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  • Top 23 Best Cryptocurrency wallets of 2021

    A Bitcoin wallet is a software application that will help you store your bitcoins and other digital currencies. Since bitcoins or any other digital currencies do not have a physical form you will not be able to store them anywhere else other than crypto wallets.

    Crypto wallets are considered to be easy to use and reliable. They are also safe and secure to use. Let’s look at the below article to analyze the top bitcoin wallets available in the market.

    Coinbase
    Binance Chain (BNB)
    PointPay Banking Wallet
    Bitfinex
    Trezor
    Paxful Wallet
    Ledger Nano
    WireX
    Overbit
    eToro
    Bitcoin IRA
    FTX
    Phemex
    Bybit
    BitIRA
    Blockchain
    Robinhood
    Coingate
    Monero (XMR)
    Atomic Wallet
    Electrum
    Edge
    BRD
    FAQ

    Coinbase

    Coinbase is a best overall cryptocurrency wallet that can be used to not only store digital currency but also for purchasing, transferring and even selling of these digital currencies. The application even has an offline storage where it securely holds and stores a wide range of digital assets. This cryptocurrency wallet is available in more than 100 countries.

    Coinbase Website
    Coinbase Website

    One of the features of Coinbase is that it is one of the largest cryptocurrency exchanges. The platform stores all your digital assets safely in a vault. Coinbase lets you schedule your trading process on a daily, weekly or a monthly basis.
    This application provides a single platform for buying, selling, transacting and storing digital currency making it easier. The application is available for both iOS and Android devices.

    Binance Chain (BNB)

    Binance Chain is considered to be one of the best cryptocurrency wallets. Through Binance you can create a crypto wallet but also use the platform for trading more than 150 cryptocurrencies. The application even provides an Application Programming interface that helps you to integrate your current trading application.

    Binance Website
    Binance Website

    Some of the other features of Binance Chain include 24/7 support making it one of the safest cryptocurrency wallets. It is considered that Binance Chain does more than 1.2 billion average daily trading volumes. Binance Chain has more than 14 lakh transactions per second.

    Binance chain has a wide range of applications for online trading and also offers various basic and advanced exchange interfaces for trading. The application is available for android, windows and iOS users.

    PointPay Banking Wallet

    PointPay Banking Wallet is one of the best crypto wallets. It is considered to be the first cryptocurrency wallet in which you can store more than 10 cryptocurrencies that are popular. This application not only lets you store your cryptocurrencies but also will provide you with interest in depositing your cryptocurrency.

    Pointpay Website
    Pointpay Website

    On a yearly basis, it is estimated that you can earn up to 30% with the PointPay token (PXP) in the PointPay Banking Wallet. You will have to buy the PointPay token to get additional interest in your cryptocurrencies.

    You also have the feature of taking loans using your cryptocurrencies. Through PointPay banking wallet you can easily buy and sell your cryptocurrencies using credit cards, debit cards, bank transfers, SEPA or even using Apple pay.

    You can use the mobile application on both iOS and Android devices.

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    Bitfinex

    Bitfinex is a trading platform. The application will let you easily exchange cryptocurrencies such as Ethereum, EOS, Litecoin and many more. This platform even enables you to use a peer-to-peer funding market. This website offers you with advanced chart tools which will help you visualize your products easily.

    Bitfinex Website
    Bitfinex Website

    Bitfinex provides various tools to make trading easier. The application is available for both Android and iOS devices.

    Trezor

    Trezor is slightly different from other crypto wallets. It is a hardware wallet that will help you store your bitcoins. You will be able to easily plug Trezor into your computer or a smartphone, then it would provide you with a pin code which will be generated randomly. This will ensure that the device is safe and secure.

    Trezor Website
    Trezor Website

    Some of the other features of this hardware wallet include an offline storage system that is ultra-secure, easy-to-use touchscreen, exposure to private keys, etc. This platform supports more than 1,000 currencies and is available for Windows users, Mac OS X users and Linux users.

    Paxful Wallet

    Paxful is one of the popular cryptocurrency wallets. Paxful is a peer to peer marketplace which you can use to buy and sell bitcoins. The platform offers more than 300 payment methods. This platform makes it easier for beginners as well as intermediates to make profits from digital currencies.

    Paxful Website
    Paxful Website

    Paxful Wallet lets you directly withdraw from the bank account and also lets you send funds to your bank account or PayPal account. Paxful provides safety for your money and even lets you trade in more than 100 digital currencies. You can use Paxful wallet to buy and sell bitcoins with bank transfers.

    How to buy Dogecoin Cryptocurrency in India?(Step by Step method))
    Dogecoin was created in 2013 by Jackson Palmer (Adobe Employer) $ Billy Palmer (Software Engineer). What began as a joke, is now making investors rich. It’s thrilling to see that there are people out there willing to buy Dogecoin for a higher price. That’s what keeps on driving more
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    Ledger Nano

    Ledger Website
    Ledger Website

    Ledger Nano is a hardware crypto wallet, it supports multiple cryptocurrencies. They provide a LED display and a pin for transfer of wallets. Ledger Nano can be easily accessed through a USB supported device.

    You can use Ledger Nano on Mac, Linux and Windows. They also have a two-factor verification process.

    WireX

    WireX Website
    WireX Website

    WireX is more like a travel card and a cryptocurrency wallet. It helps to convert your payments into any local currency without any exchange fees. It is also a hardware wallet. WireX allows you to buy, store, spend and exchange cryptocurrencies anytime and anywhere.

    Overbit

    Overbit Website
    Overbit Website

    Overbit is a platform which helps in trading of bitcoin, cryptocurrencies and forex. It won’t allow the wallet to have a negative balance. It also offers features such as advanced risk management which will limit the exposure.

    eToro

    etoro Website
    eToro Website

    eToro is a cryptocurrency wallet which provides additional features such as stock trading, commodities, ETF’s, Index funds, Forex trading and many more. eToro is supported by Android and iOS devices. You can easily buy and sell cryptocurrencies using this app.

    Bitcoin IRA

    BitcoinIRA Website
    BitcoinIRA Website

    Bitcoin IRA is a cryptocurrency platform which will let you buy and sell bitcoins and it provides an additional benefit where the gain you receive from your bitcoins are going to be tax free. The other assets you can invest in are Gold, Ethereum and many more.

    FTX

    FTX Website
    FTX Website

    FTX is a cryptocurrency exchange and also a derivative exchange. You will be able to buy and sell your cryptocurrencies in a pre-determined price. You can use the platform on both mobile application and desktops.

    Phemex

    Phemex Website
    Phemex Website

    Phemex is a cryptocurrency platform which lets you trade cryptocurrencies easily. You can also buy cryptocurrencies through different payment methods or using credit/debit cards. It lets you perform up to 300k transactions per second. The application is available for both Android and iOS devices.

    Bybit

    Bybit Website
    Bybit Website

    Bybit is also a cryptocurrency wallet which lets you trade cryptocurrencies easily. This application lets you customize it according to the requirements. The platform is available for both android and iOS devices.

    BitIRA

    BitIRA Website
    BitIRA Website

    BitIRA is a platform which will let you invest in cryptocurrencies for IRA which is for your retirement account. BitIRA provides security on the risk of devaluation. It also allows you to exchange one currency with another.

    Blockchain

    Blockchain Website
    Blockchain Website

    Blockchain is considered to be the safest cryptocurrency wallet. It offers two different wallets which are cold wallet which you can use for storing your bitcoins and cryptocurrencies and hot wallet that you can use for transaction of bitcoins and cryptocurrencies. The platform supports both android and iOS devices.

    Robinhood

    Robinhood Website
    Robinhood Website

    Robinhood is also one of the top cryptocurrency exchange and bitcoin wallet. You can buy bitcoins, Ethereum, Dogecoin and other cryptocurrencies using one of the best crypto wallets, Robinhood. You can use the smartphone application for all your transactions.

    Coingate

    Coingate Website
    Coingate Website

    Coingate is a platform that lets you store cryptocurrencies such as bitcoins, Ethereum, Litecoin and many more in an easier way. You can purchase cryptocurrencies with a wide range of payment methods. The application supports more than 50 cryptocurrencies.

    Monero (XMR)

    Monero Website
    Monero Website

    Monero XMR is a cryptocurrency wallet. It is considered to be one of the fastest, secured and a private platform. The wallet is available for a variety of devices. It also helps to convert the currencies into XMR. You can also use MONERO as a currency in exchange for goods and services.

    Atomic Wallet

    Atomic Wallet Website
    Atomic Wallet Website

    Atomic Wallets helps in managing and storing up to 300 cryptocurrencies and tokens such as bitcoins, Ethereum, Litecoin and many more. It is considered to be one of the best crypto wallets. Atomic wallet provides an instant exchange with cashback offers.

    Electrum

    Electrum Website
    Electrum Website

    Electrum is one of the oldest cryptocurrency markets available in the market It offers excellent privacy features and is considered to be best wallet for cryptocurrency. It provides high security and prevents thefts and loss of funds.

    Edge

    Edge Website
    Edge Website

    Edge is a bitcoin wallet which is used for mobile devices which include android and iOS devices. It provides support for more than 30 cryptocurrencies making it one of the best crypto wallets available in the market. It also offers two factor verification process.

    BRD

    BRD Website
    BRD Website

    BRD is a crypto mobile wallet which renders the customer loyalty and also have rewards programme. This application also provides a hardware encryption which will keep your cryptocurrencies safe. It offers privacy and an easy user interface.

    Conclusion

    The above is the list of top crypto wallets. You can go through the features and use this article as a reference to choose the right crypto wallet according to your needs. Cryptocurrencies are considered to be the future and we will be able to see huge rise in the crypto wallet industry.

    FAQ

    What is Bitcoin wallet?

    A Bitcoin wallet is a software application in which you store your Bitcoins. However, bitcoin does not exist in any physical shape or form. Bitcoin can’t technically be stored anywhere except coin wallets.

    How to Add Funds to a Bitcoin Wallet?

    You need to determine the amount of Bitcoin you want to buy. After that, you need to enter an amount that you want to deposit to your bitcoin address. Then using ACH, Wire, credit card the amount will be transferred to the bitcoin wallet.

    What are the best Bitcoin wallets?

    Coinbase, Binance, Trezor, and Bitfinex are some of the best Bitcoin wallets.

  • How El Salvador became the First country to declare Bitcoin as Legal Tender?

    El Salvador which is known as the Republic of El Salvador is a country that is located in Central America. The country has a population of more than 68 lakhs. El Salvador has accepted bitcoin as a legal tender and will be accepted in 90 days starting from 9 June 2021. Let’s look at how El Salvador became the first country to accept bitcoin as a legal tender.

    El Salvador – Latest News
    Reason Why El Salvador declared bitcoin as Legal Tender
    How will El Salvador manage Bitcoin Mining
    Acceptability of Bitcoin in El Salvador
    Response to the announcement of declaring Bitcoin as Legal Tender
    FAQ

    El Salvador – Latest News

    El Salvador has become the first country in the entire world to accept Bitcoin as a legal tender after the country’s congress had approved it on 9 June 2021. The proposal was laid down by President Nayib Bukele in order to accept the cryptocurrency, this was a move that has delighted the supporters of the digital token.

    In respect to the law to adopt Bitcoin, around 62 out of the 84 votes had voted in the favour of the law even though there was a concern about the potential impact on the country’s programme with the International Monetary Fund.

    The President of the country had stated the various uses of Bitcoins. He has conveyed that through the potential held by Bitcoins the citizens of Salvador who live abroad will be able to send remittances back home. He added that Bitcoins would bring financial inclusion, tourism, innovation, investment and economic development to the country.

    El Salvador is a country that relies heavily on the money that is sent back from the workers abroad. The cryptocurrency offers a quick and a cheap way to send money across borders without relying on the remittances firms. According to a data from World Bank, the remittances received in the country have made up a fifth of its GDP which is one of the highest ratios in the world.

    He had stated all these shortly before the vote in Congress which is controlled by his party members. It was conveyed through a tweet and he also added that the US Dollar would also continue as a legal currency of the country. El Salvador does not have a currency of its own.

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    How will El Salvador manage Bitcoin Mining

    The President later had conveyed to La Geo which is a state owned geothermal electric firm to develop a plan in order to provide the Bitcoin mining facilities using the renewable energy from the volcanoes of the country.

    He has stated that the idea was to build a mining hub around the geo thermal potential of the country. However, the idea is stated to be an overnight one. He also stated that El Salvador would provide citizenship to the people who show evidence that they had invested in at least 3 Bitcoins.

    Acceptability of Bitcoin in El Salvador

    The acceptability and the use of Bitcoins for the individuals are optional and would not bring any risks to the users. The President has conveyed that the government will guarantee convertibility to the US Dollars at the time of transaction through a trust that was created using USD 150 million at the development bank of the country, BANDESAL.

    Under the law, the cryptocurrency should be accepted by the firms when they are offered as a payment for various goods and services. The Government has conveyed that the Tax can also be paid using the cryptocurrency.

    The President of the country through an online conversation has conveyed that, if an individual visits McDonald’s and wants to pay through Bitcoins, then they will have to accept the Bitcoin and will not be able to tell that they won’t accept it as the Bitcoin is a legal tender of the country.

    Why did China ban Cryptocurrencies Transactions and How it Affected the market?
    One of the major countries in the world China has banned any transactions andfinancial products related to cryptocurrency in the country. The Chinesegovernment had earlier bought certain regulations towards these financialassets. Let’s look at the reason for the ban and how it has affected thecr…
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    Response to the announcement of declaring Bitcoin as Legal Tender

    In the capital of the country, it was found that there were mixed emotions when it came to declaring Bitcoins as a legal tender. Some of the individuals were excited about declaring it as a legal tender and the increase in the financial options and prosperity of the new currency, while the others were quite skeptical about it.

    Analysts have conveyed that the move from the country would cause certain complications with the IMF, where the country has sought for more than USD 1 billion programme.

    Estela Gavidia had questioned about, How he is going to accept the Bitcoins when he hasn’t seen it not even in photos and added that he doesn’t know nothing about it and understanding your currency is very important.

    Conclusion

    The supporters of the cryptocurrency have claimed it as a move to validate the emerging asset but also added that the regulation on Bitcoins, taxation, or the adoption in other countries is yet to be seen. However, there are no immediate signs that the other countries would follow El Salvador’s acceptance of Bitcoin.

    FAQ

    Is El Salvador a poor country?

    El Salvador is one of the poorest countries, with low per capita income, chronic inflation, and high unemployment.

    Does El Salvador have its own currency?

    The official currency used in El Salvador is the US dollar.

    What is El Salvador known for?

    El Salvador is a country in Central America which is Known as the Land of Volcanoes, as it has frequent earthquakes and volcanic activity.

  • Why Paul Krugman, The Famous Economist, thinks Bitcoin is a Cult?

    Bitcoins have been criticized by a lot of people from the beginning of the launch of the cryptocurrency. Many of the investors and economists believe that the coin is worthless and does not have any valuation and the increase in the price is mainly due to skepticism. Paul Krugman who is a Nobel Peace Prize winner for one of his works on global trade theory in 2008 is also a critic of cryptocurrency. In this article let’s look at why he claims the cryptocurrency to be a cult.

    Paul Krugman – Latest News
    Reason Why Paul Krugman thinks Bitcoin is a Cult
    Other Major reasons Why he criticized the popular cryptocurrency, Bitcoin
    What did Paul Krugman predicted about Bitcoin in 2018
    FAQ

    Paul Krugman – Latest News

    Paul Krugman who is one of the prominent critics of digital coins and digital assets had posted a tweet on the microblogging platform predicting the downfall of the world’s most famous and one of the favourite Digital tokens, Bitcoin. He also described the digital token as a cult that cannot survive for an indefinite period.

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    Reason Why Paul Krugman thinks Bitcoin is a Cult

    Paul Krugman who is a Nobel Peace Prize award received economist and an author who contributes to the New York Times has publicly criticized the cryptocurrency, bitcoin. Even in the past, it was noted that the famous economist has described the digital asset bitcoin as an evil.

    In the latest tweets that he posted on Twitter; Paul Krugman has conveyed that even though the coin has been present since the financial crisis of the last decade it had failed to build up its reputation as legal currency.


    He also added that the cryptocurrency, bitcoin has a cult-like support base which would keep it going further. He also said on Twitter that he has stopped predicting what is going to happen to the crypto asset and added that all the time the digital currency would have a new set of believers. He also added the statement to think of the digital currency, bitcoin as a cult that would be able to survive indefinitely.

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    Robert T Kiyosaki is the author of the well-known personal finance book Rich DadPoor Dad. The book was published in 1977 and has become the New York bestsellerhaving a sale of around 40 million copies worldwide. He had previously praisedthe properties of bitcoin. Let’s look at what Robert T Kiyos…
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    Paul Krugman who is one of the world’s most credible economist has cited two major reasons behind the skepticism claimed by him. He has conveyed that the cryptocurrency, bitcoin has a lack of tethering and have high gas fees.

    A certain article that was published by Paul Krugman in the past has argued that digital assets like cryptocurrency have a higher rate of transactional fees while compared to the traditional fiat currencies. He also argued that when compared to the financial assets that are backed by the Government of certain countries the cryptocurrencies or digital assets do not have a body that governs them or backs them or provide reinforcement.

    He wrote in a column that instead of creating a smooth transaction the people have high costs of doing the business because transferring cryptocurrencies or bitcoins will require providing a complete history of the previous transactions.

    He added that instead of creating money through a click of a mouse, the money must be created through mining that too using computations that are resource intensive.

    What did Paul Krugman predicted about Bitcoin in 2018

    In the year 2018, Paul Krugman had a view that there was a total possibility for a complete collapse of bitcoins due to an absence of a backstop. He had conveyed that the value of the cryptocurrency depended completely on self-fulfilling expectations and stated that the total collapse is completely possible.

    He added that if the speculators have had a doubt or a collective moment on the value of the bitcoin and a sudden fear or a feeling that bitcoins are worthless, then bitcoins would become worthless according to his prediction.

    Conclusion

    However, when compared to the statement his view point on bitcoin has changed since then but the other qualities have been intact and have not seen much changes in his opinions.

    FAQ

    Who is Paul Krugman?

    Paul Krugman is an American economist and journalist who received the 2008 Nobel Prize for Economics for his work in economic geography and in identifying international trade patterns.

    Where did Paul Krugman go to college?

    In 1974, Krugman earned his BA in economics from Yale University. He then pursued a PhD in economics from Massachusetts Institute of Technology (MIT). In 1977, he successfully completed his PhD in three years.

    What is Paul Krugman’s theory?

    Krugman developed New Trade Theory as an alternative to older theories that explain patterns of international trade as based on comparative advantage and natural resource endowments.

  • Is DubaiCoin worth Investing in? What are experts saying about it?

    A new cryptocurrency named DubaiCoin had been in the market limelight after Dogecoin and Shiba Inu Coins. The digital coin saw a surge of more than 1,000 % in the time span of 24 hours. Let’s look at the further information about this new digital coin.

    DubaiCoin – Latest News
    Dubai Government’s response to DubaiCoin
    Arabianchain Technology
    How to Invest in Dubai Coin from India
    FAQ

    DubaiCoin – Latest News

    The new digital coin named DubaiCoin had seen a surge of over 1,000 % in a time span of 24 hours. This was because numerous media had reported the digital coin to be the official digital coin of Dubai. The value had shot up after a press release claiming it to be the official cryptocurrency of the country.

    The digital coin was made by the cryptocurrency startup Arabianchain technology and had claimed that it was the official cryptocurrency of the West Asian city. This led to the major rally in the increase of the price of the coin.

    Dubai Government’s response to DubaiCoin

    The Dubai Government had responded conveying that it was not an official digital coin or cryptocurrency of the country and warned the investors claiming it to be a phishing scam. The government had denied it to be the official cryptocurrency and also added that the cryptocurrency was not approved by any official authority.

    The government also warned that the website that was promoting the campaign was a phishing site which is designed to steal the information of the users accessing the website. The surge of the coin had brought it to the notice of the Dubai Electronic Security Centre after which it issued the statement.

    The cryptocurrency which was trading at USD 0.17 had seen a surge to USD 1.13 as of 27 May 2021.

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    How Common is Crypto around the Globe
    How Common is Crypto around the Globe

    Arabianchain Technology

    The Arabianchain Technology that founded the DubaiCoin claims that it provides the first public, decentralized and blockchain driven on an agreement in the MENA region. The company has denied making any claims such as the digital coin being the official cryptocurrency of Dubai and also added that the website was fake.

    The company has conveyed that they haven’t made any claims and mentioned the website URL and said that it was fake and a scam. They also added that the press release was published on the Dub-pay site.

    How to Invest in DubaiCoin from India

    Since there was a surge of 1000 % in the value of DubaiCoin it is obvious that everyone would want to invest into it. However it should be noted that the cryptocurrency hasn’t officially been made the digital coin of Dubai and the Dubai government has also rejected the claim.

    However, the digital coin is not available on any cryptocurrency exchange platforms but DubaiCoin is available for exchange at HitBTC and Cryptopia. If you are interested in the digital coin then you will be able to get it by exchanging your Bitcoin or Binance coin at exchanges where there is availability of DubaiCoin.

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    Conclusion

    The press release mentioned that DubaiCoin will soon be used for the purchase of goods and services both online and offline and the cryptocurrency is expected to replace the traditional fiat currency of the country.

    FAQ

    Can you invest in DubaiCoin in India?

    As of now DubaiCoin is unavailable on any major exchange but traders can exchange bitcoin or Binance coin with DubaiCoin at exchanges where DubaiCoin is available.

    Is Bitcoin allowed in Dubai?

    Yes trading in bitcoin is allowed in Dubai.

    Is Dubai coin fake?

    According to Dubai Media Office, DubaiCoin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.

  • Why did China ban Cryptocurrencies Transactions and How it affected the market?

    One of the major countries in the world China has banned any transactions and financial products related to cryptocurrency in the country. The Chinese government had earlier bought certain regulations towards these financial assets. Let’s look at the reason for the ban and how it has affected the cryptocurrency market.

    About the Ban on Cryptocurrency by China
    Earlier Restrictions by China on Cryptocurrency
    The Recent Regulations of China on Cryptocurrency
    Impact of the Regulation by China on the Businesses of Cryptocurrency
    FAQ

    About the Ban on Cryptocurrency by China

    The regulators of China have increased the restrictions on the financial institutions and the payment companies from providing various services that are related to cryptocurrency which is a fresh crackdown on the cryptocurrency market.

    Most of the new rules laid down by the regulators are considered to be an extension of the previous ban and are expected to fill the loop holes that were present after the previous restrictions in the country which allowed certain payment firms and financial institutions to continue in the cryptocurrency field.

    Earlier Restrictions by China on Cryptocurrency

    The earlier restrictions made clear that China had considered cryptocurrencies to be an illegal tender and did not accept the digital coins or provide any services related to it.

    In the year 2013, the Chinese government had defined bitcoin to be a virtual commodity and allowed their citizens to trade the digital coins. But later in the same year, the financial regulators of China including the PBOC had banks and other financial companies from providing any services related to bitcoins.

    Later in the year 2017, the country had banned Initial Coin Offerings (ICOs) in order to eliminate the financial risk and to save the investors of their country. The ICO rules also banned the cryptocurrency exchanges to convert the legal tenders into cryptocurrencies or converting cryptocurrencies into legal tenders.

    The restrictions that were laid down in 2017 had let a lot of cryptocurrency exchanges and the trading platforms to shut down and shift their services from China to other countries. According to a report from PBOC around 88 virtual currency trading platforms and around 85 ICO platforms had withdrawn from the market by 2018.

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    The cryptocurrencies such as Bitcoin and Dogecoin had been surging its value inthe recent years. The meme-based Dogecoin had reached its all-time high beingpart of the top 10 cryptocurrencies according to the market capitalization.Other than Bitcoin and Dogecoin there is a new cryptocurrency crea…
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    The Recent Regulations of China on Cryptocurrency

    Three financial industry Associations have directed all the financial institutions and payment companies to not offer any services related to cryptocurrencies to their clients such as currency exchanges, trading, registration, clearing and settlement.

    Additionally, the institutions were banned from providing cryptocurrency trust, saving or pledging services or even issuing any financial products related to cryptocurrencies. Even the services related to cryptocurrencies such as insurance and derivatives trading is also banned in the country.

    The decision was taken collectively by three major regulators of China which include the China Bank Association, the National Internet Finance Association of China and the Payment and Clearing Association of China. The decision was posted by the People’s Bank of China (PBOC).

    The firms are also asked to step up in monitoring the flow of money which are involved in cryptocurrency trading.

    China Ban on Cryptocurrency
    China Ban on Cryptocurrency

    Will Cryptocurrency be taxable in India?
    Cryptocurrencies have become very much popular in India and there are many talksthat these digital coins will soon be banned by the Government of India. ACrypto Bill is expected to be announced anytime from the government and thereare talks that there will be a twin tax introduced by the governme…
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    Impact of the Regulation by China on the Businesses of Cryptocurrency

    The new regulations bought in by China have made it difficult for the individuals to buy cryptocurrencies using various payment channels and this could also impact the businesses of the cryptocurrency miners in the country by making it harder for them to exchange the mined cryptocurrencies for Yuan.

    Even the banks and the financial institutions will face challenges in analyzing the flow of money that is related to cryptocurrency. In response to the regulations laid down by China, the bitcoin association of Hong Kong had replied to their tweet saying for the people who are new to bitcoin, it is compulsory for the People’s Bank of China to ban bitcoin at least once in a bull run.

    After a day on the ban of cryptocurrencies in China there has been a fall in value of cryptocurrencies such as bitcoin, Ethereum, Binance coin, Dogecoin, Litecoin, Polkadot and many others.

    The bitcoin has been the lowest price since January 2018. The market capitalization value of the cryptocurrencies had declined from USD 2.5 trillion to USD 1.5 trillion which is a 38 % contraction.

    FAQ

    What did China say about Cryptocurrency?

    The People’s Bank of China reportedly said virtual currencies can’t be used as a form of payment because they aren’t real currencies.

    Why is Cryptocurrency banned in China?

    China banned Cryptocurrency to curb money laundering.

    No, It is not legal to buy Bitcoin in China.

    Conclusion

    Chinese regulators consider cryptocurrencies to be a potential threat to their national currency Yuan. This had led the People’s Bank of China to launch its own digital currency. The regulations is expected to create a negative impact on a lot of people that are related to the cryptocurrency market.

  • Why Elon Musk is not launching his own Cryptocurrency?

    Elon Musk is an American entrepreneur and a Business Magnate. He is the founder, Chief Engineer and CEO of SpaceX, CEO, product architect and an early-stage investor of Tesla, founder of the Boring company and also the co-founder of Nueralink and OpenAI.

    He is one of the richest men in the world. Elon Musk has been posting a series of tweets on the major cryptocurrencies such as Bitcoin and Dogecoin from the past few months. Let’s look at why Elon Musk is not launching his own cryptocurrency.

    Why Elon Musk is known as Father of Dogecoin?
    Elon Musk’s View on Cryptocurrencies
    Reason Why Elon Musk is not launching his own Cryptocurrency
    Elon Musk’s Tweet
    FAQ

    Why Elon Musk is known as Father of Dogecoin?

    Elon Musk is regarded as the father of Dogecoin. He was the major reason for this volatile meme currency to increase its market capitalization and for a lot of users to invest their money into it. He has also promoted bitcoin and Dogecoin through a several number of tweets on his twitter platform.

    He has also had a lot of optimistic views about the cryptocurrencies especially bitcoins and dogecoins. He had posted a tweet where he conveyed that there are a lot of chances that cryptocurrencies will be the future currency on the planet.

    Elon Musk’s View on Cryptocurrencies

    While a lot of financial managers and investors have always been pessimistic about these digital coins and always regarded them as a bubble, Elon Musk on the other hand always stayed optimistic. Even Tesla has bought bitcoins worth billions of dollars.

    The company had also started accepting bitcoin as a payment method for purchasing their products. But recently they had stopped accepting this cryptocurrency.

    Will Cryptocurrency be taxable in India?
    Cryptocurrencies have become very much popular in India and there are many talks
    that these digital coins will soon be banned by the Government of India. A
    Crypto Bill is expected to be announced anytime from the government and there
    are talks that there will be a twin tax introduced by the governme…
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    Reason Why Elon Musk is not launching his own Cryptocurrency

    The main reason which was quoted by the company for the stoppage of accepting bitcoins as a payment gateway was due to the environmental harm caused by the digital coin. This was a major controversy against the billionaire as he was the one who promoted it and later claimed that bitcoins were causing a lot of pollution.

    Elon Musk had posted a tweet which conveyed that the company will no longer accept bitcoins as a payment method as mining bitcoins require a lot of electricity and the major source of electricity is from coal and this leads to a lot of pollution and due to the reasons regarding sustainability.


    He had also conveyed that the company Tesla will not sell any of their bitcoins and the company would start accepting cryptocurrency as a payment method as soon as the bitcoin miners would move to a sustainable source of energy.

    Environmental Sustainability can be one of the major reasons for Elon Musk to not launch his own cryptocurrency. But Elon Musk had conveyed that they were looking for other cryptocurrencies that use less than 1% of bitcoins energy for transactions.

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    Elon Musk’s Tweet

    A twitter user had recently asked Elon Musk, why he was not creating his own cryptocurrency from the scratch which would do everything he requires technically and have a lot of dev support and wouldn’t have a high concentration of ownership initially.

    Elon Musk had replied to the tweet saying that, if only Dogecoins won’t be able to do it, he said he would look in for creating another one.


    FAQ

    What Cryptocurrency does Elon Musk like?

    Elon Musk actively supports volatile cryptocurrency Dogecoin.

    Did Elon Musk sell Bitcoin?

    Elon Musk Clarified that Tesla has not sold its Bitcoin, but Tesla has stopped taking Bitcoin as a mode of payment for its cars.

    Does Elon Musk invest in Cryptocurrency?

    Elon Musk has actively supported dogecoin, a cryptocurrency that started as a joke which portrays a shiba inu dog.

    Conclusion

    Elon Musk had recently promoted Dogecoin while hosting a live show on the TV. Dogecoin is the fourth largest cryptocurrency in the market and has increased more than 659 % during the year. However, Elon Musk considers that the digital coin has a long way to go.

  • What is Stablecoin and How is it better than Bitcoin

    Stablecoins are gaining popularity in the recent years. As of May 2020 Stablecoins, were worth USD 10 billion. In certain countries like Brazil, people are preferring stable coins to their national currencies. That is during uncertain economic conditions. Let’s look at the below article for the meaning of stable coins and is stable coins better than bitcoins.

    What are Stablecoins?
    List of Stablecoins
    Real-world Applications of Stablecoins
    Why is it better than bitcoin?
    FAQ

    What are Stablecoins?

    Stablecoins are a new group of cryptocurrencies. The name itself gives the meaning which says stable. Stablecoins are cryptocurrencies that attempt to offer stability in the price movement. They are backed by a reserve asset.

    It is a cryptocurrency that is tied to an outside asset such as U.S Dollar, Gold, or any other asset to stabilize the price. Stablecoins have gained fiction as they attempt to offer the best of both the worlds such as the privacy of payments of cryptocurrencies and the instant processing plus the volatility-free stable valuations of fiat currencies.

    The popularity of stable coins has risen so far that the headlines of the crypto market in recent months have Stablecoins in it. They are primarily developed to minimize the volatility of the price.

    List of Stablecoins

    Fiat-collateralized Stablecoins

    This type of Stablecoins is the ones which have its underlying value derived from a fiat currency or in simple words the Stablecoins are pegged towards certain country’s currency such as U.S Dollar, Euro, Yen, etc.

    One of the well-known fiat collateralized stable currency is Tether which is shortly known as USDT. This Stablecoin is pegged to the value of the U.S dollar in the ratio 1:1. This means that 1 Tether is equal to the value of 1 U.S Dollar.

    Another example of a well-known Stablecoin is Gemini which is shortly known as GUSD. This Stablecoin is pegged to the value of the U.S dollar in the ratio 1:1. This means that 1 Gemini is equal to the value of 1 U.S Dollar.

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    Non-Collateralized stablecoins

    Non-collateralized Stablecoins are not backed by any asset classes. These Stablecoins run on certain algorithms which will manage the supply and demand of these coins and keeps the prices stable. Some examples for Non-Collateralized Stablecoins are CarbonUSD which is also known as Carbon and kUSD which is also known as Kowala.

    Types of Stablecoins
    Types of Stablecoins

    Commodity-Collateralized Stablecoins

    Some Stablecoins are backed to certain precious metals such as gold, metals, or commodities such as oil. These Stablecoins are known as commodity-collateralized Stablecoins.

    One of the well-known commodity-collateralized Stablecoin is Digix that has its short form as DGX which is backed by the commodity Gold. This means that 1 DGX is equal to 1 gram of Gold on the ETH network.

    One of the other examples of commodity-collateralized Stablecoins is Tiberius Coin which has its short form as TCX. The Stablecoins are backed by the combination of 7 different metals which is commonly used in the development of hardware technologies. The idea behind pegging it towards the 7 metals is as these metals are extensively used to make technology will indirectly increase the value of TCX.

    Crypto-Collateralized Stablecoins

    These are stable coins which are pegged against different cryptocurrencies. Crypto-collateralized Stablecoins will always be in the 1:1 ratio through over-collateralization.

    BitUSD is a well-known Stablecoin which is crypto-collateralized token, that is collateralized towards a cryptocurrency named Bitshares.

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    Real-world Applications of Stablecoins

    Day-to-day currency

    Stablecoins can be used as fiat currency that can be used as a mainstream payment. It has an additional benefit of being a virtual coin. It is legally backed and secured as well. These are also very useful for overseas payment as no conversions of fiat currencies and can be used irrespective of the country or place.

    In streamlining P2P payments

    You can use Stablecoins as an ideal payment option for loan payments, rent payments, subscriptions and more as it is irreversible, traceable and transparent.

    Protection from local currency crashes

    On an average the prices of goods keep doubling every few weeks. Stablecoins are used as a replacement to maintain fiat currencies from crashing in value.

    Stablecoins will offer notable solution to all these problems by allowing them to quickly exchange their fiat currency into a stable currency. Thus, it prevents them from further price drops.

    Why is it better than bitcoin?

    Stablecoins provide stability and it is one of the major reasons why it is better than bitcoins as the world looks at stability. Stablecoins also ensure faster transfer of money across different locations. Stablecoins can also replace fiat currencies in certain countries where their currencies are unstable.

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    FAQ

    What is an example of a Stablecoin?

    Tether (USDT) is a Stablecoin, So named because it “tethers” itself to the value of the USD, Tether is the most well-known Stablecoin in the crypto world. It’s backed by gold, traditional currency and cash equivalents.

    What is Stablecoin used for?

    Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference. Stablecoins may be pegged to a currency like the U.S. dollar or to a commodity’s price such as gold.

    Can Stablecoins increase in value?

    Fiat-backed stablecoins are considered to be the most stable of stablecoins, but this stability doesn’t make them a very profitable long-term investment and their value is unlikely to increase significantly over time.

    Conclusion

    We may see stablecoins demand increasing in the future and will even be able to see much more stablecoins coming up in the future.

  • Which NFT Auction Marketplace is Right for you

    NFTs (Non-Fungible Tokens) have gained a lot of popularity in recent years. You would have already been through certain social media posts or gone through some news about NFT’s of certain arts being sold for billions of dollars.

    Let’s understand what exactly NFT auction Marketplace are.

    What is NFT?
    OpenSea
    KnownOrigin
    Which NFT Auction Marketplace is Best for you?
    FAQ

    What is NFT?

    NFT (non-fungible token) this term revolves around the word fungibility. Fungibility means any product which cannot be replaced with another identical item.

    For example, the chair you use, your mobile phone, your laptop all these items cannot be replaced with other identical items. You may get the same model of your mobile phone, but you wouldn’t be able to buy the same model of your mobile phone which you have used for so many months or years. Other examples would be certain artworks such as the art of Mona Lisa and many other such items.

    For getting a clear understanding, let’s look at an example of fungible items. A fungible item can be money. A note of INR 10 can be replaced with any note of INR 10. Even if the serial numbers on the note change with INR 10 we can buy the same number of items. This concludes, Money can be an example of fungible items.

    But again, a fungible and non-fungible item changes from person to person according to his perspective. As explained in above example, a chair can be fungible as well as non-fungible.

    You can buy the same model of your chair from the store. But your chair can be a non-fungible item only when you have developed an attachment to it, and you feel that there is something special about it.

    A coin would just be a coin for you, but it would mean much more for a coin collector. This makes the item fungible for you and non-fungible for the coin collector.

    Non-fungible tokens are unique digital items with their ownership managed through blockchain technology. Some of the examples of Non-fungible items would include collectibles, game items, digital art, event tickets, domain names, and even records for the ownership of physical assets.

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    OpenSea

    OpenSea is the largest marketplace for digital goods that are user-owned. It has a broad set of categories of around 200 and more. OpenSea has the most items in the digital goods which is more than 4 million and the has the best prices for new items. It includes collectibles, gaming items, digital assets, and digital arts. You can buy, sell, or trade digital goods with anyone around the world using OpenSea.

    OpenSea Website
    OpenSea Website

    OpenSea is also a decentralized marketplace which means there is no central authority guiding this platform. Instead, you will be able to store your items in your own wallet of your choice.

    KnownOrigin

    KnownOrigin was founded by David Moore, Andy Gaye, and James Morgan. This is one of the fastest-growing digital art platforms. KnownOrigin is also a decentralized platform that uses blockchains for recording the transactions.

    KnownOrigin has more than 330 artists and more than 12,000 digital artworks have been sold on the platform. It is an artist-driven platform that makes it easier for digital artists to create and sell their arts.

    KnownOrigin Website
    KnownOrigin Website

    An artist can create their digital art and upload the file and documentation through KnownOrigin. Later the art will be tokenized by the platform and it will be live on the KnownOrigin’s gallery.

    If you are a customer or a collector you can browse through the gallery, find the artwork of your choice, finish the payment, and make the purchase. The Ethereum address will be captured during the purchase.

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    Which NFT Auction Marketplace is Best for you?

    OpenSea is an NFT Auction Marketplace, which is more like an eBay for digital products. You can find anything related to digital products on OpenSea. It is the largest and the first peer-to-peer NFT platform for crypto goods.

    Whereas KnownOrigin is mainly concentrated on the digital artists. Since it is concentrated on artworks. You wouldn’t find anything other than art in KnownOrigin. The items on KnownOrigin would look more like items on sale in an Art Gallery.

    If you are an artist or a collector of artworks you should prefer KnownOrigin as you would find a wide range of options and if you want some other crypto goods you can prefer OpenSea as it is the largest NFT marketplace.

    FAQ

    What is a NFT auction?

    NFTs, or non-fungible tokens, are essentially blockchain-based certificates validating that someone owns a piece of digital art.

    How can I buy NFT?

    Most NFTs are Ethereum-based tokens, many marketplaces for these collectibles accept Eth tokens as payment.

    What are DeFi products?

    DeFi is short for decentralized finance, an umbrella term for a variety of financial applications in cryptocurrency or blockchain.

    Conclusion

    There are a lot of NFT platforms other than KnownOrigin and OpenSea. Some of them include Rarible a platform to create NFT, SuperRare, Atomic Assets, Axie Marketplace, Decentralized marketplace, Viv3, TreasureLand, NFT Showroom, and many more.

    NFTs will gain a lot more popularity in the coming years. Some big players such as Mark Cuban, Gary Vaynerchuk, and many others have also expressed their interest in NFTs.

  • How Cryptocurrency is redefining the Future of Finance

    Cryptocurrency is a thriving ecosystem, encroaching on conventional territory and is redefining the Finance sector. Over the last few years, Bitcoin users and transactions have averaged a growth rate of nearly 60% annually. Similarly in private and public investors have deepened the commitment to cryptocurrencies including Ethereum, Ripple, and Stellar, and several others too.

    It started in 2009 with the release of bitcoin, which at that time was something new to most. But now everyone has heard of bitcoin and developed an interest in investing in cryptocurrency or starting a career as a trader has grown. Even though they do not have a long history, cryptocurrencies are attractive to many people.

    Teeka Tiwari, a former Wall Street trader turned into cryptocurrency expert, recently discussed investing in cryptocurrency, explaining why now is the time to buy bitcoin. It is his expertise to talk about some exciting aspects of cryptocurrency and has some future predictions that we haven’t heard before.

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    Which coins have a bright future?

    Bitcoin has been the biggest player in cryptocurrencies since the beginning. We can surely say that bitcoin is going to stay in the future. However, what would be the best coins in the future is an important question to answer. According to Yahoo, there are four cryptocurrencies to invest in 2020- Bitcoin, Etherium, NEO, and EOS.

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    In this case, Tiwari believes that there are five coins that will be great to invest. He believes that these coins could turn $500 in to as much as $5 million. He stresses that people have a fear that prevents them from investing but that fear has to overcome.

    Tiwari tries to motivate people to invest more and more in cryptocurrency to make profits. These are the last five coins he believes could turn $500 in to as much as $5 million.

    Investment in Cryptocurrency

    Why should You Invest in Cryptocurrencies?

    If you are thinking of investing in cryptocurrencies, it may be best to treat your investment in the same way you would treat any other highly speculative investment.

    Cryptocurrency has no intrinsic value. This makes it very prone to huge price swings, which in turn increases the risk of loss for an investor. Bitcoin, for example, plunged from $260 to about $130 within six hours on April 11, 2013.18.

    You have to susceptible to that kind of volatility in this case. While opinion continues to be deeply debated about the merits of Bitcoin as an investment, supporters point to its limited supply and growing usage as value drivers, while detractors see it as just another speculative bubble.

    How Cryptocurrencies Are Enhancing Financial Freedom

    The Public opinion states that the traditional banking system often fails to address the needs of the masses during periods of political or cultural instability.

    The cryptocurrency ecosystem can continue to thrive during such periods. People can not only depend on these assets for everyday payments but also use them to reinvest. Here are some ways in which cryptocurrency can be used to achieve financial freedom.

    Growth of Crypto Assets
    Growth of Crypto Assets

    Price prediction

    While risking the wealth on trading can be quite risky, price prediction stands as a significantly safer alternative.

    Alluva is an app that allows users to predict crypto prices. Depending on the accuracy of the prediction, the platform rewards with a certain number of Alluva tokens (ALV). These tokens can later either be redeemed at partner websites, or traded for a different currency altogether.

    Even though by no means an exhaustive list of how one can achieve financial independence with cryptocurrency, it is a good starting point for someone that is new to the technology or looking for new ways to capitalize on their existing investment.

    Buying and Holding

    Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin have market capital in the billions. Bitcoin was trading between $1 to $2 in 2011, its current price sits around $10,000.

    For people who are new to the crypto ecosystem, purchasing a small amount of these currencies and holding it for a few months is a viable strategy. Opening a new cryptocurrency wallet requires approval from a third party. If you have access to a smartphone or computer connected to the Internet, you can install and access a wallet within minutes.

    Airdrops

    New blockchain projects hand out a small number of free tokens to their followers and users. In the cryptocurrency industry, this marketing practice is called as an airdrop. The idea is that users are more motivated to try out a new service if they do not have to spend any money on it. Surprisingly, a large number of the tokens have real-world value, so you can simply trade them for another cryptocurrency or fiat currency instead of using them.

    Day trading

    Cryptocurrencies are traded on exchanges, which function similarly to those found in global equity markets. If you have a liking for technical or fundamental analysis and believe that you have good skills regarding the cryptocurrency market, this approach can be highly profitable. Day trading can be a risky endeavor given that some tokens can experience brief periods of high volatility now and then.

    Initial Coin Offerings

    By participating in an Initial Coin Offering, one becomes an investor in one such project at an early stage. Unlike listing, most ICOs are open to public investment.

    Many major cryptocurrencies, including Ethereum, started as an ICO at some point and have delivered high returns in a few short years. However, it is very important to understand the project behind an ICO and undertake due diligence before any investment to ensure that you avoid scams.

    Mining

    Mining is the process of using computational power to verify transactions and create new units of cryptocurrency. Some cryptocurrencies such as Bitcoin cannot be mined using consumer hardware, others like Ethereum and Zcash can. Mining can be quite profitable, it does require some amount of investment in the form of hardware. The good news is that mining generates revenue, requiring little attention on your part.

    Staking

    Certain cryptocurrencies have adopted the concept of staking to verify transactions instead of mining. The approach allows holders to earn interest on their tokens as a reward for securing the network. Staking typically requires you to lock up a certain number of tokens in a live wallet. The more tokens are stake, the higher the reward. Also, there is no need to purchase expensive hardware.

    Conclusion

    A cryptocurrency aspires to become part of the mainstream financial system. While that possibility may not difficult to happen, there is little doubt that Bitcoin’s success or failure in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead.

  • What is Algorithmic Trading?

    Algorithmic trading is the use of a computer program with a defined set of criterions to carry through trades. The criterion for the system typically includes timing, price, or quantity.

    Algorithmic trading makes use of complex formulas, combined with mathematical models and human oversight, to make decisions to buy or sell financial securities on an exchange. In theory, the use of algorithmic trading can generate trades and profit at higher frequencies than a human trader can.

    Algorithmic trading (also known as algo trading) offers high-profit opportunities and streamlines trades, as it removes any possible human variables. Here is a short example of how it works; For example, a trader has these set as criteria:

    • The first specification is to buy 25 stocks when its 30-day moving average goes above the 100-day moving average. A moving average can be described as a series of averages of past data points to identify trends and smooth out the day to day price fluctuations.
    • The second specification is to sell when the 30-day moving average goes below the 100-day moving average.

    Algo trading offers a systematic approach to active trading in contrast to methods that may be based on instinct and trader intuition. Just as a human trader would, with these two specifications the computer system will automatically read the moving average and the stock prices, as well as buy and sell orders when all the specifications are met. This removes the need for a trader to monitor the markets, live prices themselves or place the orders manually.

    Benefits of algo trading are numerous:

    • All trades are executed at the best possible price,
    • Significant price changes are avoided,
    • Transnational costs are reduced,
    • Reduces the possibility of mistakes by human traders based on emotional and psychological factors.
    • ReduceS transaction costs
    • Connects to various exchanges and it integrates all the feeds
    • It runs automated checks on multiple markets, and finally, the orders are instant and exact. The algo trading system automatically does these actions by identifying strong trading opportunities based on the criteria.

    Algorithmic trading uses

    • Algo trading can be used in mid to long term investments like mutual funds, insurance companies, and pension funds. This is because they can purchase large stocks in large quantities as they do not want to influence stock prices with large volume investments.
    • Systematic traders, like trend followers, hedge funds and Paris trades; find efficiency in allowing the system to run automatically. Paris trades are a neutral market that matches short positions with long positions in highly correlated instruments such as exchange-traded funds, currencies, or stocks.

    Algorithmic trading strategies

    Most algorithmic trading strategies center around identifying opportunities in the market based on statistics. The following are common trading strategies used in algo-trading:

    • Trend-following strategies
    • Arbitrage Opportunities
    • Mathematical Model Based Strategies
    • Volume-weighted average price
    • Percentage of volume (POV)
    • Index Fund Rebalancing
    • Trading Range (Mean Reversion)
    • Time Weighted Average Price (TWAP)
    • Percentage of Volume (POV)
    • Implementation Shortfall
    • Beyond the Usual Trading Algorithms

    Implementing the designed algorithm on the computer is the last step of algorithmic trading. Another important thing that one must do before applying the algorithmic system is to backtest. Backtesting is trying out algorithms on past trading history to see if it would have increased your profits then. Always remember the more complex the algorithm the more backtesting is required to make sure everything is operational before putting it to action.

    Algorithmic trading is not easy to set up or maintain if you have limited computer knowledge. Luckily, there are many award-winning traders that can help you start trading, these traders can help with setting up a server and the upkeep as well as the nuances of a new system.

    Algo trading is new trend in India. There are many algo trading platforms in India:

    • Zerodha Streak
    • Omnesys Nest
    • Odin
    • Algonomics
    • Presto ATS