BlockPrism: Blog BlockPrism: Blog https://www.blockprism.org/blog/ Copyright by BlockPrism en BlockPrism Wed, 23 Jun 2021 01:23:37 -0400 Top four rules to invest in the crypto trading industry Investing money in the crypto industry has become a very challenging task. If you look at experienced traders, you will notice that all of them have extensive analytical skills. They never invest their hard-earned money without following fixed sets of rules. Things will be challenging and you will often become frustrated with your actions. But you should never lose hope while learning to trade the market. Learning the art of currency trading is more like completing a bachelor's degree in a top-tier university. So, if you expect that you will become a skilled trader without doing the hard work, you are walking on the wrong path.

There are thousands of ways by which you can improve your trading performance. But today, we are going to highlight the top four rules by which you can invest money in the crypto trading industry without increasing the risk factors.

Know the basics

The first step which you need to do is to know the basics. Without learning about the basics of the market, it will become a very challenging task to make a regular profit from this market. As you know nothing is predictable in the investment market. Anything can happen to the price of a certain asset. Try to learn the basics as it will allow you to deal with unexpected market movements. Stop aggressively taking the trades and develop a strong understanding of the support and resistance level.

You may also consider taking a professional course on cryptocurrency trading. Never think that it will be a waste of money. If you manage to find a good mentor, he can give you the proper guideline to learn the important details of this market. By following his guideline, you should be able to deal with the critical issues at trading.

Chose a very good broker

The majority of retail traders don’t realize the importance of choosing a high-end broker. Visit the official website of Saxo Bank UAE and see their offered feature. Soon you will realize that the high-end brokers are spending a huge amount of money just to ensure access to the professional trading environment. Things might be very challenging at the initial stage but once you go through the important details of the broker, you will never trade with the low-end broker.

The low-end brokers are always trying to scam you. On the contrary, elite brokers like Saxo works hard to give you the best resources. You can even use their free education contents which will improve your decision-making skills and let you trade the market in a very structured way.

Develop a trading strategy

Investing money in the crypto trading industry requires you to learn about the overall trading process. Unless you are good at technical and fundamental analysis, you will never the perfect time to execute the trades. Moreover, you also need to learn about closing of the trades and only then you can expect to make big profits from this market. That’s why you need to work hard and develop a professional trading strategy by using a demo account. Never think you can beat the market without following core rules of investment.

During the development phase, try not to make the overall trading process complex. Keep the things simple as it will allow you to trade the market in a more standard way. Never follow the aggressive method and use strategic actions to earn more money.

Trade with discipline

The only way by which you can protect your trading capital is by following strict trading discipline. No matter what you do in your life, you should not break discipline. If possible, write down your trading plans so that you can do well in the market. Never think you know everything about this market. Become a student of this market and try to extract quality information regarding cryptocurrency investment.

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5 Reasons Why Blockchain Money Transfers Are on the Rise

Blockchain technology has become a popular topic in the business world. With all of the talk about cryptocurrencies, many people are now interested in blockchain technology. It is revolutionizing the way money is transferred. Because blockchain technology provides a plethora of benefits that traditional methods don't offer. For example, if you want to convert CAD to Naira, you have to visit a money exchange transfer. But in the blockchain system, you can do it without any help from third parties.

Blockchain technology has been around since 2008. But it has recently become popular among the mass of people. It is a decentralized public ledger that stores the record of crypto transactions all over the world. Nowadays, people are using this system for money transfer also. In this article, we will discuss what blockchain technology is and the top 5 reasons why blockchain money transfers are on the rise.

What is blockchain technology?

Blockchain technology is a decentralized public ledger that stores data across its network nodes rather than in one centralized location. David Chaum proposed this system in 1982. He proposed a decentralized system where every transaction will be completed automatically. As a result, there won’t be any third party that can manipulate or influence the money transfer system. Then in 2008, after Satoshi Nakamoto invented Bitcoin, blockchain technology started working. Since then, people are using this technology as a better alternative to the traditional money transfer system.

5 Reasons Why Blockchain Money Transfers Are on the Rise

There are many reasons why blockchain technology is popular. It has already gained the trust of people, which helps to enhance its usage. There are many reasons why people are using this new form of technology to send and receive money. Here are the top 5 reasons why blockchain money transfers are on the rise:

1. Transparency

Transparency is one of the top advantages that blockchain technology offers. Its decentralized network provides an increased level of transparency when compared to centralized systems such as banks. There are many people who use this system because they want to be completely transparent about their transactions and investments. With a decentralized public ledger, it's easy for everyone in the world to see every recorded transaction.

It is easy to check every transaction system, and that is totally free. There is no need to seek validation from any organization. Furthermore, no one can manipulate or change the transaction’s information as it is recorded by a computer-automated system.

2. Security

Blockchain technology offers a secure platform that cannot be hacked or tampered with. This means that your information is totally safe. Because every information is sensitive. Blockchain gives priority to the security of data. It keeps records of transactions through an encrypted system. Blockchain uses an advanced computerized method to run the whole system. Therefore if anyone wants to manipulate a record, the system will deny it. As a result, he won’t be able to break the system. Another thing is this system is immutable. It means a recorded data is unmodifiable and irreversible.

3. Low-cost transaction

One of the biggest problems in traditional money transaction systems is the transaction cost. But blockchain offers lower fees in money transactions than the traditional banking system. Transaction fees are much lower because there's no intermediary involved. You just need a crypto wallet and internet connection for transactions. As a result, you can avoid the hassle of visiting a bank or money transfer agency. For example, a bank can charge up to $50 per international transaction. But in the blockchain system, the transaction fee is relatively lower than the traditional banking system. 

4. Traceability

Another reason why blockchain money transfers are on the rise is traceability. That means it records all transactions and stores them in the blockchain ledger. As a result, every transaction can be traced back to its originator with ease. In the traditional system, it is hard to trace a good. But when any company uses a blockchain network to connect with a vendor, it becomes easy for them to trace the records. For this reason, the rate of fraud in the blockchain system is impossible. Because the blockchain supply chain is more transparent than the traditional system. 

5. Speed and efficiency

Blockchain technology is not only cheaper and safer but also faster. As a result, it has increased efficiency and speed in money transfer. Blockchain technology allows transactions to be completed more quickly, with no central authority or a middleman. This transaction process can take seconds. Whereas traditional methods usually need time for verification from a centralized banking system. For these reasons, blockchain money transfers are on the rise because they offer more efficient ways to send funds around the world without any downtime between the sender and the receiver.

These are the top 5 reasons why blockchain money transfers are on the rise. Blockchain technology will continue to grow as people become more aware of its astounding benefits. In addition, experts have proved blockchain tech as highly secure and reliable. That means that it guarantees security against hacking and frauds; its distributed public ledger records every single transaction. Moreover, there's also protection against counterfeit goods through digital signatures. So, all these make blockchain a reliable method of the money transfer system.

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5 Reasons Why Buying Crypto is Easier Than Buying Stocks

Cryptocurrencies are becoming the latest frontier of finance, and Wall Street is taking care. People are always discussing the next big ICOs, engaging in blockchain technologies, and also incorporating cryptocurrency into their portfolios.

Through its ups and downs, cryptocurrency is always going high. In fact, it's safe to say that cryptocurrency is becoming a more common phenomenon. Also, large investment banks, such as Merrill Lynch, have begun to launch funds that include Bitcoin and Ethereum. There are numerous ways to trade crypto; take a look at the following best coinable alternative

One major problem with cryptocurrency is how investors view it. Often newcomers don't understand the distinctions between cryptocurrency and stocks, and as a result, they go follow the wrong deal.

Before you invest in cryptocurrency, keep in mind that investing in crypto is not the same as investing in stocks. 

The greatest distinction between crypto and stocks is about how they are priced

Stocks are backed by real businesses and are supposed to make money. They have real properties as part of their calculation, and you can use math to decide if a stock is properly priced based on market price.

Companies, on the other side, should not always back cryptocurrencies. They are mainly valued based on the excitement around them, but some are also valued based on their features. Since it is a more subjective valuation, predicting whether a currency is worth it is not always straightforward. 

A blockchain can be created by anybody, while stocks can only be created by exclusive groups

One of the reasons cryptocurrency has earned the moniker "rebellious software" is because anybody may build their own blockchain ledger. Many long-standing digital coins, such as Dogecoin, were created by teams of bored programmers.

Since anybody can create a blockchain coin, it's simple to launch your own ICO. However, the same cannot be said for securities, especially those traded on the NYSE, NASDAQ, or Dow Industrial.

When stocks are produced, they must be cleared and audited by government agencies. They must also comply with such laws before they can even enter the industry.

Stocks are created for a rather specific reason; Cryptocurrencies are unique in that a single currency may serve several functions.

Some cryptocurrency tokens may be used as the foundation of a blockchain for gaming and programming. Others are solely for fundraising, although even others may be seen in conjunction with other websites.

The primary distinctions between crypto and stocks are often related to the reasons on which they are sold. It makes sense, given that cryptography is nothing more than machine code. Stocks, on the other side, are motifs used in paperwork and fundraising. 

Before you decide to invest in cryptocurrency, take a look to see if your cryptocurrency would do. It may be more than just a financial investment. 

The volatility varies

Do you know how the majority of cryptocurrencies are priced depending on their reputation? As a result, the stock is very competitive, with extreme peaks and lows. The fall of Bitcoin had many people lose hundreds of dollars but its rise gained them thousands of dollars!

The cryptocurrency industry is volatile and vulnerable to unexpected coin crashes. This results in one of the most noticeable disparities between crypto and stocks in terms of trading activity.

During periods of uncertainty, equity holders choose to keep their positions, knowing that things will finally settle down. Since crypto is so volatile, it's not really a good idea to hold it for long unless you’re absolutely sure.

As a consequence, panic selling is more popular, and at times, also recommended, in the cryptocurrency scene.

Stocks are normally less vulnerable to theft than cryptocurrency

Stocks are highly monitored, and most must undergo yearly checks in order to begin trading on the exchange. Because of the intense attention that comes with creating your own stock, it's very rare that the stocks you buy-in would be fake.

Owing to its decentralized and unchecked form, cryptocurrency, on the other side, is extremely vulnerable to theft. Not only do real ICOs and cryptocurrencies have the potential to escape fraud, but actual cryptocurrency trading controversies suggest that you may rapidly risk your portfolio.

A stock exchange transaction would not be rife with the risk of theft that crypto exchanges are. That alone makes stocks even safer. Proceed with care while dealing with cryptocurrency.

Speaking of theft, there is another significant distinction between cryptocurrency and stocks. When you purchase a stock, it is distributed in your name, and proof of your ownership is available. People can't even steal shares of stock because of all the surveillance and record-keeping that goes into stock transactions. 

With Great Risk Comes Great Reward

For all of the cryptocurrency's issues, you'd assume people would resist it like the plague. It would be the case if it had consistent returns. However, unlike bonds, cryptocurrency does not always have "normal" returns.

Many long-term holders have seen returns of more than 1,000 years. Except in the short term, ICO returns are usually about 150 percent. As a result, the incentive is accessible.

To swap stocks, you can use investment apps such as Stash or Robinhood to start a trade. It's really easy and clear. Learning how to exchange cryptocurrency, despite being increasingly common in recent years, remains much more difficult.

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Cryptocurrency Stellar (XLM) and its forecast for 2021

Stellar cryptocurrency is a universal platform that allows transactions with payment instruments. XLM cryptocurrency entered the crypto market in 2015. A detailed study of this cryptocurrency shows that it is a clone of Ripple. At the same time, the creators of this currency eliminated a number of shortcomings inherent in its predecessor.

Stellar cryptocurrency differs from its progenitor by the following advantages:

  • The implementation of an elaborate system of coin distribution among the user audience, which made it possible to achieve the financial stability of the project;
  • In contrast to Ripple, the creators of Stellar did not keep the bulk of the tokens. Thus, it was possible to exclude the possibility of manipulation by the founders. As a result, this crypto will be dependent on the market situation;
  • ensuring the maximum speed of transactions using the platform's internal services, as well as the minimum amount of commission.

Such innovations inherent in blockchain-based digital currencies can be dangerous for the banking system. Already now many large commercial structures, as well as financial companies on the wave of Stellar's growing popularity have begun to implement technological solutions used in this cryptocurrency. Due to this, the popularity of the coin is expected to grow, as well as its rate, which will help attract investors.

How was the XLM coin created?

The Stellar cryptocurrency network was developed in 2014 by Jed McCaleb as a fork of the popular Ripple cryptocurrency. At the first stage, the program code and structure of the new coin were based on Ripple. Since 2015, Stellar began to use its own open-source protocol, which can be called an advantage of the platform for third-party developers. At the same moment, Stellar coins (XLM) entered the market, which, some time later, began to be called Lumens on the Poloniex exchange.

The situation with the separation of the two cryptocurrency platforms occurred against the backdrop of increasing criticism of Ripple for its creators' policy of centralization. The arguments of Ripple's opponents were the cryptocurrency's closed code and the fact that all of these coins were actually controlled by a small group of individuals. At the same time, Stellar managed to combine all the advantages of its progenitor and get rid of its inherent flaws, entering the top of the largest cryptocurrencies.

Features of XLM

As any financial project, the cryptocurrency Stellar Lumens has a number of specific features that distinguish it from other similar coins.

The characteristic features of XLM include:

  • Stellar Development Foundation acts as the creators of the project;
  • The authors of currency are Jed McCaleb and Joyce Kim;
  • the software component of the coin is written with the help of C++ language;
  • on crypto-exchanges the following trade name of currency is used: XLM;
  • it takes no more than 5 seconds to confirm transaction on the network;
  • support of thousands of transactions in one second
  • the ability to implement any transaction involving the sale of cryptocurrencies, fiat money or tokens;
  • open source software code;
  • Instead of the usual Proof of Work scheme, this currency uses SCP;
  • All technical documentation related to the functioning of the network is open to users;
  • simplified and clean API, multi-signature and smart contracts support;
  • distributed information base;
  • 100 billion XLM coins were initially released to the market;
  • the coin received a fixed inflation rate of one percent per year;
  • Since Stellar does not use a mining scheme, all coins are available online at once;
  • A significant portion of XLM is held by the Stellar Development Foundation.

Not all of the listed features can be attributed to the merits of the coin. For example, many crypto-enthusiasts, having learned about the appearance of this payment instrument, tried to understand how to mine XLM. As it turned out, this currency cannot be mined, which was a real disappointment for part of the cryptocurrency community.

Advantages of XLM cryptocurrency

According to experienced participants of the cryptocurrency market, the main advantage of the digital coin Stellar can be considered the scalability and openness of its source code. A telling aspect of this cryptocurrency's system is that it can easily handle thousands of transactions conducted within one second. At the same time, it takes no more than 5 seconds to confirm a transaction, which is an unattainable result for today's cryptocurrencies. Such characteristics of Stellar allow it to compete on an equal footing with bank remittance services.

Also, one of the most important advantages of this coin is the support of SCP technology, which allows network participants to exchange cryptocurrencies, fiat money, as well as tokens and other assets without restrictions.

At the same time, we should also note the support for the ability of users to use smart contracts, as well as multi-signatures. This makes it possible to significantly expand the functional component of this crypto.

It is quite possible that these positive aspects of Stellar will allow it in a short time to win a loyal audience, appreciating the constant technical innovations that can improve the work inside the crypto network.

The advantages of XLM also include the following specific features:

  • The ability for users to create a large number of microtransactions while inside the Stellar network;
  • low commissions for conducting even large transactions using the software tools of the network;
  • full compatibility of the platform with other financial instruments;
  • availability of any fiat currencies and cryptocurrencies, which is an additional factor that expands the functionality of the crypto-network;
  • Coin operates in real time, so it is fully dependent on the market situation, which makes it possible to predict its exchange rate to the dollar and other fiat currencies;
  • the advanced crypto-encryption system is used inside the network, which increases the overall safety and reliability of transactions;
  • support of the automatic exchange of tokens;
  • based on the Stellar Lumens software protocol, third-party developers can create clients and various plug-ins focused on facilitating the work with the currency.

Disadvantages of XLM

In general, there are not many, and they are not contained in the coin itself, but in external factors. The fact is that many governments are engaged in the development of legislation aimed at regulating the use of cryptocurrencies. News about the next legislative initiative constantly negatively affects the quotations of major coins. For example, XLM's direct competitor, XRP, is currently under pressure from the U.S. Securities and Exchange Commission (SEC), which could bury the cryptocurrency in the long run. There is no guarantee that after dealing with XRP, the U.S. authorities will not take on XLM, because technically these cryptocurrencies are very similar.

Outlook for Stellar in 2021

Based on the initial plans of the creators of Stellar coin, its further prospects will depend on the number of financial institutions that will cooperate with this platform. The information about the new contract signed between the representatives of XLM coin and the new company has a positive effect on the rate of this currency. The most promising partnership contract for the Stellar platform was the cooperation with IBM, the world leader in computer technology. Such a partnership will undoubtedly benefit Stellar.

However, when considering the prospects for 2021, it is not worth believing the predictions of economists and cryptocurrency market reviewers without a second thought. It is important to understand that XLM is a volatile asset, so its value is extremely difficult to predict. To make money, you need to analyze the market and guess the direction of its movement.

The advisability of investing in XLM

Investors should understand that when investing in Stellar (XLM), you should not expect a large profit in a month. This project was originally positioned as a platform focused on long-term existence and the gradual conquest of the audience. Analyzing XLM, we can say that depositors will have to forget about the funds for at least two years. Before that, it is not worth waiting for a financial return. As for specific figures, in 2021 Stellar is unlikely to cross the mark of $1, given that its value is now about $0.6.

So, this cryptocurrency will not suit fast profit seekers. Therefore, they should pay attention to other coins, such as Bitcoin, Ether or Z-Cash.

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What are NFTs? Here's the breakdown you need to know about the new Crypto Collectibles

Introduction

If you keep in touch with news from the finance sector, you may have heard about NFTs. They sure made a stir when a collage composed of 5,000 digital pieces, created by Mike Winkelmann, an artist known as Beeple, was auctioned for a whopping 69 million USD. Since then, NFTs have made many such appearances on the news such as Nyan Cat being sold for 172,000 USD or a New York Times column earning half a million dollars in charity. So what is NFT and how do you get into the market of it yourself? We will break it all down in this article.

What is an NFT?

You may be aware that in a decentralised framework, you can “tokenize” your physical assets by assigning them a digital value. These tokens can now be used in a variety of ways; some are "fungible," meaning that they can be broken down into different components which can be interchanged, while some others are "non-fungible," meaning the above does not apply to them and they can only be traded as a whole. Currency and gold, for example, are fungible because a certain amount of each may be substituted with the same amount of the other. Artwork or a blog post, on the other hand, is non-fungible since they are not divisible in sections and cannot be replaced by another, even though it is a duplicate of the same. These non-fungible tokens are abbreviated as NFTs.

NFTs are mostly used to tokenize rare and valuable non-fungible assets such as paintings, music records, and the like. However, you can use NFTs to represent and trade any tangible or intangible item such as a computer, a coupon, virtual items within video games such as skins, virtual currency, weapons and avatars, collectibles like digital trading cards, video footages of iconic sports moments, or even a tweet. You receive a digital certificate of ownership of the said asset, in exchange for the NFT. A blockchain public ledger, similar to cryptocurrencies, keeps track of who owns what. Smart contracts can also be embedded in NFTs, giving the artist a share of any potential token sales in the future.

How do NFTs work?

The majority of NFTs right now run on Ethereum blockchain, however, other blockchains can also offer their own versions of NFTs. The main reason for this to be done on a blockchain platform is to avoid piracy. The multiple layers of blockchain security protect the ownership and keep the data from being hacked, all the while maintaining an automatic and immutable track of each registration, transaction, and ownership. While the file that is being sold can have copies, its NFTs cannot be replicated. The concept is similar to owning an original art form and its copy. One set of NFTs includes unique information that sets them apart from other NFTs and allows them to be easily verified. Since each object can be traced back to the original issuer, the creation and circulation of fake collectibles become pointless. Having been built on a blockchain platform, these can also not be even deleted or destroyed; and so stay on forever.

What is more, being built on blockchain, blockchain-based NFTs are compatible with anything built using that particular blockchain. So you can trade the NFTs you have for an entirely different set of NFTs on the same marketplace. For example, you can trade an artform with a concert ticket. You can even use the music album you own as collateral for a loan.

What decides the value of NFTs?

To be completely frank, the value of NFTs are decided by nothing but what someone is willing to pay for them. The more unique a piece of item is, the more people will pay for it - a simple rule of supply and demand applies to NFTs. The value of NFTs is determined by the sum of the following:

  • Utility:

The utility of NFTs is determined by how they can be used. The uniqueness of the item certainly creates value, but the value will go even higher if the same item can have multiple uses. So for example, if you are to buy a rare and powerful card relevant to one game that will have value in multiple games, its worth will go up.

The utility of your of NFTs will also increase if the people who would be holding your NFTs get extra benefits because of them from other companies as well. Therefore, you may collaborate with other companies to increase the value of the NFTs you create or hold.

  • Ownership history:

Ownership of NFTs provide value to them just the way you expect them to - the more influential the original owner of an item is, the more valuable it is. It can be a famous artist, a celebrity, or a famous brand/company whose property the original item was. So either the artist, celebrity, or the brand itself sells the NFTs of the item, or a buyer of the same resells it.

  • Future value:

An NFT's future value is obtained from both valuation shifts and future cash flow. Speculation influences valuation, which can be the primary force of price appreciation in some cases. This valuation is again conducted with the application of the simple law of demand and supply. Once you generate demand for an item by creating scarcity, you can add price speculation to increase the value further. For instance, one of the reasons StockX, a sneaker marketplace, is valued at $1 billion because it stimulates people to bet on the price of shoes, creating a rare sneaker market.

The interest or dividends received by the NFT's original owner are referred to as future cash flow. SuperRare, for example, pays the original artists a 3% royalty any time the NFTs coming from their artwork is subsequently sold on the secondary market. Moreover, NFTs are just like any other assets, as mentioned earlier. So additional cash flow can be created when they get leased and used as collaterals in loans.

  • Liquidity premium:

In simple terms, the high liquidity of an asset means a higher value for its NFTs. NFTs created using Ethereum usually have more potential buyers than the ones created on other blockchain platforms, since they can be effectively traded on secondary markets with anyone who owns ETH, without much competition. This creates a higher trading volume for these NFTs, which means higher liquidity, and thereby higher value. Investors prefer these because of their low risk - even if the NFTs lose their utility value after a linked platform closes, highly liquid NFTs will retain their value as long as people are willing to buy and sell them.

How do you create, buy, or sell NFTs?

Most NFT platforms are completely open for everyone - anyone can create NFTs on them. However, a few of them require pre-approval of the artist by the platform or the blockchain community. Once this stage is completed, you must find secure cryptocurrencies payment solutions for the entire process. First, decide the marketplace(s) you want to list your NFT(s) on, as this will influence how and where you should create your NFTs. Currently, it is best to choose an Ethereum platform as they have the highest user base as discussed before. There are many such NFT creations and/or trading platforms, like OpenSea, SuperRare, Mintable, Nifty Gateway, Sorare, and several others. Once you are registered with a platform, it’s not that difficult to trade in NFTs.

Creating and selling NFTs

Different blockchain platform may have their own instructions for creating NFTs. Nevertheless, the basic process is pretty much the same -

  1. First, create a blockchain wallet supported by the platform that you pick for creating NFTs. This is where you will store your digital currencies. Some of the popular wallets are Metamask, Trustwallet, Dapper, etc. You will find simple chrome extensions for these. These will partner with platforms to help you buy and sell your artwork on the blockchain. They serve a dual purpose - of a wallet and of an e-signature.
  2. Create an account on the platform of your choice.
  3. Create digital content that you want to sell.
  4. Upload it to the platform with a link which you will find on the platform.
  5. Choose a price and whether you want to copyright the content to be transferrable.
  6. Finally, list the item on the platform by signing the transaction with your particular blockchain wallet.

Buying NFTs

Once you have an account and a wallet on a marketplace, buying NFTs is a piece of cake. All you have to do is fund your wallet with some cryptocurrencies of the blockchain platform of your choice (e.g., ETH for Ethereum platform). Exchanges such as Coinbase, Kraken, Binance, etc. enable you to buy ETH with your credit card. The verification of your wallet may take up to a few days, but once it’s done, your account is ready as an NFTs buyer, and you can simply select NFTs and start bidding. You can either bid on an NFT's primary offering or wait to see what the secondary market value is.

Legalities to keep in mind while dealing with NFTs

NFTs are a relatively new concept, and strict legal regulations regarding them have not arisen yet. However, the more they grow and common people end up making millions of dollars, the more we come close to government regulations being levy on them. So it is best if you keep yourself out of bounds of legal complications beforehand. So before you decide to be on an NFTs platform in any role, it is advisable to take the guidance of experienced blockchain lawyers. In any case, you should be aware of the legal implications in the following scenarios:

Securities regulations:

NFTs usually do not grant the purchaser, i.e. the token holder, any profit-sharing or decision-making power in their blockchain. As a result, they sometimes do not meet the definition of "security tokens" and thus do not fall under the existing financial regulations governing blockchain tokens. However, NFTs in the following scenarios may be considered as security tokens, and the financial regulations will apply:

  • Projects with a large number of NFTs, which are difficult to manage.
  • When the artist creates a platform to make secondary trading of NFTs easier,
  • NFTs “fractionalised” and sold to private investors,
  • When NFT buyers collect a royalty or valuation from the underlying asset, and the tokens are considered to be profitable investments.

Anti-money laundering and sanctions:

Anti-money laundering (AML) laws, such as the Bank Secrecy and Confidentiality Act and restrictions placed by the Australian Department of Foreign Affairs and Trade (DFAT), can apply to any cryptocurrency or token exchange transaction.

Regulatory requirements are waived for companies that arbitrate transactions necessary and important to differentiate goods or services. NFT-related businesses may need to conduct compliance audits to see if they fall under this exemption.

If an NFT involves a smart contract to execute a payment, further scrutiny of compliance conditions is needed. NFT transactions that fall under the definition of a regulated process under the Bank Secrecy and Confidentiality Act would be subjected to strict AML requirements and standards.

Cybersecurity:

In this day and age, absolutely anything on the internet can face a gruesome cybersecurity assault. Even though blockchain technology protects them from most hacks, 51% attack still remains a possibility, where even blockchain falls vulnerable. Therefore, a company should keep itself prepared with an insurance plan where they specifically add insurance policies to include NFT hacking.

Intellectual property rights:

Intellectual property right aka copyright is one of the biggest concern while selling any original art form, especially on the internet. As there still isn’t any separate law regulating digital copies, the initial smart contract defining the rights of the seller and the buyer needs to be bullet-proof and absolutely comprehensive.

Conclusion

Soon into the future, NFTs may be used to tokenize any real-world asset, rendering asset ownership transparent and incorruptible. There may be NFTs for real estate deeds, car names, company ownership, and many such big and complicated matters. Now that you understand what they are, how to create, sell, and buy them, and the legal matters that you need to keep in mind; you are now ready to delve into the NFT world and we hope you will thrive in it. We wish you all the best.

Author Bio: 

Ralph Kalsi is an entrepreneur, blockchain consultant and blockchain enthusiast who collaborates with businesses in Australia. With his vast knowledge and industry experience in blockchain, he helps to drive sustainable business growth. He is the CEO and proud founder of Blockchain Australia.

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posts https://www.blockprism.org/blog/what-are-nfts-heres-the-breakdown-you-need-to-know-about-the-new-crypto-collectibles/ https://www.blockprism.org/blog/what-are-nfts-heres-the-breakdown-you-need-to-know-about-the-new-crypto-collectibles/ Editor Mon, 19 Apr 2021 05:16:08 -0400
3 to Buy Bitcoin Using a Bitcoin ATM

If you've ever wanted to know how to use a Bitcoin ATM and ways to buy bitcoins at an ATM, then this is the article for you. Everyone knows what cryptocurrency is and how to buy and sell it online. But nowadays, you can easily buy a cryptocurrency for yourself from a Bitcoin ATM. This thing makes it more easy and convenient for crypto users. There are a lot of different ways to buy bitcoins at an ATM machine. However, they can be very confusing, especially if you do not know where to look. The best way is to search online for places where the Bitcoin ATMs are located. Then, when you have the location, go there and purchase your desired amount in a secured process. In this short guide, you will find the most popular ways to buy bitcoins at a Bitcoin ATM for your wallet. Before you go out and start buying yourself cryptocurrencies on an ATM, keep reading.

3 Ways to Buy Bitcoin Using a Bitcoin ATM 

If you're interested in buying a cryptocurrency, you can easily buy it from a Bitcoin ATM. They work the same as the ATM used by many banks. But the key difference is these machines use Bitcoins instead of traditional currency such as the dollar. They are only allowed to transact bitcoin between users. This step-by-by-step tutorial will show you how to buy the first Bitcoin with a Bitcoin ATM.

There are different types of Bitcoin ATMs. But they all use almost the same process while buying or selling bitcoins. Some processes may be different from each other; the ultimate result is a secured and better transaction. With most ATM machines, all you need to do is provide some information. After you've entered that information, the machine will match it with available funds. As soon as it finds the right amounts, it will automatically credit your account. That's really all there is to it. So here are the top 3 ways to buy bitcoin using a Bitcoin ATM.

Genesis1 bitcoin machine (Genesis Coin)

Genesis Coin is a USA-based company that manufactures mainly three types of Bitcoin ATM. They are Genesis 1, Satoshi1, and Satoshi 2. In this instance, the process of purchasing bitcoins might involve:

  1. Press on “Buy Bitcoins.”
  2. Input a cell phone number.
  3. Input received OTP.
  4. A check of the fingerprint.
  5. Choose crypto. You can also select Litecoin, Dogecoin besides buying Bitcoin.
  6. Select your wallet.
  7. Scan your wallet.
  8. Insert value.
  9. Press the send button.
  10. Print the receipt.

General Bytes BATMTwo

The General Bytes ATM is another ATM that provide services to:

  • anonymous users
  • anonymous users + fingerprint scan
  • registered users

This system totally depends on the operator, how it is set to work. Though this ATM doesn't provide a printed receipt but instead, it allows the customer to give an email where the encrypted private keys will be provided with additional directions for the next steps. The method of purchasing bitcoins using your email address is as such:

  1. Select language.
  2. Select "Buy Bitcoins."
  3. Input amount.
  4. Select receive by email.
  5. Save the password decryption key, which will be used to decrypt the contents of the file.
  6. Insert cash bills.
  7. Then select “Buy Bitcoins.”
  8. Finally, click on "Done.”

BitAccess

Another common Bitcoin ATM is Bit Access which can be found in Canada, the United States, and European countries.

The method of purchasing bitcoin in this machine is:

  1. Select language.
  2. Click Start.
  3. Input your mobile number.
  4. Input OTP.
  5. Select if you have a Bitcoin wallet or not.
  6. Scan the QR code.
  7. Insert cash bills.
  8. Select "I'm done."

The transaction is completed, and you will get an email confirmation when finished. You can even print a receipt.

Where can I find a Bitcoin ATM?

Bitcoin ATMs can be found in pubs, restaurants, or stores that are supportive of this modern cryptocurrency. But still, there are some restrictions about cryptocurrency. That's why it is not a common thing everywhere. Thankfully, there are a number of apps to locate the closest Bitcoin ATM. It's possible to find a Bitcoin ATM using apps such as CoinATMRadar and Bitcoin ATM Map.

Before you actually decide to purchase them via ATM, you need to know how a Bitcoin ATM works. You should always be very careful when dealing with any kind of money. You need to remember that there are different levels of "protection" that you can use. If you want to be safe, you should only buy small amounts. This way, you won't have to worry about leaving a suspicious trail that could bring down all of your assets. You may also want to consider purchasing these from only reputable locations.

These days, it's easier than ever before to find some pretty good places to buy these digital currencies. It is also one of the cheapest ways to buy Bitcoin. To avoid dealing with unscrupulous individuals, it's important to buy your bitcoins from a reputed Bitcoin ATM service provider that is well-established and one that is reliable. There are plenty of Bitcoin ATM service providers out there that are reliable and trustworthy for crypto users. 

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posts https://www.blockprism.org/blog/3-to-buy-bitcoin-using-a-bitcoin-atm/ https://www.blockprism.org/blog/3-to-buy-bitcoin-using-a-bitcoin-atm/ Editor Mon, 15 Mar 2021 04:58:04 -0400
Beware of These Top Crypto Scams In recent years, many technological advances like online banking and cryptocurrency have improved our lives, often with a cost. Cryptocurrency is a digital currency secured by cryptography, making it impossible to counterfeit.

One of the most popular and largest cryptocurrencies in the market is Bitcoin. The history of Bitcoin is short, but many people are now already using this virtual currency. Many stores accept Bitcoin as a form of payment for products and services. The use of Bitcoin involves recording every transaction publicly, so it’s difficult to copy or make fake bitcoins or spend ones that aren’t yours.

But just like real money, there are plenty of scams when it comes to cryptocurrencies. Crypto scams are a real and present threat, and they can result in millions of dollars being lost every year. Despite efforts from crypto security experts, fraudsters are becoming more and more sophisticated.

Here are some of the crypto scams you should be aware of and how to avoid them.

Fake crypto exchanges

Fake crypto exchanges offer a bogus cryptocurrency as an alternative to legitimate ones. In some fake crypto exchanges, scammers pose as an affiliate branch of a respectable and legitimate organization. Another scam involving crypto exchanges is where the buying and selling of cryptocurrencies is done under the guise of a trading platform. Since some countries have no regulatory bodies that oversee these exchanges, perpetrators are able to carry out their illegal trade.

Tip: Stick with popular, well-known crypto exchanges and forums. Do not be fooled by those that present themselves as part of a trading platform. Check the URL addresses for legitimacy. Do not visit unsecure websites. Some exchanges even promise heavy discounts on bitcoins to lure victims—do not fall for these.

Fraudulent wallets

Another common scam regarding cryptocurrencies is the sale of a wallet with a compromised pre-configured seed phrase. This security issue allows hackers to steal funds from the victim.

A hardware wallet is a physical device that allows crypto investors to protect their virtual currencies via offline means. Knowing this, fraudsters have branched out into selling compromised wallets that they can hack. Once the wallet is activated via a backdoor, scammers can steal its funds.

Another form of scam related to cryptocurrency wallets involves apps, which users use to manage their cryptocurrency portfolios. Fraudsters clone crypto-wallet apps, and when the money goes in, the scammers will then take them.

Tip: Many of these fake apps have been discovered on Google Play Store, and the company is making the necessary efforts in rooting these out. Despite this development, there are still hundreds of illegal apps that need to be filtered out. If you are going to download a crypto-wallet app, check its legitimacy by doing proper research. The same goes for hardware wallets. Buy ones from trusted sources only.

Ponzi schemes and pyramid schemes

Ponzi schemes are a form of investment fraud that pays existing investors with money collected from new investors. Fraudsters will promise to invest money, but it is not their money that they’re using. Instead, fraudsters solicit money from investors, and in exchange, they promise investors with shares from cryptocurrency mining pools.

Another form of Ponzi scheme is the pyramid scheme. This scheme involves recruiting investors who are willing to pay or invest upfront, and then have them recruit more investors. Some fraudsters are willing to have adverts made and published by credible publications, put ads on Facebook and other social media pages, and even use a picture of well-known celebrities and entrepreneurs and claim these to be among their investors.

Tip: Do proper research before committing to invest in any company or getting involved in any project. You can also check the social media pages of these celebrities to determine if they really do endorse such activities or are affiliated with certain cryptocurrencies.

Impersonation

Impersonation takes on a lot of forms. Phishing is when fraudsters create a website or social media account to imitate a reputable company or high-profile exchange. Then there’s spoofing, which is when scammers manipulate a phone number to make the victim believe that they are communicating with a legitimate crypto exchange.

Another form of impersonation is when fraudsters contact someone claiming to be from official organizations and telling that person that he/she owes a substantial amount of back taxes. Scammers go as far as threatening their victims with fines unless they pay with their crypt assets.

Tip: Always double-check the URL or number that scammers used to contact you. Watch out for typographical errors in the address or the social media page created. If you received a call demanding money for back taxes or fines, contact the company and ask them if someone placed a call from their office. Be ready to provide specific details about the call, too.

Malware

Malware is software designed to disrupt, damage, or gain unauthorized access to a computer system. Fraudsters will use malware to steal confidential information such as credit card details, and in the case of Bitcoin and other cryptocurrencies, drain the wallets of crypto users. This kind of scam happens when the victim inadvertently clicks on a suspicious download link included in an email or other forms of online communication.

Ransomware is another software that scammers use that locks the victim’s computer until they pay a fee using Bitcoin. Scammers also use this to target big organizations and companies for blackmail, promising them that they can regain control of their system or data once they pay the hackers.

Tip: Basic precautions must be done to prevent any of these from happening. Boost your online security and conduct transactions from a secure endpoint. Make sure that passwords are protected and only log into legitimate websites. Do not download or click suspicious-looking links or ads. If you’ve encountered a suspicious link, run a quick scan on your computer’s system to root out lingering Bitcoin miners.

Beware of Crypto Scams

When it comes to money and investment matters, always proceed with caution. If something sounds too good to be true, then it probably isn’t something to enter into. Do not accept crypto trading with companies or startups that are not powered by blockchain. In the case of Bitcoin, you can check the Bitcoin’s authenticity being offered to you since all transactions are on a public ledger.

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posts https://www.blockprism.org/blog/beware-of-these-top-crypto-scams/ https://www.blockprism.org/blog/beware-of-these-top-crypto-scams/ Editor Mon, 08 Mar 2021 07:22:09 -0500
Public vs Private Blockchain: How Do They Differ? Today, every business needs public and private blockchain technology. However, since the inception of blockchain technology, people have been confused between public and private blockchain.

Source: Pexels

If you are an entrepreneur, you need to understand the difference between public and private blockchain, which is best for your business.

According to Statista, worldwide spending on blockchain development is predicted to grow from 1.5 billion in 2018 to 15.9 billion by 2023.

As per Your Tech Diet stats, 75% of IoT-based firms have adapted to the blockchain at the end of 2020.

Public and private blockchain examples play a massive role in the companies looking for the best solutions from a reputable blockchain development company. But how? If you can't distinguish how these are different from each other, your solution won't work.

Now, let's discuss public and private blockchain and their best features in detail.

What is Public Blockchain?

A public blockchain network is a public network where anyone can join whenever they need it. There are no boundaries when it comes to participating. Additionally, anyone can see the ledger and take part in the consensus process.

As a leading expertise in blockchain technology, we recommend you to go for public blockchain if you want a fully decentralized network system. However, it can be uncertain when you try to incorporate a public blockchain network with the enterprise blockchain process.

Also, the public blockchain network was the first-ever blockchain technology introduced before private blockchain. It was Bitcoin that set the framework of blockchain technologies.

Let's discuss some of the best features of a public blockchain.

Public Blockchain: Best Features

High Security

A public blockchain company always creates every single platform that awards full security. In reality, most businesses deal with online hacks daily. To minimize the chance of dealing with hacks, you should get the best public blockchain.

The security protocols can be different, but public blockchains are more or less strong.

Open Environment

As the name suggests, public blockchain is open for all. No matter where you live, you can log into these platforms. You need a workstation and a good internet connection. You will always get all the advantages that come from blockchain technology.

No Control

Public blockchain doesn't have any control or regulations that the nodes have to follow. So, there is no end to how one can use this platform for their improvement. The main issue is that businesses can't work in a non-regulated environment. Because, without regulations, it's hard to follow all of the needs of a project.

Why Choose Public Blockchain?

1. Decentralization

Public blockchain offers real decentralization, whereas private blockchain doesn't. As everyone has a replica of the ledger, it produces a shared nature. In a public blockchain, there isn't a centralized entity. Thus, the burden of managing the network is only on the nodes.

2. Clearness

Nothing can compare to an entirely natural platform to anything else. A public blockchain tends to design the platforms fully transparent to anyone on the ledger.

3. Full User Access

In any network, a user has to follow a lot of rules and regulations. In many cases, the controls might not even be the right ones. But this is not the case in public blockchain networks. Here, all users are permitted as there is no central administration to monitor their actions.

What is a Private Blockchain?

A private blockchain is a particular type of blockchain technology where only a single organization has authority over the network. So, it means that it's private and doesn't allow the general people to join in.

In reality, all the private blockchain  services will have some form of authorization scheme to identify entering the platform. A private blockchain can influence brand value greatly. So, in some cases, companies need privacy.

Private Blockchain: Best Features

Great Efficiency

Though public blockchain came before private blockchain, it still lacks inefficiency. Why? It's because they allow everyone to join the network. As a result, when more people try to use the features, it takes up many resources that platforms can't back up.

Allowing Businesses

A private blockchain development works to allow the enterprises as a whole rather than individual employees. As an entrepreneur, your business deserves great technology to back up its processes. Moreover, these services are mainly for the internal systems of an enterprise.

Stability

Private blockchain services are stable, and you can rely on them entirely. In every blockchain platform, you have to pay a fee to complete a transaction. But, in public platforms, the fee can increase as nodes ask for transactions.

Why Choose Private Blockchain?

1. Fewer Fees

Unlike public blockchain platforms, the transaction fee doesn't increase based on the number of requests.

2. Saves Money

Private blockchain saves a lot of money. As compared to a public blockchain, managing a private blockchain is easy.

3. Regulations

As an entrepreneur, if you are looking for the best technology for your business, then a public blockchain development company and solutions can be the right choice. Why? Because you have to follow a set of rules.

Summing Up

That said, we came to an end of this comparison guide between public and private blockchain. There are many differences, but both public and private blockchain are the best fit for any enterprise.

But, the decision depends on your business needs and your budget. If you are still confused between both technologies, you can consult a reputable blockchain development company where the experts will make you understand which is the best for your business in the long-run.

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posts https://www.blockprism.org/blog/public-vs-private-blockchain-how-do-they-differ/ https://www.blockprism.org/blog/public-vs-private-blockchain-how-do-they-differ/ Editor Fri, 19 Feb 2021 07:45:19 -0500
PrimeXBT Exchange Review, Detailed Guide on the PrimeXBT Exchange Overview
  • Legal Name: PrimeXBT Exchange
  • Headquarters: Beau Vallon, Seychelles
  • Owner: PrimeXBT Trading Services
  • Year Founded: 2018
  • Exchange Type: Centralized
  • Trading Fees: Maker: 0.05%/ Taker: 0.05%
  • Deposit Methods: Credit cards, Cryptocurrency
  • Supported Cryptos: Bitcoin, EOS Token, Ethereum, Litecoin, and Ripple
  • Fiat: Not Supported
  • Customer Service: Email
  • Trading Options: Spot Trading, Margin Trading

Well, as the cryptocurrencies are growing in popularity over the years, so is the demand for good and reputable platforms for crypto trading. The more channels that emerge, the greater the rivalry becomes for the user’s attention.

Some platforms succeed in achieving this, others fail as quickly as they came to be and perish away. One very popular trading platform for crypto-currency is PrimeXBT.

In this article, we will cover the complete aspects of the PrimeXBT exchange such as its features, fees, supported currencies, trading, and much more. Let us dig into this PrimeXBT Exchange Review in detail now,

In this Article:

  • What is PrimeXBT?
  • PrimeXBT Features
  • PrimeXBT Fees and Limits
  • PrimeXBT  Supported Currencies
  • How to register on PrimeXBT?
  • How to recover the PrimeXBT password?
  • Covesting Module
  • How to deposit on PrimeXBT?
  • How to withdraw on PrimeXBT?
  • PrimeXBT Pros and Cons
  • How to buy cryptocurrencies on PrimeXBT?
  • How to sell cryptocurrencies on PrimeXBT?
  • PrimeXBT Mobile App
  • Conclusion
  • Recent Updates
  • PrimeXBT Ratings
  • PrimeXBT FAQ’s

What is PrimeXBT?

Prime XBT is an online Bitcoin-related exchange providing on its website cryptocurrencies and CFDs for trading. This enterprise was established in Seychelles in 2018. From its launch, Prime XBT has experienced rapid growth in a short time, as it has customers from 150 different countries.

Prime XBT provides a powerful platform filled with valuable trader resources that are perfect for both beginners and middle-level traders. The Website is available in six languages namely: English, Chinese, Spanish, Korean, Portuguese, and Russian.

PrimeXBT Features

1) Prime XBT Leverage: Leverage is one of the many features that advanced traders tend to look for, but most platforms offer very limited leverage when it comes to trading cryptocurrency. PrimeXBT stands out by offering leverage of 1:100.

2) Asset Coverage: This is definitely one of the most exciting things about the PrimeXBT trading platform. Users are able to exchange a large range of markets using Bitcoin as leverage, including Forex (FX), cryptocurrencies, commodities and index.

3) PrimeXBT fees: PrimeXBT offers some of the competitive fees. They only have two types of fees and these are the trade fee and the overnight fee. The fees are fixed at 0.05%.

4) Security: Most of the coins kept at PrimeXBT are stored in cold storage. That means that they are kept away from internet access and the danger of possible hackers in a secure offline environment.

5) Customer Support: Perhaps the quickest and most effective way to get hold of their customer support is through the live chat that can be accessed right from the trading platform. This is active and available 24/7. Apart from that, there is also the email support option.

PrimeXBT Fees and Limits

PrimeXBT charges two different types of fees: a trade fee and overnight financing. The trade fee for cryptocurrency assets is 0.05% each time you buy or sell on the market. The overnight finance fee varies for the different cryptocurrencies based on liquidity.

PrimeXBT does not charge a deposit fee. There is a minimum Bitcoin network fee that is paid when you withdraw Bitcoin from the exchange which is calculated by the blockchain load. Prime XBT has set this charge at the regular 0.0005 BTC.

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PrimeXBT Supported Currencies

The currencies supported by PrimeXBT can be briefly listed as follows:

  • Bitcoin
  • EOS Token
  • Ethereum
  • Litecoin
  • Ripple

PrimeXBT does not endorse fiat deposit and withdrawal currencies. However for permanent contracts, you can use fiat/crypto trading pairs.

How to register on PrimeXBT?

Step 1: Navigate to the Official website and Go to the registration page.

Step 2:  Enter your email address and choose a strong password.

Step 3: You can optionally provide your phone number, and then agree to the Terms and Conditions.

Step 4: Now click the ‘Register’ option.

Step 5: Confirm your registration by entering the 4-digit PIN code that you receive via email.

How to recover the PrimeXBT password?

If in cases wherein you forget your password, you can reset your account password using the Password Recovery feature. Enter your email address in the space provided and a link will be sent to the registered email address along with the instructions on what you need to do to get your new password.

Covesting Module

Covesting enables traders to put their results before the public in an open environment and compete with other traders. By collecting performance payments from their followers, every trader can monetize their skills and gain second income. The more followers they receive – the more cash they create from successful trading.

Covesting enables users of the app to browse and instantly copy their trading behavior through hundreds of trading strategies offered by other traders. You will achieve the same returns as the leading traders on the platform by Covesting.

How to deposit on PrimeXBT?

Step 1: Log in to your account and then navigate to the Deposit page of the Account.

Step 2: Currently, there are two deposit options on PrimeXBT- Direct BTC deposits and Alternative Deposits.

Step 3: Copy your personal PrimeXBT wallet address.

Step 4: Paste it into the destination field on the wallet service from which you are sending funds.

Step 5: You can also use the provided QR code to paste the address.

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How to withdraw on PrimeXBT?

Step 1: Log in to your account and then navigate to the Withdraw page of your account.

Step 2: Select your withdrawal address, or add a new address.

Step 3: Enter the amount of BTC you want to withdraw.

Step 4: Click 'Submit to withdraw'.

Step 5: Open your email inbox and confirm the withdrawal.

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PrimeXBT Pros and Cons

Pros

  • Competitive service fees and trading conditions
  • Up to 1:100 leverage on crypto assets
  • Credit Card Deposits Available
  • It provides Referral System
  • They provide Anonymous Accounts

Cons

  • No demo account is provided
  • No service to clients from the USA, Canada
  • It is Not Regulated
  • Only Email Support

How to buy cryptocurrencies on PrimeXBT?

Step 1: Log in to your account and Go to the ‘Trade’ tab.

Step 2: In the Chart widget, select the pair you wish to trade and order size.

Step 3: Now click on the ‘Buy’ option, colored in green. This will bring up the ‘New Order’ window.

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Step 4: You will now see a box open that asks you to enter an amount, order type, and price.

Step 5: Once you have confirmed the details, press ‘Send Order‘.

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Step 6: You should now see the position in your ‘Positions’ tab under the chart with the current status.

How to sell cryptocurrencies on PrimeXBT?

Step 1: Log in to your account and Go to the ‘Trade’ tab.

Step 2: In the Chart widget, select the pair you wish to trade and order size.

Step 3: Now click on the “Sell” option, colored in red. This will bring up the ‘New Order’ window.

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Step 4: You will now see a box open that asks you to enter an amount, order type, and price.

Step 5: Once you have confirmed the details, press ‘Send Order‘.

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PrimeXBT Mobile App

PrimeXBT provides both an Apple App Store and Google Play Store IOS & Android trading app. The app is very advanced and a perfect way to use the leveraged trading platform PrimeXBT on the go. There is currently no PrimeXBT APK file available, instead, you can download the PrimeXBT app from the Google Play Store.

Conclusion

If you are searching for a leveraged cryptocurrency exchange with reasonably advanced technology, straightforward fees, and good security procedures then this exchange should be considered. It seems from this analysis that Prime XBT could be an interesting choice for you to trade leveraged cryptocurrency instruments.

PrimeXBT built a strong offering in the crowded trading space for the cryptocurrency. The trading platform is easy to use and with its low commissions, tight spreads, and excellent leverage, PrimeXBT stands out from the competition.

PrimeXBT Ratings

  1. Overall:                       4
  2. Easy to use:                4
  3. Trading:                      4.5
  4. Fees and Limits:         4
  5. Registration:               4

PrimeXBT FAQs

How does PrimeXBT work?

PrimeXBT benefits from the commissions charged to users for transactions and withdrawals. Although deposits are received for free, withdrawing BTC from the platform requires a fee of 0.0005 BTC

How do I open an account with Prime XBT?

Click on the ‘Register’ button located at the top right-hand side of the webpage on the website and then enter the required details and submit.

Does PrimeXBT offer margin trading or leverage?

Yes, PrimeXBT offers 1:100 leverage on all cryptocurrencies, commodities, and indices available on the platform and 1:1000 leverage on Forex majors.

Where is Prime XBT based?

The Prime XBT Exchange is based in the Republic of Seychelles.

Does Prime XBT use MetaTrader?

No, only the Prime XBT online trading platform is available.

Is PrimeXBT available in the USA?

No, PrimeXBT is not available in the USA.

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posts https://www.blockprism.org/blog/primexbt-exchange-review-detailed-guide-on-the-primexbt-exchange/ https://www.blockprism.org/blog/primexbt-exchange-review-detailed-guide-on-the-primexbt-exchange/ Editor Wed, 02 Dec 2020 22:36:03 -0500
Are You Planning to Set Up Your Own Cryptocurrency Exchange Platform?

If we look at the most impactful development in recent times the first thing that comes to our minds without a doubt is cryptocurrency. People have made huge profits by investing in cryptocurrencies like bitcoin and more at the right time. Many people have also managed to make a heyday by simply providing a cryptocurrency exchange platform to investors to trade cryptocurrencies.

Setting an exchange is pretty easy. but you need to know a few basic things before you start your own exchange.

Let us have a look at them -

Do you have a target audience in mind?

One of the most important things to consider before setting up any business platform is to figure out the target audience. Same is the case here.

When you are planning to set up a bitcoin exchange platform, the first thing you need to analyze and figure out is the audience that you are going to target.

For instance, in case of bitcoins, you can target both local as well as the global audience. So, you need to figure out which is your target audience and then plan with the development process. Why is this important? Well, you will get to know about it in the following sections.

Do you understand the legal terms?

The second thing you need to consider is the legal terms and conditions that you will need to follow.

There is a huge hullabaloo about the legal aspects related to cryptocurrency, but you might be amazed to know that there are 96 countries where bitcoin transactions are still unrestricted.

So, creating a cryptocurrency exchange platform while targeting these countries can prove to be the best idea.

Don't forget to always take a thorough look at the legal guidelines operational in the area from where you plan to carry out.

Do you have a partner bank?

Another thing to remember here is that you are going to need a partner bank. The simple reason behind this is that you are going to deal with financial transactions.

In order to ensure that the financial transactions are carried out in a smooth and hassle-free manner, you need to ensure that you have the right support in the form of a partner bank.

Therefore, you need to contact a few banking institutions to see if they can help you, and understand their terms and conditions.

Do you have the right partner to develop the platform?

The most important step in the process is to find the right professional who can help you develop a secure platform. Why we have specifically mentioned the term secure is because the immense popularity of cryptocurrency has made these exchanges the first target for hackers.

To make sure that your reputation does not get hit due to something unwanted you need to focus on creating a secure platform. You can easily achieve this by hiring a seasoned developer who knows all the ins and outs of the industry.

For instance, they can test the platform out by mimicking a malware attack and see how your cryptocurrency exchange platform stands against it.

Conclusion

This last point sums up the basic things that you need to keep in the back of your mind when planning to set up a cryptocurrency exchange platform for yourself. Once you have an answer to these questions, you can easily go ahead and get going with the development and make some profits.

But, do remember to take all the necessary legal, compliance and security measures if you want to be in this game for for a long time.

So, are you up for it?

Kyara Vedi, a Expert in cryptocurrency, is a trusted name offering you an access to indispensable knowledge regarding cryptocurrency exchange platform.For those interested in learning more about Bitcoin exchange platform development, a variety of online resources and Cryptocurrency exchange development services provide information regarding the basic.

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posts https://www.blockprism.org/blog/are-you-planning-to-set-up-your-own-cryptocurrency-exchange-platform/ https://www.blockprism.org/blog/are-you-planning-to-set-up-your-own-cryptocurrency-exchange-platform/ Editor Wed, 25 Nov 2020 23:48:32 -0500
3 Reasons to Buy Bitcoin in 2020

Bitcoin is transforming the globe, and every believer in Blockchain is wiping out a long list of explanations why cryptocurrencies is the future of finance. They are right, guy. Bitcoin is a global currency that tackles current privacy issues, lifts the unbanked, and transfers economic control from big banks and policymakers back to the citizens.

Bitcoin today is like gold was to the bartering system, it is a great way to perform transactions and sooner or later the whole world will have to accept it. Countries like Kenya have accepted bitcoin currency and mpesa allows you to convert your money into bitcoin all online. The bitcoin to MPESA will help you withdraw your bitcoin invested cash with ease.

On top of that, here are a couple more specific explanations why bitcoin is the currency of the future, and why now is the time to purchase it.

Reason 1) Scarcity + Network Effects

Bitcoin is an open source peer-to - peer monetary mechanism developed by an anonymous individual or community called Satoshi Nakamoto that can store and transfer value.

It is decentralized; there is no overarching body that governs it, which instead uses blockchain-based cryptography, determined by several parties on the network, to validate transactions and maintain the protocol. Incentives are given by the protocol to those who contribute computational resources to validate transactions in the form of fresh 'mined' coins and/or transaction fees. In other terms, by testing and protecting the blockchain, you are gaining a few coins.

At the beginning, anybody with a good machine will be able to mine some coins. Now that many bitcoins have been mined and the mining coin market has been very lucrative, most people are merely purchasing coins from current owners on exchanges and other sites, whereas mining new coins is a specialized activity.

Bitcoin's protocol restricts it to a total of 21 million coins, which gives it availability, which thus theoretically gives it worth ... provided there is interest for it. There is no central authority who would arbitrarily alter the limit; Satoshi Nakamoto himself could not introduce further coins to the Bitcoin Protocol if he chose to do so. These coins may be separated into 100 million units each, including fractions of an ounce of gold.

Reason 2) The Halving Cycle

Starting in January 2009, about 50 new bitcoins were generated every 10 minutes from "miners" verifying a new block of transactions on the network. However, the algorithm is designed to reduce the sum of fresh coins per block over time, until a sufficient number of blocks are applied to the blockchain.

These occurrences are known as "halvings." The start-up time (first cycle) had 50 new bitcoins per 10 minutes. The first half occurred in November 2012, and from that point on (second cycle) the miners obtained only 25 coins to solve a block. The second half occurred in July 2016 and from there (third cycle) the incentive dropped to 12.5 new coins per block. The third half happened in May 2020 (fourth cycle), so the payout is now just 6.25 coins per new block.

The number of new coins is asymptotically reaching 21 million. Every four years or so, the pace of production of new coins is reduced by half, and by the beginning of 2030, more than 99 per cent of the existing coins would have been produced. The current amount that has been extracted is now about 18.4 million out of the 21 million that would potentially be mined.

Bitcoin has traditionally done exceptionally well in the 12-18 months after the introduction and the first two halvings. The decline in the current production or flow of coins, in the face of persistent or increasing demand for coins, appears predictably to increase costs in 2020.

Reason 3) A Perfect Backdrop Macro

Bitcoin was designed and released in 2008 and 2009; the center of the global financial crisis, with massive bank collapse, big government bailouts, and the worldwide acceptance of quantitative easing as a monetary instrument by central banks. His protocol was an effort to store and transfer value in a manner that was simultaneously verifiable and rare, like digital gold, in opposition to the concept of bailouts and money printing.

It took years for the situation to play out. U.S. deficits have risen for more than 5 years, and quantitative easing has not stopped until late 2014. In 2012, Europe witnessed a delayed sovereign debt crisis. The whole financial crisis was a phase rather than a case.

About a decade old, we have a much bigger situation on our hands, with larger bailouts, stronger quantitative easing, and direct cash outs to businesses and customers paying for central bank deficit monetization.

 Conclusion

Bitcoin was developed as a means for citizens to restore their control over their own currencies. Eleven years later, Bitcoin not only offers users across the globe the opportunity to do exactly that, but it has also proved to be a good venture, deserving of its title as the future of finance. There is not an ounce of doubt that cryptocurrency is the future, paper currency is old news. So now is the best time to buy it when it's cheap!

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posts https://www.blockprism.org/blog/3-reasons-to-buy-bitcoin-in-2020/ https://www.blockprism.org/blog/3-reasons-to-buy-bitcoin-in-2020/ Editor Mon, 02 Nov 2020 01:46:42 -0500
Vertex Exchange Introduces Global Trading Platform to Help Crypto Communities Sell Tokens at All Time High Prices Hong Kong, October 20, 2020 - Vertex Exchange has announced that its global community-oriented trading platform will be officially launched on October 20, 2020.

Vertex Exchange aims to be the leading global trading platform that merges all altcoin communities from around the world to form one main crypto community trading with only one native token of its kind - the Vertex Token (VTX).

Vertex Exchange is built with a mission to merge and unite global altcoin crypto communities and allow users to monetize approved ERC20 tokens by swapping them to VTX at their respective ATH (All Time High) prices, then selling them via a unique trading system that seeks to ensure price stability and liquidity. Since all crypto tokens in various markets have one thing in common, that they are tradable as they have monetary value, the concept of Vertex Exchange was first mooted to allow crypto communities to work together by swapping tokens and performing trades on one unified platform.

The crypto market is well perceived to be highly volatile. It is not unusual that with every peak price of a crypto token, comes a huge down. To date, many token prices have slumped to a fraction of their peak prices. To help token holders recover their losses, Vertex Exchange’s unique trading mechanism will bring about a new breakthrough for all global crypto communities, allowing token owners to monetize at higher values. Functioning as an “automated market” with attractive platform rewards to incentivize users when they participate in daily tasks, Vertex Exchange’s distinct feature is to automatically create a sell order for VTX at a higher pre-determined price whenever a buy order is performed. As the number of tokens listed on Vertex Exchange increases, the value of VTX will also increase, resulting in higher demands and trading volumes.

Targeting to attract massive communities of established crypto tokens, the launch of Vertex Exchange will be one that is highly anticipated by global crypto enthusiasts. To enhance engagement with users, crypto communities will be able to participate as minters who can vote for their favourite ERC20 tokens to be listed on the Vertex Exchange. Through this platform, active traders may also be rewarded with a portion of transaction fees earned from every trade.

Interested parties may visit its official website:  https://vtx.exchange/ to sign up.

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posts https://www.blockprism.org/blog/vertex-exchange-introduces-global-trading-platform-to-help-crypto-communities-sell-tokens-at-all-time-high-prices/ https://www.blockprism.org/blog/vertex-exchange-introduces-global-trading-platform-to-help-crypto-communities-sell-tokens-at-all-time-high-prices/ Editor Mon, 26 Oct 2020 03:55:17 -0400
How Algorand change the current banking and finance landscape

Banks often acts as a middlemen within the global market by managing and coordinating the financial system via their internal ledgers. As the Blockchain technology has sparked intense debate in recent years. In the financial industry, this debate has centered almost exclusively on the rise, and more recently on the relative decline, of cryptocurrencies and the risks of these instruments. However, blockchain technology has far wider implications for markets and banks. To get in front of emerging challenges, Algorand Blockchain provides an open, public, permission less and secure blockchain-based platforms that uses pure proof-of-stake and pseudorandom functions including for trade finanace. Many have called this project “Blockchain 3.0” as it solves Bitcoin’s well-known scalability problems whilst maintaining security and decentralization. Algorand stands out from other high performance blockchain by the credibility of its founder, MIT professor Silvio Micali.

Potential use of block chain in Banking:

To illustrate, in the above diagram, there is a range of possible applications for blockchain in banking and finance. In the markets, blockchain can make equity trades faster and more secure, paving the way for more open and competitive trading. It could also make it easier to verify private investments and provide access to more potential suppliers. It too enables the development of more secure or complementary asset clearance, settlement and custody systems. Paradoxically, blockchain could even make it possible to manage and account for something as electronic as cash more efficiently, enhancing traceability and ownership record keeping.
In banking, there are broad possibilities in both the retail and wholesale segments. Beyond the realm of trade finance, there is scope for using distributed ledgers to improve efficiency, turnaround times and verification in areas such as:

• Real-time lending underpinned by borrower risk management based on smart contracts
• Property valuations and verification
• Development of tailored personal financial tools
• Management of liquidity and cash, virtual portfolios and management of currencies/remittances
• Audit and control of counterparty risk
• Mitigation of operational risk
• Regulatory compliance

Imparities of the Banking System:

The traditional finance market is centralized. Central authorities issue the regular currency that drives our economy and used for every trade like the financial markets and banks. Therefore, the power to manage and regulate the flow and supply of such currencies in the market resides to them. We also pass the control of our assets to various financial organizations like banks in expectations of getting higher returns. The problem with this is since all the control and fund is centralized, the risk is also at the center. These are the challenges that have impaired the banking system, rendering it irrelevant in the global financial system

• Slow Seed Of Transactions
• Cross-Border Restrictions
• Excessive Transaction Charges
• Absence Of Transparency
• Time consuming process

What are the main benefits of Algorand Blockchain for banking and finance?

Security:

Algorand pure proof-of-stake based blockchain architecture eliminates single point of failure and reduces the need to place data in the hands of intermediaries. It is worth considering, ideal for applications that require sovereign grade security and deal with confidential data. Anything in the realm of financial services would likely require the highest degree of security.

Transparency:

This blockchain network standardizes shared processes, and create a single shared source of truth for all network participants. That allows trade finance participants to provide a higher level of transparency through a shared ledger that accurately tracks goods moving around the globe. This is the first blockchain network provide immediate transaction finality with no forking.

Programmability :

Algorand blockchain allows the reliable automation of business process through the creation of assets on ASA and execution on smart contract at Layer-1. The ASA provides opportunities for local businesses to form cooperative and issue digital assets on the Algorand protocol allowing anyone to buy these assets and co-own the business. By issuing assets on the Algorand network, assets become transferable with a very high level of control by all parties.
Privacy
Privacy technology enabled by Algorand allows selective sharing of data between businesses. The confidential data that is name, addresses, contact details, email etc. will not be passed on to third parties without your permission or without being required by law of our privacy policy.

Trust:

One of the main challenge that faces banks is cyber-attack and money laundering, this is possible because bank ledgers are created within a centralized database which is more susceptible to hacks and cyber-attacks. Algorand is a truly decentralized, new, and secure way to manage a shared ledger that make it easier for different parties to collaborate and come to agreements which eliminates the risk level of money laundering by providing an inclusive, transparent, and secure system for its global users, and making it totally free of these types of hacks and break in.

Know your customer minimal time taking process:

Know your customer processes is very lengthy and time taking process in banking sector because banks are not allowed to finalized the transaction unless the whole kyc process will be completed and after the completion of the process, this process needs to be verified by the higher authority. If banks adopted Algorand networking properly, this will be minimize the wasting of time and delaying in transaction, While Algorand blockchain can store KYC records on its blockchain through which customer’s ID, addresses and documents can be independently checked and verified.

Faster execution of transaction:

The use of Algorand decentralized channel transactions are executed within seconds and the banks will be able to cut down the need for verification from third parties, therefore speeding up the time required for transferring funds. Algorand system has the ability to execute up to 1000 transactions in every second and the time frame for processing a particular payment is just 5 seconds, so the ability to finalize blocks, eliminates the need for high transactions charge. Algorand users enjoy low cost of operations and less time consumption process of transaction.

Quick settlement of funds using Algorand blockchain:

Sending money in the current banking system can be a lengthy process, can come with various fees for both banks and customers, and might require additional verification from headquarter and administration. In the age of instant connectivity, the legacy banking system hasn’t keep up with the rest of the technology developments.
A scalable Algorand blockchain technology provides a faster method of payment with lower fees that is available round the clock, without borders, and the same security guarantees that the legacy system can offer.

Minimize the High cost of loans:

Banks allows the customers to offer loans at relatively high interest rates, and restrict access to capital based on credit scores. This makes the borrowing process lengthy and expensive. While the economy depends on banks that is providing the necessary funds at highest cost items. Algorand allows anyone in the world to participate in a new type of lending ecosystem, which is part of the movement often referred to as Decentralized Finance (DeFi).To create more accessible financial system,DeFi aims to pull all financial application on top of this network. Peer-to-peer money lending, enabled by Algorand, allows anyone to borrow and lend money in a simple, secure and inexpensive way with no arbitrary restrictions. And thanks to Algorand Network the importance of its capability to lend digital assets can be widely adopted globally.

Assets tokenization on Algorand blockchain:

Buying and selling securities and other assets such as stocks, bonds commodities, currencies, and derivatives requires a complex, coordinated effort between banks, brokers and exchange. This process not only has to be efficient, but is also needs to be accurate. Added complexity directly correspond with increased time and cost. ASA is very popular source on Algorand for Asset tokenization. It would also open up new avenues for investors with limited capital by enabling them to buy frictional ownership of expensive assets investment products that might have unavailable to them previously. In the Algorand DeFi system you are the custodian of your own funds and assets.

Disintermediation:

Peer-to-peer exchange of information and value lets us remove intermediaries, enabling more structurally efficient economies. As adoption of Algorand protocol, removing financial service intermediaries (cut off the middle-man) who receive a fee for money transfer, foreign exchange transactions, transaction clearing and escrow services — can reduce friction and costs.

Resilience:

Because Algorand is an open, public, permission less and decentralized blockchain. Decentralized databases are shared by many market participants, they aren’t, t susceptible to central points of failure. On contrary, the most reliable centralized networks, such as banking sectors, suffer downtime from time to time. Most of the user’s faces the link down error when it’s urgent to transfer their assets or some business transactional process.

Is Algorand safe and wise choice for banking sector?

Safe is often a tricky word when it comes to digital matters with every security measure bound to find an equally and opposite force to test the robustness of the system or application.
Black market activities and money laundering schemes are the counterproductive side to the fluctuation safe currency and integrity laced transaction system based on trust and honor. Of course in this age nothing can be deemed perfectly safe. Thus Algorand is also called by a “Game changer” because they wins the trust of their user’s by providing a system to communicate identity, suitability and relevance of a transaction's details marks it out as a safe option for banks, and other sensitive information storage organizations. It has caught the eye of a lot of industries and this is because of the security it offers along with its trust and robustness as a system.

Final thought :

Although the financial industry is thrilled about blockchain, the technology will take a few years to become a mainstream financial model. That means that disruption will happen gradually – but surely. In the meantime banks have the time to prepare and adjust so that they can have a “second live” in a blockchain world. The banking and financial industry is one of the major sector that is going to be impacted by Algorand Blockchain. The potential use cases are plenty from real time transaction to tokenizing assets, lending, smoother international and domestic trade, more digitalized and quick process and many more.
Algorand blockchain network has the potential to disrupt not only the world’s currency market but also in the banking industry as a whole by cutting out these middlemen and replacing with a trustless ,borderless, transparent, open and scalable system that is easy to access everyone. AS a banker, I strongly believe that, Algorand will potentially help facilitate faster and cheaper transactions, increase access to capital, create higher data security, enforce trustless agreements through smart contracts, make compliance smoother and many more, once banks adopts Algorand Blockchain.

Written By Tahira Siddiqui

Follow us on twitter :    https://twitter.com/Algorand

Website :                  https://www.algorand.com/

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posts https://www.blockprism.org/blog/how-algorand-change-the-current-banking-and-finance-landscape/ https://www.blockprism.org/blog/how-algorand-change-the-current-banking-and-finance-landscape/ Editor Sat, 03 Oct 2020 04:36:51 -0400
Why is crypto trading success different than other markets? Forex trading can be a way to success for many, over the years, there have been tens of different people who became very successful thanks to Forex trading. These people have dedicated most of their time to Forex trading and everyone has heard about them at some point.

However, the success that FX traders can have is totally different from the success that crypto traders can have. It generally depends on several different factors, but in most cases, while it is also a lot riskier to trade, crypto traders mostly make a lot bigger profit.

However, although there are a lot of differences between trading Forex and crypto, these two still have some things in common. Generally, traders in both of these situations predict the possible changes in the market and that is how they make a profit. However, the amount of profit they make is the difference here. Both of these markets are changing constantly, but what makes the real difference is the fact that the difference in crypto prices is a lot bigger than it is for the Forex industry.

How to be a successful Forex trader?

There are a number of things that influence your success in the world of Forex. One of the most important things today is to make sure that you are using a safe and secure Forex broker. There are a number of brokers around the world, and every trader should make sure that they are trading with the ones that are authorized and licensed by regulatory agencies for maximum safety.

A great thing to do is to look for the most successful Forex traders. There is a lot that you can use from their experience, to learn, and to grow as a trader. The list of top 10 most successful Forex traders include people who you might already have heard about, the list includes names like George Soros Soros is best known as the man who broke the Bank of England, because of the short sale that he did of $10 billion worth of pound sterling. In ended up making a lot of profit during the 1992 Black Wednesday UK currency crisis and thought a lot of people the importance of taking risks.

With this, Soros made history and is known as one of the successful traders in the history of trading. However, not everyone is as successful as him. Because of the fact that the amount of changes in the prices of currencies is very little, making a huge profit is not in any way an easy thing to do. Soros is one of those people who is known to have a close relationship with other traders, in many cases giving them tips for successful Forex trading.

What is the main difference between success with Crypto and Forex trading?

Although there are many things that these two have in common, there also are a lot of differences. One of the biggest differences is the amount of money that investors spend on trading.

When it comes to crypto, Bitcoin, for example, involves the smallest costs. When it comes to trading with BTC, because of the nature of bitcoin blockchain, BTC is being traded on a peer to peer basis, which means that the costs for trading are very low, especially compared to FX trading.

Because of the fact that there is no one between the traders, it has much lower fees than FX trading, where brokers and aggregators are the ones that facilitate transactions between the participants of the market.

Also, for many traders around the world who use crypto, making a profit is a lot easier than it is for those who are trading Forex. This mostly happens because of the fact that the prices of cryptocurrencies are changing every moment and these changes are huge which gives traders the ability to make huge amounts of money in just a few minutes. With this, also comes to some risks, however, if most of the traders who use crypto are very knowledgeable and do their best to make sure that they are making a lot more money than they are losing.

On the other hand, the prices of currencies are also changing very quickly. In this case, however, the difference is very little, and making a huge profit is very hard. What it means is that crypto trader can make as much profit in an hour as Forex trader might need more than a few days to make.

Because of this, more and more people are starting using cryptocurrencies for trading than ever before, and the number is rising constantly.

Crypto regulations

Also, a huge difference is the fact that trading with crypto is not as well regulated as Forex trading. Because of this, crypto traders have the ability to trade without any restrictions. But this comes with a huge risk as well. To make crypto a safer place for traders, many regulatory agencies have come up with new regulatory frameworks.

As of today, many Forex brokers have restrictions when it comes to the amount of money crypto traders can deposit on their trading accounts. As much as it can cause some problems for some traders, it also ensures that these traders can be a lot safer than before.  More and more countries are coming into terms that they have to regulate crypto, and this can make this field even more secure.

Regulations are generally very important for successful trading. They are something that makes sure that Forex traders can stay as safe as possible. With regulatory guidelines, Forex brokers are doing their best to keep their clients’ funds safe.

Why are so many people trading with crypto?

Crypto is a digital currency that was designed to work as a medium of exchange. The individual coin ownership of crypto is stored in a ledger that exists in the form of a database that uses very strong cryptography to secure the records of transactions.

Because of this, crypto offers people security and privacy that is very important for many traders. This is one of the reasons why so many people are starting to use crypto, which also offers them to make huge profits in a very little time.

Cryptocurrencies are pretty new, one of the best known and first cryptocurrencies, Bitcoin, was created in 2009 and since then, it has changed a lot. Although there still are some skeptics, the currency is developing at a very fast pace. In 2017, Bitcoin managed to get its highest price in history and proved to many people that it could be a very successful way of investment.

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posts https://www.blockprism.org/blog/why-is-crypto-trading-success-different-than-other-markets/ https://www.blockprism.org/blog/why-is-crypto-trading-success-different-than-other-markets/ Editor Mon, 24 Aug 2020 08:49:02 -0400
Why Is Eastern Europe Embracing the Blockchain? Eastern Europe is one of the most rapidly developing regions in the world. Benefiting from its great location, countries located within this region are investing in practically all of their traditional industries. From manufacturing to transportation and logistics, Eastern Europe is gradually becoming a prosperous region. The trend is easily visible when looking at the average GDP growth rates across those countries. Ukraine, Georgia, Armenia, and Belarus are all growing rapidly.

For the vast majority of those countries, the main area of focus is developing a solid critical infrastructure net, able to support other linked industries, such as manufacturing, passenger and cargo transportation, farming, and others. Undoubtedly, this is a great strategy for any country since having this vital infrastructure system is of utmost importance. However, for rather poor countries to develop, there is an urgent need for radical solutions.

To accelerate economic growth, many of the central and eastern European countries have made radical changes. Notably, Poland that used to be an Eastern Bloc country revolutionized its taxation system and the economic structure, imposing liberal policies and allowing lots of foreign direct investment to flow in without any obstacles. The country particularly invested in high tech industries, fostering growth in the industry. Generally, many central European countries that were in the same shoes as their eastern neighbors currently are invested in back then-radical ideas. As of now, we can already see that the work and the investments have paid off. Countries like Poland and Hungary are on the track of becoming some of the most prosperous nations on the continent. Experts from the influential research and analytics publishing Kapitali.ge say, that the Eastern parts of Europe will follow the path of Poland and Hungary. The situation in the region is very similar to what central Europe went through not long ago.

Investing in tech is no longer enough without the digital financial services

The 21st century came with a lot of innovation in the financial industry. Just a couple of decades ago, no one would have imagined having the entire bank branch on a phone. Yet, today, transferring money or performing almost any financial operation is possible by simply clicking on the phone screen. The scale of this revolution is difficult to understand and acknowledge. The fintech revolution has impacted everyone and everything globally, but particularly the way our economies work.

Yet, the biggest and the most radical chance undoubtedly was the introduction of cryptocurrencies, most notably Bitcoin. The Blockchain technology that is extremely popular today has changed the entire world, but certainly not overnight. For years after its initial launch, Bitcoin failed to achieve market success. In 2017 the reality of the financial market changed as Bitcoin’s value exceeded the landmark milestone of $10,000. This event bolstered the significance of the crypto market as a whole.

Eastern Europe chooses crypto

Soon after the global success of cryptocurrencies, Eastern European countries decided to join the game by investing in the industry more than ever before. At some point, during the token sale peak, more ICO projects were launched in Moscow than across Silicon Valley. The Baltic states, particularly Estonia, are trying to create a welcoming environment for cryptos both in the legal and economic point of view.

Estonia, a country of just merely 1.3 million people is home to 900 officially licensed crypto companies. Ukraine, Belarus, Georgia, and Armenia are also trying to be more vocal in the industry by offering different benefits to the crypto giants from all around the world that are interested in making investments.

Notably, Georgia has become the biggest crypto-miner in the region. The company called “Bitfury” headquartered in Amsterdam and with offices in London, Hong-Kong and New York mines bitcoins in Georgia. The plant is simply massive and gets energy from the nearby windmill power plant.

Russia is also showing lots of interest in the development of Blockchain infrastructure. The country is being extremely serious with what they want to achieve, considering that they launched their very own state cryptocurrency. The latter was created by the state-owned bank and is completely controlled by the government. The intentions of the government remain rather blurry, but the fact that there is a state-owned cryptocurrency in Russia is quite impressive alone.

Global crypto companies are also interested in Eastern Europe

Besides local private or governmental initiatives, global companies that operate all around the world are also interested in the Eastern European market. The prime reason for many of them is the diversity and the potential of the region. Most importantly, not being the Eurozone coverage area, the region is home to a number of sovereign currencies. For instance, a Singapore-based Huobi now accepts Russian rubbles through regular bank transfers. This is unprecedented for the region.

Eastern Europe is a rapidly developing region but remains quite poor. The main objective of governments in the region remains to overcome poverty and grow economically. The presence of the crypto sector is not only direct benefits for the emerging economies, but it also has quite a few added benefits.

The strong crypto market and a well-integrated system in a country mean that countless companies that work through crypto operations will be ready to invest, solely because of the welcoming environment. Moreover, those countries become an attractive destination for thousands of crypto investors and freelancers. All of these is a major contribution to developing economies.

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posts https://www.blockprism.org/blog/why-is-eastern-europe-embracing-the-blockchain/ https://www.blockprism.org/blog/why-is-eastern-europe-embracing-the-blockchain/ Editor Thu, 09 Jul 2020 04:42:56 -0400
How the World’s Largest Consulting Firms are Embracing Blockchain It’s perhaps with some vindication that cryptocurrency and blockchain enthusiasts watch as some of the world’s largest, most-respected consulting firms adopt distributed ledger technology. For years crypto has been plagued with an image problem, however, the narrative of crypto as money for criminals is slowly shifting as people realize that Blockchain has the power to change how the world functions. That includes everything from how contracts are enforced to cross border remittance to the tracking of physical goods through the supply chain. How Blockchain Can be Used for Supply Chain Optimization

With that in mind let’s look at how consulting firms are embracing blockchain. We’ll start with one key area: privacy. A recent survey found that data privacy on the blockchain is one of enterprise’s largest concerns. The consulting firm EY, however, believes that they’ve found a solution. 

Private Transactions on Ethereum 

Nobody has done more than EY to enable private transaction on Ethereum. In the past the consulting firm has publicly stated that blockchain will change the world but with their hefty investment in Ethereum they’re really putting their money where their mouth is. 

EY’s contribution to Ethereum is known as Nightfall, a protocol which takes advantage of zero-knowledge proofs in order to enable private transactions. For obvious reasons no company or organization wants to create financial contracts on a public blockchain where anyone can view wallet balances and track funds. Enterprise adoption demands privacy and that’s exactly what Nightfall is meant to provide. 

While the protocol is still being developed the results so far are promising. Upon its initial release transactions using Nightfall were prohibitively expensive, in upwards of $5 per transaction. However, EY recently released a major upgrade which they claim can make transactions 400x more efficient.

Here is Paul Brody, EY’s Global Blockchain Leader, speaking on the impact that this new version of Nightfall might have. “This technology is perhaps the most important EY blockchain milestone in making public blockchains scalable for the enterprise. - With this iteration, we cut the cost per transaction by more than 90% again, making private transactions more accessible for mainstream business application.”

By releasing Nightfall as an opensource protocol EY made it so that anyone in the Ethereum community can use and improve it. With a development cost in excess of $1 million, this was really a great gift to the community. There can be no doubt, however, that EY believes that private Ethereum transactions will benefit their own consulting business down the line. We’ll end this section with a prediction from Paul Brody. 

“I believe we will look back upon the industrialization of ZKPs as a key milestone in the wide enterprise migration from private to public blockchains. Organizations are increasingly seeing the potential for public blockchains, with 75% of enterprises likely to use these networks in the future.” 

The Big Four are Hiring 

Recent data taken from Indeed.com shows that Big Four consulting firms Deloitte, KPMG and EY are in the top five for blockchain job postings. According to CoinDesk the finding was based on job postings between February 2018 and February 2019. 

It’s not surprise that EY is in the top five for blockchain hiring, Nightfall did not appear out of thin air. However, it’s surprising that the other consulting firms are hiring so aggressively as well. It demonstrates that beyond the hype, blockchain is filling a real need and its adoption is likely to rise in the coming years. 

Deloitte believes it will, at least, as they’ve created a blockchain division within their company. Headed by Linda Pawczuk, Deloitte predicts that their blockchain team will, “build upon our past success in helping our clients, which includes 92 percent of the financial service companies listed on the Fortune 500 list, to hone their Blockchain-backed offerings.” Besides Deloitte and EY, perhaps the most recognizable name in consulting, McKinsey, is also interested in blockchain. 

McKinsey and Blockchain Growth 

A recent McKinsey report, authored by senior managing editor Rik Kirkland, had this to say about blockchain. “I think that blockchain is nothing less than the second generation of the Internet. It will change every institution, in some ways more so than the first generation did.” 

The well-informed report goes on to tout the advantages of a decentralized platform over centralized platforms (intermediaries). “But overall, there are growing problems with these intermediaries; 2008 was evidence of that, where they almost brought down the global capitalist system. What if there were not just an Internet of information? What if there were an Internet of value?”

That internet of value that Kirkland refers to is the tokenization of everything. Decentralized currencies, yes, but also decentralized stocks, digital collectibles, identities and more. McKinsey believes that blockchain’s greatest achievement will be the way it allows value to be stored and transferred in ways never before possible. McKinsey’s final recommendation: if you’re a business now is the time to get involved with blockchain. 

The Future of Blockchain 

In 2017 McKinsey put together a report which indicated all of the ways that they believed blockchain could impact the insurance industry as well as the global financial system as a whole. In response to the question, what is blockchain, McKinsey wrote the follow, “Blockchain could be one of the most disruptive innovations since the advent of the internet.”

That seems to be a sentiment widely held by many of the world’s largest consulting firms. These are industry leaders who earn an income from their mastery of today’s business practices, as well as their ability to predict what technologies will affect business in the future. That they’ve gotten behind blockchain is truly indicative of DLT’s world-changing potential. 

Most encouragingly, the consulting groups are investing more than just their words into the blockchain. EY’s Nightfall may well benefit millions of people and tens of thousands of businesses, should it work as expected. Furthermore, all of the firms are hiring blockchain developers as fast as they can find them and this has nothing to do with altruism. Blockchain is this decade’s trending technology and when the world wakes up to it the consulting firms will be ready with their solutions. 

About the author:

Igor Zapletnev, I am the CEO at Exyte.com, an IT consulting firm that I started when I was 22 after getting a Master's Degree in Computer Science. I started with working on an IDE for cross-platform mobile development and steadily expanded Exyte up to four departments, including mobile development for both iOS and Android, as well as smart-contract and blockchain development. Exyte also launched two VR multiplayer games, developed the best SVG library in Swift, and managed to get together people I actually happy to see others every day.  

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posts https://www.blockprism.org/blog/how-the-worlds-largest-consulting-firms-are-embracing-blockchain/ https://www.blockprism.org/blog/how-the-worlds-largest-consulting-firms-are-embracing-blockchain/ Editor Wed, 22 Jan 2020 03:12:08 -0500
Top 3 Reasons to Invest in Bitcoin in 2019

Nowadays, there has been confusion among the financial specialists whether they should invest in Bitcoin or not. This confusion never leaves the minds of investors since it became mainstream. There are two reasons behind his perplexity. Number one, the instability of the currency. Number two, there is a promising future and a lot of opportunities to invest in this cryptocurrency. In the case of putting resources into bitcoin in 2019 is an interesting issue; all the clamor around the cryptographic money makes it simple for you to pass judgment on whether you are trying this rewarding computerized resource. Bitcoin is a newish asset, the market is fierce and brimming with accounts of extraordinary achievement or enormous disappointment. Hence, your decisions are fully dependant on the planning, the timing, the possibility, and the legitimate speculation profile. However, buying bitcoin stocks instead of buying cryptocurrency directly, saves you from a long procedure of buying crypto on an exchange.

Today we are going to discuss the three top reasons that one should still consider putting resources into bitcoin in 2019. Let’s know what are they. 

1. There Are No Flags in Bitcoin

Being decentralized and independent without depending on any government is one of the biggest attractions of this cryptocurrency. It simply implies that it doesn’t depend on any politicians or stability of the country. It's worth greatly relies on you, the users. Banks and governments don't have the foggiest idea of how to manage digital forms of money since they can't get to the client's cash. For instance, the bolivar has turned out to be futile to a degenerate government in Venezuela. As bitcoin isn’t dependant on the Venezuelan government, it turned out to be an especially profitable currency, as it isn't influenced by any authorizations from different nations as well. All you have to do is go to any exchange market in a country that accepts this cryptocurrency and you won’t have to convert your currencies to make your transactions. It’s really confidential and the government won't out their nose into your business. In fact, it’s cheaper to use bitcoin while purchasing any services or products in a place where bitcoin is acknowledged. People have also started free bitcoin mining in many ways.

2. Your Privacy is Protected in a Better Way

You might be astonished to discover that your banks may deal with your data history to third parties. Chances are, may take advantage of your secret data to utilize you like an item and attempt to sell you things like the ones you purchase.  With modern calculations, they can even track your location, your gender, your personality, etc. to collect a profile in your database. Banks tend to do such foul deeds when they deal with third parties. Hackers like to target the banks as banks have a lot of private data. Fraudsters purchase the data from the hackers to make expansion in their database. These security blemishes are more typical than you might suspect. With bitcoin, it is beyond the realm of imagination to expect to hack your database in light of the fact that a database accordingly doesn't exist. Nobody can follow your buys with cryptographic forms of money to offer them to the most noteworthy bidder. Bitcoin is the most ideal approach to spare your protection.

3. Its Value is Rising

The worth of bitcoin has remained moderately steady since the balloon has exploded. Seeing any chart will help to perceive how quick it developed and how rapidly it fell, trailed by a moderately straight line as the cash settles.
Numerous specialists foresee that bitcoin will proceed to rise, and it is sensible to consider it. From the outset, Bitcoin was purchased by individuals who needed to profit yet didn't comprehend the innovation. But now, people have been understanding the game behind the technology of this cryptocurrency.
Bitcoin is starting to be acknowledged in an ever-increasing number of stores. Have you ever wondered where its value would be, once Amazon and many other businesses start to deal with this digital currency as a form of payment?  Individuals are putting resources into bitcoin, not on the grounds that it is a craze but since they see the benefit of abandoning banks, not caring about the government, and control over their money altogether. 

In the wake of considering the majority of the abovementioned, deciding if bitcoin is decent or terrible speculation can be viewed as an issue of confidence or what kind of venture you need to make. In the event that you need to purchase and sell in a customary manner, we prescribe that you be mindful of the day by day statements of this money and its market. Nothing can be better than keeping updates of the bitcoin market regularly.

Image Source:

https://pixabay.com/illustrations/bitcoin-currency-crypto-cyber-2057405/

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posts https://www.blockprism.org/blog/top-3-reasons-to-invest-in-bitcoin-in-2019/ https://www.blockprism.org/blog/top-3-reasons-to-invest-in-bitcoin-in-2019/ Editor Fri, 29 Nov 2019 01:42:14 -0500
The State of Dogecoin and Its Future in 2019

Image Source: Flickr

  • Dogecoin is most preferred by users because of its low transaction fees.

  • DOGE has one of the strongest following on social networks which include Reddit, Facebook, and Twitter.

  • The future is bright for this coin because of its different strategies and upgrades, it develops trust to its users.

Dogecoin (DOGE) is one of the cryptocurrencies famously referred as a “joke currency”, it has a market capitalization of around $308 million rankings at 29. The current DOGE market price is $0.002546. It became popular among the members of cryptocurrency because of the following factors:

  • Its supply is uncapped making it not a deflationary coin and it will keep a steady pace and remain stable when it will reach the declining yearly inflation rate which is currently about 5.256%.

  • The transaction fees are very low and one strategy that they use to keep miners intact and secure the network is by rewarding them. This motivates the miners to become keen and process transactions without any delay and enables them to generate new blocks based on a more precise algorithm for calculating rewards.

  • In terms of validation of transactions on its network, Dogecoin blockchain uses scry.pt technology and the proof-of-work (PoW) consensus algorithm.

  • Unlike Bitcoin (BTC) and Litecoin (LTC), the Dogecoin network can allow for more transaction times because it has a block time of around 1 minute compared to LTC which has 2.5 minutes block times and 10 minutes for BTC.

  • The start of the initiative called “SaveDogemas” by the Dogecoin community for helping the victims of the hacking incident where they lost millions of their coins. This attracted more members to continue investing in DOGE.

  • Its famous tag as an “Internet currency” that enables its users to easily conduct monetary transactions. This is possible because of the availability of Dogecoin’s wallets for Android, OS X, Windows and Linux users.

  • The creation of the Reddit group and IRC Chat channel by the crypto’s supporters which enables new members to join since it’s Dogecoin friendly.   

  • The upgrading of Dogecoin Core 1.14 in late June 2019 which enabled the DOGE holders to make a backup of their wallet.dat files. This enables users to have their files secure and up to date.

Dogecoin has a bright future because people are realizing its worth, from being a crypto joke to real investment. DOGE might reach $0.0147 highs in early 2020. Although some investors from the reviews claim that they sold at a loss but they prefer using it to buy some exotic coins that one can get much cheaper with DOGE than with BTC. And DOGE can be purchased in multiple ways like USD, credit cards, etc.

Conclusion

In conclusion, Dogecoin has to build sufficient buying pressure for it to break above strong resistance or continue with its bearish trend. This coin can take advantage of its strong community on Reddit, Facebook, and Twitter. It was ranked the second cryptocurrency after Bitcoin on CoinGecko.com for having the second strongest community on social media.

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posts https://www.blockprism.org/blog/the-state-of-dogecoin-and-its-future-in-2019/ https://www.blockprism.org/blog/the-state-of-dogecoin-and-its-future-in-2019/ Editor Fri, 27 Sep 2019 11:04:26 -0400
Cryptocurrency Security: Bitmarque Review

If you are looking for a reliable custody service for your digital assets, you may want to check out Bitmarque. Started in 2017, Bitmarque is a different cold storage solution, which is free of any point of failure.

The blockchain experts behind this service use military-grade security systems and a secured offline wallet. They have made an attempt to bridge the gap between insurance and cryptocurrencies.

As a matter of fact, Bitmarque has introduced real, unique insurance for the deep cold storage, which is a type of consortium for concerned investors.

Actually, the beauty of this new service is that it provides peace of mind for investors.

As far as cryptocurrency is concerned, the biggest problem that currency holders face is the issue of security. In other words, they are worried about losing their digital money. This is where Bitmarque comes to rescue.

The company has its own digital assets, many financial institutes, and offline assets, which is why it's the only insured custodian service provider for those who have cryptocurrency.

let's take a closer look at this service.

What is Bitmarque?

As said earlier, Bitmarque is a unique service as it offers an insured custody service for cryptocurrency holders.

This service is a pure cold storage solution. It's a combination of multi-sig approvals and smart contracts with deeper protection methods. This is why this system is insured by a powerful financial consortium. So, it offers a financial consortium that gives your currency a high level of safety and security. Your deposits will be secure. You won't have to worry about them.

How Safe will your Holdings be?

The provider uses military-level security protocols, offline systems, and cold storage. For added security, the systems are installed across the globe in secret locations. Moreover, they make use of a number of encrypted firewall layers for the highest degree of protection.

Since there are many approval systems, you can rest assured that the digital assets won't go anywhere, no matter what type of threats there may be. The company employees or top-level management won't have full access to your assets unless you provide your consent.

How does the Service Protect your Digital Assets?

If you are worried about the protection of your digital assets, know that the security protocols are as secure as the protocols used by the military. The company has a technological solution that offers a high level of encryption and security protocols. The use of smart contracts and physical vaults located in different secret locations around the globe ensure that your digital assets are always in good hands.

Supported Cryptocurrencies

You can deposit both Litecoin and Bitcoin, but you can also contact Bitmarque to find out about other currencies. However, they do support other cryptocurrencies.

Cost

If you want to join the service, you need to pay a one-time registration fee and a small amount of fee per month and the bank transaction fee. For more information, you can contact Bitmarque.

Joining without a Recommendation

You can't join without a recommendation unless you meet certain criteria. It's better to contact the company to discuss the matter.

So, this was a brief review of Bitmarque. Hope this helps.

If you are looking for a service to secure your digital currency, we suggest that you check out Bitmarque. Reading more than a Bitmarque review can also help you make the right choice.

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posts https://www.blockprism.org/blog/cryptocurrency-security-bitmarque-review/ https://www.blockprism.org/blog/cryptocurrency-security-bitmarque-review/ Editor Sun, 02 Jun 2019 05:06:18 -0400
What Are the Advantages of Blockchain?

Blockchain and cryptocurrency has become a very hot topic in recent years. Even traditional media now cover news on cryptocurrency and blockchain these days. However, not many people fully understand how blockchain works. In this article, let's talk about the advantages of blockchain.

What is Blockchain?

Blockchain technology is the basis for building all virtual currencies. It is a decentralized and digital ledger technology that can record all transactions without the need for financial intermediation, as banks do. Blockchain technology appears to have four distinct advantages over existing payment facilitation networks. Let's talk about each of them:

Advantages of Blockchain

Transparency

One of the main reasons why blockchain is so interesting is that the technology is always open source. This means that all users and developers have the opportunity to contribute to the project and make changes based on their needs.

Being an open source project makes blockchain technology particularly secure. That's because everybody with enough tech knowledge can read the code. If there's any backdoor or security hole, it can be easily found out.

Reducing Money Transaction Costs

Blockchain allows you to complete peer-to-peer and business-to-business transactions without having to work with third parties.

Because there's no intermediary (such as a bank) participating in a transaction in a blockchain and the users don't have to pay extra costs to the third-pary, the cost to the user or business decreases significantly over time. 

Faster transaction Settlements

When dealing with traditional banks, it is not common for a transaction to take several days to fully resolve. This is because of the agreements established in the bank transfer software and the fact that most financial institutions are open only during the day and closes at weekends.

Blockchain technology, on the other hand, works 24 hours a day, 7 days a week, which means that transactions using blockchain technology can be handled more quickly. When you need it, no matter it's during day time or at night, no matter it's a weekday or at weekend, it's always available, thus avoiding delays in transaction settlements.

Decentralization

Another reason why blockchain technology and cryptocurrency is so exciting is the lack of a central data center. Blockchain technology does not have to run a large data center and validate transactions through the center, but rather allows a single transaction to have its own proof of validity, as well as authorization to enforce constraints.

Because information about a particular blockchain is fragmented across servers around the world, it ensures that if hackers steal data, they will only get a small amount of data, not the entire network, so that it is not completely compromised. Also, with centralized system, if the central data center is down, the whole network will stop functioning. On the other hand, with a decentralized network, even one node is down, since there're many other nodes still working, the whole system can be really stable.

Conclusion

Even with these advantages, there is still a major concern that cannot be ignored in the blockchain technology. Throughout history, investors have continued to overestimate the pace of adoption of new technologies. Like most new technologies, it takes time to lay the groundwork for blockchain, and it can take years for companies to fully embrace the technology as an important part of their payment systems.

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posts https://www.blockprism.org/blog/what-are-the-advantages-of-blockchain/ https://www.blockprism.org/blog/what-are-the-advantages-of-blockchain/ Editor Sat, 01 Jun 2019 23:21:32 -0400