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Can Crypto Investing Save Your Finances amidst the Pandemic?

For all those who are into Bitcoin and any other form of cryptocurrency, they would definitely agree that China is among the leading investment hub. But this doesn’t save them from being impacted by the Covid-19 outbreak. And this was felt across different businesses and industries. The worst part of this news, the World Health Organization or WHO considered Covid-19 as a pandemic.

Is it still safe to Invest in Cryptocurrency?

With the current situation happening in the world today, many who have used långuiden to fund their cryptocurrency investment prior Covid-19 are actually afraid of their investments. Countless of traders are wondering if trading different cryptocurrencies like Bitcoin is still a viable idea.

As per research, trading cryptocurrency may not be the best move during these times. It’s innate human nature to protect their money and wealth. Not only that, during pandemic in which there is an obvious slow movement of the economy, no traders can perform trading when there’s ambiguous chance to recover from the damage brought by the pandemic.

Nothing is Safe

Everyone is mindful of the potential impact of Covid-19 to people’s health and even to the overall economic status. The virus all started in China and is now causing havoc and mayhem worldwide. Covid-19 isn’t just affecting traditional market but also, the cryptocurrency market is trying hard to navigate in these difficult times. This outbreak has caused everyone to question how it will affect the cryptomarket as a whole?

Decentralized mechanisms on the other hand are supporting various kinds of cryptocurrencies. Crypto is used by numerous individuals worldwide and is now deemed as an independent government. Furthermore, Covid-19 has made people to transition from fiat money to cryptocurrency. For the past several years, new algorithms and equipment as well were introduced to mine cryptocurrency. Due to the reason that the price is still low, these tools designed for crypto-mining are somewhat wasted. In relation to that, to attain balanced algorithms, several mining farms are getting a lot more popularity than with these equipment and tools for mining.

A Trend in Mining Farms

Mining farms became extremely popular due to isolation and quarantine implemented by the government. This is due to the reason that mining farms are requiring less movement and in these times of pandemic, different crypto has low price exchange. Though, it’s expected that after the outbreak concluded, Bitcoin and several types of cryptocurrency will recover and push its price upwards.

Posted by Ness Shantel

Crypto Financing, Is It Possible?

If you have a smart business idea, you have to convince investors of your vision. In the beginning, it is often family and friends. You could be even seeking financial help from a lending club or traditional banks. Later, ideally, business angels and investors come in who provide venture capital. A time-consuming process.

The Top Crypto-Backed Loan Platforms

Now, there’s what is called crypto lending as explained by Cointelegraph. It works much like a regular loan but within the limitations of cryptocurrencies. This service connects willing lenders to seeking borrowers using online platforms. Lenders lend their Altcoins, Ether, or Bitcoins to borrowers under agreed terms and regulations.

The entrepreneur Zoe Adamovicz can imagine it all easier, faster, and cheaper. With her start-up “Neufund”, the Polish-born artist, together with her partner Marcin Rudolf, wants to create a platform on which investors can participate in start-ups using the Ethereum cryptocurrency. It is an experiment that no one can say at the moment whether it will succeed and what risks are involved for the investor. Bafin’s financial supervision is in the process of dealing with this business model.

The company is financed through venture capital. It recently mobilized $ 12 million from investors for the platform. The financiers include, for example, the investor Frank Thelen, who is known to a wider audience as a jury member of the start-up show “Höhle der Löwe”. Neufund has dubbed this process the “Initial Capital Building Mechanism” (ICBM). Supporters, therefore, commit funds that they can later invest on the platform in companies.

Adamovicz and Marcin are experienced entrepreneurs. In 2014, they sold their self-founded Xyo app search engine to an American, listed company. It is important for the manager to differentiate herself from so-called initial coin offerings (ICO). “New discovery does not make an ICO,” she clarifies. “No euro is used by the ICBM for the company. We don’t manage this money either. ”

She doesn’t want “newfound” to be lumped together with companies that use intransparent ICOs to collect money by issuing tokens. Much can be hidden behind tokens: some companies promise to share in possible future profits, others only declare the collected money as a “donation”. “At the moment, investors who finance companies using cryptocurrencies cannot be sure whether the tokens issued will actually be used for the purposes for which they were announced,” Adamowicz describes the dilemma. This is exactly what is supposed to work differently on the “Neufund” platform.

The ten largest cryptocurrencies

There, companies can finance themselves with so-called equity token offerings (ETOs). Adamowicz wants to ensure that the investor who participates in a company on the Neufund platform also benefits from possible profits or sales proceeds. At the same time, investors have to bear possible losses. “With an ETO, the investor acquires rights to the company, which he can also assert, if necessary,” she emphasizes. This is a big difference to tokens, which are awarded in the context of an ICO.

Posted by Laney Seward in Cryptocurrency, Finance

Small- Scale Crypto Miners Not Optimistic Over Post-Coronavirus Comeback

As U.S. president Donald Trump wavers on decision to extend the U.S. lockdown or reopen economies, cryptocurrency miners are still weighing on potential outcomes.

Although cryptocurrency trading had slightly recovered, there is still hesitation among miners. The costs of analyzing blockchain transactions remain the same, while prices of digital currency fluctuate; earning them coin values not enough to even recover previous losses.

Most crypto traders do not foresee immediate economic recovery once businesses reopen. The public will have been left with reduced funds, or none at all, to even think of heading out for a buying spree. Besides, the Centers for Disease Control has warned that there could be a second wave that could be more severe than the first. It is likely that any plans for investing or buying will be put on hold as emergency funds; probably until there is certainty of a stable economy..

Unprofitable Bitcoin Mining Operations Could  Cripple Start-Up Mining Businesses

Ideally, the best scenario is one in which the bitcoin price will rise. That way mining operation will regain its profitable traits. In early March, the cryptocurrency industry saw several operators liquidating their bitcoin-backed loans, whilst miners decided to shut down their mining machines.

 

There are also analysis reports of start-up privately-owned mining corporations, to likely disappear. That is  if providers of hardware and funds will give priority to larger mining operators.

Posted by Madelina Feliks in Cryptocurrency

Amidst Continuing Hacks and Scams, How Should the Cryptocurrency System Move Forward in 2020?

It is now widely recognized that the cryptocurrency financial system has become a burgeoning industry. So much so that it has become ripe with opportunities for fraudsters and hackers, as millions have become victims of cryptocurrency investment scams and cyber attacks. Apparently, the common factor that has made victims vulnerable to criminal elements is their complacency.

They see the blockchain system as having sufficient shield against the prying eyes of financial regulators and tax enforcers. Yet they also take it to mean that the entire workings of the cryptocurrency financial system is safe from the schemes devised by scammers and hackers. .

Victims tend to overlook the fact that the beginning and end of cryptocurrency transactions still require participation of banking institutions. Not unless one is a cryptocurrency miner who gets to own a unit of cryptocurrency for every block of encrypted transactions he or she adds to the blockchain system.

Purchasing cryptocurrency with real cash, is still the fastest approach to owning digital money. Mainly because it takes high-powered computers to solve complex encryptions plus a lot of hard work is involved. Now in order to have real-world value, cryptocurrencies have to be cashed out through bonafide bank accounts or central bank-accredited payment processors.

Actions Taken to Strengthen the Security of Financial Transactions Involving Cryptocurrency Exchanges

As far as The Society for Worldwide Interbank Financial Telecommunication or SWIFT is concerned, they have reacted to cyber attacks by reinforcing cybersecurity controls, and by identifying the weakest players in the SWIFT community.

Moreover, this organization of global financial telecommunication experts, makes sure that information about the modus operandi of known cyber attackers, are disseminated worldwide to prevent further occurrences of hacking incidents.

In the cryptocurrency system, which is basically a decentralized method of exchanging digital funds, whilst working outside of a central bank or a recognized administrator, members of the cryptocurrency community rely on each other in preventing scams and hacking incidents.

Cryptocurrency service providers like operators of crypto exchange platforms and digital asset custodianship, have also taken steps to prevent digital funds from being stolen. However, the fact that many crypto-related investment frauds and illegal cash-outs still happen, the use of encryption controls, of blacklisting addresses and of capping cash-out transaction, have not proven as sufficient deterrents against criminal elements and their modus operandi.

What Financial Experts Recommend to the Cryptocurrency Community in Moving Forward to 2020

Many articles written about cryptocurrency fraud suggest that it is not only the technology of the system that requires strengthening. Proponents and players in the digital currency market must acknowledge that it takes more than encryption to provide the necessary check and balances in ensuring the validity of blockchain transactions.

Improving the cryptocurrency system also requires risk management and adherence to basic financial controls. Particularly that of segregating duties, functions and roles among those who have access to the blockchain system to deflect conflicts of interests. Segregation pertains to those who have custody of customer assets, as well as from those who facilitate trading or exchanges of cryptocurrency funds.

Most important of all is to instill the importance of education or know-how among participants, before entering into cryptocurrency transactions.

Rather than have digital asset owners and potential investors rely on information provided by influencers, participants should have a clear understanding of how crypto-exchanges and fund transfers work; of the risks involved, as well as have accessible information about established institutions and organizations that can help in verifying the legitimacy of digital investment offers.

Posted by Madelina Feliks in Cryptocurrency, Finance

Forex Trading And Cryptocurrency Trading

Currently, there are various ways as to how individuals trade forex, such as the use of forex vps, as well as other assets in the industry of finance. With the launch of numerous digital currencies via the blockchain technology, the platforms for trading have taken an entirely different stance.

In recent past, traditional forex trading platforms have encountered several hitches and challenges. However, the key appears to be provided by the range of available digital currencies running on the platform of blockchain technology. So as to completely understand this, it is vital to know what a blockchain is.

It has been mentioned several times in different industries, the blockchain technology is a series of blocks linked together and is made accessible via a public ledger. This public ledger is circulated among crypto users on the technology’s network which is quite advantageous for numerous reasons, such as data security, swift transactions, global reach as well as better financial security.

Forex Trading

The market of foreign exchange is the hugest global market that is decentralized where various currencies are traded from various individuals across the globe. Via the numerous platforms for forex trading, over 5 trillion US dollars traded daily. The forex market is the most liquid in the globe.

By means of forex trading as well as its numerous platforms for trading, there are opportunities for investment that encompass the profitability of involved participants. From a newbie, you could fully turn into a professional trader in a short span of time. To achieve this, an online platform for forex trading is needed.

Cryptocurrency Trading

Different from traditional currencies or fiats, cryptocurrencies (digital currencies) are completely decentralized and operate on the platform of the blockchain technology for diverse uses. Cryptocurrencies aren’t controlled or dominated by whichever central administrator increasing the usefulness, efficacy and use of these cryptocurrencies.

Crypto trade is very distinct from the conventional method of trading, since digital currencies are traded instead of the usual fiat currencies through crypto trading platforms that runs on the platform of blockchain technology as well.

It is a potent skill to learn to trade cryptocurrencies. Generating a profit on platforms for forex trading is essentially depended on difference in values, on the other hand, cryptocurrencies as well as other digital assets are known for their volatility where values always change. Therefore, you have to know and understand which crypto to buy and sell, when and at what price to generate profit.

Trading Crypto On Trading Platforms

Comparable to the traditional forex trading platforms, crypto trading platforms are used for the trade and exchange of digital currencies. Cryptocurrency trade is done between two factions by buying or selling other cryptocurrencies or by exchanging crypto with fiat currency. All these are possible depending on the platform for trading as well as its policies.

Posted by Ned Queen in Cryptocurrency, Finance

Facebook’s Libra Cryptocurrency Faces More Withdrawal of Support for the Project

As U.S. legislators and regulators continue to scrutinize Facebook’s planned launch of its Libra cryptocurrency, six (6) other financial backers of the project have announced withdrawal of their support.

Wary of becoming involved in a financial project that has yet to present proof that it is capable of meeting and complying with regulatory requirements, major credit card companies Visa and Mastercard, decided not to pursue plans of becoming founding members of the Libra Association.

Other companies that withdrew pledge of financial support and membership from the Libra Association, include eBay, Stripe, Booking Holdings and Mercado Pago. This recent development came after PayPal formally announced the company’s withdrawal a week ago.

As a result, the Libra cryptocurrency will only have Netherlands-based PayU on board as payments processor. However, it is purported the PayU is not accessible in the U.S. and Canada, as well as in some areas in the Middle East and Africa.

Treasury Secretary Steven Mnuchin says that it is necessary for the Libra cryptocurrency to meet financial regulatory standards, which up to now is not up to par.

Moreover, Secretary Mnuchin warned that if Facebook’s Libra launches while not meeting the anti-money laundering standards and the standards set by the Financial Crimes Enforcement Network, the Treasury Department would take enforcement actions against Facebook and its proposed governing body, the Libra Association.

Remaining Libra Associates Still Optimistic about the Libra Cryptocurrency Project

Despite the mounting pressure to comply with financial regulatory requirements, and the rising number of partners withdrawing as Libra Associates, the remaining partners held an inaugural meeting in Geneva, Switzerland yesterday (October 14, 2019).

Reuters reported that the remaining 21 members, out of the original 28 previously named as Libra Associates, reaffirmed their support for the cryptocurrency undertaking. The group formed and voted on the 5-member board, whilst agreeing to an interim articles of association, developed in accordance with Swiss Laws.

Making up the 5-member board are Facebook Executive David Marcus, and representatives of PayU, Andreessen Horowitz, Xapo Holdings Limited and non-profit organization Kiva Microfunds.

Posted by Madelina Feliks in Cryptocurrency

Facebook and Its Libra Cryptocurrency Project Suffer from Trust Issues

Facebook’s Libra project is about combining online shopping and making other online financial transactions right on the Facebook platform, whilst using only a single digital currency as acceptable mode of payment. Facebook would call its own kind of cryptocurrency as Libra.

The mechanics looks appealing as it will make Facebook a one-stop-shop environment where people can communicate, meet, shop and transact at the same time. However, there is just one important problem that Facebook will find difficult to hurdle: lack of trust among Facebook users.

The general perception is that the social media site lacks the capability and diligence to prevent the certain forces in the Internet from gaining access to FB-Libra user’s financial information and activities if ever.

Why Many Consider the Facebook Libra Project as Untrustworthy

When Facebook revealed its “Project Libra” sometime in June, it instantly projected a picture in which people living ordinary lives will finally have a chance to dip its hands into the growing world of cryptocurrency. The project looked appealing because it made the process of dealing with cryptocurrency so convenient and at the same time not so complicated.

Yet that is exactly the problem, Project Libra seems all too easy, which if handled by a social media site like Facebook is too risky. After all, not a few million users have had the experience of getting their FB accounts hacked, or the security of their personal information breached.

Technology websites like Tech Republic can present a decade-long list of privacy information breach that the Facebook platform allowed to transpire through the years.

The worst and the most recent was the one carried out by a political consulting and strategic communications company called Cambridge Analytica. The firm was able to gather personally identifiable information from 87 million users who were enticed to take a personality quiz called “This is Your Life.”

The U.S. Congress, through the Senate Committee on Banking, Housing and Urban Affairs held a hearing in which FB Messenger Exec David Marcus and supposed head of the Libra project launch, was grilled on all sides. The hearing ended with Committee Chairman, Senator Maxine Waters, requesting the social media company not to go ahead with the Libra launch until such time that proper legislation governing cryptocurrency operations are in place.

Recent Poll Shows Only 2% of People Surveyed Trust Facebook’s Project Libra

A recent survey conducted by US-based CivicScience involving 1,799 American adults showed that 77% do not trust Facebook with their personal information, while only 2% put a lot of trust on Facebook.

The survey also revealed that when it comes to trusting Facebook’s Libra Project, at least 40% of those who responded say they had less trust in Libra over whatever trust they have for cryptocurrencies like Bitcoin.

Posted by Madelina Feliks

Selling Bitcoins for Real Cash

Owning Bitcoins or any other form of cryptocurrency lets you use it in making direct payments from various companies. Furthermore, it can be sold on exchanges from which you can buy it. The entire transaction only takes minutes but it takes more time to make an actual withdrawal and have it sent to your bank account.

As you read this short article, you are going to discover a couple of ways to sell your cryptocurrency for money.

P2P Exchanges

P2P or Peer to Peer trading is a good alternative to sell your crypto for cash. Here, you have to make an account and be verified in order to confirm your identity. Once everything is set up, you’re now able to cash out coins in a direct manner.

The moment that you get the money, you can use it on wherever you like whether you buy tradelines from this source or whatnot.

Bitcoin ATM

If you are feeling uneasy on the previous method, then why not check out some crypto ATMs. These machines are connected online which lets you insert cash in exchange for cryptocurrrency which is given as paper receipts or moving the money into a public key on blockchain.

Retirement Account

A great number of retirement accounts or IRAs are being managed either by trustees or custodians in behalf of the investors. On the other hand, outside of conventional assets, there are other known opportunities that can be taken advantage of similar to real estate, tax lien certificates, promissory notes, private placement securities, gold and yes, even on Bitcoins as well as other cryptocurrency.

Bitcoin is extremely popular and widely used in today’s time.

Its fame has jumped up from the past few years since it broke out from the market.

Thing is, it’s still not that straightforward to obtain these coins and selling them in exchange for real-world currency may be more difficult.

A Simple Reminder

But if you do understand the content of this article, then you can at least arm yourself with the basic knowledge of cashing out your Bitcoin or whatever cryptocurrency that you own. Just a very quick reminder, be vigilant on the cashing process because there are some machines or frauds. People who are doing these sorts of things are taking advantage of other people’s innocence. So long as you have done your research, you will do just fine in exchanging your coins for money.

Posted by Ness Shantel

How Reliable and Dependable Cryptocurrencies are?

Cryptocurrencies are all over the place. In fact, it is in the rage and making people jump into the bandwagon. But the question that many people ask is are cryptos safe and secure? These are the primary questions that are running across the minds of investors, traders, opponents, regulators and supporters around the world. Bottom line however, cryptocurrencies can be hacked but it is safe too.

You can learn further about this subject by simply taking a look at this website https://gladage.com/bitcoin/trading/best-crypto-trading-bots/. If you wanted to, you can stay here and we’ll discuss further on this subject in the next lines.

Of course there are obvious risks and security vulnerabilities. We can’t use this as grounds to say that it is unsafe to invest in digital currency. Cryptocurrency and safety come hand in hand. When you act as your own bank, you will have to treat every single coin with extreme level of care.

With more and more hackers hacking their way on these coins, there are serious consequences for failing to apply the best practices in managing these coins.

Generally speaking, there are some who say that cryptos are nothing but a scam. Anyway, it could be a yes – for some reasons, they’re safe enough to invest and make money with. Here are handful of ways that you can fall on the latter.

Move Currency off Exchanges

The convenience of accessing your coins after logging into a website and almost instantly perform buy and sell is incomparable. However, it is the worst place where to keep your coins too. As per experts, you are basically using the cryptocurrency for the total opposite to what it is meant for. The record of your coins will be saved on a server which can be hacked at any given time.

Just think of this analogy, it is like putting your money into your pocket and putting it in a bank. Your money may be safe inside a bank but once it’s robbed, goodbye.

Religiously Do Backups

Smartphones get lost and laptops and computers were designed to last until it breaks down at some point. Since you’re holding and controlling your digital currency in these devices, it is essential to perform a backup of your wallet. This way, no matter what happens, you can easily retrieve your coins.

Posted by Ness Shantel

Cryptocurrency : What are Altcoins?

Altcoins, which is short for Alternative Coins are the other types of cryptocurrency we can use in the world of decentralized financial transactions. Altcoins were introduced much later after bitcoin, around 2013. Albeit built and working on the same framework by which bitcoins are recorded and transacted, their introduction as alternative cryptocurrency was meant to address discerned limitations of bitcoins, as a medium of exchange outside of financial institutions and regulations.

Hundreds of altcoins arrived, but not all remained or stayed long enough in the cryptocurrency market like Ethereum, Litecoin, Ripple, Dash, Cardano and ZCash, just to name a few. To have an idea if a certain type of alternative coin has chances of achieving growth and stability as a digital currency, it would be best to understand the significance of their respective market capitalization.

What is Cryptocurrency Market Capitalization?

Similar to investing in shares of stocks, the cryptocurrency market capitalization depends on the value per coin and the number of coins circulating in the cryptocurrency market, if more will invest and use a type of altcoin, the greater the market capitalization and potential for growth.

Cryptocurrency Market Capitalization = Price per Coin x Total Supply of Coins in Circulation

Now if there is an increase in the supply of a cryptocurrency, chances are there will also be an increase in the price of the token. Some investors may venture into buying a low-priced, small cap altcoin, which therefore increases the supply in circulation. In exactly the same way, if the supply in circulation decreases, the price per token and the market capitalization also goes down.

The upward or downward trend in market capitalization of an altcoin therefore, indicates whether there is growth or the opposite.

Let us cite Litecoin as example, being one of the most popular altcoins currently in use. This digital currency had a market capitalization of $3.32 billion and price per token of $57.37 in August 2018; denoting that at that time, 58, 207, 830 Litecoins were in circulation.

Now as of this writing (June 13, 2019) Litecoin has a market capitalization of 8.38 billion. The increase of $5.06 billion between August 2018 and June 2019), denotes that there were corresponding increases in the Litecoin supply in circulation during the period. The supply of Litecoin in circulation rose to 62,198,601. As the related demand for Litecoin increased, the price of this altcoin soared to $134.6123 per token.

Litecoin’s popularity and resulting growth is mainly due to its quicker-settlement attribute. As alternative cryptocurrency, a Litecoin transaction can be settled in 2 and ½ minutes, which in contrast to bitcoin takes 10 minutes.

Posted by Madelina Feliks in Cryptocurrency

Top 5 Popular Cryptocurrency

Despite the fact that Ethereum and Bitcoin have nearly dominated the headlines with regards to cryptocurrency investment, still there are roughly 1500 crypto-assets that are in circulation. And believe it or not, this figure keeps piling up as the day passes by.

With the immense popularity that it has today, using these digital currencies to buy and sell goods and services have become possible.

So don’t be surprised if you can use it for paying mortgage on lainaa netistä or when shopping products over the web.

Every cryptocurrency has a minute difference in its function and make-up. This is exactly what we are going to know in this article.

Bitcoin

This has become a household name for cryptocurrency. At the moment, there are more than 16.8 million tokens that are in circulation against the current capped limit of 21 million. Its market capitalization significantly varies on a day to day basis but it hits a record high of over 200 billion dollars.

Bitcoin cash

 

This was first launched in the summer of 2017 which was an offshoot of original Bitcoin. Yet, it was able to climb the sky and become among the hottest and most traded cryptocurrency in the market.

Litecoin

This is otherwise known as little brother of Bitcoin. Litecoin has a strong resemblance with its older sibling. However, this has faster transactional speed and at the same time, with a higher token limit of 84 million. The mining process on the other hand is memory intensive and the market cap is about 1/20th the size of Bitcoin.

Dogecoin

You can easily recognize the image of this cryptocurrency from the dog Shiba Inu which was derived from the “Doge” meme on the internet. It was introduced initially as a parody but it was so hot that it had its own community. At the beginning of 2018, Dogecoin has a market capitalization of 2 billion dollars.

Ethereum

This cryptocurrency has been labeled as a decentralized app provider. It was developed originally as “world computer” super network with the goal of eliminating third-party companies in app creation.

Applications that are made on Ethereum are on distributed public platform wherein miners can get “ether” that fuels the network.

Posted by Ness Shantel

Make Entreprenueral Headway by Venturing into Bitcoin ATM Operations

Bitcoin ATMs are fast becoming in demand in almost all major cities in the world. The U.S. is currently at the forefront, with approximately 60% of all global Bitcoin ATMs, operating in nearly all American regions. At present, New York City is in the lead for having the highest number of Bitcoin ATMs in operation.

Apparently, the world is becoming cryptocurrency friendly, with bitcoin as the most popular virtual currency in use. In fact, cryptocurrency is fast making its way into becoming a mainstream mode of payment, where acceptance of bitcoin in exchange for goods and/or services is now common among enterprises trading in or out of the Internet.

Potential Growth of Bitcoin ATM Operations in Other American States

The rising popularity of cryptocurrencies is actually attributable to its viability as a lucrative form of tradable investment, in view of its fluctuating value.

Although some U.S. cities are seeing only a handful of Bitcoin ATMs in their midst, increase in numbers is possible. The virtual currency machines will prove to be good for the business, particularly in states that have high concentrations of small to medium enterprises (SMEs) accepting bitcoins as payment for products and services. Arizona for one, has great potential for a Bitcoin ATM venture, seeing that the City of Tucson has been experiencing tremendous growth in almost all business sectors.

The only perceivable reason why cryptocurrency investors are taking cautious steps in bringing their Bitcoin ATM to Tucson, is the lack of specific state regulations governing the use and trade of bitcoins. Regulations tend to vary per state, where most statutes include requiring MSBs involved with operating Bitcoin Machines, to have a surety bond in addition to other legal business requirements.

Legal Document Preparation in Tucson – is likely to be complicated and it would be best therefore to employ providers of legal and accounting services. Doing so will eliminate guesswork, and will ensure the processes involved will run smoothly and in order. After all, lack of virtual currency statutes in Arizona, does not necessarily mean prohibition or deregulation, because there are U.S federal laws and regulators governing virtual currency matters.

Federal laws and state laws prevail, unless there is language specifying the prevalence of one over the other.

Overview of Federal Laws Governing Bitcoin

Installing and operating a Bitcoin ATM requires registering the business with the Financial Crimes Enforcement Network, more popularly known as FinCEN. It is a bureau of the U.S. Treasury Department, tasked with collecting and analyzing information related to the financial transactions of a business. That is because, FinCEN’s main directive is to combat threats posed by domestic and foreign money laundering activities, terrorist financing, and other modes of financial crimes.

Section 314(b) USA PATRIOT Act: Financial institutions with the ability to share information with one another, under a safe harbor that offers protections from liability, to best identify and communicate indicators of potential money laundering or terrorist activities.

On a federal level, Bitcoin ATM operators have to register with FinCEN as a Money Services Business or MSB. An MSB for virtual currencies is further sub-classified as an “exchanger.”

FinCEN registration must be completed within 180 days prior to start of operation, to which registration must be renewed every 2 years.

As MSBs, operators of virtual currency ATMs are required to maintain and monitor records of transactions, as well as report particular information related to FinCEN’s task of detecting and preventing money laundering and terrorist financing activities.

Moreover, MSBs must collect and conduct verification of information supplied as identity and background of their respective customers. That being the case, operators are required to develop and implement a ‘know-your-customer” (KYC) method and policies for verification.

Additionally, an MSB has to institute its own anti-money laundering (AML) program comprising 1) Internal Controls and Procedures, 2) a dedicated Compliance Officer, 3) a sound Hiring and Employee Training System and 4) initiative for periodic and on-demand Independent Audits.

Posted by Madelina Feliks in Cryptocurrency, Finance

Is It Smart To Invest In Bitcoins?

Bitcoin is probably the world’s most talked about currency, though it’s still a wonder to many. Let’s change that and cover a quick overview of Bitcoins. Here is all you need to know about Bitcoin before you even start trading them. Bitcoin, like the euro and the dollar, is a currency used to pay for goods and services online. As opposed to traditional currencies, Bitcoin features the following:

  • It follows a decentralized system where no government or central bank has control over the currency source.
    Bitcoin is entirely digital which means there are no physical coins or paper bills to represent bitcoins. Bitcoins are regularly monitored by blockchains which constantly update records that trace the history of each Bitcoin generated.
  • Bitcoins are linked with a wallet ID instead of your own personal details, however, this does not necessarily make it completely anonymous.
  • Bitcoin started in 2008 by Satoshi Nakamoto. This person released a paper speaking about how Bitcoins can potentially work and after a year it began being mined and traded.

People are so fascinated by Bitcoins because there are no middlemen like banks that charge too many fees. Because it prevails fully on the web, transactions are done entirely by the use of wallet IDs contrary to using your personal information.

Bitcoins can be purchased

You can easily purchase bitcoins using cash, credit or debit cards, or through wire transfers. However, before making a purchase, you will want to set up a bitcoin “wallet” from which the wallet ID is based on. This is simply a place to keep your bitcoins, much like your wallet keeps your money, cards, and other personal IDs.

Bitcoins can be mined

Bitcoin mining is much like mining gold online and thus the term mining. The process makes use of bitcoin trading bots such as those found in Pheeva.com. With banknotes, the government makes the decision as to when is it best to print notes and disperse funds, however, Bitcoin does not have any central regulator, that’s why anyone can mine bitcoins online.

Is it wise to invest in Bitcoin?

Be aware that investing some of your savings on Bitcoin is not the same as investing in the stock market. Having bitcoins is not similar to keeping money in banks.

Wall Street does not trade bitcoins and it also cannot be purchased or sold by brokers. So anything and everything is entirely up to you. Because of its irregular nature, Bitcoin is constantly fluctuating in price and occurs more often than other currencies. If you do not like the risk, you should consider a safer investment than Bitcoin. There is also no real value like gold. The value of bitcoin is what people think. Considering this, its value can be a bit daunting.

Seeing that the number of bitcoins is restricted and Bitcoin is no longer going to be generated after 2040, the idea of diving into some investment is a good idea and it could help broaden your portfolio. The future of Bitcoin is bright but bound on a risky path. Sometime soon, the government may purchase Bitcoin to be stockpiled like gold. This can have a lot of negative effects, but it means that the limited bitcoin would surge in demand.

Reminders when investing in Bitcoins

The most wide-spread type of investment in Bitcoins to buy and stick to Bitcoin and hope that it appreciates in value so that you could make a sale. As with all investments, you must not invest more than what you are willing to lose. Bitcoin is still a very dangerous investment. The key thing to consider when purchasing Bitcoins is to purchase only via reputable exchanges.

One more important reminder is to avoid purchasing all Bitcoins in one transaction. Instead, make use of the dollar cost averaging approach to purchasing fixed amounts on a monthly, weekly, or daily basis. This allows you to buy the largest bitcoin when the price goes up, and the least bitcoin when the price goes down.

Posted by Laney Seward in Cryptocurrency

Blockchain: Understanding Its Significance to the Security of Cryptocurrency Transactions

Blockchain may seem a bit confusing when trying to know your way around cryptocurrency transactions. Yet a clearer understanding of its significance, will give you greater confidence when entering into deals that allow or require cryptocurrency payments such as bitcoin.

The term blockchain in its simplest meaning refers to digital information stored in a database of cryptocurrency transactions. That is why other blockchain definitions refer to it as the public ledger, as every block includes a record of the (1) date, (2) time (3) amount transacted, and (4) the username of the the person initiating the bitcoin payment, and of the person or entity who will receive thè specified bitcoin amount.

A blockchain, as the term denotes is something larger than just of a single, linear digital information. It comprises multiple transactions linked or chained together and recorded as if appearing as one page of a physical ledger. A blockchain though does not have a standard size like a ledger page, but it can store as much as 1 MB of data coming from multiple bitcoin transactions.

However, not all information of a digital currency or bitcoin transaction entering the cryptocurrency database, immediately becomes part of the chain comprising a blockchain. Certain conditions must be met before one gets stored as a component of a blockchain.

When Does a Block Become Part of a Blockchain?

A block of digital information becomes legitimate public ledger entry only if it has been verified, conformed and transformed as component of a blockchain.

First off, if you are the sender of a bitcoin payment you must have a private key known only to you. You obtained a private key when you received that bitcoin, also by way of a transaction that went through your cryptocurrency network.

Private Key vs. Public Key Validation

A private key is a specific code that gives you the legitimate ownership and authorization to use, or send that specific bitcoin to a bitcoin peer in the same network. A private key though, gives you legitimate ownership of the bitcoin only if it is compatible with a public key generated by the database. If a private key and the public key do not make a match, then the bitcoin transaction is invalid and will not be broadcasted in the network as a legitimate bitcoin transaction.

Although a private key validates your transaction, digital currency procedures require confirmation by a third party who will attest to the legitimacy of the transaction. This is where bitcoin miners come into the picture, because their job is to make mathematical computations that will confirm or counter-check if such a transaction has indeed transpired within the network.

Confirmation by Bitcoin Miners

Currently, best practices recommend at least 6 confirmations to be regarded as sound guarantee that the broadcasted bitcoin transaction is legitimate. A confirmation is evidenced by a hash produced by way of mathematical computation, making it unique and attributable only to the block representing the bitcoin transaction. Moreover, that same hash will link with the hash of the most recent block that càme in as new addition.

Each block therefore, once appearing in a blockchain will be difficult to alter or modify. Anyone attempting to do so, has to tamper with several unique hash data linked together as codes of a block.

Posted by Madelina Feliks in Cryptocurrency

Cryptocurrency in New Zealand

The blockchain world is always an interesting emergence. New Zealand is very close to all these improvements and developments. Nevertheless, General manager of FintechNZ, James Brown thinks that New Zealand can become the world’s blockchain central because NZ is naturally keen to technology.

Find out what is cryptocurrency here.

The Crypto Blockchain Sector in New Zealand

There are many people who don’t always link the blockchain development to New Zealand. Given the country’s status as a global center for technology development, this is a bit unusual. At this point, the blockchain facade has been fairly calm. That scenario will eventually change, as outlined by FintechNZ’s James Brown. He believes that this developing technology will continue to have a significant influence.

Simultaneously, New Zealand seems to be paying more and more attention to this technology. Currently, startups have demonstrated a strong fascination in this technology. Not long ago, Blockchain Lab NZ drew even more than 410 million New Zealand dollars because of its ICO listing. All this demonstrates very obvious attention in distributed ledgers.

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Furthermore, there will be a handful of interferences in the industry of online rating and reviews. This will be achieved through some of New Zealand’s technology stars. The leaders in the industry are certain that the right way forward is the positive rating and reviews for the blockchain industry. Positive reviews and ratings can bring in added trust while consistently enabling users to keep a particular level of privacy when rendering data.

New Zealand Citizens Are Concerned About Cryptocurrency Bitcoins

Although countries outside New Zealand are enthusiastic about blockchain, there exist very few working products as of today. It takes time to build these new facilities. Simultaneously, the buzz around this concept has been occurring for a while. It’s time to bring actual use instances to market to demonstrate the possibilities of this concept.

Only a few people recognize that Cryptopia is a New Zealand exchange. The system is known primarily for its altcoin transactions and it is regarded as one of many smaller programs. Nevertheless, they currently have almost 1.5 million clients, a remarkable number for the industry. It really is clear that New Zealand ought not to be forgotten when it comes to cryptocurrency and blockchain.

The main issue is the manner that the local government of NZ act in response to these ongoing developments. Thus far, it appears that the government officials stay open on this matter. Blockchain professionals countrywide hope that the federal government will provide assistance to speed up the acceptance of this concept.

Posted by Laney Seward in Cryptocurrency

Cryptocurrency or Digital Currency: How Much Do You Understand and Know About It?

Transacting by way of bitcoins is an undertaking that requires a whole lot of understanding before a person gets the confidence to enter into cryptocurrency transactions.

First off, it is not the same as paying real cash to another party through a bank or via an ewallet to complete an online transaction. Here, a cryptocurrency payer needs to be part of a network of peers or persons agreeing to pay and receive payments by way of cryptocurrency.

What is Cryptocurrency?

Cryptocurrency represents value of money that was paid or received by a peer to another, then entered as a transaction in a database of entries. In order to send cryptocurrency as payment, the payor or sender of the cryptocurrency must be the holder of a private key that validates his or her right to send that amount of cryptocurrency to a peer.

The recipient peer, on the other hand, will receive his own set of codes that will serve as his private key. That set of key will then give him the right to use the cryptocurrency received for his own future cryptocurrency transaction.

Every private key assigned to a transaction that has been entered in the cryptocurrency database must match a public key. Take note that entries in the database cannot be altered or modified unless that particular condition is met. Otherwise, an invalid private key cannot create a valid cryptocurrency transaction.

Presently, the cryptocurrency widely used is the bitcoin. Persons wishing to use cryptocurrency as means of sending payment must first buy a bitcoin value using real money.

How to Buy Bitcoins

The simplest way to buy bitcoins is to buy them from a reputable bitcoin trader that usually deals with bitcoin exchange transactions. Since real money must be paid in order to acquire a sum of bitcoin by way of credit or debit card, a first time buyer must make certain that he is buying from a legitimate site.

Usually a legitimate bitcoin dealer will sell only minimal amounts, e.g. $50 or less. So once a purchase has been made, the transaction enters the cryptocurrency database. The buyer then receives a private key that will allow him to use the bitcoin for whatever purpose it will serve him.

If a bitcoin buyer wishes to store bitcoins, maintaining a bitcoin wallet is advisable. Here, a person can easily keep track of how much bitcoin he owns, as well as determine the actual real money value of his stored bitcoins.

At some point in time, he may also want to sell some of his bitcoins at a higher price than its actual cost in order to gain profit. However, the value by which a bitcoin is sold depends on the current free market exchange rate, which means the current price index that most bitcoin buyers are willing to pay in exchange for real money.

Posted by Madelina Feliks in Cryptocurrency