Tag: profits

Bitcoin Mining Difficulty Reaches New High: What Does This Mean?

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What is Bitcoin Mining Difficulty?

Bitcoin mining difficulty is a measure of how difficult it is to find a hash below a given target. The Bitcoin network has a global block difficulty. Valid blocks must have a hash below this target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares.

The Bitcoin network adjusts the difficulty of mining every 2016 block, based on the time it took to find the previous 2016 blocks. If the previous 2016 blocks took more than two weeks to find, the difficulty is increased. If they took less than two weeks, the difficulty decreased. The change in difficulty is in proportion to the amount of time over or under two weeks the previous 2016 blocks took to find.

The difficulty is designed to adjust every 2016 block, which is approximately every two weeks. This difficulty value updates every 2016 block to ensure that it takes approximately 10 minutes to add a new block to the blockchain.

The difficulty is a measure of how difficult it is to find a hash below a given target. The difficulty for the most recent block can be seen on any block explorer. It is important to note that the difficulty is not a measure of how many hashes are being attempted, but rather a measure of how difficult it is to find a valid block.

The difficulty is adjusted every 2016 block, which is about every two weeks. This is done to ensure that blocks are added to the blockchain at a rate of one every 10 minutes. The difficulty is adjusted based on the

What Factors Affect Bitcoin Mining Difficulty?

The difficulty of mining Bitcoin is determined by the total hash rate of the network, which is a measure of the total computing power being used to mine Bitcoin. The higher the hash rate, the more difficult it is to mine Bitcoin. As more miners join the network, the hash rate increases, making it more difficult to mine Bitcoin. This is why miners are incentivized to join the network and why the difficulty of mining Bitcoin increases over time.

The difficulty of mining Bitcoin also depends on the price of Bitcoin. When the price of Bitcoin increases, miners are incentivized to join the network and the difficulty of mining Bitcoin increases. Conversely, when the price of Bitcoin decreases, miners are less incentivized to join the network and the difficulty of mining Bitcoin decreases.

In addition to the total hash rate and the price of Bitcoin, the difficulty of mining Bitcoin is also affected by the number of new blocks being added to the blockchain. As more blocks are added to the blockchain, the difficulty of mining Bitcoin increases. This is because it becomes more difficult to find a hash below the target as the total number of hashes

What is the Impact of a New High Difficulty Level?

The introduction of a new high-difficulty level can have a significant impact on the gaming experience. This can be both positive and negative, depending on the preferences of the individual player. On one hand, the increased challenge can provide an exciting and rewarding experience, while on the other hand, it can be too difficult for some players and lead to frustration.

A new high-difficulty level can add a great deal of replay value to a game. For those who are looking for a greater challenge, the higher difficulty can provide a more intense and rewarding experience. It can also add a new layer of strategy and tactics, as players must think more carefully about their choices and how to approach each situation. This can be especially beneficial for those who are looking to improve their skills, as the increased difficulty can help to hone their abilities.

However, the introduction of a new high difficulty level can also be a source of frustration for some players. For those who are not used to playing at such a high level, it can be difficult to adjust and may lead to feelings of frustration and defeat. This can be especially true for those who are new to the game, as they may not be familiar with the strategies and tactics necessary to succeed.

The impact of a new high-difficulty level can also depend on the genre of the game. For example, an action-adventure game may be more forgiving than a strategy game, as the former requires less precise decision-making and the latter requires more

What are the Benefits of Mining Bitcoin at a High Difficulty Level?

Mining Bitcoin at a high difficulty level can be a great way to maximize profits and increase the security of the Bitcoin network. Mining Bitcoin at a high difficulty level requires significant computing power and energy, but the benefits of doing so can be substantial.

The first benefit of mining Bitcoin at a high difficulty level is that it increases the security of the Bitcoin network. By mining at a higher difficulty level, miners are able to process more transactions, which makes it more difficult for malicious actors to attack the network. This increased security helps to ensure that Bitcoin remains a secure and reliable form of digital currency.

The second benefit of mining Bitcoin at a high difficulty level is that it can be more profitable. When the difficulty level is high, miners have to put in more effort to mine Bitcoin, which means they are rewarded with more Bitcoin for their efforts. This makes mining at a high difficulty level more profitable than mining at a lower difficulty level.

The third benefit of mining Bitcoin at a high difficulty level is that it can help to decentralize the Bitcoin network. By mining at a high difficulty level, miners are able to spread out their computing power and energy consumption across the network, which helps to ensure that no single miner or group of miners can control the network. This decentralization helps to ensure that the Bitcoin network remains secure and reliable.

Overall, mining Bitcoin at a high difficulty level can be a great way to maximize profits and increase the security of the Bitcoin network.

What Strategies Can Miners Use to Adapt to a High Difficulty Level?

Mining cryptocurrency is a process that requires miners to solve complex mathematical problems in order to earn rewards. As the mining process becomes more competitive, the difficulty level increases. This means that miners need to find more efficient and effective strategies to remain competitive and profitable.

One of the most effective strategies miners can use to adapt to a high difficulty level is to invest in more powerful mining hardware. By investing in hardware with higher hash rates, miners can increase their chances of solving complex mathematical problems and earning rewards. Additionally, miners can also invest in specialized mining software that can help them optimize their mining operations.

Another strategy miners can use to adapt to a high difficulty level is to join a mining pool. By joining a pool, miners can combine their resources and increase their chances of solving mathematical problems and earning rewards. Additionally, miners can also benefit from the collective knowledge of the pool members, which can help them optimize their mining operations.

Finally, miners can also use alternative strategies such as cloud mining or staking. Cloud mining allows miners to rent mining hardware from a third-party provider, which can help them reduce costs and increase their chances of earning rewards. Staking is another strategy miners can use to earn rewards without having to solve complex mathematical problems. By staking their coins, miners can earn rewards based on the amount of coins they have staked.

Encouraging Your Downline to Bring in More Business

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Networking businesses have become the most popular and successful in the world. In fact, networking businesses make up 40% of the prosperous businesses in the world. Take for example companies such as Amway and Pampered Chef; they have succeeded in gaining maximal profits by using multilevel marketing means. However, this depends on how well a leader will motivate his or her downline. Profits are the major things used to tell if the business is doing well or not. And since profits are brought about by the network members, then motivating them is a key issue.

 

There are a number of ways in which one can motivate his or her downline to generate more money. The very first one is by showing them that you care. This is by assisting them in whatever area they find difficulties. Make yourself available always to help them. Even go to an extent of calling them just to ask if you can help in any way whatsoever. As a leader, this will mean a lot to your downline members. A mentality that the leader cares for us will grow in them hence a sense of motivation. As a result, they will work harder hence bringing in more business. 

You can also act as a teacher. Tell them all the secrets you used to improve on your marketing and recruiting to an extent of becoming promoted to being a leader. As a matter of fact, one can come up with a blog in which you will use to interact with the downline. Tell them what is expected of a good downline, share you secrets and even recommendations. As for the recommendations, encourage them to follow them to the letter. You will find out that they will trust you more as well as improving on their work accounts. Success will be written all over the business!

Finally, generally motivate them. Come up with a system that will really motivate them to work hard and harder. One method that I have seen to be very effective is the use of rewards. Reward all the good performers after a specific period of time. By top performers I mean individuals such as the greatest interest generators, those who have stayed for the longest time in the downline or even the best improved in terms of profit generated. Reward them using good gifts. On top of this, one can also introduce top performers lapel pins. All these deeds will go a long way in encouraging your downline to bring in more business. 

 

Blockchain, Artificial Intelligence, and Virtual Reality

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What are blockchain, artificial intelligence, and virtual reality? They’re all complicated subjects that get many people excited. You might have heard the terms in passing, or perhaps you’ve seen it in a headline—or maybe you’re hearing it for the first time right now.

The truth is, these terms are so prevalent that we need to learn about them in order to be informed and curious citizens of the world. But with all of these things being so new, there’s a lot of confusion surrounding the terminology and what exactly they mean.

But before we can begin to understand these three different technologies, we need to look at another piece of technology that has been with us for centuries: the book. While books are a technological marvel in their own right, they’re also an effective way to introduce concepts like blockchain, artificial intelligence, and virtual reality in an accessible way.

A book has pages (blockchain), chapters (Artificial Intelligence), and words on a page (Virtual Reality). Books aren’t something that everyone understands right away—it takes some time to learn how to read and comprehend information presented within them.

A non-native English speaker may struggle with a English language book just as much as they would struggle with the dense information presented by a technical book on artificial intelligence. Blockchain, Artificial Intelligence, and Virtual Reality are changing the way we live.

 

Blockchain + AI = Decentralized Artificial Intelligence

The Marmo MR-04 is an innovative piece of furniture that utilizes blockchain technology as a means to store and process information. The patented and patent-pending technology behind the Marmo allows for processing power requirements to be met by the users of their system, rather than requiring them to purchase expensive servers and processors. This decentralized system allows for the processing of massive amounts of data, while allowing anyone using it to share in the profits from their own personal computer.

This new technology creates a decentralized AI that is able to learn from its surroundings and from its users. It can then make decisions based on data inputted by its users, which leads to a truly autonomous AI that can react faster than current technology allows for. The decentralized nature also means that this AI can be used by multiple companies and individuals without any single person having control over it.

This could mean that self-driving cars would be able to communicate with each other more effectively, or even allow manufacturers of different devices to communicate directly with each other to optimize the use of their devices in conjunction with one another.

A creative solution to the problem of storing the increasing amount of consumer data is being sought by many companies. There are two main technological solutions that are currently being developed: blockchain technology and artificial intelligence (AI). A lot of people don’t realize that these two technologies have been slowly merging over the last few years, and they create a new type of technology called decentralized artificial intelligence (DAI).

 

AI, SMART CONTRACTS

As a kid, I was fascinated by the idea of robots, and I spent hours in front of my computer watching the latest developments in AI technologies. Now, decades later, I have grown up and found myself working on the next big thing. The internet is already a big part of our lives, but it is still not fully linked with everything else we own.

There is no way to take ownership of what you buy online, or transfer it to someone else when you’re done with it. In addition, there are many opportunities left unexplored by this behemoth we call the World Wide Web.

Today’s blockchain technologies allow us to create smart contracts that can manage records and make transactions online in a decentralized manner. This opens up a new world of possibilities: imagine having your books automatically updated every time you buy a used copy on Amazon! Imagine being able to sell your used car without having to pay high fees to an intermediary!

I believe that one day, people will look at us and wonder how we could ever have done things any other way. I am already looking forward to that future, and I see Blockchain as an important step towards this change in human society.

 

MineGo Network Is The New Cloud Earning System, Which Lets You Make Money While Doing What You Love

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Download

 

The Difference Between Bitcoin vs. Bitcoin Cash

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In 2017, the Bitcoin project and its community split in two over concerns about Bitcoin’s scalability. The result was a hard fork that created Bitcoin Cash, a new cryptocurrency considered by supporters to be the legitimate continuation of the Bitcoin project as peer-to-peer electronic cash.

All Bitcoin holders at the time of the fork (block 478,558) automatically became owners of Bitcoin Cash. Bitcoin, which was invented by the pseudonymous Satoshi Nakomoto remains a separate cryptocurrency.

Bitcoin Cash (BTH/USD): Die Ruhe vor dem Sturm?

In August 2017, some miners and developers initiated what is known as a hard fork, effectively creating a new currency: BCH. BCH has its own blockchain and specifications, including one very important distinction from Bitcoin. BCH has implemented an increased block size of 8 MB to accelerate the verification process, with an adjustable level of difficulty to ensure the chain’s survival and transaction verification speed, regardless of the number of miners supporting it.

To keep the block generation time equal to ten minutes on average, both Bitcoin and Bitcoin Cash use an algorithm adjusting the mining difficulty parameter. This algorithm is called the difficulty adjustment algorithm (DAA). Originally, both Bitcoin and Bitcoin Cash used the same difficulty adjustment algorithm, adjusting the mining difficulty parameter every 2016 block.

Since 1 August 2017, Bitcoin Cash also used an addition to the DAA, called an Emergency Difficulty Adjustment (EDA) algorithm. EDA was used alongside the original DAA and it was designed to decrease the mining difficulty of Bitcoin Cash by 20% if the time difference between 6 successive blocks was greater than 12 hours.

 

The debate about scalability, transaction processing, and blocks has continued beyond the fork which led to Bitcoin Cash. In November of 2018, for example, the Bitcoin Cash network experienced its own hard fork, resulting in the creation of yet another derivation of bitcoin called Bitcoin SV.

Bitcoin SV was created in an effort to stay true to the original vision for Bitcoin that Satoshi Nakamoto described in the bitcoin white paper while also making modifications to facilitate scalability and faster transaction speeds. The debate about the future of bitcoin appears to show no signs of being resolved.

In June 2017, hardware manufacturer Bitmain described the would-be hard fork with the increased block size as a “contingency plan”, should the Bitcoin community decide to fork implementing SegWit. The first implementation of the software was proposed under the name Bitcoin ABC at a conference that month.

In July 2017, the mining pool ViaBTC proposed the name Bitcoin Cash. The change, called a fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.

Blockchain Explained A guide to help you understand what blockchain is and how it can be used by industries. You’ve probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger.”  But blockchain is easier to understand than it sounds. more

Send money abroad basically for free On average, banks take a 6.8% cut out of the money you send home. Bitcoin Cash is much cheaper—and faster, too. Use it to send remittances for less than a cent.

Send Bitcoin CashGroup 28 Pay online without a bank account too far away. Too many fees? Whatever your reason for not owning a bank account, Bitcoin Cash can help. use it to pay and get paid online without the need for banks. Get set up.

Unlike Bitcoin BTC, Bitcoin Cash aims to scale so it can meet the demands of a global payment system. At the time of the split, the Bitcoin Cash block size was increased from 1MB to 8 MB. An increased block size means Bitcoin Cash can now handle significantly more transactions per second (TPS) while keeping fees extremely low, solving the issues of payment delays and high fees experienced by some users on the Bitcoin BTC network.

 

What Are the Advantages of Paying With Bitcoin?

Before being able to pay with Bitcoin, you must find a wallet where you can store your digital currency. This will serve as your Bitcoin bank account through which you can store, pay, and receive money. There are many free crypto wallets on the web, and they all work well on both desktop and mobile devices. Just make an account using your personal details, and you’re good to go.

Bitcoin has been the hottest thing in the world of finance for the last several years. If you still don’t know how to use this digital currency and want to find out who accepts Bitcoin these days, you are on the right page. In this short article, we are going to give you some basic advice on how to start using Bitcoin in no time.

With Bitcoin, there’s no credit card number that malicious actors can collect in order to steal from you. In fact, it’s even possible in some cases to send a payment without revealing your identity, almost like with physical money. You should, however, take note that some effort can be required to protect your privacy.

Accounting and taxes Merchants often deposit and display prices in their local currency. In other cases, Bitcoin works similarly to a foreign currency. To get appropriate guidance regarding tax compliance for your own jurisdiction, you should contact a qualified accountant.

Fast international payments sending Bitcoins across borders is as easy as sending them across the street. There are no banks to make you wait three business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.

Mobile payments made easy Bitcoin when used on a mobile device allows you to pay with a simple two-step scan-and-pay. There’s no need to sign up, swipe your card, type a PIN, or sign anything. All you need to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let the other party scan your mobile, or touch the two phones together (using NFC radio technology).

Security and control over your money Bitcoin transactions are secured by military-grade cryptography. Nobody can take your money or make a payment on your behalf. So long as you take the required steps to protect your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud. Works everywhere, anytime Similarly to email, you don’t need to ask recipients you’re sending bitcoin to, to use the same software, wallets, or service providers.

You just need their Bitcoin address and then you can transact with them anytime. The Bitcoin network is always running and never sleeps, even on weekends and holidays. Fast international payments Sending bitcoins across borders is as easy as sending them across the street.

Choose your own fees There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Most wallets have reasonable default fees, and higher fees can encourage faster confirmation of your transactions.

Fees are unrelated to the amount transferred, so it’s possible to send 100,000 Bitcoins for the same fee it costs to send 1 Bitcoin.

 

What Does The Future Hold For Cryptocurrency?

This time, the news of Bitcoin’s recovery has weakened out of context, and only those who are deeply involved in cryptocurrency and truly believe in the future of blockchain technology and its widespread adoption can discuss it. Maybe there is no frenzy this time because some people are worried that they will fall again. Maybe because this bull market can be a real deal.

Not only do they let others buy it to support it but they buy it themselves. Large companies such as Square and Galaxy Digital Holdings actually store millions of dollars in Bitcoin. This may be good news, as it means that Bitcoin holders at the demonstration may be reluctant to sell shares because they do not usually buy institutional investments for quick profits.

According to Deutsche Bank, the current monetary system is fragile. Deutsche Bank believes that the number of users of digital currency will exceed 200 million by 2030. In the report “Imagine 2030”, Deutsche Bank stated that the demand for anonymity and more decentralized payment methods will grow, and digital currencies will eventually replace cash one day. Ilias Louis Hatzis is the founder of Mercato Blockchain Corporation AG and a weekly columnist for DailyFintech.com. Usually, at this time of year, we start reading predictions that the price of Bitcoin will reach one million dollars. I’ve never been a big fan of price predictions. Some do them right, while most do them wrong.

Price forecasts are about short-term gains and are usually variable. Recently, I saw an interesting prediction in the news. Deutsche Bank made a very bold statement. The German bank released a research report called “Imagination 2030”. The bank stated that cryptocurrency is currently only a complement to the current cash payment system. But over the next ten years, they may be replaced. Deutsche Bank predicts that the number of cryptocurrency users will increase fourfold over the next ten years to 200 million. For the first 20 years, this growth was almost the same as the Internet.

Although many regions in Africa have not yet adopted any drone-related laws, promising innovations are gaining ground. Medical drones have saved lives in Rwanda and delivered deliveries in just 15 minutes.

Professor Joseph A. Grundfest (Joseph A. As a former SEC and financial systems expert, Stanford University Law School Professor Grundfest has a unique position when it comes to commenting on the future of cryptocurrencies.

 

 

 

 

 

 

 

Reference

Cryptocurrency: Redefining the Future of Finance 

Laurent Leloup / Fintech & Blocktech Daily News 1970, Is Cryptocurrency the Future of Money?

 

 

What Does the Future Hold for Cryptocurrency?

What Is the Future of Cryptocurrency?

10 Things To Know About 1031 Exchanges

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Some investors had been clever to the tax blessings of a 1031 alternate for years. Others are new to the sport and can marvel at what all the fuss is about. They listen to the word “let’s 1031 that” bandied approximately by way of realtors, legal professionals, or other traders, however may not be clear on what this kind of procedure includes.

Quite surely, a 1031 change lets in an investor to swap one business or investment asset for another. Under regular circumstances, the sale of those belongings might incur tax legal responsibility on any capital gains. However, if you meet the necessities of segment 1031 of the IRS tax code (consequently the call), then you can defer any instantaneous capital profits tax. However, it’s far important to note that a 1031 alternate isn’t always a tax-avoidance scheme. Eventually, when you sell your commercial enterprise or funding asset and don’t update it with any other “like type” property, capital gains taxes might be due.

There are many nuances to a 1031 exchange, which is why it’s far continually wise to are looking for out guidance from a professional skilled with such transactions. Still, if you are curious approximately the basics, here are some belongings you ought to know earlier than trying 1031 yourself.

Not For Personal Use

While it can be tempting to bear in mind buying and selling up your primary residence and averting capital profits liability, a 1031 is most effective available for assets held for commercial enterprise or funding use.

There Are Some Exceptions To The Personal Use Prohibition

Like maximum matters within the IRS code, there are exceptions to the rule. While usually, personal residences don’t qualify, you may be able to correctly exchange personal assets along with your hobby in a Tenancy-In-Common or a bit of art work.

Exchanged Property Must Be “Like-Kind”

This is an area that every so often confuses new traders. The time period “like-type” does not suggest “exactly the identical” however simply that the exchanged residences be comparable in use and scope. While the IRS rules are liberal, there are numerous pitfalls for the unwary.

All Exchanges Don’t Happen Simultaneously

One of the key benefits is that you may sell your modern belongings and have up to 6 months to close on the acquisition of the “like-kind” substitute property. This is known as a delayed exchange. When you need to complete such a trade, you will want the help of a certified middleman – the individual that will preserve the sale proceeds from the relinquished belongings after which “buy” the alternative property for you.

Timing Matters

The IRS could be very strict in relation to 1031 exchanges. While they will let you defer taxes, in addition, they preserve you to important cut-off dates in an effort to achieve this. The first is known as the “45 Day Rule.” This rule calls for you to discover your alternative belongings within 45 days of the sale of your relinquished property. Failing to do so will negate the trade and taxes could be due.

You Can Designate Multiple Replacement Properties

To make it easier to finish a successful alternate, the IRS permits you to call multiple alternative properties. Of direction, that is an additional problem to strict limitations. You can name up to 3 as long as you close up on certainly one of them inside the needful time obstacles. Alternatively, you may nominate greater than three if they adhere to a valuation requirement (the two hundred% rule).

Timing Matters (Again!)

In maintaining with their strict requirements, the IRS also requires you to shut on your replacement property within one hundred eighty days of the sale of your relinquished assets. The clock starts ticking on the day you promote and runs simultaneously with the 45-Day-Rule.

Beware The Boot

If you receive any coins during your 1031 trade, the value is referred to as “Boot.” The boot is right now taxable to you as a partial capital gain. You are able to obtain a boot and also have a valid trade. It is simply vital to remember the fact that this could be taken into consideration a taxable event in the tax 12 months of your alternate.

Boot Comes In Other Forms, Too

It isn’t always just cash that may be considered boot. If, at the conclusion of your 1031 alternate, your debt legal responsibility is going down, a good way to additionally be handled as earnings to you and you may be taxed hence.

Exchange Your Vacation Home With Caution

Although number one personal houses are excluded from 1031 exchanges, underneath positive instances you may efficiently alternate a second home. To efficaciously accomplish that, the belongings must be one hundred% apartment assets and your non-public use can not exceed 15 days in step with a year or 10% of the range of days during the year for which the dwelling is rented out at fair market fee.

As with all things associated with the IRS, there are numerous pitfalls worried for the unwary investor. It is critical to seek advice from a 1031 change professional before you attempt to switch to make sure you are not caught off defend.

How the US election may impact Bitcoin price

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With Joe Biden poised to be the next president of the United States, Cointelegraph Consulting reflects on how traditional assets have responded to the election of a Democratic candidate. Historically, Democrats have been bullish for gold, as the common perception is that more unbacked money gets printed under Democratic leadership, further debasing the dollar. In the short term, Bitcoin (BTC) has already strongly benefited, increasing by 10% since election day so far.

The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicate that long-term Bitcoin holders’ average profits are sitting at a 14-month high, increasing the likelihood that they may exit the positions and take profit.

Market Value to Realised Value, or the MVRV ratio, is an indicator that tracks the​ average profit or loss​ of a certain group of holders in an effort to understand whether they are in a position to sell at a profit. Shortly after breaking $15,000 on Nov. 5, Bitcoin’s 30-day MVRV ratio — or the average ROI of all addresses that have acquired BTC in the past 30 days — shot up by 18.8%, indicating that short-term BTC holders were averaging close to 20% profit on their initial investment.

Other on-chain metrics show that Bitcoin whales have been accumulating BTC in the run-up to the latest push past $15,000. The collective balance of addresses holding 10 to 100 BTC hit a 6-month bottom on Sept. 20 before starting to bounce back, and has grown by 37,800 BTC since, implying renewed confidence in the asset.

 

Other news from around the legislative and enterprise blockchain world showed  one of China’s largest banks launching a new blockchain-based bond that uses tokenized certificates. In the U.S., the Securities and Exchange Commission is having a record year with more than $1.26 billion collected from unregistered ICOs in 2020.

Read the full newsletter edition here to get the entire scoop, complete with detailed charts and images.

Cointelegraph’s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics and derivatives.

We also review the industry’s most important news, including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign up now to be the first to receive these insights. All past editions of Market Insights are also available on Cointelegraph.com.

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BITCOFFEEN: Bringing A Cryptocurrency Twist To Satisfy Your Caffeine Needs

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BITCOFFEEN: Bringing A Cryptocurrency Twist To Satisfy Your Caffeine Needs

Now, targeting the coffee industry in particular, the BITCOFFEEN coffee is one such project that aims to change the dynamics of the game. BITCOFFEEN aims to create an engaged community of shoppers and sellers thereby creating an integrated ecosystem. Coffee is one such drink loved and liked across age groups all over the globe. The platform has a unique cryptocurrency cashback rewards system dubbed ‘BitBack’ for shoppers which motivates customers to stay hooked to the BITCOFFEEN platform.

Thus, it goes beyond the existing boundaries of the coffee industry by increasing consumer demand for coffee. To ensure complete transparency and a fair play for its entire community, BITCOFFEEN uses the decentralized blockchain technology to directly share the profits to all members of its trading platform. This allows the BITCOFFEEN platform participants to receive direct benefits for their investments. The BITCOFFEEN team working under the advise of Alex Sudadze aims to create a global network of retail outlets all interlinked in a single automated ecosystem.

BITCOFFEEN Ecosystem – Offering SMART Rewards in BFF Coins

The blockchain-based BITCOFFEEN coffee platform will ensure that everyone gets their share of profits from the entire coffee industry combined. Let’s understand how this ecosystem works. Once any coffee shop connects to a BITCOFFEEN network, they have to buy 1000 BFF tokens through a crypto exchange. Upon scanning the QR, the coffee buyer gets 0.1 BFF in rewards equal to 0.1 USD.

These rewards shall be stored in the users’ BITCOFFEEN wallets. The incentive to coffee shop owners for joining the BitCoffeen network is that they can thus entice more customers and ensure more sales. As more shops join the BitCoffeen network, the value of BFF tokens will rise. This will encourage other businesses to join the network over a period of time ensuring higher exchange activity for BFF tokens.

Future Roadmap

In the Q1 2020, the BitCoffeen project team worked towards initiating the BFF token trading at Livecoin. Besides, they also launched the BitCoffeen application on Android and iOS platforms. In Q3 2020, the BitCoffeen platform will launch its own coffee products in the market.

 

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BitGo Reveals Bitcoin Lending Push; $150M Booked So Far

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BitGo, one of the largest and oldest custodians for digital assets, is joining the fast-growing business of lending out bitcoin and other cryptocurrencies to big investors. The Palo Alto-based company announced Thursday it is now offering institutional digital asset lending services.

Founded in 2013 by CEO Mike Belshe, BitGo started testing the new service a few months ago to big investors and has already racked up about $150 million in open loans, according to Nick Carmi, a former Deutsche Bank executive who is overseeing the effort as BitGo’s head of financial services. The new service is initially targeting BitGo’s existing custody clients, the company said in a statement.

BitGo is currently lending bitcoin (BTC), ether (ETH), litecoin (LTC) and stablecoins, Carmi said in an interview. The company also will lend out government-issued currencies including U.S. dollars to investors who post cryptocurrencies as collateral.

With big banks still mostly eschewing the 11-year-old digital-asset industry, a new breed of lenders is stepping into the void to meet the demand, partly from investors seeking to amplify returns on their cryptocurrency bets, through the use of leverage.

The business model of cryptocurrency lenders works much like that of traditional banks: Take in assets from depositors, pay them interest and then make loans at a higher interest rate. The lender can seize the collateral to pay off the loan if the borrower defaults.

“I’m running a matched spread and making a profit on that,” Carmi said. “This is no different from the way banks do it.”

BitGo’s new push comes as cryptocurrency lenders have reported runaway growth compared with traditional banks.

New York-based Genesis Trading, owned by the crypto-focused investment firm Digital Currency Group, said in January that its lending book swelled by 21 percent in the fourth quarter alone to $545 million, driven by demand from big investors as well as aggregators of smaller loans in Asia and Europe. Such growth was more than 10 times the pace at New York-based JPMorgan, the biggest U.S. bank, where loan balances increased by 2 percent – roughly in line with the broader economy’s expansion.

Digital Currency Group, which owns CoinDesk, is an investor in BitGo. Other backers include the Wall Street firm Goldman Sachs and crypto-focused investor Galaxy Digital Ventures, led by the former hedge-fund executive and Goldman partner Mike Novogratz.

So far, Carmi said, the vast majority of BitGo’s loans are denominated in bitcoin — similar to the oldest cryptocurrency’s dominance in digital-asset markets.

According to BitGo’s website, Belshe started the company after serving in the early 2010s as a custodian for himself and other tech investors by securing digital coins on an offline laptop hidden beneath his couch. In an industry fraught with reports of scammers, hacks and regulatory missteps, cryptocurrency asset safekeeping has become a key priority for big investors willing to stomach the risks in exchange for outsize profits from betting on the notoriously volatile market.

Bitcoin prices nearly doubled in 2019 and are up 22 percent so far this year. Such performance contrasts with the Standard & Poor’s 500 Index, the benchmark for large U.S. stocks, which has fallen 4.3 percent in 2020 amid coronavirus fears after climbing 29 percent last year.

Last month, BitGo announced plans to buy the two-year-old, blockchain-focused startup Harbor, best known for its failed effort in 2019 to tokenize $20 million of shares in a South Carolina high-rise building.

Belshe said in Thursday’s statement that “we are melding the best of Wall Street’s sophisticated understanding of how to work with institutional investors and the best of Silicon Valley’s technology and innovation.”

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Common Myths About Cryptocurrencies

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As with any other fringe product or service, there are many myths surrounding cryptocurrencies.

Cryptocurrencies aren’t just for computer geeks and drug dealers

trying to avoid the government. Relieving yourself of these myths will permit the formulation of a more accurate opinion. It’s easier to make informed decisions when
your knowledge is sound.

Myths regarding cryptocurrencies abound:

  1. Cryptocurrency is illegal. It depends on the country. It’s legal in the United
    States, but there are other countries, such as Russia, that have deemed it illegal. It’s unlikely the legal status will change anytime soon in the United States. It’s possible that it will become regulated, however.

2. Bitcoin is the only relevant cryptocurrency. There are several other cryptocurrencies. All have their strengths and weaknesses. Bitcoin, released in
2009, is the oldest and most well-known of them. Most of the other
cryptocurrencies are less than five years old:

  • Auroracoin
  • Blackcoin
  • Dash
  • Dogecoin
  • DigitalNote
  • Ethereum
  • Litecoin

Mastercoin
There are several others.

3. Only criminals have a use for cryptocurrencies. While cryptocurrencies continue to be used for illegal activity, cash is still king for illegal transactions. These  are reputable retailers that accept cryptocurrencies, including Microsoft and
Dell.

4. I can get rich with cryptocurrency. The potential for profits does exist. People
have gotten wealthy through increases in the value of cryptocurrencies.
However, just as many people have lost a tremendous amount of money, too. It
might happen, but you’re unlikely to retire on your cryptocurrency purchases.

5. Cryptocurrencies are fiat currencies. Most of them are. That’s true. But so are
the Euro and the US Dollar. All major world currencies have abandoned a gold standard. The US decoupled the value of gold and the US Dollar in 1933. The
value of all fiat currency is based on the willingness of the public to agree that it possesses value.

6. The government can shutdown cryptocurrencies. The government could make
cryptocurrencies illegal, but shutting down the system would be next to impossible. There’s no central server or location that houses a cryptocurrency system. The information is stored on the computers of every user. Unless the government can find a way to shut down the internet, it would
be challenging to put an end to cryptocurrencies.

7. It’s easy to mine cryptocurrencies and make money. Entire companies have
been built for the sole purpose of mining cryptocurrencies. It requires a tremendous amount of computer hardware and electricity to be successful.
Unless you have several hundreds of thousands of dollars, you can’t even begin to compete.

8. Cryptocurrencies are subject to hacking. Bitcoin merchants and wallets have
been subject to hacking activities. However, Bitcoin itself has never been hacked. Other cryptocurrencies have similar security profiles. Insufficient
security is always a potential problem with cryptocurrencies and cash. Protect your wallet and you should be fine.

9. It’s impossible to trace cryptocurrency transactions. It’s not easy, but it can be
done. Regarding Bitcoin, the blockchain ledger lists all the transactions that have ever occurred with Bitcoins. The challenging part is linking the wallet address with the owner.

  • With enough time and effort, the government can eventually track you down. The government has seized and auctioned off millions of dollars’ worth of Bitcoins.

Have you been guilty of believing these myths? It’s easy to be led astray.

Cryptocurrencies still aren’t very common, and myths are easily formed and spread.
Become more knowledgeable about cryptocurrencies. They might just be the wave of the future. They’re certainly becoming more popular each year.