Facebook and Cryptocurrency

 

 

Any news regarding cryptocurrency automatically gains global attention. This is because of the revolutionary impact it has shown on financial industry across the globe. Recently, cryptocurrency again gained public interest because of the intervention of social media giant Facebook. Apparently, Facebook is developing its own cryptocurrency.

Though Facebook didn’t release any official statement regarding this, an advertisement for 5 job vacancies related to blockchain technology started this rumor. The following are the job vacancies posted on the Facebook website.

  1. Data Scientist, Blockchain
  2. Data Engineer, Blockchain
  3. Software Engineer, Blockchain
  4. Software Engineer (University Graduate), Blockchain
  5. Product Marketing Lead

Blockchain is the technology used for the development of cryptocurrency. So this fueled the spreading rumor.

History of Facebook and cryptocurrency:

Facebook and cryptocurrency haven’t been on good terms lately. This is because Facebook banned all the advertisements related to cryptocurrencies and blockchains. This was mostly due to fear that they were using Facebook as a platform for numerous scams. This ban got effective in January last year but soon it was lifted in July. It was believed that Facebook noticed the revenue loss because of the ban. But it did provide screening to all those advertisements to reduce the risk of illegal activities. So when this news broke it took the world by surprise.

Stablecoin:

Citing sources familiar to this matter, Bloomberg reported that facebook’s long-rumored cryptocurrency is in development and will allow users to exchange currency through its encrypted chat service WhatsApp.

This cryptocurrency is called stablecoin, which is a digital currency that is pegged to U.S. Dollar to reduce the volatility. Though not really at the launch stage, Facebook is working on the strategies to make it a success.

The current popular stablecoin, Tether, is surrounded by controversy after it refused to be audited. But with almost 2.5 billion global users and $40 billion annual turnovers, Facebook has everything to make a successful stablecoin. The revolutionary idea of Facebook is considered to be a good investment for people. Tweets like “invest to make the community better” by financial experts are reassuring the investors.

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The Lowdown on CryptoKitties

 

What is CryptoKitties?

CryptoKitties is a game based on blockchain. This game was developed by Axiom Zen. In this game, players create their own virtual cats. It was introduced to make the blockchain field interesting and exciting. It is one of the easiest ways through which users can experience the blockchain field easily. It is the newest way to use the blockchain since users can connect to each other by trading virtual cats. This trade can only be done with the help of blockchain.

CryptoKitties provides users with different trading options

Players can do a lot of trading activities in the CrytpoKitties game. Apart from the customization part, these virtual cats can also be purchased and sold. Players can also collect, and breed these virtual cats. They can sell their virtual cats to earn money online. This is one of the major application of this game which made it very popular all across the world. Many users are new to the crypto field and it was necessary to inform all of them about this field with some creative initiatives. Therefore, CryptoKitties plays an important role in providing information about the transaction mechanism of the cryptocurrencies. This game made the users get along with the cryptocurrency trading.

CryptoKitties: A way for making the crypto field as user-friendly

CryptoKitties was based on the principle to make the crypto field linked to the non-economical department as well. It provides users with comfortability to trade with crypto assets. Users can make their virtual cats attractive for increasing its popularity. CryptoKitties can be a game changer in the crypto field since it has brought a new concept in the blockchain arena. This game is the best way to use the blockchain in an entertaining way. Due to the introduction of the crypto field, many workers in this field are trying to make it user-friendly. This is done so that the cryptocurrency can be used normally all across the world. Users don’t have to be scared or feel uncomfortable with this sector as the crypto field is growing with many more creative initiatives like CryptoKitties.

 

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Crypto Screener

 

What is Crypto Screener?

Crypto screener is used by the investors who want to know about the status of cryptocurrencies. These statuses are based on many parameters set by the users. It provides the users with technological terms for screening the cryptocurrencies. There are a lot of criteria related to the business. These are profit, loss, opening and closing rate of the crypto coins. These criteria decide the success or failure of the investors and are very sensitive in the cryptocurrency field. There are a set of measurements including profit factor that is provided to the users with the help of crypto screener. Crypto Screener enhances the crypto field.

Crypto Screener:The best way to get details about the crypto coins

Crypto screener provides users with the last rate of the crypto coins at which the market has been stopped. It also provides users with the change percentage that is one of the most important factors for the investors. Both cryptoscreener and cryptocurrency provides their users with lots of benefits. These are available for free and are also provided to the users with a subscription plan. The subscribed version provides users with more precise tools that help the investors to get an idea about the profit and loss of investing in the crypto coins.

Crypto Screener: Beneficial for both investors and the trading system

Investors are also provided with the feature to select the coin that is best suited for a specific profile set by them. Crypto screener provides users with the algorithms which are generated by automated systems. This helps the investors to get the profit earned by the bots on behalf of them. Investors don’t have to worry about the programming since all the information are easily available to them through the bots. Crypto screener not only benefits the investors but also to those who are involved in the trading system. It provides live data about the crypto coins with all the necessary information beneficial for both the investors as well as the trading system.

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The Downsides You Should be Aware of Before Investing in Cryptocurrency

Cryptocurrencies are the latest trend in the economic market of the entire world. People are really excited over the emergence of such an efficient digital currency and have been investing huge amounts of money to get big returns from them. However, there are a few downsides which you should be aware of if you have already decided to put your hard earned money into the web of cryptocurrency.

Lack of experience

Basically, each and every cryptocurrency is a part of a Start-up which is created to tackle a certain issue. So, each and every cryptocurrency is new and hence, the people who are the real brainstorm behind the scenes do not have much of an experience regarding the fluctuations in the stock markets. Hence, it can act as a negative factor for your future endeavours if you decide to invest your money in cryptocurrencies.

Technical Glitches

It is, perhaps, the part and parcel of dealing in any commodity which is completely digital. To be precise, since the entire database of cryptocurrency is digital and each and every transaction is recorded and carried out through internet and other such online sources, the possibility of any kind of hack or other technical errors are quite obvious.

Although the latest technologies and features have shown a decreased percentage of such issues, yet, there is certainly a chance of some critical technical issues which might wipe out all your cryptocurrency data.

Last but not the least, its security.

Security is, perhaps, the biggest disadvantage and drawback of the entire cryptocurrency database. Many a times, it has been recorded that numerous databases of various cryptocurrencies has been hacked. Apart from this, many criminal groups have attempted to wipe out major cryptocurrency accounts which is a real threat to the investor.

Hence it is very important that you should ensure the overall security parameter of your trading platform before investing into cryptocurrencies.

To conclude it all, yes, cryptocurrencies are quite risky but, does that mean that we should not invest into cryptocurrencies? The cryptocurrencies are risky and the market is quite volatile, but if you take appropriate steps and keep in mind some crucial tips, you will be able to draw out good returns from your investment without much losses.

 

 

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Inception and Future of Cryptocurrencies

 

Right from the inception of this very world, business has been an integrated part of the entire living force. Business has a very specific and simple principle; give one thing in one hand and take another thing for it.

Earlier in the stone age, this system of “Give and Take” was principally called barter system, in which a person who is interested to buy a product from another person offers a commodity which the other person is interested in.

Inception of Digitalised Currency

But, as we know, change is inevitable. The world is getting digitalized and it is also expected to change and affect the currency market as well. Digital currencies might seem to be a hypothetical matter, until it came into reality in the year 2009, when a techie geek from Japan invented the first digital currency called Bitcoin and the rest is history.

What is a Cryptocurrency and How is it Different from the Usual Currencies?

Cryptocurrency can be simply defined as a currency which does not exist on pen and paper and circulates and operates digitally on the internet. But, the one thing which differentiates cryptocurrency from the usual currency issued by countries and governments, is that unlike the usual currencies which are centralised and monitored by banks and governments, the cryptocurrencies are completely decentralized.

What is a Blockchain Transaction?

Thus, if you are a user of cryptocurrency, you can easily transfer cryptocurrency from your account to another person’s account without the involvement of any bank and all your transactions and related details will be maintained on a public ledger, which is known as a blockchain.

What does the Future hold for Cryptocurrencies?

But as after every dawn, there is a moment of dark; similarly, this case of cryptocurrency is no exception. Though these cryptocurrencies are ruling the entire economy in the recent times and have registered a maximum value of 2 billion dollars at their peak, it is also attracting some scrutiny from various national governments and it is predicted that many such sanctions are yet to come.

How secure are these Cryptocurrencies?

Since these currencies are operated solely on the internet, there is a high risk of these getting affected from hackers or a malware which can erase the entire history of the someone’s account and all the related transactions. But, with technological advances, such a mishap can certainly be avoided.

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Technical Analysis for Bitcoin Traders

 

If you are a crypto trader, then you should know about the various tools used in the cryptocurrency trading. One such tool is Technical Analysis which helps in better understanding of the market, the trend of the market and helps in isolating specific trends of the market. Technical analysis helps in making wiser and more accurate predictions about the flow of the market and thus gain more profit.

What is Technical Analysis?

All the technicians watch the history of the cryptocurrency on the basis of trading volumes and the price charts of the coin. Technical analysis only focuses on the real-time data as opposed to fundamental analysis which takes into consideration the type of coin, type of project and whether the coin is overvalued or undervalued.

The Basis of Technical Analysis:

Technical Analysis works on the fundamentals of Dow Theory. Here are some of the basics of the Dow theory which the technical analysts use in order to make wiser predictions about the market.

  1. Pricing: The market considers each and every asset in its pricing. In the case of cryptocurrencies, multiple variables such as past, current and future demand are taken into consideration.

The present price of the crypto is the response to all the present expectations and information about the coin in the market. Analysts predict the market sentiment considering the current price of the coin to make future predictions.

  1. Isolating the trend: Humans have a tendency to move in a trend, in the same way, market moves with a trend and does not follow any random movements. Technical analysis is used to isolate that trend to ensure profits for their clients.

3.”What” is important: The price of the cryptocurrency is more important than the factor affecting that movement. Technicians review the supply and demand rather than each and every reason which might have triggered the coin to move in a specific direction.

  1. Predictable trend: The trend of the market can be predicted based on the same situations in the history of the coin. It is observed that traders generally react in the same way when given the same stimuli. In short, history repeats itself.
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How does cryptocurrency operate?

 

The invention of bitcoin in the year 2009 has a remarkable importance in the investment system of companies and businesses. It marked its presence with booming success and attracted a lot of attention with its concept. However, it was not meant to be a digital currency of any sort at the first place. The creator intended to form a peer to peer network for better channelization of resources which in turn gave rise to crypto currencies. The success of bitcoin speaks for itself and makes it a valid contender to be replaced as a primary mode of transaction in the near future. In 2018, there are a lot of different crypto currencies in the market. So how do they function? Read more here.

Public Ledgers:

The concept of cryptocurrency is a decentralised digital currency which are transacted between peers by means of mining. The first step of mining is storing the transactions in the public ledger. It is also known as transaction block chain for the bitcoin users. This is the phase where the identities of the coins are encrypted to legitimate the transactions.

Transfer:

After the phase in the transaction block chain, the digital wallet carries forward the transaction and awaits a confirmation from them. This is in electronic format which is encrypted for better security. This is like a signature that prevents fraudulent activities in the whole process. When the confirmation is received, the values are updated in the public ledger to carry forward the mining process.

Mining:

This is the process that includes the series of validation and confirmations to be added in the block chain. This is like a combination of minor puzzles that the miners are given to solve with an advancement to next block and some rewards for their work. The completed transactions gives those new coins and access to their features. Check this out for more.

The entire process of cryptocurrency operation sounds complicated but it is easy to grasp in a short span. Also, with good returns and easy accessibility, it becomes a great deal for the replacement as a primary source of transaction.

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How to select the best ICO to invest in?

 

With a new ICO in the market every day, it is getting difficult to choose which ICO to choose for investing and which not. Here are some tips for you to choose the right ICO for your investment.

ICO (Initial Coin Offering) is the new method for raising funds and investment for new businesses and startups. ICO has disrupted the traditional way of raising funds and revolutionizing this whole process. Here are some smart tips you need to keep in mind before investing:

  1. Evaluate the white paper analytically

The first thing you should see in the whitepaper is the feasibility and the utility of the project. One should understand the underlying concept and have all doubts cleared from the developing team.

You can also look around social media like Reddit where you can quietly know the worth of the project. You will also get to know whether it is really worth or just a scam.

 

  1. Educating Yourself Further

Your research does not end with reading the whitepaper but you need to research about the competitors of that project already in the market. You need to make a list of all the advantages and disadvantages of the project.

 

  1. The Project team is Important

A project is built with its project team. In order to know the best about the project, you should thoroughly investigate the team members. Because sometimes you will get to know that the team members have been involved in scams and frauds which makes the project unfavorable.

 

  1. Watch out for Announcements

 

You should watch out for the announcements of the project on various forums and gauge the reaction of the people. You should also note the reply of the team members towards the questions of different investors. The reaction of the team moderator towards your questions will give you a fair idea about the type of work they are doing and whether they are confident about the project or not. If the moderator bans you from asking questions, then it is a sure shot sign that the ICO is a scam.

 

  1. Expert Advise

You should follow the expert in that field of the technology and get their insights about the project.

 

Thus, keep in mind these tips before investing in ICOs and save yourself from all scams.

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Bitcoin Mining

 

The term Bitcoin mining is very popular but only a few people understand the true meaning of the process. Bitcoin Mining refers to a process of introducing Bitcoins into the Bitcoin ecosystem.it is an energy-extensive and cost acquiring process.

What is Bitcoin Mining?

It is similar to printing new currencies and introducing them in the market but not as simple. This process is governed by the rules of mathematics as the supply of Bitcoins is fixed. This process of producing a Bitcoin is call Proof of work and the complete process is called Bitcoin mining.

In Bitcoin mining, the miners have to find a valid Bitcoin block successfully through which the user gets rewarded in the form of Bitcoin. This process of mining is also called as the lottery as the miners win Bitcoins based on guessing which is constrained and highly educated guesses requiring a lot of cost and energy.

During this process, the miner has to make numerable attempts in order to guess the right code and if it is not correct, a lot of energy and cost are wasted from the miner’s pocket.

Proof of Work

Despite all the hardships, miners in the world guess the right code and add that block in the already built blockchain and receive the reward in the form of Bitcoin.

Thus, a lot of energy must have been wasted by the miner in order to make the correct guess. This process is known as the Proof of Work and for burning their energy and making the right guess, miners get the remuneration in the form of a Bitcoin which they can sell or hold.

Future of Bitcoin Mining

Bitcoin mining has evolved over the years. Initially, anyone should set up a complete node and start mining on his or her CPU to find a valid block.

However, today with the setup of Bitcoin exchanges, the process has become more difficult and costly as it requires a lot of special hardware to mine Bitcoins. With the addition of ASIC miners and GPUs, difficulty levels have risen to such high levels that it is not even profitable to mine Bitcoins. So, now mining is carried out in big Bitcoin mining farms where there is an availability of special hardware, electricity and cooling devices.

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What to Expect from Crypto Investments in a Turbulent Market

The current market conditions are far from ideal for crypto investors, especially those who are new to the industry. That said, as many of the more experienced investors are aware, the markets will always rebound given time.
That may be of scant consolation to those who have invested their hard earned cash into the market here and now as it stands, so, what should you do to give yourself the best possible chance of turning a profit? Or at least what can you expect from the market in the near future?

Make Sure Your Infrastructure is great!

Now is the ideal time to pause and take stock of your entire crypto set up. Make sure that you have everything you need in terms of storage, both online and hard storage for your crypto assets just to be safe. Also, make sure your computer and/or laptop or smart device has had a clean bill of health. You certainly don’t want any nasty viruses lingering around if you will be trading in any significant volume. You private wallet keys and backup phrases are vital for account restoration, ensure they are kept safely.

Study Your Portfolio Further

If you truly believe in your trading selections, a down period in the market should not hugely impact your mindset. Take the opportunity to study more about the currencies you are holding and perhaps even identify new projects to bank on for the future. It is an opportune time to seek out the optimistic projects who still believe. Finally, make sure you are using one of the best portfolio trackers on the market. You just never know when things may turn around.

Final Thoughts

Ultimately, even though the market is in a slightly volatile position currently, there are still many things you can be doing to improve your holdings and ensure yourself the best possible chances of success when things turn back around.

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