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A brief introduction to the blockchain – for the common man

What is crypto?

If you’re trying to dive into this mysterious thing called a blockchain, you’ll be forgiven for coming back in fear for the sheer opacity of the technical jargon used to frame it. So before we learn what cryptocurrency is and how blockchain technology can change the world, let’s talk about what blockchain really is.
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Simply put, a blockchain is a digital ledger of transactions, not unlike what we’ve been using for hundreds of years to record sales and purchases. The functionality of this digital ledger is, in fact, almost identical to that of a traditional ledger in that it records debits and credits between people. This is the basic premise behind blockchain; The difference is who keeps the ledger and who verifies the transaction.
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With traditional transactions, some kind of intermediary is involved with the payment from one person to another to facilitate the transaction. Suppose Rob wants to transfer ম 20 to Melania. He can either give her cash in the form of a £ 20 note, or he can use some kind of banking app to transfer money directly to his bank account. In both cases, a bank is the mediator in verifying the transaction: Robb’s funds are verified when he withdraws money from a cash machine, or when he transfers digitally through the app. The bank decides whether the transaction should proceed or not. The bank also has a record of all transactions made by Robb and is fully responsible for updating it whenever Robb pays someone or receives money in his account. In other words, the bank holds and controls the laser and everything flows through the bank.
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It’s a lot of responsibility, so it’s important that Rob thinks he can trust his bank otherwise he won’t risk his money with them. He needs to feel confident that the bank will not defraud him, that he will not lose his money, that he will not be robbed, and that he will not disappear overnight. This requirement for trust has affected every major behavior and aspect of the monopoly financial industry, even when it was discovered that banks were irresponsible towards our money during the 2008 financial crisis, the government (other intermediaries) chose to risk breaking the final pieces of trust. Bail for them.
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Blockchains work differently in one basic case: they are completely decentralized. There is no central clearing house like a bank, and no central book in the hands of an entity Instead, the laser is distributed across a vast network of computers, called nodes, each containing a copy of the complete laser on their respective hard drives. These nodes are connected to each other through a piece of software called a peer-to-peer (P2P) client, which synchronizes data across node networks and ensures that everyone has the same version of the laser at any given time. .
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When a new transaction enters a blockchain, it is first encrypted using state-of-the-art cryptographic technology. Once encrypted, the transaction is transformed into something called a block, which is basically the term used for an encrypted group of new transactions. The block is then sent (or transmitted) to a network of computer nodes, where it is verified by the node and, once verified, passed through the network so that the block can be added to each computer at the end of the laser, under a list of all previous blocks. This is called a chain, so the technology is referred to as a blockchain.
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Once approved and recorded in the ledger, the transaction can be completed. This is how cryptocurrencies like Bitcoin work.

Removal of accountability and trust

What are the advantages of this system over a banking or central clearing system? Why would Rob use Bitcoin instead of ordinary currency?
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The answer is faith. As mentioned earlier, with the banking system it is important that Rob trusts his bank to protect and manage its finances properly. To ensure this, huge regulatory system exists to verify the functions of banks and ensure that they are suitable for the purpose. The government then regulates regulators, creating a kind of tiered system check whose sole purpose is to help prevent wrongdoing and misconduct. In other words, companies like the Financial Services Authority exist properly because banks cannot be trusted on their own. And banks often make mistakes and abuse, as we have seen many times. When you have a single source of authority, there is a tendency for abuse or abuse of power. The relationship of trust between people and banks is awkward and uncertain: we don’t really trust them but we don’t think there are many alternatives.
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Blockchain systems, on the other hand, don’t have to trust them. All transactions (or blocks) in a blockchain are verified by nodes in the network before being added to the laser, which means there is no single point of failure and no single authorization channel. If a hacker wanted to successfully intercept a laser in a blockchain, they would have to hack millions of computers at once, which is almost impossible. A hacker would also be largely incapable of bringing down a blockchain network, as, again, they would be able to shut down every single computer on a network of computer networks distributed around the world.
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The encryption process itself is a key factor. Blockchains like Bitcoin use deliberately difficult processes for their verification methods. In the case of Bitcoin, blocks are verified by nodes by intentionally performing processor- and time-intensive series of calculations, often in the form of puzzles or complex mathematical problems, meaning that verification is not instantaneous or accessible. Nodes that provide blocks for verification are rewarded with a transaction fee and a favor of new bitcoins. It works both to motivate people to become nodes (because such block processing requires quite powerful computers and lots of power), where the process of creating – or minting – currency units is also conducted. This is referred to as mining, because it involves considerable effort (by a computer, in this case) to produce a new product. This means that transactions are verified in the most independent way possible than government-regulated bodies such as the FSA.
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This decentralized, democratic, and highly secure nature of blockchain means that they can operate without the need for control (they are self-regulating), government or other opaque intermediaries. They work because people don’t trust each other, but nevertheless.
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Let that sink sink in for a moment and begin to sense the tension around the blockchain.

Smart deal

Where blockchain applications outside of cryptocurrencies like Bitcoin become really interesting. One of the underlying principles of a blockchain system is secure, independent verification of a transaction, and it is easy to imagine other ways that such a process could be valuable. Surprisingly, many such applications are already in use or in development. Some of the best are:

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  • Smart Contract (Etherium): Probably the most exciting blockchain development after Bitcoin, Smart Contract is the block that contains the code that needs to be executed to fulfill the contract. The code can be anything, as long as a computer executes it, but in simple terms it means you can use blockchain technology (including its independent verification, unreliable architecture and security) to create a kind of escrow system for any type of transaction. . For example, if you are a web designer, you can create an agreement that verifies whether a new client’s website is up and running, and then when it does, it will automatically release the funds to you. No more chasing or invoicing. Smart contracts are also being used to prove ownership of assets, such as property or industry. There is a lot of potential to reduce fraud with this method.
  • Cloud Storage (Storage): Cloud computing has revolutionized the web and the emergence of big data, which has started a new AI revolution. But most cloud-based systems run on servers stored in a single-location server firm, owned by a single entity (Amazon, Rackspace, Google, etc.). It presents the same problems as the banking system, in that your data is handled by a single, opaque entity that represents a single point of failure. Delivering data on blockchain completely eliminates the problem of trust and promises to increase reliability as blockchain networks are much harder to bring down.
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  • Digital Identification (ShoCard): The two biggest issues of our time are identification theft and data security. Extensive centralized services like Facebook contain so much data about us, and attempts by various developed-world governments to store digital information about their citizens in a central database, the potential for misuse of our personal data is alarming. Blockchain technology offers a possible solution by wrapping your original data into an encrypted block that can be verified by the blockchain network whenever you need to prove your identity. Applications in this range range from explicit replacement of passports and ID cards to password replacement. It could be huge.
  • Digital Voting: Highly relevant in the context of the investigation into Russia’s influence in the recent US elections, digital voting is suspected of being both unreliable and extremely risky for tampering. Blockchain technology offers a way to verify that a voter’s vote has been successfully sent and that their identity has been kept secret. It promises not only to reduce election fraud, but also to increase the turnout of ordinary voters as people will be able to vote on their mobile phones.

Blockchain technology is still very much in its infancy and most applications are far from common use. Even Bitcoin, the most established blockchain platform, is subject to huge volatility, indicating its relative newness. However, the problem we face today in solving some of the major potential problems of blockchain makes following it an incredibly exciting and tempting technology. I must keep an eye out.
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Cryptocurrency volatility, a profitable rollercoaster

This year we can see that cryptocurrencies move up and down 15% of the price on a daily basis. Such changes in prices are known as volatility. But what if … these completely normal and sudden changes are one of the features of cryptocurrency that allows you to make good profits?

First, cryptocurrencies have become mainstream very recently, so all the news and rumors about them are “hot”. After every statement by government officials about regulating or banning the cryptocurrency market, we see huge price movements.

Second, the nature of cryptocurrencies is much like a “price shop” (like gold was in the past) – many investors consider them as an alternative to backup investing in physical assets such as stocks, gold and fiat (traditional) currencies. The speed of the transfer also affects the volatility of the cryptocurrency. With the fastest ones, the transfer takes just a few seconds (up to a minute), which makes them a great asset for short-term trading, if there is currently no good trend on other types of assets.
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One thing to keep in mind is that cryptocurrencies also have a lifetime trend. Regular market trends can last for months or even years – here it happens in just a few days or hours.

This brings us to the next point – even though we are talking about a market worth hundreds of billions of US dollars, it is still much less than the daily trading volume of the conventional currency market or stocks. So 100 million transactions in the stock market will not cause a huge change in the value of a single investor, but it is a significant and significant transaction on the scale of the cryptocurrency market.

Since cryptocurrencies are digital assets, they are subject to technical and software updates of cryptocurrency features or expansion of blockchain collaboration, which makes it more attractive to potential investors (e.g. SegWit activation essentially doubles the value of bitcoin).
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It is because of the combination of these elements that we are seeing such a big change in the price of cryptocurrency in a matter of hours, days, weeks, etc.

But answering the question in the first paragraph – one of the classic rules of trading is to buy cheap, sell more – so having a small but strong trend every day (instead of lasting weeks or months like stock) gives a lot more opportunities to make a decent profit if used properly. .

Catch-22 of the legal application of crypto-currency hacking

The other day, I was discussing cryptocurrency with an acquaintance at our local Starbucks, and he informed me that he was working with some entrepreneurs who had previously been academic experts in IT security. Of course, for crypto-currencies it is about secure transfer of data and confidence in the underlying value of those and zero, or Q-bits. Presumably, I can look at their business plans, although there are some obstacles in the way of the future of these digital currencies, I am sure that will be the norm of the future – the way the world is moving forward.

Does this mean that our smart grid will have a distributive currency like distribution power or distribution information like internet? Well, people usually do what they do and there are both good and bad with centralization and a redistributive redundancy strategy.

Now then, what is the last question you ask? Okay, there are two articles that I read more than an hour after that meeting, since I was traveling through the information, I had previously reserved for writing about this later; Slightly useful – Bitcoin itself may fail as a currency, but the underlying technology has begun to suggest valuable new applications, “by Paul Ford (February 18, 2014) and remember that this article was written a few days before Bitcoin was stolen from one of them. Exchange

On February 25, 2014, the day after the results hit the newswear, Knight Byrnes wrote another article, “Bitcoin on the Hot Seat – A major bitcoin exchange shuts down, raising questions about the cyber currency.” Are you surprised? No, me too.

As stated in the second article; “Tokyo-based Mount Gox, once one of the largest exchanges of Bitcoin cybercurrencies, stopped working on Tuesday amid concerns that millions of dollars had been stolen from the firm and the long-term prospects of unregulated digital currency. Other Bitcoin exchanges quickly distanced themselves from Mount Gox. Goes and claims that they were still open for business. By mid-afternoon the currency itself had plummeted to just above $ 500. In November it reached an all-time high of $ 1,100. “

What do you say about that? Ouch. Does this prove that Naysara was right to call it a Panji scheme? Do they get the last laugh, or is it just an expected evolutionary process disrupted and all the convulsions done? Well, consider this thought test I had.

Suppose Hanky-Panky was involved, suppose someone hacked the system or stole digital currency. At the moment, digital currency is flying under the radar because it is not recognized in all the new two big to fail regulations of the bank. How can a digital currency have value? Hard to say, how can a fancy printed piece of paper marked 20 be worth anything, but what it represents is worth it if we all agree and trust the coin. What’s the difference, right?

Okay, so let’s say the regulator, the FBI, or another branch of government intervenes and files a complaint – how much fraud was involved if they filed a criminal complaint that someone cheated on someone else? If government enforcement and the judiciary put a dollar number in it, they inadvertently agree that the digital currency is real, and that it has a value, thus, acknowledging it. If they are not involved, then any fraud that may or may not happen will give the whole idea a way back and the media will continue to undermine the trust of all digital or crypto-currencies.

So, this is a catch-22 for the government, regulators and enforcers, and they can no longer see or deny this trend. Is it time for regulation? Okay, I personally hate regulation, but it doesn’t usually start that way. Once it is regulated, the concept is given credibility, but the concept of its digital currency could undermine the entire One World Currency strategy or even the US dollar (petro-dollar) instance and pay for it. Will the global economy be able to disrupt that level? Stay tuned, I guess we’ll see.

In the meantime, what happens next will either make or break this new change in how we view financial values, assets, online transactions, and how the real world will meet our future vague realities. I don’t see many people here thinking, but everyone should, one wrong step and we can all live in a world of trauma – all humanity. Consider all this and think about it.

Enterprise Blockchain Solutions: What Can They Do for Your Business?

Despite the popular belief that blockchain technology is only designed for cryptocurrency transactions and bitcoin monetization, blockchain continues to enter many areas of life: social media, gaming, healthcare, real estate and more. The technology seeks to enhance work efficiency, reduce costs for businesses and improve the customer experience.

Blockchain can be defined as a digitized database and belongs to the digital laser technology (DLT), which does not imply any central data store or administrative functionality. Why is this an advantage for an enterprise? Decentralization with transparency allows each individual participant to view all recorded data, ensure its security, and track important information.

Here the blockchain has already entered and proved that it is worth relying on this technology.

Supply chain management, for example, is a major but weak part of the workflow of many companies. The parties involved in the process often do not communicate directly with each other and still apply paper-based methods of data collection and storage. Blockchain proposes to eliminate paperwork altogether: document flow is automated, and digital certification is employed. More importantly, each authorized member of the supply chain can track the product from the manufacturer to the consumer and prevent counterfeit delivery.

Several American retail giants who have experienced foodborne illness and withdrawn more food have applied blockchain technology to their food supply chains. Previously, it took a minimum of 7 days to track a product, and these days a food item can be marked for a few seconds.

Thus, blockchain solutions have made the withdrawal process faster, more efficient and cost-effective. Meanwhile, customers have also gained the experience of adopting blockchain in their hypermarkets. In Walmart’s Chinese stores, for example, they can scan the QR code and get all the information about the product: from the location of the farm to the inspection certificate.

Healthcare is an area where blockchain-based solutions have established themselves as a highly secure and transparent way to keep electronic health records (EHRs). Both the doctor and the patient get permission to access the records and use them if necessary. At the same time, blockchain solutions are powered by smart contracts that enable EHR data privacy protection. Healthcare device data and clinical research are encrypted, insurance can be executed and saved, too. Another use is prescription drug and equipment supply chain control.

E-commerce needs increasingly blockchain technology. Again, the supply chain is an important aspect here: monitoring products and managing supplies is often a challenging task but helps blockchain businesses manage their inventory more efficiently. Consumers who trust their money and data to e-commerce companies are concerned about data security and transparency but blockchain development can solve this problem. Even the slightest change in a blockchain transaction is obvious, and tracking who did wrong is no longer a problem. Crypto payments are also possible.

The next field is actually related to cryptocurrency transactions. DeFi, abbreviated to decentralized money, refers not only to the transfer of common assets, but also to more complex financial use. Implementing blockchain contributes to the elimination of intermediaries and, consequently, reduces costs. The encrypted and unalterable, multi-step authentication process makes all transactions difficult for unauthorized members to access the system. Recent innovations include P2P loan services and access to digital banking.

Social media is likely to be affected by the blockchain. In addition to its global popularity and ability to connect people around the world, social media is still at risk for account hacking, identity leaks and copyright infringement. To address these issues, blockchain authors provide rights protection, digital identity verification, and neutral licensing.

Real estate, e-governance, the gaming industry and many more have joined the wave of blockchain adoption. Once you’ve chosen to innovate your business, assign the responsibility of implementing technology to one of the enterprise blockchain companies that will create a future-proof enterprise DLT for you. Through blockchain, your business will change the rules of the game in your field.

6 advantages of cryptocurrency

Cryptocurrency is a digital alternative to using credit cards or cash to make daily payments in a variety of situations. It is growing as an effective alternative to the traditional payment system, but it needs to become more stable before it can be fully welcomed by the general public. Let’s take a look at some of the many benefits of using cryptocurrency:

Fraud – Any problem with fraud is kept to a minimum because cryptocurrency is digital which can prevent a reverse or counterfeit payment. This type of action can be problematic for other traditional payment options, such as credit cards, due to charge-back.

Identity theft – There is no need to provide personal information when using cryptocurrency which can lead to identity theft. If you use a credit card, the store provides a lot of information about your credit line, even for very small transactions. Also, credit card payments depend on a pool transaction where a certain amount is requested from an account. With a cryptocurrency payment, the transaction is made on a push basis, which gives the account holder the option to send only the exact amount without any additional information.

Versatile use – a payment by cryptocurrency can easily comply with certain terms. A digital contract may be created for payment subject to completion at a future date, subject to external information or approval of a third party. Even with a special contract, such payments are still very fast and effective.

Easy access – The use of cryptocurrencies is widely available to anyone with access to the Internet. It is gaining popularity in some parts of the world, such as Kenya, where about 1/3 of the population uses digital wallets through local microfinance services.

Low Fees – It is possible to complete a cryptocurrency transaction without additional fees or charges. However, if a digital wallet or third party service is used to hold cryptocurrency, there may be a small charge.

International Trade – This type of payment is not subject to the country’s specific tariffs, transaction charges, interest rates or exchange rates, which makes it relatively easy to complete cross-border transfers.

Adaptability – With over 1200 unique cryptocurrency types on the world market, there are many opportunities to use a payment method that meets specific needs. While there are plenty of options for using coins for everyday use, there are also those for specific use or in a specific industry.

Multilevel cryptocurrency

The question is whether Bitcoin is becoming a multi-layered system. Well, the answer is yes. This article wants to outline the different layers of Bitcoin. All yours!

Have you heard of those who refer to Bitcoin as digital gold? Clearly, crypto-currencies are rapidly gaining popularity and acceptance in the crypto world. The value of the currency is expected to rise further. However, it is also mentioned that the currency can gain or lose 50% of its value overnight. While this is a source of speculation among investors, the currency is a “digital gold”. And in answer to the question of whether Bitcoin is a multilevel system, it should be noted that Bitcoin exists at two main levels. These are the mining and semantic levels.

Mining level

This is the level at which the coin is made. In addition to bitcoin, ether is also produced at this level. After the coin is created, the legal blocks of bitcoin are transferred to the laser. Here, coins are made. It should be noted that the currency is created from the transactions in the Bitcoin block. Blocks are known as transaction fees. The coin can also be made from the network, or you could say “from thin air”. The main advantage of generating currency from the network is that it provides incentives to miners.

Semantic level

It provides a very important platform. The semantic level is the level at which Bitcoin is used as a means of payment. It also provides a platform for using Bitcoin as a value store. The level seems very important, doesn’t it? Holders of bitcoin currencies sign legitimate transactions that signal the beginning of bitcoin transfers between nodes at the semantic level. Transfers can also be made possible by creating smart contracts. Smart contracts transfer money between different accounts.

Lightning network

You probably haven’t heard of the Buzz Network. This is the latest invention to be rolled out by the Bitcoin community. This layer will have the ability to run on top of Bitcoin. With this innovation comes an application level on top of Bitcoin. It would be so exciting. The most interesting aspect is that its value can also be used to pay. This will be possible by transporting its value among the people. With the invention of Lightning Network, Bitcoin will become an application level as well as a transport level.

As of today, the value of Bitcoin is estimated at about $ 9 billion. It is also known that Bitcoin is a decentralized cryptocurrency. This means it operates without the control of a bank or administrator. Bitcoin is definitely occupying the crypto world.

Also important, the technology used during bitcoin mining is called blockchain technology. It works by allowing the distribution of digital information, not copying. Crypto is a really exciting topic and in the near future Bitcoin may surpass our mainstream currency.

Will crypto-based e-commerce destroy the dinosaur-style banking industry?

Banking, we know it, Has been around since the first coin was made সম্ভবত probably even earlier, in one form or another. Currencies, especially coins, have risen out of the tax. In the early days of the ancient empire, it was reasonable to impose an annual tax on a pig, but such payments became less desirable as the empire expanded.

However, since the Covid situation, we don’t just seem to be moving into a “cashless” society (such as a store that wants to handle potential “dirty money”) and “contactless” credit card transactions have now risen to £ 45, and now even Accepted small transactions, such as a daily newspaper, or a bottle of milk, are paid by card.

Did you know that there are already over 5,000 cryptocurrencies in use, including Bitcoin? Bitcoin, in particular, has a very volatile trading history since it was first created in 2009. This digital cryptocurrency has done a lot in its fairly short life Bitcoin initially traded nothing. The first actual price increase occurred in July 2010 when the valuation of a bitcoin ranged from about 000 0.0008 to $ 10,000 or more, for a single currency. This coin has seen some big rallies and crashes since then. However, the so-called “static” coins – which are supported by the US dollar or even gold, can now be controlled by the volatility of these cryptocurrencies.

But before we explore this new form of crypto-based e-commerce, as a way to control and use our assets, including our “FIAT” currencies, let’s first look at how banks have changed over the last 50 years or so.

Who remembers the good old check book? Before the advent of bank debit cards, in 1987, checks were the main means of transferring assets with others in commercial transactions. Then with a bank debit card, with an ATM, seizing one’s FIAT assets became much faster and for online commercial transactions.

The problem that has always existed with banks is that most of us have at least 2 personal bank accounts (one current account and one savings account) and one requirement for every business we own. Also, trying to move money “quickly” from your bank account to a destination abroad was something like SWIFT!

Another problem was cost. Not only did we have to pay a regular service charge on each of our bank accounts, we had a hefty fee for each transaction and of course, in very rare cases we did not receive any reasonable interest on the money in our current account. Account.

After all, Overnight Trading, every night, with expert financial traders (or, later using Artificial Intelligence (AI) trading systems), all of our assets will be traded, and with the scale economy, River bank Has become a major earner of our wealth – but not ours! Keep an eye out for potential trades from “Overnight Trading”.

So, in short, using clever trading techniques, banks not only charge a hefty fee for saving and transferring our assets, they also make huge profits by trading our money on the circuit overnight, for which we see no profit. .

The other thing is – do you trust your bank with all your assets?

How the Bank of Scotland, formerly the Scotland National Bank, now owes Lloyds Banking Group, has recently been labeled, according to a September press release. “Lloyds Bank Asset Fraud – The Most Serious Financial Scandal of Modern Times. “

Why not google that web site, and then make up your own mind?

So, let’s take a look at how a crypto-based e-commerce system should operate, and how the benefits that banks enjoyed with our money could become a major source of profit for wealth holders – the US!

On the 10thM October 2020, a major new crypto-based e-commerce company launches – Freebe.

In short, FreeBay, a company based in Switzerland, incorporates its own blockchain technology, its own SAFE Crypto Coin (based on V999 technology), and enables its members to transfer their FIAT assets to Gold Bullion, eliminating the need for any bank to be involved. By .

V999: digital gold powered by blockchain; A digital token, a digital asset supported by Physical Gold V999 Gold (V999). Each token is stored in a vault, supported by one-tenth of a fine gram gold bar. If you own a V999, you own the underlying physical gold in custody. On top of that, FreeBay members can purchase packages that include powerful automated intelligence-based trading robots.

So now, not only can you gain complete independence from a standard bank, but you can trade on your digital gold resource, V999 crypto token form overnight system, like a bank. Only now you, the holder of assets, will get the reward, not the banks

But there is another great advantage to trading V999 tokens. As you will Generic Owners of tokens, therefore, like banks, whenever a V999 token is traded (e.g. sold), suppose a transaction fee is charged for the purchase of Bitcoin or any other cryptocurrency. Each time a transaction is made, the generic owner of the V999 token receives a small percentage of that fee.

Note that once a trade is made, and a V999 token is sold for Bitcoin or any other cryptocurrency, a small% of that transaction fee is paid to the age. General owner Of that token (i.e. you). Because Freebay aims to make the V999 token one of the most sought-after secure crypto coins, even after your token has been sold to another trader, you can still Generic owner of V999 tokenWhenever that token is traded by another merchant, It’s you – the generic owner of the token that pays the trading commission.

This just can’t make a great one Passive income Willing for you, for life, but for your descendants – and no conventional bank is involved anywhere.

So, the more V999 tokens you buy and circulate, the bigger and better with your remaining income – not just for your lifetime, but probably for your dependents – it can become a reality.

Interested enough to know more? Then click here.

Crypto-currency is a good reason to use Bitcoin

Bitcoin is a relatively new type of currency that has just begun to hit the mainstream market.

Critics say using Bitcoin is unsafe –

  • They have no real value

  • They are not controlled

  • They can be used to make illegal transactions

Still all the major market players talk about bitcoin. Below are some good reasons why it is worth using this cryptocurrency.

Quick Payment – When payments are made using a bank, the transaction takes a few days, as does wire transfer. On the other hand, virtual currency bitcoin transactions are usually faster.

“Zero-confirmation” transactions are instantaneous, where traders take risks that are not yet approved by the Bitcoin blockchain. If the merchant’s approval is required, it takes 10 minutes to transact. This is much faster than any interbanking transfer.

Cheap – Credit or debit card transactions are instantaneous, but you are charged a fee for using this privilege. In Bitcoin transactions, the fees are usually lower, and in some cases, it’s free.

No one can snatch it – Bitcoin is decentralized, so no central authority can snatch a percentage from your deposit.

No chargeback – Once you trade bitcoin they go away. You cannot reclaim them without the consent of the recipient. This makes it harder to chargeback fraud, which is often felt by people with credit cards.

People buy the product and if they think it is defective, they contact the credit card agency for a chargeback, effectively reversing the transaction. Credit card companies do this and charge you an expensive chargeback fee of up to-5- $ 15.

Secure personal details – Credit card numbers are stolen during online payments. A Bitcoin transaction does not require any personal details. To make a transaction you need to combine your personal key and bitcoin key.

All you have to do is make sure your private key is not being accessed by strangers.

It’s not inflation – The Federal Reserve prints more dollars, whenever the economy collapses. The government introduces the newly created money into the economy which leads to a decrease in the value of the currency, which in turn leads to inflation. Inflation reduces people’s ability to buy goods because the price of goods increases.

Bitcoin supply is limited. The system was designed to stop further bitcoin mining after reaching 21 million. This means that inflation will not be a problem, but inflation will start, where commodity prices will fall.

Semi-anonymous operation – Bitcoin is relatively personal, but transparent. The address of Bitcoin is revealed in the block-chain. Everyone can see your wallet, but your name will disappear.

Easy Micro-Payment – Bitcoin lets you make micropayments for as little as 22 cents.

Fiat Currency Alternatives – Bitcoins are a good option for controlling capital and keeping national currencies facing high inflation.

Bitcoin legalizing – Major institutions such as the Bank of England and the Fed have decided to take Bitcoin for business. Many more outlets like Reditt, Pizza Chain, WordPress, Baidu, and many other small businesses are now accepting Bitcoin payments. Many binary trading and forex brokers also allow you to trade with bitcoin.

Bitcoin is the pioneer of the new crypto-currency era, the technology that gives you a peek into the currency of the future.

Beginners Guide: Introduction to Cryptocurrency

Introduction: To invest in cryptocurrency

The first cryptocurrency to come into existence was Bitcoin, which was built on blockchain technology and was probably launched in 2009 by a mysterious man, Satoshi Nakamoto. At the time of writing this blog, 17 million bitcoins were mined and it is believed that a total of 21 million bitcoins could be mined. The other most popular cryptocurrencies are Etherium, Lightcoin, Ripple, Golem, Civic and Bitcoin hard forks such as Bitcoin Cash and Bitcoin Gold.

It advises users not to keep all money in one cryptocurrency and to try to avoid investing in cryptocurrency bubbles. It has been noticed that prices have dropped sharply while at the top of the crypto bubble. Since cryptocurrency is a volatile market, users must invest the amount they can lose because there is no government control over cryptocurrency because it is a decentralized cryptocurrency.

Apple co-founder Steve Wozniak predicts that Bitcoin is a genuine gold and that it will dominate all currencies like USD, EUR, INR, and ASD in the future and will become a global currency in the coming years.

Why and why not invest in cryptocurrency?

Bitcoin was the first cryptocurrency to come into existence and since then about 1600+ cryptocurrencies have been introduced with some unique features for each currency.

Some of the reasons I have felt and want to share are that cryptocurrencies have been created on decentralized platforms – so users do not need a third party to transfer cryptocurrencies from one destination to another, as opposed to fiat currency where a user needs to transfer money from one account to another. Bank-like platform for. Cryptocurrency is built on a very secure blockchain technology and the chances of hacking and stealing your cryptocurrency are almost nil unless you share some important information.

You should always avoid buying cryptocurrencies at the high point of the cryptocurrency-bubble. Many of us buy cryptocurrencies at the top in the hope of making quick money and fall prey to bubble hype and lose their money. It is good to do a lot of user research before investing money. It is always better to keep your money in multiple cryptocurrencies instead of one because it has been observed that some cryptocurrencies increase more, some average while other cryptocurrencies go into the red zone.

Cryptocurrency to focus on

In 2014, Bitcoin occupied 90% of the market and the remaining 10% occupied cryptocurrency. In 2017, Bitcoin still dominated the crypto market but its share fell from 90% to 38% and Altcoins like Litecoin, Ethereum, Ripple grew rapidly and occupied most of the market.

Bitcoin still dominates the cryptocurrency market but is not the only cryptocurrency you should consider when investing in cryptocurrency. Here are some key cryptocurrencies you must consider:

Bitcoin

Litecoin

Wave

Etherium

Tron

Citizens

Golem

Mind you

Where and how to buy cryptocurrency?

Although buying cryptocurrencies was not easy a few years ago, users now have many available platforms.

In 2015, there are two major bitcoin platforms in India, Unocoin wallet and Zebpay wallet where users can only buy and sell bitcoin. Users only need to buy Bitcoin from the wallet but not from another person. There was a price difference between purchase and sale rates and users had to pay a nominal fee to complete their transaction.

In 2017, the cryptocurrency industry grew exponentially and the price of Bitcoin rose spontaneously, especially in the last six months of 2017 which forced users to look for Bitcoin alternatives and surpassed 1.4 million in the Indian market.

Since Unodax and Zebpay are the two major platforms in India that dominated the market with 90% market share – which only traded in Bitcoin. This allows other companies to grow with other altcoins and even force Unocoin and others to add more currencies to their platform.

Unocoin, one of India’s leading cryptocurrency and blockchain companies, has launched UnoDAX Exchange, an exclusive platform for its users to trade multiple cryptocurrencies in addition to trading Bitcoin in Unocoin. There was a difference between the two platforms – Unocion was only offering instant buy-sell of Bitcoin where on UnoDAX, users could place an order for any of the available cryptocurrencies and the order would be executed if it matched the recipient.

Other major exchanges available for cryptocurrency trading in India are Koinex, Coinsecure, Bitbns, WazirX.

Users need to open an account on any exchange by signing up with email id and submitting KYC details. Once their account has been verified, anyone can start trading the coin of their choice.

Before investing in a coin, users need to be well-researched and not fall into the cryptocurrency-bubble trap. Users must research the reliability, transparency, security features of the exchange and much more.

All exchanges charge a nominal fee for each transaction. There are two types of charges – maker fee and taker fee. In addition to the transaction fee, one has to pay a transfer fee if you want to transfer your cryptocurrency to another exchange or to your personal wallet. Charges depend only on coins and exchanges because different exchanges have different price modules for coin transfer.

Major Altcoins other than Bitcoin

As mentioned above, Bitcoin dominates the market with a 38% market share, followed by Ripple, Ethereum, Litecoin, Bitcoin Cash. Exchanges such as UnoDAX, Bitfinex, Kraken, Bitstamp have listed other currencies like Golem, Civic, Raiden Network, Kyber Network, Basic Attention, 0X, Augur, Monero, Tron and many more. If any coin matches your portfolio then you must buy it.

But, you must keep the money in the market that you can lose because the cryptocurrency market is very volatile and there is no government control over it.

When to buy?

There are no hard and fast rules when it comes to buying your favorite cryptocurrency. But we need to do research on market stability. You shouldn’t be at the top of a cryptocurrency bubble or when prices are constantly crashing. The best time is always considered when prices remain relatively low for some time.

Cryptocurrency storage methods

Before you buy any cryptocurrency you must understand how to keep your cryptocurrency safe.

Generally, all exchanges offer storage facilities where you can safely keep your coins. When you place cryptocurrencies on an exchange, no one must share their username, password, 2FA.

Paper Wallet, Hardware Wallet, Software Wallet are some of the channels where anyone can save their cryptocurrency.

Paper Wallet: Paper Wallet is an offline cold storage system for keeping your cryptocurrency. It prints your private and public keys on a piece of paper where the QR code is also printed. One has to scan the QR code for their future transactions. Why is it safe? No need to worry about your account being hacked or any malicious malware attack. All you have to do is secure your piece of paper in a locker and keep two to three pieces of paper wallet under your complete control if possible.

Hardware Wallet: A hardware wallet is a physical device where you keep cryptocurrencies safe. Hardware wallets come in many forms, but the most commonly used hardware wallet is USB. When you put your cryptocurrency in a hardware wallet, you just have to remember that you should not lose your hardware wallet because once it is lost you will not be able to recover your cryptocurrency.

A famous case where one person digs up 7000+ bitcoins, saves them in hardware wallet and puts another in hardware wallet. One day he threw away that hardware wallet so that he could save his cryptocurrency instead of the damaged hardware and he lost all his bitcoins.

What can be bought from cryptocurrency in India?

Most people assume that buying and selling a cryptocurrency is only for investment and for high returns in the long and short term. Influential and Bitcoin investors believe that in the coming years Bitcoin will dominate all Fiat currencies and be adopted as an international currency.

Dell is one of the largest e-commerce businesses that accepts Bitcoin as a payment. Expedia and UNICEF are other examples.

In India, Dream Book Mall was accepting Bitcoin as payment using Unicoin Merchant Services. People were booking movie tickets through BookMyShow or recharging their mobiles using the Unocoin platform. According to reports, they have stopped the service but are planning to resume it in the near future.

Conclusion:

Cryptocurrency is one of the growing investment sectors and it has given excellent returns in the past compared to real-estate, gold, stock-markets etc. You can buy cryptocurrencies and hold on to the long term to get excellent returns or go short term for quick profits as we have seen many coins grow at 1000% + in the past. Since cryptocurrency is a volatile market and the government has no control over the industry. One must invest in any cryptocurrency that they may lose.

You can save your cryptocurrency in hardware wallet, paper wallet, software wallet if you do not want to keep it at the exchange from where you are trading.

Know-how to transfer money to and from Somalia

Somalia is a country located in the Federal Republic of Somalia, East Africa. Nowadays, money transfers to and from Somalia have become extremely easy and unnecessary. In addition, with the advancement of technology and the growth of suitable and reliable platforms, all types of international fundraising are possible by everyone.

In this article, let’s cover some questions related to online money transfer in Somalia.

Mode of fund transfer

Reports have revealed that online money transfers in Somalia exist mainly between her and the United States, the United Kingdom and India. Then, the question is – “How can a person send and receive money from Somalia when he is abroad?” The answer is simple.

Money transfers are possible through cash, direct bank wiring or debit and credit cards and e-wallets. Also, the option of World Remit is available. Senders can deposit money in the recipient’s local bank account, prepaid card or e-wallet.

Alternatively, the latter could raise funds transferred from a designated money transfer agent.

Transfer fees vary according to the transfer mode, the conventional exchange rate, the urgency of the transfer and the amount. Thus, remittance charges from the UK and India to Somalia will be different.

Since all of these methods are available for their respective reasons, one must consider which mode is suitable for both the creditor and the beneficiary before choosing one.

The amount of sending

The amount and frequency of transfers has always been a question in the world of online transfers. Considering the extra charges involved when transferring international money, it seems strange to send a trivial and insignificant amount. This is primarily because the fee will exceed the amount required for the transfer.

So, individuals must choose for a sufficient amount of money. They can transfer on a quarterly or annual basis instead of monthly intervals.

Exchange rate

The first factor to keep in mind is the exchange rate between countries An exchange rate refers to the price difference between the currencies of different countries. Since the value of the same numerical amount of money is different, it affects the amount sent from one country to another.

The Somali shilling exchange rate, the Somali shilling, is comparatively lower than the USD, INR, and USA, India, and UK pound sterling, respectively. The cause is among the following:

  1. Inflation: Somalia has a higher inflation rate than the other three counties. Thus, the value of its currency decreases.
  2. Interest rate: This parameter varies from country to country depending on its demand and supply, monetary policy and government debt. With Somalia’s low interest rates, its currency has depreciated.
  3. Economic performance: The recession and devaluation of the country’s profitable performance will inevitably be detrimental to the value of its currency. The same is true of Somalia.

How To Make Money Online In Somalia?

Since Somalia is in such a predicament when it comes to online money transfers, there should be appropriate measures in place to allow its citizens to earn the required transferable amount. However, with the onset of the epidemic, only online sources of income remain open. Some of them include the following:

  • Blog

  • YouTube channel

  • Affiliate Marketing

  • Freelancing

  • Buying and selling domains