Is Crypto Currency Boon or Bane to You?- Analytical Preview
Crypto currency is an alternative monetary unit which is different from traditional paper currency. It is an upgraded digital coin which is not printable or hand delivered. This sophisticated currency is used in a number of advanced nations. In US, UK, Canada and Australia, custom for using this awesome computerized Bitcoin is accelerating. What is the benefit of crypto currency? Certainly, it is much easy to exchange. Digital coins are not soiled, hacked and destroyed by others. Get your crypto currencies by producing an encrypted key/password to deal with Bitcoin via block chains. The money stealing, piracy and financial crisis are managed by choosing this fast paperless crypto currency. Besides, the transaction is fast .You doesn’t need to transfer your dollars into multiple currencies if required. The value of crypto currency must be felt by those who like to have crypto currencies for shopping, investment and overseas trips.
Benefits of Using Bitcoin
Bitcoin is the popular form of digitized crypto currency. People don’t need to open bank accounts to store Bitcoins. Nor is it possible for them to touch the currency due to digitization of the currency. So, it is a hassle free financial transaction. It will save you and your property. Travelers are hacked by imposters. If they have biltcoin wallet, they can buy products with the crypto currencies. In that case, vendors must accept your Bitcoins. Bitcoins are same with unchanged value ignoring geographical barrier. Unlike dollars and Euros, it is digitally upgraded. In selected countries, these Bitcoins have same appreciation value. So, you are out of trouble to change currencies wherever you go abroad.
Good Data Security
Biltcoins ensure data security. Lock your e-wallet by inserting a specific embedded code number which is not decoded by third party. Transfer bitcoin data to you SD card or USB device. It will be kept intact. Note down the personal key with the address of the bitcoin exchange on a piece of paper. Take it to anywhere. Just log on to hit Bitcoin wallet and complete quick formalities. Bitcoins are sold and bought through internet. So, this unique crypto currency is preferred by people. In South Korea, Japan, China, UK and Canada, investors invest decentralized digital currencies to have multiple financial benefits.
Less Hassle –Faster Deals
Bitcoins give liberty to users who are not answerable to government or any private credit checking bureau. That means, he is free of legal obligation to sell, buy and preserve crypto currencies. Naturally, you will have comfort maintaining tax files. It is separate block chain ledger update for bitcoin users. So, crypto currency keeps privacy smartening up living style. It is a typical world for financers to handle bitcoins.
New Way of Earning Profits
Newcomers are not experienced and their curiosity is unlimited about the usefulness of crypto currency. It is convertible into dollars and pound? Are they able to buy any product with crypto currency? How to get Bitcoin? Well, it depends on likelihood of people. How do they react to Bitcoins? If they neglect crypto currency, it will disappear. Right now, few European and Asian countries support the bitcoin trading. The market for bitcoin investors is expanding. Bitcoin mining machines generate computerized crypto currencies for customers. The newly programmed cloud based Bitcoin mining software costs investors around six thousand dollars including installation charges. It is not a hard machine. Investors need to download and install the expensive Bitcoin mining software on computer to have access to the bitcoin mining process. Sell your bitcoins and earn five times higher than that of basic regular currency printing machine. Contact top bit coin exchange like CoinMama, Coinbase, Kraken, Yobit and CEX.IO. Your profits will increase through the prompt sell of Bitcoins. Certainly you must activate an individual account to collect new key to operate the bitcoin shopping cart. It will enable you to find the best client to do the bitcoin transfer.
Process to Open Bitcoin Wallet Is Easy
Beginners have to buy the package for bitcoin registration. Through credit, debit cards and paypal, these customers are allowed to activate the bitcoin wallet to start buying and selling bitcoins. Depending on current prices, they will have bitcoin value. For newbie, training is available to have experience in doing business in bitcoin industry.
Cons of Bitcoins
Apart from pros of crypto currencies, there must be several obstructions for investors. Professional hackers have the skill to jail break or unlock the system to steal bitcoins. Secondly, many countries are decelerating the investment process reducing the importance of Bitcoins. Japanese prime minister is not ready to give higher value to crypto currency. Venezuela and South Korea are planning to switch off the bitcoin market due to lack of credibility. It is not a real currency. The crypto currencies will be removed from regional market of China as well.
Bitcoin Mining consumes large amount of Energy/Electricity
Experts have estimated the cost of operating Bitcoin mining infrastructure. It is costly to run bitcoin exchange. The electricity consumption rate is massive. If bitcoins mining industry is taken as a separate country, it will spend energy much higher than Nigeria and Ireland. Possible energy consumption rate is 29.05TWh which covers 0.13 percent of the global energy consuming. Bitcoins dealers need electricity to run the business through computers. Quantum computers have not been brought to the industry to reduce the expenses of using energy in this connection. According to bitcoin analyzers, the annual expense of taking care of bitcoin mining exchange is $1.5 billion USD. It will soar up. In the matter of energy consumption, Bitcoin will be 61st in position of the world. Bitcoin mining power consumption rate is miraculously high comparing to the total energy expenses in cities of Rhode Island, South Dakota, Vermont and Wyoming of US.
China Wants to Ban Crypto Currency
China is no longer interested to fuel up this digital decentralized currency trading. Official announcements have already been made regarding the possible closure of popular Okcoin and Huobi crypto currency exchanges because of acceleration of fraudulence. It is a new way of cheating people. Professional hackers will do pilferage and money laundering using fake digital bitcoin accounts. The possibility of casualties to domestic industry is not avoided. It is an act of criminality to fertilize Bitcoin trading in China. The government of Beijing has no basic control over these crypto currencies. So, strict regulations are needed to regulate these exchanges. China will shut down all domestic bitcoin and ICO (initial coin offerings) centers. Internet will not be available for bitcoin traders. Many top bitcoin companies and brokers decide to relocate their headquarters to South Korea, Australia or Singapore. China doesn’t give credit to bitcoin traders who are not earning money fairly. Even, in some cases, local administrations in Beijing claim heavy service charges and taxes before withdrawal of all bitcoins from wallet within stipulated period of time set by government. All bitcoins will be cancelled. So businessmen are willing to shift their digital properties to other offshore accounts as fast as they can. Frankly speaking, except Tether, other popular crypto currencies like Ripple, Bitcoin, Ethereum and Bitcoin Cash are facing nosedive in value.
South Korea Follows China to Ban Strange Crypto Currency Agency
Coin Desk in Seoul has predicted that there is no hope for newbie traders to export Bitcoins for having large chunks of profits. South Korea is not encouraging investors to open new Exchanges to share Bitcoins. Anonymous or ghost accounts will be tracked. Online hacking and piracy will be low in the event of blocking strange digital account holders who have no identities to prove. Block chains hide their proxy accounts. Easily cyber crime is gearing up and people get backlash from wicked traders. South Korea will not expand the crypto currency business due to lack of credibility and fairness in dealing. Park Sang Ki has stated that it is serious concern to South Korea. This is gambling and it will destroy people in the long run. Therefore, South Korea will backtrack slowly by removing major crypto currency Exchanges. Bitcoin and Ethereum are well known altcoins for trading in this country. So it will affect the digital crypto currency market in the world.
Kovacevich, ex-Wells Fargo CEO, clarified to CNBC reporters that bitcoin is a lost field without prominent vision for Generation Z. He thinks that recession in bitcoin starts vigorously to cripple investors. At present, Bitcoin dropped down to $9,199.59 approximately. So, craziness among overseas investors will make a steady nosedive. However, the possibility of overnight departure of crypto currency is low. Elite class in Europe is eager to have different types of crypto currencies for hassle free deals.