When two or more organizations come together in order to achieve a common goal, they form a consortium. They combine their resources to perform common activities and to achieve their goals through mutual association. Cryptocurrency has found many applications in one’s day-to-day life. It can be used in many fields and thus, it has gained too much popularity in recent times. People are starting businesses related to these currencies.
Problems without consortium
Organizations combine together to provide a faster and a more secure payment to their customers. This is because many customers evaluate cryptocurrency before investing in it due to its fluctuating rates. There are many concerns related to the transparency in cryptocurrency. Investors are facing many problems related to exchanges across the borders. Thus, a consortium can definitely minimize problems and risks in this field.
Need of Consortium
Every investor wants to be rich and takes every step carefully while investing. To attract more and more investors towards a particular direction, one should show the security and pace in one’s product. Forming a consortium is an easy step. Consortium has taken a step towards the liquidity in the network. It provides investors with speed in their investments for better results. The consortium provides all the details, related to payments, to a crypto user. Often, we have seen that Individual companies have amazing goals but do not have enough resources. This is because people avoid investing in new type of currencies. However, when companies with similar goals are joined together, they can achieve it by utilizing better amount of resources available.
Consortium helps in regulation of cryptocurrency
Consortium helps in regulating the cryptocurrency of customers. Several measures have been taken for regulating the cryptocurrency. At present, global crypto market face many challenges. These challenges can be resolved through the help of consortium. Many platforms have been introduced for the evolution of crypto markets. They can fill the loopholes in the infrastructure of the crypto market and its regulation can help the cryptocurrency to operate at its full potential. Thus, Consortium in crypto has a significant place.
The field of business is all about making your money work hard for you. Cryptocurrency has been a major aspect in business where investors gain a lot of profit by investing in it. This has lead to a rise in the number of cryptocurrencies in this field and these digital currencies are becoming popular in the business world. The rise in the values of cryptocurrency has attracted many investors toward it. Many business companies are planning to add the application of these cryptocurrencies. This will not only differentiate them from others but also will increase the awareness of this type of currencies among their consumers.
Cryptocurrency’s advantage in business
All the investors and businesses are looking forward to participate in the exchange of these currencies because using this type of currency will provide them with greater profit as well as no involvement of the centralized department. That is, there will be no participation of the government in the exchange of these digital currencies. Companies can provide goods to their customers by accepting payments through cryptocurrencies. The exchange of the products with cryptocurrency will not include any tax. Thus, customers will be attracted towards the company due to the lower prices offered by them.
The values of cryptocurrency are quite unstable. Hence, no customer want to stay invested in it for a long time and tries to get rid of it to prevent any loss in the coming days. This could be done by exchanging them with the products that a company is offering. However, smart customers try to save these and wait for the time when the value of cryptocurrency rises. This provides them with products at cheaper rates.
Cryptocurrency for businesses at the global level
Cryptocurrency is best for those businesses which want to increase their audiences on a global level because exchanges can be done across the borders without any exchange charges. And thus, cryptocurrency is the best way to operate business globally without worrying about exchange fees across the borders
How to Use Your Money to Make More Money
It is an old tradition that saving is the best way to keep money safe and secure. But, for the growth of your money, it is important to invest it wisely and get assured results. A successful investment gives more than what is invested and increases your bank balance. There are many ways to make more money but for this, a right method and a right strategy is highly required. Some of these methods include
- Saving account in a Bank– bank saving account is one of the most reliable and secure means of saving which gives a certain amount of interest on money deposited. The only drawback of this method is low interest rates. The growth of the money is not quick, it is slow and steady.
- Certificates of deposit (CD) – certificates of deposit or money market accounts provides better interest rates. It can increase money faster than the savings account.
- Bond- long term government bonds often offers higher interest rates but they are not insured. These provides lower rates than bank accounts and are assisted by the government.
- Stock market– stock market gives better results but need continuous following and good knowledge of stock buying.
- Real estate– real estate is also a fine way to make more money. Buy any home, shop or complex and rent it out for making money.
- Cryptocurrency– the future of whole world is cryptocurrency. It is the product of digital currency revolution. Making money online while sitting at home can give freedom to live without restrictions. It is a faster and highly secure method to earn money. Buying cryptocurrency such as bitcoins take a large amount of money and its value is increasing every day. The easy method to earn bitcoin and increase your earnings is through mining or by investing on a regular basis in bitcoin and other cryptos. Ripple partnerships have become especially prevalent in the recent year with many financial institutions linking up with the crypto.
It is good to set up accounts and stop keeping all the money in the savings account. Use all the possible means to make more money by using existing money to get valuable returns. Many people have already invested in digital currency as it is the future. Investing in cryptocurrency can secure the future of upcoming generations.
The future is all about cryptocurrency. There are many ways to earn it and many more ways to spend it or here let’s just say, to gift it. A current trend among the millennial’s is including cryptocurrency in weddings. This recent trend is catching upon in USA and UK and even at the Royal wedding that took place recently. I’ll elaborate it further.
Primarily, the inclusion of cryptocurrency is being done in form of gifting the newlywed couples.
Gifting cash during weddings isn’t something new to this world but gifting in the form of cryptocurrency has been making headlines lately. One of the earliest headlines occurred back in 2015 when an individual named Ben Eisen, received an unorthodox gift for his wedding, a bitcoin. Later when the bitcoin boom started raising he sold it in profits but he later realized he sold it too soon as it reached $15000 USD at one point.
Forget America, recently an Indian entrepreneurial couple requested their guests to gift them in bitcoins rather handing worthless bouquets and chinaware. 75% of their friends invested in bitcoins and gifted them. But the couple decided to fund the amount to charity.
Apparently, it’s a new standard in gifting. By introducing new people to cryptocurrency, it might help in broadening the crypto world.
As everyone would have wanted to be a part of the Royal Wedding, they invented a new chain of cryptocurrency called Royal coin (ROYL) so that people who wanted to gift the royal couple could do it via ROYL. All the amount was to be divided among the 3 charities. They also said they’d continue ROYL in future royal events.
NOT JUST GIFTS
There are instances where bitcoins investment helped couples get their dream destination weddings to come true. Also, there was a bitcoin wedding ring which was in the form of a wearable QR code and another instance where a couple decided to use the bitcoin blockchain to register their marriage.
It’s high time we acknowledge the future is here and start indulging the cryptocurrency in weddings before it’s outdated already.
It is very crucial to know the important things that will help you in earning money in the sphere of cryptocurrency. But it is equally crucial to know what not do to if you want to earn money from cryptocurrency. Here are the 4 paramount things that you should not do to make money from cryptocurrency:
- Giving up on doing your own research
As it is going to be your own hard earned money that you would be investing in purchasing cryptocurrency, it is very important that you carry out intense research before starting off with the process and also consistently along the process. Relying upon any social media platform or other sources that are responsible for giving you information regarding products and their values are not completely trustworthy.
It is true that if you rely upon someone else to make decisions regarding buying of the cryptocurrency, then you also have to rely on them for earning money as well which does not prove to be beneficial and profitable at all.
- Losing Patience
Even though it is widely speculated that considerable amounts of profit can be gained through short-term trading, you must not forget that to achieve long-term gains patience is the key over here. Cryptocurrency is quite similar to the stock market when it comes to maintaining patience for a long period of time.
- The absence of hard data storage
Imagine a scenario where your computer crashes or gets stolen and you don’t have your hard data stored anywhere. It can become very difficult to restore all the crypto information and data into another device later on. So make sure that you store all your passwords and private keys in a secure place by printing it or through any other reliable means. You can find out about the types of wallet on www.coinsutra.com
- Avoid mining and expecting sudden profits.
This should only be considered if you have a cheap electricity supply or are an owner of a big electricity warehouse that can store lots of rigs. So as a newcomer it is best to avoid such kind of thing.
So it is necessary to take all these things into account if you are aspiring to earn money through cryptocurrency.
With the emergence of this new digital era, everyone who has heard of cryptocurrency probably wants to get into it. But getting started is not that easy as it appears to be. To get started with cryptocurrency, there are few aspects that you need to consider. Here are the 4 important things that you should be aware of to get started with cryptocurrency:
- Understanding how the cryptocurrency works
It is not mandatory to know the complete manner in which the cryptocurrency functions, but having the basic knowledge about it is very necessary. Just educating yourself about what cryptocurrency is and how it functions on a superficial level can prove to be very beneficial if you are planning on starting to use it.
- Knowledge about the wallets
Wallets are like the cryptocurrency bank accounts. Different wallets can store different tokens which is why it is important to understand everything possible about them. To start trading any cryptocurrency, the prior most thing needed is a wallet for storing them. There are many things that can go wrong while trading with cryptocurrency if you don’t have enough knowledge about the functioning of wallets and crypto coins. So make sure you know all about it before you get started.
- Understanding the exchanges in cryptocurrency
Cryptocurrency exchanges take place continuously which makes it very different from the conventional stock markets. There are various things that you should understand before starting to trade cryptocurrencies. As most of the exchanges are not regulated, all the investments are to be done at an individual risk. Know more about the popular exchanges on www.blockgeeks.com
- Be informed about the possibility of cryptocurrency scams
Even though the various platforms have been successful in enabling customers to earn millions, there have also been multiple scams which have taken place. There is no certain way in which a scam can be recognized. But checking out for the size of social media presence and development team activity and consistently can definitely help in analyzing the particular cryptocurrency for the presence of any fraud.
You must have heard the term Bitcoin Improvement proposal or BIP if you are into the cryptocurrency market. If not BIP, you must have heard SegWit, BIP 141 etc. which are a type of BIP.
What is BIP?
BIP stands for Bitcoin Improvement Proposal which is a document for bringing features and advancement to Bitcoin. Since the Bitcoin has no formal structure, the BIP has to give technical specifications for every feature it proposes to introduce and it’s rational. The term was first coined by Amir Takki in August 2011.
As the Bitcoin is now owned by any single person, anyone in the world can suggest a BIP and the whole community of miners, developers, investors and users of the Bitcoin community vote and decide upon the acceptance and implementation of the BIP.
3 Different Types of BIPs
The three types of BIPs are:
- Informational BIPs
These types of BIP proposes to make changes in the design, guidelines and supporting information of Bitcoin. These BIPs are just for the purpose of information and can be ignored by the community.
- Standard Track BIPs
Standard Track BIP make changes to the block, network protocol and the transaction validation process. These BIP affects the standard version of the Bitcoin and requires community consensus. These BIPs are applied in the Bitcoin protocol and cannot be ignored by the community at any cost.
- Process BIPs
Process BIPs suggest a change in the process of the BIP and require community consensus before being implemented. They cannot be ignored by the community and are similar to Standard Track BIPs. But, they are applied outside the Bitcoin protocol like BIP 2.
Some Important BIPs in the Bitcoin community
- SegWit (Segregated Witness)
SegWit was suggested by Bitcoin core developers in 2015 which aims to increase the network capacity of Bitcoin. Transaction malleability was also solved by the implementation of SegWit. SegWit means segregating the signatures of the witness from the transactions.
BIP91 was suggested by James Hilliard in May 2017 and proposed a process to activate the existing SegWit solution with a hash power majority.
There are many other BIPs in the Bitcoin community waiting to be approved.
People are usually familiar with Bitcoin and feel that all other types of cryptocurrencies are fake, but that is not the case.
Bytecoin or BNC is a cryptocurrency launched first in 2012 using the CryptoNote protocol. It is an old-generation cryptocurrency which focuses on anonymity and privacy of the users.
Bytecoin is a decentralized cryptocurrency and was launched in 2012 to fill out the gaps in Bitcoin. It uses CryptoNote which is an open-source application layer protocol. It is easily mined with the help of GPUs rather than ASICs miners.
The Bytecoin network provides instant private transactions facility and these transactions are completely untraceable.
Advantages of Bytecoin
Bytecoin does not have any hard-coded constraints which results in a flexible blockchain. Bytecoin can adapt to different capabilities and states of the network and generates a block in every 120 seconds as compared to the 10 minutes of the Bitcoin.
As the emission of the Bytecoin is limited to 184.47 billion BNC, they are getting more and more expensive. Their emission is decreasing making them more valuable. The decrease rate of Bytecoin is slow which saves the cryptocurrency from economic shock.
Bytecoin open emission
Bytecoin emission is an open process and anyone can join the network to become a miner. The miner has to employ computing powers to process transactions.
Bytecoin protects the identity of the user so that the other users cannot assess the financial data of others but have to complete the transaction in 120 seconds (2 minutes) with cryptographic protection.
Unlike the normal blockchain where your receipts can be viewed by anyone, Bytecoin keeps all the transactions done by the participant, private. This is achieved by Bytecoin by providing its users with one-time addresses for every transaction derived from the user’s public key.
This makes the transactions unlikable and makes this currency completely private.
The ring signature is used by Bytecoin to sign a particular transaction on behalf of the group which results in an anonymous and robust payments method.
Thus, Bytecoin is an old-generation cryptocurrency which is not a scam but rather a cryptocurrency made to fill out the gaps in Bitcoin.
Cryptocurrency, like any other digital asset, is susceptible to scams. The crypto space has witnessed a number of scams over the years and the trend is unlikely to cease in the years to come. Risk of fraud poses a threat to any kind of investment and cryptocurrency investment is no exception.
The modus operandi of cryptocurrency scams can broadly be categorized into 4 different types. Here’s an overview of the most common types of cryptocurrency scams that you need to beware of.
Fraudulent ICOs will take the top spot in the list of cryptocurrency scams. The most common way to pull off a scam is to fabricate an ICO and generate huge amount of money before vanishing off the scene. The temptation to gain high return on investment without doing due diligence is to be blamed for such scams. Don’t be unrealistic. If an ICO is promising 100X returns within a span of weeks, it’s more likely to end up being another scam in the making.
Second on the list of scams is dubious exchanges. Came across a new cryptocurrency exchange that sprang out from nowhere and started claiming all things superlative? That’s a sign of something being fishy. Deposit your virtual coins with such an exchange at your own peril as you would have no way to get them back if it goes out of business all of a sudden.
Fake wallets are a relatively new inclusion to the list of scam projects. While hardware wallets and desktop wallets are comparatively safer options, the same can’t be said of mobile wallets.
Of-late there’s a steady rise in the number of app wallets for Android and iOS devices on Google Play Store. Distinguishing between a fake and a genuine one is a tough task. So don’t just pick any random wallet from Play Store as chances of it being fake is quite high – thus jeopardizing the security of your coins. Instead, opt for the one that has been in the market for quite some time and has a solid reputation for being trustworthy.
Phishing scams are another common type of fraud that you will come across in the world of cryptocurrency. In case of phishing scams, fraudsters try to get hold of your passwords and private keys by injecting malicious codes to hack the underlying systems. If you come across any suspicious links in emails/messages, don’t be tempted to click on them. It can very well be a trap to steal your confidential data.
Being a decentralized market with no regulatory authority, cryptosphere is prone to various types of scams. Staying proactive and adhering to security guidelines can be of great help to fight against hacking attempts. Above all, doing your research right is the best way out to stay clear of fraudulent projects.
There have been a host of positive movements this week in the crypto trading markets. The beginning of the week has seen a lot of green numbers all across the board. This is sure to give a renewed sense of optimism to many traders who had grown weary in the past months of sliding markets and negativity. New investors too should hopefully be inspired to pick up the mantle from where they left off at the back end of last year.
What does this all mean though, and is it a truly long lasting boost or a false dawn for the market.
The Importance of Viewing the Bigger Picture
From the first moment you learn about how to invest in crypto, you should be aware that it is key to look at the bigger picture. It is certainly very tempting to be influenced by the possibility of short –term gains and the upwards movement of those around you. The reality is though that these gains can be short lived and will often result in traders, especially those new to the market, actually buying in at some of the highest prices. Therefore, before you trade at all, it is important to do some background research and realize the point at which you are making a purchase.
Do Not Panic
These may well be the first positive signs of a move in the right direction for the markets, with BTC testing the upper limits of resistance, the technical analysis looks strong. That said, if things turn out to go the other way, it is vital to keep the faith in the long run. Also important though if you can is to take profits. Traders still make a lot of money even in bear markets, but it is important to realize when you should trade out of your position if you are a short-term or day trader.
There is a feeling of déjà vu around the market with thoughts going back to almost a year ago when the market showed the beginning of a bullish movement around this time. A repeat of the same movement would certainly be a welcome change.