As investors look for a safe place to store their assets, Ethereum – the second largest cryptocurrency after Bitcoin – is getting a boost, thanks to Putin’s endorsement of the currency.
The Main Story:
Ethereum continues to skyrocket after the Singapore government and the Russian president Vladimir Putin publicly showed their support to the currency. The latest Monday morning saw the currency trading at $407.10, a record rise of more than 5000% since the start of 2017, where Ethereum was trading at just $7.98.
The Russian president and Vitalik Buterin – founder of Ethereum – recently had a meeting during St. Petersburg International Economic Forum. According to some experts, the occurrence of this meeting suggests that Russia is willing to open its doors to using cryptocurrency in an attempt to make their economy less dependent on oil and gas.
“The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models,” said Putin at the forum.
The recent shift in Putin’s stance has had an immediate impact as the Russian entities such as the State Development Bank VEB, have agreed to use Ethereum.
Meanwhile, the government of Singapore has also released a report about their recent attempts of using Ethereum blockchain and creating their own digital currency.
Japan is also issuing new rules about making Ethereum a valid form of payment. Some major companies such as Microsoft and Toyota have shown their support for Ethereum too.
In conclusion, Ethereum is getting support from all across the globe and is likely to experience even more boost in the coming days. So, if you are looking for a safe digital investment option, Ethereum is the way to go.
Bitcoin is a digital currency that first came into circulation in 2009. The identity of the creator is still disclosed.
In recent years, Bitcoin has attracted interest from numerous people of different lines of work, but there is still a large portion of the public that still doesn’t know what is Bitcoin and how does it work. Simply stated, Bitcoin is a peer to peer, decentralized, digital currency system, designed to enable online users to make transactions via the digital currency. In other words, it’s a virtual currency.
Let’s take a look at some of the advantages of using this currency.
What Are The Benefits Of Bitcoins:
Its Tax Free:
When a user buys something using euros, pounds, dollars or any other type of flat currency, he is supposed to pay some additional sums in taxes. Every item that is purchased via cash has a certain amount of tax on it.
On the other hand, Bitcoin is tax-free. No sales taxes are involved when you pay with bitcoin in transactions made.
The zero taxation makes Bitcoin an extremely useful form of currency, especially when it comes to buying luxury items.
There Are Minimal Transaction Fees:
Exchange costs/fees are part of all sorts of wire transfers. On the other hand, no such costs come with Bitcoin transactions. Since there is no monitoring bank or governing authority to keep the flow of bitcoins in order, the transaction costs are extremely low, or even zero in some cases.
Flexible To Pay:
The fact that Bitcoin payment system is online makes it extremely handy for the users to make transactions. All you have to do is tap your smartphone screen a few times or do some clicks on your PC to transfer the coins.
The flexibility in payment methods means you can make the worldwide transaction without even having to leave your bed. Amazing! Isn’t it?
Bitcoin transactions are distinct and give you complete user anonymity. Every purchase made through bitcoins is never connected to you and there is no way for it to be tracked back to you. However, if a user is willing to reveal his identity, he does have the option of to publish his transactions – but in most cases, the users prefer to stay anonymous.
Lastly, The Currency Is Free from Third Party Influence:
One of the biggest advantages of using Bitcoin value is that it eliminates third-party influence. There is no central bank or a government authority controlling the flow of bitcoins, which ultimately eliminates the chances of your transaction being disrupted.
Bitcoin transactions are based on peer to peer system and it allows the users more freedom and greater liberty to make a purchase.
It’s really simple to use a Bitcoin mining calculator. There are only two main instructions that you need to follow:
Enter the hash rate
Click to mining revenue
Do these and you will have your desired calculations with an accurate result while using a Bitcoin calculator. However, there is one important thing to remember while performing calculations: The revenue will be in USD, based on current exchange rate. The exchange rate varies from time to time and so does the revenue difficulty.
Some other points to remember are:
You Have to Calculate Profitability:
Bitcoin mining has secured the bitcoin world. Without miners, you would not be able to do any transaction happily. In that sense, miners pay for their services and mine the blocks. If miner successfully mined a block, there is a reward on each block in the form of Bitcoin.
Easily run a profitable mining farm.
While going to purchase bitcoin mining hardware you must look the at metrics called hash rate. If a hash rate is high, it means your miner is more powerful. To calculate the amount of hash power per month, you can use the mining calculator. However, it may be costly for a new mining farm.
Just like you want to earn more, the hardware will become more expensive. Antminer S7 mines $200 bitcoins per month and costs $629. And this is just the hardware cost. The costs of electricity and equipment are not included.
For profitable mining operation with low W/GH with good hash, power is the better option for your profitability. Antminer S7 is also considered the most efficient miner with 0.25 W/GH.
During the mining process, the miners emit large amounts of heat, so you will need cooling fans and power supplies to keep the temperature under control.
Mining operation completely depends on electricity. 60% of Bitcoin network’s hashing power is located in China because of cheap electricity.
Miners in cold areas are more profitable because there is no extra need for cooling fans. It removes the heating cost and keeps the houses warm during winter.
Hash Power and Difficulties:
It is difficult to know about the difficulty months in advance. Network and hash power are external factors and vary from time to time.
Instead of stressing out, concentrate and give complete attention to understanding the more efficient idea of mining technology and the hash rate.
Block Reward and Price:
Bitcoin price is a factor you can’t control. Price fluctuation is important so keep yourself up to date and prepared for these fluctuations.
On the other hand, the reward is a predictable factor. It started from 50 bitcoins per block, then 25 BTC per block, and in July 2016, it was halved to 12.5 bitcoins per block. The reward takes place every four years. This means the halving will be taking place in 2020.
Use of bitcoin profit calculator keeps you updated with hardware and electricity costs. This will give you the better idea how to decrease the possibilities of mining difficulty and Bitcoin price.
22 April 2017, Berlin, the first European blockchain conference for healthcare targets c-level executives. Where the conference organizers under the patronage of German federal ministry and will schedule from 31 may 2017. Therefore, Conference’s main focus will be on healthcare and health insurance. Let’s have a look at blockchain first. Afterward, we will discuss the different aspects of this conference.
Blockchain And Healthcare:
Blockchain technology was anonymously introduced in 2009, without a need for central authority.
Worldwide acceptance of blockchain creates its history. As a result, Health industry notices the advantages in adopting blockchain. Not all the participants but current insurers partnering up with blockchain -linked system.
Basically, this is the start of blockchain in the healthcare industry.
Health Coverage Through Better Management:
As blockchain maintain secure transactions between its participants. Which provide the high transparency as compare to the current paradigm of the insurance world. Middlemen have a dominant role in our lives, especially in the insurance world. But with blockchain technology applications, things get quite different. For example, if a person needs a doctor, a psychologist. He/ She can easily apply to a blockchain-developed program. Similarly, same with health insurance.
Dr. Eberhard Scheuer, CEO eHealth Consulting and organizer of the summit states, “The conference provides an interactive platform for professionals in healthcare and associated industries to gain insights from blockchain experts and startups into the latest developments in this fast-growing industry.”
Reto Gradient, Founder B. ACADEMY and co-organizer of the event states, “The financial industry has had its blockchain wake-up call in 2015. Today they are working on solutions already. Now it’s up to the traditional players in the healthcare industry, to understand the disruptive power of this new technology”.
You can find lots of advertisements and links related to ICO startup companies, but do you know what ICO really is? If you don’t, we’re here to help you out. In this blog, we are going to enlighten you about what ICO means, what it involves, and how you can avoid Initial Coin Offering scams.
What is ICO?
ICO stands for “Initial Coin Offering.” ICO wasn’t known to many people until cryptocurrencies we created and became a trend. The word “ICO” is borrowed from IPO (Initial Public Offering). Now, you must be wondering, what’s IPO? IPO is the event in which a company goes public in the finance world. But, what happens when a company goes public? Well, it means that the company is going to launch stock options publicly, for each and every one out there to purchase its share, with this hope that these purchased-shares would have more worth one day. You can also say that an IPO is one of the possible exoduses of a venture-capital-investment.
What Makes It Different?
An ICO is usually used as a crowdfunding project by cryptocurrency startup ventures to fund a startup company. Funds are provided through well-recognized cryptocurrencies like; Bitcoin or Ethereum or in the form of traditional currency and in exchange, they are given a quantity of the cryptocurrency, which they’re funding with, which means, in the form of “tokens!” After the ICO project gets successfully completed, tokens are exchanged into the functional units of a cryptocurrency that is newly created.
Many companies find ICOs attractive since they are not under any regulations, and the startup ventures can collect funding without any exertion and cost for the regulatory acquiescence. On the other side, risks for investors also get increased as countries like South Korea and China have banned the ICOs.
For ICO crowdfunding ventures, the marketing heavily depends on social media platforms which also include paid-ads. Similarly, there are many ICO ads now, which are being shown on different websites. The social media giant, Facebook has already banned ICO-related advertisements; however, from June 2018, Google is also going to put a ban on advertisements related to ICO.
Is ICO a Scam?
No, ICOs are not always a scam. However, the way they work is the main thing that allows scammers to gain a lot of money from those investors who believed in the startup. Just because of this, few top-investors recommend “real businesses” to avoid these ICOs and continue their business in the same way they were doing before. The year, 2017 has shown that almost 46% of all-known ICO ventures have been proven to be unsuccessful and after the payments were made, the websites, as well as social media profiles were left abandoned or were quickly vanished.
Well, all of this data shows that all ICOs aren’t always a scam, however, like other crowdfunding ventures, especially investing in general, you have to very careful where you invest. While assessing Initial Coin Offering scams, make sure to do your research about the individuals behind it. A robust ICO will offer potential investors every single detail about the developers, security experts, advisors, and others linked with the project. A legitimate ICO will offer a variety of places and social media links where investors can communicate with developers. They’ll also provide their Facebook page of the project so that you could assess its engagement levels.
How to Avoid ICO Scams
If we look at the recent lists of Initial Coin Offering campaigns, it’s quite hard to come up with a reasonable filter, and there’s no doubt that experienced investors wouldn’t consider how sceptical it is, but as with any investment, nothing can be predicted related to ICO or about its certainty. Even in some cases, basic managerial accounting data isn’t available; however, many ICO trackers still try to combine lists of seemingly pertinent parameters.
Initial Coin Offering scams show that fraudsters are going to extraordinary-extents to scam gullible investors. Also, when it comes to taking decisions related to investment, it focuses on the needs of investors. According to the founder of Skill Incubator, Chris Dunn, the cryptocurrency community must have to become extra incisive towards new ICOs; otherwise, governments around the world are expected to take stricter stances into cryptocurrencies at a whole new level.
Also, an ICO whitepaper is the initial document for the project, which describes the aim, background, strategy, and concerns for the implementation of all blockchain-related projects. Whitepapers can be extremely skimpy like; companies that have an ostentatious website may unveil that they lack a basic-sound concept. Then again, a company with a website that contains spelling errors might have a whitepaper that shows a rigid concept and a prudently created implementation strategy.
2017 has been an adrenaline-packed roller-coaster ride for Bitcoin so far. Especially taking in the fact that it hit its highest record, crossing over 2,900 USD towards the end of June.
Here we are going to take a look at this year’s top bitcoin news from around the world.
BITCOIN VS. GOLD:
Who could’ve ever thought that something that exists virtually could cross the value of something as valuable as GOLD?
On March 3rd, 2017, the cryptocurrency set a fresh record of $1,268 while Gold rested at $1,233. The precious metal seemed to be having a bad month as it had dropped more than 2 percent within the same week. Meanwhile, Bitcoin seemed to be on the rise, with a 7 percent rise in a weeks’ time.
This cross is something that will always remain symbolic due to Bitcoin’s incomparable fighting power.
The reasons behind the success of Bitcoin, particularly in 2017 could begin with the legalization of the cryptocurrency in Japan, which is Asia’s richest economy. Following the announcement, retailers and companies began queueing up to accept the popular digital currency. Moreover, the number of retail storefronts has risen to 300,000 in 2017 alone, things are definitely turning around for Japan.
Also, let us not forget that Japan has officially eliminated the tax on Bitcoin which is bound to drive an increase in Bitcoin trading.
Russia announced their legalization of the use of cryptocurrencies in 2017. Their government confirmed in late April, that a draft bill would create the legal framework for trading in cryptocurrencies. Surprisingly, this is coming exactly a year after the same Russian institutions had announced that anyone caught using Bitcoin or any other cryptocurrency would be jailed.
Why this change you may ask?
Russia plans on implementing the blockchain technology within its banking sector, to eliminate liquidity crisis and money laundering. Central authorities have closed down many banks but shutting down is not enough to wipe out frauds. Ultimately, authorities have decided to implement new technological applications that allow the government to surveillance people throughout. Thus, the sudden involvement is being shown in the digital world.
The University of Ohio has now officially begun hosting their first classes about Bitcoin and other cryptocurrencies as a part of its MFE curriculum. To follow up, several colleges have even started to accept Bitcoin as a payment method, a step that has definitely pushed Bitcoins to new heights.
In addition, two Montessori schools in Flatiron & Soho have now started to accept Bitcoin as a payment and 10 parents have already opted to enroll their kids using Bitcoin. Marco Ciocca, co-founder, and chairman of the schools added this payment option in June.
The above points prove that Bitcoin is becoming more and more popular as we type this article. People are intrigued to know more about the cryptocurrency and have adapted to the system to develop a better understanding. Obviously, because who wouldn’t want to exchange or shop for anything and everything without having to leave the comfort of their homes.
These are the major bitcoin highlights 2017 but, this is definitely not the end of it. Bitcoin is known for its staying power and we know that despite all of its competitors, it’s one tough cookie!