Author Archives: Derrick Stanley

Keep all Cryptocurrency Transaction Worries for Revolut

Before setting foot in the cryptocurrency world, one must be aware of a few of its basics. The sole purpose of it is the involvement of money. Given in hand that cryptocurrencies are relatively new, many might have a problem with wrapping their head around it. There are many such sources of information about the cryptocurrencies available over the internet. But it is the transaction that skips a heartbeat for every investor. With a systematic app called Revolut, all your worries about selling, buying, and exchanging your cryptocurrencies will be at ease.

The app comes with features that take the load off a buyer. It has an array of functionalities that include-

• Trading with important cryptocurrencies

The app supports trading with leading cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin, ripple, and stellar. All of these currencies can be traded with other Revolut accounts. The app upon your instructions will dispatch cryptocurrencies against an amount that will exist in a virtual account which shared by other Revolut users as well.

Your wish is the ultimate command

No activity will be carried out without your instructions. The team at Revolut will ensure that only when you ask to sell, buy, or exchange cryptocurrencies is when they are done. The app will only hold the cryptocurrency, obtaining it on your behalf. You will have the ultimate value disposition, which is called as beneficial right.

• Trustworthy partnered transactions

The app works depending upon the data you put – of how much e-money you wish to spend to buy cryptocurrencies. Based on this input, the app will purchase coins from trustworthy partners like Coinbase or Bitstamp.

• Real time exchange rates

The exchange rates are what is given by credible partners. Based on that, the app sets its exchange rate. It is real-time, which is why you will find changes in it from time to time. The best part is that there are no other additional fees that are attached to it.

• Transferring Power

When you transfer cryptocurrency, that amount of cryptocurrency in the account accords for benefits right to the transferee. Transferring is only possible to another Revolut account only.

There may be many other avenues through which acquiring and disposing of crypto assets is possible. Still, Revolut offers what many others in the crypto world struggle to – a hassle-free and load waiving transaction in the cryptocurrency.

Bitcoins: The Dark Horse of Finance

Covid-19 has slashed hay for many up and running businesses. The economy worldwide felt a huge blow where most of the major industries like aviation, tourism, hospitality, and so on are to date trying to get back on their toes.

The stocks have suffered, and how! Companies that were thriving and procuring returns for their investors are now into the rags. Amidst such dilapidated conditions of the economy, the bitcoin is tiptoeing up the scale.

In March, BTC had outperformed even inflationary assets like gold. With the recent agreement of the EU on Coronavirus stimulus, BTC, too, will get a huge rise. The cryptocurrency has soared 80% since March, indicative of its potential as an asset to be invested for long returns in the future.

Bitcoin has also announced to potential users that they will offer high rewards, which will be risk-free if they invest now. The claims of which indicate are exclusive in nature. Despite a low bitcoin recovery, its rate of decline is much better off than many. Experts have even said that it is a good proposition for an inflationary bet.

Bitcoin, which is designed by the blockchain technology, is developed in a way so that there will always be coins to mine. This makes it much more resistant to inflation as compared to fiat currencies. Any crisis like the ongoing pandemic will have minimal impact on it.

The recent halving has also enabled the bitcoin to have a steady run with in terms of predictability. As, before and after halving, the prices of the coins are quite much forecastable. For anyone who wishes to invest in an asset that can withstand any crisis-like situation, then bitcoin can be the right answer to it.

Even if bitcoins fall, the value accelerates as a higher number of investors join in to use it. In fact, countries like the EU, Japan, China, and India have seen new investors joining the bitcoin bandwagon. Looking at this as a sign, experts predict that the bitcoin is here to stay for the long run and is not just a fad for the pandemic.

Veteran investors, too, are now looking at cryptocurrencies as an opportunity to yield its performance, ease of payment, setting up of intermediaries and stability in the long run. With Europe showing keen interest in bitcoins and altcoins, many more countries and unions are expected to welcome and normalize bitcoin as mainstream payment and financial practice.

What to do when you receive a sextortion mail against bitcoin payment?

Bitcoin is churning the wheels of the big money ball. Many are getting lured into its whereabouts. Not only does it interest prospects, but also scammers. Bitcoin is the most famous and widely used cryptocurrency that is used. Its value is quite high and is proving to be steady in recent times. So much so that it is also being called as the future of gold like investments.

When such an accelerating graph of a coin is in the market, it does gather eyeballs. Scams in the cryptocurrency are not new. There have been many scams earlier. But as days go by, the frequency of sexually threatening emails has also risen. These are emails that inform the victim that they have access to theirs or their family’s pornographic videos. The demand against it is in terms of bitcoins.

In 2018, email extortion complaints rose by 242%, where most of them were part of a sextortion campaign, according to the FBI. Experts have said that they prey on people’s fear of embarrassment. Most of these emails are nothing but a hoax. There is no video or any proof of it. But because people hoard certain skepticism, they fall into it.

While it is entirely justifiable for one to panic upon receiving such mails but resorting to giving in to the mail’s demands is definitely not an option. Instead, this is what you should be doing:

Update scam filters

There are many options available as browser extensions that enable you to process emails that can potentially be scams. Also, keep a note of the language and tone used. Although they might seem very convincing upon reading between the lines, you would find that the language is quite generic.

• Change passwords frequently

Keep your passwords updated and back them with additional login information like your personal details for login questions or a login security key.

Report to authorities immediately

You must not be engulfed by embarrassment. Seek official help from the police or FBI. If this email comes to you on your work device, then report it to the IT cell. In the whole process, there is a shallow barrier to entry. This is what makes the sextortion quite feasible for scammers. The best way to prevent them is to educate oneself about such crimes. Reporting is the best option as seeking redressal does not guarantee success.

Bitcoin is Giving the Dollar a Run in the U.S.

The muscle power of the dollar in the global economic market gives the U.S. the superpower status it enjoys. The dollar has been conveniently agreed upon to be unbeatable. Today, most of the major global trades are conducted over the terms of dollars. The value of the currency has always enjoyed an all-time high for the vast majority.

With the landfall of the cryptocurrency, little did it concern the financial lawmakers. The U.S. government and the national treasury always treated the currency like just another trend. Gradually it picked up in the market and garnered few enthusiasts of bitcoin. Bitcoin slowly gained popularity, and the U.S. suddenly saw many of its citizens being actively part of the new digital monetary revolution.

President Trump has earlier even stated that he is not a big fan of cryptocurrency and labeled it as “thin air.” The government and its associates from the very beginning have not been much hopeful of the currency. Bitcoins, however, are considered as decentralized digital currency as per laws. The main reason why bitcoin has fared well in the game is the peer-to-peer transaction concept dating back to the Silicon Valley disruption. It is within the sentiments of the US citizens who have accepted the IT revolution, changing the face of the world.

The strain on the dollar is now quite witnessed. Many cryptocurrency enthusiasts have predicted that a global cryptocurrency would suffice to choke the dollar’s absolute value. As dealing with bitcoins is absolutely digital, it is at ease wherever there is availability of the internet. The support of the algorithmic arrangement of money all over the world through blockchain has made this version of digital currency quite a hit. People are now realizing the many benefits that bitcoins and other altcoins have over fiat currencies.

This potential threat to the dollar has raised significant concerns for the U.S. authorities. In his budget of 2020, Trump has also implemented some measures to keep a close watch on the cryptocurrencies. A Cryptocurrency Act 2020 regulated by FinCEN will be the frontline torchbearer for the same. Experts still predict that it will be of no use as, despite a decline in the price of bitcoin since 2017, it has maintained a loyal fanbase. Talks of having the dollar as a digital currency has come in the light as well. Such is the growing power of the undefiant bitcoin!

“The Missing Cryptoqueen” to hit TV Screens Soon

Ruja Ignatova made thousands of dreams and aspired to get their money multiplied to get rid of their financial problems. She managed to get many investors on board. In a sudden turn of events, her original façade was revealed. While the fraud case was exposed and she was charged with money laundering, Ignatova escaped.

The fraud case of Ruja Ignatova had left many in a confused and helpless state of mind. The million-dollar scammer is one of the most wanted today. While her traces are still a mystery to global authorities, her deeds have been brought to the public disposal by the BBC in the BBC Sound Podcast series “The Missing Cryptoqueen.”

In a heated auction, the satellite rights of the BBC podcast series “The Missing Cryptoqueen” went to New Regency Television. In that exchange, giant names like 20th Century TV and A24 were present. The deal was sealed in the name of the New Regency. Georgia Catt and Jamie Bartlett have created the gripping podcast.

Articles written about “The Missing Cryptoqueen” have garnered quite some eyeballs. It only makes sense that now it is brought closer to life in a television format. The series had outlined the million-dollar Ponzi scheme by the Bulgaria based scholar and entrepreneur Dr. Ruja Ignatova. While cryptocurrencies were not very trusted, she was successful in putting people’s sight behind the blindfold.

The podcast detailed out the gripping dubious tale of the wanted fraudster and how she managed to achieve so many investors. The podcast series could successfully reveal MLM’s technique, where the product was the fake OneCoin, the so-called competitor to the popular bitcoin.

The elated producers are in the hunt of directors to make it an episodic series. With a televised version of the show, the makers aim to bring the massive scam and fraudulency to the eyes of the public. Now that cryptocurrencies are becoming more popular than ever, a show like this would be of value addition.

New Regency TV is set to bring you the chilling encounters of the massive money laundering case of a lifetime. If there can be an instance where even the most protected currency could also be looted, this would be that tale. Even before cryptocurrency has completely made a mark, extortion is already a step ahead. The show sounds promising and of high value for people today who look for avenues for investments.

BBC’s Investigative Podcast on the Cryptoqueen

Cryptocurrencies are becoming popular for the right reasons off late. Even five years back, it was not the same. There was hardly a much-trusted source of information on it. Many entrepreneurial ventures had tried to come up with a digital alternative to the currency. The problem always laid in the fact that there would still be a third-party involvement in them. People never trusted this reality.

Cryptocurrency was anyway having a tough time to hold the ground. But upon a fresh market and very few players when the returns of the investments were observed, a new chapter in finance began. The cryptocurrency rose the ladder, with Bitcoin being the most popular one. Many fresh investors expressed their desire to invest in bitcoins. More and more investors came on board, especially upon learning about blockchain technology. Unlike other digital payments, with cryptocurrency, it is backed by blockchain. The security and anonymity made the risk bearing that comes while investing in bitcoins worth it.

At a reasonably raw juncture, Dr. Ruja Ignatova, in her shining ballroom gown, addressed a mass gathering and said that she would change the future of cryptocurrency with her version of Bitcoin’s competition with OneCoin in 2016. The educated Oxford graduate and entrepreneur showed people a dream to multiply their money to almost ten folds. Overnight she earned the gifted title of “Cryptoqueen.” What followed was a massive pouring of funds from England, Yemen, Pakistan, Canada, and so on. Upon some major confrontation by Bitcoin enthusiasts and a fishy job offer, it was discovered that the entire furrow was a farce. People were excited to see the figures shooting skyrockets on OneCoin’s website, but it was nothing but a scam.

Probably what can be called the greatest scam in the cryptocurrency market, she was found to disappear shortly after her big unveiling. To date, Dr. Ignatova’s traces have not been found. She has gone on to become of the most wanted by FBI and federal organizations across the globe. BBC based an entire podcast named “The Missing Cryptoqueen,” detailing out the layout and brain behind the finance world’s one of the biggest traps. The eight episodes podcast series is curated by the technology journalist Jamie Bartlett.

The series entails the ghastly wicked mind and practice of the pyramid scheme and fake coins as a business to dupe millions across the world. You can catch the podcast on the BBC’s website or Apple Store. 

Buy Tether with credit card

Tether’s Introduction in the cryptocurrency world:

Riding high on the success of former entries and also taking lessons, tether’s origin is from 5 years back. Tether comes as a revolutionary addition to the world of cryptocurrency as it says to yield a definite value. Unlike the fluctuating nature of major cryptocurrencies, tether claims to fix the fluctuation. Tether converts the standard cash into the cryptocurrency and backs it with the assets too. This means that tether also says to secure its value to the user through its assets at any time.

Hence the tokens (tether term for coin) stand a unit value of original currency for them. By doing so, tether also claims to standardize or anchor the value of the original currency. Because of the linking nature of the exchange, the name tether gets its justification too. It comes as an attractive feature for people who find it hard to understand the cryptocurrency fluctuations.

Advantages of indulging with Tether:

Because of the progressive origin of tether, it also builds on the shortcoming of other digital currencies. Thus some of the common advantages that tether aims to offer to the clients are:

  • Open-end code means that cryptographic transactions are easy to simulate and include.
  • Fixing the value of the digital currency also links it to stable assets.
  • The operational investment on this platform is also quite low.
  • Blockchain technology use means that security is the closest to the fail-safe method.
  • Tether also has the feature of adding to the already working cryptocurrency wallets.

Credit Card usage makes tether purchasing easy:

Just like any other exchange, buying cryptocurrency is also easy through online ways. This means that a person can also use his credit card conveniently and securely to carry out the exchanges. Thus, there are multiple methods of purchasing tether with a credit card:

  1. Use a wallet:

Digital tether wallets or any other wallet for that matter have the option to purchase the USDT. The easy steps in this process are:

  • Download a wallet on the device of your choice.
  • Install and register the wallet for accessing it.
  • Go to the exchange, purchase, or deposit option to initiate the process.
  • Register your card on the first occasion and wait for verification.
  • Once the card goes through this, you can also use it conveniently for purchases.
  • Use the online exchange services (exchangers):

These platforms allow easy transactions through less or no registration headache. They deal in the given way:

  • Give a thorough search and visit the right platform.
  • Fill in the list of spaces and give the details.
  • Put in USDT in the option of getting back and your base currency in the option of giving.
  • Initiate transactions and also use the credit card to process through it.
  • Give some gestation time for the transaction to find its way and you can have easy access to the tokens.

If all of this still appears a hassle, a person can always use direct contact. Because of the common nature of availability, someone or the other will have the app and the currency. Just give a ring and use your contact to buy Tether.

Bitcoin ETF approved

Understanding the term ETF:

ETF is the short and sweet term used for the exchange-traded fund. These funds include various assets and operate in a regulatory manner. The ETF also holds bonds and investments. Exchange-traded funds are understandable to work in a way that does not allow excessive variation. The deviation is few and far in between and the ETF mostly holds to the real value.

The flexibility of the funds of “close-ended” nature and the security of mutual funds is what sets ETF apart. The buyer and seller are only in a link through the main distributors. These distributors trust the dealers who operate on a heavy scale. The terms of understanding between them are long-running and open.

The coming together of Bitcoin and ETF:

Nobody doubts the infinite potential and seamless ease of bitcoin. The cryptocurrency dictates the occurrences of the current world. Not only exchanges but investment and other policies too. But what has often kept investors and people to shy away from is the complex nature of storage and understanding. The blockchain concept, security feature, exchange methods, and storage are quite a heavy manual in themselves.  

To bring together the two heavy fighters in a common goal, the Bitcoin ETF is a revolutionary mechanism. It is a show or replication of the exact value (changing) of the Bitcoin itself. The cryptocurrency value is given to the user and they can get it through the ETF without involving themselves in the theory of the famous cryptocurrency. This means that the understanding of ETF itself will be enough for big-shots looking to invest in the trending cryptocurrency.

While the idea is great, the approval is a different matter altogether. The doubts around new entrants in the ETF is nothing new. It is a running issue that the proposal always comes to a dead end.

The Pathway to Approval:

The demand for it is high but authorities are not budging anytime soon. The stalemate has been due to a few reasons:

  • Market hold of Bitcoin not enough to justify its ability for a fund
  • The system is still fresh and has scope for manipulating the investment market
  • The legalities between Bitwise and the SEC are long and unending and can take up a lot of brainstorming

The scope that rests in the combination of the two is huge. It provides flexibility to the market to regulate ETF without putting much thought into the technicality of the cryptocurrency. It also provides an easy way for the Cryptocurrency holders and enthusiasts to get into the transfer funded side of the stock exchange.

CP2000 for Cryptocurrency

Money is great. No doubt about it. Commercials are so vital around. Money is one of the most desirable things in a man’s life. Not until there are taxes to be filed. That is a pain. The process and just the idea of letting go of some amount.

The Internal Revenue Service (IRS) watches over all the investment cradle. Just like every investment and revenue is reported so is the same for cryptocurrency and assets. You heard it right there are tax returns for cryptocurrency as well.

Over 10,000 cryptocurrency holders have been notified by the US body to alert those who might have missed reporting their crypto holdings and transactions in their tax returns. The notice which was the last sent and holds quite a weight is known as CP2000.

Cryptocurrency investments come with a sort of anonymity then how is it that the agency IRS could track down the asset hoarded? This is because eminent exchanges like that of Coinbase send out a form called ‘Form 1099-K’ where they enlist the gross amount of transactions that are done by an investor over the exchange.

1099-K, however, does not report losses or gains and merely report the amount that was involved in the transactions. The CP2000 is actually a notification of any impending information. So, what is to be done if one receives one such notice?

  • Calculate all the cryptocurrency amounts leading to tax correctly because the ones in the 1099-K form were, maybe, misleading. The form does not take cost basis information which is absolutely essential to infer losses/gains.
  • Once you are aware of the exact amount that you owe, you can then seek help from a cryptocurrency tax professional or seek information from portals like Trybe. All this will equip you to respond to the IRS and help you achieve a strong case in case the defaulter charges do not match.
  • Try using crypto tax software that helps file these taxes and also produce tax reports that are absolutely valid. A software of this kind is TurboTax.
  • Ensure that the fair market value is with you apart from the cost basis. Having the fair market value is essential to show the amount that you received against what you bought for.

Understand that the IRS treats cryptocurrency as property and not as currency for tax purposes. So, just how tax reporting liabilities are incurred on properties, it is the same for cryptocurrencies.

How Safe is Ledger Nano S?

Cryptocurrencies have been on a sale like hotcakes in the past couple of years. The right cryptocurrency investment is on everyone’s mind. The popularity with such fund movements is of the results that it might bear upon the right selection of the cryptocurrency.

The transaction process, however, can leave many worried if there is even an ounce of uncertainty. There are two specific ways through which for the time being these transactions take place which is through paper wallets and hardware wallets. Hardware wallets have a fanbase of their own. It is considered one of the best ways to store cryptocurrencies as it comes with high notch security.

Considering the concern regarding choosing the best possible wallet for the cryptocurrencies holding the valuable investments, Ledger Nano S guides the way. The hardware wallet Ledger Nano S is considered to be of optimum quality and range as safety and security are not compromised and are ensured in the best preventive ways possible.

Ledgers built all its devices around specialized chips called Secured Elements and designed a secured operating system called BOLOS. This boosts up all of the wallet’s security amenities. They are run by microcontrollers which are the same as processors.

Here’s how the Ledger Nano S provides all the necessary checkpoints that you are looking for-

  • The wallet requires a physical press to enable “Send transaction”. This cannot be skipped by any hacker who has control over your PC with a hardware wallet connected. This proves a safeguard advantage.
  • The Ledger Nano S requires you to enter a PIN. Upon three failed attempts at entering the PIN, the device will wipe itself.
  • The private keys are stored in a separate enclave environment and are offline. No private keys get stored on the server. They never leave the device and wallets can be wiped and be generated multiple times.
  • The Ledger Nano S has an anti-tampering seal that should only be bought from an authorised seller.
  • Ledger Nano S also has Passphrase which is an extra addition to 24-word recovery phrase.
  • The hardware also checks itself every boot.

Ledgers have been manufacturing one of the safest and secure wallets for investment in the cryptocurrencies. The company recently went into an agreement that ensures all users are protected from a third-party hack. One of the most important things to note however is that it is ordered from its official website and no duplicate ones.