Crypto Startup Ideas, 2019

Let’s talk about business. Big business. The year 2019 has been a good year for the cryptocurrencies. There have been no major collapses and the growth rate of most coins have stuck to expectations. This was not the picture in 2017/2018, which is being called a bloodied set of years. Bitcoin touched a euphoric $20000 a unit, only to fall, face first. It lost up to 75% of its value and it’s currently trading at INR 6000. Analysts believe that Bitcoin is poised to hit INR 10000 anytime soon. Whatever be the outcome, it is certain that cryptocurrency is here to stay and for new age investors, it is a gold mine.

With the advent of technology, blockchain is revolutionising transactions and quite a few ideas of today may well become the face of tomorrow.

Bitcoin Exchange

Let it be known that the most important action happening over a blockchain is an exchange. So if you have to make the most out of cryptocurrency, then create an exchange. And it is not tough at all.

However, a few basics first:

Cryptocurrency Exchange Platform – It is a website that executes cryptocurrency trading between any user or peer.

 Trader – Who buy or sell cryptocurrencies for Fiat currencies or for any other cryptocurrencies.

How does a Bitcoin trading work?

Bitcoin Trading is the process of transferring or exchanging bitcoins for fiat or normal currencies or for any other cryptocurrencies between two users through a fully secured exchange platform.

In the cryptocurrency exchange website, there will be three main players:

  • The Buyer
  • The Seller
  • The Admin

The admin’s role is varied. They are:

  • Connecting as we as creating a network of bitcoin buyers and sellers
  • Monitoring the Fund transactions and keeping an eye out for any fraudulent activities
  • Charging transaction fees for each successful transaction
  • Keeping the website secured by implementing set security protocols

Creating a Bitcoin Exchange is one of the best ideas of 2019.

Cryptocurrency Exchange/ Cryptocurrency Trading

Similar to a Bitcoin Exchange, the cryptocurrency exchange facilitates trading or exchange in any cryptocurrency or fiat currency. The workflow and the basics remain the same.

Bitcoin Wallet Service Startup

Cryptocurrency exchanges take place through a wallet. Every user will have a wallet with a Private Key. Creating these wallets is a prospective business with immense future growth.

Cryptocurrency is the future of the financial market and the correct time to hit the hammer is now.

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The Wallet that Holds

Cryptocurrencies deal in coins that are transacted across wallets. Each wallet has a private key which is only accessible to the owner of the wallet. However, choosing the perfect wallet, which not only safeguards your money but also is quick to respond to transactions, is a cumbersome task. This quick guide will help you overcome that confusion.

Hardware wallets

The Hardware wallets are small devices that are plugged into your electronic devices, namely,  computer or phone. The hardware wallet generates private keys securely in an offline environment. The best part about hardware wallets is that many unlike the other normal wallets which generate private keys on internet-connected devices like computers or mobile phones, they do to complete offline.

Advantages of hardware wallets

  • Private keys aren’t exposed to the outside world
  • Hardware wallets cannot get infected by computer viruses or malware
  • You must be in ownership of the hardware to confirm a transaction, thus preventing any possibility of remote hacking
  • Most hardware wallets are encrypted with a PIN or other security feature
  • If you lose your hardware wallet, you can still recover your coins

Among the most popular of hardware wallets is Ledger Nano S. Costs $95 and is built and distributed by Ledger, a France based company.

Cryptocurrency Software Wallets

Software wallets include an assortment of several wallets, but in reality, they are wallets that are downloaded or accessed digitally. These wallets are online/web wallets, desktop wallets, and mobile wallets.

Mobile Cryptocurrency Wallets

These are wallets that are downloaded from the app store in the form of an app. The said app, which you have downloaded stores the cryptocurrency.

Mobile wallets are easy to use and are safer than online ones. These are generally for those who pay for transactions.

Advantages

  • These apps are quite easy to use
  • They are safer than the online one
  • Mobile wallets are for those who use cryptocurrency regularly

Disadvantages

  • Though mobile wallets are safer than the online ones, they are still vulnerable as long as the phone is connected to the internet.
  • If the phone gets stolen, then your mobile wallet can be accessed.

One of the most popular mobile wallets is pocket 2.0. It is not just a wallet providing a safe and secure means to collect coins but also connects the user to a large number of dApps. Coinomi and Jaxx are other mobile wallets which play a similar role.

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How to retrieve lost Bitcoin

We know how hot wallets are vulnerable to an external hacking job. Since it’s connected to the internet, hackers get ample opportunity to steal the Private Key and eventually the cryptocurrencies. In 2018 alone, cryptocurrencies worth $1.1 billion was reported to be stolen. With increasing sophistication, of the blockchain technology, hack jobs to are getting advanced. Cold wallets, the most secure of the lot does not find too many takers though. The advantage of easy access and quick turnaround, usually associated with the cloud, is a trump card no one wants to give up on.

How to retrieve the stolen Bitcoin?

Now that’s a billion-dollar question. Ideally, a stolen bitcoin or any cryptocurrency for that matter needs to accepted as lost. Forever. However, there might still be a sliver of hope. Just a sliver, that is.

Hot Wallets

In the case of hot wallets, users usually set them up with exchanges. But that would in no way ensure a foolproof environment. These are online exchanges connected to high-speed internet and enjoying all the perks, technology keeps coming up with. A hacker can easily exploit weaknesses in the security of these exchanges and break-in.

In such cases, it is the responsibility of the exchanges to retrieve the coins back. But then that would be done.

Bithumb was hacked in June 2018. However, it was later learnt that it could recover almost 50% of the lost coins.

If this is taken as a thumb rule, you are mistaken. It is more of an exception. Once lost is lost forever. That’s the maxim for hot wallets.

Cold Wallets

Cold wallets are impossible to hack.

The reason is their independence from the world wide web. However, the onus for the security of cold wallets is upon the users, themselves.

Paper

You have written all the relevant details on a piece of paper. Nobody has access to it, excepting you. And you lose it. The ideal way to keep the information safe is by making a few copies and keeping it in different safe places.

Pen Drives and Hard Drives Again, safe from hackers but not from a crash. Pen drives and hard drives are prone to get to getting corrupted. In that case, retrieval experts have to be roped in to recover lost data. An expensive affair, but if millions are at stake, worth every penny.

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The fall of the cryptocurrencies

Let me be honest at the very onset, cryptocurrency was never a straightforward gamble. It required extreme caution, judgement and in spite of sounding unreasonable, a bit of luck. Unlike conventional investments, cryptocurrencies have undergone swashbuckling ups and heartbreaking downs. For the early investors, the rise of Bitcoin is a phenomenon they would not forget in a hurry. In the summer of 2017, it got valued at $20000 and its immediate aftermath was even more breathtaking. Bitcoin crashed to below $10000 before it stabilized. It is currently lying at around $6000, a fall from the heady days of 2017.

One of the reasons why cryptocurrencies gained so much popularity was the unbridled freedom it gave to its investors. It was based on a peer to peer transaction premise with no third-party intervention. As a result, the turnaround time was quick with nil transaction fees. However, this arrangement, as per the established authorities, was dangerous. Technology reliance was good but too much if it wasn’t. Also, because of the freedom, cryptocurrencies provided, it became a playground for money laundering and fraud. The loss of freedom, analysts say, could become the death knell for cryptocurrencies.

Many view investments into cryptocurrencies as short term. One can only get a substantial return if the money poured in is locked for a substantial time. This quick-fix investment plan leads to more volatility in the market.

If you thought, cryptocurrency was above one and all, you are mistaken. There is widespread manipulation.  Several pumps and dump schemes are said to be running alongside. The Modus Operandi is simple. Pump the value of crypto and then sell-off in bulk at its peak. Because there is no third-party oversight this is quite easy to achieve.

The rise of Bitcoin is now being investigated by the Department of Justice. There is a possibility of manipulation through Tether, a stable coin issued by Bitfinex, which was responsible for Bitcoin’s meteoric rise.

Diversification doesn’t work in cryptocurrencies, the way it does conventionally. The reason being Bitcoin’s command over the overall market cap. This is because most tradings happen between Bitcoins and altcoins and the system doesn’t allow conversion of fiat or government-backed currency to crypto.

One of the biggest reasons why cryptocurrencies, even after gaining much traction, has not been able to take off is because of easy liquidity. Exchanges do not have enough liquidity for diversification and stability.

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Investing in Cryptocurrency-2019

2018 has not been a great year for cryptocurrencies.  However, 2019 holds promise. A whole lot of new investments have flooded the virtual currency sector. Now one might wonder the flow of money into a sector that has had a shaky previous year. To dispel such doubts, let’s rejig our memories.

Cryptocurrencies appeared first in the year 2009. That was also the year Bitcoin appeared on the scene. A blockchain-based peer to peer transaction system which totally annulled the need of a third party. No one took cognizance of it until 2013 when it finally matured and exploded. Since then, the market of cryptocurrency has seen a growth of almost 4000%. In 2017, the market cap of cryptocurrency was $21  billion while as of today, standing at the fag end of 2019, it’s a staggering $454 billion.

The best part of this story, other than it is real, is, that the cryptocurrency market has grown beyond Bitcoin. We have some outstanding currencies vying for the limelight. Litecoin, Ethereum, Zcash are all in contention for being among the most sought after.

So despite what the naysayers say, this is a market worth looking at from the investment point of view.

Now, like any investment, a bit of research is needed. A careful analysis of past trends would be beneficial to take an informed decision.  Let us quickly look at some of the cryptocurrencies one can put their monies in.

Bitcoin (BTC)

The earliest of the lot. The mother to all the other coins that eventually made their way out into the market. Such has been its popularity that more often than not, most of us have equated cryptocurrency with Bitcoin, overlooking the others. Bitcoin corners 40% of the entire cryptocurrency market share. Its crowning glory was in December 2017, when it touched a record high of $20000, after being valued at $76 in 2013. However, soon after, it crashed and went under $6000. It has since stabilized and should be a good bet for 2019.

Ethereum

The second most popular among the cryptocurrencies, Ethereum is more than just a set of coins.  Unlike Bitcoin, It is a more advanced blockchain project. This is because Ethereum offers something special — by using Ethereum’s platform, which goes by the name Ether, developers can build their own cryptocurrencies or DApps.

ETH has a current market cap of almost $70 billion and is definitely on top of the investment list of many.

Litecoin Developed in 2011 by MIT grad and former Google engineer, Charlie Lee, Litecoin has come a long way being a clone of it’s more famous predecessor, Bitcoin. Like most, it is based on an open-source global payment network but unlike most, has a faster block generation rate and hence offers a faster transaction confirmation.

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How to mine Cryptocurrency

 

You probably would have heard about mining Cryptocurrency in order to make Cryptocurrency of your own. To mine Cryptocurrency, you must need systems with good hardware. People who started bitcoin mining in 2009 are the owners of thousands of dollars today. You can easily create a small part of the income using Bitcoin mining.

Getting Started

Getting started is easy. You can easily start mining Cryptocurrency and start making money of your own. You will need the following hardware to get started

  • Graphics Processing Unit
  • Mining ASIC chip

Once, you have both of these things on your machine, you can start mining Cryptocurrency. You will need some softwares and other things as follows

  • A stable and fast internet connection
  • Coin wallet
  • Mining Software
  • Mining Pool membership

There are various free mining tools available and also you can find many online mining Pools. It is basically a community of the people where all of the users combine their usage to generate more amount of profit and to mine more Cryptocurrency.

How to mine?

Now, you might be thinking how to invest in Cryptocurrency and how to mine it and the best cryptocurrencies to invest in and finally start generating some income. First of all, makes sure you have all the following requirements as stated. You can follow the steps to get started

  • First of all, turn on your machine and make sure you have an active internet connection
  • Once done, open the mining software and enter the details of the configuration
  • You will be asked the mining pool address, coin wallet address, etc. Enter all of them and enter your miner IP address
  • Once you have done all these steps, you are all set to mine the Crypto
  • Keep the machine turned on and you will see the mining process has been started
  • At the end of the day, you will have some of the coins mined with your own machine.

Conclusion

It really depends on your hardware to mine more Cryptocurrency. Therefore, to increase the amount of the Crypto you are generating, you will need to upgrade your GPU to make more.

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ENJIN and Samsung Partnership 

You might have heard the news that Enjij Coin (ENJ) is now in partnership with Samsung. The partnership is done in order to get help for the development of the new S10’s Crypto wallet. The project has seen amazing growth. However, the wallet will not come preinstalled. You will have to download the wallet from the Galaxy app store.

Changes on the ENJ coin

Once the announcement is done and it has been officially declared by the Enjin’s VP of marketing, they are then partners with Samsung. However, he won’t be disclosing more information on the same topic yet. Instead, you will come to know more about it in due course of time.

Once this news was out, there was a drastic change seen in Enjin Coin. The coin increased in value by 78% once the partnership was confirmed. This totally changed the way people used to look at the Enjin’s coin.

Impact

This shows the rise of the Cryptocurrency. This is just the beginning. Those days are not far when each of this transaction will be done on the mobile phone itself. Samsung has not yet launched the application as a pre-installed wallet. However, it will soon plan in the near future to make it an in-built pre-installed app where one can carry out all the transactions. This is the future of online transactions.

This was the sudden change that was seen soon after the announcement of the partnership. In the near future, it is still going to increase as the mobile will be launched and the wallet will be available for other countries too.  As of now, it is only available for the US, Canada, and Korea users. This was updated by Samsung Australia on their twitter handle when one of the users tweeted about the support for Cryptocurrency wallet.

Moreover, this might also encourage other mobile companies to do a partnership or offer some decent offers which are related to the Cryptocurrency. The entire digital currency market is growing at a tremendous speed. People will soon start to use official wallet apps for transactions.

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Crypterium

 

There is no wonder that cryptocurrency is ruling the financial world today. With its tremendous rise and influence on global transactions, the conventional banking and payment systems are somehow merging and allowing exchange with cryptocurrencies. Recently the agreement signed by NetCent, a cryptocurrency exchange, with obanc.com.au is the best example of this.

It’s not just the collaborations between cryptocurrency exchanges and traditional banking, but there are some new innovations in the finance world that has paved a new path for advanced transactions. Crypterium is one such innovation.

About Crypterium

Crypterium is a crypto bank that serves the sole purpose of handling all your cryptocurrencies on a single platform and meet the basic banking requirements of the modern cryptocurrency era. The platform is being designed to offer similar services to conventional financial institutions thereby catering to the needs of the cryptocurrency world. The main aim of Crypterium is to be a leading crypto bank for cryptocurrencies.

It is similar to that of the traditional banking for fiat money but with the advanced features. Unlike conventional mobile banks that take weeks to process and publish the card, Crypterium Cryptobank provides instant processing engine for Fiat-based currency transactions.

Crypterium token:

Like any other cryptocurrency exchange, crypterium too has its own crypto token. It is known as CRPT token. To make any transactions using this platform you must first possess CRPT tokens. When a payment is used on the platform, a fee of 0.5% of the value of the transaction is removed from the holders CRPT account.

The owners of Crypterium arranged a special Initial Coin Offering event for the pre-purchase of CRPT tokens. CRPT is based on the ERC20 token standard. It is valid forever and is the property of the respective owners. At launch, a single CRPT will be worth 0.0001 BTC.

The transaction fees on crypterium are reasonable and are totally transparent to the users and the transaction takes mere seconds while simultaneously the bank searches for the best exchange rate available at the specific time. Crypterium also provides loyalty rewards to its customers.

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Coinigy- Crypto trading Platform

 

Coinigy is one of the most popular trading tools for cryptocurrencies. This is very similar to Obanc Payment solutions, which allows its customers to have smooth transactions. Coinigy is a software suite designed to meet the needs of all range of trader demographics.

Legality:

Coinigy doesn’t process trades itself. It relies on external exchanges to carry out its trades. Hence it is not subjected to the same regulations as the other money service businesses.

Network security:

Coinigy has a state of the art network system.  Coinigy’s security team opted to use a multi-tier setup for its servers. This means that Coinigy’s presentation, application processing, and data management functions are physically separated. Hence the chances for it to be hacked are almost zero.

Pros:

  1. If you are a paid user of Coinigy then you can earn a profit on price differences between exchanges.
  2. Coinigy has an exceptional security system. It hasn’t been hit by any publicized hacking.
  3. The Coinigy Marketwatch app lets you see how your crypto portfolio is performing across all your connected accounts.
  4. The news features of Coinigy will keep you updated with all the latest news about cryptocurrency.
  5. Coinigy can output your exchange and wallet balances directly to Google Sheets.
  6. It gives you 30 days free trial. This free trial lets you track crypto prices, connect accounts and initiate trades through multiple cryptocurrency exchanges.

Cons:

If a crypto exchange’s servers get overloaded when Coinigy connects through the API, you may run into glitches or difficulties while trading.

Customer Service:

Coinigy has the best customer support system. It not only explains to you how to use various features of Coinigy but also helps to analyze the technical charts. The first time you use a Coinigy feature, tutorials appear that explain the functions of buttons and other relevant parts of the interface.

Coinigy reputation:

Since its release, Coinigy has faced a few problems. But soon after the reporting of customers they solved those problems.  When crypto traders complain about crypto exchange interfaces on Reddit, Coinigy is often recommended as a solution.

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All about TRYBE

Introduction

Cryptocurrency has gained a lot of popularity in the economic world. Users are even using it for their personal use. A number of crypto tokens have been introduced, which can be used in a variety of fields. There are also many crypto coins like Bitcoins which is used in the majority of these fields. This is because it is one of the oldest crypto coins that has played an important role in the development of the crypto field. These crypto tokens have their own values and can either be exchanged for some other crypto tokens or coins. Some popular crypto tokens can be directly converted to cash. TRYBE is another crypto token which can be gained by the users by sharing their knowledge.

Features of TRYBE

TRYBE works on a blockchain where users can share contents with others. These contents can be related to the crypto field or blockchain. There are many platforms that provide similar features as TRYBE does. However, there are many benefits of using TRYBE. Since it is new in the crypto world, it, therefore provides users with a high chance of being rewarded. Users also have to post quality content. There is a decrease in the TRYBE tokens for getting low votes on their contents. This takes care of spamming to some extent. TRYBE is growing fast due to the amazing features it provides. Earlier, users could only post contents on certain topics. However, there has been an increase in the topics, lately.

Development of TRYBE

TRYBE provides users with wide range of content. These are some of the finest contents available which are based on the crypto field. Users can earn a lot of TRYBE tokens on this platform by providing their content. Due to the popularity of TRYBE, its token’s exchange rate has increased, lately. Therefore, users can earn a lot on the TRYBE platform. It is updating frequently and providing users with many more new features. While the TRYBE is new, users also have a chance to gain popularity. This will benefit them in the coming time for sure.

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