It happens sometimes when the price of the cryptocurrencies are not as expected. They might be falling down and people start losing hope. Especially, in the world of cryptocurrency, this fall is common. This is going on with various currencies and not only with bitcoin.
Everything about the Bust
The downfall in cryptocurrency prices is pretty common. They might go down for a while but a huge rise is seen after that. The bust happens when a particular currency, let’s say Bitcoin falls down and remain there for a bit more time. This is when it called a bust. People who shifted their coins to the cryptocurrency mining will get in trouble along with all the investors of the cryptocurrency.
If you are looking at the particular reasons why this bust happens then you should know that there are many reasons why such incidents happen. However, you can never get one specific reason why this is happening. This might be due to a large number of people supporting other community or due to less in demand. Although, a specific reason can’t be found when such things happen.
Who is at loss?
- The great loss will be faced by the cryptocurrency miners. They will not only lose the whole time they spent but will also waste their resources and the energy they are using to mine the coin.
- Also, some of the people will not have an interest in the coin
- All the people who have invested their money and the people who are connected with that particular cryptocurrency will be facing some loss.
- Sometimes, this might also affect the other coins. Therefore, it is better to keep an eye on the other coins. Recently back in 2018, when Bitcoin fell down even Ripple was affected by it.
Therefore, this was all about the busting in cryptocurrency. This is one of the most important things for all the people who are investing in cryptocurrency and should surely take a look at other cryptocurrencies when something like this happens. So, don’t forget your research work in such situations.
In order to effectively receive, transfer, send, as well as track your cryptocurrency, you will need a cryptocurrency wallet. You can store the digital currency there and do all the trading work right from your crypto wallet.
About cryptocurrency wallet
Cryptocurrency wallet is just the advanced and the digital version of normal ordinary wallet you carry around in your real life. The wallet shows you where you spent your money and gives you permission to track all the activities you have done.
How do Cryptocurrency Wallets work?
You might be thinking of how actually a cryptocurrency wallet works. Cryptocurrency is like a safe box or we can say treasure box where one can save all of their cryptocurrency. They are very secure as you have earned or invested your precious money in cryptocurrency after reading all of those amazing cryptocurrency tips. You surely don’t want your money to go wasted. Therefore, it is necessary that the wallet should be secured and private. As many of the wrong things can happen if it gets into the wrong hand.
Talking about the working of the wallet; it is just like the safety box or the deposit box you have. Instead of taking care of the real keys, here we will have to take care of the digital key that is generated. This key will control your entire wallet and you will be able to add, transfer, and sell your cryptocurrency using the same. Therefore, it is necessary to save the digital key.
The key is the mixture of the hexadecimal codes. They are long enough, so don’t think you will remember them completely. It contains the letter and the number. So the best option here to write it down in paper or just take a print. You can also memorize it if you can but when talking about the common people, most of them won’t remember when they need. So, better write it down and save it in your locket for safety purpose. Don’t just store in the digital medium as it might be deleted or lost.
With the cryptocurrencies trending in the market, it is essential to store your bitcoins and other cryptocurrencies in the right wallets or you can end up losing your investment. If you have been dealing in the crypto market for long, you are aware of the confusion created by the MEW and MyCrypto.
Here is a guide to clear all your doubts about the two wallets along with their pros and cons.
MEW is the older GUI-based wallet for the Ethereum cryptocurrency which was founded by Kosala Hemchandra and Taylor Monahan in 2015.
With the increase in the cryptocurrency market, the MEW wallet gained enormous popularity and its customer base increase astronomically in 2016 and 2017.
The confusion started, when in early 2018, the twitter handle of MyEtherWallet was changed to MyCrypto suddenly. It was found that one of the co-founders Taylor Monahan was unhappy with the astronomical growth of MEW and wanted to raise VC funding and also wanted to part ways with the other co-founder Kosala Hemchandra.
This move by Taylor Monahan was opposed by the crypto community since it was unethical and even lawsuits were filed.
Later, the confusion was cleared after all the legal proceedings and the MyEtherWallet domain was given to the co-founder Kosala Hemchandra. And a new wallet MyCrypto was launched by the other co-founder Taylor Monahan.
MyCrypto wallet is a new cryptocurrency wallet having the codebase of MEW. It was launched by Taylor Monahan in May 2018. The codebase of MyCrypto is improved and has better security features than MEW but it is still a fork of the popular MyEtherWallet.
Taylor Monahan has apologized to the whole community for the hijacking of the Twitter account and launched a new twitter handle for MyCrypto. MyCrypto is slowing creating a user base for itself but it has a far way to go before reaching the trust and community like the MEW.
Both MyEtherWallet and MyCrypto are different wallets and have different features. You can choose either of the two. Product wise, MyCrypto has enhanced features, has the desktop client wallet and has better looks. On the other side, MEW is old, trusted and also stepping further in the evolution by launching the iOS app.
Bitcoins are the most popular and also the most cost-effective cryptocurrency in the market. Apart from trading and storing these coins, these Bitcoins are also used by different stores and websites as a medium of payment and are used as currency for achieving day-to-day needs.
Some of the websites which accept Bitcoins are:
- Overstock: Overstock is a popular online shopping store which accepts BTC as payment for different items you want to shop. This store contains virtually anything and everything you need.
- Shopify: Shopify is a popular website which helps in the launching of e-commerce websites for its clients for their own business. Shopify also accepts bitcoins as their payment fees.
- Expedia: You might come across this travel company very often for making your hotel bookings to getting discounted flight prices. Expedia accepts all modes of payments including cryptocurrency.
- Subway: One if the trending and famous fast food restaurant franchise across the globe which sells submarine sandwiches and salads also accept BTC. You can pay with Bitcoins for your sub here.
- Microsoft: One of the largest software companies Microsoft is accepting Bitcoins for their Xbox and Windows sales.
- KFC Canada: KFC Canada is the popular fried chicken franchise spread across the world which is accepting cryptocurrency as its mode of payment. This is a step of mass adoption as food is the very basic need of every human.
- eGifter: eGifter is an online gifting company which sells online gift cards. It also accepts payments in the form of LTC and BTC.
- Purse.io: You can load your Amazon cart using the Purse.io platform and get up to 15% discount if you pay in Bitcoins.
It is recommended to start accepting Bitcoins as part of your payments as the trend for cryptocurrencies is increasing and more and more people are investing in it like at www.obanc.com.au Whether you operate online or offline, Bitcoins should be part of your payment formats.
But the prices of cryptocurrencies keep on fluctuating very fast as they are very volatile. You must use the cryptocurrency payment processors and gateways for insulating yourself against the volatility of the crypto market.
The prices of Bitcoins and other cryptocurrencies are continuously rising as people have started understanding this new technology and they are free from any type of government intervention. People are slowly becoming aware of different cryptocurrencies and have started investing in them as part of their retirement fund.
With the increased awareness, the demand for cryptocurrency exchange, where the exchange for all types of cryptocurrencies takes place, has also increased. Here is a complete guide about the latest, most popular and safe exchanges to buy and sell cryptocurrencies from.
Bittrex is one of the leading exchanges which gives the trading options in more than 190 cryptocurrencies. It is completely safe, well-regulated and compliance with all the policies of the US. It is the largest handler of the BTC volume and gives the users the right to decide the rates of trade.
The platform charges only a nominal fee of 0.25% for providing this service platform for its users. It only allows the exchanges to be made in cryptocurrencies only and gives advanced trading tools for easy trading to its users.
Binance is one of the top 10 cryptocurrency exchanges in the world with more than 140 altcoins listed on it. It provides a discount to its day traders on using BNB coins which is the currency of the Binance platform.
One of the main advantages of using Binance is the 0.1% standard trading fee which can be discounted even further by using the BNB coins. It also provides iOS and Android based mobile app which makes it user-friendly, easy to trade and easy to register.
KuCoin is a hassle-free cryptocurrency and offers many unique coins like $KCS, DragonChain etc. and offers fully functional mobile iOS and Android apps.
Changelly is the easiest exchanges to deal in the crypto-space which does not need a lengthy registration and verification process. Changelly supports 35 cryptocurrencies and also supports fiat pairs like EUR/USD. A normal exchange on Changelly takes to 30 minutes and it connects in real time to the busiest exchange to get the best market price to the users.
The commission rate of 0.50% is charged for every transaction and also a miner fee is also deducted directly from the crypto balance.
With cryptocurrency being a global name, the potential of the currency cannot go unnoticed. While the United States still stands as the inspiration for all kinds of technical innovation, Europe too is building its story around the same.
Though Europe has a deep historical connection with the inventions on the technical front, the latest stats show lesser progress and updates. However, Spain has taken a hold on one of the most talked inventions across the globe, Bitcoins.
Though the United States is one of the largest economies in the world, yet Europe is considered to have been adapting to rapid growth in innovation and business ideas. This will lead the continent to move upwards to better economic and administrative incorporation.
Spain is the fourth largest economy in Europe, has some really problematic disputes. Even with a great number of youth-unemployment, the country still is highly competitive worldwide.
Another reason why anybody would love to visit the country is for its deep linguistic, political and cultural diversity. It is a country with great economic interest, from tourism to aeronautical industries. Spain has witnessed a full-fledged and consistent increase in development over the decades.
As per Elconfidencial, the Spanish national treasury has chosen Bitcoin as an exchangeable digital currency for users and can be exchanged for Euros, Dollars and another other currency, crypto or fiat. Also, it has been said that bitcoin is given a status of money along with value-added tax exemption. Though the Spanish treasury doesn’t openly endorse the currency as equivalent to money and use of it for the purchase of products and services in the wider economy, however, it is considered money like when it is converted. Therefore, it is now really convenient for tourists as well to go shopping or eating in Spain, with the use of Bitcoin, either exchanged or in places that accept the currency.
Other countries such as the United Kingdom, Poland, Finland and Holland have accepted the much popular Bitcoin, leaving the economically powerful country like Germany standing alone. Germany, on the other hand, plans to tax all the transactions made with Bitcoin.
The all famous BitCoins have managed to crawl their way into the coming together of two people too. Bitcoins for marriages are no more a thing to be shocked about these days, where couples can make choices for gifts.
The all famous Stony Point marriage halls have proudly announced their move to accept the digital currency. They announced that they were now accepting cryptocurrencies like BitCoin, Ethereum, Lite coin as payment via coinbase.com
In India, a couple Prashant Sharma and Niti Shree, founders of a digital startup married in what is being called as the first bitcoin wedding in India. They believed that Marriages might be made in heaven but marriage gifts can be decided on earth. They planned on skipping the usual mundane gifts on their marriage, and rather asked the guest to gift them Bitcoins. Yes! You heard it right. Since most of their friends were from the IT industry, they were pretty much comfortable with the idea of being asked to gift something of the newly wed’s choice, instead of a brainstorming session over the same. Bitcoins seemed reasonable to ask for and to be gifted as well. The couple also ensured that their wedding card had a step by step guide to ensure a smooth transfer of bitcoins as gifts, and this actually worked out. The count was pretty decent with more than 80% of the guests gifting them Bitcoins, making a collection worth Rs.1,00,000.
The recent surge in the price of Bitcoin has led many to wonder if it is a bubble.
Prashant said that this did not worry him much though.
“If you buy something to sell it later then you are creating a bubble. We bought Bitcoin because we wanted to see how this technology moves forward,” he said.
“Bitcoin is not the only thing that has potential. Blockchain technology is the real deal,” he added.
Blockchain, the technology underpinning Bitcoin, is a method of recording data – a digital ledger of transactions, agreements, and contracts. Many banks have confirmed that it could transform the future of financial transactions.
What is Crypto Mining?
Cryptocurrency is a virtual currency. There are a lot of ways to earn cryptocurrency such as buying, earning through gaming as rewards and more. One of such ways is mining. Crypto mining is a process where you dedicate yourself decoding and solving mathematical problems to evaluate a cryptocurrency transaction. The miners compete with each other to solve the problem first and the one who decodes it and authenticate that the transaction is legitimate earn certain amount of cryptocurrency as a reward or create a new currency. The reward amount varies regularly and it is around 12.5 bitcoins as in 2018.
What is crypto mining rig?
To attempt crypto mining, an individual should dedicate time and work. Earlier, it could have been done in a standard regular PC, but as the volume of people mining drastically increased, now one need powerful hardware to work. Thus, comes the “Crypto mining rig” into play.
It is a regular pc equipped with high-end processors and GPU, specially designed for crypto mining. The crypto mining rigs are dedicated only for mining and cannot be used for other purposes, like an iPod dedicated to music.
Building crypto mining rig
In order to build a rig, DECENTER, a popular Russian platform suggested a basic guide to building a rig in the home.
- Rig frame – Aluminium
- Motherboard – Should support 4-8 video cards
- Processors – i3/i5/i7
- RAM – DDR3 4GB
- Storage – 50gbHDD
- Power supply – 750watts
- Video cards – GTX1060 6GB
- Mining software, BIOS setup, Overclocking software
Comparing last year’s boom of cryptocurrency, there’s definitely a fall in the value of cryptocurrency and thus in mining. It’s not as viable earning strategy as it was a year ago. Nonetheless, it still is a futuristic way to earn money. The major advantage of cryptocurrency is its tax-free policy that can be transferred anywhere in the world in a short time. But you need to invest a capital amount to build a rig, to provide electricity for a rig and wait for a certain time to get back into profits. Hence, if you’re a tech enthusiastic it’s a great way to earn money.
Cryptocurrency has gained wide popularity in recent times with its prices rapidly increasing day by day. People are opting for the digital transaction as it provides security and economic safety which is not possible everywhere. Cryptocurrency is viewed as one of the best online transaction alternatives available with the people. Here are the 4 prolific reasons for cryptocurrency to become the future of online transactions:
- Immensely reduces the risk of fraud
Fraud and scams are prevalent everywhere these days. People have to be constantly aware of them while making transactions. Payments done in cryptocurrencies are secure and safe with the absence of an irreversible feature. The finds remain secured in a key cryptography system. Due to encryption and decentralized technology of blockchain, the chances of fraud are almost negligible with cryptocurrency.
- Elimination of transaction fees
The exchanges that take place in cryptocurrencies are usually done without any transaction fees as there is no external body governing the process. Cryptocurrency receives this compensation from the cryptocurrency network. In a few cases there can be some external fee incurred if a third party is involved. Despite it, the charge incurred is less as compared to the fees charged by the other financial institutions which make it very cost effective and efficient for users.
- Helps maintain confidentiality
When there is no other external source involved in the transaction process, the risk of involvement and leakage of any confidential data is also eliminated. In cryptocurrency, the transaction completely happens only between the two parties with no chances of any threat or identification issues. This is very profitable for various types of businesses. Know more about it on www.futurism.com
- Easily accessible
Cryptocurrency is very easy to access just with the help of a mobile phone or computer having a sound internet connection. There is no need for any kind of business account or software to access the cryptocurrency. This particular feature is extremely beneficial for developing countries as it opens a lot of opportunities for them without the utilization of such resources.
So these were a few reasons why cryptocurrency is most likely to become the future of online transactions in the near future.
The blockchain is the leading technology that is being used in the retail, banking, healthcare, stock market, and crypt market successfully. This technology is also being speculated to play a major role in changing the face of the educational system as it can effectively be used to create an excellent student learning experience. Here are the 4 amazing ways in which blockchain can affect the education system:
- Learning platforms as per the demand
With the use of blockchain, independent learning platforms can be created where the interaction between the student and teacher can take place during the coaching sessions. Without the use of any external control authorities, certain conditions like the duration, fees, and assignments can be agreed upon initially and recorded so that sheer transparency is maintained with regards to everything. This can effectively even reduce the overall costs due to the absence of any governing authority.
- A token system as a learning reward
This technology can be used to improve and change the teaching style to make it interesting for the students. Students can be encouraged to learn and study if they are rewarded for their performance in the form of digital tokens. These tokens can be stored with the use of the blockchain technology and can be later on used to redeem when the students want to go for higher studies in different universities.
- Global verification of academic credentials can be done
Verification of degrees of students is a tedious process these days which involved various processes and approaches. Blockchain national or international level certificate banks can be set up to solve the verification issue with blocks for each country. Decoding method can be used in this case for global recognition of this kind of digital certificate system. Know more about it on www.forbes.com
- Digital knowledge source
The essence of education can be retained with the setting up of digital knowledge banks where the teachers, entrepreneurs, various leaders students can share knowledge on diverse topics along with the learning experiences across different fields of study. Risk of losing such valuable data and information is negligible in the case of blockchain which makes it very efficient to bring about this kind of innovation in the education system.