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Bitcoin is a form of digital money – also known as cryptocurrency that is free from the influence of any bank or governing authority. Bitcoin is used to make transactions anonymously on the global scale. The currency was created by a group called Satoshi Nakamoto and first came into circulation in 2009. The identity of group members is still unknown.

The usage of Bitcoin is increasing and the number of people making Bitcoin transactions is growing each day.

If you are one of the people who feel fascinated by this form of money and want to discover more about it, here are some intriguing Bitcoin facts for you.

Bitcoin facts:

There Is No Authority to Control This Currency:

You might be surprised to know that there is no entity that controls Bitcoin. The general concept of money is that it is controlled by a bank or other concerning authorities. But this is not the case with Bitcoin. The currency is autonomous from all sorts of regulatory authorities. The only person who can control the coins is the one who owns it.

Bitcoins Are Finite:

As bitcoins are not printed into cash or molded into physical coins, most people think that there should be an infinite number of bitcoins in existence. But this is not the case because if it were true, the coins would lose their worth. In order to keep them worth having, bitcoins are kept finite. The exact number of existing bitcoins is 21 million.

Bitcoin Has No Set Values:

There are no set values on Bitcoin. In fact, how much a bitcoin is worth depends on the popularity of the currency. The more people use it, the more it appreciates in value.

Bitcoin is Transparent:

Bitcoin is completely transparent in terms of transactions and amount. Each and every detail related to a transaction is available on blockchain. This openness, as a result, induces trust and security among the Bitcoin users.

Bitcoin Mining:

In Bitcoin mining, the users are supposed to solve mathematical problems using a specialized software to verify transactions around the globe. The users in return, are paid if their efforts were successful.

Want to learn more about Bitcoin mining, read our guide on what is Bitcoin mining and how does it work.

Bitcoin Transactions Are Irreversible:

The Bitcoin transactions are irreversible and a user can never be forced to pay. Once the bitcoins are paid, there is no way to revoke the transaction or force the receiver to pay back your coins.

It Costs Little to No Money to Make a Transaction:

Bitcoin transactions cost little to no money. There are no taxes on the currency and it doesn’t matter to which part of the world you send the money, there are no cuts on transactions and the receiver gets the exact amount that was sent to him.

Lastly -Bitcoins Are Stored in Digital Wallets:

Bitcoin wallets are equivalent to bank accounts for real cash. These wallets are used to store, withdraw and transfer bitcoins from one wallet to another. The wallets are protected by a security key and only the owner can know about it until he reveals it someone else.

Tags: digital currency bitcoin

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Why South Korea Is Considering to Legalize ICOs

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The Korea Times has recently reported that local financial authorities are planning to legalize ICO (Initial Coin Offering) soon. An anonymous source has told The Korean Times:

“The financial authorities have been talking to the country’s tax agency, justice ministry and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met”

initial coin offerings

What’s the reason behind ICOs legalization?

Few South Korean mainstream media outlets have revealed that “Kakao” is concentrating on assimilating cryptocurrencies for its 100 million users. Kakao is basically the largest internet firm of South Korea, and there’ve been many reports that it’s planning to integrate cryptocurrencies on its each and every application, which will let the users to utilize KakaoPay for both sending and receiving cryptocurrencies.

Kakao is also planning to conduct an ICO and issue its own token. However, it’s been also reported that due to the present regulations on local ICOs, Kakao is preparing to conduct its ICO outside of the country, South Korea. If ICO of Kakao is conducted somewhere else, it may lead to an extensive loss for the economy of South Korea, particularly in the Blockchain sector.

It’s expected that the government of South Korean is on its way to legalize ICOs in order to prevent the leading conglomerates of South Korea from leaving the country to conduct ICOs, as it might also have a bad impact on the cryptocurrency industry as well as local Blockchain sector.

Apprehension about ICO protection 

Financial Services Commission chairman, Choi Jong-Ku has recently shown his concerns to the local ICOs, mentioning that high risks are involved for investors inside the crypto-market.

However, even with the concern of investor’s protection by the FSC, there are still many sources inside the government that explain how local financial authorities are trying to allow local ICOs by enabling strict AML (Anti-Money Laundering), KYC (Know Your Customer), and taxation policy for investors.

 

Is South Korea and U.S. SEC on the same line?

The government of South Korea is willing to let companies conduct ICOs on condition that the token sales are registered with the government, which is on the other hand similar to the stance of the U.S. SEC Securities and Exchange Commission.

At this time, the South Korean government is on the same line with the U.S. SEC and is ready to allow only those ICOs that are registered with local financial authorities. Kang Young-soo (FSC cryptocurrency trading policies director) has confirmed that there are rumours about the legalization of ICOs, as he stated:

“There are many speculating about the possibility of allowing ICOs. The FSC has acknowledged a third-party view regarding the issue, but there’s nothing that we can say officially at the moment.”

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LATEST: IS IT TOO LATE TO BUY BITCOINS 2017? EXPERT REVIEW | INVESTORS | TRADERS | MEDIA

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Buy a Bitcoin?

A lot of people today, looking at the progress and boom of bitcoin want to invest and buy bitcoin. But bitcoin is not a company or a stock. So, what do all these people mean by investing or buying Bitcoin? Bitcoin is a currency. How do you want to invest in a currency? If it meant appreciating the value or trading it, we need to have a closer look at the insight first.

Buying and holding

Buying Bitcoin in hope that you will avail the opportunity cost or the value will appreciate, is known as ‘Hodling’. If this is the intention then you need to do your homework yourself beforehand. Study the nature and behavior of the currency. Study and observe the reasons it fluctuates and reacts according to the changing socio-economic natures around the world. Few points to account for;

  • It is a risky task to perform. Always risk the amount that you are okay loosing too. The tables are not always on your side.
  • Always transfer currency to the personal wallet. Never leave it on the exchange. It may result in scam or fraud.
  • Always choose reputable exchangers.
  • Use the method of cost averaging to buy Bitcoins.

Trading

If your aim is trading than it means you are an active participant in buying and selling the currency. You buy the cryptocurrency at lower rates and sell when the rates go up. Trading gives reward only through knowledge and practice.

Investing in Mining

If you are interested in Bitcoin mining and needs to invest in equipment to mine more Bitcoins, it’s not that easy of a task too. There is a lot of scams included in this act too. You may come across complete scams eating away all your currency. Or you may end up in bad investment companies by paying the sites for more coins. It’s basically all surrounded by risks and risks.

Investing bitcoin companies

If a company claims to double to your coins or give the reward that is too good to be true then maybe it is not true. These companies are mostly scams or HYIPS (High Yield Investment Programs). These sites promise untrue rewards and start by creating a referral program or a big buzz around on the site. Entertaining a few startups for a few months, these companies will vanish in the air in no time. There will be no compensation and people will be left crying over the lost bargain. You cannot trust a site fully to say it legit or trustworthy to the fullest.

Is it late to buy bitcoin?

The answer to this is not that simple yet not so complicated too. It totally depends on the understanding and knowledge of the currency. A decentralized, peer to peer electronic currency, controlled by no one but just by the consumer, can be so unreliable to put the bid on. The important is to know how to invest rather than thinking whether to invest or not. The only way out is to know the currency. To understand the knowledge and nature of the currency, its fluctuations and variations are all that counts to invest and make reward out of that investment.

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ICO Promotion by John McAfee – How much will it cost?

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Do you know how much it cost to get a crypto influencer for your ICO promotion on social media platforms? Here’s the surprising answer!

ICO (Initial Coin Offering) operators don’t really like to disclose the amount they are spending on marketing, although promoters usually prefer to delay discussions related to prices ’til after they’ve had the chance to make a sales pitch as précised figures are hardly discussed in public. However, John McAfee (cybersecurity pioneer) has spent all his life resisting convention, and now he is operating an ICO marketing service, McAfee Crypto Team.

ico marketing service

Company’s Official Statement

According to the official site of the company, McAfee Crypto team is a full-service ICO promoter as it offers:

  • Whitepaper support
  • Web optimization
  • Marketing
  • Strategic advice

The cost for many of the services is not listed; however, clients will have to pay $105,000 to get McAfee tweet about their ICO, which will be sent to its 811,000 followers, at least few of them will be probably bots.

According to the website:

“John McAfee’s tweets are by far the most influential in the field of cryptocurrency. Few leaders in the Crypto community can come close to Mr McAfee’s reach into the heart of the cryptocurrency investor community.”

Dubious Claims by McAfee Crypto Team

Furthermore, the website makes suspicious claim that this is one of the most inexpensive ways of marketing a cryptocurrency project. The site also claims:

“Given Mr McAfee’s price of $105,000 per tweet, the cost per investor reached is the least costly of any marketing avenue in the Crypto world. Considering only his own followers, the cost per investor reached is $0.13. Considering his reach beyond his own followers, the cost per investor reached is frequently less than a penny. This is orders of magnitude less than any other approach.”

Even with the heavy price tag, the company still claims that so many projects are showing their interest that now the company has to establish a $750 registration fee to stop staff from being dazed with applications. While responding to opponents, McAfee refused to accept that he has sold out and stated:

“They say I sold out ’cause I use my tweets to promote, but the last 200 ICOs that lined up, we rejected 195 and chose 5.”

He added, he promotes only those projects that he believes in as he tweeted:

“I only promote what I believe.”

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Bitcoin’s Price Surge and Mining Hobby

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Roque Solis, president of the SoliSYSTEMS corp, never fictionalized that bitcoin mining equipment he credited in February would have already paid for itself and made money as well. SoliSYSTEMS Corp is a company which developed an EMV smart cards for electronic advantage transfer for the federal backing program.

Solis was powerless to ignore bitcoin by attending a number of conferences. So, he decided to do experiment new technology via mining. He wants to get the better handle on the technology, whether this technology has the ability to use in this company or not?

Then, Solis bought a Bitmain Antminer S9 for $2,400.

As a result, he mined 1.01BTC worth $2,584 in Bitcoin wallet, on this weekend. Solis said, “When I bought the miner, the price per bitcoin was around $1,200. I thought I’d break even in one year, but actually, it’s been about five months.”

This gain indicates that individual hobby mining is not profitable anymore. Distinct miners don’t have the capacity to compete with the companies in mining bitcoins. with the $600 below price, electricity and pool fees, a person needs 500 days to break even on miner investment.

Furthermore, the rise in awareness about the mining pool, the price is also getting higher. Solis’s experience shows that hobby miner can break even within few months.

According to the Solis, money’s amount is increased on daily basis with miner’s jump from $7 to $16 freshly.

Price Substances:

According to the Sean Walsh, rising price of the bitcoins motivates the investing behavior of the miners. It is a key process which supports the whole network by safeguarding its ledger. Walsh said, “There are a lot of metrics that actually matter, like the number of people that own at least one bitcoin, but nobody cares about that. It’s just price. It’s the one score that wakes people up, and when The Wall Street Journal and other financial publications write about bitcoin.”

While Google trend shows the similar stories of bitcoin and bitcoin mining. Price factor of the bitcoin is not only the reason of increasing interest hobby mining. According to the Walsh experience, bitcoin transaction fees were stable from last few years, those fees have seen an uptick.

Walsh said, “This has to do with the block size debate, because the network is a bit congested, and people are having to pay more to get their transactions confirmed.”

In past, 100 bitcoins were per day transaction fees. Then this fee reaches to 350 bitcoins a day.

And, by 1,800 bitcoins shaped daily, 350 bitcoins are near to 20% of that. This is a blunt difference, a year ago when 60 bitcoins were paid in fees and 3600 produced on daily basis.

Walsh said. “that’s a huge boot.”

He added, “I don’t know that [increasing transaction fees] are affecting people’s interest in getting into mining. People may not realize why it’s more lucrative to mine bitcoins now, but when they run the numbers, the payback period looks better than it used to.”

New Blood:

He added, “It’s very important for people entering bitcoin mining that they really understand how to calculate their revenue and expenses. They need to make sure their cost basis and operating costs are very low.”

Like, if a junior miner overspends on accommodating servers, then there’s a modification, they are over-leverage.

Bitcoin’s value was down about 20% over the last weeks of June. Walsh said, “normal respiration of an asset class.” So far, others are not experienced in investing process and might be unaware of these fluctuations in bitcoin’s price.

According to the Solis, “it’s all about learning through experience”.  The Antminer S9 is running in Solis’s company’s server room and in the presence of the groups of servers, he is unable to identify how much electricity is used by the miners. Solis says, “It is noisy, though,” and “Compared to the other servers, it’s very noisy.”

It is a machine with two particular boards with fans that rotate at 54,00 – 7000 per minute revolution.  Solis is not the only one person who interesting in bitcoin hobby mining.

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Bitcoin Price Crash: OKEx Repudiates Market’s Manipulation

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OKEx is known as a cryptocurrency exchange giant. This crypto-exchange is pushing back against accusations that the exchange is responsible for the manipulation of the market which triggered the price of Bitcoin to drop below $5,000 on its futures exchange last week.

Bitcoin price cash

Market Manipulation

A statement was released on Wednesday, in which the Hong Kong-based exchange repudiated allegations about its involvement in the futures market’s manipulation to settle the positions of optimistic traders.

Last week, OKEx got criticized following the Bitcoin price crash as the value of its Bitcoin futures dropped to $4,755, in a fevered sell-off, even with the average price of Bitcoin globally, which flitted around $7,000 during the same time.

The Statement

The statement says:

“OKEx provides a platform to allow customers to trade in our order books, but we are not directly involved in the trades. Moreover, all the transaction details are public. We, as a trading platform, do not make a profit from the price volatility but generate income from trading fees. We have not reasoned to, and have never and will not, manipulate the prices of any of our market.”

Merchants whose positions got settled during the sell-off time were incensed, and one of them was so distressed that he went to the headquarters of the company and even threatened that he would take his own life.

Eventually, during the 90-minute incident, the exchange inverted trades that occurred, mentioning this unconventional movement as a planned attempt to deploy the market, and since then, it has added the price limit rules to help in preventing the manipulation in the future market.

 

Moreover, OKEx warned that it will take legal action against those, who falsely accuse them for the manipulation of the market and disseminate false charts to that effect.

What does the company have to say about it?

The company says:

“We reserve the right to take necessary legal action against any parties who libel our company and reputation by any means.”

However, the event following negative press coverage doesn’t seem to have a constant influence on the popularity of the trading platform of the company, as  OKEx is still on the fourth most popular spot cryptocurrency exchange in the ranking, with almost $750 million, 24-hour trading volume.

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