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 and more traffic.
This joke cryptocurrency has risen above 26,000% in the past 6 months. Of course, it has competitors but they are nowhere close to Dogecoin.
Elon Musk, with his charming little tweets and launched this cryptocurrency to new heights just like he did with SpaceX. Young people idolize him for being rich and cool. His tweets spiff up the currency which leads to rising value.
Everybody wants a slice of this cake. You must want it too. Therefore, we bring you answers to the most asked question i.e., How to buy Dogecoin in India?
Coinbase, which the top cryptocurrency trading place, does not allow Dogecoin. At this point, you should understand what exactly is cryptocurrency.
What is cryptocurrency?
Cryptocurrency is a digital asset that is designed to be used over the internet. It is decentralized which means the government has no control over it.
Here is the step-by-step procedure to buy Dogecoin in India:
Install trustworthy and reputed crypto trading platforms such as WazirX, CoinDCS, Bitbns, Zebpay, or Coinswtich.
Set up your account through registration and verification of KYC. (Remember to enable 2-factor authentications to make it super secure.)
Add your bank and UPI details.
After you deposit money into the exchange, you can use the same to buy Dogecoin or any other cryptocurrency for that matter.
You can buy Dogecoin through a Credit card, Debit card, or other e wallets like Mobiwik, Bhim transfer.
Satoshi Nakamoto, the cryptocurrency’s pseudonymous investor owns most bitcoin.
Did Warren Buffet invest in Bitcoin?
Warren Buffet told CNBC that “I don’t have any Bitcoin. I don’t own any cryptocurrency, I never will,”.
Why is Dogecoin a joke?
Dogecoin started in 2013 as a joke to the “doge” meme that was all over the internet at the time. But It is now the fifth-largest cryptocurrency in the world.
Conclusion
Now you can start trading Dogecoins too. A quick tip: Keep an eye on Elon Musk’s tweets to track the path of your investments. Also, remember to be safe while doing such transactions and beware of frauds.
When it comes to Bitcoin, folks become a little conscious of extreme volatility. Bitcoin is an incredible way of investing. The smoothest way to understand Bitcoin is to buy them and try them out. Bitcoin has brought a commotion in the market, with great returns in hand. Due to this, retail investors are moving towards Bitcoin as a new asset for investing.
Previously, Bitcoins were considered a tedious investment and waste of time. But, today, this has completely shifted towards positive aspects. Bitcoin is given leverage and many rising startups are moving towards funding in this cryptocurrency and making Bitcoin investment convenient and easy.
Well, before shifting your attention towards purchasing and investing in Bitcoin, there are few things that you need to know as a bitcoin investor. These are if you are using the KYC (Know your customer) platform, method of payment, and internet connection; cryptocurrency exchanges accounts and personal designation documents.
It’s suggested to use a personal wallet of your own aside from the exchange of accounts. Bitcoin can also be specialised as ATMs (requiring government-issued IDs) and via P2P exchanges.
Through this article, we present you the complete instructions and guidance on how to purchase Bitcoin. Cryptocurrency investment is quite interesting and safe. You can start by investing $1 only and see the return results. Let’s get started!
Expansion of Bitcoin
A single Bitcoin is worth $54,721 Us dollars as per the last April record. Bitcoin is developing more each day and is taken under consideration by several startups and businesses. It’s quite popular for its value that counts in US dollars.
Bitcoins saw a major crash in their values on September 9, 2021, as a result of the sharp sell-off of the cryptocurrencies on September 7, Tuesday. El Salvador officially accepted bitcoins as legal tenders and this event, according to the experts, is directly related to the fall of around 17% of the values of bitcoin. The surge in volume and market activity resulted in a flood of trade orders. This caused service outages at several crypto-exchange platforms like Coinbase. Though the traders are now busy scanning the key technical levels in bitcoin to further assess the direction of the trend, the recent plunge can lead to more disappointments if the key support levels are not held.
Today, more businesses are shifting towards accepting Bitcoin as their legitimate payment across the globe. Some of these are Dell, pizza delivery, Microsoft and some airlines. In some countries such as Australia, Bitcoin has equal worth as its conventional currency.
Therefore, Bitcoin can be used by anyone to make payments around these countries. Bitcoin is developing into a future investment. People are moving towards investing and purchasing more and more.
Now as we know what value does it have, we can move towards the purchasing methods and instructions. Now lets look at How to buy Bitcoin in India.
Before stepping into the purchasing of Bitcoin, you need to get a Bitcoin wallet that would help you in storing and holding your credit cards and cash. Some wallet options are:
Online- web-based assistance
Software wallet (stored in computer’s hard drive)
Vault service (protecting Bitcoin in offline mode) or multi-sig wallet for account protection through several keys.
For regular users, offline services act best for long-term safe-keeping. However, when it comes to complete anonymity and long procedure setups, it doesn’t work right.
For investors, all these services would work right as there isn’t any regular spending from the wallet. A Bitcoin wallet is very essential for the protection of your investing money.
Now, a question arises, how to choose the right wallet? Well, to answer this you need to know some absolutely secured wallet for everyone. These include, Coinbase, the most secure and widely preferred Bitcoin wallet which comes absolutely free of cost and very handy. It offers several services such as exchange, selling, purchasing and trading Bitcoin. This makes it more demanding and convenient.
The next, Cold storage, provides you with the facility to store your Bitcoin easily in an offline mood. When people do not trust wallets, they prefer cold storage.
The third is Electrum, a very prominent free storage facility within the Bitcoin community. It’s considered the best storage options, especially for investors as it is software-based.
Similar to the bank account opening, Bitcoin investment also requires certain data to keep up your account sign in. Cryptocurrency also requires your identity and documents to verify you as a Bitcoin user from your country.
Just as in other apps, signing up requires your email address, OTP and other things, Bitcoin also asks your email address for verification. After this, there would be a green button that you need to click to get started with your account.
However, Coinbase requires your identity similar to a bank. Sometimes this could take a long time for the verification process. Therefore, signing up for your account is the best possible way to purchase.
You need to buy some cryptocurrency to move forward with it. You’ll have to add a payment method to your Bitcoin account. This is similar to other apps that require your payment method and source such as Uber. Then, you have to enter your credit card or debit card, based on your preferences.
Sometimes the bank such as Scotiabank blocks your transaction through Bitcoin. They intend to block people from spending their money earned by Bitcoin, even when it is legal. However, when your bank cancels your transaction through Bitcoin for purchasing something, you will understand why the usage of Bitcoin is important for everyone.
Step 4: Purchase the Crypto
After the establishment of your account, open it through the app. There you will be introduced to a bunch of different cryptocurrencies. These are specially offered by Coinbase whenever you exchange. Besides, you can sign up for different currencies as well.
Before purchasing cryptocurrency in India you need to keep this in mind, that whatever you shall invest can be lost also. Sometimes your investment becomes half overnight and you wonder where did it go?
Well, this often happens here. Some might be lucky to safely keep their money however, others lose it. So, as being a fresher in a volatile market, you need to understand how it works. And at the beginning, investing more than 1-2 dollars is not your preference.
You can buy Bitcoin in India from several online exchanges like BuyUCoin, Coinshare, Unocoin etc.
Through this time, you have become a legitimate cryptocurrency holder and became a part of some brilliant minds across the world, who are willing to transform and evolve the financial system and also, change some old traditional social systems. Welcome to the world of Bitcoin.
FAQ
Who is the richest Bitcoin owner?
Satoshi Nakamoto, the founder of Bitcoin, rumored to own around 1 million Bitcoins.
Is Bitcoin a good investment?
Bitcoin is an extremely risky investment that may or may not pay off.
Is it Legal to buy and sell Bitcoin in India?
It is Legal to buy and sell Bitcoin in India.
Conclusion
Bitcoin is the future of the financial sector. Some society norms need to change, regardless of what they have brought. The world is evolving into every field and sector then why not the financial? Bitcoin offers a safe place for investing your money.
However, it does have some drawbacks but that is pretty usual in normal cryptocurrency. Take a step and invest in Bitcoin, you will understand why it is so important and good. Get started with your Bitcoin.
Recently Tesla had announced that it would accept the cryptocurrency bitcoin as a payment method for the purchase of their electric vehicles. But now the company has announced that it has suspended the use of bitcoins for the sale of its electric vehicles. Let’s look at the reason why Tesla stopped accepting bitcoins as a payment for their electric vehicles.
On 12 May 2021, Tesla had announced that it would stop accepting bitcoins for the purchase of its electric vehicles. This update was conveyed by the CEO of Tesla, Elon Musk just after a month when the company had announced that it would start accepting bitcoin as a payment method.
Elon Musk had shared a statement on Twitter that conveyed the message saying that the move from the company is suspending bitcoin as a payment method is due to environmental reasons. He added that as a result, the company will no longer accept bitcoins as a payment method for their cars.
The statement shared by Elon Musk reads the message which says Cryptocurrency is a good idea based on many levels and we believe that it has a great potential and future. He added that but it cannot come at a great cost for the environment.
The environmental harm mentioned by the company refers to the emissions that are generated because of the use of fossil fuels for the mining of bitcoins. Tesla has conveyed that they are concerned about the increased continuous use of fossil fuels especially coal for the transaction and mining of bitcoins. Coal is considered to have the worst emission compared to any other fuel.
The underlying reason is that bitcoin mining requires a huge amount of computing prowess which is usually met by computers that are really powerful with the latest features. The increase in the popularity of bitcoins and cryptocurrencies has led to an increase in the mining of these digital coins which makes it harder for the miners and they would opt for more powerful computers.
This in turn increases the operations as well as the consumption of the energy through fossil fuels. These machines will require a lot of electricity for their running. It is noted that bitcoin mining operations around the world collectively use around 120 terawatt-hours of energy in one year. This is equal to the energy that is consumed by an entire country.
Some of the environmentalists have been informing about the environmental harm caused due to the increase in cryptocurrencies for a very long time. The situation for the environment is expected to get worse as days passed and Tesla has apparently realized this fact.
The point which should be noted is that cryptocurrencies are considered to be bad for the environment only if it uses the electricity that is generated through fossil fuels. If the energy that is used to mine the cryptocurrencies are generated through coal it is expected to have a huge impact on the environment.
It is to be noted that if the same amount of energy can be provided or generated through solar energy, the impact on the environment will be neutralized and cryptocurrencies will no longer be a harm to the environment.
Tesla had already provided a hint about this solution in its statement. They had mentioned that the company is planning to use its USD 1.5 billion worth of bitcoins in the future only when the energy is generated through a sustainable source.
This means that if the environmental conditions are met, the company is more likely to start accepting bitcoins as a payment source in the near future.
Tesla CEO Elon Musk said the car company will no longer accept Bitcoin as a payment for car purchases.
How many Bitcoins does Tesla have?
Tesla holds around 38,300 Bitcoin that cost around $1.329 billion.
Why is Tesla not accepting Bitcoin?
Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet.
Conclusion
Tesla is said to be looking for another cryptocurrency that uses only 1 % of the energy used by bitcoins for transactions and operations. The new Tesla payment option for the buyers shall be the cryptocurrency if it is to double down on one.
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 government. Let’s look at whether the cryptocurrencies will be taxed by the Govt. of India or not.
There are reports that India is planning to impose a tax to boost the short-term investors in the space of cryptocurrency before bringing a ban on these asset classes.
According to reports from business standards one of the largest English-language newspaper in India, the government is planning to impose personal Income Tax (IT) and a Goods and Service Tax (GST) on the gains received by the traders and investors who are involved in the trading of cryptocurrencies and also from the gains received as platform fees.
GST on Bitcoin
A senior finance ministry official who is familiar with the subject matter conveyed that bitcoin will be categorized under the financial services which will attract a commission fee of 18% GST by exchanges under this segment.
The investors will also have to pay Income Tax on the earning earned from the cryptocurrencies. The senior official has informed an official circular which will be released soon. According to the sources from the newspaper, the authorities are aiming towards charging taxes for both the fiscal years that are April 2020 to March 2021.
The government is also planning to introduce a cryptocurrency bill in the parliament for the ongoing session. The bill will focus on seeking a ban on the private currencies and a formal start for the development of a central digital currency which will be issued by the central bank of the country.
The actual contents of the bill are not yet known and the Government hasn’t mentioned the term private currencies. The bill is expected to fill the gaps regarding the policies according to Anurag Thakur who is the minister of state for finance.
The Government has not mentioned how the gains from cryptocurrencies are supposed to be taxed but the CEO of WazirX Nischal Shetty said that the earnings of cryptocurrencies are supposed to be taxed like any other source of income and should come under the Income Tax slab.
He added that his cryptocurrency platform has been voluntarily paying the GST on the collection of the trading fees. According to another source which says taxation cannot be confirmed that the digital coins would be made legal in the country. He added that taxability and the legality of the coins are independent of each other and not dependent.
An anonymous official had said that while cryptocurrencies are unregulated, they have not yet been banned and the rules for taxation apply for all the services and commodities.
FAQ
Is Cryptocurrency legal in India?
Cryptocurrencies are not illegal in India anybody can buy, sell and trade cryptocurrencies.
Will India ban Cryptocurrency again?
According to the rumoured Cryptocurrency and Regulation of Official Digital Currency Bill, the Indian government might ban private cryptocurrencies in India.
Will Cryptocurrency be taxed in India?
According to the reports Cryptocurrency might be be taxed in India soon.
Conclusion
If the news about the ban of cryptocurrency and the bill regarding the cryptocurrency gets confirmed it will be a clarification on how the cryptocurrency industry will work and how the cryptocurrency users will be taxed.
The popularity of cryptocurrencies has been increasing over the years. We would have seen huge returns provided by these cryptocurrencies, with the promotion of these coins by Elon Musk and his company. Let’s look at the top cryptocurrencies in the market which you can choose to invest in in the year 2021.
Bitcoin is considered to be the king of cryptocurrencies moreover the term cryptocurrency was bought into the limelight because of bitcoins. They have the highest liquidity value compared to any other cryptocurrency in the market.
Bitcoin is a decentralized digital coin with no restrictions. It is widely accepted across the globe and the increase in popularity of bitcoins has led companies such as Tesla to accept it as a payment gateway.
The market capitalization of bitcoin is USD 1,067,761,831,980 and the current price of one bitcoin is around USD 57,048.95.
Ethereum
Ethereum is a popular cryptocurrency after bitcoin. Ethereum is the second largest cryptocurrency in the market. Ethereum will let users to create smart contracts as it is a decentralized open-source blockchain. Ethereum is the second largest in market capitalization after bitcoin.
The market capitalization of Ethereum is USD 482,724,167,431 and the current price of one Ethereum is around USD 4,156.17.
Binance Coin
Binance Coin would be the best option if you are looking to diversify your cryptocurrency investment. Binance which is the parent company of this cryptocurrency has a strong business history and has created utility tokens. Traders also can use Binance coins for purchasing other cryptocurrencies in the market through Binance Exchange.
Binance Exchange is one of the fastest growing crypto exchanges in the crypto market.
The market capitalization of the Binance coin is USD 103,328,372,259 and the current price of one Binance Coin is around USD 673.67.
Doge Coin
DogeCoin which was initially started as a meme has now has a huge market capitalization in the cryptocurrency market. It has provided huge returns to its investors in the recent times. The cryptocurrency’s price was hyped and increased by the Reddit users in the early 2021 and later it was further supported by Elon Musk. Recently Elon Musk’s company SpaceX had announced that it would take payments in the form of Doge Coins. In a recent tweet Elon musk tweeted that if users wanted Tesla to accept Dogecoin.
Tether is a different type of cryptocurrency; it is called a stable coin. This cryptocurrency’s value is derived from the fiat currencies such as USD, Euros, etc. Investors who require more stability and less amount of volatility in their investment would choose to invest into the stable coins.
The market capitalization of Tether is USD 57,292,456,987 and the price of one Tether is around USD 1.00.
Cardano
Cardano is another popular cryptocurrency and is becoming a favourite one among the investors. This coin uses a different blockchain called as Ouroboros blockchain, which means that it has two blockchains instead of a single one. Most of the investors of Cardano are Japanese and it is popularly called as the Japanese Ethereum.
The market capitalization of Cardano is USD 57,111,319,394 and its current price is around USD 1.78.
Litecoin
Litecoin is another top cryptocurrency and has a high liquidity value. Litecoin is similar to bitcoins in regards to supplying as there are only 84 million coins with a block reward. The average time for the miners to mine a Litecoin is around two minutes making it easier to mine. The increase in the popularity of these coins makes it the best of the altcoins.
The market capitalization of Litecoin is USD 25,705,190,474 and its current price is around USD 384.43.
How common are Cryptocurrencies around the world
Bitcoin Cash
Bitcoin Cash became popular due to the stability concerns faced by bitcoin. The name bitcoin attached to this cryptocurrency has led the cryptocurrency to scale in the recent years and providing a huge market capitalization by catching the eyes of the investors.
The market capitalization of Bitcoin cash is USD 29,505,644,297 and its current price is around USD 1,564.62.
XRP is another popular and one of the to cryptocurrencies in the market. This coin is pre-mined and the mining procedure of XRP is less complicated compared to bitcoins. It is a native cryptocurrency for the products developed by Ripple Labs.
The market capitalization of XRP is USD 53,135,015,798 and its current price is around USD 1.51.
Shiba Inu Coin
Shiba Inu Coin is one of the recent cryptocurrencies which has been surging in the top 100 of the cryptocurrency market. Ever since the recent dip in bitcoins, there has been a lot of attention given to this cryptocurrency as the investors are on the lookout for something big.
Shiba Inu Coin has a market capitalization of USD 12,309,275,819 and its current price is around USD 0.00003114.
FAQ
What is the cheapest Cryptocurrency?
Dogecoin is the cheapest cryptocurrency to purchase in 2021.
Who owns the most bitcoin?
Satoshi Nakamoto, the cryptocurrency’s pseudonymous investor owns the most bitcoin.
What did Warren Buffett say about Bitcoin?
Warren Buffet said that, ‘Cryptocurrencies basically have no value and they don’t produce anything,” Buffett also told CNBC last year that “I don’t have any cryptocurrency and I never will,”.
Conclusion
Most of the individuals believe that cryptocurrencies will have a huge market in the coming future and it would replace all the fiat currencies and the other half believe that the value of cryptocurrencies would just reduce over the time and consider it to be another bubble. However many investors have generated huge returns from investing in these asset classes.
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.
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.
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
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.
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.
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.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by GNEISS.
Global Network Encryption Investment Security Services (GNEISS) is one of the most Trustable Forex Trading Technology Solution Providers. GNEISS is the First Decentralized P2P free marketplace built on top of the Bitcoin and Ethereum Blockchains. It aims to be the most advanced Fintech security service while providing the public alternatives to existing government registration and banking services.
Founded by Michael Morton and Hunter Enoch in 2016, Global Network Encryption Investment Security Services (GNEISS) will provide a trustless Peer to Peer system where everyone has equal access to all free-market and government registry functions – Only requirement is an internet connection.
GNEISS – Company Highlights
Organization Name
Global Network Encryption Investment Security Service Inc (GNEISS)
Accepted in Venture Summit, West 2019 (Only 3 blockchain companies could present)
Clients
1,180+ users and growing
Website
gneiss.io
StartupTalky interviewed Michael Morton (founder & CEO of GNEISS) to know the Journey of GNEISS by shedding some light on GNEISS vision, work culture, growth, business model, Forex trading technology services, USP & more….
1. Tell us about the inception of GNEISS & How has the journey been for the company so far?
GNEISS was founded by Michael Morton and Hunter Enoch in December 2016 after over 1.5+ years of designing and coding. Since it’s initial Alpha launch, GNEISS has already launched it’s Beta and finished the stage 1 of the project by the end of 2020. To get to finish stage 1 with no big investors was no easy chore but with the help of One Brick Tech and several other companies we made the impossible possible.
2. How do you integrate the 2 biggest block chains: Bitcoin and Ethereum? How did it help you to provide best-in-class Forex trading technology services?
GNEISS integrates the two biggest blockchains: Bitcoin and Ethereum. Bitcoin is the crypto-gold standard for trading, while Ethereum powers and logs every crypto-asset and smart contract function on the GNEISS network. Using the biggest and most technologically advanced blockchains gives us a huge edge over other Forex FinTech companies running their own private blockchains or even running everything with no blockchain at all with a centralized server.
GNEISS Logo
3. Shed some light on your Forex trading technology services? What kind of responses have you received from customers over the years
GNEISS started out with giving people the power to easily create their own ERC-20 token for trading but that was just the Alpha. Since then we have incorporated the most advanced smart contracts in the industry designed to work with a ERC-20 token to allow users to mint/burn coins, add transaction taxes, add interest rates, and even securitize that ERC-20 token asset with other crypto.
Using the secure feature where a user could store BTC, ETH, or any other ERC-20 token gives users the ease of mind knowing that the value is there regardless and if the collateral’s value ever drops below the agreed contract support level then the collateral is instantly liquidated and sent proportionally to those who owned the now liquidated coin. Having secured contracts also makes GNEISS the first “Trustless Economy” which economists have been trying to accomplish for decades by decentralizing banking power to the people rather than just a few thousand banks.
Customers who have tried our platform all say that it’s pretty cool. Some wonder how they will use the new found technology but everybody who has seen it or tried it thinks it could be the next big thing. So far we have 265+ accounts which is growing each day. We hope and aim to be the leader in this blockchain FinTech industry by creating a whole new type of economy which will open the door to never before seen business models
4. What is the work culture at Global Network Encryption Investment Security Services? How do you create a sense of belongingness?
The work culture from day one has been the typical future billion dollar startup founded out of a home garage only we didn’t have a garage. Most meetings are over the phone or through certain text platforms like Slack or Discord.
The times which we have face to face meetings are usually at some restaurant or bar. By not having an office we save a bunch of money that we can reinvest elsewhere to build up the product. Once we are trading over a $1 million dollars a week we’ll look at getting a decent sized office in the British Virgin Islands and Charlotte, North Carolina. Everybody in the company has a great sense of belonging since they know their helping change the world for the better. While supporting American values of freedom, free markets, and fair business.
The mission of GNEISS is to decentralize banking completely by letting everyone have their own banking ledger and using GNEISS as their preferred decentralized P2P free market platform.
6. What differentiates GNEISS from other Forex Trading Technology Solution providers in the industry?
By installing and running a GNEISS node any user can run the app outside of their web browser securely through blockchain tech and have it act as a 21st century military encrypted Bloomberg terminal. Thus making GNEISS easily the most secure platform on the market right now since most don’t even use blockchain tech.
GNEISS is decentralized by 300 Spartan nodes that run the platform along with all the other nodes that double check and verify the GNEISS blockchain. Spartan nodes are chosen from those running basic nodes by having a high enough credit score, Tier 2 verification, and random chance in GNEISS’s Proof of Trust blockchain model. To upgrade the system ⅔’s of the Spartan Nodes need to vote in favor.
8. What does the future hold for GNEISS? What are the Milestones that you seek to achieve in the years to come?
The future of GNEISS after we finish stage 1 completely, will be to then add a networking tab inside the GNEISS app that will look similar to Slack and Discord but be using highly secured and encrypted blockchain to achieve total personal privacy.
By Q2, 2020 GNEISS will incorporate loans and make our credit scoring system public so merchants have another accurate credit report to go by. Lastly by end of 2021 we should have our first gold/silver/crypto ATMs built with a couple distributed in select areas. These plans only run through the end of 2021 too.
Within 10 years, GNEISS aims to become a fully decentralized free market place with all the functions one could find on wall street.
GNEISS is the First Decentralized P2P free marketplace built on top of the Bitcoin and Ethereum Blockchains.
Creation and trading of ERC20 Tokens that are registered on the platform can be traded with Bitcoin (Free Bitcoin transactions due to Lightning Network).
Creation and Registration of ERC20 Tokens on the GNEISS Platform allow users to instantly create markets for their project. The users tokens can be traded with Bitcoin (free transactions through LN) to any other ERC20 token that is registered on the GNEISS platform (900+ trading pairs).
GNEISS gives the user the ability to store and trade BTC, ETH or any other ERC20 token on Ethereum’s Blockchain.
Users can utilize GNEISS Decentralized Registry to register their Birth Certificate, Car, House, etc. on the blockchain. This allows users to access these legally binding files from anywhere in the world rather than depend on a safety deposit box or fire safe (Untrustworthy 3rd Party)Birth, death, marriage certificates, Register car, house, boat, spaceship or “other” registration to register anything you want.
Match your Birth Certificate with Tier 2 GNEISS verification for globally recognized identification.
Free Marketplace – opening up free trade to the world by creating a decentralized free marketplace with the most advanced computer and network security on the market.
The way people do transactions has evolved dramatically over centuries, from a barter system to a monetary system; from plastic money to now bitcoins. Since its creation in 2009 by Satoshi Nakamoto, an increasing number of people now see Bitcoins as a trusted way of transaction, as now major companies like Microsoft, BMW, and Etsy are also accepting Bitcoin payments. Going by numbers, the cryptocurrency market was valued at USD 1.03 billion by 2019 and is projected to reach USD 1.40 billion in 2024, growing at a CAGR of 6.18% during the forecast period. This growing popularity of bitcoins inspired Shiva Sitamraju to start Blockonomics, a startup that unlocks the power of Bitcoin by allowing entrepreneurs and enthusiasts to manage their bitcoin payments with ease. Here is a peek into the journey and operations of this Hyderabad-based startup.
Blockonomics simplifies the process of receiving /making payments through Bitcoins and tracking Bitcoin transactions. The company has introduced a number of features for this, which includes –
Bitcoin Payment Plugins for e-commerce merchants, supporting sites like WordPress, Wix, WHMCS, and many more
Bitcoin Payment Button/URL, which allows people to set up quick and simple payment options and donations
Bitcoin Invoice, so you can pay your employees easily in Bitcoin, or charge customers if you’re a freelancer.
Wallet Watcher, so you can easily keep track of all your wallets, with many sub-features such as the Export Feature allowing you to see all your transactions in a simple place.
Bitcoin Tracker, a quick way to see any transactions and wallets on the Blockchain.
“Allowing people to control their own sales and payments is an important part of Blockonomics, and is a driving force in what we do. Many e-commerce merchants have to use expensive payment solutions that go through middlemen, so it limits the control of their sales. Our products seek to ensure entrepreneurs can more directly control their cash inflow and to cut down on fees they experience. We also make the easiest to use Bitcoin payment plugin, the other options are often more complicated” says Blockonomics Shiva Sitamraju emphasizing the USPs of Blockonomics.
Blockonomic’s products facilitate ease and direct control. The company’s e-commerce plugins tie directly into e-commerce platforms, for easy installation and tracking. For scenarios where a plugin can’t be used, Blockonomics’ in-house solutions, such as the payment button/URL and invoice function are made to be easily implemented into whatever website, email, etc might be used.
Shiva Sitamraju is the CEO of Blockonomics. Shiva is an MTech from IIT Delhi. He has experience in scalable backend engineering and has held lead engineering roles in a number of startups before. Blockonomics currently has a team of 7 people spread throughout 4 continents. There are 3 members of the marketing team, and 3 on the software development and design.
Blockonomics—How It All Started?
Blockonomics started as a Wallet Watcher to track a large number of bitcoin addresses. Sitamraju himself is a bitcoin enthusiast, and was facing problems with monitoring and tracking multiple bitcoin addresses, which made him create ‘Wallet Watcher’ as a tool to help himself out. In December 2014, Sitamaraju launched Blockonomics Wallet Watcher on the bitcointalk forum. The initial response of the bitcoin community on Blockonomics’ Wallet Watcher was very good and it was very heartening for the Blockonomics team to constantly receive feedback on features to add to the product.
“We used community forums like bitcoin talk, StackExchange, and Reddit. These channels are most important to build your MVP into an actual startup. Even though the growth of user metrics may be slow using these channels, they are valuable to build user trust and help to steer you in the correct direction. In 2015, Blockonomics’ thread became hugely popular on Reddit bitcoin. Even though we had very few users and zero revenue, constant feedback from customers and a sense that this product is getting used kept us going” says Shiva Sitamraju.
Blockonomics Founder & Team Members
However, after 2 years, when Blockonomics monetized its Wallet Watcher, the team soon realized that the revenue stream for the product was very less. So the company started diversifying its offerings.
“Though some people were willing to pay for the Wallet Watcher, the amount was very less and creating pressure on our margins. After looking at some other services that were selling e-commerce payment plugins, we realized that this market was a good fit for our product which already had backend ability to serve blockchain queries” says Shivaabout the initial challenges of the startup.
Blockonomics’ work culture has always been completely remote (even before covid).
When Shiva started to recruit remote work, he had two simple rules:
Hire from anywhere in the world
Don’t look at resumes
The company never had an office and the team has never been restricted to geographical boundaries. Also, the team avoids holding unnecessary meetings and has only one meeting per week. All work is done asynchronously using tools like Slack, Trello, Github. This gives employees more flexibility and there is no assigned office time (you don’t need to be online 9-5). This also means all team members are independent / self-driven and there is a trust that no one needs monitoring/ management.
Blockonomics Team at Prague WordPress Conference 2018
For the Address Watcher Users, Blockonomics charges a flat subscription fee. The subscription fee ranges from 0- 20 USD per month based on address limits and API features. While, for merchants, the company offers the first 10 payments free and thereafter charges a 1% fee on payments.
Blockonomics—Challenges
Building a viable business has been the major challenge for the Blockonomics team. Shiva was from a tech background and he did not have any entrepreneurial experience. It took him quite some time to become able to handle a business. Initially, Blockonomics had very few users and earned almost zero revenue. The team had to dig through business knowledge from podcasts/books and learn on the road.
Blockonomics—Growth
Despite all the struggle, Blockonomics has today established itself as a sustainable and profitable company that is making a difference. Some major growth parameter achieved by Blockonomics are-
Active WordPress installs – 3000+
Total merchant store installs – 10,000+
Blockonomics is monitoring 300,000+ addresses
140,000 payments have been processed through Blockonomics payment plugin/payment button/URL
6,500 P2P invoices have been created through the platform.
While there are many who are still confused and unsure about Bitcoins, startups like Blockonomics are doing a good job in making more and more people confident about using Bitcoins by making Bitcoin transactions easy.
Blockonomics is a decentralized Bitcoin payment solution that provides you with specialized transactional tools to enhance your BTC use. A bitcoin payment gateway that is decentralized and permission-less.
Is Blockonomics safe?
Blockonomics is built on a P2P connection, making it safe and secure as it does not save your private keys. Users also prefer Blockonomics to other payment processing platforms due to its permission-less, peer-to-peer structure.
How do I pay my bitcoin wallet?
If an online merchant has the option of Bitcoin payments, you just need to copy their Bitcoin address and paste it into a designated field on your wallet. Type in the right amount of bitcoins into the payment box and click ‘send’.
How can I check my Bitcoin balance?
You can use Blockchain.info. Just paste the address you want to check into the Search input box and the website will show you all the transactions where that address was involved, as well as the balance.
Who gets the money when you buy Bitcoin?
A buyer and seller agree on a price and a trade is executed over an exchange. So our $50k investor buys that amount of bitcoins and the seller receives the $50k in the form of a cash deposit. That seller may now keep it in the bank, buy other cryptos or withdraw it and spend it in any way they choose.
Can Bitcoin be converted to cash?
There are several ways to convert bitcoin to cash and ultimately move it to a bank account: Sell bitcoin on a cryptocurrency exchange, such as Coinbase or Kraken. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account.
Blockonomics—Conclusion
Blockonomics is a platform that is a decentralized Bitcoin payment solution. Blockonomics provides you with specialized transactional tools to enhance your BTC use. It is a decentralized and permission-less bitcoin payment solution. Its services enhance the wallets you already own. Their aim is to accept bitcoin directly without any mediator and present an invoice anonymously. They are huge fans of decentralization and cryptography.
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.
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.
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 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
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.
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.
Indian Government is planning to introduce a new bill that will ban all the private cryptocurrencies in the country. The government has plans to ban cryptocurrencies such as bitcoin and Ethereum and to introduce a national cryptocurrency. The new bill is planned to be introduced in the lower house of the parliament.
This bill is not considered to be the first time the Indian Government has been against the purchase of digital assets in the country. In the year 2018, the Indian government panel had proposed to ban all the cryptocurrencies in the country and had suggested that the offenders would be put in jail for a period of 10 years.
In the same year, the finance minister Arun Jaitley had said that The Government of India doesn’t consider the cryptocurrencies legal. He said that it is not considered as a digital asset or a payment method and that the Government would take all legal actions to stop the use of these digital coins for payment activities. The government had stated that it was not approved by them and it was illegal.
The monetary regulator of the country had later banned the use of cryptocurrencies in the year 2018. The ban was after the reporting of a number of fraudulent activities related to cryptocurrencies. However, the ban was later removed by the Supreme Court of India in March 2020.
There has been a lot of anxiety and fear across the country regarding the ban of cryptocurrencies. It is said that there are around 75 Lakh Cryptocurrency owners in the country. Their holdings have a worth of up to $1 billion.
One of the other major reasons for the ban of cryptocurrencies in the country is because of the Aadhar card. It is said that the ban of cryptocurrencies would have been already put in action several years ago by the Government without any intention.
The unintentional ban is supposed to be when the government introduced the Jan Dhan-Aadhar-Mobile trinity during the rule of the Modi Government in India. Aadhar was a huge project undertaken by the country which required the citizens of India to register into the financial system of the country by using a unique identification number. The Government wanted to use that network to directly send subsidies.
Brent Johnson who is the Chief executive of the San Francisco Santiago Capital which is U.S based company has said that Aadhar could be the reason for the Government to introduce the new bill in the country. Because the Aadhar card was a project to ensure that all the citizens had an account with the government, their ID’s and payments.
As of March 2020, the unique identification authority has issued over 122 crore Aadhar cards in the country which covers up to 90% of the Indian population. Out of 110 crore bank accounts in the country around 96 crore accounts have been linked to Aadhar cards according to UIDAI.
Brent Johnson also added that, if the mobile network connection is taken into consideration regarding the Aadhar card it would seem like it is safe for the Government of India to create a network to issue of its own cryptocurrency in the country which would be accessible to everyone.
Cryptocurrency and Regulation of Official Digital Currency Bill
The bill that will be introduced is called as “Cryptocurrency and Regulation of Official Digital Currency Bill”. The main intention of the bill would be to create an easy way to provide support to the new digital currency introduced by the Reserve Bank of India.
The bill also concentrates on banning all the private cryptocurrencies in India. The ban will also improve the chances to increase the demand of the National Currency issued by the Government of India.
It is considered that there will be certain exceptions because the Government of India would require the underlying technology of the bill which is the blockchain technology.
Brent Johnson said that the government would most probably want to use the advantage of Aadhar cards to issue its own cryptocurrency and would want to avoid competitions.
e-Kuber
The recent move of the Reserve bank of India which allowed the retail investors of the country to register with e-kuber. It helps the retail investors to open an account with the portal which helps in purchasing government bonds in primary and secondary markets.
This new portal has raised a curiosity amongst the people in the country. The market participants feel that this would be the portal for issuing the National Digital currency in the country.
FAQ
In Which countries Bitcoin is illegal?
Inspite of its rising popularity, cryptocurrencies are illegal in these countries. Saudi Arabia, Algeria, Bolivia Algeria, Ecuador, Bangladesh, Nepal, Macedonia.
Who is the richest Bitcoin owner?
Satoshi Nakamoto, the founder of Bitcoin, rumored to own around 1 million Bitcoins.
How safe is Cryptocurrency?
Cryptocurrency is considered as one of the riskiest digital currency.
Conclusion
The Deputy Governor of RBI, BP Kanungo has told that an internal part of the Reserve Bank of India is working on the model for the cryptocurrency and that RBI would soon give more information regarding it. If they don’t ban cryptocurrency, many investors might get a new revenue stream and most of the youth will invest in it. However, the government has experts who knows better than us. Hence, we must respect whatever decision they take.
Alan Joseph
