In the last decade, cryptocurrency took a lot of attention from investors and financial institutions. Bitcoin has shown massive upsurge and mind-boggling downfall is a short time span. Due to early growth of Bitcoin attracted many investors towards virtual currency, but when multiple Bitcoin got lost everybody became suspicious with this hot shot cryptocurrency. Later on, there are multiple illegal activities reported in which Bitcoin used for the transaction. After getting such an incident in highlight, few countries banned transactions of cryptocurrency for transactions in the nation’s boundary. By the time investors consider digital currency as a risky investment.
Square is the leader among payment service providers. Now the company is going to launch crypto to fiat transaction supporting network. It is not a strange fact that cryptocurrency is the latest buzz in the financial domain. The new trend has become viral in the industry. The virtual currency has drawn a lot of attention but there are some disadvantages also associated with it. One of the biggest drawbacks is that cryptocurrency can’t be used in daily transactions. Now, the square is planning to launch a system that will support Crypto to fiat the transaction network.
This product can transform the cryptocurrency industry because this the major drawback for cryptocurrency that it is difficult to find a buyer for digital currency. After the implementation of this technology Crypto asset bearer would easily in cash their assets. This will improve trust factor among normal people who afraid to possess cryptocurrency assets and hence transaction volume will definitely improve way much than before.
With the increasing popularity of cryptocurrencies number of scammers has attracted investors. Here are some common ways by which scammers hit investors and precautions to avoid them.
Common Cryptocurrency Scams
The cryptocurrency market is full of half-knowledge investors, irregularities and risks. Many people assume cryptocurrency is a shortcut to get easy money, such mindset gives the opportunity to scammers. We have listed below the most common types of scams.
Fake Mobile Apps
Scammers may also attack your assets by fake mobile apps. Before downloading any mobile app view the number of downloads to check legitimacy. Prefer to download the app from the official website. Check the spelling properly because of scammers imposter fake apps with almost similar spelling.
Lucrative Offers On Social Media
Never fall for lucrative offers on social media. If you see too good to be true offer on social media posted by any celebrity or influencer, you can never be sure that it is a real account or some scammer is behind it. Many people have lost their assets by believing such fraud messages or tweets.
If you find an Email from lookalike genuine cryptocurrency company, don’t take any action immediately. Once or more we often receive E-mails that appeal to you to claim the lottery or giving some lucrative offers. Never trust any Email unless you verify it by an authorized company.
If you are living in an updated scenario, there is no way you haven’t heard about the soaring price of Bitcoin in the last few years. The fluctuating price of Bitcoin attracted most of the buzz. This news attracted more investors towards Bitcoin.
How To Cash Bitcoin
Most people have doubts in their minds that it is difficult to convert Bitcoin into real cash, It was correct a few years back but now if you know the right procedure then it’s a matter of few steps. These following steps you can follow to cash out your Bitcoin.
There are multiple platforms like Binance and coinbase where you can sell your Bitcoin in a secure and safe way. You can make money in your bank account after selling.
Get Bitcoin Debit Card
Some portals offer you debit cards loaded with money in exchange for Bitcoins.
Use Bitcoin ATM
In many countries, you can find Bitcoin ATMs where you can cash your Bitcoin. Approximately 2200 Bitcoin ATMs are operating all over the world currently.
Sell Bitcoin In Your Direct Contact
Bitcoin is a world-renowned currency now. So you can sell it to your friends or relatives if you need urgent cash immediately.
JAXX drew attention in early time as a wallet used to launder the money to evade taxation. Due to all these allegations an investigation team assigned by the order of the supreme court of China to weed out the black money from Jaxx. Meanwhile, the USA and Canada enforced the law to stop the trade in Jaxx.
Jaxx, as the name suggests, utilizes encoded codes to influence exchange. These codes are seen by different PCs in the client sort out. Rather than utilizing paper cash, an online record is resuscitated by normal accounting zones. The purchaser’s record is charged and the merchant’s record is credited with such cash. You just search for Jaxx review available on multiple websites.
When a customer logs in to the Jaxx wallet, a unique key has generated by the system. The trade is authorized by the concerned authorities. Extraordinary clients called ‘Excavators’ can relate the additional code to the transparently shared square by understanding a cryptocurrency confusing issue and acquire more Jaxx simultaneously. Right when an excavator confirms an exchange, the record in the square can’t be changed or terminated. Jaxx wallet supports android and iPhones also. To access the Jaxx wallet from your phone you have to add a beneficiary by scanning a QR code from your device or authorize it by near field communication.
The concept of money has been changed entirely in the current decade after the introduction of the smartphone in our lives and if you have to pay someone an amount you can pay it from your mobile wallet. In fact, the payment apps have almost replaced the need for cash from our daily lives. From getting a paycheck to pay for coffee everything now paid from a mobile wallet. Here we are describing the top five payment apps in the upcoming year.
1- PayPal: PayPal is the father of payment apps, with its establishment in 1998 it has earned approx 300 Million registered users till now. PayPal provides payment services in the US and almost every country in the world as well. With annual revenue of $13.094 Billion, PayPal remained at the top position since its establishment. more info:- https://www.paypal.com/
2- Venmo: Venmo is another venture of PayPal. Venmo has designed for the mobile payment on the move to pay friends and split the restaurant’s checks. In 2019 Venmo recorded 40 Million active users with $300 Million annual revenue. about more:- https://venmo.com/
3- Cash App: Cash App is the latest buzz in the industry. The cash app introduced the easiest way to transfer money just by using a mobile app. Unlike PayPal and other payment apps, the cash app much easier and quicker to send money to friends. Due to its unique feature cash app gained remarkable popularity in the USA. With Approx, 10 Million users in the USA cash app reported $959 Million revenue in Q1 of 2019 which is 44% more than last year’s Q1 revenue. for info about cash app:- Click Here
4- Zelle: Zelle enables its users to transfer money to anyone those have an account in participating banks. Chase, Bank of America, Citibank and U.S. bank is the leading participating banking partners with Zelle. With its establishment in 2017, Zelle has registered with 8.4 Million users until early 2019. More visit:- https://www.zellepay.com/
5- Google Pay: Google introduced an app with integration with other Google products. Google pay is user-friendly just like any other product of Google. With this app, you can send money to anyone by e-mail. There is no charge introduces for using the services of Google pay. https://pay.google.com/
4-Maker:- MakerDAO is a two token framework, utilizing DAI and MKR. MKR is an administration token, whose worth vacillates through offer and request and which enables its holders to decide on changes in accordance with the Maker’s framework. So as to boost them to take the correct choices, they are compensated through intrigue paid by loan bosses when they take care of their DAIs to recuperate their insurance. This premium, additionally called “Strength Fee”, is utilized by the keen agreement to repurchase MKR available and consume it, thoroughly pulling back them from the circling supply.
5- Decentraland:- Decentraland is the task that has pulled in most enthusiasm for the trusted token field. Our sentiment is that MANA has poor inborn worth since it’s an installment token. On the off chance that the token can without much of a stretch be supplanted by bitcoins, ethers, or DAI, at that point it’s incentive is low.
What is Bitcoin mining? We can understand it by the analogy Like we evaluate the value of the paper money by the gold reserve of the specific country. The Bitcoin miners validate the transaction performed on the blockchain system and they get a reward for every successful validation. As we can see in the given block diagram.
Miners install and keep running mining hard wares. In order to keep running the hardware, they have to bear electricity expenses on their own. This hardware is equipped with ASCII chips. The proposed new block(POW) is stored on ASCII chips. Miners evaluate the POW and get rewards for every successfully solved block. The Bitcoin network releases one Bitcoin at every ten minutes.
Bitcoin cloud mining: There are so many data centers that provide space on their hardware for a certain fee. there are multiple advantages of cloud mining. With cloud mining, miners can earn bitcoins without taking the pain of managing hardware operation and maintenance. But there are multiple drawbacks also like the first issue is that it’s difficult to verify the legitimacy of the data center and you have a lower profit margin than those miners who own mining hardware. We have mentioned the process of Bitcoin mining by a given block diagram. Bitcoin mining calculator shows that electricity cost to produce a Bitcoin is minimum in Venezuela and maximum in South Korea. Bitcoin mining difficulty varies with the number of competitions. Higher competition leads to more difficulty in mining. As the difficulty increases the number of competition decreases and the difficulty of mining the Bitcoin decreases. Less difficulty in mining attracts more competitors towards mining and competition increases along with difficulty. It’s a cyclic process that is running endlessly.
There are a total of 2455 bitcoin ATMs that exist all over the world. Out of 2455 USA owns 1590 Bitcoin ATM alone. If you want to bitcoins from ATM, first of all, you have to locate the nearest ATM from you. You can find the location of the ATM on Google. There are 30 different types of bitcoin ATM are present in the world. 6 bitcoin ATM majorly covers the segments. These 6 ATM covers 90% numbers of total ATM. The list of bitcoin ATM is the following:
Satoshi1 or Satoshi2 machine
General Bytes BATM two (one way)
General Bytes BATM three (two way)
In the above-given list, Skyhook and Robocoin are rarely used now. The rest of the six types of machines cover 90% of the total ATM. Every type of ATM functions differently.
Genesis1 Bitcoin Machine
San-Diego USA based Genesis coin company produces Genesis1, Satoshi1, and Satoshi2. Here we learn how to buy bitcoin on the Genesis1 machine. First, you have to complete the verification process.
Select “Buy bitcoins”
Enter your mobile number.
You will receive verification code, enter it.
Place your thumb on the slot to scan.
Select the coin (Litecoin, Dogecoine, Ripple, etc.)
If you already registered with wallet, choose the scan wallet otherwise generate new.
Scan wallet QR code.
Insert cash money.
Get a printed receipt.
Satoshi1 And Satoshi2 Bitcoin ATM Machines
The process of buying bitcoin is identical for Satoshi1 and Satoshi2 as for Genesis1 ATM. Follow the below-given steps to buy bitcoins on Satoshi ATM.
Click on “Buy bitcoins”.
Select the number of bitcoins you want to purchase.
Enter your phone number.
Enter the received verification code by SMS.
Choose QR code if you already registered with any wallet.
Scan the QR code
Insert cash money in the slot.
Click finish, the bitcoins sent to your wallet instantly. Take the print of receipt.
This is the second most available bitcoin ATMin the world. Buying Bitcoin on Lamassu is very simple.
Scan the QR code of your existing bitcoin wallet.
Insert money in the machine.
Press “send” and take your printed receipt.
General Bytes BATMTwo
BATMTwo is a little bit different from other ATMs. It does not have the option to print receipt but buyers can take receipt on email. The process of buying bitcoin on this machine is as follows.
Select “buy bitcoins”.
Input the amount for which bitcoin you want to buy.
Select the option to receive the email.
Choose a password to encrypt the sent file to you.
Click “Buy Bitcoins”.
General Bytes BATMThree
This model is the same as General Bytes BATMTwo but the only difference is that this is two way ATM. You can buy and sell Bitcoins on this ATM. Follow the below-given process to Buy bitcoin on this machine.
Click on the “buy bitcoin” option displaying on the screen.
Choose the amount for which you want to buy bitcoins.
Fill the details to create a new wallet, if you already have a wallet scan it.
Insert money and the message of the transaction will be displayed.
Click “buy bitcoins” and bitcoins will be sent in your wallet.
Bitaccess is quite a popular and common ATM machine. It is more common in China, Canada, USA, and Europe. You can buy bitcoins on Bitaccess by following below process:
Enter mobile number
You will receive verification code via SMS, enter it.
Select “buy bitcoins”
If you have already a bitcoin wallet, scan it otherwise create a new wallet and scan QR code.
Click “I’m done”.
You will get a confirmation message that bitcoin has sent to your wallet.
Everybody is talking about Bitcoin nowadays. Bitcoin trading is booming in Australia. in 2013 Bitcoin trading volume was merely a million AUD, while it surpassed 10 Million AUD in alone in Dec 2017. Therefore everybody is thinking about trading in Bitcoin. Below we have given step to step guide, how to buy bitcoin in Australia in the top 3 Exchanges.
Purchase Bitcoin in Australia
1-Coinmama: Coinmama is Israel based exchange operating since 2013. But it is also operating in Australia. With Coinmama you can buy Bitcoins by visa/MasterCard credit or debit card. Coinmama provides only buy service. You cannot sell Bitcoin here. To start trading on Coinmama you have to register on coinmama. To know the process on coinmama, visit the coinmama official website. https://www.coinmama.com/
2- Bitstamp: Bitstamp is UK based exchange operating in the industry since 2011. This is positive news for the Australian traders that Bitstamp is providing its services in Australia. Anyone can buy bitcoins in Australia via Bitstamp by using a Visa or MasterCard credit/debit cards. You have to register on Bitstamp and complete your KYC process before starting trading.
3- Coinspot: Coinspot is an Australian exchange working in this segment since 2013. Coinspot is a registered digital currency exchange in Australia by AUSTRAC. For Australian citizens, completion of the KYC process is a cakewalk, and it’s easy to start trading on this platform. Coinbase earned proper recognition in the industry due to its ease of use and reasonable charges.
These are the prime exchange who are operating in Australia. There are few more exchanges like Changelly, CEX.io, Localbitcoins are operating in Australia. There is one more easy way to buy bitcoins in Australia is through bitcoin ATM. You need bitcoin wallet ID to purchase bitcoin from ATMs, while on some of the ATMs you don’t need ID.
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