Prepping for a Cryptocurrency World

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If we look at the most shocking development of recent times, the first thing that comes to mind without a doubt is the cryptocurrency. People have made huge profits by investing in cryptocurrencies like bitcoin and more at the right time. Many people have also managed to make a high point simply by providing investors with a cryptocurrency exchange platform to trade cryptocurrencies.

Setting up an exchange is pretty easy. but you need to know a few basic things before you start your own exchange.

Let’s see them –

Do you have a target audience in mind?

One of the most important things to consider before setting up any business platform is to find out the target audience. The same is true here.

When you plan to create a bitcoin trading platform, the first thing you need to analyze and find out is the audience you are targeting.

For example, in the case of bitcoins, you can target both local and global audiences. Therefore, you need to find out what your target audience is and then plan it with the development process. Why is it important? Well, you will find out in the following sections.

Do you understand the legal terms?

The second thing to keep in mind is the legal terms and conditions that you must follow.

There is a huge uproar over the legal aspects of cryptocurrency, but you will be surprised to learn that there are 96 countries where bitcoin transactions continue without restrictions.

Therefore, creating a cryptocurrency exchange platform while targeting these countries may be the best idea.

Don’t forget to always take a close look at the legal guidelines operating in the area from where you plan to carry them out.

Do you have a partner bank?

Another thing to remember here is that you will need a partner bank. The simple reason for this is that you will be dealing with financial transactions.

To ensure that your financial transactions run smoothly and smoothly, you need to make sure that you have the right support in the form of a partner bank.

Therefore, you should contact some banking institutions to see if they can help you and understand their terms and conditions.

Do you have the right partner to develop the platform?

The most important step in the process is to find the right professional who can help you develop a secure platform. Why we have specifically mentioned the term secure is because the immense popularity of cryptocurrency has made these exchanges the primary target of hackers.

To make sure your reputation isn’t affected by something unwanted, you need to focus on creating a secure platform. You can easily achieve this by hiring an experienced developer who knows all the benefits of the industry.

For example, they can test the platform by mimicking a malware attack and see how it opposes your cryptocurrency exchange platform.

Conclusion

This last point summarizes the basics you need to keep in mind when planning to set up a cryptocurrency exchange platform for yourself. Once you have answers to these questions, you can continue with the development and get some benefits easily.

But, remember to take all the necessary legal, compliance and security measures if you want to be in this game for a long time.

So, are you ready for that?

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ICO is the abbreviation for the initial supply of coins. When launching a new cryptocurrency, developers offer investors a limited number of units in exchange for other major cryptocurrencies such as Bitcoin or Ethereum.

ICOs are amazing tools for rapidly pouring development funds to support new cryptocurrencies. The tokens offered during an ICO can be sold and exchanged on cryptocurrency exchanges, assuming there is sufficient demand.

Ethereum’s ICO is one of the most notable achievements and the popularity of the initial coin offerings grows as we speak.

A brief history of ICOs

Ripple is likely to be the first cryptocurrency distributed through an ICO. In early 2013, Ripple Labs began developing the Ripple payment system and generated approximately 100 billion XRP tokens. These were sold through an ICO to fund the development of the Ripple platform.

Mastercoin is another cryptocurrency that has sold several million tokens for Bitcoin during an ICO, also in 2013. Mastercoin aimed to symbolize Bitcoin transactions and execute smart contracts by creating a new layer on top of the existing Bitcoin code .

Of course, there are other cryptocurrencies that have been successfully funded through ICOs. In 2016, Lisk raised approximately $ 5 million during its initial coin offering.

Still, Ethereum’s ICO that took place in 2014 is probably the highlight so far. During its ICO, the Ethereum Foundation sold ETH for 0.0005 Bitcoin each, raising nearly $ 20 million. With Ethereum harnessing the power of smart contracts, it paved the way for the next generation of initial coin offerings.

The ICO of Ethereum, a recipe for success

Ethereum’s smart contracting system has implemented the ERC20 protocol standard that sets the ground rules for creating other compatible tokens that can be transmitted to the Ethereum blockchain. This allowed others to create their own tokens, compliant with the ERC20 standard that can be exchanged for ETH directly on the Ethereum network.

The DAO is a notable example of successfully using Ethereum smart contracts. The investment company raised $ 100 million in ETH and investors received DAO tokens in return that allowed them to participate in the governance of the platform. Unfortunately, the DAO failed after being hacked.

Ethereum’s ICO and its ERC20 protocol have described the latest generation of blockchain-based crowdfunding projects using Initial Coin Bids.

It also facilitated investment in other ERC20 tokens. Simply transfer ETH, paste the contract into your wallet and the new tabs will appear in your account so you can use them as you wish.

Viously, obviously, not all cryptocurrencies have ERC20 tokens that live on the Ethereum network, but virtually any new blockchain-based project can launch an initial coin offering.

The legal status of ICOs

When it comes to the legality of ICOs, there is a bit of jungle. In theory, tokens are sold as digital assets and not as financial assets. Most jurisdictions have not yet regulated ICOs, so assuming the founders have an experienced attorney on their team, the entire process should be paperless.

However, some jurisdictions have become aware of ICOs and are already working to regulate them in a manner similar to sales of stocks and securities.

In December 2017, the U.S. Securities And Exchange Commission (SEC) classified ICO tokens as securities. In other words, the SEC was preparing to stop ICOs that they believe are misleading investors.

There are some cases where the testimony is only a useful testimony. This means that the owner can only use it to access a certain network or protocol, in which case it may not be defined as financial security. However, equity tokens that aim to appreciate their value are very close to the concept of security. The truth is that most tile purchases are made specifically for investment purposes.

Despite the efforts of regulators, ICOs still persist in a gray legal framework and until a clearer set of regulations is imposed, employers will try to benefit from the initial Currency Offers.

It should also be mentioned that once the regulations reach their final form, the cost and effort required to comply with them could make CIUs less attractive compared to conventional funding options.

Final words

For now, ICOs are still an amazing way to fund new cryptography-related projects and there have been many successes and others to come.

Still, keep in mind that everyone launches ICOs today and many of these projects are scams or don’t have the solid foundation they need to thrive and make the investment worthwhile. For this reason, you will need to do a thorough research and research the equipment and background of any cryptography project you want to invest in. There are several websites that list ICOs, just do a Google search and you will find some options.

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Bitcoin is the most important cryptocurrency in the world. It is a peer-to-peer transaction and currency system based on a consensus-based decentralized public record called a blockchain that records all transactions.

Now bitcoin was planned in 2008 by Satoshi Nakamoto, but it was the product of many decades of research in cryptography and blockchain and not just the work of a single man. It was the utopian dream of cryptographers and free trade advocates to have a decentralized currency without borders based on the blockchain. His dream is now a reality with the growing popularity of bitcoins and other currencies around the world.

Now the cryptocurrency was first deployed on the consensus-based blockchain in 2009 and the same year it was first traded. In July 2010, the price of bitcoin was only 8 cents and the number of miners and nodes was quite lower compared to tens of thousands at the time.

Within a year, the new alternative currency had risen to $ 1 and was becoming an interesting prospect for the future. Mining was relatively easy and people made money earning business and even paying with it in some cases.

Six months later, the currency had doubled again to $ 2. Although the price of bitcoin is not stable at a certain point, it has long shown this pattern of insane growth. In July 2011, the currency was beautiful and reached the record price of $ 31, but the market soon realized that it was overvalued compared to the gains made on the ground and corrected it back to $ 2.

In December 2012 there was a healthy increase to $ 13, but soon enough the price would explode. Within four months through April 2013, the price had risen to a whopping $ 266. It was later corrected to $ 100, but this astronomical price increase increased stardom for the first time and people started debating a real world scenario with Bitcoin.

It was at that time that I met the new currency. I had my doubts, but as I read more, it became more clear that the currency was the future, as I had no one to manipulate or impose it. Everything had to be done with total consensus and that was what made him so strong and free.

Thus, 2013 was the advancing year of the currency. Large companies began to publicly favor the acceptance of bitcoin and the blockchain became a popular topic for computer programs. Many people thought then that bitcoin had fulfilled its purpose and would now be established.

But the currency became even more popular as bitcoin ATMs were established around the world and other competitors began to flex their muscles at different angles of the market. Ethereum developed the first programmable blockchain and Litecoin and Ripple began to be faster and cheaper alternatives to bitcoin.

The magic figure of $ 1,000 was first breached in January 2017 and has since increased fourfold until September. It’s really a remarkable success for a currency that was only worth 8 cents just seven years ago.

Bitcoin even survived a tough fork on August 1, 2017 and has risen almost 70% since then, while even Bitcoin’s cash fork has achieved some success. All this is due to the attractiveness of the currency and the stellar blockchain technology behind it.

While conventional economists argue that it is a bubble and that the whole cryptographic world would collapse, it is not. There is no such bubble, as it is an observable fact that it has, in fact, eaten away at the shares of fiat currencies and monetary transaction companies.

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

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Digital currency, commonly known as “cryptocurrency”, is a type of money that only exists in electronic format. It is a series of data that uses a technology called Block Chain, which acts as a ledger and keeps track of what the cryptocurrency has been used for. Similar to currencies or paper money, digital currency is stored in a digital wallet and can be used as a traditional method for buyers and sellers to pay for the exchange of goods and / or services. The transfer of ownership of a digital currency is maintained as a record in the blockchain, which can be tracked from user to user. There are obvious advantages to tracking the activity of any currency, the most substantial advantages are proof of ownership and fraud prevention and mitigation.

The recent growth in popularity of cryptocurrency has ushered in a new era of wealth in the technology industry. Although traditional means of generating income or accumulating wealth often involve exchanging a product or service for money or compensation, digital currency is generated completely differently. Just as gold or silver is mined from the ground, Digital Currency uses “miners” to process thousands and thousands of calculations every minute, effectively digging through a mountain of digital rocks and dirt to locate what eventually ends. being a complicated mathematical problem solution.

Until recently, the ability of a technologist to generate a salary was based on creating digital applications or providing their technical skills to a company. However, with the birth of Cryptocurrency, a technologist (or even a novice user with some basic computer programming skills) can evade basic occupation and participate directly in the production of this new currency by creating of a group of ultra-powerful computers whose only goal is “my” cryptocurrency.

The corporate world depends heavily on the skills and abilities of IT and IT professionals. However, as the popularity of virtual money continues to grow and become increasingly popular, combined with the natural skills possessed by even some of the most basic computer programmers, the corporate world may begin to see cryptocurrency as a threat. for its commercial operations. Compared to the response to a head of a technology company, the exploitation of digital currency can be a very attractive job opportunity and therefore can lead to the shortage of skilled computer programmers in the technology industry.

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It has been more than a decade since cryptocurrency began to fascinate people through social media and, most importantly, the Internet. Bitcoin has been able to rank among the most important cryptocurrencies today, no one knows about the exact origin of the currency, but it appeared in mid-2008 related to a Japanese pseudonym “Satoshi Nakamoto”.

So what exactly is this Bitcoin currency and why has it been able to maintain its place in the financial markets. Well, the following reasons listed can give you an idea of ​​its popularity and a proof of its secure and continued future existence.

• Bitcoin is the first decentralized digital currency.

• Bitcoin is a floating independent currency that is not owned by any government or associated with any other currency because the economic indicators that govern the value of traditional currencies influence its value.

• With its growing popularity among the masses, it now enjoys a higher level of acceptability at all levels, for example, you can now buy things with the Bitcoin cryptocurrency directly and exchange them on different platforms like CoinBase, Bitfinex, Bitstamp, Kraken and more. .

• All you need is a wallet and an internet connection to make a peer-to-peer Bitcoin transfer.

• In most cases, transfers are instantaneous.

• The convenience of making transactions over the internet or mobile phone with a couple of clicks.

• Your privacy is secure compared to other payment methods over the Internet, where your vital information can be leaked and misused.

• While transferring money using conventional methods, you must pay fees based on the volume of your transactions and more, these transfers are subject to your particular state and regional regulations. Although you make transactions in the cryptocurrency Bitcoin does not require you to be bound by any state regulations, and in addition, you do not incur high transaction costs.

• Because you are the only one who has access to your e-wallet, your coins are always safe with you and no one can steal your money. The process and transactions are transparent due to the shared public record and anyone can verify a transaction at any time from anywhere in the world via the Internet.

• Another advantage of having a Bitcoin cryptocurrency wallet is that your account cannot be frozen.

Given the growing popularity and acceptability of Bitcoin cryptocurrency, we can safely assume that the future of Bitcoin is not only secure, but quite bright and that this innovative payment method is here to stay.

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