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The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can lock you out of your account anytime they want. They can hold onto your money and send you on a mission jumping through multiple hoops to get the money that’s ultimately yours. 

Cryptocurrency is different because it is decentralized.

The government is not involved in your banking affairs or transactions in any way. Still, some people think that this creates a higher risk for our government and economy. The government won’t be able to touch your cryptocurrency, even if they wanted to. 

No Transaction Fees

Often, when we have transactions with our central bank, there are numerous fees involved. This is another difference between this type of currency and an ordinary account. You’re essentially cutting out the middle man, so you’re saving on those extra fees. 

You’ll be able to make payments just about anywhere without a banking institution peering into your affairs and asking questions. You can also make international payments without high fees because an international transaction is merely the same as domestic transactions, in the eyes of cryptocurrency. 

Protected Transactions 

There are so many ways that identities are compromised these days. Who wouldn’t look happily on an option that offered more protection? Your transactions and identity are guarded sternly in comparison to your ordinary transactions. However, you’re still susceptible to hackers and cybercriminals. 

Something to note about cryptocurrency is that the transactions are irreversible. Once the translation is initiated, the funds sit in limbo while entering the blockchain by the miners. 

The Cons: 

Black Market Involvement

Bitcoin and other forms of cryptocurrency are primary payment sources for dark web transactions. This type of currency is hard to track, but that also means that it’s easier for criminals and hackers to utilize dark web transactions. 

Tax Evasion

Even though the government can’t see your transaction, they want to slap taxes on the transactions. There is something of a loophole, but you’ll have to stay on top of tax-related issues and make sure you’re not audited about your cryptocurrency holdings and transactions. 

If The Data Goes, So Will Your Funds

If you think about it, a big computer is storing your funds, and you have no way to liquidate them. If the data is breached and disappears, so will your funds, and there is no one to hold accountable. 

You Need To Be Tech-Savvy To Invest In Cryptocurrency

Let’s be real; if you don’t have some working knowledge of cybersecurity and cyber happenings, cryptocurrency will end up being a dead-end for you. This type of investment requires you to have some working knowledge of the cyber world, or you might be throwing money down the drain!

Parting Thoughts 

All investments have possible pros and cons, so cryptocurrency is no different in that respect. If you’re thinking about investing some funds in Bitcoin, or any other type of cryptocurrency, make sure you make yourself familiar with the pros and cons. 

You need to make sure you are fully aware of everything involved in the process and if you’re not clear on something, it’s helpful to have someone to turn to for assistance. 

It doesn’t need to be a stressful research experience. Why not make the most out of the experience and combine it with your favorite CBD product? Maybe you haven’t tried some, but some CBD tinctures are pretty sweet

Please sit back and relax, dig into some cryptocurrency knowledge and information, and see where it takes you. It might just be the best thing that ever happened to you!

Image by WorldSpectrum from Pixabay

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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