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The Way Economists are Seeing the Impact of Cryptocurrency in a Nation

Cryptocurrency is getting its fair share of popularity and market interests. Today, there are increasing number of businesses and companies that are accepting cryptocurrencies as another method of payment. With trial and error as well as deeper knowledge in such, it gives investors confidence like WOT Asia and several other private institutions to use and navigate through cryptocurrency market.

A Start of New Era

Both blockchain empowered solutions and blockchain technology itself are now revolutionizing value exchange mechanism. In traditional methods of performing financial operations and government issued currencies that are backed by financial institutions similar to banks, this is literally a big hurdle they have to overtake. It isn’t longer possible to minimize or disregard the existence of cryptocurrency. This is true now that it is quite popular in people around the world.

But the question is…

What are the possible impacts of cryptocurrencies on global economy?

Let me give you a couple of points to ponder

Challenging the Dollar

US Dollar is the leading and dominant currency for quite some time. Also, it is the reserve currency of world’s economy. This is integral in centralization of global market. With this in mind, the world is sure to experience its wrath when a negative development transpires in US financial market.

Crypcurrencies like Bitcoin, Ethereum, Ripple and the likes are decentralizing financial transactions. It’s not reliant on US Dollar or any other currency for that matter. With the continuous growth in adopting cryptocurrencies, global market might no longer have to depend heavily on US dollar. This is going to change the landscape of foreign relations, most specifically, how we do financial trade. Furthermore, if other governments jumped into cryptocurrency market, it may potentially weaken the influence of US in the world.

Risk to National Currencies

Monetary policy of a given state is given thorough consideration. It’s not really a surprise for this has big impact on currency exchanges, rates of interests as well as money supplies. This additionally has an effect on several other things similar to the unemployment and inflation rate.

Values for cryptocurrencies aren’t tied to national currencies. At the same time, there’s no body of government that is overseeing it. Therefore, it’s safe to say that cryptocurrency is free from monopoly or control. If people begin to rely on cryptocurrencies than on national currencies, then this will cripple various countries as well as their economy. Arguably, this may put the economic independence of countries in question.

A Possible Solution

With these potential threats, government-backed cryptocurrencies may become possible in near distant future. Countries might opt to create cryptocurrency of its own in developing autonomy from world’s financial system.

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

The Things One has to Know before Investing in Bitcoin

You might have not known much about blockchain technology or cryptocurrencies but you sure do heard about Bitcoins. Bitcoin is a cryptocurrency that was founded back in 2009 and served as the basis for all cryptocurrencies globally. This is the first and at the same time, biggest cryptocurrency with a value reaching over 3,000 dollars.

With so much buzz and hype revolving around Bitcoin, there are a lot of people who do whatever it takes to get their hands on it.

This is true even if it mean them to take a bad credit loan.

Given the fact that it’s the very first digital currency ever introduced, it brought drastic change in the interest of various organizations, investors and companies. It’s open to everyone and a decentralized digital currency to which can be utilized for various purposes be it trading, selling or buying goods and services. If you too are like everyone else who want to tap the power of Bitcoin and make a fortune out of it, then I suggest that you keep on reading.

Bitcoin Investment 101

First and foremost before being too excited to have Bitcoins, you must secure a digital wallet. This stores your Bitcoin or any cryptocurrency you want to have. It uses a secret number and private key to have access to your Bitcoin. It’s more like an encryption tool.

There are two kinds of digital wallets:

  • Software Wallets – these are applications that can be linked to your bank account.
  • Hardware Wallets – these wallets store private keys on a hardware device, hence the name. It can be anything like a hard drive or a USB device.

Now You are Ready

 

After buying Bitcoin, you also need to exchange a fiat currency. Thus, after setting up a digital wallet and the payment method as well, that’s the only time when you’ll be ready to buy and exchange Bitcoins.

Now to the real question, is Bitcoin a viable investment? Definitely! Everyone is aware of it and being a decentralized currency, it only means that there’s no central authority is controlling it. No banks or governments can stop your payment or close your account. It’s an assurance that Bitcoin will live long and this is going to change the landscape of how we are doing business.

Posted by Ness Shantel