The world’s financial institutions are currently observing a vast digital ecosystem being expanded with reports for new digital currencies akin to the likes of cryptocurrencies to be launched soon. While these CBDCs (central bank digital currencies) are proclaimed not to harm or replace cash and other forms of legal tenders, we cannot help but talk about the ones instigating the change.
Cryptocurrency became popular since the launch of Bitcoin back in Jan 3rd, 2009. Ever since then, cryptocurrencies have seen a rise in popularity amongst the masses.
According to a recent study by Tech Jury, the cryptocurrency market cap has reached $265.545 billion as of May 2020. By 2023, the global blockchain market is expected to reach $23.3 billion. Furthermore, Bitcoin alone accounts for $6 billion of daily online transactions.
Moreover, cryptocurrency users have exceeded 40 million globally. In light, of this information, let’s take a quick look at how Millennials compare to Generation X when it comes to adopting cryptocurrencies.
Generation X is widely regarded as the generation that followed Baby Boomers and preceded Millennials. Their age groups range from 40 to 55 years old as of 2020. Here is how Generation X is reacting towards cryptocurrency:
While Millennials are regarded as the prime suspects for capitalizing on the crypto market, surprisingly both Baby Boomers and Gen X are being currently observed to closely follow the trends.
Hence in recent years, many sources have cited an increase in investment of cryptocurrency as both Boomers and Generation X take charge to close the gap. In some cases, they were also found to have more than doubled their investments.
It seems like the word of mouth and awareness about cryptocurrency is spreading like wildfire as Generation X is seen to understand the value and find blockchain as a reliable security measure. Understanding the benefits of fast and instantaneous transactions, the group of disaffected people and entrepreneurs is already showing signs of crypto is affecting their thinking for the future.
Reports are coming in, showing an evident increase and Month on Month growth patterns. According to a study by Mode Banking, both Baby Boomers and Gen-X have shown a trend of increasing their investment in cryptocurrency by over 100%, especially during the COVID-19 pandemic.
With the current economy ridiculed by the pandemic, the growing fear for wealth protection has led Baby Boomers and those belonging from Gen-X to invest in resources that can allow for asset diversification. Cryptocurrency so far has been observed as the most favorable type of investment to safeguard personal wealth.
Otherwise known as Millennials, Generation Y is widely regarded as the generation succeeding Gen-X and Baby Boomers. Their age groups range from 24 to 39 years of age. Often regarded as the parents of Generation Alpha (like my darling son!) they were born into a world that as quickly becoming familiarized with the internet, mobile devices, and social media.
Millennials view of cryptocurrency is that of an alternative asset. Surprisingly not many of us want to invest in stocks and are more interested in assets that are backed by technologies. According to a recent study by Coin Telegraph, Millennials are three times more likely to invest in cryptocurrency as compared to Generation X. Furthermore, 9% of Millennials chose crypto as their long-term investment option.
Students applying for and seeking dissertation assistance are also looking for ways to invest alternative asset that can help secure their personal wealth for the future. It is important to note here that while both real estate and stocks are also good options for Millennials, they are currently dominated by Baby Boomers in the present times.
Studies from different financial institutions and digital currency markets are coming in showcasing Millennials as a driving force for the adoption of Bitcoin for years to come. Zac Prince, the CEO and founder of BlockFi, identifies a major trend for Millennials where they seek everything digital.
Furthermore, with Bitcoin reaching its all-time high and pushing over $23,000 per coin as of Dec 17, 2020, who can blame Millennials for making the right choice so far!
There is a Japanese idiom that states the next generation as the actual king of the world. Come to think of it this world will always belong to the next generation that is how our life expectancy is all about. We may get to live 100 years, but eventually, the circle of life catches up to us. As we depart, the new generation takes to the throne.
For countless eras, this is how wealth has been passed down from old to the young. Currently, Millennials are in the process to take control and eventually move Boomers out to take their seat on the ruling chair. This transfer of power and wealth on a massive scale will indefinitely cause investment in cryptocurrency to rise by a tremendous rate.
Cryptocurrency is on the rise with Bitcoin riding the tidal wave in recent times. Not only digital assets and crypto are skyrocketing, but even the BIS (Bank of International Settlements) is also considering launching digital currencies with the help of IMF and 60 central bank members.
Someone really has to be blind enough to not see how things are rapidly changing and converging towards digital resilience. So far Millennials and Gen-X have shown their growing interest in adopting cryptocurrencies with Boomers lagging behind to catch up on the trend.
Samantha Kaylee currently works as an Assistant Editor at Crowd Writer. This is where higher education students can acquire literature review writing service UK from professionals specializing in their field of study. During her free time, she likes to catch up on all the latest tech developments happening across the globe.
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You might be familiar with mining in cryptocurrencies like Bitcoin, where expensive energy-intensive equipment works to generate blocks. However, there is an alternative to this model that doesn’t require the massive energy costs of mining or equipment. Staking coins can generate passive income without such headaches. Some examples of coins which rely on proof of stake include Peercoin, Blackcoin, Gridcoin and Pivx.
HolyTransaction is excited to present to you the launch of our new staking service. You can now leverage Proof of Stake (POS) holdings to safeguard crypto networks while earning financial rewards. Staking PPC, BLK, GRC, and PIVX has become much easier with HolyTransaction! Starting the 1st of September 2020 customers with balances in those cryptocurrencies will begin to receive their rewards distributions.
HolyTransaction Staking Wallet lets you not only stake coins, but also trade them, buy new ones, or sell the ones you have for fiat.
This makes it rather easy to exchange your rewards earned through staking, withdraw the money, and use it in the real world.
Of course, you can always just keep it and increase the amount you have for staking, which will help you earn more in the long-term.
In contrast to the proof-of-work consensus mechanism that Bitcoin uses, some cryptocurrencies use an alternative model for consensus called proof-of-stake. So instead of miners creating new coins and verifying transactions as in the proof-of-work model, you have what are called forgers creating new coins and performing verification of transactions in the proof-of-stake model. These forgers are chosen in a variety of ways from a pool of coin holders who have staked their coins. The selection criteria vary depending on the cryptocurrency, but the most typical ways are a random selection or how long the coin holder has held the coin. When a forger gets chosen, they can then create new blocks and verify transactions.
The most immediate benefit of staking coins is that you earn income for doing so. In comparison with proof of work schemes, proof of stake removes the need for expensive equipment to perform all the proofs of work that validate transactions. Such equipment that is used to mine coins on a proof of work blockchain would often soon depreciate as more advanced hardware came out. Staking your coins does not come with this problem. Blockchains which used proof of stake for consensus are greener as they do not require the massive amounts of electrical resources to perform the calculations needed by proof of work schemes. Finally, it is simply just fairer for users who have invested in the cryptocurrency to reap the benefits of verifying transactions on its network.
The only real drawback to staking coins is that the coins can be unavailable while they are staked. This isn’t an issue when the coin is gaining value, but if the coin loses value you can be locked in for the ride. Some cryptocurrencies allow you to stake your coins even if they are in a cold (or offline) wallet. This means that the coins are not connected to the internet at all times. This is more secure, however, some coins require that your coins must be in a hot wallet, which is a wallet that is always connected to the Internet.
Staking coins is a great way to earn passive income, avoiding the exorbitant cost of the hardware required for mining, which quickly becomes obsolete. Staking coins is more environmentally friendly as it does not rely on the massive amounts of electricity needed to power mining rigs. Instead of rewarding those who invest in the expensive hardware needed to verify transactions, cryptocurrency projects which rely on proof of stake reward those who invest in the coins themselves. This results in a fairer system where anyone can earn passive income. HolyTransaction is a very user-friendly wallet all you need is just to deposit for staking to commence.
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We all know how cryptocurrency rose to power and the impact it’s having on the world, but now it’s confirming its place as a form of finance that is used and accepted around the world, it’s time to look to the future, in particular, hedge funds.
Have you ever thought about how cryptocurrencies are effective hedge funds, and how many believe that cryptocurrencies are, in fact, the future of hedge funds? Well, the future is now. Crypto hedge funds are already popping up here and there, and while 150 exist at the time of writing, there are many more on their way.
In fact, many believe that this number could double, if not triple, over the coming year. While it’s clear the venture capital industry is changing as we know it, today we’re going to share what we already know, and what we can expect in the coming years.
It’s Far from Ready
By many estimates, there are over 15,000 hedge funds around the world, 150 cryptocurrency hedge funds don’t seem like a lot. Even if you triple this number to 450, that still such a small percentage of the total hedge funds count, so why is this such a big deal?
The truth is, the industry is still growing and finding its feet, which means once it’s able to stand up for itself, so to speak, then it will really start to take up. At the moment, it’s still in its crawling days.
Rough estimates state that the hedge fund industry is worth around $3 trillion, whereas the amount of money going to cryptocurrencies is only around $3 billion. I know these are still huge sums of money, but on the grand scale of things, it’s tiny. However, this is predicted to change over the next 12 months.
This is because cryptocurrency values and estimates are still way too high, and many cryptocurrencies are way too volatile, which means investors are being cautious around them. Additionally, with so much competition in the industry, it’s hard for investors to know what to focus on, and what investment opportunities are worth the risk.
Many people still see investing in cryptocurrency as gambling, and it’s true, there’s still a huge factor in investing it. However, if the rate of integration of cryptocurrency into the mainstream continues as well as it is already, this shouldn’t continue to be a problem over the next few years.
When you consider that the top 35 cryptocurrencies are valued at over $1 billion, so it’s not going to be ignored any time soon.
Technology is Evolving
Of course, blockchain technology is responsible for making cryptocurrency work in the way it does, but it’s important to note that this technology is still evolving. There’s no denying that the technologies and services are still being invested in, but it’s a long way off being where it needs to be, although this is changing rapidly, and the hedge funds markets are reflecting this.
The more success that comes from the technology, the more it will be developed, and the more funds it will have invested in it, and therefore the faster it will evolve. This will be represented by a rapidly spiking curve over time and will happen fast.
The Tides are Changing
Look at the market, and what do you see? There’s no denying that cryptocurrency is the way that the market is going to go. After all, millennials are already ‘unbanking’ and moving their money in cryptocurrency deposits, rather than traditional banking systems and networks.
Traditional banking systems are noticing this and now, of course, have to consider cryptocurrencies in their banking strategies, and will continue to do so over the coming years. From an investor’s point of view, it’s important to start looking at these strategies and at how cryptocurrencies can be incorporated into their investment strategies.
If you don’t already have a cryptocurrency investment strategy existing, this is something you need to think about because you’re going to be left behind.
Although investors with cryptocurrency strategies are already ahead of the curve, the tides are changing fast, and you don’t want to be left behind and without a strategy when cryptocurrencies play such an integral role in the markets.
Michael Dehoyos is an economic consultant and editor at Coursework Writing Services. He assists companies in their marketing strategy concepts, and contributes to numerous sites and publications, as well as offering investment advice.
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Once again, we recently listed Digibyte and expanded our collection.
In case you are searching for a reliable and easy to use digital wallet, then HolyTransaction Cryptocurrency Wallet is perfect for you. A digital wallet is ideal for cryptocurrency traders who are looking to store, trade, and send, as well as access their cryptocurrencies through a single account. This way users can easily convert the supported cryptocurrencies without having to transfer their coins to other exchanges.
As a HolyTransaction customer, you can create a new address for DGB (Digibyte) and use the HolyTransaction Web Wallet to send as well as receive coins. You can also use the wallet to convert them into any other cryptocurrency conveniently. Thus, HolyTransaction users can send cryptocurrency, receive transactions, as well as exchange DGB with other supported cryptocurrencies, with Digibyte being one of the latest coins to be included.
Digibyte is a rapidly-growing, public, decentralized blockchain project, which features a cryptocurrency of the same name. The project has been around for a long time, with some of the fastest transaction speeds in the industry composed by an active development team which has been consistently working on it for over 5 years.
Digibyte has also always been transparent, with its team and founder never hiding their identities. DGB can be obtained through mining, purchased on HolyTransaction, or received as payment. In addition to that, the Digibyte team has been making an effort to reach out to merchants without waiting for them to come to cryptos, in an attempt to provide more options to its users as possible.
DigiByte has been active for over 5 years now with a market cap of $69.8 million, which makes it at least as old as Ethereum while DGB itself ranks as the 70th-largest crypto.
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For those interested in digital currencies, It has changed the way we do business and the way investors invest in a company. Employers are offering crypto as pay and others, such as music artists, are accepting them in exchange for singles. The attention crypto has attracted made it popular among many. One the biggest reason why many are attracted to crypto is that many of them sit on a decentralised network. This means an organisation or a government does not control them, unlike Fiat currency. Ther is also no physical form of cryptocurrency, but it can be converted into the more familiar notes and coins we know and love.
The introduction of Bitcoin brought with it new technology such a blockchain. The nature of blockchain makes it a secure way of working, and we will go into more detail about it below. It is essential to mention, however, that not all countries share standard consensus o what crypto is. Some view Bitcoin as exchange tokens. Others view crypto in the same light as hard cash. These anomalies in the crypto world mean taxes for Bitcoin differ from country to country which why before investing, purchasing or dealing with crypto, it would be wise to find out the countries views on it.
A big part of making an investment in Bitcoin and other cryptocurrencies and being successful at it means learning the lingo. Here are some of the underlying crypto trading terms that are commonly used. Knowing these terms will help you navigate your way through the world of crypto in ease.
Blockchain is a decentralised and distributed public ledger which means it is a database that is validated by a vast community of people rather than a central authority. In most cases, blockchain refers to the bitcoin blockchain, which is made up of blocks. It allows data to be stored globally on thousands of servers and lets individuals enter the networks to see all the entries in real-time. By doing this, it makes it hard for users to gain control of the system. The immense reach of blockchain makes it harder to hack as all transactions are transparent for all to see. Falsifying a single record in the chain means you would need to forge the entire chain. Bitcoin transactions sit on a blockchain.
A wallet is a secure digital wallet that is used to store, send and receive digital currency like bitcoin. It is typically a string of numbers and letters. Many official coins like bitcoin have official wallets, but you can find wallets which hold different types of currencies in one place.
To use a crypto wallet users will usually be given an ID as a way to identify the wallet along with its own private key which will help to authenticate and prove possession of the wallet by the person who owns it.
To carry out a transaction with digital currency, you will need two things. The first is a wallet which acts as your address and a private key. The private key is a string of random numbers, but unlike address, the private key must be kept secret. The private key gives users authority to digitally sign and authorise different actions that are done by the digital identity when used with the public key.
The main priority when dealing with cryptocurrencies is to keep the private key secure. It the key gets lost or stolen; there is no means to recover it.
The order book displays current prices with volumes in real-time of current order from buyers and sellers.
The price at which a person is trying to sell an asset is known as the Bid Price.
The ask price is the price individuals are trying to buy an asset for.
A period during which asset prices consistently keep rising is known as a Bull Market. To get the most out of investments, users are likely to enter the market at the beginning or just before the start of a Bull market. This is so the assets they buy become more valuable.
In the flip side to the Bull market, a bear market is a period during which the prices of assets consistently fall. The silver lining to this si that the drop in prices means that entering the market becomes cheaper, and it becomes possible to buy the same amount of assets for a lower price. Generally, Bear markets are not specific to cryptocurrencies, and any tradeable asset can go through the same life cycle.
Spread is referred to as the price difference between the buy price and the sell price of an asset. The exchange between the individuals defines them.
When an individual wants to purchase an asset at a designated price, buy order or bids are created. When an individual wants to sell an asset at a selected amount, sell orders, or asks are created.
In a 24-hour trading cycle, high means the peak price Bitcoin or other assets have reached in 24 hours. And so low means the lowest price the particular assets has become in the 24-hour trading cycle.
The difference between the price a trader expects and the trade to execute at, and the price it eventually executes at known as Slippage.
The official completion of a trading process is known as Execution.
Storing digital money in an offline wallet is known as cold storage and usually stored on a platform that has no connection to the internet. There are many Blockchain smartphones which now have cold storage capabilities.
Satoshi, named after the creator of Bitcoin, is the smallest unit of Bitcoin (BTC) recorded on the blockchain.
The act of a transaction which is included in a single block within the Bitcoin blockchain is known as confirmation.
Like a fingerprint, a digital signature is an e-signature which is created by using the Publick Key Cryptography (PKC). The digital signature associates securely, a signatory with a document in a recorded transaction. Every transaction has a different digital signature that depends on the users private key.
Each Bitcoin transaction incurs a fee. It is processed by a miner who is paid for their services, and the Bitcoin network confirms the results.
Author: Yasmita Kumar
A little bit about me: I am a writer and have been writing about various topics over many years now. I enjoy writing about my hobbies which include technology and its impact on our everyday life. Professionally I write about Technology, Health and Fashion and previously worked for the NHS.
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Cryptocurrency has been impacting lives, no doubt, and Bitcoin has now become quite popular among the youth and even the adults, making smart investors extremely rich.
Cryptocurrency has been in existence for more than 10 years now. There is hardly a developed country, a civilized geographical location, or an economy of significance around the world still ignorant of the word “cryptocurrency.”
The fact is that even if one does not know what cryptocurrency is all about. Then definitely, you have heard about it from the news, colleagues, neighbors, friends, internet, newspapers, handouts, and souvenirs, and so on.
Bitcoin is taking the lead as the most popular and the most utilized cryptocurrency with billions of dollars of transactions being carried out with it daily. Now, this begs the question, why is cryptocurrency still not taught to students?
Schools are institutions for educating people. Thus, it is of great importance and a matter of necessity that courses or subjects related to cryptocurrency be taught in school systems. This initiative will serve as a means of equipping our young generations for the future to come since cryptocurrency symbolizes a new viewpoint on finance and, primarily, the economy.
In lieu of these, it is worthy of mention that schools should also consider teaching online academic translation services as provided by The Word Point. Nowadays, such skills are essential in virtually all spheres of life.
Why not read on as you discover the five(5) essential reasons why cryptocurrency should be taught to students.
The knowledge of cryptocurrencies have increased in the general population of the world and have undertaken a new shape over time. According to BitcoinWiki, in 2009, there was no cryptocurrency exchange; the users at that time were majorly cryptography fans who transferred bitcoin mainly as a hobby.
In 2010, a user, known as “Smoke too much,” auctioned 10,000 BTC for $50 without any buyer. Lazlo Hanyecs was also reported to have successfully bought two pizzas at Jacksonville, Florida, on the 22nd of May, 2010. This was the first recorded successful bitcoin transaction. On the 26th of June, 2019, Bitcoin hit $13000, which notable experts attributed to the development of the cryptocurrencies technology industry. This is to enlighten you concerning the history of the significant changes of Bitcoin as a major cryptocurrency. To open your minds to a new life-changing experience, and for you to reason and agree with me as per why cryptocurrency should be taught to students.
Taking into consideration, the rate at which cryptocurrency is growing concerning its wide acceptance, thousands of career opportunities are bound to manifest within the years to come.
Concerning a report by Coinbase, it was brought to public knowledge that the population of students from various departments who have become interested in cryptocurrency is growing so fast.
Some companies today are on the lookout for job-seeking graduates who are progressive-minded and are interested in fast-growing technologies. Likely, most of these employers are not well-grounded in the knowledge of cryptocurrency themselves. Hence, they need workers who are capable of bringing this knowledge to an organization.
In the world of crypto, Many opportunities abound, and the possibilities are limitless. Cryptocurrency and digital currency go hand in hand, such that a wide range of opportunities are opened for young scholars. The lists of potential careers for cryptocurrency lovers are virtually enormous.
Here are some few potential career opportunities you should look forward to:
According to the SI News blog, Cryptocurrencies have been forecasted to be utilized extensively in industries like Agriculture. Going by this report, it becomes evident that cryptocurrency technology is here to revolutionize the way we run our businesses.
In current times, workers are highly required by employers to collaborate and work across different departments. Several Interdisciplinary research is also growing in popularity in various universities in most developed countries.
For instance, the University of California-Berkeley started delivering a cryptocurrency class called “Blockchain, Crypto economics, and the Future of Technology, Business and Law” which has become quite popular among students.
Investment in cryptocurrency is highly encouraged for every business person or investor looking to make it big within a short period. It is indeed an excellent Investment platform given the astronomic rise in bitcoin rate in the year 2007 when it rose to its highest-ever to about $20,000, by which investors made a whole lot of money as a result of their investment.
Even though some investors or individuals will argue that Bitcoin is highly volatile and full of risk, the same principles that apply to businesses and investment opportunities are still applicable to an investment in cryptocurrency.
Following the growing trend of cryptocurrency, the impacts are becoming greater and more significant over time. This further stresses the reason why the course should be taught to students. Students need to be prepared for the crypto revolution to come.
Jake Gardner, a crypto analyst once said that “the impact of cryptocurrency is omnipotent considering the huge amount of benefits attached to it”. He also gave some notable advantages of cryptocurrency, which includes:
There is a strong need for cryptocurrency classes to be held in various schools, and it should not be handled with levity. Students should be well equipped and fortified with the knowledge of cryptocurrency to be economically relevant towards its full implementation in a few years to come. Given the reasons above, should cryptocurrency be taught in schools or not? I leave you with this question to ponder on.
About the author: Frank Hamilton is a blogger and translator from Manchester. He is a professional writing expert in such topics as blogging, digital marketing and self-education. He also loves traveling and speaks Spanish, French, German and English.
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Following last year’s very well publicised crisis moment for Bitcoin, it’s very tempting to believe that the moment for cryptocurrency has passed. Confidence in these new technologies has waned significantly, and there’s a general understanding of how volatile the market is. But though it is still true that cryptocurrency is not as stable as more established currencies, the technology isn’t going anywhere any time soon.
So while you may have missed the first major boom in digital currency, there is a likelihood that we are going to see some interesting developments in 2019. Here are some cryptocurrencies to watch this year.
Ethereum works not just as a digital currency but as a platform for users to build their own cryptocurrency. Users take the building blocks provided by Ethereum’s blockchain and create their own application so that it can be used to manage things like supply chain.
At the end of 2018, Ethereum had started to show growth again after the 2017 peak. At it’s highest peak, it had grown around 3000%, the second largest after Bitcoin. “During the course of this year,” says Jay Stokes, author at researchpapersuk.com, “ Ethereum is expected to continue to rise in value, as plans roll out to improve its technology.”
Launched in 2016, Decred has become a well regarded currency that aims to democratize its model. There’s a focus on the actual work of data mining, with partial rewards going back to those who can offer proof of work. These individuals can have a direct say in the management and direction of the project.
To facilitate this decentralized governance, the developers have created an efficient and simple voting system to achieve consensus. Utilizing smart contracts the model is resistant to any potential outside parties that would seek to influence votes being cast.
Founded by Ethereum’s Charles Hoskinson, Cardano works through a smart contract platform. The developers take remarkable care to maintain the platform, and seek to standardise and promote Cardano’s protocol technology.
Charles Hoskinson claims that Cardano is the next stage in evolution for blockchain technology. It is built on meticulous academic and scientific research in order to combat issues surrounding blockchain technology, including scalability, interoperability and sustainability.
Created in 2014, Dash is a decentralized autonomous organization as well as a cryptocurrency. As an open source asset, it works on a principle of self-governance. In its early days, it was known as Xcoin, a ‘fork’ of the Bitcoin protocol, but as an altcoin, it earned a bad reputation as the cryptocurrency used on the dark web.
However, following a rebrand as Dash (Digital Cash), it ceased operating on the dark in 2016. Payments via Dash are almost instantaneous, and through user engagement protocols, the community which uses it are all geared towards improving its development.
Developed in late 2016, ZEC is geared around security and transparency. The two main protocols of Zcash involve either shielded or transparent pools.
Private transactions can be disclosed to aid transparency, allowing users to prove payments in order to comply with governmental regulation and tax services. In this way, Zcash has been at the forefront of creating a sustainable future for cryptocurrency.
“The developers of ZCash have been very public in meeting with law enforcement agencies” says Carina Rodriguez, contributor to draftbeyond.com, “This, finally, is a bid to show a united front against illegal cryptocurrency activity.”
Monero has had a somewhat controversial year. Some studies during the year showed that around 4.3% of the total supply of XMR had been mined illegally. For many, this is a worrying part of cryptocurrency. However, as the industry as a whole move towards a more legitimate, less shady mode of practice, it is interesting to note that during the time these studies were published, XMR’s value seemed to have fluctuated very little. It is based on the CryptoNight ‘Proof of work’ algorithm, pushing miners to seek legitimate sources of data.
Unlike, for instance, ZCash, Monero is developed around utter financial privacy, allowing payments and balances to remain hidden. Though it remains a controversial choice of Bitcoin, it continues to be a versatile crypto asset used across the world.
Benjamin Schmitt is an experienced lifestyle writer and app developer. He writes on app development and a range of other topics for Gum Essays and Lucky Assignments.
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You know about Bitcoin: The original digital currency based on blockchain. Every transaction is written to a shared ledger and verified by the rest of the network. Each set of approved transactions is a “block” added to the chain.
But you may have missed the buzz on Bitcoin mining. It’s not just for web geeks or digital currency traders. There are thousands of people around the world looking to profit in this way.
What is Bitcoin Mining?
Participants try to guess a random number generated by the system. Those who get the answer “own” the next block of transactions and collect a reward; currently 12.5 bitcoins. If you manage this, you can also collect fees on transactions in the block you created.
This number comes from a complex equation. In the early days it was handled by ordinary computers, and then GPUs (graphics processing units), which were better suited to the task. Over the years the equation has evolved in difficulty to regulate the rate of discovery.
Technology
Bitcoin miners now rely on hardware-intensive systems known as ASICs (Application-Specific Integrated Circuit), which appeared in 2013. If you own or can get access to such a system, you stand to guess a fair amount of numbers on the blocks constantly taking shape.
If this sounds like an easy way to profit, it is. Many people have joined the ranks of digital currency miners. However, with so much competition, the big question is whether there are still decent profits to be made.
Can You Still Make Money?
The more computers that are trying to capture the number, the harder the equation becomes and the fewer numbers you get.
But Bitcoins also tend to go up in value. It was a price spike in 2013 that launched mining as a popular investment option. Speculators agree that the value of Bitcoin should continue rising as its popularity grows.
Investments Required
To maximize your return on Bitcoin mining, you need an ASIC system. These computing solutions utilize high-end hardware that generates a lot of heat. Such a setup requires state-of-the-art cooling and ventilation systems along with higher utility bills to operate all of this.
Without an ASIC of your own, your odds of scoring aren’t good. It is possible to save some money by leasing an ASIC rather than buying one outright.
Other Options
Fortunately for the smaller investor, recent years have seen the rise of cloud mining, or cloud hashing. This response to growing demand is basically another cloud service where you get to lease a portion of someone else’s ASCI-enabled data center.
A cheaper option, albeit with smaller potential rewards, is a mining pool. This is a third-party service that uses investor funds to do their own mining and shares out the profits. The upside of this is that you don’t need technical or financial knowledge at all; you just need to come up the minimum investment required by the service.
Profit Potential
You can join some of these investment pools for as little as $500. Some of these third-party services state that you could earn your investment back in as little as two months or so, and start seeing profit after three. When these claims are legit, or even close to it, you’re seeing a remarkable and fairly consistent ROI better than most forms of investment.
However, transaction fees are currently voluntary on the part of individual users of Bitcoin, as is whether the transaction should even be included in a block. This is encouraged as the transaction is more quickly verified if it’s part of a block. Even so, your profit depends on the current value of Bitcoin, the number and size of transaction fees involved, and the number of people sharing the rewards.
Federal Regulation
In 2015 the Commodity Futures Trading Commission (CFTC) declared that digital currency trading is legal and subject to fair trading laws. However, this doesn’t guarantee that you’re protected. Prudent investors always do the homework: Know who you’re dealing with and determine realistic expectations.
Risks in Bitcoin Mining
The Bitcoin reward is halved every 210,000 blocks, or about four years. As the reward approaches zero, it may not be profitable at all unless transaction fees are increased and enforced. And while the general trend is up, there’s also fluctuation in Bitcoin value.
There’s also a question of integrity. As more cloud services spring up, you’ll have a widely varying scenario of payouts, contract stipulations, and the potential for dishonest reporting; even outright fraud. Also, on the downside: The IRS says that mining profits may be taxed as individual investment gains!
Is Bitcoin mining still a good investment? At the present time, yes, and hopefully for years to come with appropriate changes. Are you ready to sit back and let the computers make you bitcoins?
Jen McKenzie is a writer at Assignyourwriter company (https://assignyourwriter.co.uk/team/jen-mckenzie/) and an independent business consultant from New York. She writes extensively on business, education and human resource topics. When Jennifer is not at her desk working, you can usually find her hiking or taking a road trip with her two dogs. You can reach Jennifer (https://twitter.com/jenmcknzie) @jenmcknzie (https://twitter.com/jenmcknzie)
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Today we come back to talk about ICO, Initial Coin Offering.
As we mentioned in our previous article here , an ICO is a way for companies to attract investors by offering their cryptocurrency tokens in exchange for support and funding. ICO are also similar to initial public offerings otherwise known as IPOs.
Despite being just a couple of years old, ICOs have managed to attract a lot of attention. It seems that in the past few months every news outlet had something to say about them, both good and bad. To avoid future confusion and to help our readers, here at HolyTransaction we decided to publish this amazing infographic by Btxchange which will support you to understand the basics of ICO, its advantages, recent developments and future predictions.
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Cryptocurrency is no doubt the latest innovation and revolution in banking in the world today. It gives people the power to take full charge of their wealth, how it is stored, what happens to it and so on. However, with new invention comes new challenges and as the world slowly but gradually accepts Cryptocurrency as the new way of storing money there is a need to simultaneously adjust the way we secure it. For the vast majority of people who store their money in banks, there is little or no worries in terms of security as ideally, the banks have insurance cover against a breach in their security system, theft, and lastly potential hacks. This is not the case for Cryptocurrency as funds are only as safe as we want them to be. Basically, private keys show where your wealth is located and if anyone has access or knowledge of them you can kiss your money goodbye.
Many Folks trading cryptos from their laptops in their bedrooms, office or elsewhere may feel a false sense of safety and security as they cannot physically sense that they are being watched. The fact is people using the internet today are rarely alone. It may simply be an autonomous piece of code monitoring your activities online or someone somewhere in a government basement or Private Corporation physically monitoring you while you go about your crypto trading business. It may as well be someone else somewhere with the skills and knowledge to do so. Regardless of who and what is monitoring you the fact is your Crypto is almost always at risk.
Many ideas have been put forward about the best and most effective way of protecting Cryptocurrency. Many experts believe that one of the worst ways to protect a crypto wallet is to put it on the exchange. The ‘million dollars’ question now is what is the safest way of protecting your private key and Cryptocurrency?
Now imagine for a second that you do not have to worry much about this risk, imagine that every bit of information you send and receive is encrypted, and imagine that only the sender and receiver of any information can have access to it. Would that not be great? Read an expert review on saferVPN which is one of the most popular VPN services here: bestvpn24.com/safervpn-review/.
More Reasons to Protect Yourself While Crypto-Trading
A Digital Trail: Everything digital leaves a trail. Cryptocurrencies are basically electronic cash. Traders typically make use of an electronic wallet that sends electronic cash to another wallet. Bitcoins are not anonymous as we all would love them to be, they are simply pseudonymous. Crypto- Traders who use pseudonym addresses are more like writers who go by their pseudonyms. If their true identity/name were to be uncovered all their previous works under their pseudonyms will be linked to them. In the same way, all Bitcoins transactions are stored up in a blockchain and regardless of whether you use a pseudonymous address or not if that address can be in any way linked to you everyone will know the entire history of transactions you have made.
A school of thought argues that using a real name/identity for trading Cryptocurrency anonymously is not necessary since you have a Bitcoin wallet address; however, this is only true if that address is unique and changes for each transaction.
Stores can uncover real identities: Folks who are a bit conscious of how the security risk of trading crypto has ingeniously adopted means sure as having more than one wallet, making multi-input transactions, using web-hosted ‘eWallets’ to conceal identity and so on.
The truth is these methods are not very effective as online retailers and stores have access to their Bitcoin address when they make transactions with them. In addition, the payment processor which retailers utilize can also be used to uncover their real identity.
The bottom line is users are made to reveal their identity in order to get good and services when making payments online which consequently implies that Cryptocurrencies are not really anonymous.
Cryptocurrencies do not encrypt traffic: The basic system employed by Cryptocurrencies is such that when coins are sent, they are first taken to the Bitcoin’s nodes where they are encrypted. Furthermore, the communication between nodes is encrypted but that is about it. There is no encryption of the internet traffic which means that ISPs can collect information on the origin and destination of any transaction.
How VPNs Help Crypto-Trading
• Using a VPN mask the IP address from a computer which is very useful to stay secure from government agencies and corporations.
• With a VPN you can trade anywhere in the world. The best VPNs are capable of unblocking geo-locked websites. Traders who are blocked from local websites due to government policies can easily access those sites with a VPN.
• Even while making online transactions with your bank, you are made to provide some vital information about yourself. Similarly, trading platforms also request some personal information and bank details; a very good VPN will protect this data from hackers and other third parties.
• With a VPN, traders can enjoy faster internet connections while performing their transactions. Time is a vital component of trading online and a few seconds or minutes lost due to speed and connection issues can be very costly.
• To avoid taxes and government surveillance: The number of countries and financial markets that still prohibits the trading of digital currency is still much. Without a VPN it will be difficult to safely enter financial markets where trading is both legal and illegal.
The government of some developing countries impose enormous taxes on financial transactions, having a VPN will ensure that you are able to avoid paying such taxes on.
• You can avoid legal issues: Legal issues can arise in countries where trading Cryptocurrency is illegal. With VPNs, traders can go about their business anonymously.
Conclusion
Using a VPN to protect your digital cash by securing your personal and banking details is really something that is paramount. Some of the best VPNs are cheap and readily available just make sure you check out some of the amazing features and services before you pick one.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
