IS BITCOIN THE NEW EVERYDAY MONEY

Bitcoin has created a whole industry and a new way of doing business that one could doubt even its maker never thought possible. From its days of obscurity to its fame and notoriety, Bitcoin today is among the most hotly sought commodities in the world. But is it the alternative every day currency that Satoshi Nakamoto hoped it will be? Let’s find out…

The Economics

Bitcoin in its present form faces serious challenges as it has retracted from being the cheap means of transaction to one that has become completely uneconomical for everyday transactions when it comes to micropayments. Bitcoin miners are allowed to set their own fees for verifying transactions and as such transactions with small fees attached to them often go for days without being verified as the miners don’t find them lucrative. It is estimated that it costs up to $24 to send about $10 in Bitcoin which is just not a feasible number for businesses and customers who wish to pay in Bitcoin

Speed or Lack Of In Transaction

A perfect everyday transaction money is one that moves fluidly and very swiftly from the paying party to the recipient in the least possible time. What makes credit card payments popular is the little time it takes to process them, and this is something Bitcoin in its present state cannot just compete with. Bitcoin is only able to process a maximum of 4 transactions per second which is just not enough for a currency that could potential have millions of people trying to conduct their transactions all at the same time.

Usability

One of the other indices for the use of Bitcoin as an every currency is the safety that comes with its payment. Bitcoin transactions are completely irreversible once initiated and as such it stands at a disadvantage when compared to Ethereum and other cryptocurrencies that allow for the use of Smart Contracts which protect both buyer and seller.

Value

When it comes to actual value Bitcoin stands heads and shoulders above any other blockchain product as it is several times the value of its closest rival on the market. The hike in Bitcoin’s value has seen the increase in the reluctance of its holders to spend it on their day to day transactions, preferring to hoard it, which is why a lot of people tag it as the digital equivalent of bullion gold.

Conclusion

With a very cumbersome transaction process and high fees, Bitcoin stands at a great disadvantage to fiat as well as other cryptocurrencies that offer more efficient service, but its high value makes it the best option for storing value as far as cryptocurrencies are concerned. Therefore if you are looking for a currency to pay for your pizza and ice cream Bitcoin might not be your best choice.

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The Benefits of Online Trading Platforms

These past few years have been very important for the development of cryptocurrencies. Many have even come to crown 2017 as the year of the Bitcoin as this topic has been at the forefront of discussions worldwide be it on the news, online, in magazines, among friends & family etc. Naturally, with the increased interest that this topic has been sparking many have decided to jump on the bandwagon and learn how to trade and invest online. There are many things that beginners must be aware of when it comes to trading cryptocurrencies such as the use of an online trading platform.

Essentially, this trading platform is a software that brings traders and investors together in one place and allows them to buy and sell their currencies and other financial instruments. There are many different trading platforms available and are predominantly offered by brokers either for free or for a minimum amount of trades per month.

These online trading platforms offer many benefits when compared to traditional brokers and financial dealers. For one, it’s quick and easy to use and secondly, they offer a number of educational opportunities to help investors learn more about dealing and trading a number of commodities, shares and currencies.

The added convenience of being able to access your online broker whenever you wish, be it day or night, is also another great feature allowing for more flexibility. Further advantages of online trading platforms include:

1. Ease of dealing

Gone are the days when trading involved calling a broker to arrange for purchases or sales. With online trading it’s all done in just a few clicks and it’s rare that traders need to speak directly with their broker.

2. Affordability

Online trading is very affordable, as more and more brokers are offering online trading, the costs of dealing has decreased considerably, thus allowing traders to benefit from greater income when successful trades are made.

3. Greater control

As previously mentioned, online trades can be conducted at any time day or night, allowing traders to choose when they choose to trade. Additionally, trading can take place via mobile device or laptop, allowing for even more flexibility and freedom and trading on the go.

4. Real time trading

Online brokers offer real time prices and an advanced interface, so traders can keep an eye on their deals at any time and get the most up-to-the-minute prices.

5. Faster transactions

Online trading is extremely fast. As soon as an account has been set up with an online broker, trading can take place immediately as long as sufficient capital is in the account. There are numerous online trading platforms out there, trading with IG offers all the above, plus the knowledge that you’re trading with one of the most popular and trusted online brokers on the internet. Make sure to spend enough doing due diligence and familiarizing yourself with online trading in general including the different trading strategies that are available to help make the most of your trades and have a better overall knowledge of the industry.

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Bitcoin Investment Worse Than Gambling Russian Minister Says

 

The Russian Opinion

Opinion is widely divided the world over on what to do with Bitcoin and its cohorts of cryptocurrencies. Just a few days when it was widely reported that the Russian government was intending some form of licensing and taxation on the cryptocurrency industry, the Russian Minister for the economy has come out with an attack on Bitcoin specifically.

The Minister in an interview expressed the view that Bitcoin investments is as unsafe they come, saying that its risks are greater than playing the roulette with your money at the casino.

Bitcoin The Extreme Volatility

Makshim Orekshin expressed the view that the extreme volatility of the cryptocoin makes it paramount that government must only allow its access to qualified investors who can read the risks involved. Mr. Orekshin at the World Youth and Students Festival in Sochi said that “Bitcoin as an asset is wildly unstable; one minute it goes tens of percents up then the next it goes tens of percents down. As an asset that is available to the layman it must not have such wild characteristics. Because you can earn big one minute and then lose everything you have the next minute”

“Those who are not familiar with the risks of such assets must not have access to it” He added further, “because in almost every instant the result will be disastrous for such people”

The Economic Minister’s comment hints that even within Russia, there is no consensus on what form of regulation the cryptocurrency industry should be placed under. Only a few days back, the Minister of Finance proposed a licensing exercise for bitcoin mines and exchanges, while the President Vladimir Putin has been reported in the past to be leaning towards creating a National Cryptocurrency controlled by the government which will be known as the CryptoRouble.

While governments continue to bicker with one another, Bitcoin and other cryptocurrencies continue their wild gains this year.      That’s a Fact Jack !

 

March 28, 2018 at 11:04pm
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CLOUD MINING SERVICES AS SOLUTIONS TO SMALL SCALE MINING

The Crypto World

The cryptocurrency has taken the world by storm, as it has finally shaded its fringe idea reputation and is now among the most hotly sought-after commodities in the world. Due to the industry’s wild successes this year, which has seen the industry multiply over 10 times in value this year, people are trooping into the industry in their millions seeking to be part of this gold rush.

And although the ways of acquiring cryptocurrencies has become exceptionally simpler over the years with most exchanges now accepting credit card payments, there are a significant section of investors who don’t wish to pay the astronomical amounts cryptocurrencies such as Bitcoin are currently priced at. This naturally sends these groups of investors into the only other way of acquiring cryptocurrencies which is mining. And true to its rise, mining some of the more valuable cryptocurrencies is become more and more out of the reach private individuals, due to their capital and energy intensive nature.

But like every other obstacles there are solutions that have been made to circumvent them. Investor’s and cryptocurrency enthusiasts around the world now use what is known as cloud mining in order to still participate in the mining of their desired cryptocurrencies without having to make investments in the hundreds of thousands of dollars to set up industrial  scale mining operations. Although there are a lot of cloud mining operations that are labeled as Ponzi schemes, but the industry is rapidly maturing and has some reputable and innovative ones like Miner Gate which seeks to take the cloud mining to new heights. Some of the great benefits that cloud mining offers the user include:

Simultaneous Mining

Most people who take on the mining industry by themselves do so by concentrating on a single cryptocurrency at a time to maximize the usability of their computing power (also known s hashing power). This is quite limiting as cloud mining operations offer the user the chance to maximize the use of their hashing power by mining for several cryptocurrencies at the same time which is also beneficial as far as spreading the miner’s risks are concerned.

Smart Mining Operations

To take this great innovation to another level, cloud mining service providers such as Miner Gate have another cool feature up their sleeve where by the users’ mining rig automatically focuses on mining the cryptocurrency with the most value among the multiple mining options offered. This is done by calculating the value of the cryptocurrency against the power needed to mine it. Users are of course not forced to use this feature as they can switch it off at any time of their choosing.

Small Scale Profitability

Cryptocurrency mining operations especially that of Bitcoin have the reputation of being too expensive and often small scale mining operations tend to make heavy losses as the cost of maintaining the mine is significantly higher than the reward obtained at the end of the day. And this is where Cloud Mining pools work their magic for potential miners, as they allow multiple small scale mining operations to pool their resources and mine as a single entity. Any reward gotten at the end of the day is distributed among the participating miners according to the amount of hashing power they contributed to the operation.

 

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THE FUTURE OF CREDIT WITH BLOCKCHAIN TECHNOLOGY

 

 

Crypto Credit Cards

The cryptocurrency has taken the world by storm, as it has finally shaded its fringe idea reputation and is now among the most hotly sought-after commodities in the world. Due to the industry’s wild successes this year, which has seen the industry multiply over 10 times in value this year, people are trooping into the industry in their millions seeking to be part of this gold rush.

And although the ways of acquiring cryptocurrencies has become exceptionally simpler over the years with most exchanges now accepting credit card payments, there are a significant section of investors who don’t wish to pay the astronomical amounts cryptocurrencies such as Bitcoin are currently priced at. This naturally sends these groups of investors into the only other way of acquiring cryptocurrencies which is mining. And true to its rise, mining some of the more valuable cryptocurrencies is become more and more out of the reach private individuals, due to their capital and energy intensive nature.

But like every other obstacles there are solutions that have been made to circumvent them. Investor’s and cryptocurrency enthusiasts around the world now use what is known as cloud mining in order to still participate in the mining of their desired cryptocurrencies without having to make investments in the hundreds of thousands of dollars to set up industrial  scale mining operations. Although there are a lot of cloud mining operations that are labeled as Ponzi schemes, but the industry is rapidly maturing and has some reputable and innovative ones like Miner Gate which seeks to take the cloud mining to new heights. Some of the great benefits that cloud mining offers the user include:

Simultaneous Mining

Most people who take on the mining industry by themselves do so by concentrating on a single cryptocurrency at a time to maximize the usability of their computing power (also known s hashing power). This is quite limiting as cloud mining operations offer the user the chance to maximize the use of their hashing power by mining for several cryptocurrencies at the same time which is also beneficial as far as spreading the miner’s risks are concerned.

Smart Mining Operations

To take this great innovation to another level, cloud mining service providers such as Miner Gate have another cool feature up their sleeve where by the users’ mining rig automatically focuses on mining the cryptocurrency with the most value among the multiple mining options offered. This is done by calculating the value of the cryptocurrency against the power needed to mine it. Users are of course not forced to use this feature as they can switch it off at any time of their choosing.

Small Scale Profitability

Cryptocurrency mining operations especially that of Bitcoin have the reputation of being too expensive and often small scale mining operations tend to make heavy losses as the cost of maintaining the mine is significantly higher than the reward obtained at the end of the day. And this is where Cloud Mining pools work their magic for potential miners, as they allow multiple small scale mining operations to pool their resources and mine as a single entity. Any reward gotten at the end of the day is distributed among the participating miners according to the amount of hashing power they contributed to the operation.

 

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Why Bitcoin Is Shaking Up Global Politics

Money equals power all over the world, even if it comes in different currencies. The U.S. stock market doesn’t just help people to gain and lose fortunes domestically, it also impacts forex and other stock exchanges. Bitcoin is different. It’s wholly unique in that there isn’t a steep learning curve. In fact, a student at George Washington University Online is just as likely, and perhaps maybe a little more, than a broker to be able to explain the concept of Bitcoin.

It’s a cryptocurrency that was made for computer users to be able to create their own little world. Payments made with Bitcoin are all but untraceable, which isn’t good for world governments. If they can’t get their hands on the source of each bitcoin, how will they be able to tax it?

Bitcoin and Dark Web

There’s a market for everything, including illegal activities. Drugs and even murder-for-hire are said to be obtainable online via the Dark Web. No government likes the idea of people being able to go online and pay for illegal products and services with no fear of reprisal. Entire societies have fallen by the proliferation of such activities. While stock market exchanges are made out in the open, the Dark Web offers insider trading tips at a premium. The sad part is that many of these kinds of activities are paid with bitcoins.

Taxing Online Transactions

Say that you bought 100 bitcoins two years ago and you just remembered that you had them. Today, you’d be a millionaire and the government is going to want their cut. This is where legislature gets tricky as Bitcoin was created on the web and none of its users want to be tracked or monitored in any way. Any money that you make is subject to tax. On the other hand, how is the government going to be able to tax transactions that can’t even be tracked? This is why countries like North Korea considered doing away with Bitcoin and other cryptocurrencies altogether. Bitcoin is also popular with George Washington University students because it can be used to pay for all manner of things.

When you want to cash out your stocks, you are responsible for reporting the transaction when you file taxes. It appears the U.S. government wants the same rules to apply to Bitcoin transactions.

Tracing Bitcoin Purchases and Sales

If you purchase Bitcoin rather than mine it, you need to have a source of funding. Most people just use their debit or credit cards to buy bitcoins and then keep the coins stored in a secure e-wallet. Exchanging bitcoins for cash can be harder. Unlike stocks, bitcoins aren’t really backed by hard currency. Instead, you have to find someone who believes that they are valuable enough to trade for cash and you are going to pay for that service.

Bitcoin doesn’t operate like the stock market, but it can get just as huge, if not bigger, as long as the government allows it. With that said, you shouldn’t invest in Bitcoin if you don’t know how it works. The good news is that you need far less formal trading experience to become a bitcoin miner than a stock trader.

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Arizona Law to Delineate ICOs and Securities

 

The world might be deliberating prohibitions and regulations on crypto activity, but in Arizona, they have embraced it so wholeheartedly that public records show that there has been a hike in the number of blockchain bills in the state’s legislature.

The state’s Senate has already passed a bill that approves its inhabitants to be able to pay their taxes in cryptocurrency. This new bill didn’t just pass all the stages in Senate as smoothly as one would believe. Arizona’s Senate minority leader Steve Farley was of the opinion that the volatility of the bitcoin might be a problem when it relates to tax payments. His fears were somewhat allayed when Arizona’s Department of Revenue confirmed that they would have only 24 hours to change the bitcoin payments into dollars.

The bill has already gone on to the state’s House of Representatives. If it is successfully passed, the state could soon start collecting bitcoin as an accepted form of tax payment.

Jeff Weninger, a Republican member of the Arizona House of Representatives (who was also very instrumental in the passing of the first bill) introduced two new different means focused on blockchain – one of which would start the process for an administrative structure for initial coin offering (ICOs) implemented in the state.

It should be noted that two new bills brought up by the representative comprise of words like “blockchain”, “virtual coin”, “virtual coin offering” and they are potential terms that might be added to the Arizona government’s catalog of definitions.

The virtual coin is defined in the first bill as a medium of exchange that can be traded digitally. A virtual coin has virtual value and can be used to store value.

The second bill tweaks the provisions of the Arizona Revised Statutes that pertain data created and stored by blockchain. The bill is in relation to the one that legitimized blockchain signatures and smart contracts implemented last year. This bill makes digital signatures have the same enforceability as written signatures. Arizona’s law now directs that smart contracts are to be also recognized and enforced.

The Arizona Electronic Transactions Act (AETA) provides that virtual signatures areas enforceable as written signatures. HB 2417 stipulates that signatures, e-records, as well as smart contracts — made through blockchain and entrenched by UCC Articles 2, 2A, and 7 — are recognized as legal e-signatures under the appropriate Arizona Act.

Using the “killing two birds with one stone” analogy, the legislature arm of the Arizona government has given a very comprehensive definition of cryptocurrencies and has ensured a solid foundation for contracts which are implemented using them. This means it’s now easier for people to meddle in the cryptocurrency world while ensuring they can do business with it.

It is worth to mention that the Arizona government perpetually sets up processes that strengthen the harnessing of the blockchain technology’s features.

Weninger is of the belief that cryptocurrency payments posses a multitude of merits which include the ease at which it can be used and the convenience it has.

 

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ROBOS and Banks: The Dawning of a New Time

Will Banks Use More Robots

The use of Robo advisors is gaining prominence in mainstream banking circles. Clients have several options available to them when picking investment products. These include the go-it-alone approach where individuals are responsible for the management of their own portfolio of stocks, bonds, cash, indices, commodities etc. This option is best suited to professionals, or investors who understand the intricacies of the financial markets.

The other option is a choice between using traditional banks and investment gurus on the one hand, or the modern-day upgrades with things like discount brokerages. While there is certainly merit in all of these options, many investors are not totally sold on either option. A fusion of these investment possibilities which encompasses online advice with a self-directed brokerage is increasingly preferred by clients.

Fintech Disrupting Traditional Banking

FinTech has dramatically revolutionized the investment landscape, and banking operations are front and centre. New-age investors prefer having a say in how their money is managed, and this need has not been fully satisfied with the options listed above. Instead, clients prefer hybrid options known as Robo advisors. The concept of a Robo advisor is largely misunderstood by mainstream investors. A Robo advisor does not remove the human element from investing and portfolio management.

True to form, Robo advisors do not require clients to meet with investment gurus face-to-face. It is a convenience-based element at play, and one that makes it easier for anyone to instantly initiate trades at the click of a button. Most of the communication via Robo advisors is conducted through secure online connections and chat services such as Skype, messenger, and the like.

More Control Over Financial Portfolios

The Canadian investment scene is slowly adapting to this modern-day technology, but only the Bank of Montréal has infused Robo advisor technology as part of its investments toolkit. FinTech is leaps and bounds ahead of traditional banking. It is a major disruptive force in the financial world, and it caters to a large under-banked or unbanked sector of society. In Canada, the US and across Europe, clients are looking for easier ways to manage their financial portfolios, while still maintaining control over trades that are executed.

The conventional system of entrusting all of one’s finances to a fund manager with a bias towards certain stocks, ETFs or mutual funds is losing traction. Today, investors want to have a modicum of control over their portfolio, and they don’t want the emotional component, or the bias via the investment advisor. A Robo advisor serves this purpose well. Provided the range of financial assets available to the client is all-encompassing, a Robo advisor can pick the appropriate stocks based on client specifications. Hard data is analysed instantly, and the best investment options are provided to the client.

Robo Advisors with Canadian Banks

The do-it-yourself model cannot be ignored by banks for much longer. The explosive growth of FinTech investment paradigms has already caused multiple banks like HSBC, Barclays, Standard Chartered, Goldman Sachs and others to stand up and take notice. Banks are implementing protocols to allow Robo advisors as part of their investment toolkit. One of the leading asset management companies is BMO. What many clients don’t know, is that BMO also has a robo advisor. Through use of this modern-day technology, BMO can now offer exchange traded funds across multiple portfolios.

It is the oldest bank in Canada, and also the first to adopt new-age technologies. Clients can easily synchronize their BMO online banking summary with their investment accounts for maximum functionality. A wide range of exchange traded funds is available, and the provision of Robo advisors makes it easy to use SmartFolio accounts. Account types include RRSP, TFSA, and RESP. By allowing customers to personalize their financial portfolios, it’s akin to a Robo advisor. This is the way Canadian investors are choosing to go, and many other big banks are now taking notice.

The post ROBOS and Banks: The Dawning of a New Time appeared first on Wall Street.

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Bitcoin The Hottest Topic in World Currency

 

Bitcoin surged to a fresh all-time high on Thursday hitting $5,231, eclipsing the previous record of $5,014 hit in early September. The cryptocurrency is now up more than 420% for the year.  So far, investors and customers have shrugged off negative commentary about cryptocurrencies, despite being unable to break into the U.S. markets.

In September, Chinese authorities banned exchanges that deal in crypto currencies. They also banned initial coin offers which are the way most digital currencies raise capital. This has further perpetuated the rally, since there is a limited supply on the amount of a crypto currency that can be mined. With supply contained by regulators and demand increasing, the price of bitcoin is getting forced higher.

There have been reports floating during the past week that China might allow cryptocurrency exchange as well as ICOs. Sources cite Chinese regulators saying that bitcoin trading will likely resume with more regulation. This could include new licensing and anti-money laundering regulations.

SEC Does Not Give Its Blessing to Bitcoin

To date, the Securities and Exchange Commission (SEC), which is the main U.S. securities regulator, has not given its blessing to crypto currencies. Without consent from the SEC mainstream trading is not possible. Their unwillingness to consider bitcoin has frustrated exchange applicants who are now withdrawing their applications. This will likely be a long process, and need consent from congress as a new currency that is potentially subject to manipulation, would undermine the U.S. dollar. Bitcoin is a treat to the greenback globally, which will make it difficult for the digital currency to gain widespread acceptance in the United States.

Swedish Officials Pay Debt in Bitcoin

Swedish regulators with the Swedish Enforcement Authority has paid a debt with bitcoin. This is the first time the enforcement agency in any country has accepted bitcoin as a currency that is paid directly to a government.

Swedish authorities see bitcoin as an asset that can be used to make payment and its increasing acceptance will provide an alternative method for payments of debt. While the Swedish authorities are used to handling these issues through the banking world, they also take payments which need to be converted into cash.  By taking bitcoin, they greatly enhanced their ability to retrieve debts. In this regard, it seems the Swedish Enforcement Authority will likely continue accepting bitcoin for debts citizens wish to settle.

 

Bitcoin prices have broken out to fresh all-time highs pushing through the highs made in September, and poised to test higher levels.  Support on Bitcoin is seen near the 10-day moving average at 4,576.  Volume on the breakout is average, which does not add to the accelerating in prices.  Bitcoin prices are experiencing accelerating positive momentum as reflected by the relative strength index (RSI). The index is a momentum oscillator that also measures overbought and oversold levels. The currency reading on the RSI is 75, which is above the overbought trigger level of 70, which could foreshadow a correction. Reading below 30 on the RSI are considered oversold.

 

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