Some of the best cryptocurrencies to invest in now, for a free and secure financial exchange

Cryptocurrency as a modern form of digital asset has gained worldwide recognition for easy and fast financial transactions and its awareness among people has allowed them to show greater interest in this area, thus opening up new and improved ways to make payments. With the growing demand for this global phenomenon more, new traders and business owners are now ready to invest in this currency platform, despite its fluctuating prices, but it is quite difficult to choose the best one when the market is full. In the list of cryptocurrencies bitcoin is one of the oldest and most popular for the last few years. It is generally used for trade in goods and services and has become part of the so-called computerized blockchain system, allowing anyone to use it, thus increasing the madness among the public.

Ordinary people who are willing to buy BTC can use an online wallet system to buy them safely in exchange for cash or credit cards and conveniently from thousands of BTC foundations around the world and keep them as assets for in the future. Due to its popularity, many corporate investors now accept them as cross-border payments and the growth is unstoppable. With the advent of the Internet and mobile devices, gathering information has become quite easy, as a result of which BTC’s financial transactions are affordable and priced according to people’s choices and preferences, leading to a profitable investment. Recent studies have also shown that instability is good for the exchange of BTC, as there is instability and political unrest in the country, which causes banks to suffer, after which investment in BTC can certainly be a better option. Again, fees for bitcoin transactions are much cheaper and a more convenient technology for concluding contracts, thus attracting the crowd. BTC can also be converted into various fiat currencies and used for securities trading, land ownership, document stamping, public prizes and vice versa.

Another advanced blockchain project is Ethereumor ETH, which serves much more than just a digital form of cryptocurrency, and its popularity over the past few decades has allowed billions of people to hold wallets for them. With the ease of the online world, ETH has allowed retailers and business organizations to accept them for trading purposes, and can therefore serve as the future of the financial system. Like open source ETH, ETH helps collaborate with projects from different companies and industries, thus increasing their usefulness. Again, unlike the bitcoin, which is used to exchange money on a digital network, ETH can be used for many applications in addition to financial transactions and does not require prior permission from governments, so people can use them with their portable devices. . The price of Ether also remains stable and avoids interference from third party intermediaries such as lawyers or notaries, as exchanges are based mainly on software that allows ETH to be the second best cryptocurrency to invest at the moment.

7 Advantages of cryptocurrency

Cryptocurrency is a digital alternative to using credit cards or cash to make daily payments in a variety of situations. It continues to grow as a working alternative to traditional payment methods, but it still needs to become more stable before it is fully welcomed by ordinary people. Let’s look at some of the many benefits of using cryptocurrency:

Fraud – any problem with fraud is minimized because the cryptocurrency is digital, which can prevent reverse or counterfeit payments. This type of action can be a problem with other traditional payment options, such as credit card, due to refunds.

Identity theft – it is not necessary to provide personal information that could lead to identity theft when using cryptocurrency. If you use a credit card, the store provides a lot of information related to your credit line, even with a very small transaction. Also, payment by credit card relies on the withdrawal of a transaction in which a specific amount is required from an account. When paying with cryptocurrency, the transaction is based on a click, which gives the account holder the opportunity to send only the exact amount due without additional information.

Universal use – payment with cryptocurrency can be easily made to meet certain conditions. A digital contract can be created to make a payment to be completed on a future date, to state external facts or to obtain approval from a third party. Even with a special contract, this type of payment is still very fast and efficient.

Easy access – the use of cryptocurrency is widely available to anyone who has access to the Internet. It is becoming very popular in certain parts of the world, such as Kenya, which has nearly 1/3 of the population using a digital wallet through the local microfinance service.

Low fees – it is possible to complete a cryptocurrency transaction without having to pay additional fees or charges. However, if you use a digital wallet or a third-party service to hold the cryptocurrency, there is likely to be a small fee.

International trade – this type of payment is not subject to country-specific levies, transaction fees, interest rates or exchange rates, which makes it possible to make cross-border transfers with relative ease.

Adaptability – with nearly 1,200 unique types of cryptocurrency on the global market, there are many options for using a payment method that meets specific needs. Although there are many options for using coins for everyday use, there are also those designed for a specific use or in a specific industry.

Top cryptocurrencies for 2018: What are the best alternatives to bitcoin?

Important: This position should not be considered as investment advice. The author focuses on the best coins in terms of actual use and acceptance, not from a financial or investment point of view.

In 2017, cryptographic markets set the new standard for simple profits. Almost every figure or chip brought in incredible income. “The rising tide is throwing all the boats,” as they say, and the end of 2017 was a flood. The increase in prices has created a positive feedback cycle that is attracting more and more capital to Crypto. Unfortunately, but inevitably, this galloping market leads to a huge investment. The money has been thrown indiscriminately into all sorts of dubious projects, many of which will not bear fruit.

In today’s bearish environment, noise and greed are replaced by critical appraisal and caution. Especially for those who have lost money, marketing promises, endless shillings and charismatic oratorios are no longer enough. Well, the main reasons to buy or keep a coin are again Paramount.

The main factors in the evaluation of cryptocurrency-

There are some factors that tend to conquer hip-hop and price pumps, at least in the long run:

Adoption angle

Although cryptocurrency technology or an ICO business plan may seem surprising without users, they are just dead projects. It is often forgotten that widespread acceptance is an essential feature of money. In fact, it is estimated that over 90% of the value of bitcoin is a function of the number of users.

While the acceptance of Fiat is entrusted to the state, the acceptance of cryptography is purely voluntary. Many factors play a role in the decision to accept a coin, but perhaps the most important consideration is the likelihood that others will accept the coin.

Security

Decentralization is essential for the I push Model of a true cryptocurrency. Without decentralization, we have a little closer to a Ponzi scheme than a real cryptocurrency. Trust in individuals or institutions is the problem that cryptocurrency is trying to solve.

If dismantling a coin or central controller can change the transaction record, it calls into question its basic security. The same goes for parts with unproven code that have not been thoroughly tested over the years. The more you can rely on the code to function as described, regardless of human influence, the greater the security of a coin.

Innovation

Valid coins seek to improve their technology, but not at the expense of safety. True technological progress is rare because it requires a lot of experience – and also wisdom. Although there are always fresh ideas that can be fucked up if it puts vulnerabilities or critics on the original purpose of the coin, it misses the point.

Innovation can be a difficult factor to assess, especially for non-technical users. However, if the currency code is stagnant or does not receive updates that address important issues, it may be a sign that developers are weak in terms of ideas or motivation.

Incentives

The economic incentives inherent in a currency are easier for ordinary people to perceive. If a coin had a large pre-mine or ICO (offer for the initial part), the team held a significant share of chips, then it is quite obvious that the main motivation is the profit. By buying what the team offers, you play your game and enrich it. Remember to provide tangible and reliable value in return.

5 cryptocurrencies to buy in 2018

There has never been a better time to reevaluate and balance a cryptographic portfolio. Based on their solid foundation, here are five pieces that I think are worth sticking to or maybe buying at their current depressing prices (which, just a warning, can go down).

# 1. Bitcoin (due to its decentralization)

Number one belongs to Bitcoin (BTC), which remains the market leader in all categories. Bitcoin has the highest price, the widest assumption, most of the security (due to the phenomenal energy consumption in bitcoin mining), the most famous brand identity (forks tried to be appropriate) and most of the development Active and rational. This is the only piece so far that is presented in traditional markets in the form of bitcoin futures trading of the American CME and CBOE.

Bitcoin remains the main engine; The effectiveness of all other parts is strongly related to the effectiveness of bitcoin. My personal expectation is that the difference between bitcoin and most, if not all other parts will increase.

Bitcoin has several promising innovations that will soon be installed as additional layers or soft forks. Examples of this are the Flash system (LN), the tree, the signatures of Schnorr Mimblewimbleund much more.

In particular, we plan to open a new set of applications for bitcoin, as it allows large-scale, micro-transactions and immediate and secure payments. LN is becoming more stable as users test their various capabilities with real bitcoin. As it becomes easier to use, it can be assumed that it will benefit significantly from the adoption of bitcoin.

# 2. Litecoin (due to its persistence)

Litecoin (LTC) is a branch of Bitcoin with a different hash algorithm. Although Litecoin no longer has Bitcoin’s anonymity technology, incredible reports show that the adoption of Litecoin in the dark markets is now the second, only bitcoin. Although the currency I have is much more appropriate for the role of acquiring illegal goods and services, perhaps this is a result of the longevity of Litecoin: It was released in late 2011.

Another factor in favor of Litecoin is that it integrates Bitcoin SegWit technology, which means that Litecoin is ready for LN. Litecoin can benefit from the exchange of atomic chains. In other words, ensure equivalent currency trading without the participation of third parties (ie an exchange). Because Litecoin keeps its code largely synchronized with Bitcoin, it is in a good position to take advantage of Bitcoin’s technical advances.

# 3. Ethereum (because of smart contracts)

Ethereum (ETH) has some big problems right now. First, governments are subject to ICOs and rightly so: many have proven to be either fraudulent or bankrupt. Since most icos run on the Ethereum network as an ERC marker 20, ICO craze has brought great value to Ethereum in recent years. If appropriate investor protection rules are in place, scams involving Ethereum projects may claim some legitimacy as a crowdfunding platform.

The second major problem for Ethereum is the delayed transition to a new hybrid system for battery operation and detection. Ethereum’s GPU is currently profitable, but Bitmain has just announced a minor Ethereum ASIC, which is likely to affect the bottom rows of GPU miners. It remains to be seen whether this will change the POW and how successful this change will be.

If Ethereum can survive these two main problems – regulation and digging – it will show great resilience. Otherwise, there are several competing currencies tracking its shadows, such as Ethereum Classic (etc.), Cardano (ADA) and EOS.

# 4. Monero (because of his anonymity)

Although its acceptance in the dark markets is not all that can be expected, I (XMR) remains the Prime Minister’s confidentiality. Its reputation and market capitalization are still above those of its rivals – and with good reason.

The Monero code requires less confidence that Zcash is a “loyal” key ceremony and has had a fair start, unlike Dash. The fact that Monero recently changed its Pow to beat the development of a small ASIC for its algorithm confirms the piece’s commitment to dignifying digging. A significant drop in hashing speed is due to the new version, which is constantly reported against ASIC. This can also be an option for GPUs and even small CPUs to connect to me. The new version of Monero, 0.12, includes other improvements that show that Monero continues to grow along sensitive lines.

# 5. IPRONTO (Decentralized Incubation Platform)

iPRONTO is an Ethereum chain incubation platform dedicated to investors looking for a secure and reliable platform to invest in new ideas and future innovators who can present their ideas and get opinions from users, experts in the practice and application of derivative ideas.

The ideas of the innovators are supported, as the NES in Smart Contract format will be signed between the expert platform and the client if the client’s business idea is before the Committee for verification and registration in the platform. The idea will not be published for all users of the public platform of the chain, but only for selected members of the target community who are ready to sign the smart contract in order to keep the idea confidential.

Everything you need to know about ICO

What is ICO: Not so long ago, Bitcoin went through the process of emerging and making promises for a potential future, although it is interpreted and understood as a ridiculous step towards digital currency. In the years following the maturation of bitcoins, the cryptocurrency ecosystem exploded. Among the aggravatingly accelerating birth rates of newly issued coins is a type of transaction called ‘Initial Coin Offering’ or ICO. The ICO is an instrument seeking financial support that involves trading in long-term cryptocurrencies in exchange for the expeditious value of current cryptocurrencies. According to The Financial Times, ICOs are not monitored by laws for the supply and distribution of cryptocurrencies, where investors can spend money.

On the other hand, The Economist describes ICOs as digital tokens issued for the ruthless distribution of log files and blockchains.

In conclusion, we can say that ICOs are the new hand catapult that makes way for the nascent crypto.

Laws: Smith + Crown explains that most ICOs are distributed software tokens that refer to the time before they are made available for purchase. To circumvent legal needs, a “crowdsale” or “donation” is usually used instead of an ICO.

Is there a chance that the ICO will be delayed: In this regard, Crypto Hustle writes in a recent article that the ICO hysteria is due to people who took Ethereum first and are now interested in returns. So, it is not possible to predict whether the pleasure pursuit phases will last long or not, but when the corrections come, we will see which cryptocurrencies remain in place.

If ICO is a secure purchase: If you are taking a risk rather than transferring risks without paying attention to the end of capitalism or the fact that this particular item can bury you in the ground without capital, then go ahead, this is your call.

Now that we have gathered information about the ICO, let’s get to the final question.

What is the future of ICO: Following the 2017 survey reports, “about 46% of ICOs have not reached the implementation stage, although they have raised about $ 104 million.”

Reasons:

  • Increased risk of investing in cryptocurrency.

  • Draconian regulations.

  • Heavy racing.

  • Reducing return.

  • Unstable nature of cryptocurrency.

China has banned the ICO, and Russia has brought to light a completely different set of ICO rules and regulations with the promise that investors can sell their tokens back. ICO promotions on Google and Facebook are difficult, and Twitter has deliberately banned fraudulent crypto accounts. Senior officials believe the blockchain has a living future, but the ICO? His future rots in his own skin of struggle to cross this extra bridge to prove their authenticity.

So yes. ICO’s death is indeed looming in the air, and before we know it, it could merge and disappear like it never existed in the economy. But there are still some coins that can appeal to the next bitcoins, so you should be on the lookout for the best ICOs.

Are you thinking of investing? Think of the Bitcoin Way

What is bitcoin?

If you’re here, you’ve heard of bitcoin. It was one of the most common headlines in the last year or so – as a quick scheme to get rich, an end to finances, the birth of a truly international currency, as the end of the world, or as a technology that has improved the world. But what is bitcoin?

In short, you could say that Bitcoin is the first decentralized system of money used for online transactions, but it will probably be useful to dig a little deeper.

We all know in general what “money” is and what it is used for. The most important problem that has witnessed the use of money before bitcoin is that it is centralized and controlled by one whole – the centralized banking system. Bitcoin was invented in 2008/2009 by an unknown creator, nicknamed “Satoshi Nakamoto”, to bring decentralization of money worldwide. The idea is that the currency can be traded internationally without difficulty and fees, checks and balances will be distributed around the world (and not just in the diaries of private corporations or governments), and money will become more democratic and equally accessible to all.

How did bitcoin start?

The concept of bitcoin and cryptocurrency in general was launched in 2009 by Satoshi, an unknown researcher. The reason for his invention was to solve the problem of centralization in the use of money, which relied on banks and computers, a problem that many computer scientists were not happy with. Achieving decentralization has been unsuccessful since the late 1990s, so when Satoshi published a report in 2008 proposing a solution, it was greatly welcomed. Today, bitcoin has become a familiar currency for Internet users and has spawned thousands of “altcoins” (non-bitcoin cryptocurrencies).

How to make bitcoin?

Bitcoin is made through a process called mining. Just as paper money is made by printing and gold is mined from the ground, Bitcoin is made by “mining.” Digging involves solving complex mathematical problems with blocks using computers and adding them to a public book. When I started, a simple processor (like the one on your home computer) was all it needed, but the level of difficulty has increased significantly and you will now need specialized hardware, including a high-end graphics processor (GPU), to extract bitcoin.

How to invest?

First, you need to open an account on a trading platform and create a portfolio; You can find some examples by searching Google for “Bitcoin Trading Platform” – they usually have names that include “coin” or “market”. After joining one of these platforms, click on the assets and then click on crypto to select the desired currencies. There are many metrics on every platform that are quite important and you need to make sure you follow them before investing.

Just buy and hold

While digging is the safest and in some ways the simplest way to earn bitcoin, there is too much noise, and the cost of electricity and specialized computer hardware makes it inaccessible to most of us. To avoid all this, make it easy for yourself, enter the amount you want from your bank directly, and click “buy”, then sit back and watch your investment increase as the price changes. This is called an exchange and takes place on many exchange platforms available today, with the ability to trade between many different fiat currencies (USD, AUD, GBP, etc.) and different crypto coins (Bitcoin, Ethereum, Litecoin, etc.). .

Bitcoin trading

If you are familiar with stocks, bonds or Forex exchanges, then you will easily understand crypto-trading. There are bitcoin brokers such as e-social commerce, FX ™ market.com and many more to choose from. The platforms provide you with Bitcoin-fiat or fiat-Bitcoin currency pairs, for example BTC-USD means bitcoin trading for US dollars. Follow the price changes to find the perfect pair according to the price changes; platforms provide price among other indicators to give you relevant trading tips.

Bitcoin as stocks

There are also organizations set up to allow you to buy shares in companies that invest in bitcoin – these companies trade reciprocally and back, and you just invest in them and wait for your monthly benefits. These companies simply pool digital money from different investors and invest on their behalf.

Why should you invest in bitcoin?

As you can see, investing in bitcoin requires you to have some basic knowledge of the currency, as explained above. As with all investments, this involves risk! The question of whether to invest or not depends entirely on the individual. However, if I were to give advice, I would advise investing in bitcoin for a reason that Bitcoin continues to grow – although there has been a significant period of boom and bust, it is very likely that cryptocurrencies as a whole will continue to increase in value in the coming years. 10 years. Bitcoin is the largest and most famous of all current cryptocurrencies, so it is a good place to start and the safest bet at the moment. Although volatile in the short term, I suspect you will find that bitcoin trading is more profitable than most other ventures.

Evaluation of ICO tokens and lost emphasis on ICO technical experts and advisors

Statistics could no longer be ignored. Most ICOs are reserved and remain reservoirs once the tokens reach the crypto exchanges, after the madness and “FOMO” present at the crowdelace are over.

Most observers who follow the ICO phenomenon agree that in the last few months, the ICO has tended to lose value after crowdsale, with many buyers waiting in vain for the “moon” promised to them once the cryptocurrency reaches the exchange portal.

What is not being discussed, however, is the main reason we are witnessing this phenomenon, and what crowdsale participants, including the rating companies that most of us rely on to make choices, should be mistaken in choosing which ICOs have the highest value, or have the best probability of rising in value after the crowdsale is over.

Although there are many reasons why one could legitimately suggest the phenomenon, there is one fact that I think is probably more responsible for this than most other controversial reasons: the assessment of ICO tokens and the wrong emphasis on “blockchain experts”. ICO advisors’ or ‘technical whizkids’ for erc20 tokens.

I have always thought that the need for blockchain technical experts or ICO technical advisers is exaggerated or even downright wrong when a project is evaluated against these criteria, unless the project is actually trying to create a brand new coin concept. For most ERC20 tokens and copying coins, the real important focus should be the business plan behind the token and the management predecessors and executive profiles of the team leaders.

As anyone involved in the industry should know, creating an ERC20 token from Ethereum or similar tokens from other cryptocurrencies does not require any great technical skills or requires some overpriced blockchain advisor (actually with new software out there, the ERC20 Token can be made in less than 10 minutes by a complete technical beginner.

So technical should no longer be a big deal for tokens). The key must be the business plan; level of business experience; competence of the project managers and the business marketing strategy of the main fundraising company.

Honestly, as a lawyer and business consultant for more than 30 years in several companies around the world, I can’t understand why people keep looking for some Russian or Korean or Chinese “Crypto Whiz” or “Crypto Advisor” to determine the strength of ICO for what is actually a crowdfunding campaign for BUSINESS CONCEPT …

I am of the firm opinion, which is one of the main reasons why most ICOs never respond to their pre-noise. In an age where there is an abundance of software for creating tokens, platforms and freelancers, the disproportionate focus on the experience of the blockchain or the technical capabilities of the promoters is mostly wrong. It’s like trying to assess a company’s likely success based on the ability of its staff to create a good website or application. This train left the station long ago with the proliferation of technical hands on freelance sites like Guru; Upwork, freelancer and even Fiverr.

People seemed too caught up in the hype and technical skills of the people who promoted ICOs, especially ERC20 Ethereum based tokens, and then wondered why a technically superior Russian, Chinese or Korean person could not secure the company’s end of business after the fundraising campaign. .

Even many of our ICO rating companies seem to have allocated a disproportionate number of points to a team member’s crypto experience, how many crypto advisors they have, and the ICO success experience they have on their team, instead of focusing on the core business model to be created with the funds raised

Once it is understood that over 90% of crypto and ICOs have just symbols created to raise a crowd of funds for an idea, and simply not a sign of an account, then people’s accents will shift from technical angles to more appropriate work. to evaluate the business idea itself and the corporate business plan.

Once we move into this era of valuation, before deciding whether to buy or invest in a cryptocurrency, then we will begin to assess the future prospects or value of our tokens based on solid business considerations such as:

– Swot analysis of the company and its organizers

– Management competence and experience of team leaders

– the stability of the business idea beyond the creation of a sign

– The marketing plan and strategy of the company to sell these ideas

– The ability to deliver the main products to the market

– The customer base for the products and services that will be created by the company

– and a basis for designing market acceptance

What most people failed to realize was that the potential for increasing the value of their tokens after an ICO did not depend so much on something technical as on the good things happening in the fundraising company and the supposed increase in the company’s valuation. as he distributes his business plan and offers his business products.

Of course, buying cryptocurrency is not buying shares and it does not buy the security of any company. We get this, but tokens react the same way stocks react to good or bad company news. The only difference is that in the case of cryptocurrencies, the effect is increased 100 times.

So when a company reaches a financial or business milestone, the price of its token on the stock market will rise … and it will fall rapidly when nothing good happens. So, what the company will do and how it will do it after the ICO must be extremely important for anyone who does not want to see the value of his tokens, fallen and stay forever.

Of course, the tokens that most tokens will drop after the tokens go into cryptocurrency after ICO, because of those who want to win profits immediately, but whether it will ever come back to give you the expected multi-digit winnings will always depend on the criteria I have already mentioned above. Once you have purchased a token, the value of the “crypto wizard” and “technical whiskey” becomes zero in terms of the potential of your token for the moon.

Following this reality, I think a smart crypto buyer or investor should focus less on how many crypto advisors a project has or how technically sound the team is (unless the company’s highlighting business is technical in nature) and focus more on the management, marketing and potential customer base of the company, which raises funds through ICO.

In other words, allocate more points to the business and management of the ICO, rather than technical jargon, which will not help your token in the market when the money is collected!

A brief history of bitcoins

Bitcoin is the leading cryptocurrency in the world. It is an equivalent currency and transaction system based on a decentralized consensus public ledger called a blockchain that records all transactions.

Bitcoin was now predicted in 2008 by Satoshi Nakamoto, but it was the product of many decades of research in cryptography and blockchain, not just one person’s work. The utopian dream of cryptographers and free trade advocates was to have a limitless, decentralized blockchain-based currency. Their dream is now a reality with the growing popularity of bitcoins and other altcoins around the world.

The cryptocurrency was now first introduced on the basis of a consensus blockchain in 2009 and was traded for the first time that same year. In July 2010, the price of bitcoins was only 8 cents, and the number of miners and nodes was much smaller compared to tens of thousands at the moment.

Within a year, the new alternative currency rose to $ 1 and became an interesting prospect for the future. Digging was relatively easy and people made good money by making deals and even paying with them in some cases.

Within six months, the currency doubled again to $ 2. Although the price of bitcoins is not stable at a certain price point, it has shown this pattern of insane growth for some time. At one point in July 2011, the coin collapsed and reached a record high price of $ 31, but the market soon realized that it was overvalued compared to the profits made on the ground, and restored it to $ 2.

In December 2012, there was a healthy increase to 13 dollars, but soon enough the price will explode. Within four months of April 2013, the price had risen to a whopping $ 266. It later adjusted back to $ 100, but this astronomical price increase raised it for the first time, and people began to discuss a real-world scenario with bitcoin.

It was at this time that I became acquainted with the new currency. I had my doubts, but when I read more about it, the more it became clear that the currency is the future, because there is no one to manipulate or impose on it. Everything had to be done by full consensus, and that is exactly what made him so strong and free.

So 2013 was a breakthrough for the currency. Big companies began to prefer the public acceptance of bitcoins, and the blockchain became a popular topic for computer science programs. Back then, many people thought that bitcoin had served its purpose and would now settle down.

But the currency became even more popular as bitcoin ATMs were set up around the world and other competitors began to shrink their muscles at different angles in the market. Ethereum developed the first programmable blockchain, and Litecoin and Ripple began as cheaper and faster alternatives to bitcoin.

The magic figure of $ 1,000 was first broken in January 2017 and has since quadrupled by September. This is a truly remarkable achievement for a coin that cost only 8 cents just seven years ago.

Bitcoin even survived a hard fork on August 1, 2017 and has since grown by nearly 70%, while even forked bitcoin money has managed to achieve some success. All this is due to the attractiveness of the coin and the stellar blockchain technology behind it.

While conventional economists claim that this is a bubble and the whole crypto world will collapse, this is simply not the case. There is no such bubble, as it is a noticeable fact that he actually ate the shares of fiat currencies and corporations for money transactions.

The future is extremely bright for bitcoins and it is never too late to invest in it, both in the short and long term.

Cryptocurrency: The new sensation

The concept of cryptocurrency was invented in 1991. However, the first real implementation was made in 2008 by Nakamoto. The first question arises, what is a cryptocurrency. This is a financial setting in which the currency is transferred between the two parties. Problems such as the double fault method initially arose, although the problem was later solved through concepts such as blockchain technology. The whole process is controlled by cryptographic algorithms. A set of public and private keys is transferred between the two parties. The details of each transaction are stored in each block and for each client; a chain of blocks forms the complete list of transactions. All blocks together form the block chain. These blockchains are nothing but a financial book. The strength of this new foreign exchange transaction system depends on the strength of the cryptographic algorithm. With the introduction of algorithms such as DES, the secrecy of each financial transaction (blockchain) is enhanced. However, the concept has not yet been approved by many countries. The data for each block cannot be changed retroactively or without consensus in the network. Currently, the share of cryptocurrency is not so large, although it is expected to grow over time.

Some of the characteristics of cryptocurrency are:

• Decentralized

• Distributed

• Public book

The most important aspect of cryptocurrency is the above, but the technology requires security for effective use. Problems such as double faults have occurred in the past, although this problem has been solved now. The biggest advantage of cryptocurrency is its update function without touching the central server. This way we should not make changes to the server. Also, the transaction can be performed between any two members of the network or three or more.

Thus, the various advantages you achieve through cryptocurrency are as follows:

• Safe

• Fast

• Reliable

• Accurate

However, technology has evolved, although it is not accepted by all countries. The biggest sensation in cryptocurrency is bitcoin. It is accepted by many countries. Similarly, you can find many more types of cryptocurrency. Each of them uses a unique type of algorithms. You can learn all of them through cryptography. This is a broad topic and the application in the form of cryptocurrency is one of the major breakthroughs in the last decade. Usage can definitely quadruple in the coming years.

Digital currency is additionally used as part of questionable settings such as illegal online businesses, such as Silk Street. The first Silk Street was closed in October 2013 and two more forms have been used since then. In the year following the main shutdown of Silk Street, the number of undoubtedly weak markets increased from four to twelve, while the drug release measure increased from 18,000 to 32,000.

Darknet markets show challenges to the rule of law. Bitcoins and the various types of digital money used as part of weak markets are not clearly or legally regulated in all parts of the world. In the United States, bitcoins are referred to as “virtual resources.” This kind of dubious agreement places a burden on law firms around the world to adapt to the moving drug market in weak markets.

Cryptocurrency and tax challenges

Cryptocurrencies have recently been in the news because tax authorities believe they can be used for money laundering and tax evasion. Even the Supreme Court has appointed a special investigation team on black money and recommended that trading in such currency be discouraged. While China has reportedly banned some of its largest bitcoin trading operators, countries such as the United States and Canada have laws restricting the trading of cryptocurrency stocks.

What is a cryptocurrency?

The cryptocurrency, as the name suggests, uses encrypted codes to make a transaction. These codes are recognized by other computers in the user community. Instead of using paper money, an online book is updated through simple accounting entries. The buyer’s account is debited and the seller’s account is credited with such currency.

How are cryptocurrency transactions made?

When a transaction is initiated by a user, its computer sends a public cipher or public key that interacts with the private cipher of the person receiving the currency. If the recipient accepts the transaction, the initiating computer attaches a piece of code to a block of several such encrypted codes, which is known to each user on the network. Special users, called Miners, can attach the additional code to the publicly shared block by solving a cryptographic puzzle and winning more cryptocurrency in the process. Once a miner confirms a transaction, the block entry cannot be changed or deleted.

BitCoin, for example, can also be used on mobile devices to make purchases. All you need to do is allow the receiver to scan a QR code from an app on your smartphone or confront them face to face using near field communication (NFC). Keep in mind that this is very similar to regular online wallets such as PayTM or MobiQuick.

Stubborn users swear by BitCoin because of its decentralized nature, international acceptance, anonymity, consistency of transactions and data security. Unlike paper currency, no central bank controls inflationary pressures on cryptocurrencies. Transaction books are stored on a Peer-to-Peer network. This means that each computer chip in its computing power and copies of databases are stored on each such node in the network. On the other hand, banks store data on transactions in central repositories, which are in the hands of private individuals hired by the company.

How can cryptocurrency be used for money laundering?

The very fact that there is no control over cryptocurrency transactions by central banks or tax authorities means that transactions cannot always be marked on a specific person. This means that we do not know whether the trader received the stock legally or not. The store of the deal is also suspicious, as no one can say what has been taken into account for the currency received.

What does Indian law say about such virtual currencies?

Virtual currencies or cryptocurrencies are generally perceived as software and are therefore classified as commodities under the Sale of Goods Act 1930.

As good indirect taxes on their sale or purchase, as well as GST on the services provided by Miners, would be applicable to them.

There is still a lot of confusion about whether cryptocurrencies are valid as a currency in India, and RBI, which has powers for clearing and payment systems and prepaid contractual instruments, has certainly not allowed sales through this exchange medium.

All cryptocurrencies received by a local person in India will thus be governed by the Foreign Exchange Management Act 1999 as imports of goods into that country.

India has allowed bitcoin trading on special exchanges with built-in safeguards for tax evasion or money laundering and the application of the “Know Your Customers” standards. These exchanges include Zebpay, Unocoin and Coinsecure.

Investors in bitcoins, for example, are required to accrue on dividends received.

Capital gains resulting from the sale of securities involving virtual currencies are also subject to taxation as income and subsequent online filing of IT returns.

If your investment in this currency is large, it is better to get the help of a personalized tax office. Online platforms have made the process of tax compliance much easier.

Getting started with cryptocurrencies

Investing in the cryptocurrency market is often complicated, especially for traditional investors. This is because investing directly in cryptocurrency requires the use of new technologies, tools and the adoption of some new concepts.

If you decide to immerse your fingers in the world of CryptoCurrency, you will need to have a clear idea of ​​what to do and what to expect.

Be it Bitcoin, Litecoin, Ethereum or any of the 1300 tokens, buying and selling cryptocurrencies requires you to choose the exchange that deals with the products you want.

As the best-known decentralized cryptocurrency, Bitcoin leads the cryptospace so dominant that the terms crypto and bitcoin are sometimes used interchangeably. The fact is, however, that there are other cryptocurrencies that can be relied upon when making crypto-investments.

Litecoin

Litecoin, also known as “Bitcoin Gold”, is an decentralized open source payment network that operates without an intermediary.

How is Litecoin different from Bitcoin? Well, both are similar in many ways, but generating Litecoin blocks is much faster than Bitcoin. This makes investors around the world open to accepting Litecoin.

Charlie Lee, a former Google engineer, founded Litecoin in 2011. Although Litecoin does not have Bitcoin’s anonymity technology, recent reports show that Litecoin is preferred over bitcoin because of its resilience. Another factor that favors Litecoin is Bitcoin SegWit technology, which means secure mutual exchange of currencies without involving exchange participation.

Ethereum

Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to operate without third-party intervention. The currency is the ether, which is like an accelerator within the ethereum platform. In the leading cryptocurrency space, Ethereum. is the second most preferred choice after bitcoin.

Zcash

Zcash attracted attention in the second part of 2016 and focuses on solving the problem of anonymous transactions. To understand the currency, let’s take it as “if bitcoin is like HTTP for money, Zcash is HTTPS”.

The currency offers a choice of secure transaction to maintain the transparency, confidentiality and security of transactions. This means that investors can transfer data in the form of encrypted code.

Dash

Originally known as darkcoin, Dash is a more selective version of bitcoin. It was launched in January 2014 by Evan Duffield under the name Xcoin. It is also known as the Decentralized Autonomous Organization or simply DAO. The coin was intended to remove all the prevailing restrictions on bitcoin. Bitcoin is currently gaining a significant position in cryptocurrencies.

The alternative to virtual currency, which promises secured and anonymous transactions through peer-to-peer networks, is cryptocurrency. The key to making a lot of money is to make the right investment at the right time. Compared to making everyday money, cryptocurrency models operate without involving the average person as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, business continuity is issued, managed and approved by the community’s peer network. Cryptocurrency is known for its fast transactions in any other mode such as digital wallets and other media.

In addition to the above, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and ripple (XRP).

Although bitcoin is the trendsetter and leader in the competition, other currencies have also made their mark and are growing in preference every day. Given the trend, other cryptocurrencies will have a long way to go and may soon give Bitcoin a really difficult time to maintain its position.

If you have decided to make a speculative investment in this destructive technology and want to have all the current and future recommendations, contact the “Best Coins”.