Slowly and steadily, Bitcoin and altcoins are getting attention from more investors all around the world.

And why not? These cryptocurrencies are time and again proving themselves to be a safe haven against governments inflationary policies.

Thats why some people are even securing cryptocurrencies astheir retirementfunds, while some are doing pure speculation with short-term trading (i.e. buy low, sell high).

And lets not forget about those who are just starting off by looking around to find the answer to questions like:

But before we talk about the best exchanges out there, I need to tell you that its not too late to get invested in cryptocurrencies. At the time of this writing, the Bitcoin and altcoin market is at anall-time high, with a market cap of $166 billion. I believe we will cross the $250 billion mark later this year.

So now that you know youshouldinvest, heres where you need to go to do that.

Here is a consolidated list of best cryptocurrency exchanges with my comments:

For Acquiring Cryptocurrencies:

If you live in a country where its not easy to get Bitcoin, you can use any of these three websites. All three of them offersto buy Bitcoin using a credit/debit card.

Note: This list is starting from easy to use exchanges and moving towards some of the advanced exchanges.

Binance is a rapidly growing exchange that concluded its ICO a few months back.

Though it is based out of China, it doesnt serve its native country but is open to almost all countries around the world.

Since its ICO to till date, it has grown tremendously and is now placed in top 10 cryptocurrency exchanges in the world.It now has more than 140 altcoins listed on it which are only increasing as the days are passing.

Binance being a centralized exchange has taken a unique take to expand its business and also provides a decent discount for day traders if they use BNB coins.BNB is Binance Coin which is the native currency of this platform.

Read:Binance Cryptocurrency: A Unique And Rapidly Growing Crypto Exchange

Binances fee structure is also unique. To start with they have 0.1% standard trading fee which is already quite less than other peers. You can even reduce your fee furtherif you pay your trading fee in BNB according to the below-shown structure.

To get started with Binance you need to register using your email ID and the process is quite simple & fast. Moreover, you get 1 QTUM coin as a kind gesture for registration which is limited to 10,000 QTUM coins on first come first basis.

Binance is one of the few exchanges that offers mobile app for iOS and Android. Being using it for a while, I find it too easy to trade cryptocurrency while on the move. You can watch this video to learn how to use their mobile app.

They also have aggressive plans like multi-lingual support, mobile apps for both iOS and Android users,Binance Angel Program, and theCommunity Coin Per Month etc for more adoption of their platform.

Register a free account on Binance

BitMex is high volume crypto exchange created by a talented team of economists, high-frequency traders and web developers for the crypto community.

Here you will never find any issues regarding the liquidity of your cryptocurrencies.

The primary currency traded on this exchange is Bitcoin and its future contracts.

Apart from Bitcoin contracts, one can also play around with future contracts for altcoins such as Bitcoin Cash, Ethereum, Cardano, Litecoin, Ripple.

The registration process on BitMex is quite simple where you just need to register through your email ID and their fee structure is also quite straightforward as shown below:

Trade On BitMex

KuCoin is another easy and hassle-free cryptocurrency exchange. KuCoin offers many popular and unique coin such as DragonChain, $KCS, and many others. Just like Binance, they offer a fully functional mobile app for Android and iOS.

To get started with KuCoin, you can deposit any crypto of your choice ex: BTC and start trading. Personally, I have been using KuCoin since last quarter of 2017 and they are getting popular day by day.

Get started with KuCoin

Changelly is one of the easiest ways to get ahold of various cryptocurrencies.

Changelly has a proven track record of consistently good products being put out into the crypto-space.

One of the best things about Changelly is that you dont need to go through any lengthy verification or registration process. You just log in with your email ID (or any email ID) and start exchanging!

Currently, it supports more than 35 cryptocurrencies along with fiat pairs such as USD/EUR. It is one of the best and easiest to use exchanges out there.If you want to know more, check out Harshsreview on Changelly.

When you use Changelly to exchange cryptocurrency, Changelly bots connect in real time to some of the best and busiest cryptocurrency exchanges in the market to get you the best price.

Usually, when using Changelly, a crypto-to-crypto exchange takes 5 to 30 minutes.

They charge a commission fee of 0.5% on each trade, which I think is minimal in exchange for the volatility and risk that they bear on behalf of their users. In addition to the commission, a miners fee is also paid by the user and is deducted directly from their crypto balance.

But all you need in order to buy from Changelly is aVISA/MasterCard (credit/debit card) or any Changelly-supported cryptocurrency and a wallet where you want to receive your new coins.

The procedure is very simple.

Head towardCoinSutras Cryptocurrency Exchange Changelly, and follow the steps given in thisguide.

Note:Though this guide shows how to buy Ripple in exchange for BTC, the process is exactly the same to buy any other Changelly-supported cryptocurrency.

And if you want to buy cryptos using a VISA/MasterCard, then here is their officialstep-by-step guide on doing that.(Even though this guide is for buying BTC using a VISA/MasterCard, the process is the same as buying any other Changelly-supported cryptocurrency.)

Check out Changelly

Huobi Pro is an internationalcryptocurrency exchangethat originated in China but now has moved across the world to serve a maximum number of investors. It is based out of Singapore and has been operating in this space successfully for the last five years.

As we speak, it occupies the #3 spot on CoinMarketCaps list of exchanges by volume and has 244 cryptocurrency pairs. Hence, needless to say, of this, you will never face liquidity problems on this exchange.

They also have mobile apps for bothAndroidandiOSfor users who want to trade cryptos on the go.

Theirregistration processis also pretty simple and straightforward, so go ahead and do the needful. Oh, and just so you know, the exchange fee is also pretty low. Have fun.

Do read,Huobi Exchange Review & Benefits of HT token: Can It Pull Off Another Binance?

Bittrex is aUS-based cryptocurrency exchange that provides you the option to trade more than 190 cryptocurrencies at a time. They are well-regulated and compliant with all of the current US rules, so crypto users need not worry about the safety of their funds.

Bittrex handles one of the largest BTC trading volumes out of all the exchanges in the world.

Here, the users (buyers/sellers) decide the rates in which they want to trade, and Bittrex charges them a small service fee for providing this platform (0.25%).

To get started with Bittrex, you need to register and log in through your email ID, but to withdraw funds, you need to do a KYC by submitting your ID documents and phone number, as well as enabling two-factor authentication for higher limits.

But one good thing about Bittrex is the account verification happens quite fast.

Bittrex supports two types of accounts:

Bittrex is a crypto-only exchange, meaning it doesnt allow you to deposit fiat currencies such as USD, EUR, GBP, etc.

They provide access to advanced trading tools like candlestick charts and crosshairs, but the user interface is quite clean and intuitive, so newbies should have no problems.

You can visit Bittrex and open a Bittrex accountby following this official step by step guide here.

Check out Bittrex

Founded by Tristan DAgosta, Poloniex has been operational since January 2014 and is undoubtedly one of the biggest cryptocurrency exchanges in the world.

It is based out of the United States and offers +100 cryptocurrencies to its users to trade.

When you talk about trade volumes, nothing beats Poloniex. In 2017, Poloniex had the highest volume for ETH because it supports an independent Ethereum market as well as a BTC market.

It is a crypto-only exchange, but you can start trading easily by depositing USDT (Tether dollars).

Poloniex also has zoomable candlestick charts for 5-minutes, 15-minutes, 30-minutes, 2-hours, 4-hours, and 1-day, along with a stop-limit feature for advanced cryptocurrency traders.

Poloniex charges a fee of0.15% to 0.25% on all trades depending upon whether you are a maker or a taker.

So if you are looking to trade a variety of altcoins, then you should give Poloniex a shot.

To get started with Poloniex, follow this official guide.

Remember: As soon as you sign up for Poloniex using your email,do make sure to enable two-factor authentication!

Check out Poloniex

Bitfinex is another one of the largest and most popular cryptocurrency exchanges out there.

Based out of Hong Kong and operational since 2014, it gives its users the option to trade the following 13 cryptocurrencies in exchange for USD or BTC:

Update: They have added a lot more cryptos recently.

Unlike Bittrex and Poloniex, you can trade using USD (with a wire fee of at least $20). Also, users will need to pay a trade fee which varies from 0.1% to 0.8% (details here).

Also, whenever you withdrawal or deposit anything, you are charged a certain fee:

On Bitfinex, if you are a pro-trader, you will find advanced trading tools such as limit orders, stop orders, trailing stop, fill or kill, TWAP, and others, along with different market charts.

To get started on Bitfinex, you need toregister,verify your ID, andauthenticateyourself. It typically takes 15-20 business days aftersubmitting valid ID proof before youre accepted into the platform.

And whenever you get bored with the web version or want to trade on-the-go, you can use Bitfinexs Android and iOS mobile apps.

Check out Bitfinex

Using the above cryptocurrency exchanges will allow you to buy almost all of the cryptos you could ever want to buy.

However, there are a few more cryptocurrency exchanges that you should have an account with, as there are a few coins that are only available there. Its a good idea to have an account on most of these, which will save time when you discover a winning coin.

Some of those exchanges are:

I will update this post as I find other trustable and feature-rich cryptocurrency exchanges. For now, you can consider joining our Telegram channel to stay updated with all thelatest info.

I hope these insights help you in choosing the best cryptocurrency exchange for you to use.

But one word of caution:

If you are storing cryptocurrencies on these exchanges for a few hours or even a few days for the sake of trading, then its probably OK. Otherwise, this is a bad practice.

Large-scale hacks like Mt. Gox can happen at any time. I would strongly recommend you to use the Ledger Nano S or a wallet like Exodus, where you can store a lot of different cryptos and control your private keys.

Continue reading here:

9 Best Cryptocurrency Exchanges to Buy/Sell Any ...

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Futures and futures options trading is speculative, and is not suitable for all investors. Please read theRisk Disclosure for Futures and Options prior to trading futures products.

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Read more here:

Cryptocurrency Trading | TD Ameritrade

Slowly and steadily, Bitcoin and altcoins are getting attention from more investors all around the world.

And why not? These cryptocurrencies are time and again proving themselves to be a safe haven against governments inflationary policies.

Thats why some people are even securing cryptocurrencies astheir retirementfunds, while some are doing pure speculation with short-term trading (i.e. buy low, sell high).

And lets not forget about those who are just starting off by looking around to find the answer to questions like:

But before we talk about the best exchanges out there, I need to tell you that its not too late to get invested in cryptocurrencies. At the time of this writing, the Bitcoin and altcoin market is at anall-time high, with a market cap of $166 billion. I believe we will cross the $250 billion mark later this year.

So now that you know youshouldinvest, heres where you need to go to do that.

Here is a consolidated list of best cryptocurrency exchanges with my comments:

For Acquiring Cryptocurrencies:

If you live in a country where its not easy to get Bitcoin, you can use any of these three websites. All three of them offersto buy Bitcoin using a credit/debit card.

Note: This list is starting from easy to use exchanges and moving towards some of the advanced exchanges.

Binance is a rapidly growing exchange that concluded its ICO a few months back.

Though it is based out of China, it doesnt serve its native country but is open to almost all countries around the world.

Since its ICO to till date, it has grown tremendously and is now placed in top 10 cryptocurrency exchanges in the world.It now has more than 140 altcoins listed on it which are only increasing as the days are passing.

Binance being a centralized exchange has taken a unique take to expand its business and also provides a decent discount for day traders if they use BNB coins.BNB is Binance Coin which is the native currency of this platform.

Read:Binance Cryptocurrency: A Unique And Rapidly Growing Crypto Exchange

Binances fee structure is also unique. To start with they have 0.1% standard trading fee which is already quite less than other peers. You can even reduce your fee furtherif you pay your trading fee in BNB according to the below-shown structure.

To get started with Binance you need to register using your email ID and the process is quite simple & fast. Moreover, you get 1 QTUM coin as a kind gesture for registration which is limited to 10,000 QTUM coins on first come first basis.

Binance is one of the few exchanges that offers mobile app for iOS and Android. Being using it for a while, I find it too easy to trade cryptocurrency while on the move. You can watch this video to learn how to use their mobile app.

They also have aggressive plans like multi-lingual support, mobile apps for both iOS and Android users,Binance Angel Program, and theCommunity Coin Per Month etc for more adoption of their platform.

Register a free account on Binance

BitMex is high volume crypto exchange created by a talented team of economists, high-frequency traders and web developers for the crypto community.

Here you will never find any issues regarding the liquidity of your cryptocurrencies.

The primary currency traded on this exchange is Bitcoin and its future contracts.

Apart from Bitcoin contracts, one can also play around with future contracts for altcoins such as Bitcoin Cash, Ethereum, Cardano, Litecoin, Ripple.

The registration process on BitMex is quite simple where you just need to register through your email ID and their fee structure is also quite straightforward as shown below:

Trade On BitMex

KuCoin is another easy and hassle-free cryptocurrency exchange. KuCoin offers many popular and unique coin such as DragonChain, $KCS, and many others. Just like Binance, they offer a fully functional mobile app for Android and iOS.

To get started with KuCoin, you can deposit any crypto of your choice ex: BTC and start trading. Personally, I have been using KuCoin since last quarter of 2017 and they are getting popular day by day.

Get started with KuCoin

Changelly is one of the easiest ways to get ahold of various cryptocurrencies.

Changelly has a proven track record of consistently good products being put out into the crypto-space.

One of the best things about Changelly is that you dont need to go through any lengthy verification or registration process. You just log in with your email ID (or any email ID) and start exchanging!

Currently, it supports more than 35 cryptocurrencies along with fiat pairs such as USD/EUR. It is one of the best and easiest to use exchanges out there.If you want to know more, check out Harshsreview on Changelly.

When you use Changelly to exchange cryptocurrency, Changelly bots connect in real time to some of the best and busiest cryptocurrency exchanges in the market to get you the best price.

Usually, when using Changelly, a crypto-to-crypto exchange takes 5 to 30 minutes.

They charge a commission fee of 0.5% on each trade, which I think is minimal in exchange for the volatility and risk that they bear on behalf of their users. In addition to the commission, a miners fee is also paid by the user and is deducted directly from their crypto balance.

But all you need in order to buy from Changelly is aVISA/MasterCard (credit/debit card) or any Changelly-supported cryptocurrency and a wallet where you want to receive your new coins.

The procedure is very simple.

Head towardCoinSutras Cryptocurrency Exchange Changelly, and follow the steps given in thisguide.

Note:Though this guide shows how to buy Ripple in exchange for BTC, the process is exactly the same to buy any other Changelly-supported cryptocurrency.

And if you want to buy cryptos using a VISA/MasterCard, then here is their officialstep-by-step guide on doing that.(Even though this guide is for buying BTC using a VISA/MasterCard, the process is the same as buying any other Changelly-supported cryptocurrency.)

Check out Changelly

Huobi Pro is an internationalcryptocurrency exchangethat originated in China but now has moved across the world to serve a maximum number of investors. It is based out of Singapore and has been operating in this space successfully for the last five years.

As we speak, it occupies the #3 spot on CoinMarketCaps list of exchanges by volume and has 244 cryptocurrency pairs. Hence, needless to say, of this, you will never face liquidity problems on this exchange.

They also have mobile apps for bothAndroidandiOSfor users who want to trade cryptos on the go.

Theirregistration processis also pretty simple and straightforward, so go ahead and do the needful. Oh, and just so you know, the exchange fee is also pretty low. Have fun.

Do read,Huobi Exchange Review & Benefits of HT token: Can It Pull Off Another Binance?

Bittrex is aUS-based cryptocurrency exchange that provides you the option to trade more than 190 cryptocurrencies at a time. They are well-regulated and compliant with all of the current US rules, so crypto users need not worry about the safety of their funds.

Bittrex handles one of the largest BTC trading volumes out of all the exchanges in the world.

Here, the users (buyers/sellers) decide the rates in which they want to trade, and Bittrex charges them a small service fee for providing this platform (0.25%).

To get started with Bittrex, you need to register and log in through your email ID, but to withdraw funds, you need to do a KYC by submitting your ID documents and phone number, as well as enabling two-factor authentication for higher limits.

But one good thing about Bittrex is the account verification happens quite fast.

Bittrex supports two types of accounts:

Bittrex is a crypto-only exchange, meaning it doesnt allow you to deposit fiat currencies such as USD, EUR, GBP, etc.

They provide access to advanced trading tools like candlestick charts and crosshairs, but the user interface is quite clean and intuitive, so newbies should have no problems.

You can visit Bittrex and open a Bittrex accountby following this official step by step guide here.

Check out Bittrex

Founded by Tristan DAgosta, Poloniex has been operational since January 2014 and is undoubtedly one of the biggest cryptocurrency exchanges in the world.

It is based out of the United States and offers +100 cryptocurrencies to its users to trade.

When you talk about trade volumes, nothing beats Poloniex. In 2017, Poloniex had the highest volume for ETH because it supports an independent Ethereum market as well as a BTC market.

It is a crypto-only exchange, but you can start trading easily by depositing USDT (Tether dollars).

Poloniex also has zoomable candlestick charts for 5-minutes, 15-minutes, 30-minutes, 2-hours, 4-hours, and 1-day, along with a stop-limit feature for advanced cryptocurrency traders.

Poloniex charges a fee of0.15% to 0.25% on all trades depending upon whether you are a maker or a taker.

So if you are looking to trade a variety of altcoins, then you should give Poloniex a shot.

To get started with Poloniex, follow this official guide.

Remember: As soon as you sign up for Poloniex using your email,do make sure to enable two-factor authentication!

Check out Poloniex

Bitfinex is another one of the largest and most popular cryptocurrency exchanges out there.

Based out of Hong Kong and operational since 2014, it gives its users the option to trade the following 13 cryptocurrencies in exchange for USD or BTC:

Update: They have added a lot more cryptos recently.

Unlike Bittrex and Poloniex, you can trade using USD (with a wire fee of at least $20). Also, users will need to pay a trade fee which varies from 0.1% to 0.8% (details here).

Also, whenever you withdrawal or deposit anything, you are charged a certain fee:

On Bitfinex, if you are a pro-trader, you will find advanced trading tools such as limit orders, stop orders, trailing stop, fill or kill, TWAP, and others, along with different market charts.

To get started on Bitfinex, you need toregister,verify your ID, andauthenticateyourself. It typically takes 15-20 business days aftersubmitting valid ID proof before youre accepted into the platform.

And whenever you get bored with the web version or want to trade on-the-go, you can use Bitfinexs Android and iOS mobile apps.

Check out Bitfinex

Using the above cryptocurrency exchanges will allow you to buy almost all of the cryptos you could ever want to buy.

However, there are a few more cryptocurrency exchanges that you should have an account with, as there are a few coins that are only available there. Its a good idea to have an account on most of these, which will save time when you discover a winning coin.

Some of those exchanges are:

I will update this post as I find other trustable and feature-rich cryptocurrency exchanges. For now, you can consider joining our Telegram channel to stay updated with all thelatest info.

I hope these insights help you in choosing the best cryptocurrency exchange for you to use.

But one word of caution:

If you are storing cryptocurrencies on these exchanges for a few hours or even a few days for the sake of trading, then its probably OK. Otherwise, this is a bad practice.

Large-scale hacks like Mt. Gox can happen at any time. I would strongly recommend you to use the Ledger Nano S or a wallet like Exodus, where you can store a lot of different cryptos and control your private keys.

More:

7 Best Cryptocurrency Exchanges to Buy/Sell Any ...

Mining cryptocoinsis an arms race that rewards early adopters. You might have heard of Bitcoin, the first decentralized cryptocurrency that was released in early 2009.Similar digital currencies have crept into the worldwide market since then, including a spin-off from Bitcoin called Bitcoin Cash. You can get in on the cryptocurrency rush if you take the time to learn the basics properly.

If you had started mining Bitcoins back in 2009, you could have earned thousands of dollars by now. At the same time, there are plenty ofways you could have lost money, too.Bitcoinsare not a good choice for beginning miners who work on a small scale. The current up-front investment and maintenance costs, not to mention the sheermathematical difficulty of the process, just doesn't make it profitable for consumer-level hardware. Now, Bitcoin mining is reserved for large-scale operations only.

Litecoins, Dogecoins, and Feathercoins, on the other hand,are three Scrypt-based cryptocurrencies that are the best cost-benefit for beginners.

Dogecoins and Feathercoins would yield slightly less profit with the same mining hardware but are becoming more popular daily. Peercoins, too, can also be a reasonably decent return on your investment of time and energy.

As more people join the cryptocoin rush, your choice could get more difficult to mine because more expensive hardware will be required to discover coins. You will be forced to either invest heavily if you want to stay mining that coin, or you will want to take your earnings and switch to an easier cryptocoin. Understanding the top 3 bitcoin mining methods is probably where you need to begin; this article focuses on mining "scrypt" coins.

As a hobby venture,yes, cryptocoin mining can generate a small income of perhaps a dollar or two per day. In particular, the digital currencies mentioned above are very accessible for regular people to mine, and a person can recoup $1000 in hardware costs in about 18-24 months.

As a second income,no, cryptocoin mining is not a reliable way to make substantial money for most people. The profit from mining cryptocoins only becomes significant when someone is willing to invest $3000-$5000 in up-front hardware costs, at which time you could potentially earn $50 per day or more.

If your objective is to earn substantial money as a second income, then you are better off purchasing cryptocoins with cash instead of mining them, and then tucking them awayin the hopes that they will jump in value like gold or silver bullion. If your objective is to make a few digital bucks andspend them somehow, then you just might have a slow way to do that with mining.

Smart miners need to keep electricity costs to under $0.11 per kilowatt-hour;mining with 4 GPU video cards can net you around $8.00 to $10.00per day (depending upon the cryptocurrency you choose), or around $250-$300 per month.

Now, there is a small chance that your chosen digital currency will jump in value alongside Bitcoin at some point. Then, possibly, you could find yourself sitting on thousands of dollars in cryptocoins. The emphasis here is on "small chance," with small meaning "slightly better than winning the lottery."

If you do decide to try cryptocoin mining, definitely do so as a hobby with a very small income return. Think of it as "gathering gold dust" instead of collecting actual gold nuggets. And always, always, do your research to avoid a scam currency.

Let's focus on mining scrypt coins, namely Litecoins, Dogecoins,or Feathercoins. The whole focus of mining is to accomplish three things:

You will need ten things to mine Litecoins,Dogecoins, and/or Feathercoins.

The rest is here:

A Beginner's Guide to Cryptocoin Mining: What You Need to ...

What is a Cryptocurrency

A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

The first blockchain-based cryptocurrency wasBitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions or specifications. Some of these are clones of Bitcoin while others are forks, or new cryptocurrencies that split off from an already existing one.

Cryptocurrencies are systems that allow for the secure payments of online transactions that are denominated in terms of a virtual "token," representing ledger entriesinternal to the system itself. "Crypto" refers to the fact that various encryption algorithms and cryptographic techniques, such as elliptical curve encryption, public-private key pairs, and hashing functions, are employed.

The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym,Satoshi Nakamoto. As of October 2018, there were over 17.33 million bitcoins in circulation with a total market value of around $115 billion (although the market price of bitcoin can fluctuate quite a bit). Bitcoin's success has spawned a number of competing cryptocurrencies, known as "altcoins" such as Litecoin, Namecoin and Peercoin, as well as Ethereum, EOS, and Cardano. Today, there are literally thousands of cryptocurrencies in existence, with an aggregate market value of over $200 billion (Bitcoin currently represents more than 50% of the total value).

Cryptocurrencies hold the promise of making it easier to transfer funds directly between two parties in a transaction, without the need for a trusted third party such as a bank or credit card company; these transfers are facilitated through the use of public keys and private keys for security purposes. In modern cryptocurrency systems, a user's "wallet," or account address, has the public key, and the private key is used to sign transactions. Fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers.

Central to the appeal and function of Bitcoin is the blockchaintechnologyit uses to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure for this ledger that is exposed to a limited threat from hackers and can be copied across all computers running Bitcoin software. Every new block generated must be verified by the ledgers of each user on the market, making it almost impossible to forge transaction histories. Many experts see this blockchain as having important uses in technologiessuch as online voting and crowdfunding, and major financial institutions such as JPMorgan Chase see potential in cryptocurrencies to lower transaction costs by making payment processing more efficient. However, because cryptocurrencies are virtual and do not have a central repository, a digital cryptocurrency balance can be wiped out by a computer crash if a backup copy of the holdings does not exist, or if somebody simply loses their private keys.

At the same time, there is no central authority, government, or corporation that has access to your funds or your personal information.

The semi-anonymous nature of cryptocurrency transactions makes them well-suited for a host of nefarious activities, such as money laundering and tax evasion. However, cryptocurrencyadvocates often value the anonymity highly. Some cryptocurrencies are more private than others. Bitcoin, for instance, is a relatively poor choice for conducting illegal business online, and forensic analysis of bitcoin transactions has led authorities to arrest and prosecute criminals. More privacy-oriented coins do exist, such as Dash, ZCash, or Monero, which are far more difficult to trace.

Since prices are based on supply and demand, the rate at which a cryptocurrency can be exchanged for another currency can fluctuate widely. However, plenty of research has been undertaken to identify the fundamental price drivers of cryptocurrencies.Bitcoin has indeed experienced some rapid surges and collapses in value, reaching as high as $19,000 per bitcoin in December of 2017 before returning to around $7,000 in the following months. Cryptocurrencies are thus considered by some economists to be a short-lived fad or speculative bubble. There is concern especially that the currency units, such as bitcoins, are not rooted in any material goods. Some research has identified that the cost of producing a bitcoin, which takes an increasingly large amount of energy, is directly related to its market price.

Cryptocurrencies' blockchains are secure, but other aspects of a cryptocurrency ecosystem are not immune to the threat of hacking. In Bitcoin's almost 10-year history, several online exchanges have been the subject of hacking and theft, sometimes with millions of dollars worth of 'coins' stolen. Still, many observers look at cryptocurrencies as hope that a currency can exist that preserves value, facilitates exchange, is more transportable than hard metals, and is outside the influence of central banks and governments.

Read this article:

Cryptocurrency Definition | Investopedia

[Updated September 13, 2018]

What is cryptocurrency: 21st-century unicorn or the money of the future?

This introduction explains the most important thing about cryptocurrencies. After youve read it, youll know more about it than most other humans.

Today cryptocurrencies (Buy Crypto) have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.

In 2016, youll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project. (Take our blockchain courses to learn more about the blockchain)

Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us. Thomas Carper, US-Senator

But beyond the noise and the press releases the overwhelming majority of people even bankers, consultants, scientists, and developers have a very limited knowledge about cryptocurrencies. They often fail to even understand the basic concepts.

So lets walk through the whole story. What are cryptocurrencies?

Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.

In his announcement of Bitcoin in late 2008, Satoshi said he developed A Peer-to-Peer Electronic Cash System.

His goal was to invent something; many people failed to create before digital cash.

The single most important part of Satoshis invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed.

After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.

This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, youll know more about cryptocurrencies than most people do. So, lets try to make it as easy as possible:

To realize digital cash you need a payment network with accounts, balances, and transaction. Thats easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances.

In a decentralized network, you dont have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend.

But how can these entities keep a consensus about this records?

If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus. Usually, you take, again, a central authority to declare the correct state of balances. But how can you achieve consensus without a central authority?

Nobody did know until Satoshi emerged out of nowhere. In fact, nobody believed it was even possible.

Satoshi proved it was. His major innovation was to achieve consensus without a central authority. Cryptocurrencies are a part of this solution the part that made the solution thrilling, fascinating and helped it to roll over the world.

If you take away all the noise around cryptocurrencies and reduce it to a simple definition, you find it to be just limited entries in a database no one can change without fulfilling specific conditions. This may seem ordinary, but, believe it or not: this is exactly how you can define a currency.

Take the money on your bank account: What is it more than entries in a database that can only be changed under specific conditions? You can even take physical coins and notes: What are they else than limited entries in a public physical database that can only be changed if you match the condition than you physically own the coins and notes? Money is all about a verified entry in some kind of database of accounts, balances, and transactions.

How miners create coins and confirm transactions

Lets have a look at the mechanism ruling the databases of cryptocurrencies. A cryptocurrency like Bitcoin consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account.

A transaction is a file that says, Bob gives X Bitcoin to Alice and is signed by Bobs private key. Its basic public key cryptography, nothing special at all. After signed, a transaction is broadcasted in the network, sent from one peer to every other peer. This is basic p2p-technology. Nothing special at all, again.

The transaction is known almost immediately by the whole network. But only after a specific amount of time it gets confirmed.

Confirmation is a critical concept in cryptocurrencies. You could say that cryptocurrencies are all about confirmation.

As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it is set in stone. It is no longer forgeable, it cant be reversed, it is part of an immutable record of historical transactions: of the so-called blockchain.

Only miners can confirm transactions. This is their job in a cryptocurrency-network. They take transactions, stamp them as legit and spread them in the network. After a transaction is confirmed by a miner, every node has to add it to its database. It has become part of the blockchain.

For this job, the miners get rewarded with a token of the cryptocurrency, for example with Bitcoins. Since the miners activity is the single most important part of cryptocurrency-system we should stay for a moment and take a deeper look on it.

Principally everybody can be a miner. Since a decentralized network has no authority to delegate this task, a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. Imagine someone creates thousands of peers and spreads forged transactions. The system would break immediately.

So, Satoshi set the rule that the miners need to invest some work of their computers to qualify for this task. In fact, they have to find a hash a product of a cryptographic function that connects the new block with its predecessor. This is called the Proof-of-Work. In Bitcoin, it is based on the SHA 256 Hash algorithm.

You dont need to understand details about SHA 256. Its only important you know that it can be the basis of a cryptologic puzzle the miners compete to solve. After finding a solution, a miner can build a block and add it to the blockchain. As an incentive, he has the right to add a so-called coinbase transaction that gives him a specific number of Bitcoins. This is the only way to create valid Bitcoins.

Bitcoins can only be created ifminers solve a cryptographic puzzle. Since the difficulty of this puzzle increases the amount of computer power the whole miners invest, there is only a specific amount of cryptocurrency token that can be created in a given amount of time. This is part of the consensus no peer in the network can break.

If you really think about it, Bitcoin, as a decentralized network of peers which keep a consensus about accounts and balances, is more a currency than the numbers you see in your bank account. What are these numbers more than entries in a database a database which can be changed by people you dont see and by rules you dont know?

It is that narrative of human development under which we now have other fights to fight, and I would say in the realm of Bitcoin it is mainly the separation of money and state.

Erik Voorhees,cryptocurrency entrepreneur

Basically, cryptocurrencies are entries about token in decentralized consensus-databases. They are called CRYPTOcurrencies because the consensus-keeping process is secured by strong cryptography. Cryptocurrencies are built on cryptography. They are not secured by people or by trust, but by math. It is more probable that an asteroid falls on your house than that a bitcoin address is compromised.

Describing the properties of cryptocurrencies we need to separate between transactional and monetary properties. While most cryptocurrencies share a common set of properties, they are not carved in stone.

1.) Irreversible: After confirmation, a transaction cant be reversed. By nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. If you send money, you send it. Period. No one can help you, if you sent your funds to a scammer or if a hacker stole them from your computer. There is no safety net.

2.) Pseudonymous: Neither transactions nor accounts are connected to real-world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters. While it is usually possible to analyze the transaction flow, it is not necessarily possible to connect the real world identity of users with those addresses.

3.) Fast and global: Transaction are propagated nearly instantly in the network and are confirmed in a couple of minutes. Since they happen in a global network of computers they are completely indifferent of your physical location. It doesnt matter if I send Bitcoin to my neighbour or to someone on the other side of the world.

4.) Secure: Cryptocurrency funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of big numbers makes it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox.

5.) Permissionless: You dont have to ask anybody to use cryptocurrency. Its just a software that everybody can download for free. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper.

1.) Controlled supply: Most cryptocurrencies limit the supply of the tokens. In Bitcoin, the supply decreases in time and will reach its final number some time around the year 2140. All cryptocurrencies control the supply of the token by a schedule written in the code. This means the monetary supply of a cryptocurrency in every given moment in the future can roughly be calculated today. There is no surprise.

2.) No debt but bearer: The Fiat-money on your bank account is created by debt, and the numbers, you see on your ledger represent nothing but debts. Its a system of IOU. Cryptocurrencies dont represent debts. They just represent themselves. They are money as hard as coins of gold.

To understand the revolutionary impact of cryptocurrencies you need to consider both properties. Bitcoin as a permissionless, irreversible and pseudonymous means of payment is an attack on the control of banks and governments over the monetary transactions of their citizens. You cant hinder someone to use Bitcoin, you cant prohibit someone to accept a payment, you cant undo a transaction.

As money with a limited, controlled supply that is not changeable by a government, a bank or any other central institution, cryptocurrencies attack the scope of the monetary policy. They take away the control central banks take on inflation or deflation by manipulating the monetary supply.

While its still fairly new and unstable relative to the gold standard, cryptocurrency is definitely gaining traction and will most certainly have more normalized uses in the next few years. Right now, in particular, its increasing in popularity with the post-election market uncertainty. The key will be in making it easy for large-scale adoption (as with anything involving crypto) including developing safeguards and protections for buyers/investors. I expect that within two years, well be in a place where people can shove their money under the virtual mattress through cryptocurrency, and theyll know that wherever they go, that money will be there. Sarah Granger, Author, and Speaker.

Mostly due to its revolutionary properties cryptocurrencies have become a success their inventor, Satoshi Nakamoto, didnt dare to dream ofit. While every other attempt to create a digital cash system didnt attract a critical mass of users, Bitcoin had something that provoked enthusiasm and fascination. Sometimes it feels more like religion than technology.

Cryptocurrencies are digital gold. Sound money that is secure from political influence. Money that promises to preserve and increase its value over time. Cryptocurrencies are also a fast and comfortable means of payment with a worldwide scope, and they are private and anonymous enough to serve as a means of payment for black markets and any other outlawed economic activity.

But while cryptocurrencies are more used for payment, its use as a means of speculation and a store of value dwarfs the payment aspects. Cryptocurrencies gave birth to an incredibly dynamic, fast-growing market for investors and speculators. Exchanges like Okcoin, poloniex or shapeshift enables the trade of hundreds of cryptocurrencies. Their daily trade volume exceeds that of major European stock exchanges.

At the same time, the praxis of Initial Coin Distribution (ICO), mostly facilitated by Ethereums smart contracts, gave life to incredibly successful crowdfunding projects, in which often an idea is enough to collect millions of dollars. In the case of The DAO it has been more than 150 million dollars.

In this rich ecosystem of coins and token, you experience extreme volatility. Its common that a coin gains 10 percent a day sometimes 100 percent just to lose the same at the next day. If you are lucky, your coins value grows up to 1000 percent in one or two weeks.

Follow this link:

What is Cryptocurrency: Everything You Need To Know ...

[Updated September 13, 2018]

What is cryptocurrency: 21st-century unicorn or the money of the future?

This introduction explains the most important thing about cryptocurrencies. After youve read it, youll know more about it than most other humans.

Today cryptocurrencies (Buy Crypto) have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.

In 2016, youll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project. (Take our blockchain courses to learn more about the blockchain)

Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us. Thomas Carper, US-Senator

But beyond the noise and the press releases the overwhelming majority of people even bankers, consultants, scientists, and developers have a very limited knowledge about cryptocurrencies. They often fail to even understand the basic concepts.

So lets walk through the whole story. What are cryptocurrencies?

Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.

In his announcement of Bitcoin in late 2008, Satoshi said he developed A Peer-to-Peer Electronic Cash System.

His goal was to invent something; many people failed to create before digital cash.

The single most important part of Satoshis invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed.

After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.

This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, youll know more about cryptocurrencies than most people do. So, lets try to make it as easy as possible:

To realize digital cash you need a payment network with accounts, balances, and transaction. Thats easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances.

In a decentralized network, you dont have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend.

But how can these entities keep a consensus about this records?

If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus. Usually, you take, again, a central authority to declare the correct state of balances. But how can you achieve consensus without a central authority?

Nobody did know until Satoshi emerged out of nowhere. In fact, nobody believed it was even possible.

Satoshi proved it was. His major innovation was to achieve consensus without a central authority. Cryptocurrencies are a part of this solution the part that made the solution thrilling, fascinating and helped it to roll over the world.

If you take away all the noise around cryptocurrencies and reduce it to a simple definition, you find it to be just limited entries in a database no one can change without fulfilling specific conditions. This may seem ordinary, but, believe it or not: this is exactly how you can define a currency.

Take the money on your bank account: What is it more than entries in a database that can only be changed under specific conditions? You can even take physical coins and notes: What are they else than limited entries in a public physical database that can only be changed if you match the condition than you physically own the coins and notes? Money is all about a verified entry in some kind of database of accounts, balances, and transactions.

How miners create coins and confirm transactions

Lets have a look at the mechanism ruling the databases of cryptocurrencies. A cryptocurrency like Bitcoin consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account.

A transaction is a file that says, Bob gives X Bitcoin to Alice and is signed by Bobs private key. Its basic public key cryptography, nothing special at all. After signed, a transaction is broadcasted in the network, sent from one peer to every other peer. This is basic p2p-technology. Nothing special at all, again.

The transaction is known almost immediately by the whole network. But only after a specific amount of time it gets confirmed.

Confirmation is a critical concept in cryptocurrencies. You could say that cryptocurrencies are all about confirmation.

As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it is set in stone. It is no longer forgeable, it cant be reversed, it is part of an immutable record of historical transactions: of the so-called blockchain.

Only miners can confirm transactions. This is their job in a cryptocurrency-network. They take transactions, stamp them as legit and spread them in the network. After a transaction is confirmed by a miner, every node has to add it to its database. It has become part of the blockchain.

For this job, the miners get rewarded with a token of the cryptocurrency, for example with Bitcoins. Since the miners activity is the single most important part of cryptocurrency-system we should stay for a moment and take a deeper look on it.

Principally everybody can be a miner. Since a decentralized network has no authority to delegate this task, a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. Imagine someone creates thousands of peers and spreads forged transactions. The system would break immediately.

So, Satoshi set the rule that the miners need to invest some work of their computers to qualify for this task. In fact, they have to find a hash a product of a cryptographic function that connects the new block with its predecessor. This is called the Proof-of-Work. In Bitcoin, it is based on the SHA 256 Hash algorithm.

You dont need to understand details about SHA 256. Its only important you know that it can be the basis of a cryptologic puzzle the miners compete to solve. After finding a solution, a miner can build a block and add it to the blockchain. As an incentive, he has the right to add a so-called coinbase transaction that gives him a specific number of Bitcoins. This is the only way to create valid Bitcoins.

Bitcoins can only be created ifminers solve a cryptographic puzzle. Since the difficulty of this puzzle increases the amount of computer power the whole miners invest, there is only a specific amount of cryptocurrency token that can be created in a given amount of time. This is part of the consensus no peer in the network can break.

If you really think about it, Bitcoin, as a decentralized network of peers which keep a consensus about accounts and balances, is more a currency than the numbers you see in your bank account. What are these numbers more than entries in a database a database which can be changed by people you dont see and by rules you dont know?

It is that narrative of human development under which we now have other fights to fight, and I would say in the realm of Bitcoin it is mainly the separation of money and state.

Erik Voorhees,cryptocurrency entrepreneur

Basically, cryptocurrencies are entries about token in decentralized consensus-databases. They are called CRYPTOcurrencies because the consensus-keeping process is secured by strong cryptography. Cryptocurrencies are built on cryptography. They are not secured by people or by trust, but by math. It is more probable that an asteroid falls on your house than that a bitcoin address is compromised.

Describing the properties of cryptocurrencies we need to separate between transactional and monetary properties. While most cryptocurrencies share a common set of properties, they are not carved in stone.

1.) Irreversible: After confirmation, a transaction cant be reversed. By nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. If you send money, you send it. Period. No one can help you, if you sent your funds to a scammer or if a hacker stole them from your computer. There is no safety net.

2.) Pseudonymous: Neither transactions nor accounts are connected to real-world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters. While it is usually possible to analyze the transaction flow, it is not necessarily possible to connect the real world identity of users with those addresses.

3.) Fast and global: Transaction are propagated nearly instantly in the network and are confirmed in a couple of minutes. Since they happen in a global network of computers they are completely indifferent of your physical location. It doesnt matter if I send Bitcoin to my neighbour or to someone on the other side of the world.

4.) Secure: Cryptocurrency funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of big numbers makes it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox.

5.) Permissionless: You dont have to ask anybody to use cryptocurrency. Its just a software that everybody can download for free. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper.

1.) Controlled supply: Most cryptocurrencies limit the supply of the tokens. In Bitcoin, the supply decreases in time and will reach its final number some time around the year 2140. All cryptocurrencies control the supply of the token by a schedule written in the code. This means the monetary supply of a cryptocurrency in every given moment in the future can roughly be calculated today. There is no surprise.

2.) No debt but bearer: The Fiat-money on your bank account is created by debt, and the numbers, you see on your ledger represent nothing but debts. Its a system of IOU. Cryptocurrencies dont represent debts. They just represent themselves. They are money as hard as coins of gold.

To understand the revolutionary impact of cryptocurrencies you need to consider both properties. Bitcoin as a permissionless, irreversible and pseudonymous means of payment is an attack on the control of banks and governments over the monetary transactions of their citizens. You cant hinder someone to use Bitcoin, you cant prohibit someone to accept a payment, you cant undo a transaction.

As money with a limited, controlled supply that is not changeable by a government, a bank or any other central institution, cryptocurrencies attack the scope of the monetary policy. They take away the control central banks take on inflation or deflation by manipulating the monetary supply.

While its still fairly new and unstable relative to the gold standard, cryptocurrency is definitely gaining traction and will most certainly have more normalized uses in the next few years. Right now, in particular, its increasing in popularity with the post-election market uncertainty. The key will be in making it easy for large-scale adoption (as with anything involving crypto) including developing safeguards and protections for buyers/investors. I expect that within two years, well be in a place where people can shove their money under the virtual mattress through cryptocurrency, and theyll know that wherever they go, that money will be there. Sarah Granger, Author, and Speaker.

Mostly due to its revolutionary properties cryptocurrencies have become a success their inventor, Satoshi Nakamoto, didnt dare to dream ofit. While every other attempt to create a digital cash system didnt attract a critical mass of users, Bitcoin had something that provoked enthusiasm and fascination. Sometimes it feels more like religion than technology.

Cryptocurrencies are digital gold. Sound money that is secure from political influence. Money that promises to preserve and increase its value over time. Cryptocurrencies are also a fast and comfortable means of payment with a worldwide scope, and they are private and anonymous enough to serve as a means of payment for black markets and any other outlawed economic activity.

But while cryptocurrencies are more used for payment, its use as a means of speculation and a store of value dwarfs the payment aspects. Cryptocurrencies gave birth to an incredibly dynamic, fast-growing market for investors and speculators. Exchanges like Okcoin, poloniex or shapeshift enables the trade of hundreds of cryptocurrencies. Their daily trade volume exceeds that of major European stock exchanges.

At the same time, the praxis of Initial Coin Distribution (ICO), mostly facilitated by Ethereums smart contracts, gave life to incredibly successful crowdfunding projects, in which often an idea is enough to collect millions of dollars. In the case of The DAO it has been more than 150 million dollars.

In this rich ecosystem of coins and token, you experience extreme volatility. Its common that a coin gains 10 percent a day sometimes 100 percent just to lose the same at the next day. If you are lucky, your coins value grows up to 1000 percent in one or two weeks.

Originally posted here:

What is Cryptocurrency: Everything You Need To Know [Ultimate ...

The blockchain market, cryptocurrency and ICO is growing at a tremendous rate. Every day in this area lots of information guides, new articles and analytics are published. To keep track of everything and find really important and useful materials, you need to spend a lot of time.

We are ready to do this for you! Our telegram channel ICOtoday is the source of the most necessary and up-to-date information about ICO and cryptocurrencies.

Looking at the ICO and want to figure out what's what for? On our channel you will find educational materials for those who make the first steps in crypto investment.

Want to invest in start-ups? We publish practical recommendations for investors, as well as an ICO calendar.

Are you interested in the current agenda? With a daily digest of news and analytics, you will always be aware.

Looking for authoring content? We are preparing our own materials, reviews and analytics.

Channel ICOtoday:

ICOtoday channel is the most important in one place.

Read more from the original source:

Cryptocurrency News - Bitcoin, Ethereum, NEO, ICO startups

Countries including Iran (leader Hassan Rouhani left), North Korea (Kim Jong-un center) and Venezuela (Nicolas Maduro) are turning to cryptocurrencies to circumvent U.S. sanctions

America's rivals are increasingly turning to bitcoin-style cryptocurrencies after their economies were brought to their knees thanks to crippling U.S. sanctions, experts have warned.

Iran, North Korea, Russia and Venezuela are all investing in the technology in an attempt to counter American economic might and an expert says these nations are forming alliances through the technology.

A form of digital money, cryptocurrency uses encryption to secure transactions and control the creation of new units. It uses cryptography, a form of secret coding originating from the Second World War, to process transactions securely. Its major appeal is it is untraceable.

U.S. sanctions work by placing bans on dealings and transactions with persons, nations and companies.

These prohibitions are often enforced with the help of mainstream financial institutions.

But cryptocurrencies do not operate within this established system. In fact, bitcoin and other cryptocurrencies were invented in part to sidestep the existing regulated financial system.

This means nations like Iran using or controlling such a currency would allow it to bypass certain measures, such as a ban on buying U.S. dollars or even facilitate arms deals.

In May, the United States pulled out of a deal to lift sanctions against Iran in return for curbs on its nuclear program a plan President Donald Trump has repeatedly blasted.

HACKER STEALS CRYPTOCURRENCY FROM MYETHERWALLET USERS

Soon after, Mohammad Reza Pourebrahimi, the head of the Iranian Parliamentary Commission for Economic Affairs, spoke about cryptocurrencies as a way for countries to avoid U.S. dollar transactions - as well as a possible replacement of the SWIFT international payment system.

And Alireza Daliri, a senior science and technology official of Iran's Presidential Office, said: We are trying to prepare the grounds to use a domestic digital currency in the country.

This currency would facilitate the transfer of money (to and from) anywhere in the world.

It can help us at the time of sanctions.

Darren Parkin, editorial director of cryptocurrency news website Coin Rivet, described how the adoption of cryptocurrencies is helping to push economic alliances between these states.

He pointed to the example of Iran and Russia working together to overcome the sanctions that affect them both.

He told Fox News: The problem the U.S. has is if they are dealing with fiat currency (currency that a government has declared to be legal tender) they can monitor the effect of the sanctions.

BITCOIN IS LEADING TO A HUGE UPSWING IN MONEY LAUNDERING, NEW RESEARCH SAYS

But if countries use cryptocurrency they have fallen below the radar of what the U.S. can see.

They're being pushed underground.

Venezuela also reportedly received help from Moscow when it was hit with sanctions, leading to food shortages, soaring prices, a healthcare collapse and a crime spree.

In February the South American nation launched a new cryptocurrency called petro that Nicolas Maduro, the socialist leader of Venezuela, described as 'kryptonite' against the power of the U.S. government.

An anonymous executive at a Russian state bank claims the Kremlin oversaw the creation of the petro after President Vladimir Putin signed off on it last year.

In February Venezuela launched a new cryptocurrency called petro; an anonymous executive at a Russian state bank claims the Kremlin oversaw the creation of the petro after Putin (pictured) signed off on it last year(AP)

The source told Time: People close to Putin, they told him this is how to avoid the sanctions.

This is how the whole thing started.

Last month Vladimir Gutenev, the first deputy head of the economic policy committee of the State Duma, said Russia should conduct transactions in cryptocurrencies linked to the value of gold to frustrate U.S. attempts to thwart deals on Russian weaponry and civilian goods.

"And Im sure that this will be a very interesting option for China, India, and other states as well," he added.

Meanwhile, Priscilla Moriuchi, a former NSA cybersecurity official, told The Hill North Korea earns an estimated $15 million to $200 million by mining and selling cryptocurrencies.

Pyongyang's army of hackers is also believed to have stolen cryptocurrency from organizations and individuals throughout the world.

As if states opposed to the U.S. exploiting cryptocurrency was not concerning enough, analysts have warned bitcoin and other cryptocurrencies are already being used to secretly move cash between sympathizers and terror cells throughout the world.

Nikita Malik, the author of a recent report by the UK-based Henry Jackson Society about online extremism called Terror In The Dark, said: The authorities must move urgently to increase their knowledge of terrorists activities in cyberspace and their use of technologies such as bitcoin.

By fundraising and making financial transactions online, terrorists and other criminals can avoid interference from financial regulators or other third parties who might otherwise take steps to prevent their operations.

Regulation in this area has to move carefully if we are to balance liberties with guarding against threats to our security but the time has come to deny extremists the space they need online to plan fresh atrocities.

Link:

Iran, North Korea and Venezuela turning to cryptocurrency to ...

Brian Fung

Policy reporter focusing on telecommunications, media, cryptocurrencies and competition

The price of bitcoin may be down, compared with last year's meteoric heights. But industry officials aren't waiting for the next spike in investor demand to launch a charm offensive targeting federal lawmakers and regulators who've taken an interest in cryptocurrencies.

Tech veterans and a number of high-profile cryptocurrency companies on Tuesday said they are forming the Blockchain Association, the first fully fledged lobbying group in Washington representing entrepreneurs and investors who are building off the technology behind bitcoin.

Joining the initial push are companies such as Coinbase and Circle, which operate some of the world's most popular virtual currency exchanges, as well as the technology start-up Protocol Labs. Investors, such as Digital Currency Group and Polychain Capital, are also among the founding members.

The group has already made its first hire: Kristin Smith, who was an aide to then-Sen. Olympia J. Snowe (R-Maine) and went on to lobby on blockchain issues for Overstock.com, the online retailer that in 2014 began accepting payments in bitcoin.

"I've been spending a lot of time doing a lot of the basic education work in this space, said Smith, who is expected to guide the trade group through its early steps. I'm excited to focus exclusively on these issues."

Policymakers have been confronted in recent months with an array of cryptocurrency issues as investors have flocked to bitcoin and other virtual currencies. The technology on which they're based raises novel questions about financial regulation in a digital age and in some cases, consumers have become the victims of scams that have attracted attention from state and federal regulators. Congressional hearings on cryptocurrency and recent decisions by the Securities and Exchange Commission have also highlighted bitcoin's and other cryptocurrencies' growing profile.

The Blockchain Association aims to become the cryptocurrency industry's top lobbying organization in Washington on policy issues, portraying itself as a voice for mainstream companies that want to work within the political system rather than circumventing it as companies such as Uber and Airbnb have done in the past.

Among its first priorities will be addressing how cryptocurrencies are treated under U.S. tax law, and explaining to policymakers how anti-money-laundering and know-your-customer regulations apply to the industry.

"The Blockchain Association is an effort to get the preeminent companies in the space together so [policymakers] know they're hearing from companies that welcome regulation when its appropriate, said Mike Lempres, Coinbase's chief legal and risk officer. Were not companies looking to game the system, but trying to develop a legal and regulatory system thatll stand the test of time."

This isn't the only time blockchain advocates have sought to play the Washington influence game. Half a decade ago, organizations such as the Bitcoin Foundation played a similar role. But it was a catchall organization representing industry as well as individual consumers; acting as a think tank, lobbying group and standard-setting body, all in one.

Now, the cryptocurrency field is far more developed, with distinct sectors and interest groups, said Jerry Brito, executive director of the Coin Center, a Washington-based cryptocurrency think tank. To see the rise of a purpose-specific trade group is a sign of the industry's growing maturity, he added.

"Were happy to see this organization stand up, Brito said. Its good to have more voices advocating for things we agree about. But probably more importantly for us, a lot of folks project 'trade association' onto Coin Center, and we're decidedly not that. When we get questions about the industry, we can send them to these folks."

Read the original here:

Get ready for Big Bitcoin: Cryptocurrency industry opens a D ...

Driving into the small town of Wenatchee, Washington, about three hours east of Seattle, a sign welcomes you to the "Apple Capital of the World." But not far from the abundant orchards, a very different industry is taking root. As unlikely as it may seem, this rural community has become a hub for cryptocurrency mining.

"Cryptocurrency justified the expense to build something that no one would otherwise build," said entrepreneur David Carlson, as rows upon rows of computer servers whirred away at the facility he set up here. "These things can run 24/7 making cryptocurrency."

He has big plans for his business, even if some Wenatchee residents don't like it.

"We want to grow ten times larger than we are now, and we can do it here, or we can do it somewhere, but we're going to do it," Carlson said.

Bitcoin is the best known, but it's just one of many digital forms of currency. These cryptocurrencies are decentralized; rather than being processed through banks, transactions are verified and recorded by individual users. Encrypted technology called blockchain keeps the transactions secure.

Bitcoin hit a highof over $19,700 in December 2017, though it's worth much less, about $6,300, today. Despite the volatility, rising values have fueled a whole new industry and legions of enthusiasts. At a recent cryptocurrency conference in Atlantic City, thousands gathered to explore new ideas and opportunities in the field.

"So I live off of bitcoin," said Kenn Bosak, who hosts "Pure Blockchain Wealth" on YouTube. "It pays my rent. I book my flights with cheapair.com. They accept bitcoin, Dash, all kinds of cryptocurrencies. I book my rooms with BitPay with my Visa card. My Lyft drivers accepts BitPay, that's bitcoin. So I'm all in. I use bitcoin in every aspect of my life."

Unlike dollars or other conventional currencies, cryptocurrency like bitcoin isn't issued by a government. It's created through a process called mining, which is leading to a virtual gold rush around the world.

Every time someone uses cryptocurrency to pay for something, it sets off a flurry of invisible activity. Computer servers, which can be located anywhere in the world, work to verify and process the transaction, racing to authenticate the exchange of digital money through complex transactions.

For doing this work, the machines (and their owners) are rewarded with new cryptocurrency. With a sufficient number of powerful computers, it can be a lucrative business.

That's what David Carlson's company, Giga Watt, is busy doing at his facility in Wenatchee. He started with just a few small machines, but with the help of investors, he's scaled up significantly. Now his rooms full of computer servers work feverishly to mine cryptocurrency around the clock.

David Carlson shows CBS News' Errol Barnett his cryptocurrency mining operation in Wenatchee, Washington.

CBS News

Each of the small machines makes roughly $1,500 worth of bitcoin every year, though the amount of profit fluctuates every day. As Carlson showed CBS News correspondent Errol Barnett around, the site hummed with the sound of giant industrial cooling fans.

"Every one of these things is like a thousand-watt hair dryer. So there will be a thousand of those hairdryers in this spot. So that's quite a lot of heat. Don't try it at home," Carlson said.

"This entire wall is the future, according to you," Barnett said.

"Yeah. The future of money right here," Carlson replied.

He plans to have 22 of his pods completed by the end of the year and all that computer power sucks up a huge amount of electricity.

"Our pods use one and a half megawatts, which is typically associated with, like, 600 homes," he said.

Powering his operation would cost a fortune most places, but Wenatchee has a competitive advantage: the Columbia River. Dams on the river generate cheap hydroelectric power, which has drawn crypto mining enthusiasts to this corner of the country.

Steve Wright, the general manager of the Chelan County public utility, says it has long been an economic engine for the region. "What we have seen more recently are industries like cryptocurrency that have come to the region for the same reasons that aluminum came here. Low-cost, reliable electricity," he said.

Dams on the Columbia River provide cheap power to the Pacific Northwest.

CBS News

But even here, there are limits.

"We have requests for service that would double the usage here in the county, and we're trying to figure out, you know, how are we going to deal with that, and what the implications would be for the people who live here," Wright said.

Because access to cheap power is key, crypto miners are racing to set up shop anywhere in the world they can find low rates. Cold climates are also preferred, to help reduce cooling costs.

But this tech boom is not without problems. Among the issues: the droning noise of all that equipment. The hum reverberates far beyond the walls. And some of the operations have sprung up in a decidedly makeshift fashion.

"Would you want to live next to one of these?" said Andrew Wendell, customer service director for the utility. "Not just the aesthetics, but also the noise. There's a lot of noise. They really do belong in an industrial setting."

He continues, "And it gives us a bit of a concern, because, quite literally, you could have a tractor trailer come in and load this thing up and move it out, literally overnight. And so it just begs the question, from a utility who is providing and building the infrastructure to support these, how long is our investment? When we build those, we are building for 40, 50, 60 years. This doesn't look like that long term."

Not only is he worried about miners abandoning Wenatchee and leaving behind expensive new power connections there are also safety concerns. Some mining setups push the infrastructure to the breaking point.

Industrial fans are needed to cool the rows of supercomputers that mine for cryptocurrency.

CBS News

Wendell shows us an example. "What we have here is a standard residential home, but this shed, about 10 by 10 here, off to the side with the fence, that's full of cryptocurrency mining operations."

He holds up the remnants of a frayed and melted underground electrical cable.

"This plastic insulation breaks down because there's so much heat?" Barnett asks.

"There's so much heat. It can't dissipate the heat. So the insulation breaks down, and then the cables go phase to phase. And when they go phase to phase, they combust. They arc and they can start a fire. And that's what happened [here], is a fire started," Wendell said. "The bottom line is, is that when you mix the cryptocurrency mining with traditional residential load, if you don't have things built and designed appropriately, you're going to have some problems."

He adds, "In this part of the country, a wildfire can spread and burn literally hundreds of homes. So we take that very seriously."

While some in Wenatchee are excited about the economic potential of cryptocurrency mining, many others are concerned about its massive power consumption and other risks.

"Nobody wants a fire, you know, like their apartment complex burning down, because someone is mining bitcoin," one resident said.

Some admit they don't fully understand it. "It's just going to drain our power, and that's really all I know," a local woman told us.

Facing overwhelming demand for power from cryptocurrency miners and increasing concern from the community, the utility placed a moratorium on new mining requests until they could agree on a solution. Local miners were not happy.

"They went overboard with their moratorium. It was kinda crazy for 'em to say, 'No, you can't do that. We're we're shutting everything down in the in the entire county,'" said Matt McColm. He was planning to set up a mining operation in his insurance office to generate some extra money for his 12-year-old son's college fund. He'd already ordered the equipment on Amazon. But now he'll have to move it all to a site a few hours away in Oregon instead.

"What you've got is is you've got is several large players that kind of salted the earth for everyone else. They're literally consuming large sections of our town and edging out the small ones," McColm said. "It's kinda rough, because I'd rather develop here locally... and put the money here in Wenatchee."

Earlier this month, the utility held a public hearing for input on the moratorium and the future of cryptocurrency mining in Wenatchee.

Some locals stood up to voice complaints about what the industry is doing to their town. "I read a lot about what bitcoin operators want, and what bitcoin is doing for them. I'm not hearing that it's doing anything much for us. This is a take, take, take, not a give," one woman said.

Others made the case to encourage business development, like the man who said, "I'd ask you guys to consider the very small operations that are existing right here in town. A large rate increase would drastically affect our business, putting some of us out."

Much of the concern about cryptocurrency mining is its volatility. With prices soaring one day and crashing the next, many worry the entire market could collapse. But advocates say they are missing the big picture a growing industry that's about more than just mining.

Malachi Salcido, another large-scale miner, says the rise of supercomputing, using specialized hardware and cheap power, can also enable things like artificial intelligence.

"And so it helps you to understand why in the world would you build a 30, 40-year asset for something that's only nine years old? I didn't. I built it for a new technology that will have many current and future iterations that we don't yet fully understand," he said.

He believes his investment will pay off, even if cryptocurrency fizzles.

"The demand internationally for power and networking for computing space is rising so rapidly that I'm very comfortable there will be demand for our location, even if crypto doesn't become the market it could."

Salcido, a Wenatchee native, wants to see his hometown benefit from the new industry. But for now, he must expand elsewhere.

"Our strategic goal is 500 megawatts within the next 5 years, and 5 to 10 percent of the global network. We are currently negotiating developments in northern Idaho, northern Oregon, and northern central California. Our choice is whether or not they happen here," he said.

A moratorium may stem the flood of miners arriving in Wenatchee, but it won't stop them from seeking out cheap power wherever they can find it.

In June, a cryptocurrency mining company called Coinmint took over a massive former Alcoa aluminum plant near the small town of Massena, in upstate New York. Coinmint is investing $700 million to turn it into a bitcoin mining behemoth. Once complete, it could be the largest in the world.

Aerial view of a former Alcoa aluminum plant near Massena, in update New York, which is being turned into a massive bitcoin mining facility.

CBS News

Back in Wenatchee, the only question for Dave Carlson is not whether to grow, but where.

"Cryptocurrency justified the expense to build something that no one would otherwise build," he said. "Supercomputing, A.I. can be the new export."

"So you're confident that you will grow, you're just concerned that it will be elsewhere because Wenatchee blinked at a critical moment?" Barnett asked.

Carlson agreed. "That's exactly right."

Originally posted here:

Cryptocurrency: Virtual money, real power, and the fight for ...

Electric producers aren't sure whether cryptocurrency "miners" are friend or foe.

The miners, who use powerful computers to generate bitcoin, ethereum and other cryptocurrencies by solving complex computational problems, are power hogs that can bring new sources of revenue for energy producers. But that revenue generally comes at a price: millions of dollars of investment in new power stations and lines.

For their part, utilities hesitate to commit those funds for fear the bottom will fall out of the cryptocurrency market, leaving them stuck with the bill for facilities no longer in use.

"Getting power companies to take cryptocurrency mining seriously has been a struggle," said JohnPaul Baric, chief executive of the MiningStore, which makes cryptocurrency mining technology. "Mining is still in its early days, and power companies say they aren't sure of its longevity."

It's not as if the power companies don't want the additional revenue. But in the case of Grant County in Washington State, more than 100 cryptocurrency miners are requesting power. Combined, they are asking for 1,700 megawatts of new power -- that's the equivalent of two nuclear power plants, or 1.5 times the power needs of the city of Seattle. Grant PUD's average electric load is about 600 megawatts.

"We, like any other utility, aren't set up to handle that kind of new demand," said Kevin Nordt, general manager for the Grant County Public Utility District, known as Grant PUD. "Trying to get that kind of infrastructure built would take many, many years and require millions if not billions of dollars in investment. There's a lot of risk involved because it's an nascent industry with a lot of unknown variables."

Cryptocurrency miners use large numbers of computer servers which use massive amounts of electricity -- to solve complex mathematical puzzles needed to create virtual currencies like bitcoin and ethereum. Bitcoin miners alone use more power than the entire country of Ireland. There are more than 2,000 different types of cryptocurrencies.

Grant PUD's popularity with cryptocurrency miners stems in part from its low price for electricity generated from power plants on the Columbia River, Baric said. Electrical expenses are often the highest costs for cryptocurrency miners.

"We are the most power-intensive business ever we use crazy amounts of power," Baric said. "Electricity costs matter."

The average cost of electricity in the U.S. is about 12 cents per kilowatt-hour. But Grant PUD sells its electricity for only 1 to 2 cents a kilowatt-hour, Baric said. Grant PUD is a nonprofit, community-owned hydropower utility based in Moses Lake, Washington, about three hours southwest of Seattle. Its power generation facilities cover 2,800 square miles.

Because of the intense demand, Grant PUD temporarily stopped accepting cryptocurrency mining customers so that it could develop new policies around the industry. The PUD decided to create a new customer class called the "evolving industry" class. The class wasn't meant only for cryptocurrency, but for any other radical, disruptive type technology that may take shape in the future, Nordt said.

The evolving industry class would price in the risk associated with creating new infrastructure for an industry without a long track record, he said.

"We needed to look at this differently," he said. "We don't know how regulatory and other issues are going to break for mining."

Miners, in the meantime, are also suggesting ways they can be of benefit to utilities. One example is for miners to use a utility's "peak load" capabilities that often sit idle. Most utilities build their facilities so they have capacity even for those very hot days in July and August, when everyone is running their air conditioners.

The miners could use that unused peak load capabilities throughout the year and stop mining when the utility needed the extra electricity on those hot summer days. Baric sells products that would automatically shut down the mining operations when the peak load was used.

"The actual physical mining units would just sit there idle and the staff would have the day off," Baric said. "The miners would know for those four or five hours on that hot July day, they will be disconnected."

Miners are also happy to take extra, unused electricity off the hands of producers, Baric said. Utilities inevitably create more energy than they use and generally allow that power to be burned off. Miners are instead willing to buy that access energy which is a benefit to producers, he said.

"Years ago people wondered if the internet would stay around, but suggesting that today would seems silly," Baric said. "That's the way it is with cryptocurrency; it's brand knew and people don't yet understand it yet. But it's here to stay."

View post:

Cryptocurrency "miners," utilities look for ways to get along ...

The emergence of cryptocurrencies into the mainstream discussion of financial investment has seen an increasing number of our clients considering whether cryptocurrencies, such as Bitcoin, may be acquired by their self-managed super fund (SMSF).

Cryptocurrencies are based on blockchain technology. Blockchain, in simple terms, is technology that allows records of truth without the need for a trusted intermediary, such as a bank. This allows information to be recorded on ledgersand verified through different users on the blockchain. This technology can be used to support cryptocurrencies, which function through blockchain systems and are similar to a digital currency.

The appeal of cryptocurrencies has a nexus with blockchain technology, as they theoretically have the potential to provide a decentralised currency that can be used as a replacement for or addition to current global currencies. This has driven interest in cryptocurrency investment and has created the need for new regulation of cryptocurrencies in Australia.

You can read more here.

The increasing number of investors into the cryptocurrency market in Australia is problematic for superannuation fund regulators, who now must determine how to monitor and regulate Australians who are keen to diversify their SMSF through cryptocurrencies.

The rules applied to traditional SMSF investment also apply to cryptocurrencies, with regulators focusing on whether SMSFs are providing a genuine retirement-directed investment. In determining whether SMSFs may be able to invest in cryptocurrencies, the Australian Taxation Office (ATO) will focus on two limbs:

The sole purpose test requires that a SMSF is maintained for the purpose of providing a retirement benefit for members. This limb can be satisfied where it can be shown that the individuals associated with the SMSF are not receiving any present day benefits, such as rebates or commissions, in relation to the investment.

Further, it is critical that the SMSFs cryptocurrency is held securely in a public IP address, and that evidence is maintained to show that the cryptocurrency belongs to the fund (and not to the individual who may be the registered owner).

This limits which cryptocurrencies can attract SMSF investment, with Australians opting to use more transparent currencies such as Bitcoin and Ethereum to avoid any issues of establishing currency ownership for audit purposes.

A significant issue facing crypto-investors is the high risk nature of cryptocurrencies, as SMSF trustees are required to exercise due diligence in relation to all investments made under the SMSF. Further, investment in crypto-currencies must be contemplated under the investment strategy of the fund, and perhaps under the trust deed (where that is prescriptive as to investments open to the fund).

It seems likely that SMSF investors incorporating cryptocurrencies into their investments have used cryptocurrencies to diversify their investments, rather than solely invest in cryptocurrency. It is difficult to see that a strategy allowing the whole or a substantial part of a funds assets to be invested in cryptocurrencies would be available to a prudent superannuation fund trustee.

Conclusion

The emergence of cryptocurrencies as a genuine financial investment has created new obstacles for SMSF regulators and investors alike, who now must navigate a volatile frontier of high risk investment and limited regulation.

The Government will inevitably provide further guidance regarding the regulation of cryptocurrencies, but until then, investors are faced with the challenge of investing in a financial asset that is not comprehensively regulated under the current legislation.

As it stands, Australians eager to diversify their SMSF with cryptocurrencies are able to do so, provided certain conditions are met. With the Government yet to provide any substantial guidance through regulation, this will be a space to watch.

Follow this link:

Cryptocurrency investment in SMSF - hallandwilcox.com.au

One of the biggest debates in trading is whether or not cryptocurrencies are in a bubble.

A look at history provides guidance in the current debate.

In the late 1990s, when a similar debate was raging over the potential bubble of internet stocks, a business article quoted an elderly couple whod quit their jobs to day trade.

P/Es [price to earnings ratios] dont matter, the wife was quoted as saying. And she was not alone in her view of the market.

During the late 1990s, EBAY traded at P/E ratios of several thousand; AOL traded at the relatively modest P/Es of a few hundred.

Those were the exceptions since most internet stocks were losing money and had no P/E.

P/E ratios measure currentshareprice relative to per-share earnings.

The current P/E ratio of the S&P 500 is approximately 25.

Back in the 90s, when Warren Buffett refused to invest in internet stocks because of the difficulty in valuing them, he was accused of being a dinosaur.

During the dotcom bubble, even the now venerable Amazon was mocked by traders saying, They lose $5 per book but theyll make it up in volume.

While Amazon turned the corner and then some thousands of companies used the same model to extinction.

Bill Gates started Microsoft in 1973; the company went public in 1986, and this was after nearly a decade of increasing profits. At the time, such a trajectory was required before approval to go public was granted.

In the late 1990s, all you needed to go public was a dot com at the end of your name. Barely established companies many less than three years old with little or no revenue, routinely went public.

In 20/20 hindsight its blindingly obvious, but at the time, when traders believe P/Es no longer matter, when companies go public on the strength of their dot coms, and when the advice of a legendary investor is ignored because it challenged the status quo, youre in a bubble.

All of this, mind you, was a matter of public record: P/Es are found right next to the stock price; all public companies provide extensive financial records; and Buffets comments were broadcast widely (but simply ignored by most traders).

The internet was in a bubble; all it took was for someone to be honest with themselves to recognize it.

Starting in 2003, and continuing for the next half decade, property values in most major American urban areas routinely increased 10-20% every six months. This often happened without any new construction in the area. The same property with the same properties around it would increase in value fueled by nothing more than perception.

The more real estate prices increased; the more desperate people became to buy real estate new buyers and those who already owned property.

The whole thing was fueled by irresponsible loans. Business reporters were well aware of liar loans.

Liar loans is a slang term for stated income loans. These were loans granted on the strength of a borrowers stated income without the necessary documents to prove it.

Theres only one reason why someone would state an income without verifying it: it is not their real income.

If nothing more than perception is increasing real estate values by unsustainable amounts, and this is all fueled by fraudulent loans, youre in a bubble.

In the late 1990s, you could hardly go to a party without someone regaling you with tales of the killings theyd made on the latest hot internet stock. In 2003 and beyond, the same could be said of the latest real estate deal. Though I wasnt around at the time, society parties in the roaring 1920s were likely filled with stories of the latest score on the stock market.

In all three cases, internet stocks, real estate, and stocks became a fad or an intense and widely shared enthusiasm for something, especially one that is short-lived and without basis in the objects qualities.

The best example of this comes from the so-called tulip mania, one of the first recorded speculative bubbles in history. Tulip mania was repeatedly referred to by Gordon Gekko in the 2010 movie Wall Street: Money Never Sleeps.

Suddenly, and without any good reason, in 1636 tulip prices in Europe increased exponentially before crashing spectacularly in 1637.

In the late 1990s, the answer to most concerns about internet stocks was that the internet was so powerful it would change the paradigm. Companies could justify exorbitant P/Es because the internet was going to allow them to grow at multiples wed never seen before; at least thats what the bubble participants kept repeating.

At one time, approximately one hundred automobile makers manufactured cars, most setting up shop in Detroit.

Today, three Chrysler, General Motors and Ford have survived. A few of the others were swallowed up by one of these three, but most faded into the dustbin of history as failed enterprises.

No one would disagree that automobiles and the internet have changed the world in profound ways, but this does not mean that each industry was not susceptible to a bubble.

While the jury is still out on cryptocurrency, it too may very well change the course of human history, but its still susceptible to a bubble.

Read the original here:

cryptocurrency Archives - Page 6 of 6 - The Industry Spread

Vela, the global leader in providing trading technology and market access technology software has partnered with worlds leading and trusted brand in the cryptocurrency space, CoinMarketCap. The partnership agreement with CoinMarketCap will allow Vela to add coverage of cryptocurrencies for its Market Data Feed service, SuperFeed.

The partnership will provide Velas institutional client base with a more widespread coverage of more than 1800 cryptocurrency coins and tokens that are supported by coinmarketcap. The CoinMarketcaps professional API will be integrated into Velas streaming market data feed, SupeFeed. It will enable broker-dealers, banks and other retail firms access to real-time and accurate cryptocurrency data alongside more traditional market data sources.

CoinMarketCap offers a wide range of specialised data on their website, delivering real-time and accurate coverage for both individuals and retailers. Now with this partnership, it can tap more individual data sources for most accurate data that are essential for backtesting cryptocurrency portfolio strategies.

Velas SuperFeed offers unmatched performances and users can rely on this board for all its trading purposes. It offers users with low-latency, normalized data without the need for any client infrastructure, optimized performances, and reliable market data feed. In addition to cryptocurrencies, it also covers more than 100 market data sources already available on SuperFeed including all major US and European markets and a growing range of Asian markets.

Jennifer Nayar, Chief Executive Officer at Vela

Jen Nayar, CEO at Vela commented:

We are very excited to be partnering with CoinMarketCap to provide our institutional clients with enterprise-grade access to the leading, independent source of cryptocurrency data. With crypto being one of the biggest disruptors in our space today, this agreement fortifies Velas entry into this innovative digital currency sector. We look forward to working with CoinMarketCap to deliver their world-leading cryptocurrency data to our institutional audience.

Brandon Chez, founder of CoinMarketCap said:

With our goal to remain the most trusted and accurate source of data for the cryptocurrency community, we are pleased to be partnering with Vela, a well-respected and independent technology leader in trading and market access. Adding, Together, we are able to extend our reach to major banks, broker-dealers, and institutional firms so that they can access our information directly.

See the rest here:

cryptocurrency coins Archives - The Industry Spread

"What the average Joe hears is how friends lost fortunes," said Alex Kruger, a former banker who has been trading in the cryptocurrency markets for some time. "Irrational exuberance leads to financial overhang and slows progress."

It is hard to know how many cryptocurrency investors are now in the red, with holdings worth less than the money they put in. Many who have lost money in recent months had gotten into the markets before the big run-up last year and their holdings are still worth more than their initial investments.

But by many metrics, more people put money into virtual currencies last fall and winter than in all of the preceding nine or so years. Coinbase, the largest cryptocurrency brokerage in the United States, doubled its number of customers between October and March. The startup Square began allowing the users of its mobile app, Square Cash, to buy bitcoin last November.

Almost all of the new customers on Coinbase and Square would be in the red if they bought cryptocurrencies at almost any point over the last nine months and held on to them.

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The damage is likely to be particularly bad in places like South Korea and Japan, where there was minimal cryptocurrency activity before last year, and where ordinary investors with little expertise jumped in with abandon.

In South Korea, the biggest exchanges opened storefronts to make investment easier for people who did not feel comfortable doing it online. The offices of one big exchange, Coinone, had just one customer walk in during a two-hour period in the middle of the day last week. An employee, Yu Ji-Hoon, said, "The prices of the digital tokens have fallen so much that people seem to feel upset."

Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $US90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $US25,000 loan. Her investments are now down about 90 per cent.

"I thought that cryptocurrencies would be the one and only breakthrough for ordinary hardworking people like us," she said. "I thought my family and I could escape hardship and live more comfortably but it turned out to be the other way around."

Bitcoin has dropped more than 50 per cent since the start of 2018.

In the United States, Charles Herman, a 29-year-old small business owner in Charleston, South Carolina, became obsessed with virtual currencies in September. He said he now felt that he had wasted 10 months of his life trying to play the markets.

While he is essentially back to the $US4000 he put in, he has soured on the revolutionary promises that virtual currency fanatics made for the technology last year and has resumed investing his money in real estate.

"I guess I thought we were 'sticking it to the man' when I got on board," Herman said. "But I think 'the man' had already caught on and had an exit strategy."

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Much of the anger that investors feel is toward the smaller virtual currencies, or alt coins, that entrepreneurs sold in so-called initial coin offerings. These coins were supposed to serve as payment mechanisms for new software the entrepreneurs were building.

But almost none of these companies have delivered the software they promised, leaving the tokens useless, except as speculative assets. Several coins have been exposed as outright scams.

"I think I'd like to see most alts go to zero before I feel like the whole space isn't overpriced," Herman said.

Bitcoin has generally held on better with investors. It is down about 70 per cent from all-time highs, rather than the 90 per cent losses that lesser-known digital tokens have suffered. But it, too, has struggled to win much use beyond speculative investments.

"We also saw that bitcoin isn't ready for mass adoption and day-to-day use," Herman said.

Despite this pessimism, the social networks where cryptocurrency fanatics gather to trade information are full of people talking about their intention to hold on to their coins in the hope that they will recover once the technology has time to catch up with the hype.

Tony Yoo, 26, a financial analyst in Los Angeles, invested more than $US100,000 of his savings last fall. At their lowest point, his holdings dropped almost 70 per cent in value.

But Yoo is still a big believer in the idea that these tokens can provide a new way to transact online, without the big corporate middlemen we rely on today. Many of the groups that raised money last year are still working on the products they promised, with lots of serious engineers drawn to the projects.

"There's just so much more behind this new wave of technology and innovation that I'm sure will take over our society in due time," Yoo said.

With prices down so much, he said he was actually looking to put more money into the markets.

That thinking has been encouraged by the people who invested in bitcoin in 2013, when it first topped $US1,000. That bull market was followed by a crash in which the price of bitcoin dropped more than 80 per cent. But after a long fallow period, the price recovered. Even with recent losses, the value of one bitcoin is hovering around $US6500 up more than 500 per cent from the peak of 2013.

"Five years ago, I was broke, unemployed, and ashamed to use my real name," Ryan Selkis, a popular virtual currency personality, wrote on Twitter last week.

"For the new fanatics, stick around for your own 14 month, 85% downdraft and you'll not regret it."

Twitter is also filled with complaints, like the one from a user named @Notsofrugaljoey, who wrote: "It's really hard to stomach losing all my hard earned money. Just broke down and cried."

On Reddit, a user in the United Arab Emirates posted a picture of the $US100,000 loan he had taken out in December to buy cryptocurrencies and that he will now be paying back out of his salary for the next three years.

Roberts, the British investor who has seen most of his $US23,000 vanish, is holding onto his coins in case they turn around. But for now he has stopped trading and is looking for another job.

"I'm living off the little savings I have left still in my bank account," Roberts said. "I've made a mistake and now I'm going to have to unfortunately pay the cost for the next few years."

The New York Times

Read the original here:

Cryptocurrency: The unlucky investors who got in at the wrong ...

SAN FRANCISCO Pete Roberts of Nottingham, England, was one of the many risk-takers who threw their savings into cryptocurrencies when prices were going through the roof last winter.

Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened.

I got too caught up in the fear of missing out and trying to make a quick buck, he said last week. The losses have pretty much left me financially ruined.

Mr. Roberts, 28, has a lot of company. After the latest round of big price drops, many cryptocurrencies have given back all of the enormous gains they experienced last winter. The value of all outstanding digital tokens has fallen by about $600 billion, or 75 percent, since the peak in January, according to data from the website coinmarketcap.com.

The virtual currency markets have been through booms and busts before and recovered to boom again. But this bust could have a more lasting impact on the technologys adoption because of the sheer number of ordinary people who invested in digital tokens over the last year, and who are likely to associate cryptocurrencies with financial ruin for a very long time.

What the average Joe hears is how friends lost fortunes, said Alex Kruger, a former banker who has been trading in the cryptocurrency markets for some time. Irrational exuberance leads to financial overhang and slows progress.

It is hard to know how many cryptocurrency investors are now in the red, with holdings worth less than the money they put in. Many who have lost money in recent months had gotten into the markets before the big run-up last year, and their holdings are still worth more than their initial investments.

But by many metrics, more people put money into virtual currencies last fall and winter than in all of the preceding nine or so years. Coinbase, the largest cryptocurrency brokerage in the United States, doubled its number of customers between October and March. The start-up Square began allowing the users of its mobile app, Square Cash, to buy Bitcoin last November.

Almost all of the new customers on Coinbase and Square would be in the red if they bought cryptocurrencies at almost any point over the last nine months and held on to them.

The damage is likely to be particularly bad in places like South Korea and Japan, where there was minimal cryptocurrency activity before last year, and where ordinary investors with little expertise jumped in with abandon.

In South Korea, the biggest exchanges opened storefronts to make investment easier for people who didnt feel comfortable doing it online. The offices of one big exchange, Coinone, had just one customer walk in during a two-hour period in the middle of the day last week. An employee, Yu Ji-Hoon, said, The prices of the digital tokens have fallen so much that people seem to feel upset.

Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 loan. Her investments are now down about 90 percent.

I thought that cryptocurrencies would be the one and only breakthrough for ordinary hardworking people like us, she said. I thought my family and I could escape hardship and live more comfortably, but it turned out to be the other way around.

In the United States, Charles Herman, a 29-year-old small-business owner in Charleston, S.C., became obsessed with virtual currencies in September. He said he now felt that he had wasted 10 months of his life trying to play the markets.

While he is essentially back to the $4,000 he put in, he has soured on the revolutionary promises that virtual currency fanatics made for the technology last year and has resumed investing his money in real estate.

I guess I thought we were sticking it to the man when I got on board, Mr. Herman said. But I think the man had already caught on, and had an exit strategy.

Much of the anger that investors feel is toward the smaller virtual currencies, or alt coins, that entrepreneurs sold in so-called initial coin offerings. These coins were supposed to serve as payment mechanisms for new software the entrepreneurs were building.

But almost none of these companies have delivered the software they promised, leaving the tokens useless, except as speculative assets. Several coins have been exposed as outright scams.

I think Id like to see most alts go to zero before I feel like the whole space isnt overpriced, Mr. Herman said.

Bitcoin has generally held on better with investors. It is down about 70 percent from all-time highs, rather than the 90-percent losses that lesser-known digital tokens have suffered. But it, too, has struggled to win much use beyond speculative investments.

We also saw that Bitcoin isnt ready for mass adoption and day-to-day use, Mr. Herman said.

Despite this pessimism, the social networks where cryptocurrency fanatics gather to trade information are full of people talking about their intention to hold on to their coins, in the hope that they will recover once the technology has time to catch up with the hype.

Tony Yoo, 26, a financial analyst in Los Angeles, invested more than $100,000 of his savings last fall. At their lowest point, his holdings dropped almost 70 percent in value.

But Mr. Yoo is still a big believer in the idea that these tokens can provide a new way to transact online, without the big corporate middlemen we rely on today. Many of the groups that raised money last year are still working on the products they promised, with lots of serious engineers drawn to the projects.

Theres just so much more behind this new wave of technology and innovation that Im sure will take over our society in due time, Mr. Yoo said.

With prices down so much, he said he was actually looking to put more money into the markets.

That thinking has been encouraged by the people who invested in Bitcoin in 2013, when it first topped $1,000. That bull market was followed by a crash in which the price of Bitcoin dropped more than 80 percent. But after a long fallow period, the price recovered. Even with recent losses, the value of one Bitcoin was hovering around $6,300 on Monday up more than 500 percent from the peak of 2013.

Five years ago, I was broke, unemployed, and ashamed to use my real name, Ryan Selkis, a popular virtual currency personality, wrote on Twitter last week. For the new fanatics, stick around for your own 14 month, 85% downdraft and youll not regret it.

Twitter is also filled with complaints, like the one from a user named @Notsofrugaljoey, who wrote: Its really hard to stomach losing all my hard earned money. Just broke down and cried.

On Reddit, a user in the United Arab Emirates posted a picture of the $100,000 loan that he had taken out in December to buy cryptocurrencies and that he will now be paying back out of his salary for the next three years.

Mr. Roberts, the British investor who has seen most of his $23,000 vanish, is holding on to his coins in case they turn around. But for now he has stopped trading and is looking for another job.

Im living off the little savings I have left still in my bank account, Mr. Roberts said. Ive made a mistake, and now Im going to have to unfortunately pay the cost for the next few years.

Follow Nathaniel Popper and Su-Hyun Lee on Twitter: @nathanielpopper and @esuhyuni.

Nathaniel Popper reported from San Francisco, and Su-Hyun Lee reported from Seoul, South Korea.

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After the Bitcoin Boom: Hard Lessons for Cryptocurrency ...

by Mary Ann Callahan

If you are here, then you have probably grown curious enough to find out more about the next big investment opportunity everyone has been screaming about. Techies call cryptocurrency the money of the future or digital gold, and skeptics refer to it as a bubble that will burst anytime soon or the biggest digital scam ever.

Needless to say, beyond the initial noise that surrounded the global rise of cryptocurrencies, there seems to be a growing interest and increasing curiosity about the potentials of these digital coins. New investors are attracted by the fact that cryptocurrency has managed to turn many who have been bold enough to put in their money into billionaires. This has raised a nagging question of what cryptocurrency is and what exactly you need to know before investing.

In clear and simple terms, cryptocurrency refers to digital money. Now, there are a lot of technical jargon and complex explanations that will be thrown at you if you seek a deeper knowledge into the origin and how crypto coins came to be.

So, well skip the part about the technology behind it and simply state that the first cryptocurrency which is Bitcoin was the product of Satoshi Nakamotos attempt to create a peer-to-peer electronic cash system. A genius creation, all the same, functions on blockchain technology and is completely decentralized, which means it is independent of banks, governments, and other institutions. Cryptocurrencies are also independent of any form of physical asset backing.

To buy or sell Bitcoin or any other cryptocurrency, you need to sign up for an exchange platform and begin trading. There are a number of options available to you if you decide to get in on the trade with cryptocurrency, be the market leader Bitcoin or any prominent altcoin. Still, each coin has its own specific value and dynamics, which you must understand before investing.

Asides the obvious fact that Bitcoin and other digital coins are hugely profitable, there are a lot of advantages that you stand to benefit from in buying cryptocurrencies over holding traditional assets and physical cash.

Stability: many people have probably told you about the highly volatile nature of cryptocurrencies, how they can be sky-high today and plummet to a disappointing low tomorrow. To be fair, they are right in their assessment, and its a known fact that digital coins are quite volatile. But, in the long run, having cryptocurrencies as a global store of value offers an advantage to people who live in regions with less monetary and political stability. The fact that cryptocurrencies are decentralized means the value of your investment is independent of the political and economic situation of any country. It is a world currency of some sort, and its value is universal, making it an excellent choice for investors whose traditional currency is quite unstable.

Anonymity: cryptocurrency offers a way to carry out transactions without leaving any digital or physical footprint. Transactions with digital coins are encrypted, which is the direct opposite of what operates with normal cash or credit card transactions. This eliminates the risk of frauds in form of counterfeit cheques and other illegalities that commonly plague regular transactions, as well as security challenges such as hacks, which can lead to huge losses.

Universally acceptable: as mentioned earlier, a decentralized system independent of political control means cryptocurrencies can be used globally without restrictions. Thus you can buy cryptocurrencies and hold them no matter where you are as long as you have access to the internet. With a global increase in the general acceptability of Bitcoin, some even foresee its potential to replace regular money in the near future and become a much more global form of exchange. However, this also leads to governments paying more attention to cryptocurrency regulation.

The answer to that question depends pretty much on your own view. Undeniable is the fact that cryptocurrencies are great investment options with huge potential for returns on investment. But whether you gain or lose when buying and selling digital coins depends on various factors, just like every other profitable business out there. The volatility of the coin makes it a lot easier to make huge profits but equally makes losing all your investment quite possible.

Trading cryptocurrencies and making profit from it isnt an automatic get-rich-quick scheme. There is a need to take your time to learn the process and understand how it works. Whether you decide to put your money in it at the end or not, should depend on your confidence in your ability to make it work more than anything else.

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What Every Investor Should Know Before Buying Cryptocurrency ...

Learn the fundamentals of investing in crypto

If you have toyed with the idea of utilising blockchain technology to dabble in cryptocurrencies, whats holding you back? If its lack of knowledge, there are plenty of resources out there that will purport to help. But theres only one that will give you the edge Cryptocurrency Investment Fundamentals.

Written by Australian innovator and cryptocurrency entrepeneur Beau Stoner, it is the go-to online course for anyone serious about exploring crypto investment opportunities. You dont have to be a tech genius to navigate this easy-to-follow tutorial. It will talk you through Bitcoin, Ethereum, Bitcoin Cash and Ripple as well as the Blockchain revolution behind them. A global YouTube sensation in cryptocurrency, Beau Stoner is an experienced Bitcoin investor.

He developed one of the worlds highest-rated cryptocurrency courses after attracting a global online following. Hosted by Udemy.com, Cryptocurrency Investment Fundamentals is rated 4.9 stars out of 5 making it the market-leading course for anyone interested in cryptocurrencies and crypto assets. With 471 ratings, this rich vein of information is the perfect starting block for anyone keen to learn more.

There are lots of reasons why people invest in cryptocurrencies without first assessing the risks. Some are attracted to Bitcoin because it restores anonymity lost through increased use of debit and credit cards. Its also a great alternative to traditional currencies because transactions are instant. Others see it as a get-rich-quick scheme. But to truly benefit from crypto, you have to understand how it works.

As Beau, founder of Cryptocurrency Australia, is keen to point out:

To avoid the most common pitfalls, you need to know the fundamentals first. I developed my course to teach potential investors about the risks as well as the benefits.

Cryptocurrency Investment Fundamentals explains in plain language how cryptocurrency exchanges work, how to set up an account and, importantly, how to negotiate Australian regulations. Many people go into cryptocurrency blind. They dont understand anti money laundering laws or know their obligations and rights as a consumer.

Cryptocurrency Investment Fundamentals will teach you how to buy and sell cryptocurrencies. It will show you how to store alternative currencies and use digital wallets. That is not all. This vital resource will also help you look after your online investments.

Beau says;

The internet is a virtual shark tank. There are any number of scams targeting cryptocurrency investors. Add to that the ever-present threats of hacks, phishing and pump and dumps, and you will understand the need to fully understand the crypto landscape before you invest.

Getting in quick is key to making a killing in cryptocurrencies. That is why Cryptocurrency Investment Fundamentals shows you how to identify a savvy investment. It will also teach you how to use key investment strategies to see the best returns. The motivational course is also designed to help you understand Australian-specific cryptocurrency tax and superannuation regulations.

The nine-segment training package, delivered in a chapter-style format, also offers information on how to find resources that will further increase your knowledge on investment fundamentals. It will even point you in the direction of thriving cryptocurrency communities.

If you are interested in cryptocurrencies, learn the basics before you invest. Beau says: I specifically developed this course to help students learn all about the fundamentals of cryptocurrencies, which is absolutely essential. Hundreds of hours of research have gone into the course to give students the absolute best introduction to cryptocurrencies and foundational blockchain technology.

Almost one thousand people have already studied Beau Stoners ground-breaking crypto course. Discover what it can do for your crypto investment opportunities today.

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Courses | Cryptocurrency Australia

Cryptocurrency is a common phrase in the tech world. Even though it has attracted thousands of subscribers, some arent aware of what a cryptocurrency wallet is.

Cryptocurrency wallet is software where you store your digital currency. The difference between losing your currency and safeguarding it depends upon the type of wallet you use. There are several types of cryptocurrency wallets. There are web-based services, offline services, and app-based services.

What is a Cryptocurrency Wallet and what are the Best Wallets?

A cryptocurrency wallet is a software you use to send and receive cryptocurrency tokens. These wallets let you check your balance of different coins.

Blockchain works uniquely. When the ledger gets updated, it goes across all nodes on blockchain structure. Besides, the wallets hold a record of transactions.

In the crypto ecosystem, the phrase ledger means database. But, a node is what crypto geeks refer to individual computers that operate and maintain blockchain.

Cryptocurrency wallets do not cut money like PayPal accounts or your average wallet. This is the difference between other online accounts and cryptocurrency wallets.

Importance of Protecting Crypto

Investing in cryptocurrencies isnt a bed of roses. You need to get a safe crypto wallet and deposit cash in it. This is the amount you will use in exchange to buy other coins. There are different entities involved in the crypto investment. They are all supposed to be working for the process to be natural. If any stops, the entire process is paralyzed.

Your hard drive, a removable disk, or your mobile phone is your bank vault in cryptocurrency industry. This has been brought by decentralization. Well, decentralization has eliminated middle-men in which investors have faith. But this comes with misfortunes. Still, having faith means you are responsible for ensuring your cryptocurrency is secure.

Cryptocurrency WalletsMyceliumMycelium wallet

This bitcoin wallet is convenient and easy to use. It was launched in 2008. It has had a strong history within the Bitcoin and cryptocurrency ecosystem. This app has an appealing interface which is easy to use. The taps provide options between different tasks.

It protects the Bitcoin address and the Private Keys by providing an all-in-one Bitcoin wallet security system using HD. HD, in other words, is Hierarchical Deterministic wallet security.

Be it as it may, this app uses the Microsoft Reference Source License. The MRSL helps to keep technology safe by providing unlimited for the underlying tech code.

The downside with the wallet is volatile transaction fees and unreliable customer service.

CryptonatorCryptonator Wallet

Tags: Wallet, Cryptocurrency wallet, Cryptocurrency, Even Though

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How To Choose The Best Cryptocurrency Wallet - Crypto News AU