6 Most Common Mistakes That New Bitcoin Traders Make

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Are you thinking of getting started in the world of crypto trading? If so, make sure you avoid the most common mistakes. You will be better than most of crypto traders by avoiding these mistakes. The interesting thing is that almost every trader makes these mistakes without even realizing it. Without further ado, let’s check out those common mistakes. Read on to find out more.

1. Emotional decision making

Beginners tend to trade emotionally. But the thing is that trading has nothing to do with your emotions. As a matter of fact, if you make decisions based on your emotions, you will be heading on the road failure.

2. Buying high and selling low

Another common mistake that beginners make is buying high and selling low. You don’t want to get greedy while doing this business. What you need to do is buy low and sell high. This is the only way to make a profit trading Bitcoin.

3. Selling at once

Due to the two mistakes mentioned above, beginners purchase or sell their Bitcoins at once rather than buy and sell them gradually in small quantities. If you ask an experienced trader, they will ask you to sell 20% of your Bitcoin post 50% profit. But the problem is that new traders are too gready to sell. Therefore, they don’t have the money to purchase dips. Some of them sell all of their Bitcoins at once.

4. Buying wrong currencies

New commerce purchase cryptocurrencies that make tons of promises using big words. But they don’t know that these currencies don’t provide any technical innovations, such as Litecoin, NEO, Tron and EOS, to name a few. The problem is that they are quite centralized blockchains. Therefore you may want to avoid them.

5. Putting your eggs in too many baskets

Because of the previous mistake, beginners tend to invest in a lot of cryptocurrencies. This is not a good idea as it can make it difficult for you to earn profits. Ideally, you may want to invest in 3 to 4 coins. In the world of cryptocurrency, you cannot afford to put all your eggs in tons of baskets.

6. Putting all eggs in one basket

Another common mistake is to put all your eggs in the same basket. Ideally, you must have a well-diversified portfolio. Apart from this, you may not want to deposit all your cryptocurrencies in the same wallet or exchange. What you need to do is make use of a minimum of three wallets. This will help you protect your investment.

Long story short, these are just some of the most common mistakes new cryptocurrency traders make. If you follow these steps, you will be less likely to make these mistakes. As a result, your investment will be safe and you will be more likely to make a profit rather than suffer a loss. Hopefully, these tips will help you get started as a new trader and make a lot of profit.

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What Cryptocurrencies Are Good to Invest in?

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This year the value of Bitcoin has soared, even past one gold-ounce. There are also new cryptocurrencies on the market, which is even more surprising which brings cryptocoins’ worth up to more than one hundred billion. On the other hand, the longer term cryptocurrency-outlook is somewhat of a blur. There are squabbles of lack of progress among its core developers which make it less alluring as a long term investment and as a system of payment.

Bitcoin

Still the most popular, Bitcoin is the cryptocurrency that started all of it. It is currently the biggest market cap at around $41 billion and has been around for the past 8 years. Around the world, Bitcoin has been widely used and so far there is no easy to exploit weakness in the method it works. Both as a payment system and as a stored value, Bitcoin enables users to easily receive and send bitcoins. The concept of the blockchain is the basis in which Bitcoin is based. It is necessary to understand the blockchain concept to get a sense of what the cryptocurrencies are all about.

To put it simply, blockchain is a database distribution that stores every network transaction as a data-chunk called a “block.” Each user has blockchain copies so when Alice sends 1 bitcoin to Mark, every person on the network knows it.

Litecoin

One alternative to Bitcoin, Litecoin attempts to resolve many of the issues that hold Bitcoin down. It is not quite as resilient as Ethereum with its value derived mostly from adoption of solid users. It pays to note that Charlie Lee, ex-Googler leads Litecoin. He is also practicing transparency with what he is doing with Litecoin and is quite active on Twitter.

Litecoin was Bitcoin’s second fiddle for quite some time but things started changing early in the year of 2017. First, Litecoin was adopted by Coinbase along with Ethereum and Bitcoin. Next, Litecoin fixed the Bitcoin issue by adopting the technology of Segregated Witness. This gave it the capacity to lower transaction fees and do more. The deciding factor, however, was when Charlie Lee decided to put his sole focus on Litecoin and even left Coinbase, where’re he was the Engineering Director, just for Litecoin. Due to this, the price of Litecoin rose in the last couple of months with its strongest factor being the fact that it could be a true alternative to Bitcoin.

Ethereum

Vitalik Buterin, superstar programmer thought up Ethereum, which can do everything Bitcoin is able to do. However its purpose, primarily, is to be a platform to build decentralized applications. The blockchains are where the differences between the two lie. Basically, the blockchain of Bitcoin records a contract-type, one that states whether funds have been moved from one digital address to another address. However, there is significant expansion with Ethereum as it has a more advanced language script and has a more complex, broader scope of applications.

Projects began to sprout on top of Ethereum when developers began noticing its better qualities. Through token crowd sales, some have even raised dollars by the millions and this is still an ongoing trend even to this day. The fact that you can build wonderful things on the Ethereum platform makes it almost like the internet itself. This caused a skyrocketing in the price so if you purchased a hundred dollars’ worth of Ethereum early this year, it would not be valued at almost $3000.

Monero

Monero aims to solve the issue of anonymous transactions. Even if this currency was perceived to be a method of laundering money, Monero aims to change this. Basically, the difference between Monero and Bitcoin is that Bitcoin features a transparent blockchain with every transaction public and recorded. With Bitcoin, anyone can see how and where the money was moved. There is some somewhat imperfect anonymity on Bitcoin, however. In contrast, Monero has an opaque rather than transparent transaction method. No one is quite sold on this method but since some folks love privacy for whatever purpose, Monero is here to stay.

Zcash

Not unlike Monero, Zcash also aims to solve the issues that Bitcoin has. The difference is that rather than being completely transparent, Monero is only partially public in its blockchain style. Zcash also aims to solve the problem of anonymous transactions. After all, no every person loves showing how much money they actually spent on memorabilia by Star Wars. Thus, the conclusion is that this type of cryptocoin really does have an audience and a demand, although it’s hard to point out which cryptocurrency that focuses on privacy will eventually come out on top of the pile.

Bancor

Also known as a “smart token,” Bancor is the new generation standard of cryptocurrencies which can hold more than one token on reserve. Basically, Bancor attempts to make it easy to trade, manage and create tokens by increasing their level of liquidity and letting them have a market price that is automated. At the moment, Bancor has a product on the front-end that includes a wallet and the creation of a smart token. There are also features in the community such as stats, profiles and discussions. In a nutshell, the protocol of Bancor enables the discovery of a price built-in as well as a mechanism for liquidity for smart contractual tokens through a mechanism of innovative reserve. Through smart contract, you can instantly liquidate or purchase any of the tokens within the reserve of Bancor. With Bancor, you can create new cryptocoins with ease. Now who wouldn’t want that?

EOS

Another competitor of Ethereum, EOS promises to solve the scaling issue of Ethereum through the provision of a set of tools that are more robust to run and create apps on the platform.

Tezos

An alternative to Ethereum, Tezos can be consensually upgraded without too much effort. This new blockchain is decentralized in the sense that it is self-governing through the establishment of a digital true commonwealth. It facilitates the mathematical technique called formal verification and has security-boosting features of the most financially weighed, sensitive smart contract. Definitely a great investment in the months to come.

Verdict

It is incredibly hard to predict which Bitcoin in the list will become the next superstar. However, user adoption has always be one key success factor when it came to cryptocurrencies. Both Ethereum and Bitcoin have this and even if there is a lot of support from early adopters of every cryptocurrency in the list, some have yet to prove their staying power. Nonetheless, these are the ones to invest in and watch out for in the coming months.

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Crypto TREND – Second Edition

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In the first edition of CRYPTO TREND we introduced Crypto Currency (CC) and answered several questions about this new market space. There is a lot of NEWS in this market every day. Here are some highlights that give us a glimpse of how new and exciting this market space is:

World’s largest futures exchange to create a futures contract for Bitcoin

Terry Duffy, president of the Chicago Mercantile Exchange (CME) said “I think sometime in the second week in December you’ll see our [bitcoin futures] contract out for listing. Today you cannot short bitcoin, so there’s only one way it can go. You either buy it or sell it to somebody else. So you create a two-sided market, I think it’s always much more efficient.”

CME intends to launch Bitcoin futures by the end of the year pending regulatory review. If successful, this will give investors a viable way to go “long” or “short” on Bitcoin. Some sellers of Exchange-Traded Funds have also filed for bitcoin ETF’s that track bitcoin futures.

These developments have the potential to allow people to invest in the crypto currency space without owning CC’s outright, or using the services of a CC exchange. Bitcoin futures could make the digital asset more useful by allowing users and intermediaries to hedge their foreign-exchange risks. That could increase the cryptocurrency’s adoption by merchants who want to accept bitcoin payments but are wary of its volatile value. Institutional investors are also used to trading regulated futures, which aren’t plagued by money-laundering worries.

CME’s move also suggests that bitcoin has become too big to ignore, since the exchange seemed to rule out crypto futures in the recent past. Bitcoin is just about all anyone is talking about at brokerages and trading firms, which have suffered amid rising but unusually placid markets. If futures at an exchange took off, it would be nearly impossible for any other exchange, like CME, to catch up, since scale and liquidity is important in derivatives markets.

“You can’t ignore the fact that this is becoming more and more of a story that won’t go away,” said Duffy in an interview with CNBC. There are “mainstream companies” that want access to bitcoin and there’s “huge pent-up demand” from clients, he said. Duffy also thinks bringing institutional traders into the market could make bitcoin less volatile.

Japanese village to use crypto currency to raise capital for municipal revitalization

The Japanese village of Nishiawakura is researching the idea of holding an Initial Coin Offering (ICO) to raise capital for municipal revitalization. This is a very novel approach, and they may ask for national government support or seek private investment. Several ICO’s have had serious problems, and many investors are sceptical that any new token will have value, especially if the ICO turns out to be a another joke or scam. Bitcoin certainly was no joke.

INITIAL COIN OFFERING – ( ICO )

We did not mention ICO in the first edition of Crypto Trend, so let’s mention it now. Unlike an Initial Public Offering (IPO), where a company has an actual product or service for sale and wants you to buy shares in their company, an ICO can be held by anyone who wants to initiate a new Blockchain project with the intention of creating a new token on their chain. ICO’s are unregulated and several have been total shams. A legitimate ICO can however raise a lot of cash to fund a new Blockchain project and network. It is typical for an ICO to generate a high token price near the start and then sink back to reality soon after. Because an ICO is relatively easy to hold if you know the technology and have a few bucks, there have been many, and today we have about 800 tokens in play. All these tokens have a name, they are all crypto currency, and except for the very well known tokens, like Bitcoin, Ethereum, and Litecoin, they are dubbed alt-coins. At this time Crypto Trend does not recommend participating in an ICO, as the risks are extremely high.

As we said in Issue 1, this market is the “wild west” right now, and we are recommending caution. Some investors and early adopters have made large profits in this market space; however, there are many who have lost a lot, or all. Governments are considering regulations, as they want to know about every transaction in order to tax them all. They all have huge debt and are strapped for cash.

So far, the crypto currency market has avoided many government and conventional bank financial problems and pitfalls, and Blockchain technology has the potential to solve many more problems.

A great feature of Bitcoin is that the originators chose a finite number of coins that can ever be generated – 21 million – thus ensuring that this crypto coin can never be inflated. Governments can print as much money (fiat currency) as they like and inflate their currency to death.

Future articles will delve into specific recommendations, however, make no mistake, early investing in this sector will be only for your most speculative capital, money that you can afford to lose.

CRYPTO TREND will be your guide if and when you are ready to invest in this market space.

Stay Tuned!

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Here’s Why the Cryptocurrency Dash Puts Bitcoin to Shame

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Cryptocurrencies are all the rage right now.

Everywhere, you see headlines with impressive thousand percent gains for “coins” like bitcoin. But what gives them value? When have you ever used bitcoin?

The truth is that it’s not practical right now, primarily due to the amount of time it takes to complete a transaction. But there are other coins out there that are emerging as viable candidates to succeed bitcoin as the No. 1 cryptocurrency.

There’s a lot to understand about the intricacies of cryptocurrencies, but this article is more about finding an investment opportunity than explaining the science behind them.

A Bubble in Bitcoin?

One thing that’s important to know is the concept of “mining.” This is the very basis of cryptocurrencies. That’s how new bitcoins are made.

In simple terms, the “miner,” through special software, solves a complex math problem and is rewarded with new bitcoins as a result. Then, the transaction is stored in the blockchain, and those new bitcoins are officially in circulation.

As more bitcoins are in circulation, mining them becomes more complicated and time-consuming, and less profitable. So even though about 80% of possible bitcoins are in circulation right now, the last one won’t be mined until 2140.

As most people know by now, bitcoin has seen a gigantic rally this year. In fact, it’s up about 1,200% over the past year, causing a lot of people to think it’s in a bubble.

The total value of bitcoins in circulation is now over $150 billion. If bitcoin was a company, it would be in the top 50 largest in the United States.

I personally believe that the only reason bitcoin is so much more valuable than any other cryptocurrency is because it was the one that first broke through to the mainstream. That’s still important, though. It, at the very least, gives other coin developers something to improve on.

The good thing is that even if you think you’ve missed the boat with bitcoin, there are plenty of other cryptocurrencies out there. Of course, some are scams, but others have real potential.

One of the ones that I believe has real, practical use is called Dash.

Dash: Digital Cash

First, Dash is ahead of the game in terms of convenience. Right now, bitcoin transactions take about 10 minutes to an hour on average. Dash is setting out to be the primary cryptocurrency that can be transferred instantly (in less than one second) between parties, making it much more practical when it comes to buying things online or at a store.

One of the most appealing features of Dash is that 10% of the newly mined coins are given to the Dash DAO (decentralized autonomous organization). Simply put, the DAO is the treasury of Dash. At the current price of more than $600 per coin, that’s $4 million per month that it can use.

It’s important to know that no other coin has this kind of continuous funding. With this money, the Dash DAO can develop and market the currency.

Also, anyone can submit an idea for a project to enhance the value of Dash. Then, the project is voted on by thousands of Dash developers. An example would be partnering with stores to make Dash a viable means of transaction for their goods.

Of course, these developers make money from Dash, so anything that benefits and promotes the currency will be enticing.

This creates a circular effect, where the currency appreciates in price because it’s better funded and marketed, then the DAO makes more money, and it’s able to market Dash even more.

A Breakthrough for Dash

So far, Dash can be used at over 300 physical stores and over 100 websites to purchase goods or services. But the breakthrough for it could come from the marijuana industry.

Right now, banks are not allowed to have anything to do with marijuana transactions; everything has to be done in cash. Vendors can’t even put money from their sales in a bank.

Not only does this bring the risk of being robbed, but these companies have to pay for cash storage and transportation. That adds up quickly.

Being able to use Dash would be huge for these vendors. It would also mean great things for the price of Dash.

The good news is that it has already started making progress. In April, Dash partnered with a digital payment system called Alt Thirty Six, which has partnerships with some of the leading dispensary business management software companies in the country.

These software companies track transactions for hundreds of dispensaries and delivery services. That means that Dash users already have hundreds of ways to use the currency.

Since Dash officially became a payment method on Alt Thirty Six on October 11, its price has gone up 118%. That’s only in a month and a half.

Just the Beginning

With a market cap of only $4.8 billion compared to bitcoin’s $156 billion, I believe Dash still has plenty of room to climb going forward.

The marijuana industry is just the start for Dash, but it’s a great one. In 2016, legal sales were about $7 billion. Another estimated $46 billion was sold on the black market.

And as more stores open and marijuana becomes legal in more states, that legal number is expected to be $23 billion by 2021 and $50 billion by 2026.

Again, this is just the beginning for Dash. Its unique immediate transaction feature makes it a viable alternative to cash, giving it an edge over other cryptocurrencies like bitcoin.

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What Is an ICO in Cryptocurrency?

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ICO is short for Initial Coin Offering. When launching a new cryptocurrency or crypto-token, the developers offer investors a limited number of units in exchange for other major crypto coins such as Bitcoin or Ethereum.

ICOs are amazing tools for quickly raining development funds to support new cryptocurrencies. The tokens offered during an ICO can be sold and traded on cryptocurrency exchanges, assuming there is sufficient demand for them.

The Ethereum ICO is one of the most notable successes and the popularity of Initial Coin Offerings is growing as we speak.

A brief history of ICOs

Ripple is likely the first cryptocurrency distributed via an ICO. At the start of 2013, Ripple Labs began to develop the Ripple payment system and generated approximately 100 billion XRP tokens. These were sold through an ICO to fund Ripple’s platform development.

Mastercoin is another cryptocurrency that has sold a few million tokens for Bitcoin during an ICO, also in 2013. Mastercoin aimed to tokenize Bitcoin transactions and execute smart contracts by creating a new layer on top of the existing Bitcoin code.

Of course, there are other cryptocurrencies that have been successfully funded through ICOs. Back in 2016, Lisk gathered approximately $5 million during their Initial Coin Offering.

Nevertheless, Ethereum’s ICO that took place in 2014 is probably the most prominent one so far. During their ICO, the Ethereum Foundation sold ETH for 0.0005 Bitcoin each, raising almost $20 million. With Ethereum harnessing the power of smart contracts, it paved the way for the next generation of Initial Coin Offerings.

Ethereum’s ICO, a recipe for success

Ethereum’s smart contracts system has implemented the ERC20 protocol standard that sets the core rules for creating other compliant tokens which can be transacted on Ethereum’s blockchain. This allowed others to create their own tokens, compliant with the ERC20 standard that can be traded for ETH directly on Ethereum’s network.

The DAO is a notable example of successfully using Ethereum’s smart contracts. The investment company raised $100 million worth of ETH and the investors received in exchange DAO tokens allowing them to participate in the governance of the platform. Sadly, the DAO failed after it was hacked.

Ethereum’s ICO and their ERC20 protocol have outlined the latest generation of crowdfunding blockchain-based projects via Initial Coin Offerings.

It also made it very easy to invest in other ERC20 tokens. You simply transfer ETH, paste the contract in your wallet and the new tokens will show up in your account so you can use them however you please.

Obviously, not all cryptocurrencies have ERC20 tokens living on Ethereum ‘s network but pretty much any new blockchain-based project can launch an Initial Coin Offering.

The legal state of ICOs

When it comes to the legality of ICOs, it’s a bit of a jungle out there. In theory, tokens are sold as digital goods, not financial assets. Most jurisdictions haven’t regulated ICOs yet so assuming the founders have a seasoned lawyer on their team, the whole process should be paperless.

Even so, some jurisdictions have become aware of ICOs and are already working on regulating them in a similar manner to sales of shares and securities.

Back in December 2017, the U.S. Securities And Exchange Commission (SEC) classified ICO tokens as securities. In other words, the SEC was preparing to halt ICOs they consider to be misleading investors.

There are some cases in which the token is just a utility token. This means the owner can simply use it to access a certain network or protocol in which case they may not be defined as a financial security. Nevertheless, equity tokens whose purpose is to appreciate in value are quite close to the concept of security. Truth be told, most token purchases are made specifically for investment purposes.

Despite the efforts of regulators, ICOs are still lingering in a grey legal area and until a clearer set of regulations is imposed entrepreneurs will attempt to benefit from Initial Coin Offerings.

It’s also worth mentioning that once regulations reach a final form, the cost and effort required to comply could make ICOs less attractive compared to conventional funding options.

Final words

For now, ICOs remain an amazing way to fund new crypto-related projects and there have been multiple successful ones with more to come.

However, keep in mind everyone is launching ICOs nowadays and many of these projects are scams or lack the solid foundation they need to thrive and make it worth the investment. For this reason, you should definitely do thorough research and investigate the team and background of whatever crypto project you might want to invest in. There are multiple websites out there that list ICOs, just do a search on Google and you’ll find some options.

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International Regulations for Cryptocurrencies Will Create Win-Win Situations

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The backdrop

Initial Coin Offering on blockchain platforms has painted the world red for tech-startups across the world. A decentralised network that can allocate tokens to the users supporting an idea with money is both revolutionizing and awarding.

Profit-spinning Bitcoin turned out to be an ‘asset’ for early investors giving manifold returns in the year 2017. Investors and Cryptocurrency exchanges across the world capitalized on the opportunity spelling enormous returns for themselves leading to ascent of multiple online exchanges. Other cryptocurrencies such as Ethereum, Ripple and other ICOs promised even better results. (Ethereum grew by more than 88 times in 2017!)

While the ICOs landed millions of dollars in the hands of startups within a matter of days, ruling governments initially chose to keep an eye on the fastest fintech development ever that had the potential to raise millions of dollars within a very short period of time.

Countries all across the globe are mulling over to regulate cryptocurrencies

But the regulators turned cautious as the technology and its underlying effects gained popularity as ICOs started mulling funds worth billions of dollars - that too on proposed plans written on whitepapers.

It was in late 2017 that the governments across the world seized the opportunity to intervene. While China banned cryptocurrencies altogether, the SEC (Securities and Exchange Commission) in the US, highlighted risks posed to vulnerable investors and has proposed to treat them as securities.

A recent warning statement from SEC Chairman Jay Clayton released in December cautioned investors mentioning,


“Please also recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. As a result, risks can be amplified, including the risk that market regulators, such as the SEC, may not be able to effectively pursue bad actors or recover funds.”

This was followed by India’s concerns, wherein the Finance Minister Arun Jaitley in February said that India does not recognize cryptocurrencies.

A circular sent by Central Bank of India to other banks on April 6, 2018 asked the banks to sever ties with companies and exchanges involved in trading or transacting in cryptocurrencies.

In Britain, the FCA (Financial Conduct Authority) in March announced that it has formed a cryptocurrency task force and would take assistance from Bank of England to regulate the cryptocurrency sector.

Different laws, tax structures across nations

Cryptocurrencies majorly are coins or tokens launched on a cryptographic network and can be traded globally. While cryptocurrencies have more or less the same value across the globe, countries with different laws and regulations can render differential returns for investors who might be citizens of different countries.

Different laws for investors from different countries would make calculation of returns a tiring and cumbersome exercise.

This would involve investment of time, resources and strategies causing unnecessary elongation of processes.

The Solution

Instead of many countries framing different laws for global cryptocurrencies, there should be constitution of a uniform global regulatory authority with laws that apply across the borders. Such a move would play an important part in enhancing legal cryptocurrency trades across the world.

Organizations with global objective such as the UNO (United Nations Organisation), World Trade Organisation (WTO), World Economic Forum (WEF), International Trade Organisation (ITO) have already been playing an important part in uniting the world on different fronts.

Cryptocurrencies were formed with the basic idea of transference of funds all across the world. They have more or less similar value across exchanges, except for negligible arbitrage.

A global regulatory authority to regulate cryptocurrencies across the world is the need of the hour and might lay down global rules for regulating the newest mode of financing ideas. Right now, every country is trying to regulate virtual currencies through legislations, drafting of which are under process.

If the economic super powers with other countries can build a consensus introducing a regulatory authority with laws that know no national boundaries, then this would be one of the biggest breakthroughs towards designing a crypto-friendly world and boost use of one of the most transparent fintech system ever - the blockchain.

A universal regulation consisting of subparts related to cryptocurrency trading, returns, taxes, penalties, KYC procedures, laws related to exchanges and punishments for illegal hacks can yield us with the following advantages.

  1. It can make calculation of profits super easy for investors across the world, as there would be no difference in the net profits because of uniform tax structures
  2. Countries all over the world may agree to share a certain part of the profits as taxes. Therefore the share of countries on the taxes collected would be uniform all across the world.
  3. Time involved in constituting numerous committees, drafting bills followed by discussions in the legislative arena (Like the Parliament in India and the Senate in the US), could be saved.
  4. One need not go through strenuous taxation laws of each and every country. Particularly those involved in multinational trading.
  5. Even the companies offering tokens or ICOs would comply with the said ‘international law’. Therefore, calculation of post-taxation incomes would be a cake walk for companies
  6. A global structure would call for more companies coming up with better ideas, thereby increasing employment opportunities across the world.
  7. The law may be assisted by an international watchdog or regulatory for global currencies, which may have powers to blacklist an ICO offering that does not adhere to the norms.

It is not all advantages, when it comes to a law that would govern cryptocurrencies all over the world. There are certain disadvantages as well.

Uniting world’s financial leaders to come together and draft a law might be time taking. Discussions and bringing them to consensus might be challenging

  1. Countries or economies providing tax-free structures may not agree to accept the law that provides for a universal taxation policy
  2. The global watchdog or the regulatory authority’s interference in monitoring ICO related regulatory developments might not go well with some countries
  3. The universal law may result in the world being divided into factions. Countries which do not support cryptocurrency like China might not be a part of it.
  4. The law may be the brainchild of economically strong nations who might design it to suit their best interests.
  5. This law would be a centralized one with a global regulatory body unlike cryptocurrencies which are decentralised in nature.

Conclusion

The world has been together for better. Be it making of a peaceful world after the World War II, or coming together for better trade laws and treaties.

The International Trade Organisation (ITO), the World Trade Organisation and the World Economic Forum have some of the best brains that define global economics.

They can come together and be a part of a body that would define the economic prosperity of the world. They would help draft global cryptocurrency norms and may be a part of the regulatory body that would be the guide and lighthouse for thousands of ICOs across the world for better. Initially this may be time taking, but would make things easy for the times to come.

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How To Make Your Own Cryptocurrency In 4 Easy Steps

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Okay, so cryptocurrency this, bitcoin that!

Enough, there has been so much hullabaloo about the boom created by the virtual currencies that the internet has been overloaded with information on how you could earn more money by investing in these currencies. But did you ever think how cool it would be if you could create your own cryptocurrency?

Never thought about it, right? It’s time to think because in this post we are going to provide you a four-step guide on creating your own cryptocurrency. Read through the post, and then see whether you can do it for yourself or not!

Step 1 – Community

No, you don’t have to build a community like you do when you plan to rule social media. The game is a little different here. You need to find a community of people that you think would buy your currency.

Once you identify a community, it becomes easier for you to cater to their needs and therefore you can work towards building a stable cryptocurrency rather than going haywire with what you want to achieve.

Remember, you are not here to be a part of the spectator sport – you are in it to win it. And, having a community of people who would want to invest in your currency is the best way to do it!

Step 2 – Code

The second important step is to code. You don’t necessarily have to be a master coder to create your own cryptocurrency. There are plenty of open source codes available out there which you can use.

You can even go ahead and hire professionals who can do the job for you. But when coding, do remember one thing – blatant copying is not going to lead you anywhere.

You need to bring some uniqueness in your currency to distinguish it from the ones that already exist. It has to be innovative enough to create ripples in the market. This is the reason just copying the code is not enough to be on top of the cryptocurrency game.

Step 3 – Miners

The third, and the most important step in the process is to get some miners on board who will actually mine your cryptocurrency.

What this means is that you need to have a certain set of people associated with you who can actually spread the word about your currency in the market. You need to have people who can raise awareness about your currency.

This will give you a head start. And, as they say – well begun is half done; miners can eventually lay the foundation of a successfully voyage for your cryptocurrency in the ever growing competition.

Step 4 – Marketing

Last thing you need to do as part of the job here is to connect with merchants who will eventually trade the virtual coins that you have built.

In simpler words, you need to market these coins in the battleground where real people would actually be interested to invest in them. And, this by no means is an easy feat.

You need to win their confidence by letting them know that you have something worthy to offer.

How can you begin with it? The best way to market your coins initially is to identify the target audience who knows what cryptocurrency is.

After all, there is no point in trying to market your stuff to people who don’t even know what cryptocurrency is.

Conclusion

So, you can see that building a successful cryptocurrency is more about having the awareness about market trends, and less about being a hardcore techie or an avant-garde coder.

If you have that awareness in you, then it is time to make a heyday while the sun shines in the cryptocurrency niche. Go ahead and plan building your own cryptocurrency by following these simple steps and see how it turns out for you!

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Can I Create My Own Cryptocurrency?

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For you to be in a position to make your own cryptocurrency, here are some of the things for you to follow.

Build A Blockchain

The first step towards a creating the best cryptocurrency is building a blockchain. Blockchain technology is the background and of every cryptocurrency that you see in the world today. A blockchain has contained the details of each cryptocurrency.

It is a ledger that shows the background of every cryptocurrency that you have. It also shows more details of who owned the cryptocurrency coins previously before you.The best cryptocurrencies have a very effective blockchain technology.

Code

All the software’s that you see on the internet are made out of a code. This is the same case with cryptocurrency. Fortunately, a majority of the cryptocurrency is made using the same code. Mainly, cryptocurrencies are made using the C++ code. You can outsource all the codes you need from GitHub and use them to make your cryptocurrency. However, the code will vary from your specifics. If your blockchain is longer and faster you must add programs for that. Generally, programs can vary from one week to several months when making a blockchain.

In order to make the best cryptocurrency, one needs to ensure he has put the greatest level of security to be observed. There are hackers everywhere and it is always your role to alienate the hackers. One powerful tool that has been used to alienate hackers is the use of private and the public key. This is because every key is generated from the previous key. Through the use of cryptography, each key can be traced from the first transaction ever made.

You should also ensure that you create a pool of miners. For a stable cryptocurrency like bitcoin? anyone can be a miner. A miner does two things.

-Creates the crypto coin

-Authenticates the cryptocurrency.

You must form a standard way of creating and authenticating your cryptocurrency.

Access The Market Needs

Many cryptocurrency experts have said that the most important part is accessing the market needs. You should be keen and observe what other cryptocurrencies are not offering and offer them yourself. If we look at the biggest cryptocurrency in the market, today bitcoin.

It was formed to bring a faster transaction in the online world. Bitcoin also gained much recognition because it was able to hide the identity of the users. They remained anonymous but one could still make a legit transaction. These are the most important parts to keep into consideration when creating a cryptocurrency.

To make a very successful cryptocurrency, you need to ensure that you are able to do proper marketing of your cryptocurrency. This means going to merchants and requesting them to accept your cryptocurrency as their mode of payment. These are generally some of the best ways in creating the crypto coin.

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