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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

Equity Release : An Option Available to Seniors in Boosting Financial Security and in Managing Effects of an Imminent Recession

As fears of economic recession are slowly creeping in across the U.S. and the UK, making preparations to boost one’s financial security will prove to be a wise move. Leaders arriving at solutions for different political issues, such as the ongoing U.S. trade wars and the No-Brexit deal in the UK, seem far from happening.

Inasmuch as forecasts of global economic conditions present dim and cloudy possibilities, making preparations for the future can help ease the impact of a recession especially among seniors. After all, most senior citizens live off on pensions upon retirement. If ever economic recession transpires, the value of those pensions might not suffice to meet their basic needs.

Consider the Benefit of Cashing Out on a Property by way of Equity Release

If you are aged 55 or above, a sensible proactive move is to take out the potential wealth afforded by your real property by way of equity release. That way you can bolster your financial security as a senior citizen, whether or not recession happens. There is no harm in taking advantage of an equity release as soon as you become eligible, since you do not have to worry about repaying the principal and interest during your lifetime.

To help you decide, find out how much cash you can take out by getting hold of an online equity release calculator. Moreover, explore the different methods and the terms offered by lenders before agreeing to an equity release transaction.

What is an Equity Release

An equity release furnishes a no-worry type of getting hold of money using your real estate as collateral. Although similar to a mortgage, money taken out by equity release and the related interests, become due only upon your death or once you move in to a nursing home.

This denotes that the property you collateralised will be used as a means of settling the financial obligation contracted via an equity release arrangement. However, there is a likely possibility that the value of the estate you will leave behind as legacy, will be lower. That being the case, do not fall prey to enticements about investing your equity money on shady schemes, or on risky investments like cryptocurrency.

Why Investing In Cryptocurrency is Risky

Investing your money in cryptocurrency, presents great risks. First off, the blockchain platform supporting cryptocurrency transactions is still a young technology, which so far, has not developed into a sturdy infrastructure. Introduced about ten years ago, cryptocurrency operations have been hit with a number of unsolved cases of fraud and cyber theft.

More importantly, the cryptocurrency market operates on a volatile environment that is reliant on technology not supported by government regulations. Since there are no clear and specific rules governing cryptocurrency exchanges, there is always the risk of losing money. This is especially true if unscrupulous individuals manipulate exchanges in order to create a bubble economy; or introduce new applications that can circumvent guardrails securing the blockchain platform.

Even if touted as a safer alternative to carrying cash around, or for shielding your financial activities from prying eyes, only a few establishments accept cryptocurrency as mode of payment. As senior citizens, money acquired from equity release is best used for keeping your life as comfortable as possible from golden, to sunset and eventually, to twilight years

Posted by Madelina Feliks in Cryptocurrency, Finance

An Unconventional Way of Buying Cars

It may have taken a while for cryptocurrency to get traction but it was exciting that more and more businesses and channels are accepting it for making payments. What’s thrilling about this is that, cryptographic money can now be used as payment to title loan for a car or as payment for a car. As a matter of fact, there’ve been reports that some car dealers are accepting Bitcoin as a form of currency.

Buying New Car with Your Digital Money

We are spending money for things that we need or want. While crypto is recognized widely as a digital resource, people are still treating them as another form of cash such as paper checks or plastic cards.

In such a way, a lot of digital money holders are searching for ways on how to spend their coins on substantial purchases that do accept it. And they didn’t fail as several car dealers are actually enabling clients to buy cars for cryptocurrency.

Perhaps, if you’ve managed to save a thousand Bitcoin back in 2009 when it was exchanging for pennies and figured that it will hold tight throughout the years, you may be carrying a fortune to day. Roughly, if it’ll be exchanged in today’s money, you can have more or less 5.2 million dollars.

Buying Automobiles with Cryptocurrency

Indeed, it’s possible to buy a car with cryptocurrency. So long as you find a car dealer who is acknowledging this as a payment method. However, bear in mind that buying a car with your crypto won’t be done anonymously. It’s for that, you have to submit a couple of personal information like:

  • Driver’s license
  • Pay taxes
  • Insurance

Then after, you’d have to have the title of the car be exchanged to your name.

Methods for Buying Cars using Crypto

There are multiple ways to buy cars with your crypto like for example:

  1. Buy it online – some online services do accept payments via digital money. So use this to your advantage. Or, check out with private car dealers that are acknowledging crypto as payment.
  2. Seek referrals – be active in a crypto network or join such groups to broaden your knowledge. This will give you lots of great idea on how to use your crypto to make payments for a car.
  3. Convert it into cash – cash always rules. The least demanding and hassle-free process in buying a car is by paying it in cold cash. There are a number of digital money exchange platforms that are exchanging coins to cash. For a small fee, you’ll be able to trade your digital currency and have the money deposited into your account.
Posted by Ness Shantel