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Bitcoin Buying Guide – An easy 3-step guide to buying your first Bitcoin

Looking for a guide to buying bitcoin? I wonder where to start? People have many misconceptions about bitcoin – the very first cryptocurrency widely known and accepted worldwide.
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Many people think, for example, that they are used only by hackers and clever people. However, bitcoin is actually becoming mainstream for everyone, from TigerDirect to Expedia.com to Dell and even Subway, who accept bitcoin payments.

Why so popular?

Well, bitcoin has many advantages over other currencies. For example, you can send someone a bitcoin as payment without contacting a bank intermediary (and get extra fees). It is also much faster than sending money through a bank transfer or wire transfer. You can send bitcoin to someone and get them to get coins in seconds.

With all this, it is not surprising that many people are now trying to buy bitcoin for the first time. However, it’s not as easy as going to your bank and withdrawing bitcoin – or going to the store and earning hard-earned money.

The system works a little differently. This guide to buying bitcoin will cover a few things you need to know before you buy – so you can buy safely and securely.

First, although the price may exceed $ 2,000 per coin, you don’t need to buy a whole bitcoin. In most places you can buy portions of bitcoins for only $ 20. So you can start small and go from there when you become more comfortable with how things work.

Second, this article is for general purposes only and should not be construed as financial advice. Bitcoin can be risky, and before buying you should consult with your financial advisor to find out if it is right for you.

So, here are 3 easy steps to buying bitcoins:

# 1 Get a Bitcoin Wallet

The first thing to do before buying coins is to get a virtual wallet to store the coins. This wallet is a text string that people can use to send you bitcoins.

There are a number of different types of wallets, including the ones you download to your phone or computer, online wallets and even standalone wallets for cold storage.

Most people prefer to have a wallet on their phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.

It is usually as simple as downloading a wallet to your phone as a program or downloading software to your computer from the main wallet website.
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# 2 Decide where to buy

There are several types of places you can buy and each one is a little different. There are online sellers who will sell you bitcoin directly for cash (either bank transfer or credit card).

There are exchanges where you can buy and sell bitcoins from others – similar to the stock market. There are also local exchanges that connect you with sellers in your area who want to sell.

There are also ATMs where you buy cash and get coins in your wallet in minutes.

Every bitcoin seller has its advantages and disadvantages. For example, ATMs are great for privacy, but they will charge you up to 20% of the current price, which is ridiculous. (At BTC $ 2000, that’s $ 400! So you pay $ 2400 instead of $ 2000).

No matter where you decide to buy, be sure to research and contact a trusted seller with a good reputation and strong customer service. The first buyers especially have questions and may need additional support to help them with the first transaction.

Take your time and explore the different places where you can buy before making a decision. Factors to consider include coin prices, surcharges, payment method and customer service.

# 3 Buy bitcoins and transfer them to your wallet

Once you’ve found a place to buy, prepare your funds (i.e. you can send a bank transfer or use Visa to top up your account). Then expect a good price. (Bitcoin prices always fluctuate 24 hours 7 days a week). Then place your order when you are ready.

Once your order is filled and you have the coins, you will want to send them to your wallet. Just enter your bitcoin address and get the seller to send you your bitcoin. You should see them in your wallet within minutes to an hour (depending on how fast the seller ships them).

Voila, you are now the owner of bitcoins. Now you can send coins to pay for other goods and services or stay on them for a rainy day.

And the last thing to remember: bitcoin is still in its infancy. There are huge price fluctuations, and currency can be risky. Never buy more bitcoins than you can afford to lose.

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How to Buy Bitcoin – Step One

The best way to learn about bitcoin, is to jump in and get a few in your “pocket” to get a feel for how they work.

Despite the hype about how difficult and dangerous it can be, getting bitcoins is a lot easier and safer than you might think. In a lot of ways, it is probably easier than opening an account at a traditional bank. And, given what has been happening in the banking system, it is probably safer too.
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There are a few things to learn: getting and using a software wallet, learning how to send and receive money, learning how to buy bitcoin from a person or an exchange.

Preparation

Before getting started, you will need to get yourself a wallet. You can do this easily enough by registering with one of the exchanges which will host wallet for you. And, although I think you are going to want to have one or more exchange wallets eventually, you should start with one on your own computer both to get a better feel for bitcoin and because the exchanges are still experimental themselves. When we get to that stage of the discussion, I will be advising that you get in the habit of moving your money and coins off the exchanges or diversifying across exchanges to keep your money safe.
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What is a wallet?

It is a way to store your bitcoins. Specifically, it is software that has been designed to store bitcoin. It can be run on your desktop computer, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins on things like thumb drives. If you are concerned about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions invested in bitcoin, put their investment on hard drives which they then put into a safety deposit box.
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*The Winklevoss twins are the ones who originally had the idea for a social networking site that became Facebook. They hired Mark Zuckerberg who took their idea as his own and became immensely rich.
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What do you need to know about having a bitcoin wallet on your computer?

Below you can download the original bitcoin wallet, or client, in Windows or Mac format. These are not just wallets, but are in fact part of the bitcoin network. They will receive, store, and send your bitcoins. You can create one or more addresses with a click (an address is a number that looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where you can copy and paste a number like this from a person you want to send money to and off it will go directly into that person’s wallet. You can even create a QR code which will let someone take a picture with an app on their phone and send you some bitcoin. It is perfectly safe to give these out – the address and QR code are both for my donations page. Feel free to donate!
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NOTE: This type of wallet acts both as a wallet for you and as part of the bitcoin system. The reason bitcoin works is that every transaction is broadcast and recorded as a number across the entire system (meaning that every transaction is confirmed and made irreversible by the network itself). Any computer with the right software can be part of that system, checking and supporting the network. This wallet serves as your personal wallet and also as a support for that system. Therefore, be aware that it will take up 8-9 gigabytes of your computer’s memory. After you install the wallet, it will take as much as a day for the wallet to sync with the network. This is normal, does not harm your computer, and makes the system as a whole more secure, so it’s a good idea.
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Bitcoin Qt

  • The original wallet.
  • This is a full-featured wallet: create multiple addresses to receive bitcoins, send bitcoins easily, track transactions, and back up your wallet.
  • Outside of the time it takes to sync, this is a very easy to use option.
  • Search for Bitcoin Qt wallet download to find their site.

Armory

  • Runs on top of Bitcoi Qt, so it has all of the same syncing requirements.
  • Armory allows you to back up, encrypt, and the ability to store your bitcoins off line.
  • Search for Bitcoin Armory Wallet to find their site.

If you don’t want to have that much memory used or don’t want to wait for your wallet to sync, there are good wallets that do not make you sync the entire history of bitcocin:

Multibit

  • A lightweight wallet that syncs quickly. This is very good for new users.
  • Search for Bitcoin Multibit Wallet to find their site.

Electum

  • In addition to being quick and light, this wallet allows you to recover lost data using a passcode.
  • Search for Bitcoin Electum Wallet to find their site.

After you get the wallet set up, take a few minutes clicking around. Things to look for:
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o There will be a page that shows you how many bitcoins are currently in your wallet. Keep in mind that bitcoins can be broken up into smaller pieces, so you may see a decimal with a lot of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).
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o There will be an area showing what your recent transactions are.
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o There will be an area where you can create an address and a QR code (like the one I have above). You don’t need the QR code if you don’t want it, but if you run a business and you want to accept bitcoin, then all you’ll need to do to accept payment is to show someone the QR code, let them take a picture of it, and they will be able to send you some money. You will also be able to create as many addresses as you like, so if you want to track where the money is coming from, you could have a separately labeled address from each one of your payees.
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o There will be an area with a box for you to paste a code when you want to send money to someone or to yourself on an exchange or different wallet.

There will be other options and features, but to start out with, these are the items that you should know about.

Getting Your First Bitcoins
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Now that you have a wallet, you will, of course, want to test them out.

The very first place to go is http://faucet.bitcoin.st/.

This is a website that gives out small amounts of bitcoin for the purpose of getting people used to using them. The original version of this was run by the lead developer of bitcoin, Gavin Andreson. That site has since closed and this site operates by sending out one or two advertisements a month. You agree to receive those messages by requesting the bitcoins. Copy and paste your new bitcoin address and enter a phone number to which you can receive an SMS. They send out an SMS to be sure that people are not continuously coming back for more since it costs nothing to create a bitcoin address. They will also send out once or twice a month advertisement to support their operation. The amount they send it trivial: 0.0015 BTC (or 1.5 mBTC). However, they process almost immediately and you can check to see that your address and wallet are working. It is also quite a feeling to get that portion of a bitcoin. (Non-disclaimer: I have no connection with this site and receive nothing if you use them. I simply think they are a good way to get your feet wet).

Congratulations! You have just entered the bitcoin economy.
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To get your feet a little wetter, you can go panning for gold. There are a number of services and websites out there that will pay you in bitcoin to do things like go to certain websites, fill out online surveys, or watch sponsored videos. These are harmless, and you can earn a few extra bitcoins this way, but it is important to remember that these are businesses that get paid when people click on the links on their sites. They are essentially kicking back a portion of what they get paid to you. There is nothing illegal, or even immoral about this (you might like what you see and make a purchase!), but they are frequently flashy and may not be completely straightforward. All the ones that I have tried (particularly bitvisitor.com) have paid out as advertised. It is interesting to experiment with these, but even with the likely rise in the value of bitcoin, you won’t become a millionaire doing this. So, unless you are an advertisement junkie, I would recommend you move on. If you would like to try, simply Google “free bitcoins” or something along those lines and you will find numerous sites.
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Buying Bitcoin Hand-to-Hand

Finally, this is going to be the real test of bitcoin. Can people easily trade them back and forth? If this can’t happen, then there can’t really be a bitcoin economy because retailers won’t be able to use it. If retailers can’t use it, what earthly good is it? Fortunately, this is not really a problem. iPhone is a bit of a hold out, but many smartphones have apps (mobile wallets) that will read QR codes and allow you to send bitcoin to whomever you want. You can also display a QR code of your address, or even carry a card in your wallet with your QR code to let people send bitcoin to you. Depending on what kind of wallet you have, you can then check to see if the bitcoins have been received.
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A couple of things to note:

  • When you set up your wallet, if you click around a bit, you will see an option to pay a fee to speed transactions. This money becomes available to a bitcoin miner as he/she/they process bitcoin information. The miners doing the work of creating blocks of information keeps the system up to date and secure. The fee is an incentive to the miner to be sure to include your information in the next information block and therefore “verify” it. In the short term, miners are making most of their money by mining new coins (check the section on What Are Bitcoins for more information about this). In the long term, as it gets harder to find new coins, and as the economy increases, the fees will be an incentive for miners to keep creating more blocks and keep the economy going. Your wallet should be set to pay 0 fees as a default, but if you want, you can add a fee to prioritize your transactions. You are under no obligation to pay a fee, and many organizations that process many small transactions (like the ones that pan for gold described above) produce enough fees to keep the miners happy.
  • In clicking around your wallet, on the transactions page or linked to specific transactions, you will see a note about confirmations. When you make a transaction, that information is sent out into the network and the network will send back a confirmation that there is no double entry for that bitcoin. It is smart to wait until you get several confirmations before walking away from someone who has paid you. It is actually not very easy to scam someone hand-to-hand like this, and it is not very cost-effective for the criminal, but it can be done.

Where can you buy bitcoin like this?

  • You may have a bitcoin Meetup in your area.
  • You can check out localbitcoins.com to find people near you who are interested in buying or selling.
  • Some are trying to start up local street exchanges across the world. These are called Buttonwoods after the first street exchange established on Wall Street in 1792 under a buttonwood tree. See if there is one, or start one, in your area.
  • See if you have any friends who would like to try bitcoins out. Actually, the more people who start using bitcoin, the larger and more successful it will be come. So please tell two friends!

Some people ask if it is possible to buy physical bitcoins. The answer to this is both a yes and a no. Bitcoin, by its very nature, is a digital currency and has no physical form. However, there are a couple of ways that you can practically hold a bitcoin in your hands:

  • Cascascius Coins: These are the brainchild of Mike Caldwell. He mints physical coins and then embeds the private keys for the bitcoins inside them. You can get the private key by peeling a hologram from the coin which will then clearly show that the coin has been tampered with. Mike has gone out of his way to ensure that he can be trusted. These are a good investment strategy as in the years to come it may be that these coins are huge collector’s items.
  • Paper Wallets: A paper wallet just means that rather than keeping the information for your bitcoin stored in a digital wallet, you print the key information off along with a private key and keep it safe in a safe, in a drawer, or in your mattress (if you like). This is highly recommended and cost effective system for keeping your bitcoin safe. Keep in mind, though, that someone could steal them or if your house burns, they will go with the house and there will be no way to get them back. Really, no different than cash. Also, as with Casascius Coins, they will not really be good for spending until you put them back into the computer.

* There is software to make printing your paper wallets easier. bitcoinpaperwallet.com is one of the best and includes a good tutorial about how to use them.

* The bitcoins are not actually in the wallet, they are still on the web. In fact, the outside of the wallet will have a QR code that will allow you ship coins to the wallet any time you like.

* The sealed part of the wallet will have the private key without which you cannot access the coins. Therefore, only put as many coins on the wallet as you want to be inaccessible. You will not be able to whip this thing out and take out a few coins to buy a cup of coffee. Rather, think of it as a piggy bank. To get the money, you have to smash it. It is possible to take out smaller amounts, but at this point the security of the wallet is compromised and it would be easier for someone to steal the coins. Better to have them all in or out.

* People who use paper wallets are usually security conscious, and there are a number of ways for the nefarious in the world to hack your computer. Bitcoinpaperwallet.com gives a lot of good advice about how to print your wallets securely.
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Some people have also asked about buying bitcoins on eBay. Yes, it is possible, but they will be far overpriced. So, selling on eBay might seem to be a better option given the extreme markup over market value you might see. But, as with anything that is too good to be true, this is too good to be true. As I will explain in the next section, selling bitcoin this way is just way too risky.

How Not to Buy Bitcoin

In the next section, I am going to explain a couple of key points about buying from Bitcoin Exchanges. Before I do, let me give you a warning.

A short history lesson: When people first started setting up actual business based on bitcoin, they used all of the tools available to any merchant. They sold by credit card and PayPal. The problem with this business model was quickly spotted: bitcoin transactions are not reversible by anyone except the recipient of the money. Credit cards and PayPal have strong buyer protection policies that make it relatively easy for people to request a chargeback. So, nefarious individuals realized this and began making purchases of bitcoin and then sooner or later requesting a chargeback. And, since bitcoin is a non-physical product, sent by new and poorly understood technological means, the sellers were not able to contest this. Because of this, sellers stopped accepting credit cards and PayPal.

This was a big problem for the currency: How to move money between buyers and seller? Some business emerged that would credit you with bitcoin if you wired them money. Very often these businesses would give addresses in Albania, Poland, or Russia. The fact is that many of these did work and there are a lot of stories on the forums of people who bought bitcoins this way. But it took a lot of time and in the meantime the buyer just had to bite his or her fingernails wondering if they would get their bitcoins or kiss their investment goodbye.

I expect that as bitcoin becomes more acceptable and valuable, we are going to see a version of the Nigerian Prince scam. So the warning is this: we now have exchanges and other businesses that allow for moving money easily onto and off of exchanges. Never wire money for bitcoin. It was a short-lived, and well-forgotten, moment in the history of bitcoin.

Next, I will be talking about how to buy from a bitcoin exchange and give a review of the some of the best known exchanges.

About Bitcoin and Bitcoin Trading

Bitcoin is a cryptocurrency created in 2009 by an unknown person under the pseudonym Satoshi Nakamoto. Although the currency has been around for a long time, its popularity grew a few years ago when merchants began accepting it as a form of payment. In addition to using it for transactions, you can also trade it for huge profits.

Advantages of currency trading

There are many reasons why you should consider buying currency. Some of these reasons include:

Ease of entry: Unlike the stock market and other trading channels, the Bitcoin market has virtually no barriers to entry. All you have to do is identify a seller you can buy from. If you’re interested in selling, identify a buyer and you’re good to go.

Global: You can trade currency from any part of the world. This means that a person in China can buy or sell Bitcoin to a person in Africa or anywhere else. This makes the currency significant as it is not influenced by the economy of a single country.

It is unstable: Like other currencies in the foreign exchange market, Bitcoin is highly volatile. This means that it changes its price quickly due to small shifts in the economy. If you take advantage of the changes, you can make huge profits.

Round-the-clock trading: Unlike the stock market, which operates during business hours, Bitcoin trading takes place around the clock. Trading restrictions are only on you – not on time.

How to get bitcoins

If you are interested in entering the market, you can use many ways to get currency. Some of the ways you can use it include:

Buying on the stock exchange: Here you need to get into the market and you will find people willing to sell the currency. You should identify a reputable seller and place an order.

Transfers: You can also get Bitcoin from a friend. Here, a friend has to send you currency through an application located on a computer or phone.

Extraction of minerals: This is the traditional way to get coins. In this method, you use a computer to solve complex math puzzles. After successfully completing a puzzle, you are rewarded with coins. Although this method is free, it usually takes a lot of time.

Conclusion

Here’s what you need to know about Bitcoin and trading it. When you own a currency, you can choose to store it in your digital wallet or trade it.

Advantages of digital currency

If you read technology, you know about a new type of currency that has been created. You may have read about Bitcoin, for example. If you haven’t gone into detail, you might be asking yourself questions about the benefits of this digital currency. If you have no idea about it, you should read this article.

Advantages of digital currency

Inexpensive transactions

Fees for digital currency transactions are much lower than PayPal or credit card transactions. Sometimes you don’t have to pay a transaction fee. So it saves you a lot of money.

No commission for international translations

Since digital money is used online, there are no borders. Generally, you need to pay fees when you want to send money abroad, which eliminates currency conversion costs. On the other hand, it costs nothing to send digital currency anywhere in the world. You won’t pay anything as long as you can wait a while for the currency to be sent.

No commission per account

Today, most banks charge their customers a monthly fee. Sometimes some banks also charge hidden fees from time to time. Basically, anyone can sign up for a free digital wallet online without paying any fees or hidden charges.

Easy account creation

You know that opening a bank account is a time-consuming process, as you need to provide a lot of personal information, such as your address and ID. Apart from this, they also conduct a background check.

Alternatively, you can create a currency account without providing personal information if you do not wish to use a service that requests personal information. And the beauty of the system is that it offers a 100% acceptance rate. All you need to do is open the digital currency website on your computer or mobile phone and then create an account. You don’t have to go to the company’s office to create an account. Your account will be created within a few minutes.

This is an investment

The common form of money tends to lose its value over time due to several factors such as inflation. However, digital currency is a form of investment. Most types of currency have a fixed period after new coins are created.

As more and more people turn to digital currency, demand grows. As a result, the value of your digital money increases. This is a kind of return on your investment. So you don’t have to go to a rich country to see your money grow in value. As the digital currency is growing at a rapid pace, the number of users is increasing. So, this is the right time to make an investment and reap the benefits.

Takeaway

So, if you have been looking forward to investing in digital currency, we suggest you re-read this article again. Let’s hope you can get the most out of your investment down the road.

How Blockchain Can Enhance Marketing Strategies

Blockchain is a technology that has blossomed at an incredible pace. When Bitcoin was launched, blockchain technology was limited to cryptocurrencies. Today, more and more industries are exploring the benefits of this technology. Marketing is one industry that is benefiting greatly from blockchain. This technology solves the main problems facing the marketing industry.

Moreover, every business wants to establish a strong online presence in today’s highly competitive digital market. Therefore, businesses want to make sure that they are well prepared for their marketing strategies. This is where blockchain comes in handy as a technology that can revolutionize the marketing and advertising industry. Blockchains can be programmed in most programming languages ​​of your choice, such as C/C++, Java, Python, Solidity, etc. If you want to learn these languages, you can find the best community-recommended programming tutorials on Hackr.io. For example, here are the best tutorials for learning Java. To learn more about Blockchain, one can always refer to several online blockchain tutorials and get a good understanding of it. Read on to learn more about how blockchain can boost marketing.

Understanding Blockchain

A blockchain can be compared to a database. A blockchain consists of several blocks that are linked together to form a chain. Each block stores information. Information stored in these blocks can be shared with desired users in a peer-to-peer (P2P) network.

Blockchain is secured using cryptographic technologies to prevent unauthorized people from tampering with the data. Data stored in blocks follows a set of consensus-based algorithms. This means that when data is stored by mutual consent, users are not allowed to edit, delete or add data to blocks.

Whenever a transaction takes place, be it contractual agreements or the exchange of information or money, the transaction is executed as a block. A block must be verified by all users in the P2P network, and once verified, a permanent digital record is created. Once completed, the block is added to the chain.

The technology behind blockchain has made it fully auditable and transparent. It has no central point of authority, nor does it have a single point of failure or control. Therefore, transactions made using this technology are completely secure and transparent.

Blockchain and the Marketing Industry

Blockchain technology has revolutionized the modern marketing industry. Here are a few ways blockchain can boost your marketing strategies:

1. Targeting and engaging the right audience

When it comes to online advertising, most advertisers hardly succeed in targeting the right consumers despite having their behavioral data. Most marketers have a lot of consumer data, and they still pay exorbitant fees to middlemen who do the advertising. Despite ​​​​​​all this, they still cannot attract and target the right audience.

Blockchain is very useful as an effective means of targeting the right audience for advertising. Blockchain creates a decentralized search engine where advertisers can easily reach their target audience. Through blockchain, advertisers can also compensate target customers with tokens if they provide their personal data to advertisers. Every time a person clicks on an ad, they get paid. People see only the ads they’re interested in, so only the right audience is targeted and engaged.

2. Prevention of ad fraud

Ad fraud is a growing problem for marketers and advertisers. Paying for fake impressions and clicks is a common trend today. Therefore, ad fraud distorts analytics and this affects marketing strategies and decisions.

Blockchain technology is coming to display clicks on advertising platforms in real time. It also helps marketers by renting out their ad space and driving quality traffic. This way, clicks are authenticated, which prevents ad fraud.

3. Creation of reward systems and loyalty programs

Customers never forget when they feel special. Loyalty programs work well with sales because they make customers feel special. Blockchain can be used to create memorable customer experiences. Gift cards can be attached to the blockchain, creating a secure platform for maintaining and issuing loyalty programs and gift cards.

If customers accumulate gift cards and are unable to redeem or use them, they will have a negative impression of the brand. With blockchain, gift cards can be converted into digital wallets or coins, making it easier for customers to use or redeem them. Additionally, different gift cards and coupons can be combined and used in a single transaction. This concept can save marketers thousands of dollars on their marketing strategies.

4. Crowdsourcing and data collection

Good data is extremely powerful for marketers. Despite having dozens of marketing tools and trying different marketing strategies, most marketers still can’t get accurate and high-quality customer data. Accurate data can only be provided by the customers themselves.

But how does a marketer get customers to share their data? This is where crowdsourcing and blockchain come in handy as a way to encourage customers to share their data. In return, they get some compensation, making it a win-win situation for both parties. Thus, the data obtained is very relevant and authentic.

5. Decentralization of electronic commerce

Blockchain decentralizes the way consumers buy things online. The technology can be used by marketers to create decentralized marketplaces where traders can sell their products or services directly to consumers without the need to use expensive third-party platforms.

6. Influencer Marketing

Consumers tend to believe what other consumers say about a brand, not what a marketer claims. Blockchain allows you to take advantage of influencer marketing. With the help of blockchain technology, marketers can verify the identity of influencers, verify their followers and receive a guarantee for their investment.

7. Eliminating the need for intermediaries

Marketing involves finance, which means dealing through banks. Blockchain technology comes with digital wallets and eliminates the need to conduct transactions through banks. Blockchain ensures seamless operation of transactions and reduces costs associated with transactions through banks that act as intermediaries.

As competition in the digital world continues to grow, marketers must look for innovative ways to improve their marketing strategies. Blockchain technology has proven to be a great tool that can enhance marketing strategies. Although this technology is still new in the marketing world, it is already becoming a reliable alternative to other marketing tools such as Google banner ads and pay per click. Leveraging its full potential can undoubtedly benefit markets by creating a transparent, authentic and secure customer experience.

5 benefits of trading cryptocurrencies

When it comes to trading cryptocurrencies, you have to consider whether your chosen market will go up or down in value. And interestingly, you never own the digital asset. In fact, trading is done using derivative products such as CFDs. Let’s take a look at the benefits of trading cryptocurrencies. Read on to learn more.

Volatility

Although cryptocurrency is a new market, it is quite volatile due to short-term speculative interest. The price of Bitcoin fell to $5,851 from $19,378 in 2018 in just one year. However, the value of other digital currencies is quite stable, which is good news.

What makes this world so exciting is the volatility of cryptocurrency value. Price movements offer traders many opportunities. However, it also comes with a lot of risk. So, if you decide to explore the market, just make sure you do your research and have a risk management strategy in place.

Hours of work

Generally, the market is open for trading 24/7 because it is not regulated by any government. Moreover, transactions are made between buyers and sellers all over the world. There may be short interruptions when the infrastructure is updated.

Improved liquidity

Liquidity refers to how quickly a digital currency can be sold for cash. This feature is important because it allows for faster transaction times, better accuracy and better pricing. As a rule, the market is illiquid, since financial transactions take place on different exchanges. Therefore, small transactions can make big changes in prices.

Impact on leverage

Because CFD trading is considered a leveraged product, you can open a position on what we call “margin”. In this case, the cost of the deposit is a fraction of the trade value. So you can enjoy great market access without investing a lot of money.

Losses or gains will reflect the value of the position at the time it was closed. Therefore, if you trade on margin, you can make huge profits by investing a small amount of money. However, it also increases losses, which can exceed your deposit on the trade. So make sure you take into account the total value of the position before investing in CFDs.

In addition, it is important to ensure that you follow a solid risk management strategy, which should include proper limits and stops.

Fast account opening

If you want to buy cryptocurrencies, make sure you do it through an exchange. All you have to do is sign up for an exchange account and store currency in your wallet. Keep in mind that this process can be restrictive and take a lot of time and effort. However, once the account is created, the rest of the process is pretty smooth and hassle-free.

In short, these are some of the most notable advantages of trading crypto currency here and now. I hope you find this article very useful.

A forgotten two-dollar bill

When you look in your wallet, you may find a $1, $5, $10, $20, even $50 or $100 bill, but you’ll almost never see a $2 bill with Thomas Jefferson on the front. The $2 bill has had an unfortunate history in the US economy, but it is perfectly legal tender.

In 1862, the federal government printed the first nationalized paper bills. The only bills that were printed were $1 and $2. Nationalized coins have been in circulation for at least the last sixty years. Therefore, the federal government was not sure how the public would react to the use of paper money for the first time.

By the early 20th century, the average worker earned $15 a month. Inflation slowly reduced the value of paper money, but then the Great Depression plunged the economy into chaos. Most things cost a lot and most people didn’t have much money. Paper money was rarely used. Therefore, owning $2 bills was considered a luxury that only the rich could afford. It has even become known as a “shadow” account, used for shady exchanges such as gambling, prostitution and under-the-table deals.

After the economy recovered, $2 bills were rarely printed because the federal government began printing many new $5, $10, and $20 bills between 1928 and 1950.

By 1966, the federal government didn’t know what to do with the bill, so it stopped printing them altogether. However, they returned to circulation in 1976. Nevertheless, the average consumer began to hide them as collectibles. A few years ago, I remember receiving a crisp new $2 bill from my uncle for Christmas, encased in a special leather case. He gave the whole family the same gift. Everyone was so impressed that we wondered how much he paid for it. “Two $1 bills,” he said.

One common misconception is that the $2 bill is no longer in circulation. However, this is not the case, as the official Bureau of Engraving lists the $2 bill as one of the smaller denominations of US currency. Today, millions of such bills have been reprinted in circulation. However, people still stop when they are handed a $2 bill to change; they think they’ve either been given a collector’s item that’s worth more money, or it could be some new novelty that the government has started printing.

Although the $2 bill is not enough, it is perfectly legal to use it to buy anything. But if you get stopped because the cashier thinks the bill is fake, you’re now ready to talk about its history.

An introduction to blockchain technology for beginners

These days, technology is reaching new heights of success at an incredibly fast pace. One of the latest triumphs in this direction is the evolution of Blockchain technology. New technology has had a profound impact on the financial sector. In fact, it was originally designed for Bitcoin, a digital currency. But now it finds its application in a number of other things.

It must have been easy to get this far. But no one knows what Blockchain is yet?

Distributed database

Imagine a spreadsheet being copied countless times over a computer network. Now imagine that a computer network is designed so intelligently that it regularly updates the table on its own. This is a broad overview of Blockchain. Blockchain stores information as a shared database. Moreover, this database is continuously reconciled.

This approach has its advantages. It does not allow you to keep the database in one place. The records in it have a real public attribute and can be verified very easily. Since there is no centralized version of the records, unauthorized users cannot manipulate or damage the data. Blockchain’s distributed database is hosted on millions of computers at the same time, making data easily accessible to almost anyone on the virtual network.

To make a concept or technology more clear, the analogy of Google Docs is worth discussing.

The Google Docs analogy for Blockchain

Since the advent of e-mail, a common way to exchange documents is to send a Microsoft Word document as an attachment to the recipient or recipients. Recipients will take the time to review it before sending back a revised copy. With this approach, you have to wait until you receive the return copy to see the changes made to the document. This is because the sender cannot make corrections until the recipient has finished editing and sent the document back. Modern databases do not allow two owners to access the same record at the same time. In this way, banks maintain the balances of their customers or account holders.

Unlike established practice, Google Docs allows both parties to access the same document at the same time. In addition, it also allows both to view the same version of the document at the same time. Just like a shared book, Google Docs also acts as a shared document. The distributed part becomes relevant only when the sharing involves multiple users. Blockchain technology is in some ways an extension of this concept. However, it is important to note here that Blockchain is not designed to exchange documents. Rather, it’s just an analogy to help you get a clear picture of this cutting-edge technology.

The salient features of Blockchain

Blockchain stores blocks of information across the network that are identical. By virtue of this feature:

  • The data or information cannot be controlled by any single entity.
  • Nor can there be a single point of failure.
  • The data is stored on a public network, which ensures complete transparency of the overall procedure.
  • The data stored in it cannot be damaged.

Demand for Blockchain developers

As mentioned earlier, Blockchain technology has a very wide application in the world of finance and banking. According to the World Bank, in 2015 alone, remittances worth more than US$430 billion were sent through it. Hence, Blockchain developers are in high demand in the market.

Blockchain eliminates the payment of intermediaries in such monetary transactions. It was the invention of the GUI (Graphical User Interface) that made it easier for the common man to access computers in the form of desktops. Similarly, the wallet application is the most common GUI for Blockchain technology. Users use the wallet to buy what they want using Bitcoin or any other cryptocurrency.

What is the point of Blockchain?

Blockchain is a unique invention: the brainchild of a man or group of men known as Satoshi Nakamoto. But it has since evolved into something more significant, and the big question everyone is asking is: What is Blockchain?

By allowing digital data to be distributed but not copied, blockchain technology has created the foundation for a new kind of Internet. Originally developed for digital currency, the technology of the Bitcoin community (Buy Bitcoin) is now finding other potential benefits for the technology.

Bitcoin is called “digital gold” and for good reason. So far, the total value of the currency is about 9 billion US dollars. And blockchains can create other types of numerical values. Like the Internet (or your car), you don’t need to know how the blocker is using it. However, the basics of this new technology demonstrate why it is considered revolutionary.

Durability and reliability of the blockchain

Blockchain technology is similar to the Internet to integrate its strength. By storing identical blocks of information across your network, a blockchain cannot:

1. Has no single point of failure.

2. To be controlled by any individual entity.

Bitcoin was invented in 2008. Since then, the Bitcoin blockchain has operated without significant disruption. (So ​​far, all the problems associated with Bitcoin have been caused by hacking or mismanagement, in other words, these problems arise from bad intentions and human error, not from the imperfection of the underlying concepts).

The Internet itself is almost 30 years old. This is a record that is good for blockchain technology because it is still developing.

Who will use the blockchain?

As a web infrastructure, you don’t need to know blockchain to be useful in your life.

Finance currently offers the most impactful use cases for technology. For example, international payments. The World Bank estimates that more than $430 billion in remittances were sent in 2015. And now there is a huge demand for development engineers.

Blockchain potentially cuts out the number of middlemen for this type of transaction. Personal computing became more accessible to the general public with the invention of the graphical user interface (GUI) that shaped the “desktop”. Also, the most common GUIs designed for Blockchain are named as follows. Wallet apps that people use to buy things with bitcoins and store them in other cryptocurrencies.

Online transactions are closely related to identity verification processes. It’s easy to imagine that portability applications will change in the coming years to include other types of identity management.

http://counos.io

Is cryptocurrency the future of money?

What will the future of money look like? Imagine walking into a restaurant and looking at a board with a digital menu of your favorite combo meal. Only instead of being $8.99 it shows as 009 BTC.

Could crypto really be the future of money? The answer to this question depends on the general consensus on several key decisions, from ease of use to security and regulations.

Let’s look at both sides of the (digital) coin and compare and contrast traditional fiat money with cryptocurrency.

The first and most important ingredient is trust.

It is very important that people trust the currency they use. What gives the dollar its value? Is it gold? No, the dollar has not been backed by gold since the 1970s. So what is it that gives the dollar (or any other fiat currency) value? Some countries’ currencies are considered more stable than others. Ultimately, people believe that the government that issued the money stands firmly behind it and essentially guarantees its “value.”

How does trust work with Bitcoin as it is decentralized meaning they are not the governing body that issues the coins? Bitcoin resides on a blockchain, which is basically an online ledger that allows the world to view every transaction. Each of these transactions is verified by miners (people who work on computers in a peer-to-peer network) to prevent fraud and to ensure that there is no double spending. In exchange for their services in maintaining the integrity of the blockchain, miners are paid for each transaction they verify. Since there are countless miners trying to make money, each one checks each other’s work for errors. This proof of work process is the reason why the blockchain has never been hacked. In essence, this trust is what gives Bitcoin its value.

Next, let’s look at trust’s closest friend, security.

What if my bank gets robbed or there is fraudulent activity on my credit card? My bank deposits are FDIC insured. Chances are my bank will also reverse any charges on my card that I never made. That’s not to say that criminals won’t be able to pull off tricks that are, to say the least, frustrating and time-consuming. It’s more or less the peace of mind that comes from knowing that I will most likely be healed of any wrongs against me.

In crypto, there are many options when it comes to where to store your money. Knowing whether your transactions are secured is essential for your protection. There are reputable exchanges like Binance and Coinbase that have a proven track record of fixing bugs for their customers. Just as there are fewer reputable banks around the world, the same is true in cryptography.

What happens if I throw a twenty dollar bill into the fire? The same is true for crypto. If I lose my login credentials to a particular digital wallet or exchange, I won’t be able to access those coins. Again, I cannot stress enough the importance of doing business with a reputable company.

The next question is scaling. Currently, this may be the biggest obstacle preventing people from doing more blockchain transactions. When it comes to transaction speed, fiat money moves much faster than crypto. Visa can process about 40,000 transactions per second. Under normal conditions, the blockchain can only process about 10 per second. However, a new protocol is being implemented that will increase this to 60,000 transactions per second. Known as the Lightning Network, it could make crypto the future of money.

The conversation wouldn’t be complete without talking about convenience. What do people generally like about their traditional banking and spending methods? For those who prefer cash, this is obviously easy to use most of the time. If you’re trying to book a hotel room or rent a car, you’ll need a credit card. Personally, I use my credit card everywhere because of the convenience, security, and rewards.

Did you know there are companies that provide all of this in the crypto space as well? Monaco now issues Visa cards with the logo that automatically convert your digital currency into local currency.

If you’ve ever tried to transfer money to someone you know, the process can be very tedious and expensive. Blockchain transactions allow a user to send crypto to anyone in just minutes, no matter where they live. It’s also much cheaper and safer than sending a bank transfer.

There are other modern methods of money transfer that exist in both worlds. Take apps like Zelle, Venmo, and Messenger Pay, for example. Millions of millennials use these apps daily. Did you also know that they are starting to include crypto as well?

The Square Cash app now includes Bitcoin, and CEO Jack Dorsey said, “For us, Bitcoin doesn’t stop at buying and selling. We believe this is a transformative technology for our industry and want to learn as quickly as possible. ”

He added: “Bitcoin offers an opportunity for more people to access the financial system.”

While it’s clear that fiat spending still dominates the way most of us move money around, the fledgling cryptosystem is quickly gaining ground. The evidence is everywhere. By 2017, mainstream media coverage was hard to come by. Almost all major business news now covers Bitcoin. From Forbes to Fidelity, they all have their say.

What is my opinion? Perhaps the most important reason Bitcoin can succeed is that it is fair, inclusive and provides financial access to more people around the world. Banks and large institutions see this as a threat to their very existence. They will be on the losing end of the greatest transfer of wealth the world has ever seen.

Still undecided? Ask yourself, “Do people trust governments and banks more or less every day?”

Your answer to this question could be what determines the future of money.

Things that look positive for cryptocurrencies

Although the cryptocurrency market saw corrections in 2018, everyone agrees that the best is yet to come. There have been many events in the market that have changed things for the better. With proper analysis and the right dose of optimism, anyone who has invested in the crypto market can make millions from it. The cryptocurrency market is here to stay. In this article, we give you five positive factors that can drive further innovation and the market value of cryptocurrencies.

1. Innovation in scaling

Bitcoin is the first cryptocurrency on the market. It has the most users and the most value. It dominates the entire value chain of the cryptocurrency system. However, it is not without problems. Its main bottleneck is that it can only handle six to seven transactions per second. By comparison, credit card transactions average several thousand per second. There seems to be room for improvement in transaction scaling. With the help of peer-to-peer transaction networks based on blockchain technology, the volume of transactions per second can be increased.

2. Legitimate ICOs

Although there are cryptocurrencies in the market with a stable value, new coins are created that are designed to fulfill a specific purpose. Coins like IOTA are designed to help the Internet of Things market exchange powerful currencies. Some coins address the issue of cyber security by providing encrypted digital vaults to store money.

New ICOs come up with innovative solutions that disrupt the existing market and bring new value to transactions. They also gain credibility in the market with their easy-to-use exchanges and reliable backend operations. They are innovating both on the technology side of using specialized mining equipment and on the financial market side, giving more freedom and options to investors on the exchange.

3. Clarity of regulation

In the current scenario, most of the governments are studying the impact of cryptocurrencies on the society and how their benefits can be reaped for the society as a whole. We can expect that reasonable conclusions can be drawn from research.

Few governments are already choosing to legalize and regulate crypto markets like any other market. This will prevent uninformed retail investors from losing money and protect them from harm. 2018 is expected to see regulations that promote the growth of cryptocurrency. Perhaps this will pave the way for widespread adoption in the future

4. Increasing application

There is tremendous enthusiasm for the application of blockchain technology in virtually all industries. Some startups are coming up with innovative solutions like digital wallets, cryptocurrency debit cards, etc. This will increase the number of merchants willing to transact in cryptocurrencies, which in turn will increase the number of users.

The reputation of crypto-assets as a transaction medium will only grow as more people trust the system. Although some startups may not survive, they will make a positive contribution to the overall state of the market by creating competition and innovation.

5. Investments from financial institutions

Many international banks are following the cryptocurrency scene. This could lead to institutional investors entering the market. The influx of significant institutional investment will fuel the next phase of growth in crypto markets. He took over many banks and financial institutions.

As the surprises and bottlenecks around cryptocurrencies diminish, traditional investors will begin to use them more. This will lead to great dynamism and liquidity, much needed in any growing financial markets. Cryptocurrency will become the de facto currency for transactions worldwide.

Cryptocurrency mining

Cryptocurrency mining is an endless game in this digital world. Bitcoin, the first decentralized currency, was introduced in early 2000. Cryptocurrency mining is a complex process of verifying transactions and adding them to a public ledger (blockchain). This ledger of past transactions is called a blockchain because it is a chain of blocks. Blockchain serves to confirm transactions with the rest of the network. The blockchain is also responsible for issuing new bitcoins. Each of the many cryptocurrencies present depends on the basic idea of ​​the blockchain.

Mining process

Cryptocurrency was supposed to be decentralized, secure and immutable. So every transaction is encrypted. Once this encrypted transaction occurs, it is added to what many call a “block” until a set number of transactions have been recorded. This block is then added to a chain – the blockchain – which is publicly available. While mining Bitcoin, Dash, Litecoin, Zcash, Ethereum, and other cryptocurrencies, the miner must assemble recent transactions into blocks and solve a computationally complex puzzle. There are several online Bitcoin mining sites. This has become a very popular way of earning.

Cryptocurrency is cryptographic, meaning it uses special encryption that allows you to control the generation of coins and confirm the transaction. The block is pretty useless in its current available form. However, after applying the algorithm to a specific block. If there is a match, the miner gets a couple of bitcoins. To get bitcoins by mining, Miner must be technical. Bitcoin mining for profit is very competitive. The price of Bitcoin makes it difficult to make a monetary profit without speculating on the price. Pay is based on how much their equipment contributes to solving that puzzle. Miners verify transactions, ensure they are not false, and maintain the infrastructure.

Best coins to mine

Bitcoins are not a decent solution for novice miners trying out on a small scale. The current upfront speculation and upkeep costs, and the sheer scientific challenge of the procedure, simply don’t make it productive for buyer-level equipment. Currently, Bitcoin mining is sort of reserved for large-scale activity. Again, Litecoin, Dogecoin, and Feathercoin are three digital forms of money based on Scrypt that are the best money saving advantage for students. At the current valuation of Litecoin, a person can earn somewhere in the range of 50 pence to 10 dollars every day using the mining equipment at the client level. Dogecoin and Feathercoin will be a little less useful with similar mining hardware, but are becoming more popular every day. Pircoins can also be a reasonably fair profit for your enterprise of time and vitality.

As more people join the cryptocurrency boom, your solution may become more complex to mine as more expensive equipment is needed to find the coins. You will be forced to either contribute vigorously in the event that you need to continue mining this coin, or you will need to take your profits and switch to a less demanding cryptocurrency. Understanding the three main Bitcoin mining strategies is probably the place to start; this article is about script coin mining. Likewise, make sure you are in a country where Bitcoin and Bitcoin mining are legal.

The purpose of mining

How about we focus on cryptocurrency mining. The whole focus of mining is to do three things:

1. Give accounting administrations to the coin network. Mining is essentially every minute of daily accounting on a PC called “transaction verification”.

2. Get a small bookkeeping reward by accepting coin shares every couple of days.

3. Reduce your personal expenses, including electricity and equipment.

Some basic terms

Free private database called coin wallet. It’s a password-protected container that stores your earnings and keeps extensive transaction records. Free mining software like this one from AMD which usually consists of cgminer and stratum. Register in a web mining pool, which is a community of miners who pool their PCs to increase profitability and stable wages. Listing on an online exchange where you can exchange your virtual coins for real money and vice versa. A reliable constant web association, ideally 2 megabits every second or higher speed. Place the equipment in your basement or other cool, air-conditioned space.

A desktop or custom-made PC designed for mining. Indeed, you can use your current PC to run it, but you won’t be able to use the PC while the digger is running. A separate dedicated PC is ideal. Tip: Do not use a laptop, game console or portable devices for mining. These devices are simply not successful enough to earn a living. An ATI graphics processing unit (GPU) or a specialized processing device called an ASIC mining chip. The cost will range from $90 upfront for each GPU or ASIC chip to $3,000 for a new one. The GPU or ASIC will be the workhorse that will handle the accounting and mining operations.

A home fan to blow cool air on your mining computer. Mining generates a significant amount of heat, and cooling your hardware is critical to your prosperity. Personal interest. You definitely need a strong appetite for reading and constant learning as there are constant innovations and new methods to modernize coin mining. The best mining miners spend many hours consistently looking at the most ideal ways to adjust and improve their coin mining performance.

Profitability of Cryptocurrency Mining Every time a mathematical problem is considered, a constant number of Bitcoins are created. The number of bitcoins generated per block starts at 50 and halves every 210,000 blocks (approximately four years). The current number of bitcoins received per block is 12.5. The last halving happened in July 2016, and the next one will happen in 2020. Profitability can be estimated using various online mining calculators. The development of digital currency standards such as Bitcoin, Ethereum and Bitcoin Cash has pushed companies into huge ventures and this is necessary for the market to develop significantly in the near future.

Cryptocurrency mining is a computationally intensive process that requires a network of multiple PCs to verify a transaction record known as a blockchain. Miners are offered a share of the transaction fee and a higher probability of finding another block due to high processing power. These support transactions help increase the security of the network customers and ensure honesty, which is believed to be a prominent factor influencing the development of the global cryptocurrency mining market.