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Frederik Nielsen

Frederik Nielsen has 312 articles published.

Frederik Nielsen
I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

How To Use Smart Contracts

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How To Use Smart Contracts

We tell how smart contracts appeared, how they work, where they can be used and what are their advantages.

What is a smart contract?

A smart contract (or smart contract) is a special protocol designed for parties who can participate in negotiations, check their conditions, implement agreements and monitor contract performance.

How did the smart contracts come about?

Some may argue that the blockchain is notable for its applications that record various data and events. Others believe that the greatest value of the blockchain is in its ability to process transactions. All these functions of the blockchain, like many others, can be combined to create an extremely useful application – smart contracts.

How do smart contracts work?

The basic principle can be explained by the example of a vending machine that implicitly executes instructions. The fulfillment of the obligations of the parties is checked automatically.

What do you need to create a smart contract?

The subject of the agreement

The program must have access to the goods or services about which the contract is concluded, and be able to automatically give or close access to them.

Terms of an agreement

Conditions of a smart contract in the form of an exact sequence of operations. All members must sign these terms.

Decentralized platform

The smart contract is recorded in the blockchain of this platform and is distributed on its nodes.

What are the benefits of smart contacts?

Security

The smart contract is encrypted and stored distributed, which guarantees protection against loss or unauthorized changes.

What are the disadvantages of smart contracts?

Human factor

The code is written by people, and they can be wrong, while the smart contract is recorded in the blockchain, and therefore can not be changed. A good example of such a mistake is the story of DAO. Errors of developers have cost dearly to users, and companies – hackers took advantage of the vulnerability and stole about $ 60 million.

Undefined legal status

Today, smart contracts are not regulated by governments, so if the government decides to create a legal framework for smart contracts, problems may arise.

Why to use smart contracts

Smart contracts can optimize and automate a wide variety of transactions that occur in any professional sector. They can help businesses establish trust with their customers and ensure maximum transparency of transactions. And, most importantly, they are unchanged, that is, eliminate the risk that someone will change the contract in order to take advantage of the benefits at the expense of others. These features can be very valuable, especially in industries such as the financial sector or public administration. Although smart contracts are a simple concept, the nuances associated with their use, in reality, can complicate matters.

UPayCard Bitcoin Debit Card Review

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UPayCard Review

It is a British-based company with its headquarters in London. UPayCard was established in 2013. Today, it regulates by the UK Financial Conduct Authority. The company is involved in activities like prepared payment systems and international payment transfers. Like its rivals, UPayCard Bitcoin debit card features an e-wallet that goes along with the respective virtual and physical cards. This one feature separates it from its competitors by giving it a competitive edge. They also issue both business and personal cards, making it a great investment for entrepreneurs interested in Bitcoin and also blockchain startups.

In the beginning, the company did face some setback due to its high fee structures. But it has learned from its mistakes and reduced their fees vastly.

In this brief review, we shall highlight the advantages and disadvantages of the UpayCard Bitcoin debit card and further learn what this debit card has in store for its users.

Advantages

  1. UpayCard Bitcoin debit card is mastered up with MasterCard, making it acceptable in 99% of the stores worldwide.
  2. The debit card has a user-friendly mobile app along with an e-wallet facility. This allows easy access to users as they can track their balance when on the go.
  3. UpayCard Bitcoin debit card is also very secure. Its customers can enable a two-factor authentication system and also a PIN-code/password.
  4. There are no bank transfer charges involved when transferring money amongst pay cardholders.
  5. A majority of their services are up for grabs free of cost. UpayCard doesn’t have a monthly maintenance fee. Setting up an account is also free of cost. Moreover, the user doesn’t have to pay any extra charge for inactivity and neither when topping up via bank transfer.

Disadvantages

  1. Despite being charge-free on top-up, there is still a 1% fee associated when dealing with Bitcoin.
  2. Sadly, UpayCard Bitcoin debit card doesn’t offer anonymity. The users must verify their identity, proof of address and other requisites in the Know your Customers section.

UPayCard debit card Charges

  • Most of the services offered with UpayCard Bitcoin debit card are free of cost, but not all. When topping up with a MasterCard or Visa, users are faced with a setback of 1.2% to 2.9%.
  • Transfer services like Wechat, Alipay or UnionPay costs about 1.2%.
  • ATM withdrawals are quite expensive too. Jus the tracking of your balance on an ATM will charge you €1.
  • No matter where you are, withdrawing cash will cost €3.5.
  • When converting payments, there is a 3% standard foreign exchange rate with UPayCard.

Summary

  • Physical card: Yes
  • Virtual card: Yes
  • Card type: MasterCard
  • Mobile app: Yes
  • Supported fiat currencies: EUR, GBP, and USD
  • Supported cryptocurrencies: Bitcoin (BTC), Ripple (XRP) Ethereum (ETH), Litecoin (LTC) and 80+ other cryptocurrencies
  • Anonymous: No

Final Word

When established, the company specialized in international money transfers and prepaid debit cards only. Today, they also feature Bitcoin as an option. The reason why UPayCard has such a big following is that customers are reassured of its services as it previously dealt in debit cards. On the downside, many still find its fees quite pricy and Bitcoin as the only cryptocurrency option as a limited opportunity.

CoinsBank Bitcoin Debit Card Review

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CoinsBank Review

Located in Edinburg, CoinsBank was established in 2013 by Ronny Boesing. The company offers Bitcoin debit cards and also supports Litecoin. The firm also offers exchange services along with digital wallets for its users. The company has an up and running mobile to track your balance on the go. One of the biggest features that differentiate it from other debit card issuer firms is that it allows its users a wide range of supported fiat cryptocurrencies.

In this article, we shall review what more it has to offer to its clients, drawbacks and fee structures associated.

Advantages

  1. It has an e-wallet for keeping tabs on the balance.
  2. The user-friendly mobile app also makes it convenient.
  3. Users enjoy strict security measures to ensure their cryptocurrency remains safe.
  4. The debit card allows cryptocurrencies to convert instantly.
  5. The debit card supports a number of fiat currencies including USD, EUR, GBP, AUD, RUB, and JPY etc.
  6. The biggest perk is that users can receive instant crypto cash-back when using it in store.

Disadvantages

  1. The company lacks transparency when it comes to determining who runs the firm.
  2. The prices are considerably higher, which makes the card inconvenient for many users. Many users have also lodged online complaints regarding this. However, the company hasn’t done anything so far to resolve the issue.
  3. The company offers free shipping but only to premium cardholders, which is, again, a drawback.

CoinsBank Bitcoin Debit Card Charges

  • The company offers more than one type of debit card. The prices range from $2.95 to $1,000 as issuance fee.
  • To use the physical debit card, users have to pay $14.95 as an activation fee.
  • The CoinsBank debit card also has a monthly maintenance charge ranging from $0.95-$2.95.
  • There is a $3.95 charge for domestic ATM withdrawals which is one of the highest we have seen so far. International ATM withdrawal costs $4.95.
  • There is also a POS charge that ranges from $0.95-$1.99.
  • Finally, currency conversions cost at 2.5 to 3%.

Summary

  • Physical card: Yes
  • Virtual card: Yes
  • Card type: Visa
  • Mobile app: Yes
  • Supported fiat currencies: EUR, GBP, RUB, AUD, YEN, and USD
  • Supported cryptocurrencies: Bitcoin (BTC) and Litecoin (LTC)
  • Anonymous: Yes

coinsbank card

Final Word

If we talk about versatility, this debit card has a lot to offer. Professionals and travelers find is an extensive range of currencies to be extremely handy and practical. The users also have the choice to decide which type of card they want. There are premium features for premium users. However, if we compare its prices with other debit card issuers, CoinsBank debit card is quite pricy. There is even a shipping fee for the card which is mostly free of cost with other debit card issuers. Only premium cardholders can get free shipping. Not to mention, the POS and ATM withdrawal charges, which are hefty too. However, all these drawbacks can’t stop the people from investing in one since it also allows users to take cryptocurrency cash-back when using it in a store.

Want To Mine Bitcoin? Here’s How To Set Up

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Bitcoin cash mining confirms a block of transactions every 10 minutes as compared to Bitcoin. But before this block is validated all the Bitcoin cash minors have to repair a cryptographic puzzle. The puzzle isn’t like a regular puzzle, in fact, it is impossible to solve by the human mind alone. It requires extensive processing power to repair it.

Ever biotin cash minor contends to become the pioneer to solving it. The prize of this pulse-solving is the mining benefits. Yes, it is true, whichever miner succeeds in repairing the cryptographic puzzle first claims all the associated benefits. As per the rules, any miner who successfully mines the block earns 12.5 BCH. This remains in location till April 2020. After this date, the benefits are cut into half the actual reward and down to 6.26 BCH.

mine bitcoin

Bitcoin Mining –Successful or not?

But are the rewards worth the efforts? Well, it all comes down to the gadgets used for mining. Since you are paid in BCH, you must think about the actual market cost of mining Bitcoin cash before diving into it. If the rate is higher, so will the reward be. Thus, its success solely depends on what objectives you have in mind and also if you think mining is a long-term investment or not.

Hardware Requirements to Mine Bitcoin Cash

The first and foremost hardware device required to mine Bitcoin cash is the ASIC (Application-specific incorporated circuit). It isn’t the only variation available –some are even better. But there isn’t a point to consider another since ASIC is the only way you will ever have a chance of winning the benefits.

Software Applications for Bitcoin Mining

There are a number of third-party software applications available for download when planning to mine Bitcoin. However, if you have carefully gone through the article, you would know that neither of the gadgets is suitable for Bitcoin mining. In order to mine Bitcoin, the user will have to use an ASIC. Furthermore, the user will also have to enter the Bitcoin wallet address to proceed.

mine bitcoin

Bitcoin Cash Mining Pools

Mining pools allow Bitcoin miners to pool in their resources together, share a joint hash and distribute the winning reward equally. Users with more shares win more and vice versa. Bitcoin mining pools allow a great deal of control to the users. Since they are easy to set up, there are many rip-offs in the name of authentic Bitcoin mining pools. Therefore, it is important that users carry out extensive research before joining a mining pool. If they aren’t sure about which one to join, they can always choose a public mining pool.

Below is a list of the top 5 Bitcoin mining pools as ranked here. Readers can read more about these in detail and then decide which one to opt for.

  1. BTC.com
  2. Antpool
  3. Slush
  4. F2pool
  5. ViaBTC
  6.  

Final Word

Though it seems like a good opportunity to invest in mining Bitcoin cash, it is merely upon the miner whether to pursue it or not.

Hard Fork vs. Soft Fork

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What is a Hard Fork?

Knowledge of what hard fork is necessary for users who have contact with the cryptocurrency world. Consider how the forks pass, what are their pros, cons and how to benefit. A hard fork cryptocurrency is the introduction of significant changes in the program code of the blockchain chain, as a result of which a new branch of the network is created that functions by its own rules and do not interact with the “parent” system. In this review, we will consider in detail the key points regarding hard forks, and we will understand why it is being held.

As mentioned above, hard fork cryptocurrency is a modification of the source code of the blockchain, as a result of which new rules for the functioning of the system are created, incompatible with the old algorithms. Since the old and new rules cannot work within the same chain, the network is ramified (hence the name of the process, because the hard fork translates as “hard fork”). The “mother” system continues to operate according to the established algorithms, while the new blockchain has its own ecosystem.

In most cases, the result of the hard fork is the creation of a new cryptocurrency, which runs within the same payment system. Sometimes this operation does not imply the creation of a new asset. Changes are made in order, for example, to correct the principle of extraction of a coin. In this case, division occurs. The best example of hard forks is Bitcoin Cash. For a long time, the BTC blockchain worked, satisfying user needs, and everyone was happy with everything. In 2017, there was a proposal to change the settings and increase the block size to 8 MB. The step was to solve cryptocurrency scalability problems: reduce transaction costs and increase the number of transactions per second.

What changes are made during hard fork?

We have already found out that often due to hard forks a new cryptocurrency appears. This asset is formed due to the fact that the organizers make fundamental changes to the original blockchain, which are incompatible with the old algorithms. As a rule, the following aspects are touched upon when holding a hard fork:

  • Sets the maximum issue of the new currency.
  • The time of block generation is prescribed.
  • Sets the amount of the reward for the disclosure of the block and the frequency of its adjustment.
  • An algorithm that regulates the complexity of mining is created.
  • The block size is set (the possibilities of the subsequent change of this parameter are additionally specified).

In fairness, we note that the organizers of the hard fork extremely rarely subjected to drastic changes absolutely everything. As a rule, they cover only a couple of aspects. For example, one of the most successful forks of Bitcoin Cash is in many ways similar to the original Bitcoin. It has the same emission (21 million coins), approximately the same block generation time.

Conclusion

Taking into account all the above, we can say that despite some drawbacks, hard fork cryptocurrency is a rather positive development. Of course, attackers often use this, and ordinary people burn through on projects that are not successful. However, dramatic changes in blockchain networks stimulate their development, expand the possibilities of application, make payment systems as user-friendly as possible, and give new chances for investment. The main thing is to observe a competent approach when working with one or another hard fork in order to minimize all risks.

What Is A Paper Wallet?

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What Is A Paper Wallet?

A paper wallet is a special document with which the storage of a virtual coin is ensured. Such storages are in demand among users of crypto networks who own a large number of cryptocurrencies and aim to protect the savings from intruders. The peculiarity of such wallets is the availability of copies of two types of keys (public and private).

The convenience of the store lies in the possibility of using QR codes that provide quick identification and adding keys to the desktop client for conducting operations in a crypto network. What are the features of such wallets? How to create a paper wallet Bitcoin and what is required for this? What safety measures to follow during use? These and a number of other issues will be discussed below.

What are public and hidden keys

To better understand the essence of cryptographic keys, let’s simulate the situation from the real world. Imagine a vending machine. Anyone can throw coins into it. But not everyone will be able to get them back because this requires a special key. The only person who takes money from the device is its owner with a unique key.

In this example, the vending machine symbolizes a public address to which money can be sent to you. You own a device with its own unique hidden key. With it, you get access to the funds and the right to dispose of them at its discretion. The public key is the address to which money is sent to you, and the secret key is what you will use to send the coin to someone else. Remember, only you must know the secret key, otherwise, anyone can use your wallet and send money to any address.

How to make a paper wallet

You will need a program that randomly generates unique private and public keys. This is an open source program, and if you know about programming, you can see for yourself that it doesn’t do anything extra. Moreover, the keys will be created offline so that they do not hit the Internet, and when the job is done, you need to remove the program to get rid of all traces. You do not need to be a programmer or to understand encryption: you need only a computer, a printer, an internet connection and a sheet of paper. First, you need to make sure that there is no malware on your computer. The best is just a new computer, but, of course, not everyone can afford it.

Do you need a paper wallet

The answer to this question depends on the specific circumstances. If you want to spend a summer day trading in currency, then you will not need such a carrier. But if you are going to save money for a long time, for example, you are going on a long journey, then a paper wallet is a great way to keep your savings safe.

Risks of paper wallets

As far as paper carriers are protected from virtual threats, so are they vulnerable to physical ones.

  • Abduction: there are always people who are ready to break the law for the sake of something valuable. Bandits can crack your safe just like hijack Lamborghini. They do not know what is inside, but since it is protected, it means it is valuable.
  • And the moral here is simple – do not shout at every corner about your investments in cryptocurrency. It doesn’t matter whether it’s online or in the real world. Remember.
  • The unreliability of the carrier: after all, it’s just paper. It is easy to damage, and the paint eventually erases. So periodically make copies of the document.
  • Theft: since the keys are written on a sheet, they can be seen, photographed and stolen your money.
  • Disasters: a sheet of paper is not protected from natural disasters and can be easily destroyed if you have not made backup copies.

Conclusion

The use of a paper wallet is relevant for those cases where the holder of a cryptocurrency focuses on long-term investments and does not plan to frequently conduct transactions with coins. Despite a number of security advantages, paper vaults have a number of disadvantages that are important to remember before registering. But you have to tinker to prevent physical trouble: the loss, theft or damage to secret keys. Always keep their location secret and install new storage in case of minimal suspicion of privacy vulnerabilities.

The best solution is diversification. As the old saying goes: “Don’t keep all your eggs in one basket.” Always distribute them. Keep a part of the currency (most) in paper wallets, just in case, make backup copies.

How To Sell Ripple

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Most Popular Ways To Sell Ripple

Ripple cryptocurrency in recent months has risen sharply in value due to the increased interest of investors and traders. A positive role in this was played by the news about the beginning of testing the technology of interbank payments on the Ripple blockchain by Asian banks. On January 11, 2018, another well-known financial company providing the Moneygram international money transfer service also announced its cooperation with Ripple. They believe that the use of XRP technology and cryptocurrency will allow making transfers quickly and cheaply to any country in the world.

The market capitalization of coins in circulation (about 38 billion XRP) as of January 13 is 80 billion US dollars, with an average rate of $ 2.02.

How To Sell Ripple and XRP

Due to the sharp depreciation of the XRP rate, the volume of Ripple capitalization has noticeably decreased. This means that more and more people are choosing to sell Ripple. But not everyone knows how to do it most profitably and quickly. Let’s figure it out.

Although many do not recommend getting rid of their assets in XRP, predicting the upcoming growth of the ripple in the long run, some people still decide to sell Ripple. The easiest way to do this is to use the exchanger. Let’s see how to choose the exchange office that offers the most favorable exchange rate.

sell ripple

SBI MoneyTap

The most profitable way to sell XRP is to exchange them on a cryptocurrency exchange. We look, what platforms work with a coin, what methods of withdrawal and other conditions. Some exchanges can only work with cryptocurrencies (Binance), for example, you can exchange Ripple for Bitcoin and withdraw it to another wallet. There are exchanges that work with Fiat and you can sell Ripple for rubles, dollar or other currencies.

Sell Ripple on Bitstamp

Exchange Bitstamp provides an opportunity to purchase 12 cryptocurrencies (Bitcoin, Ethereum, Dash, Litecoin and others) and 1 token (KICK). Among the languages present are Russian and Ukrainian. The cryptocurrency exchange has been operating since 2013, it is registered in the UK, the number of clients at the end of 2017 exceeded 1 million people. Available currency pairs with Ripple: XRP / USD and XRP / BTC.

Sell Ripple on Binance

XRP sale and exchange on the cryptocurrency exchange. The most suitable option, since the courses will be better than in exchange offices. Which exchange to choose the final decision for you. The Binance cryptoexchange is popular, where you can sell cryptocurrency for rubles, dollars, euros, hryvnia and withdraw using available methods: advcash, payeer, perfect money, okpay, Yandex money, after verifying a bank transfer, to Visa or Mastercard, neteller and other.

What to know before you trade Ripple

In fact, this is part of the name of the company Ripple Labs (until 2013, OpenCoin). And, of course, it is often called the network created by this company, designed to process payments by financial institutions. But the token released by Ripple Labs and operating in the Ripple network is formally called XRP. However, since the word Ripple is easier to pronounce than the abbreviation of the three consonants, this name is likely to remain popular.

sell ripple

How safe is Ripple?

At the beginning of 2018, Ripple Labs owned about 60 billion XRP, while all these tokens can be produced 100 billion, that is, the company owns about 60% of the currency. Some people believe that in this connection, control over XRP in the Ripple network can be considered centralized, which is not suitable for some activists — they prefer unconditionally decentralized systems. Ripple Labs notes that even in the absence of centralized control, the presence of large players in the Bitcoin network and other networks leads to actual oligopoly. Moreover, the company believes that шеы XRP controlled emission plan gives it an advantage.

Why Use Blockchains?

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why use blockchains

Right now, we are living in the digital world where almost everything is advanced with innovations. The blockchain is one among many and currently, it is one of the leading platforms for digital possessions. This platform is becoming increasingly important to the modern world. But why should someone use blockchain? Well, there are several reasons for using blockchain.

The blockchain is a peer-to-peer network linked with several computers to record and maintains all the transaction of cryptocurrency. It is more likely a traditional database with extremely decentralized and improved security. Therefore, innovation can be beneficial enough within the country through censorship is a considerable issue. These sorts of acts are severe on the procedure level of a blockchain. As long as it is gaining popularity, Blockchain innovation is investing part of their loans to do some researches on making it more developed.

why use blockchains

Key Factors of Blockchain

There are some key factors for which many organizations and people choose blockchains over any standard database systems. Such as;

Safety Issues

The first thing that strikes in mind, “are blockchains safe?” The blockchain technology is safer compared to other centralized database systems. The network system is far less likely to be the target of a hacking attempt or a point of failure. The system is updated enough to detect any kind bug and declines and expels the hacked block instantly before it creates any damage to the blockchain. Usually, the more the nodes in a network, the more secure it is. Therefore, Bitcoin is considered as the most sophisticated and secure blockchain these days.

Blockchain: Cost Effective or Expensive

The highly distributed blockchain technologies operate through some network of odes where the user will never need to hire a professional to maintain the DevOps system. Some small companies can save expenses by embracing all the innovations of blockchain and smart contracts. This helps to lock out the intermediaries for the administrative tasks and financial services. 

why use blockchains

Are Blockchains Open?

Blockchain innovation is an interesting business all around the world because of its incredible transparency. This derives that it is ideal for other users and developers with the chance to modify it as they deem fit. Another exciting fact is modifying any information kept on the blockchains is nearly impossible and throbbing. It is because of the existence of multiple nodes in the network monitoring the modifications on records.

The velocity of Blockchain Transactions

In some conventional banks, it takes days or even weeks for settling a transaction completely. It can be the reason for sophisticated protocols in the transferring software in banks. Moreover, banks are open during the regular company hours in five days a week. Similarly, some banks are located in different locations in a different time zone which can complicate things as well. However, blockchains work 24 hours a day and seven days a week. So, the blockchain based transactions happen instantly and take less time to process and update.

Summary

After finding out almost everything about blockchain innovation, it can be said that it has passed all the major assessment and performing quite well. The entire discussion above is a quick reflection of blockchain utilization. The blockchain technology offers some fantastic advantages to the conventional database which cannot be ignored. It is just a matter of time when blockchain takes over the traditional databases in every aspect of our everyday lives.

5 Crypto Trading Tips You’ll Love (Updated 2019)

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5 Crypto Trading Tips You’ll Love

At the initial stage, many experienced market participants are watching their colleagues’ hobby for digital money, which will pass in a short time. Virtual money that does not have real values, is not material incarnations, even now perceived by sceptics as a large-scale scam or a toy for visionaries.

Nevertheless, gradually the advantages of virtual payment instruments and technologies are becoming more accessible for people who were initially skeptical of cryptocurrencies. Virtual coin owners can easily make payments around the world. The received intangible money, in turn, can convert funds into the right currency using special exchanges.

crypto trading tips

Tip #1: Trade as carefully as possible.

Any investment is a risk, analysts say. Cryptocurrency is the same risky direction of investment as any other market sector. However, the risks of investing in Bitcoin are higher than the risks of investing in stocks or commodities. The cryptocurrency market is still very young, so a trader must understand the danger that this or that step carries to his funds.

Never invest all your funds in Bitcoin at once. This can not be done even if you are tempted to get a huge profit. Indeed, Bitcoin has risen in price recently. However, in the first stage, you can only invest part of your money. The remaining funds can be invested in other cryptocurrencies. After a certain time, you can invest in Bitcoin even more, but also not in a hurry, but think over each step as much as possible.

Tip #2: Invest what you can lose

No matter how trite this advice may sound, it is extremely archival. Have a good salary, and the loss of $ 500 will not cause serious damage to your finances and will not cause family quarrels? Great: you can safely invest them in trading. If this is your salary for the last couple of months and, having lost this money, you will have nothing to buy food … Obviously, in this case – not the most sensible waste of money. Investing too much money in a single transaction can also do more harm than good. The fear of losing a rather large amount can seize a trader, which will most likely lead to a series of fatal actions. You are more likely to be led by the market or the crowd, making mistakes.

Tip #3: No need to invest blindly

There will always be scammers who want to make money on new investors. They will recommend you to buy an ICO token with the promised hundredfold growth in a few months. A reasonable investor will always make decisions and carry out analysis on his own in order to assign responsibility for the achieved results only to himself.

Tip #4: Think with your head

In the Telegram and other resources, there is enough information that promises fabulous profits to traders. Trading signals, of course, are efficient and timely, many of them really help to make money, but you should not blindly rely only on someone’s word. A reckless decision that can cost you dearly. Any professional trader, even having “caught” a promising signal, before buying a coin according to a third-party recommendation, will conduct his own mini-research of the asset in which he is going to invest. In addition to studying the forums, the information in the media and open sources, it would not be superfluous to review the Whitepaper project and consult with experts, if any.

Tip #5: Invest not only in cryptocurrency but also in traditional assets.

A professional trader will never invest all his money in risky assets. A novice investor must take into account all risk factors and invest his money not only in bitcoins but also in stocks and bonds. Thus, you can get a guaranteed income and minimize losses that will occur if you make a wrong investment. Investors like to say that it’s wrong to put all your eggs in one basket. Therefore, a novice investor should take into account such advice when building his strategy.

What Are Non-Fungible Tokens?

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What Are Non-Fungible Tokens?

It is a virtual token that you create in order to prove authenticity and the right to own an asset using cryptography. For example, if you have a virtual property – a virtual work of art, you can create a non-interchangeable token to tokenize the piece. The NFT that you now have reflects that ownership of the work belongs to you. It is not interchangeable since your work is unique. NFT is stored on the blockchain as your property.

What are some examples of non-fungible products?

When it can be interchangeable (in this case a token), it can be replaced by something identical. For example, a banknote worth $ 1 is no different from other banknotes of the same denomination. If you are a brief acquaintance with the dollar, it is unlikely that you will return to it. Items that cannot be replaced even by identical ones. An example is a plane ticket. You will not be able to board an aircraft with someone else’s ticket.

How are non-fungible tokens different?

They can offer their holders unique characteristics that make coins very rare. Most cryptocurrencies (including Bitcoin) have fully interchangeable coins. For the Altcoins, the ERC-20 standard created on the basis of Ethereum is most often used.

For unique tokens, there is also a solution – ERC721. This standard can be compared with baseball cards. Each card has unique information, while the card itself can be very rare. By the way, the ERC-721 is already used by baseball teams.

Are unique tokens needed at all?

The world is gradually rejecting the paper, and supporters of unique tokens believe that they will be of interest not only to collectors.

For example, they can be used as a reliable and immutable counterpart of birth certificates, university diplomas, guarantee certificates, and identity cards, as well as documents confirming the ownership of real estate and art objects.

In this case, the physically existing assets will be properly digitized and placed in a cryptocurrency wallet, where they will be kept safe, protected from tampering and falsification attempts by third parties.

What are the pros and cons of non-fungible tokens?

ERC-721 is not perfect, like ERC-20 this standard has its drawbacks. These tokens have all the advantages of ordinary altcoins based on Ethereum, which we wrote about earlier. For example, unique tokens can help transfer almost any asset to the blockchain with one hundred percent protection against any attacks and hacks.

Unfortunately, there are also disadvantages. ERC-721 is a relatively new standard, so unique token transactions last longer than ordinary token transactions. In addition, developing an ecosystem that would make collectible items on the blockchain meaningful is rather difficult.

Is there any other uses for the ERC-721?

Many crypto enthusiasts believe that this standard can be used not only for collecting.

For example, with the help of unique tokens, one could store birth certificates, diplomas, contracts and identity documents. You can even token objects of art and property.

How are the unique tokens created?

Each developer can make his project completely from scratch, but it is more rational to use ready-made standardized solutions.

At the moment, the development of a decentralized application is quite a costly process, which at the release stage may not pay off at all. In addition, the release of its own unique tokens leads to confusion on the crypto market.

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