, terms such as Bitcoin, Ethereum, and Litecoin are more common in the digital currency department.

Here are some of the best performers in the market:

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Ripple
  • Litecoin
  • IOTA
  • NEM
  • Dash
  • NEO
  • Monero

 


How Are Cryptocurrencies Meant to Help You?

With the world becoming more and more economically dangerous, we are advancing towards different means of payment. This is where cryptocurrencies come in to play.  Below we’ve outlined a few pros and cons of accepting cryptocurrencies worldwide.

Advantages and Disadvantages of Using Cryptocurrencies

The benefits of using digital currency over fiat currency

  • Accessible by everyone: Out of 7 billion people, around 2.2 billion don’t have access to exchange systems, even while having cell phones and internet access. These individuals can easily access the cryptocurrency market, as there are so many mobile phone-based applications that allow you to transfer digital currencies.
  • Fraud: Digital currencies cannot be faked as real money is, and they can’t be reversed either as in credit card charge-backs.
  • Low Fees: Cryptocurrency exchanges ask for transaction fees which are quite low compared to other transaction charges, this is in return given to the miners as a reward for mining a block.
  • Identity Theft: There is no such issue with cryptocurrencies as identity theft since you are not revealing any personal information. It is a simple process, involving a public and private key.
  • No Third Party: Cryptocurrency transactions do not revolve around any central authority, it is completely independent. You are in control of your money.

In the end, technology is already here, it’s just a matter of acceptance. You must be able to weigh out the good and bad and decide what is the better choice for you. Cryptocurrencies are becoming an easier option of payment for many users since they’re fast as well as secure. If the above advantages are convincing and you’re wishing to buy some bitcoins or any other cryptocurrencies, then follow the link below.

Related: How to Buy Bitcoins?

 

Story Credits: ameerrosic.com

Image Credits: google.com

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Bitcoin Struggles as Ripple Price Drops Once Again!

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Within the past 24 hours, the price of most of the cryptocurrencies has declined significantly in the global market.

Possible Aspects:

Ripple has once again dropped below the $49 billion region and has achieved a monthly low at $1.28. For many bitcoin investors, $10,000 mark was a psychological threshold, but the $1 mark of Ripple is also considered as a significant threshold that has led the price of Ripple to upsurge by 33-fold within few weeks. The market valuation of Ripple could possibly decrease further if the price of XRP or Ripple couldn’t withstand itself above $1. Also, Bitcoin struggles to maintain the gains that it recorded on January 25, although it has shown a 3% decrease in the price and is currently trading at $11,153.

Ripple has a huge following in the South Korean market and the extensive day by day exchanging volumes of XRP on UpBit and Bithumb, two of the country’s major cryptocurrency money exchanging platforms, it is almost impossible that the market valuation of Ripple would fall beneath $40 billion.

bitcoin struggles

Currently, the market cap of Ripple is not as much as half of Ethereum’s. Also, it is not expected that the market cap of Ripple would fall below the current levels unless something unexpected happens within a short period of time.

Ethereum’s native cryptocurrency Ether (with EOS) has recorded the lowest losses from the major cryptocurrencies, demonstrating a minor 2% decrease in market valuation.

The tenth most important and valuable cryptocurrency in the market NEM has experienced a startling 16% decrease in its price. The unexpected drop in the value of NEM was said to be set off by a possible security breach which occurred on a leading Japanese cryptocurrency exchange, CoinCheck.

Local Japanese media released reports on January 26, that all Japanese yen withdrawal and cash outs have been disabled by CoinCheck due to suspicious transactions. Also, some unverified reports as well claimed that $500 million worth of NEM was withdrawn from CoinCheck and it’s still unclear whether it was a group of users or a hacker that stole NEM from the exchange.

The cryptocurrency community is eagerly predicting an official statement from CoinCheck, however, it has not been confirmed yet if the exchange was hacked or not.

An abrupt flow of $500 million from a Japanese cryptocurrency exchange could have caused the market to fall. Many investors have suggested that another reason could be the closing of bitcoin upcoming contracts on CME Group, and institutional investors selling huge amounts of bitcoin to deliberately bring down the currency’s price to cash out short contracts.

Shorting of bitcoin and whales selling the digital currency to cash out short contracts could have persuasively contributed to the decrease in the market cap of bitcoin, and because bitcoin is considered as the reserve currency of the market, it looks clear that the rest of the cryptocurrency market fell with it as well.

Trend:

US-based residents are looking for tax returns and South Korean investors are anticipating the January 31 cryptocurrency exchange recommencement date; the global cryptocurrency market would probably improve instantly within the month February.

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Bitcoin vs. USD – Why Bitcoin wins this battle

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As Bitcoin goes through another day reaching a new mark and huge publicity, it is important to inform the public what makes it so different from our paper money.

This post will outline the pros and cons of both the currencies and explain why Bitcoin is achieving all the fame and fortune.

USD and other Fiat Currency Systems

Fiat means “simple” which is pretty self-explanatory. Paper money was introduced into the system in 1861 to help fund the Civil War. The printing of paper money is regulated by a country’s central bank in order to keep the flow of money in line with monetary policy. Moreover, the value of fiat currency is not determined by what it’s made of, rather it is the economic laws of supply and demand that dictate its value. They are occasionally updated to new versions containing security features difficult to counterfeit to create illegal copies.

Advantages of USD

  • Can be easily transferred, stored and claimed. You can easily get your cash in physical form with just a single trip to the bank.
  • It has the ability to inflate and deflate accordingly to adjust the impact economic problems.
  • Metals such as gold, are free to be used for commercial purposes, by not being tied to a currency.
  • It is very divisible, flexible and digitally usable. (with the help of credit cards)

Bitcoin & the future of money

Bitcoin was created as a cryptocurrency, by an entity known as Satoshi Nakamoto. People from all over the world can exchange products, credits, and services instantly- without the need for a bank.

The Bitcoin network relies on the blockchain, which is a shared public ledger. It is sort of a database design, where all the nodes hold a copy of the entire blockchain history. These nodes are distributed around the world and attempt to solve complex mathematical equations to confirm a transaction and record it in the blockchain.  The nodes are run by mining pools, bitcoin enthusiasts etc. with high computing power. Therefore, the more the computing power on separate nodes, the more secure the network is.

Advantages of Bitcoin

  • Bitcoin transactions can be carried out instantly. Money can be sent with ease from one end of the world to the other easily.
  • No or very less transaction fees. Bitcoin transactions are extremely cheap with very little or no transaction fees to be charged.
  • It is infinitely divisible. At the moment, 1 bitcoin can only be broken down into million smaller units, which are known as satoshis.
  • There is nothing hidden with Bitcoin, it is completely transparent. We are aware of the supply of bitcoins and with that, we can even predict its future.

 

Should Bitcoin be preferred over digital currencies?

Whenever something new is introduced, there is always a certain amount of fear and resistance present in traders. However, with the rapid growth Bitcoin has shown in the past few years, it is becoming every investor’s need. Even a small investment can show twice the doubling of your deposit in a relatively short time period which is not possible with traditional currencies. Bitcoin has stabilized a lot in the past year and with its short supply and increasing demand, it is definitely not slowing down anytime soon.

To be honest, this is up to your personal preferences. Also, people invest in bitcoin because it shows a good profit in a short amount of time, some do it to learn more about the cryptocurrency world while others just enjoy it. Due to its popularity and drastic growth, I’d recommend everyone to get acquainted with it.

Here’s a graphical representation of the differences of Bitcoin vs Paper money outlined:

 

Tags: bitcoin future, bitcoin news.

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Bitcoin Returns Tim Draper Over $110 Million From A 2014 Investment

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Bitcoin news today: In an interview in 2014, financial specialist Tim Draper anticipated the bitcoin cost to surpass $10,000 in three years. At the time of writing, the bitcoin cost is at $9839.22 and is in transit of achieving $10,000 before the finish of 2017.

Since 2014, Draper has been a standout amongst the most dynamic investors in the cryptographic money. During the previous three years, Draper has supported both local and global bitcoin organizations, including a $1.6 billion bitcoin brokerage and wallet platform CoinBase, and $160 million South Korean crypto exchange Korbit.

Three years ago, after taking part in different auctions to buy groups of a huge number of bitcoin, Tim Draper Bitcoin concentrated on building the important framework for the bitcoin market to thrive and develop at an exponential rate. His interest in organizations like CoinBase and Korbit played a key factor in the quick development of the US and South Korean bitcoin markets, the second and third biggest bitcoin markets behind Japan.

Apart from the $120 million benefit which he secured from his bitcoin investment of 30,000 BTC in 2014, Draper has been a standout amongst the investors in the bitcoin and digital money division in the course of recent years, finding monstrous success in both direct bitcoin investment and venture capital funding of bitcoin startups.

Draper firmly believes in bitcoin becoming the global currency by replacing the fiat in next few years. As he said in 2014:

“I’m extremely excited for bitcoin and what it can do to improve the world. Bitcoin is similar to traditional currency what internet was for information and communication. Everyone should go out and purchase a bitcoin. Everyone should at least be partially involved in bitcoin because of the fact that it’s a support against the various monetary standards. There’s an entire system being assembled that will make business significantly less demanding with considerably less friction and more secure.”

Bitcoin In 2018:

All through 2017, the market valuation of bitcoin expanded from $10 billion to $160 billion only through the general buyers and easygoing investors. Billions of dollars in institutional cash from flexible investments like Man Group and Fidelity will trigger another surge in the cost of bitcoin for the time being.

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Buying Bitcoins Through Xcoins – Is the Service Legitimate?

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Buying Bitcoins Through Xcoins

Xcoins is a Bitcoin lending service. It allows you to buy bitcoin with a credit card or PayPal. Lately, there has been too much talk about Xcoins and whether is it legit to buy bitcoins with this service.

In this article, we have discussed all the aspects of Xcoins to help you understand the concept of the service, and whether it is legit to buy bitcoins through Xcoins.

Buying Bitcoin with PayPal Through Xcoins:

Due to the possibility of chargeback fraud – and the lack of support for Bitcoin from PayPal itself, it’s extremely hard to buy bitcoins with PayPal. Xcoins, on the other hand, have exploited this problem and claim to have found a solution in which the coins are loaned instead of getting sold to the clients.

In order to buy bitcoins through Xcoins, the users go to the site where they do an ID verification. After the verification process, they’ll be required to deposit:

  • USD equivalent to how much they want to borrow
  • PayPal/credit card processing fees
  • A fixed amount that acts as the interest on the loan

The site claims to have competitive fees due to their lenders competing against each other for the best possible rate. However, in most cases, the interest rate is fixed at 15% – which could possibly be the lowest interest rate offered by Xcoins. Interestingly, it’s still way higher than what most Bitcoin exchanges offer.

Trading Bitcoins on Xcoins:

Xcoins is not just a buying service – you can also sell/lend coins on the site. To do so, you must decide how much you are willing to loan, and then deposit the amount into your Xcoins account. The amount must be in USD.

Once the deposit is made, the system will automatically direct you to the buyers and they will deposit the money directly into your PayPal account.

Pros and Cons of Xcoins:

The major pros and cons of Xcoins include:

Pros:

  • The quick purchase of Bitcoin either through Credit Card or PayPal.
  • Easy sign-up.

Cons:

  • Slow refunds – can take up to a week or longer.
  • Support staff is not active – even on working days. If you send them an email, expect the response to come in at least two days.
  • Constant complaining to their Support can result in a permanent ban.
  • If you do not dispute your charges, they will disable your ability to buy bitcoins.
  • If you purchased some coins but the lender is not willing to release them, you will still be charged.

Conclusion:

From buyer’s perspective – Xcoins isn’t stable enough for large purchases. Also, the fees are extremely high in comparison to other exchanges. However, if your only option to buy Bitcoin is PayPal, then Xcoins is the way to go.

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What Is Bitcoin Hard Fork? The Most Intriguing Bitcoin Topic Explained!

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To begin with, Bitcoin has been the talk of every news channel, tabloid, website, etc. for a long while now. It’s increasing popularity might’ve caused a little problem for the network. Bitcoin is in a messy situation right now and something needs to be done. Fortunately, two possible solutions have been proposed as well, but only one can exist.

What is Bitcoin Hard Fork?

It is a compulsory software update that is required in order for the program to function.  It can be implemented to fix bug errors or any security issues present in the older version of the software. Also, a hard fork is irreversible.

The “hard fork” will split the blockchain, leading to the introduction of a new chain of transactions branching from the original one.

Bitcoin Fork Explained – What’s The Issue?

In simple words, Bitcoin is unable to withstand the number of transactions taking place on the network.

The technical explanation is that the 1MB block size limit which is programmed into the system has become a problem and is causing delays in the processing of transactions. Basically, a purchase can take from a few minutes to hours to confirm.

Two techniques were proposed, which result in two different solutions: Bitcoin Unlimited, and Segregated Witness. They’re both proposed software updates to the Bitcoin network with the aim to completely change the way Bitcoin functions.

Obviously, the two can’t coexist, that would “fork” the Bitcoin network – splitting it into two different digital currencies.

A fork is known as a software update. Basically, updating a program from an old version to a new one to fork bitcoin.

Bitcoin Unlimited:

Starting off with Bitcoin Unlimited, this proposal is favored majorly by Bitcoin miners. To understand this, you must know the concept of Bitcoin mining. Bitcoin miners use specified powerful computers to solve complex mathematical algorithms in order to verify a transaction and be rewarded with newly issued bitcoins.

We are aware that there is a built-in block size limit of 1MB in the Bitcoin network, however, BU gives miners the permission to vote on increasing the block size whenever they want. This gives them control of the Bitcoin network, due to which they’re favored by miners.

Segregated Witness:

On the other hand, SegWit is being voted by many Bitcoin enthusiasts and developers. Their aim is to optimize the Bitcoin coding in a way that allows them to decrease the transaction size and increase the transaction volume, all while sticking to the 1MB block limit. They suggest the use of a soft fork.

A soft fork is a software update that lets the network to adapt to the new functionalities and features implemented. The update doesn’t interfere with the existing software and the older version will still be usable.

When is Bitcoin Hard Fork Happening?

Every Bitcoin user around the world is anxiously waiting for August 1st– a day that will mark the history of bitcoin. No one really knows what to expect but we are all eager to know what will be the fate of Bitcoin. We’re approximately 2 weeks away from the big day so let’s reflect back on the possible end result.

On 31st July, the activation of SegWit2x is set to take place. SegWit2x is a proposal that will enact SegWit through a Soft Fork but will increase its block-size limit by Hard Fork after three months. So, basically, SegWit2x will be introducing Segregated Witness first which will follow a 2MB block-size increase three months later.

Moreover, SegWit2x has the support of major mining pools which means it’s backed up by miners.

What Will Be The Bitcoin Hard Fork Consequences?

When the 2MB hard fork is scheduled to be introduced, there are chances of a chain split to occur cause of the soft fork. This, in return, would lead some part of the community jumping on to SegWit2x while others remain on SegWit.

This can create a very messy situation as there would be two different kinds of Bitcoin present. The last thing we’d want is to damage Bitcoin, particularly since there are high chances of two competitor blockchains existing simultaneously.

What Should I Do in Order To Prepare For August 1st?

You’re advised to move your bitcoins to a private wallet, where you solely are in charge of your private keys. Also, be sure to do this before July 31st, and remain until storm calms down. We are not aware of what is in store for us on August 1st or the day after, and the future is a total blur. So, let’s sit back and watch the calendar hit August.

Who Will Be The Winner?

Aha! Too bad we can’t answer this question because half the community goes for SegWit and the other half for BU. There’s not really much we can do, just voice out our opinion and educate others with whatever we learn and maybe help them come up with opinions of their own.

We’ll just have to patiently wait and watch how this turns out.

I’d like to point out that I have a very limited technical knowledge and only know my way around a few technical terminologies. This post is a compilation of weeks of research that I’ve put together myself. So, if you do find any errors, do let me know in the comment section below and I’ll be sure to check.

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