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Bitcoin is the first ever cryptocurrency and is famous for its rapid value highs. The currency which first came in 2009 is trading at $7292.20 at the time of writing, which means an investment of $100 made in 2010 would make you a multimillionaire now. Many people still have no idea how to invest in bitcoin investment. Although you have missed the first chance, it’s never too late. You’ve still got the chance.

Bitcoin has got the support of some distinguished business tycoons such as Bill Gates, Elon Musk, etc. and is being widely accepted by the business giants like Amazon, Microsoft, Overstock, and Subway as a method of payment.

Where Bitcoin has helped business by introducing an entirely new method of payment, it’s price-spikes have outrageously helped common folk turn around their life.

There are countless stories where someone invested few bucks of their savings into Bitcoin and the next thing they know, they are worth millions.

Here we are going to reveal the incredible story of a teenager – Erik Finman – who put $1,000 of his pocket money into Bitcoin and made over $100,000 within a year.

Idaho Teen Makes $100,000 From The Best Bitcoin Investment:

Erik Finman, 15, from Idaho made a well-timed investment of $1,000 in 2012 which earned him an astonishing amount of $100,000. He later found an education startup from it.

Erik took $1,000 he got as a gift from his grandma and put it in bitcoin in 2012. After holding his bitcoins for one year, he sold them for $100,000.

Finman then chose to reinvest his profit into Botangle.com, an online video tutorial service that “gives students and teachers access to an array of resources that simply don’t exist in a typical classroom setting”, as indicated by its authority website. Notably, Finman pays his employees in BTC.

He stated: “I’m more than certain that Bitcoin will become even more valuable in the upcoming years. It’s like the internet in the ‘90s.”

He proceeded by saying that he collected more bitcoins “so I can win against my brother in what was a battle of ‘who got more bitcoins’”, including that he initially found out about Bitcoin in 2010.Luckily for Finman, he sold his reserve of bitcoins when the cost floated around $1,200 per bitcoin. Though business people will be unable to imitate Finman’s success, they can learn from the individuals who have entered the business through more conventional in-roads.

List of trusted bitcoin investment sites:

CoinBase

UnoCoin (For Indians)

Genesis

HashFlare

 

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Kakao Denies ICO Rumour While Confirming Blockchain Platform Establishment

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Kakao was established in 2014 and is a South Korean internet company. Kakao is basically internet giant in South Korea and recently rumours had been circulating about Kakao’s ICO plans. However, it’s been confirmed by Kakao that it is going to set up new blockchain, revoking the rumours of any planned ICO (Initial Coin Offering).

blockchain platform

Kakao’s Blockchain-Powered Platform

On Tuesday, a press conference was held, in which the largest messenger app of South Korea, Kakao Talk’s operator said, that a new division has been launched by the company to develop a blockchain platform for the completion within a year. The South Korean news agency, Yonhap reported, that its new product will be accessible to the public as an institute for application developers.

Views of Kakao’s CEO

According to the CEO of Kakao, Joh Su-Yong and Yeo Min-soo – while mentioning Ground X, they said that the company is also planning to assimilate the upcoming services related to blockchain technology along with the current internet offerings of Kakaos.

Joh stated at a news conference:

“Now at Kakao 3.0, we will continue to explore our growth potential by seamlessly integrating services among Kakao companies and actively building a presence in the global market.”

On the other hand, this news confirms a report which was published earlier this month that a blockchain unit has been launched by Kakaos. Another rumour has been shot-down today, which is also mentioned in the report above that Kakao is considering its own cryptocurrency under the name of “Kakao Coin”, which will be issued through an ICO outside of the country, South Korea, where they are prohibited.

ICO Rumour

On ZDNet, Joh denied all the plans related to ICOs, either inside South Korea or through a foreign strategy to avoid regulation in the country that banned the fundraising method based on tokens, back in September 2017. Earlier, Kakao was involved with the establishment of Upbit (South Korean cryptocurrency exchange), when its messaging services got merged with the trading platform.

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Top 5 Intriguing Bitcoin Conspiracy Theories

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We’re surrounded by all sorts of mysteries that are yet to be solved but, the biggest one yet is how the cryptocurrency king, Bitcoin, was created and why. Keeping that in mind, there have been various bitcoin conspiracy theories on the internet. Here are some of the ones that seem more legitimate than others.

  1. JPMorgan Was The Reason Behind The MT. Gox Collapse

It’s a fact that organizations such as JPMorgan don’t see much profit in bitcoin but, they’re all in for the technology that lies behind it. Mt. Gox drove bitcoin’s value to higher limits, while JP Morgan composed a price crash by selling over 8000 coins to drive the price back down.

Parallelly, JPMorgan was funding anti-bitcoin articles teamed up with mainstream media firms. To tell you the truth, all these concepts, do sound quite reasonable, however, it seems unreal to think that such an institution would intentionally crash the bitcoin price.

  1. Satoshi to Bitcoin Said To Be An AI

Has it ever occurred to you that Satoshi Nakamoto could be an artificial intelligence? Well, considering that the world has been on several hunts as to find out the persona behind the pseudonym that no one can actually think that it might be an AI created by a hidden government. While this theory does seem a little far off, it spurs up some really exciting discussions.

  1. China Invented Bitcoin:

Many seem to believe that the Chinese created Bitcoin as to wipe out their dependence on the US dollar. While it is a fact that China has been working with Russia and others to create a payment system, it is doubtful they would create bitcoin to substitute the US Dollar.

  1. Bitcoin Is A NSA Project:

This is a theory that has been quite popular on the web that how bitcoin was created as an experiment by the NSA. Claiming that Satoshi Nakamoto is actually a pseudonym behind the top-secret cryptocurrency project. Also, it is said that the NSA has access to the SHA-256 algorithm, which makes bitcoin a lot less secure than what it’s assumed to be.

  1. Major Governments Partake In Bitcoins “Arms” Race:

In 2013, a conspiracy theory had risen from the Bitcointalk forums. A user came up with the concept that major governments like US and China were buying bitcoins in bulk for themselves. Let’s not forget both these governments had first opposed the cryptocurrency when it emerged, which makes this theory quite believable.

Tags: Satoshi to Bitcoin converter

 

Story Credits: themerkle.com

Image Credits: google.com

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Bill Miller and Josh Brown – The Modern Wall Street Professionals to Test the Bitcoin Waters

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Some famous names in the financial or economic industry are buying Bitcoin which is a good sign for Bitcoin.

Bill Miller:

Bill Miller is one of the renowned names in Bitcoin community. According to Forbes report on Tuesday, Bill put 1% of his net wealth into Bitcoin in the year 2014. The report reveals that the cryptocurrency is one of the top properties in Miller’s $120 million hedge fund.

Showing its image of volatility, Bitcoin fell in January 2014 from a peak of $1023. According to CoinDesk, on October 2014, it was just around $287. That’s the reason which puts the return of Miller’s Bitcoin anywhere from 126% to 707% – based on the price of Bitcoin which was $2315 on Wednesday.

Josh Brown:

The other name is Josh Brown – Chief Executive of Ritholtz Wealth Management and a CNBC contributor. In a blog post on Tuesday, Josh stated that he used Coinbase to purchase Bitcoin by a “Small Amount of Money”.

He said I think I have been through proper seasoning at this point. In case it does not drop this year after the fork, the developers argue that this could split Bitcoin. He revealed that it is going to drive mainstream among financial pros. Brown said: My main thing is, this would not go away”.

If a greater number of developers don’t favor an upgrade system for the Bitcoin, the cryptocurrency may split on 1st of August. However, a majority of Bitcoin miners have started to show their support.

Lastly, the announcements of this week follow the Standpoint Research’s Ronnie Moas. Ronnie Moas purchased a small amount of Bitcoin and thinks that it could hit $5,000 within a year.

 

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How to Buy Bitcoins with PayPal Through LocalBitcoins?

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One of the most trusted ways to buy bitcoins is through LocalBitcoins. It’s a destination where buyers and sellers meet and a large number of them sell bitcoins via PayPal for others to use. However, its prices are much higher than that of VirWox.

Following are the steps that you will need to follow to complete a bitcoin transaction on LocalBitcoins.

Step 1: Log Onto LocalBitcoins:

To buy local bitcoins, head over to LocalBitcoins.com and enter the amount of USD (or any other currency), select your country and select “PayPal” as your payment method.

Buying Bitcoins with PayPal through LocalBitcoins

 

Step 2: Select Your Seller:

You should now be seeing a list of sellers willing to accept PayPal. You can run by them one at a time and here are some factors to look into:

  • Feedback Score – It is located under the seller’s name. here you can see the feedback about the seller. We recommend conducting transactions with only high feedback sellers.
  • Trade Limits – Every seller has a minimum/maximum amount they are willing to trade.
  • Payment Window – The time you have left for making a payment and marking that payment ‘done’ after you initiate the trade.

Buying Bitcoins with PayPal through LocalBitcoins

 

Step 3: Verify Credibility of The Seller:

For credibility verification of a seller, click on “see feedback”.

Buying Bitcoins with PayPal through LocalBitcoins

With these points, you can find out if the seller is trustworthy or not.

  • Trade Volume of confirmed Trades- Be sure to check that the number of trades is in proportion to the number of partners.
  • Trusts- The higher this value, the better.
  • Blocks- A higher number of “blocks” than “trusts” is not a good sign.
  • Verifications- If a person has his ID/Passport and other personal details verified, then he can be trusted.

Certain sellers will require you have an initial reputation in order to buy from them so they can avoid scams or fraud.  This means that you will have to conduct some small transactions to prove your legitimacy.

 

Step 4: Finalize The Trade:

Once you’ve chosen your seller, enter how much you are willing to buy and click on “Send trade request”.

Buying Bitcoins with PayPal through LocalBitcoins

 

Step 5: Payment:

You will be taken to the “Payments” page and you’ve got to “mark the payment complete” on the invoice.

Buying Bitcoins with PayPal through LocalBitcoins

Once this step is finished, the seller will verify your payment and you will receive BTC in your wallet.

Buying Bitcoins with PayPal through LocalBitcoins

 

Things to know:

  • Local Bitcoins also offers “Bitcoin escrow service” to protect you from fraud.
  • You might not be able to buy from every seller of your choice because serious sellers have serious requirements, such as account age, minimum no. of sales, etc.
  • Bitcoins are reflected “Instantly” into your LocalBitcoins wallet once they’ve been released.
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WARNING! Hong Kong Regulator Says ICOs are ‘Downright Fraud’

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Hong Kong securities regulator has once again warned the public about Initial Coin Offering investment. The deputy chief of Honk Kong SFC (Securities and Futures Commission), Julia Leung, repeated the previous concerns of perils related to ICOs, in a speech which took place on Friday.

While emphasizing that the interests of regulators lie in protecting the investment of public first, Leung said:

“While we acknowledge that innovative technologies such as blockchain have the potential to improve efficiency and financial inclusion, that does not entitle anyone to conduct fundraising from the public in violation of securities law.”

initial coin offering

Obscurity for Investors

As Leung is the chair of the SFC’s Fintech Advisory Group, she claimed that it would be difficult for an average investor to decrypt the extreme-technical-content and obscurity of few projects that are in quest of fundraising, as she stated that it was more suitable for proficient investors from VC funds instead. Her remarks then drew the attention to projects that claim to use blockchain technology as a “slogan” to vow high-tech claims without any innovation to fulfil those promises.

Julia Leung also added:

“Many of these fundraisings are dubious, if not downright frauds. The issuers escape the scrutiny of the police or securities regulators because of their cross-border nature and the way the crypto assets are structured to fall outside any regulator’s perimeter.”

Warning Against ICOs

These comments pursue an earlier statement, in which guidelines were provided for ICO issuers that must be followed ahead of fundraising operation. Certain ICOs could be considered as securities as well, according to Leung. Since the scrutiny, the regulator has issued a warning letter to almost seven exchanges along with domestic presence, prompting them not to trade cryptocurrency tokens as it sees them as securities without a license.

The regulator said:

“The SFC will continue to closely monitor ICOs and will not tolerate any violations of the securities laws of Hong Kong.”

Seeing growing public interest, the authorities of Hong Kong launched a “public awareness campaign” at the beginning of this year to enlighten general public about the Initial Coin Offering investment and cryptocurrencies by using, articles, advertisements, and infographics.

In her speech, Leung also pointed out the volatility of bitcoin price and added:

“Many millennials who subscribe to digital tokens in ICOs5 understand that there is no intrinsic value in the tokens but are betting on the rapid rise of the token value in the secondary market.”

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