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The value of cryptocurrency as a means of financial transaction

Nowadays, the world economy is just moving towards a complete digital ecosystem, and so everything from money transfers to investments goes without paper. And cryptocurrency is the newest as well as the most capable application in the field of digital payments. Cryptocurrency is basically a medium of exchange, like ordinary currencies such as USD, but is mainly designed to exchange digital information. And here are a few reasons why cryptocurrency has become so popular in the recent past.

  1. Transfer of assets: Financial analysts often define cryptocurrency as a method that at some level can be used to execute and execute bilateral contracts for commodities such as real estate and cars. In addition, the cryptocurrency ecosystem is also used to facilitate some methods of transferring professionals.
  2. Transactions: In conventional business relationships, legal representatives, agents, and brokers can add large costs and complicate even a direct transaction. In addition, there are brokerage fees, commissions, paperwork and some other special conditions that may also apply. On the other hand, transactions with cryptocurrency are individual cases that mainly occur in a certain peer-to-peer network structure. This leads to better clarity in setting up audit trails, more accountability, and less confusion when making payments.
  3. cryptocurrency prices live
    Transaction fee: Transaction fees often pull out quite a lot of a person’s assets, especially if the person performs a lot of financial transactions monthly. But because data miners do number shredding, which basically generates different types of cryptocurrencies, they receive compensation from the network involved, and so here the transaction fee is never applied. However, you may have to pay a certain amount of external fees for engaging the services of any third-party management services to maintain the cryptocurrency wallet.
  4. litecoin
    More confidential transaction method: Under the monetary system, a complete transaction history can become a reference document for a participating credit agency or bank, each time a transaction is made. At the simplest level, this may include checking account balances to make sure you have the proper funds. But in the case of cryptocurrency, any transaction concluded between two parties is considered as a unique exchange where it is possible to agree and agree on terms. In addition, here the exchange of information is carried out by “push”, where you can send the recipient exactly what he likes. This fully protects the privacy of financial history as well as the threat of theft of personal data or accounts.
  5. The simplest global trading system: Although cryptocurrencies are largely recognized as legal tenders at the national level, they do not depend on interest rates, exchange rates, transaction fees or any other fees set by any particular country. And using the peer-to-peer technology, blockchain transactions and cross-border transactions can be executed without any complications.
  6. Greater access to credit: The Internet and digital data transmission are media that facilitate the exchange of cryptocurrencies. Thus, these services are available to people who know cryptocurrency networks, work data connections and act instantly on relevant portals and websites. The cryptocurrency ecosystem is capable of making transaction processing and asset transfers available to anyone who wishes, once the necessary infrastructure is in place.
  7. Strong security: Once the cryptocurrency transfer is authorized it cannot be undone as the transaction “circulation” of different credit card companies. This can be fraud hedging, which requires agreements between sellers and buyers to return a refund policy or an error in the transaction.
  8. Adaptability: In the modern world there are about 1,200 types of altcoins or cryptocurrencies. Some of them are a bit ephemeral, but for specific cases an adequate proportion is used, which reflects the flexibility of this phenomenon.

Is the bull market early or a bear market trap?

For virtual currency investors, the more important question is whether this round of rising currency prices is a reset of the bull market or a bear market trap.
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Last night bitcoin experienced a high price in just one hour. The price has risen from a violence of about $ 6,800 to a maximum of $ 8,100. During the day it grew by almost 20%. Under the leadership of bitcoin, other virtual currencies have also started a strong rebound, profits in one currency even exceeded 50%. Faced with the collective warming of the virtual currency market, many investors have shouted that the “bull market is back”.
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According to CoinMarketCap, the market value of bitcoin has increased by almost $ 20 billion a day, and the entire virtual currency market has also experienced overall market growth. There was no “search” effect. According to the daily volume of bitcoin transactions, which exceeds 9 billion US dollars, billions of additional funds should enter the market yesterday, not stock funds.
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In fact, during the bitcoin boom Bitfinex, a platform for digital currency trading, also recorded a number of major purchases. With the growth of bitcoin purchases, many shorts have been forced to close their positions, further expanding the market growth trend. In connection with this phenomenon, Nick Kirk, director of data according to “Cypher Capital”, also expressed his approval. At the same time, he also believes that this sharp rebound is likely to be a response to the release of early regulatory pressure.

Pantera Capital Management, one of the world’s largest hedge funds in the field of digital currencies, said bitcoin has bottomed out. $ 6,500 is the minimum copper for the bearish bitcoin market. Most of this year’s bitcoins will be above that price and may even surpass the record of $ 20,000 last year.

Fundstrat founder Tom Lee also expressed confidence in bitcoins. He believes that the current Bitcoin P / B ratio and other indicators are almost the same as the bear market in late 2014, and has formed an important technical correction. Based on that, he said the value of bitcoin this year could more than triple and by the end of this year had risen to $ 25,000.

Historical data show that bitcoin did grow in the second quarter of the calendar year. In the second quarter of 2011, bitcoins grew by 1964%, by 36.25% in 2012 … 61.98% in 2016 and 131% in 2017.

Of course, the volume of OTC bitcoins is also showing signs of market recovery. Since March, bitcoin trading volumes in Canada, Europe, Vietnam, Mexico and Vietnam have grown to record highs.

With the consistent admission of major financial institutions such as hedge fund giant Soros and Rockefeller’s major financial group, the financial size of the virtual money market will be further expanded.

However, it should be noted that despite the fact that bitcoin is currently growing strongly, it is still in the downstream channel and has not yet been effectively disrupted. It remains to be seen whether the virtual currency market has really changed. Investors should always be vigilant and pay attention to position management.

More importantly, the world’s major bitcoin markets, including the US, have sought to create a regulatory framework. Uncertainty of regulation will inevitably have a greater impact on the short-term development of the virtual currency market. In the long run an orderly, healthy market can go even further.

Where will bitcoin go next?

Bitcoin is a virtual currency that does not rely on the central body of accounting, but is a completely open, peer-to-peer network for money that has no equal in the history of the human economy. But are people, their representatives and businesses ready for this new form of currency?

In some places and countries, bitcoin may take off earlier than expected, depending on the political climate. If the government destroys and lands its currency, it will definitely increase. This is what happened in Argentina when the government converted bonds denominated in local currency into bonds denominated in US dollars, at the exchange rate set by the government. After that, the use of bitcoins in the country has made its way through the roof, and it is still accelerating (measured in terms of wallet load per month).

Cyprus was another good example – when the government tried to seize people’s money, bitcoin soared in the country, as it is much more fluid worldwide and can be instantly sent to another person anywhere in the world without government intervention. It also means that in reality the government cannot control the supply and demand of bitcoins within its borders.

Of course, bad management is only one side of the equation. The economy dictates otherwise. Bitcoin takes off in places that thrive on entrepreneurship and where politics are favorable. Business owners find the use of bitcoins incredibly more efficient than the world’s existing credit card-based payment system because merchants have to pay credit card companies 2 to 4%. If all transactions were exclusively in bitcoins, without any conversion to fiat, then the transaction fee for the business is zero. Literally zero. You can send and receive money for free through the Bitcoin network. This is what makes the economy of using bitcoin so powerful.

Some cities that are ahead of this innovation include familiar names such as San Francisco and New York, but also lesser-known business cities such as Berlin, which has a huge thriving bitcoin market.

If residents of a city or country view bitcoin as a stock of value and at the same time view it as a payment system that reduces the current burden on traders, bitcoin can take off. This has happened in the past, and it is likely to happen in the future. Sure, you always need the entrepreneurial spirit and risk to deprive the power of decades that exist, but the good news is that it’s happening simultaneously around the world.

Crypto TREND – the fifth edition

As we expected, since the publication of Crypto TREND we have received many questions from readers. In this edition we will answer the most common.

What are the changes that could change the game in the cryptocurrency sector?

One of the biggest changes that will affect the world of cryptocurrencies is an alternative method of checking blocks called Proof of Stake (PoS). We will try to maintain this explanation at a fairly high level, but it is important to have a conceptual understanding of what the difference is and why it is an important factor.

Remember that the basic technology of digital currencies is called blockchain, and most modern digital currencies use a validation protocol called Proof of Work (PoW).

With traditional payment methods, you need to trust third parties such as Visa, Interact, a bank or a cash center to pay for your transaction. These trusted structures are “centralized,” meaning they keep their own private ledger that stores the transaction history and balance of each account. They will show you the transaction and you have to agree to the correctness or start a dispute. It is seen only by the parties to the transaction.

In the case of bitcoins and most other digital currencies, books are “decentralized,” meaning everyone on the network gets a copy, so no one should trust third parties, such as banks, because anyone can directly verify the information. This verification process is called “distributed consensus”.

PoW requires “work” to verify a new transaction to log in to the blockchain. In cryptocurrencies, the test is performed by “miners” who have to solve complex algorithmic problems. As algorithmic tasks become more complex, these “miners” need more expensive and powerful computers to solve problems that are ahead of all others. Computers for mining often specialize, typically using ASIC chips (integrated circuits dedicated to applications) that are more knowledgeable and faster at solving these complex puzzles.

Here is the process:

  • Transactions are combined into a “block”.
  • The miners argue that the transactions in each block are legal by solving a hashing algorithm puzzle known as the “proof of work problem”.
  • Miner, who solved the “problem of proof of work” block, is rewarded with a small amount of cryptocurrency.
  • After verification, transactions are stored in a public blockchain throughout the network.
  • As the number of transactions increases and so does the complexity of solving hashing problems.

Although PoW has helped take down blockchain and decentralized, distrustful digital currencies, it has some real drawbacks, especially in how much energy these miners consume, trying to solve “evidence of work problems” as quickly as possible. According to the Digiconomist Bitcoin Energy Consumption Index, bitcoin miners use more energy than 159 countries, including Ireland. As the value of each bitcoin grows more and more miners are trying to solve problems by consuming even more energy.

All of this power consumption just for checking trades has forced many people in the digital currency space to look for an alternative way to check blocks, and the main candidate is a method called “Proof of Bid” (PoS).

PoS is still an algorithm, and its purpose is the same as in job validation, but the process of achieving the goal is quite different. There are no PoS miners, but instead we have “validators”. PoS is based on trust and knowledge that all people who check transactions have skin in the game.

Thus, instead of using energy to respond to PoW puzzles, the PoS validator is limited to checking the transaction percentage that reflects its ownership share. For example, a validator that owns 3% of the available airtime could theoretically check only 3% of the blocks.

In PoW, the chances of solving a proof of work problem depend on how much computing power you have. With PoS it depends on how much cryptocurrency you have on the “bet”. The higher your bet, the more likely you are to decide a block. Instead of winning crypto-coins, the winning validator receives a commission for the transaction.

Validators enter their bet by “closing” part of their fund tokens. If they try to do anything harmful against the network, such as creating an “invalid block,” their bet or deposit will be forfeited. If they do their job and do not break the network but do not win the right to check the unit, they will get their share or deposit back.

If you understand the basic difference between PoW and PoS, this is all you need to know. Only those who plan to be miners or validators should understand all the intricacies of these two verification methods. Most people who want to own cryptocurrencies will simply buy them through an exchange rather than engage in actual mining or verification of blocked transactions.

Most of the crypto sector believes that in order for digital currencies to survive long, digital tokens need to move to the PoS model. At the time of writing, Ethereum is the second largest digital currency after bitcoin, and their development team has been working on its PoS algorithm called Casper for the past few years. We are expected to see how Casper will be implemented in 2018, putting Ethereum ahead of all other major cryptocurrencies.

As we have seen in this sector, major developments such as the successful implementation of Casper can significantly raise Ethereum prices. We will keep you informed in future issues of Crypto TREND.

Stay tuned!

Collect bitcoins for use in transactions

The big question is how to get bitcoin.

After gaining a basic knowledge of what bitcoin is and how a wallet actually works, you may want to get into the world of digital currency and get some bitcoins for yourself. So you have a big question: how do I get bitcoin?

It’s getting hard.

Once you gain knowledge about the origins of each bitcoin that is based on the mining process, you will believe that the best way to get them is to join this mining process. The fact is that it has become very difficult because of the rapid growth in popularity of cryptocurrencies.

Sell ​​goods or services.

Each bitcoin comes as a result of a previous transaction. So, the way to get them if you don’t have them is to get a transaction from someone else, buy them using cash, or get new bitcoins.

If you know a person who uses bitcoin, you can ask him to get bitcoin. In case you don’t know anyone who owns them, you can get bitcoin by offering a different type of transaction only with another bitcoin user, resulting in you getting money in bitcoins. An alternative is to extract them yourself.

Mining.

In case you can’t purchase bitcoin from someone else, you can get them by extracting them. The term mining here means: the solution of a complex mathematical problem, the purpose of which is to verify the transactions of others. In return you are rewarded with bitcoins. Receiving bitcoins is sometimes free, but a fee may be included for sending them, depending on the online platform you use. Before you engage in bitcoin mining, you need to understand that this is not an easy way to get bitcoin, it requires certain technical knowledge that may not be practical for you.

Buy.

In case you don’t know anyone who owns bitcoins, you have nothing to sell to exchange for bitcoin, there is a way to buy bitcoin. There are several online platforms, they sell bitcoin through a process called trading / exchange. Here are some ways to buy bitcoins:

Buy bitcoin from a person.

On the Internet there are trading platforms where you can buy bitcoin on a “person to person” basis. You can pay these individuals in cash or otherwise. A good idea is that you and the seller can arrange a payment method: cash, cash on deposit, bank transfer, PayPal, etc. The main element is to find someone you can trust. Good advice – use an online deposit service, so you can protect yourself from any scams. The good thing about this online deposit platform is that everyone has to upload their scanned ID, which ensures security during transactions.

Buy bitcoin on the exchange and in the outlet.

Bitcoin exchanges or outlets are mainly online services that make it easier for buyers and sellers to trade with bitcoins. To become part of one of them, you just need to create an account and get an identity card before you can buy or sell bitcoin.

Buy bitcoin through an ATM.

Some cities around the world offer physical bitcoin ATMs. You just get your bitcoins through them using local fiat currency. Governments regulate the use of these ATMs for security purposes. Sometimes finding a bitcoin ATM near your location can be difficult, as even where they are installed is regulated.

How does cryptocurrency gain value?

Cryptocurrencies are the last “big thing” in the digital world that is now recognized as part of the monetary system. In fact, enthusiasts called it a “money revolution”.

Clearly, cryptocurrencies are decentralized digital assets that can be exchanged between users without the need for a central authority, most of which are created using special computational methods called “mining”.

The adoption of currencies such as the US dollar, the British pound and the euro as legal tender is due to the fact that they were issued by the central bank; However, digital currencies, such as cryptocurrencies, do not depend on public confidence and trust in the issuer. Thus, several factors determine its significance.

Factors determining the value of cryptocurrencies

Principles of a free market economy (mainly supply and demand)

Demand and supply are the main factor that determines the value of something valuable, including cryptocurrencies. This is because when more people are willing to buy a cryptocurrency and others are willing to sell, the price of that cryptocurrency will increase, and vice versa.

Mass adoption

Mass adoption of any cryptocurrency can raise its value to the moon. This is due to the fact that the number of cryptocurrencies is limited to a certain limit, and, according to economic principles, an increase in demand without a corresponding increase in supply will lead to higher prices for this particular product.

Several cryptocurrencies have invested more resources to ensure their mass adoption, with some focusing on the suitability of their cryptocurrencies for pressing personal issues as well as important day-to-day occasions in order to make them indispensable in everyday life.

Fiat inflation

When a fiat currency, such as the U.S. dollar or GBP, becomes overvalued, its value rises and purchasing power falls. Then cryptocurrencies (let’s use bitcoin as an example) increase against that fiat. As a result, you will be able to get most of this funding with each bitcoin. In fact, this situation has become one of the main reasons for the rise in bitcoin prices.

History of fraud and cyberattacks

Fraud and hacking are also major factors affecting the value of cryptocurrencies, as they are known to cause wild fluctuations in valuations. In some cases, a team that supports cryptocurrency may be a fraud; they will pump up the value of the cryptocurrency to attract unsuspecting people, and when they invest their money with difficulty, the price is reduced by fraudsters who then disappear without a trace.

It is therefore very important to be careful with cryptocurrency fraud before investing.

Some other factors to consider that affect the value of cryptocurrencies include:

  • The manner of storage of cryptocurrency, as well as its usefulness, security, ease of acquisition and borderline visibility

  • The strength of a community that supports cryptocurrency (this includes funding, innovation, and member loyalty)

  • The associated associated cryptocurrency risks are perceived by investors and users

  • News

  • Market liquidity and cryptocurrency volatility

  • Country rules (this includes banning cryptocurrencies and ICOs in China and accepting them as legal tender in Japan)

Bitcoin cryptocurrency – Understanding the basics

More than a decade has passed since cryptocurrency began to captivate people through social media and especially through the Internet. To date, bitcoin has been among the best cryptocurrencies, no one knows the exact origin of the currency, but it appeared in mid-2008 due to the Japanese pseudonym “Satoshi Nakamoto”.

So what is this bitcoin currency and why has it been able to maintain its place in the financial markets. Well, the following reasons can give you an idea of ​​its popularity and evidence of its continued safe existence in the future.

  • Bitcoin is the first decentralized digital currency.

  • Bitcoin is an independent free-floating currency that is not owned by any government or linked to any other currency so that it can affect the value of economic indicators that govern the value of traditional currencies.

  • With the growing popularity among the masses it now enjoys an increased level of acceptance at all levels, for example, you can now buy things with the cryptocurrency Bitcoin directly and also trade them on various platforms such as CoinBase, Bitfinex, Bitstamp, Kraken and many more. .

  • All you need is a wallet and an internet connection to make the Bitcoin transfer peer.

  • In most cases, transmissions occur instantly.

  • Convenience to make transactions via the Internet or mobile phone in a couple of clicks.

  • Your privacy is secure compared to other online payment methods, where your vital information can be traced and misused.

  • When transferring money in the usual ways you have to pay a commission depending on the volume of your transactions and further, these transfers are governed by your regional and state rules. While transactions in Bitcoin cryptocurrencies do not require you to fall under any government regulations, moreover, you will not pay for large transaction fees.

  • Since you are the only one who has access to your e-wallet, your coins are always safe and no one can steal your money. The process and transactions are transparent thanks to a shared public book, and anyone can verify a transaction anytime from anywhere using the Internet.

  • Another advantage of having a Bitcoin cryptocurrency wallet is that your account cannot be frozen.

Given the growing popularity and acceptability of the cryptocurrency Bitcoin, we can safely assume that the future of Bitcoin is not only secure but also quite bright, and this innovative payment method will remain here.

Decentralized Finance (DeFi) at Ethereum: The Future of Finance?

Decentralized finance, or “DeFi” for short, has taken over the world of crypto and blockchain. However, its recent renaissance masks its roots in the bubble era of 2017. While everyone and their dog were doing the “Initial Coin Offer” or ICO, few saw the potential of the blockchain far beyond the rapid rise in value. These pioneers envisioned a world in which financial supplements from trade to savings, banking and insurance would be possible just on the blockchain without intermediaries.

To understand the potential of this revolution, imagine if you had access to a savings account that gives 10% in dollars a year, but without a bank and virtually risk-free funds. Imagine you can sell crop insurance to a farmer in Ghana who sits in your office in Tokyo. Imagine being able to be a marketer and earn a percentage of the fees that each Citadel would like. Sounds too good to be true? This is not the case. This future is already here.

DeFi building blocks

There are a few basic DeFi building blocks that you need to know before moving forward:

  • Automated manufacture or exchange of one asset for another without trust without an intermediary and clearing house.

  • Lending with excessive collateral or the ability to “use your assets” for traders, speculators and long-term owners.

  • Stablecoil or algorithmic assets that track the price of the underlying balance without centralization or provisioning with physical assets.

Understanding how DeFi is done

Machine guns are often used in DeFi because they mimic traditional fiat currencies such as USD. This is an important event because the history of the crypt shows how changeable things are. Staibcoins, such as DAI, are designed to track the value of the USD with small deviations even during strong bear markets, that is, even if the value of the crypt collapses like the bear market of 2018-2020.

Lending protocols are an interesting development that is usually built on the basis of stable coins. Imagine if you could close your assets for a million dollars and then borrow from them in stable coins. The protocol will automatically sell your assets if you do not repay the loan, if your collateral is no longer enough.

Automated market makers form the basis of the entire DeFi ecosystem. Without this you are stuck with the old financial system where you need to trust your broker, clearing exchange or exchange. Automated market makers, or AMM for short, allow you to trade one asset for another based on the reserve of both assets in its pools. Price detection occurs through external arbitrators. Liquidity is pooled based on other people’s assets and they gain access to trading fees.

You can now get a wide range of assets in the Ethereum ecosystem, without having to interact with the traditional financial world. You can make money by borrowing assets or being a market maker.

For developing countries, this is a surprising innovation, as they now have access to a full set of financial systems in the developed world without barriers to entry.

What is an ICO in cryptocurrency?

ICO is short for Initial Coin Offering. When launching a new cryptocurrency or crypto-token, developers offer investors a limited number of units in exchange for other major cryptocurrencies such as Bitcoin or Ethereum.

ICOs are amazing tools for rapid rain from development funds to support new cryptocurrencies. The tokens offered during the ICO can be sold and traded on cryptocurrency exchanges, assuming that there is sufficient demand for them.

ICO Ethereum is one of the most notable successes, and the popularity of the initial coin offerings is growing as we speak.

A brief history of the ICO

Ripple is probably the first cryptocurrency to be distributed through an ICO. In early 2013, Ripple Labs began developing the Ripple payment system and generated about 100 billion XRP tokens. They were sold through the ICO to fund the development of the Ripple platform.

Mastercoin is another cryptocurrency that sold several million tokens for bitcoin during the ICO, also in 2013. Mastercoin aims to tokenize bitcoin transactions and execute smart contracts by creating a new layer on top of existing Bitcoin code.

Of course, there are other cryptocurrencies that are successfully funded through ICOs. Back in 2016, Lisk raised about $ 5 million during the initial coin offering.

Yet ICO Ethereum, which took place in 2014, is probably the most famous to date. During their time, the Ethereum ICO fund sold ETH for 0.0005 bitcoins each, raising nearly $ 20 million. Ethereum, using the power of reasonable contracts, paved the way for the next generation of primary coin offerings.

ICO Ethereum, a recipe for success

The Ethereum smart contract system has implemented the ERC20 standard, which sets out the basic rules for creating other compatible tokens that can be traded on the Ethereum blockchain. This allowed others to create their own ERC20-compliant tokens that could be traded on ETH directly on the Ethereum network.

DAO is a prime example of the successful use of Ethereum smart contracts. The investment company raised $ 100 million from ETH, and investors received DAO tokens in return, which allow them to participate in the management of the platform. Unfortunately, DAO failed after the hack.

ICO Ethereum and their ERC20 protocol have outlined the latest generation of blockchain-based crowdfunding projects through Initial Coin Offerings.

It also made it very easy to invest in other ERC20 tokens. You simply transfer ETH, insert the contract into your wallet, and the new tokens will be displayed in your account so you can use them as you wish.

Obviously, not all cryptocurrencies have ERC20 tokens living in the Ethereum network, but virtually any new blockchain-based project can start the initial coin offering.

The rule of law is ICO

When it comes to the legitimacy of the ICO, it’s a bit of a jungle. In theory, tokens are sold as digital goods, not as financial assets. Most jurisdictions do not yet regulate the ICO, so assuming the founders have an experienced attorney, the whole process should be paperless.

Despite this, some jurisdictions have learned about ICOs and are already working to regulate them similarly to the sale of stocks and securities.

Back in December 2017, the U.S. Securities and Exchange Commission (SEC) classified ICO tokens as securities. In other words, the SEC was preparing to stop ICOs, which they believe are misleading investors.

There are some cases where the token is just a utility token. This means that the owner can simply use it to access a specific network or protocol, in which case they may not be defined as financial security. However, equity tokens, the purpose of which is to estimate in price, are very close to the concept of security. Truth be told, most character purchases are made specifically for investment purposes.

Despite the efforts of regulators, ICOs are still lingering in the gray legal zone, and until a clearer set of rules is introduced, entrepreneurs will try to benefit from initial coin offerings.

It should also be noted that once regulations reach their final form, the costs and effort required to implement them may make ICOs less attractive than conventional funding options.

Concluding remarks

At the moment ICOs remain an amazing way to fund new projects related to cryptography, and there are several successful ones, many more in the future.

However, keep in mind that today everyone is running an ICO, and many of these projects are scams or do not have a solid foundation to succeed and make it worth the investment. For this reason, you should definitely do a thorough research and study the team and history of any crypto project in which you might invest. There are several websites that list ICOs, just do a Google search and you will find several options.