Why Cryptocurrency Exchanges Are at the Dawn of a New Economy

While crypto exchanges such as Rubix: The Social Exchange and its accompanying crypto coins may still be new and not as prominent as gold, it is slowly but surely gaining traction and be become a standard way of doing business in the next few years.

Due to certain economic uncertainties, it will increase in popularity. What needs to happen is to make it easier for massive scale adoption, which requires to include protecting and safeguarding the interest of investors and buyers. In the foreseeable future, people would confidently shove their monies under this virtual mattress and know that wherever they go, they will have access to their money.

Without a doubt, the inventor, Satoshi Nakamoto, didn’t in his wildest dreams imagine how much traction cryptocurrencies would gain over the years. He made numerous attempts to set up a digital cash system that would attract a vast amount of users. At times it feels like it is some kind of a religion in the way it provoked fascination and enthusiasm amongst individuals the world over.

What especially comes to mind is the estimation that mobile payments is expected to hit the $142 million mark by the end of 2019. For what reason are digital payments so popular?

Due to the following features, it presents its user with:

  1. Peer-to-peer – The type of transfer that occurs when one person makes a payment to another person through using a mobile device. The device would either utilize a preloaded app or a browser-based app to initiate the transaction, authenticate, or transfer the funds.
  2. In-person – Purchases, which are initiated by using a mobile device where the buyer and seller are in-person, usually while at a brick-and-mortar retail location so they may have the product or service delivered to them immediately.
  3. Remote – These payments are carried out once a buyer makes a purchase through using a mobile device without being physically present with the seller, while the goods would not immediately be made available as is the case with eCommerce.

Cryptocurrencies are seen as digital gold, which is safe from any political influence. It is considered as money that would both preserve and increase its value over time. Also, it is a comfortable and much quicker way of making the payment that is anonymous and private enough to serve as a payment method for black markets or any other outlawed economic activity.

Even though crypto coins are used to effect payment, it gave birth to an incredibly fast-growing market for speculators and investors. Exchanges such as shapeshift, poloniex, or Okcoin makes it possible to trade in hundreds of different cryptocurrencies to the extent that it exceeds major European stock exchanges.

What is more, because of ICOs that are facilitated by Ethereum, it made it possible for various crowdfunding projects to succeed with their idea of collecting millions of dollars for a specific cause.

Known to be among the more popular cryptocurrencies would be Bitcoin. This is for the mere reason that it turns out to be the first to serve a certain digital gold standard within the entire cryptocurrency sphere. Many use it as a global means of making payments. They call it the de-facto currency. Did you know that its transaction volume shot through the roof to over 200,000 daily transactions? There is no doubt that Bitcoin will stay.

Then, there is Ethereum that follows suit. Unlike Bitcoin, the blockchain it accommodates would also process complex programs and contracts.

There isn’t any doubt that cryptocurrencies have gone wild and fast in that daily, new currencies come to the fore and old ones die. As a result, early adopter becomes seriously wealthy while investors lose out. Every new cryptocurrency has its own set of promises in that they present a huge story to turn the world around. Only some would survive for the first few months. This shows that caution must be displayed in all cases if you hope to see a return on your investment.

In only two years from now, during early 2021, it is predicted that cryptocurrencies will gain legitimacy for use as micropayments and various business transactions. It may even overtake the Western Union as a preferred remittance method.

Concerning business transactions, you will notice two paths:

  1. Businesses using it due to paying no fee, and the instant availability to move virtually any amount of money around
  2. Others will utilize it for its blockchain technology that offers smarter contracts and trustless auditing.

Maybe it’s time to approach your trusted exchange and make some inquiries regarding the use of cryptocurrencies.

What is All Involved in Running a Crypto trading platform?

Exchange platforms serve as platforms that allow its users to purchase, exchange or sell cryptocurrencies for other traditional currencies such as pounds, Euros, or dollars. Professional traders would require access to a host of trading tools. To help them accomplish this they need an exchange, requiring them to verify their ID.

Some platforms allow a straightforward trade without the need to open an account.

Kind of Exchanges You Will Find

  • Brokers – These are the type of sites you can visit at will to purchase crypto coins at a price that is set by the broker. They work similarly as foreign exchange dealers.
  • Direct Trade – Platforms that would provide a person to person trading and allow people from different countries to exchange their currencies. Every seller would set their specific exchange rate as the trading exchanges used do not have a fixed price.

What You Need to Look for Before Joining an Exchange?

Do your homework before signing up for an online exchange and trading. Following are a couple of things you need to know before getting involved in your first trade:

  • Exchange Rate – You will find that exchange platforms all offer different rates. You will be pleasantly surprised to discover how much you can save if you browse around. Some rates can easily fluctuate to 10% if not higher.
  • Geographical Limits – Certain user functions are only made available to those who reside in specific countries. Ensure the exchange you want to join permits complete access to all functions and tools required to trade with.
  • Reputation – The best way to learn about a particular exchange is to go through the reviews section and browse popular industry websites. One can also pose your questions to forums such as Reddit or Bitcoin Talk.
  • Verification – The majority of Bitcoin trading sites in the UK and US require some ID verification before any deposits or withdrawals can happen. Some of these exchanges will let you stay anonymous. Even though verification may take a couple of days, and be painful, it safeguards the actual exchange from any scam or money laundering scheme.
  • Payment Methods – Do your due diligence by finding out which payment method is available. Do they accept wire transfers, debit and credit cards, and PayPal? If they offer limited payment options, then they may not be worthy of your business. Any crypto coins being bought with a credit card would always require identity verification, which comes at a premium due to higher processing and transaction costs. Also, to purchase cryptocurrencies through a wire transfer takes way too long due to processing time.
  • Fees – Online exchanges should provide fee-related info on their sites. Before you sign up, ensure you understand their various transaction fees. These would differ, which depends on the type of exchange you intend using.

Funny how some refer to cryptocurrency as the 21st Century Unicorn. Very fitting, as this type of digital currency is the money of the future.

Nowadays, crypto has become a global phenomenon that most folks know about. Even though it may come across as geeky at this stage, where most people do not have the faintest idea what is all involved, many companies are aware of how important it is to welcome digital currencies in their lives and business.

A US senator nails it by stating that Bitcoin captured the imagination of many, struck fear in some people, and confused the heck out of anyone else.

Overlooking all the noise going on around cryptocurrencies, the majority of people, which include scientists, bankers, developers, and consultants, are limited in their knowledge of cryptocurrencies. They fail to comprehend basic concepts.

What exactly is cryptocurrency and how did it make Its appearance as a side product referred to as digital cash?

It was during late 2008 that Satoshi set up what was known as “a peer-t0-peer cash system” that worked electronically.

The best part of his invention is that Satoshi discovered a technique where he managed to decentralize a digital cash system. This would take the form of a peer-to-peer network used to share files.

This is how cryptocurrency saw the light of day. To learn more about the intricacies involved speak to your trusted cryptocurrency exchange experts. Read more at :
https://cryptointelhub.com/what-is-rubix-the-social-cryptocurrency-exchange/

Understanding Why You Need Cryptocurrency Exchanges and Bitcoin in Your Life

In part, due to the input of prominent crypto exchanges, Bitcoin, Ethereum, Litecoin, and the like became a buzzword in no time at all. No matter where you look, sooner or later you will come across some news surrounding one or the other crypto coin as it seems to pop in media debates most of the time. Apparently, you can use digital coins like these to purchase virtually anything, from a cuppa coffee to an automobile. However, very few people have an understanding of how it works.

If they take the time to gain a thorough understanding, they would realize the value of how not just Bitcoin but other digital currencies will change the way how we send each other money.

At its core, Bitcoin can be seen as a fundamental range of programming instructions that let PCs communicate with each other. In turn, it provides the computers with the necessary operating instructions and info that is needed to keep account of as well as verify various transactions among those who operate within the Bitcoin economy.

The system makes use of encryption in that users need to make use of a unique password to enable them to transfer money digitally to each other without having to reveal the passwords to anyone.

In turn, it sets out the steps the PCs in the network need to carry out to reach a consensus on the authenticity of every transaction. Once this is out of the way, the recipient will know there are enough funds and no chance of counterfeit digital money being sent.

What gets futurists, economists, and techies excited about cryptocurrencies? It is the mere fact that it serves as an open-source foundation from which anyone can develop the needed tools for managing exchanges and doing commerce.

One can think of it as an operating system. However, the critical difference is that it would not provide instructions to a single PC on how it should run itself, but instead to a group of computers on how they need to interact with one another. Its central features can be appreciated in that it records every transaction that ever took place, which can be seen by everybody in real time.

Various applications are being developed to ensure that a cryptocurrencies exchange like some listed on Fooyoh is more fluid and user-friendly when users make use of their digital wallets to allow the smartphones to zap money to each other digitally.

All this is made possible thanks to a transparent and verifiable record of ownership where no centralized registry is needed. In this way, people can exchange various types of digitized items of value with confidence. There is no need for any intermediary such as lawyers, banks, or government agencies to get involved. This the power of Bitcoin technology that many raves about.

Think about it for a moment. Currencies are among the most powerful tools governments make use of to control their subjects with. You just have to ask residents in Cyprus, Greece, Portugal, or Ireland.

Bitcoin is in place to take at least some power away from the authorities to hand it to the common man in the street. Then again, there is also the worry that Ethereum and other currencies like it can flame out entirely. What comes to mind is the Betamax video format that made way for VHS, to be replaced by DVDs, and modern-day MP4 formats.

When you talk to some of the older generations about digital currencies, the first reaction you would get is one of disdain. The thing is that it’s supposed to be money, but weirdly it does not have the same attraction as real money has that all are familiar with.

Crypto coins are not issued by governments or forged from metal. Another reaction you are sure to come across is skepticism. No doubt, some of the first thoughts about to cross your mind would be thinking of Bitcoin as a tulip mania or Ponzi scheme.

Curiosity about digital currencies keeps people reading with the hope that everything about it will become crystal clear and even makes sense in some weird way. They want to understand what difference it will make to their lives and why others are so in awe of it.

Finally, you get to accept the concept of cryptocurrency once you realize there is a better and faster way of doing business. This is when the lights come on.

The Answer to the Most Asked Bitcoin Related Question

No doubt, cryptocurrency, and newly created exchanges are a hot topic right now. Having said that, there are still many individuals who do not know when, how, or where to get hold of it.

What is the first thing you’ll hear people say when they hear people say where they get their money from? They would either say, the bank, their job, parents, or through government benefits, not so? The source is apparent, and in most cases, the monies are obtained through carrying out some kind of duty for it. How would you get hold of Bitcoins?

You would have to buy Bitcoins!

One of the widespread ways to make this happen is through an online exchange that allows you to buy digital currency. Be cautious, however, as not all of them are trustworthy. Do enough research to ensure you make use of a reputed source. Bear in mind that some exchanges will only allow certain currencies such as Ethereum or Litecoin. Be sure to check if the exchange you intend using offer you access to the digital money you are interested in.

When it comes to Bitcoin, you can also utilize a Bitcoin ATM. But, you would have to create a wallet first, which turns out to be a whole series of numbers and letters that you will link to your digital money amount. You may want to think of it as a bank account number.

Bitcoin ATMs can be used in a similar way that you would use a regular ATM in that you can either deposit or withdraw. The money you put in can be used to purchase Bitcoins.

Did you know that as of February 2019, one Bitcoin is valued at $3,357 U.S dollars?

Due to this fact, it may not be possible for some of you to afford one Bitcoin. The value given can change very quickly.

Fortunately for most, one can purchases fractions of the coin, making it accessible to a broader audience. Therefore, anyone can buy cryptocurrency as you would just get the Bitcoin equivalent of whatever portion you buy.

How is Cryptocurrency Created?

We are all aware that money comes through banks. Central banks would just print more when needed and make it available to anyone in need of it. However, they have no part in cryptocurrencies.

This brings us to the question – How is Bitcoin created and how does it grow?

It all happens through a process called mining. Everyone can become a miner if they want to. But, it is not an easy feat and involves a complicated procedure utilizing many computer algorithms that would be processed on a dedicated computer system.

The entire process is extremely complicated. However, the primary goal for miners would be to solve a cryptologic puzzle that would let them build a block and add it to the blockchain.

In simple terms: people would utilize their PCs to perform some crazy calculations that will result in a page to form part of a physical ledger. Miners who manage to do this successfully is given a certain amount of newly created cryptocurrencies. This is how crypto coins are produced.

Is there a need to worry about this in that just anyone can create an infinite supply of digital currencies like Bitcoin?

Firstly, the whole procedure is hard to carry out.

Secondly, one is limited regarding how many cryptocurrencies you are allowed to own. Bitcoin enables an individual to have a maximum of 21 million crypto coins. This limit would vary with other digital currencies. Ethereum has no limit at present.

Some People Believe Cryptocurrency is the Future

Even Bill Gates feel that digital currency is the future. On a  world-wide scale, the globe is becoming smaller and the need to have a new world currency increases. Most of us do not like having to deal with exchange rates unless you make money off it by trading currencies. On top of that, who wants to pay the bank fees associated with it?

Digital currencies such as Bitcoin offers a solution in that it can be used anywhere and is accessible to everyone. Furthermore, many are now moving away from using cash and rely more and more on phones and cards for everything they purchase, whether it be big or smaller items.

All the more reason, why you should learn more about doing business with a reputable cryptocurrency exchange.

Five Things Your Exchanges Will Tell You About Crypto

Have you thought about getting into the crypto hype, but you are not entirely sure what it actually means or how to get hold of your own Bitcoin. Time to read what a prominent Crypto exchange has to say about this.

Just, during 2017, the Internet was abuzz regarding cryptocurrency once they realized how much Bitcoin’s value increased.

Even though its value dropped again, it got the attention of a wider audience than before.

Unfortunately, not many of the people attracted to crypto coins like these are financial experts, and they have a lot of questions on how to get their own piece of the pie and to learn more about Bitcoin.

Even though there is plenty of info on the matter, it is very specialized. You may be trying to figure out what digital currency is in the first place. In that case, we are about to tell you more.

1 – Digital Money

As you start getting to the core of it all, you’ll realize that cryptocurrency is a different kind of money. The same way you would dispose of regular money, you would spend cryptocurrency, although in a more limited fashion. More on that in a moment.

You will very likely come across cryptocurrency terms like Ethereum, Bitcoin, Litecoin, Ethos, and so forth. What is it supposed to mean? Many of these may sound very futuristic. But, in reality, they are just different versions of currency currencies such as the Euro, pound, or dollar.

Unlike the money we use daily, digital currencies referred to as “altcoins,” only exists within the digital world. Therefore, they term it as “digital money.”

So, regardless of what some images might show you about Bitcoin, there are no physical coins involved.

2 – Cryptocurrency is Used to Invest, Buy, Sell, and Trade

It is not all that hard to figure out what to do with digital currencies. You can practically do anything you would typically do with other money.

Many people seem to think that Ethereum, Bitcoin and other cryptocurrencies can only be used to trade and invest with. In other words, a commodity one can use to turn some monies into a whole lot of money magically. However, folks are using these for purchases too such as buying or selling an item online or even paying for their coffee.

The latter is not that common as many companies do not accept digital currencies as payment yet. As more people begin to switch to Ethereum or Bitcoin, others will soon follow suit.

3 – Borderless Currencies

Money as we know it is tied to specific locales, and one can just use your local currency to purchase things in your own country. For example, have you tried paying for coffee in Brazil using Euros? You will encounter a very dissatisfied barista if you try.

However, you would have no problems when doing this using Bitcoin as it’s digital money, which is tied to the digital world with no actual borders or limitations. You can use it to buy various items online from anywhere in the world, as long as the entity you are dealing with accepts it. There are no worries about an exchange rate.

4 – Banks Have No Say Over Cryptocurrencies

It has become the norm for all of us to let our money go through a bank. But, in the case of either Ethereum or Bitcoin, they have no say. Exchange rates are disappearing. But, that is not all.

Another huge benefit to digital currencies is the fact that institutions cannot control or manage the money supply. What is more, they do not have the power to use inflation to minimize its value over a specified period.

However, on the flipside, any transactions are made anonymously as a cryptocurrency account or any transactions attached to it are not actually linked to real-world entities. Even though a given account needs to be connected to an address, it cannot be traced in any way.

This fact makes it so much easier for hackers to cover their tracks and hard for the authorities and banks to locate the perpetrators. But, as technology develops this can change and might already be here in the form of Blockchain.

5 – How Blockchain Record Transactions Digitally

Blockchain is known to be a public ledger that stores and record every transaction that ever took place. Due to this, everyone will see what others have done.

Furthermore, it is regarded as a decentralized entity, meaning it cannot be pinpointed in any given location. Instead, it is present on all PCs that make use of Blockchain. The moment a transaction takes place, the ledger would update it everywhere else. Once the money has been sent, it cannot be canceled.

Because of this, any cryptocurrency that makes use of blockchain becomes a very secure and efficient payment method. There is no middle-man involved to initiate the transfer. What is being used is a peer-to-peer system.

As every transaction is listed, no one can bulldoze you concerning how much crypto coin they have. They cannot perform a double transaction either.

More and more it starts to make sense that we can safely transact any digital currencies through a trusted exchange.

Cryptocurrency Exchange Explains How Crypto is Different from Normal Currencies

Various questions come up in the mind of new traders who decided to give prominent cryptocurrency exchanges and digital currencies such as Litecoin, Ethereum, and Bitcoin a go.

Follow along as we take a closer look at the questions asked and how regular monies compare against crypto coins.

What backs it up?

Standard currencies – The products and services associated with known currencies as well as the institutions who issue the currencies

Digital currencies – Products and services and the consensus of all users.

Who governs it?

Traditional currencies – Central banks

Crypto coins – Computers and mathematics around the world.

What is the cost to initiate an international transfer?

Regular monies – As much as 2 to 3 percent of the cost of the total transfer.

Digital monies – Just over a dollar.

How long does an international transfer take?

The traditional way involves several days.

Bitcoin transfers happen in a matter of minutes.

Can it be charged back?

Traditionally a reversal gets made once someone disputes a payment

Using Ethos and other such currencies, once you completed the transaction, it may not be edited or reversed in any way as every part is recorded securely.

Is it a physical commodity in that you can touch it?

Traditionally as the currency is in a printed form, you can have it in your hands and touch it. If you want more, then the banks will just print more notes.

Ethereum and Bitcoin are digital in nature and is limited to a specific amount so no more can be made. 

More Info on Bitcoin

Blockchain ensures that various transactions conducted are safer. However, limits placed on traditional currencies like pounds and dollars would slow down the process of selling and buying. What is more, it costs to transfer regular, and it involves a lot of time for it to be approved, which equates to wasted time and money. Businesses are not keen on losing money. But, who is?

Bitcoin is not the same as in traditional currencies. They are not controlled by a central authority such as the banks. Instead, powerful PC get to solve complex math puzzles and mine coins over time.

Unlike traditional coins for which banks can just print more, there are a limited number of Bitcoin produced. Apparently, only around 21 million will exist, and a small number of new coins get mined every hour.

Also, the rate at which they appear will slowly be reduced until there are no more of this left to be mined. All this is made possible thanks to the blockchain. The Bitcoin chain would keep a record of how much each person who decided to trade with this commodity has left. This information is securely shared around the world.

It is not possible to alter your records and state that you have more Bitcoins that you actually have on hand as the blockchain cannot be fooled. It keeps an accurate record of what you possess due to regular updates.

What makes it secure is that only the folks who joined the chain would have access to the available blocks and able to see the data. Some would just be given permission to view a limited amount of info within the chain.

Tracking Trades

The integrity of any particular transaction can be monitored as the Bitcoin network is open.

Transfers are more private as no identity checks are required. The moment someone submitted a transaction, the network protocol would go through the previous records of that currency to check if the sender had sufficient Bitcoin and permitted to send it.

For some of you, it might sound shady, but in actual fact, having a unique wallet serves to identify users so that law enforcement can use it to track users if so required.

Additionally, most transactions that take place need to have an identifier logged with the transfer as required by law. Furthermore, it is recorded on an open network, which makes it less ideal for potential hackers.

It involves quite a process to undo a transaction as these cannot be reversed. The only way to pull it off is to fulfill the identical transaction in the opposite direction. In this case, both transactions can be fully tracked within the chain for everyone to see. Aspects like what we discussed over here make Bitcoin an extremely secure way to conduct trade.

Corona Project Manager. Like enjoying a beer or two with other crypto owners? We sure do as well. So, that’s why we’re starting the blog back and will be talking about the new upcoming events. Pop a beer or two and enjoy reading as the content flows in. In the meanwhile, stay tuned as in the few upcoming days is when the posts are going to be happening. Alright, see you soon.