Category: Crypto

Bitcoin is a digital currency invented in 2009 by an unknown programmer, but today it has evolved into a revolutionary decentralized cash system that can’t be controlled by governments or banks. Bitcoin transactions are recorded on a distributed public ledger called the Blockchain, and it is this ledger that makes Bitcoin different from traditional currencies. Bitcoin allows for quicker transactions because it eliminates banks as middlemen, and almost anyone can use Bitcoin,

When you buy Bitcoin or Ethereum, you’re sure to hear about “mining”. That’s the process by which new cryptocurrency is created. And that’s where the debate starts-is cryptocurrency mining legal?

While Bitcoin mining can be profitable, it can also be a pretty risky business. Bitcoin miners might be tempted to go the legal route and rent out their equipment and energy. However, these days there is plenty of research into whether it is legal or not. The debate about whether cryptocurrency mining is legal has been raging for years-and it has recently reached a boiling point. The topic was reignited when David Booth, CEO of CloudHashing, was sentenced to 30 months in prison for running an unlicensed cryptocurrency mining operation.

As time goes on, more and more people are opening up to the digital currency world. Cryptocurrency mining is legal in many countries, but how many people know the ins and outs of the process? Not many, especially since the process can be confusing and illegal in some countries. As a result, many people are asking the question, is cryptocurrency mining legal?

Over the past few years, an interesting new phenomenon has emerged with the Internet of Value. This phenomenon, known as cryptocurrency, involves using online systems to exchange value, which can take the form of anything from digital currency to loyalty points.

With the rise of the Internet of Value, the need for an official means of regulating cryptocurrency has become more apparent. While many countries have embraced cryptocurrency, many others have not.

In the early days of the internet, an estimated 93% of all sites were hosted by American domain name registrars. In 2016, over 55% of all new domains registered on the internet were registered through registrars from outside the United States. Many countries have been disputing the legality of a large number of these new domain names.

Cryptocurrency mining is legal in some countries (e.g., the United States) but illegal in others (e.g., China). This is because, despite the boom in cryptocurrency mining over the past year, the technology is not yet widely accepted by banks, which typically impose strict regulations on virtual currency trading. The issue might have caused some countries to impose a ban on cryptocurrency mining. However, when such an event occurs, the price of the coins can crash drastically, possibly due to a heavy withdrawal from the market. This can create a lot of dissatisfaction and restlessness among crypto investors. It can be frustrating for such people to wonder “will it crash again or will it rise?” However, miners in other countries won’t be affected much by crypto volatility.

Cryptocurrency mining is the process of verifying cryptocurrency transactions inside a computer to earn new coins. Technically, mining is just a process of validating transactions, but it can be used to earn new coins at the same time. The more successful the miners are at the task, the more coins they earn.

Recently, there has been a significant increase in the number of dollars of resources and computing power dedicated to cryptocurrency mining. A few years ago, it was possible to mine Bitcoin using only a few hundred dollars worth of hardware. Today, you can mine Bitcoin with dozens of graphics cards and an entire rack of mining rigs.

Whether you think cryptocurrency mining is bad for the environment or good for the economy, one thing is clear: it’s huge. Countless PCs and servers dedicate their time to the process, employing the processing power of entire datacenters to run algorithms that mine cryptocurrency, making it one of the most energy-intensive activities in the world. So, is cryptocurrency mining legal? Technically, no. It’s against the law to mine cryptocurrencies in most jurisdictions, although there are some cases where it’s not.

The subject of cryptocurrency mining is a modern-day controversy. As more of the world turn to digital currency, governments and politicians have begun to investigate its legality. And whether cryptocurrency mining is legal will depend on how the government interprets the laws on the matter. For instance, the U. S. is a big proponent of a more progressive tax regime for cryptocurrency miners, but some countries, including China, class them as tax evaders. So, what’s the difference between cryptocurrency mining and tax evasion?

Before I can begin selling and buying cryptocurrencies, I need a cryptocurrency wallet. For those of us who are not aware of what a cryptocurrency wallet is, a cryptocurrency wallet is software designed to help you send, receive and store digital currency, like Doge Coin, safely. A crypto wallet stores a series of my crypto keys and allows me to monitor my cryptocurrencies.

How do Cryptocurrencies Work?

I used to be confused about how crypto wallets work. If you are as confused as I was, then let me break down the concepts for you. First of all, let us define a public key. This is the address of the wallet; it has similarities to a bank account number that other people can use to send coins to our wallet.

On the other hand, a private key is like a pin code. We use the private key to access and manage our funds. It is important that one never loses the private key.

Now that I have explained how crypto wallets work, we need to understand how to choose the best cryptocurrency wallet. Wallets can be a little tricky to choose as they might have their own taxes on coin transfer. However, you can always search for wallets that can give you free benefits. Greencoin wallet for instance can reward its users free coins (Workout & Exercise Cryptocurrency: Greencoin) just for working out to stay fit. Having said that, to get the best cryptocurrency wallet you need to know the different types of crypto wallets and the security features they offer.

Here are the different types of cryptocurrency wallets and their pros and cons. I will not advise anyone to choose a particular type of crypto wallet; instead, you should also do our own personal research and compare it with the information in this article.

Hardware Wallets

I love hardware wallets that you can purchase from reputable websites like https://monix.store/ because they tend to give us users the chance to store private keys on a separate offline device like a USB. This means that hardware wallets are offline and more secure. When it comes to security then hardware wallets are the most secure. This is because a hardware wallet allows a user to make transactions online, but the keys are stored offline. This means that someone cannot access my hardware wallet without the correct password.

Since hardware wallets are a device, that means that if they can get lost or destroyed. Also, they are a bit pricy compared to other wallet types. The most popular hardware wallets are Ledger Nano S and Trezor because they support many cryptocurrencies.

Desktop Wallets

You can install Metamask or similar desktop wallets that are like an app that can be downloaded on a laptop or computer. Desktop wallets have a mnemonic phrase that they provide upon being installed. This is part of the security feature that they offer.

Mobile Wallets

Mobile wallets are similar to desktop wallets only that mobile wallets are designed to be used on a mobile device. They have added features like QR code scanner. They are the most popular wallets, and this is because almost everybody has a mobile phone. The major cryptocurrencies usually have mobile wallets for Android and iOS.

However, mobile phone wallets are not as secure compared to desktop wallets; this makes them prone to cyber threats, attacks and malware.

Paper Wallets

Paper wallets offer the safest way of storing cryptocurrency. This is because they offer the offline feature of storing a cryptocurrency, meaning it is hard for your coins to disappear. Paper wallets use a server that requires us to print our QR codes that represent our public and private keys.

Paper wallets still have their downside. They require expertise on how one can make them. This means that not everybody can make them. Any water or environmental damage could lead to one losing all their crypto money. The paper wallets are also not durable, and it is easy for the keys listed there to get misplaced. If the keys get lost, then that means that the investment is also lost.

The only way of knowing how to choose a cryptocurrency wallet is understanding the different types of those wallets as I have explained in the above blog. The most important feature to look out for is security; if that particular type of wallet can be hacked easily, then it is not a good idea to invest in it. All the best as you choose the right wallet.

Bitcoin has seen immense popularity since its inception, even more so in recent times fueled by growing speculation, media hype, investment opportunities, and rapid rate of adoption. But long-term investors and financial analysts have been cautious about its meteoric rise to fame since the digital currency is neither backed by any physical commodity nor supervised by any central entity. Since the price is adjusted purely as a result of supply and demand, some analysts have predicted bitcoin could be as good as worthless in the next few years while other analysts have mentioned that bitcoin would continue to rise further and may even hit the value of $100,000.

 

Institutional Adoption

One way bitcoin’s value could be saved from eroding is the financial adoption of bitcoin by mainstream institutions and corporations. Being widely used by these entities would make it less likely for bitcoin’s value to drop and encourage further adoption and popularization of the digital currency. Many institutions had been wary of bitcoin in the past but that attitude is slowly changing. Although they’re not fully adopting bitcoin’s use just yet, many of them are giving it serious consideration, embracing blockchain technology, or investing in more digital assets.

 

The sudden change in perspective regarding bitcoin by these institutions may be a result of the growing concerns that have plagued the traditional financial system since the turn of the century. That could be anything such as the slow domestic fund transfer times and even slower international transactional speeds. The variety of charges that are levied on transactions, especially high-volume or international ones. In a society where people have been accustomed to one-day deliveries and instantaneous communication over the internet, the slow and archaic nature of the financial systems feels unacceptable to many. These same slow times have impacted institutions as well and not just individuals.

 

Hence bitcoin and blockchain technology, although new, provides a viable alternative to banks and corporations. Utilizing them could cut transaction time by as much as eighty to ninety percent. Moreover, less manpower would be used on the backend of financial transactions and in completing new deals. The amount of time and manpower saved will be very beneficial for these banks and be used elsewhere more efficiently. So banks definitely have a huge incentive to drive the further adoption of bitcoins.

 

Investors and Growth

This might pose new challenges for investors, both individuals and companies alike. Hence it becomes imperative for investors to teach themselves about the various aspects of bitcoin and how the market might react to it in the future. There are various factors that affect the price and movement of bitcoin such as media attention, amount of new investors, etc. Companies like JP Morgan have dedicated resources to further explore blockchain and even created an altcoin based on their own name. This shows the belief these institutions have in the promise of bitcoin. And just because it is a cryptocurrency doesn’t mean it won’t have an inherent value, companies can back the value of their digital assets with US dollars guaranteeing their customers that their digital currencies will not go obsolete even in the worst-case scenario.

 

Paypal, the biggest third-party financial company in the world, recently announced their users would be able to buy, sell and hold bitcoins further driving up the value. President and CEO of Paypal, Dan Schulman, mentioned that the move to digital forms of currencies is inevitable that will bring with it a host of benefits and financial inclusion. It could also be used by corporations or the government to disburse funds to large amounts of people quickly.

 

Since Paypal is so widely used, bitcoin will most likely see further growth as people unaccustomed to cryptos begin to understand how they function and the various advantages they offer. The advantages do not come without their caveats, so it will also become important for people to take precautions and learn the risks associated with cryptos. Paypal plans to offer educational content to its users to deepen their knowledge of digital currencies, not just bitcoin but also cryptos such as ethereum,  bitcoin cash, and litecoin. This massive move by Paypal to move into the crypto ecosystem could prove to be a massive boon for the bitcoin optimists. Just like how once the internet revolutionized communication across the world making it both cheaper and faster, blockchain could do the same to financial systems in the future.

When it comes to retirement, many are not prepared and aren’t saving enough for retirement. And that’s crazy because a small, life-long change can result in long term financial freedom.

There are many methods, theories, and approaches to retirement preparation. But we are speaking about saving & investing in providing an income stream for the future. As a long-time investor, I believe the earlier a person begins saving for retirement, the better. What follows are my thoughts, observations, and experiences about how to prepare for retirement.

Secure a monthly pension

A pension fund may be deposited in any bank or development-bank run by the government or invested in a mutual fund. According to the amount, pensions can either be paid as lump-sum payments or monthly installments for life. Usually, pensioners expect a pension of at least up to 50% of that earned during working life.

It’s a smart move to play it safe and invest in the security of a pension. There is a guaranteed monthly payment that can help me throughout retirement.

Take advantage of tax benefits

Taxes are confusing, and one should take advantage of tax benefits. With traditional retirement plans, such as a 401(k), IRA, or pension, the employer may offer savings incentives and matching contributions. Use tax-advantaged retirement accounts to responsibly save for retirement while reducing the overall combined tax burden now and later on in life.

Plan for the additional expenses of retirement

There are many expenses associated with retirement, and one of the biggest ones is health care. I must plan for the money I will need to cover premiums and out-of-pocket expenses. For example, many people spend more on prescription drugs during this stage of their lives. Prescription Drug Prices do vary from state to state, however, so it may be possible to find medication at lower costs online. Contact an advisor about ways to plan for extra expenses in retirement. Furthermore, your life might only just be getting started! You might want to move into a senior living environment, such as Starhaven Villas in Utah, to get the most out of retirement and enjoying older age. If this is the case, you will want to keep some money stashed away to have ready to splash out when the time comes!

Start planning for potential health care costs

When it comes to expenses during retirement, health care tops the list. That means I have to plan for the costs associated with any long-term care treatment such as those found in Chelsea Senior Living or future medical needs that may arise. I can start by calculating my current income. Then factor in any additional income I will obtain from sources such as Social Security and investment. Once I know how much money I have coming in every month, I can choose a plan that fits my needs and budget. Life insurance is often vital for retirement planning, so make sure you have insurance with a good provider.

Pay off debts

Paying off my debts gives me a more secure economic future. While it may seem like a good idea to rack up different credit cards, or even a mortgage, this extra debt can increase my financial risk when I retire. Addressing my debts by clearing any outstanding loans reduces my financial risk for the future.

Save early and often – invest for growth

Saving early and often is one of the most important ways to customize my investment strategy. Several smart investment options are available, including a broad range of mutual funds that are perfectly suited for anyone’s needs and risk tolerance.

For instance, I am a 35-year-old person with $50,000 of income (mostly made through crypto investment) and a contribution rate of $200 per month saved for 30 years with an average annual return of 7%. With the help of compound interest, I could have nearly $1.8 million in my retirement account at age 65.

Build an emergency fund

Having a solid emergency fund is the first step towards a better retirement. Whether I am saving for an upcoming trip, a new car, or some unexpected medical expenses, knowing I have money to fall back on immediately puts my mind at ease.

That way, when life gets rough, I will be less likely to make rash decisions such as adding to credit card debt or cutting into my savings.

First, I decide how much money I’ll need for emergencies and carve that amount out of my daily budget. Then aim to put some cash in a safe place -preferably a high-yield savings account or a money market fund that keeps my cash accessible.

In later years, achieving financial independence when I am not as mobile or physically fit as I once was is a challenge. Depleting supplies of cash and accumulating more debt add to the stress that growing older can cause. Fortunately, these tips can help ease the process in the future and ensure a comfortable retirement.