Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




Stellar got featured as #1 coin to watch next week by CoinCodex!

Check out this article:
https://coincodex.com/article/2024/coins...y-22-2018/

Other two coins that got featured are Vechain and WAX.

Read More Read More, Posted by: Mike1337
[Image: growth.jpg]




One of the global-leading traditional money transferring companies – Tempo, is working on a world-scale cryptocurrency payment network. To do so, Stellar Lumens open-source decentralized protocol that runs the token XLM is used to support the system. By doing so, Tempo is not just trying to make exchanges easy, but also faster. Obviously, this is a direct runner up against the popular crypto-startup Ripple and its cross-border payment solutions.

Stellar Lumens – Tempo

Based in Paris and reaching across the whole globe, Tempo with the use of Stellar Decentralized Exchange (DEX) to achieve the needed liquidity – wants to be the lead in crypto-payment networks. The project runs on the idea to make crypto-to-fiat exchanging simpler. Stellar DEX, a fully decentralized cryptocurrency exchange, functions on top of the Stellar Network as its base of operation.

Quote:
Tempo not only allows for fiat backers to exchange their crypto for cash immediately, but by offering a debit card, Tempo provides the ability to use cryptocurrencies to purchase goods and services. Tempo offers blockchain payments both offline and online, and crypto remittances to nearly 100 destination countries.

CTO of Stellar Network – Jed McCaleb, highlighted how the teaming up will commence a wider reach for currency and crypto in the general idea.

Quote:
“Tempo’s early integration with Stellar and role as EU anchor is revolutionizing international payments, making global payments faster, more reliable and less costly for clients”


One major problem facing the cryptocurrency world is cashing out or liquidity. Though few companies make cashing out possible, it takes days and rigorous processes before finalizing the transaction. Tempo seeing this sad state of affairs has in place its global payment network and its mobile app which gives fiat owners a way out to cash out without being subject to the huge cash out fees of BitcoinsATM.

Stellar Lumens – Coinbase

Two days ago, the leading U.S. based crypto-exchange Coinbase with more than 13 mil users announced that it is looking into various digital currencies. One of the mentioned is Stellar Lumens XLM.

Quote:
Today we are announcing that we’re exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). https://t.co/qoECyR0V1f
— Coinbase (@coinbase) July 13, 2018


They also cautioned that the listing of the 5 new digital assets was not a guarantee:

Quote:
Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.


However, the declaration had no stop for crypto-lovers to start stepping in for their fav ones. On that day each coin experienced double digit gains, while for Stellar XLM it still is looking very good with 8.14% increase in the last 24-hours. Various times it has been concluded that speculations are the best catalyst for the price engine to start pumping.

[Image: Stellar-XLM.png]

Read More Read More, Posted by: crytocure
[Image: Shacklewell-Lane-Mosque_photo-by-Erkin-G...1Mar17.jpg]





When a mosque in East London announced in May that it would become the first in the UK to accept donations by cryptocurrency, most of the congregation thought it was a stunt to catch their attention during Ramadan.

But Masjid Ramadan, or Shacklewell Lane Mosque, collected, £13,983 from cryptocurrency donations in a month – and just £3,460 from regular cash donations.

The Hackney mosque’s chairman, Erkin Guney, told i: “Many people at the mosque were initially sceptical about us accepting this new money, but the fact we received four times more in cryptocurrency donations shows how important it is to be open to these new digital currencies.

” He added: “When the donations started to flow in, we were blown away. We received four times more in cryptocurrency donations than in cash from our local worshippers during Ramadan, and we are still receiving cryptocurrency Sadaqah [donations].It is amazing!

What will happen to the money? 

The money will go towards essential repairs at the mosque, assisting poor Muslim families with funeral costs, and feeding and offering shelter to those in need in the local area, Guney said.

 The mosque received 24 cryptocurrency donations throughout Ramadan from around the world.

 One was worth more than £5,200. It’s the technology that underpins so much of our new digital world. So what exactly is blockchain?

Gurmit Singh, founder of Combo Innovation, a London-based blockchain technology start-up focusing on Islamic finance, advised the mosque on how to receive, store and sell cryptocurrency safely.

“I hope other mosques and charities will now follow Masjid Ramadan’s lead to take advantage of this important new revenue stream,” he said.

Is cryptocurrency halal? 

As cryptocurrencies become more widely used, Islamic leaders have questioned whether it is halal. The Mufti of Egypt, has spoken out against it, pointing to the lack of regulation and anonymity of users.

Because of its anonymous nature bitcoin has become associated with buying drugs and other unlawful items online.

But the mosque has declared that Muslims can use it for their Ramadan donation.

Muslims are obliged to give away 2.5 per cent of their wealth to charity during the 30-day Muslim festival. Known as Zakat, or Zakah, the annual donation is compulsory for all but the very poorest.

Read More Read More, Posted by: crytocure
[Image: shutterstock_363737786.jpg]



A major argument in favor of blockchain technology is the role it will play in disrupting and revolutionizing major industries worldwide, as cryptocurrencies can be used to facilitate transactions and communications in new and empowering ways. While the possibilities of tomorrow are exciting, the utilization of this emerging tech on industries today is similarly significant. Here are five industries already seeing a positive impact through their use of crypto.


5. Charity

While members of the cryptocurrency community have earned a controversial reputation for hoarding their newfound wealth by evading taxes and exploiting loopholes, some initiatives within the space have proved that many members of the community are actually quite charitable. The Pineapple Fund, which donated US$55 million to numerous charities in late 2017, is perhaps the most prolific example. Additionally, cryptocurrency donations are seeing increasing usage in response to disasters and crises.

Other charity initiatives have involved the use of mining for charity. UNICEF tinkered with an Ethereum miner, and donors could engage with a mining client that would send ETH to UNICEF. Other mining clients, such as GNation’s GShare one-click mining ecosystem, are also working to incorporate ways for users to donate a portion of their mining outputs to various charities.


4. Freelance/Microtasks


The marriage of the virtual jobs marketplace and cryptocurrency just makes sense. The nature of virtual work prior to cryptocurrency made small freelance contracts and microtask work nearly impossible to agree upon, as there were many insecurities and inefficiencies that would often negate these types of work agreements.

However, with cryptocurrency’s simple cross-border, anonymous payment capabilities, community trust networks, and smart contract escrow, online work in any capacity is possible at any scale. The bounty hunting niche, where users earn significant wages by completing microtasks for numerous entities, was essentially born through the proliferation of cryptocurrency.


3. The Black Market

For better or worse, cryptocurrency plays a role in black market transactions. While most cryptocurrencies, such as Bitcoin, are arguably worse than fiat due to the transparent, immutable nature of its transactions, privacy coins such as Monero are far-and-away the most secure option for sellers and buyers. With Monero, addresses, transactions, blocks, and so on are opaque. It’s not possible to see the balances or activities of any wallet in the Monero network.

However, black market activity extends beyond the drugs and weapons that typically come to mind when speaking on the subject. Cryptocurrency use in black markets are actually more prominent in economies such as Venezuela, where cryptocurrency sees significant use as a method of transacting outside of the nation’s failing currency and beyond the scope of the oppressive regime, oftentimes providing opportunities such as food security not normally possible through regulated markets.


2. Finance

Although cryptocurrency was first introduced through Bitcoin as a tool to arm global citizens against banks and financial institutions, these same enemies of crypto have been major adopters. Of course, with the nature of the finance industry in mind, this doesn’t seem too far-fetched. Institutions that perform record keeping and transact on blockchain networks, rather than in central databases, can save exponentially on energy costs.

For example, participants in Ripple’s RippleNet can see savings of up to 97% on cross-border payments. Firms in the industry that choose to not even explore blockchain are essentially shooting themselves in the foot. However, industry leaders, such as JP Morgan, Bank of America, and Mastercard have all taken increasingly proactive roles in cryptocurrency, which suggests that moving forward we will see more and more blockchain adoption by these firms.


1. E-commerce

E-commerce is the first and arguably most prolific use case for cryptocurrency. Since the early days of Bitcoin, cryptocurrency has enabled individuals to engage in e-commerce through avenues that were previously impossible, like micropayments for things such as online accounts and subscriptions, game currencies, software keys, and more.

As cryptocurrency has grown, so has its adoption in e-commerce. Numerous major e-commerce businesses, such as Overstock, WordPress, and Newegg have accepted Bitcoin and other cryptocurrencies for many years. Nowadays, cryptocurrency can be used to purchase anything online. Even E-commerce gargantuan Amazon has been experimenting with blockchain since at least 2014.

Read More Read More, Posted by: crytocure
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Read More Read More, Posted by: faridhawami
[Image: triiant-photo-1-1280x640.jpg]

Trilliant’s Fractional Ownership Program encourages investing in cryptocurrencies and surrounding infrastructure, by providing the opportunity to purchase a personal piece of fully-serviced crypto ATMs.

A shrewd investment is one with minimal risk (or even better, one that you don’t need to be intimately involved with to yield a profit). This is exactly what Trilliant’s ATM terminals offer to investors.

Amid complexity and perceived volatility of the cryptocurrency sector, some investors shy away from the market. Despite the potential returns being high, winning over investor’s heart can be a tough proposition – especially given the unregulated nature and new vehicles of valuation emerging all the time.

However, detached investor opinion towards cryptocurrency investment could be set to change. Trilliant – a business firmly focused on building an infrastructure to support the mushrooming cryptocurrency sector – is set to launch more than 500 next generation ATM terminals in Europe later this year. These next generation terminals offer an investment opportunity that anyone can take advantage of.

In a decade, Trilliant has evolved from being a Swiss-based investment vehicle to the world’s leading cryptocurrency infrastructure provider. By focusing on ATM operations, Trilliant is immune to the typical cryptocurrency volatility that has plagued the sector, because ATMs are profitting from market volume rather than market value.

Trilliant’s credibility is further bolstered by its Fractional Ownership Program. Firmly-focused on giving something back to customers, this program grants partial ownership of Trilliant’s network of ATM terminals to investors.

Once a single Trilliant terminal is added to their network, it is then divided into 100 separate units, reads the project’s whitepaper.

Trilliant has made these Fractional Units available for purchase on their website. Anyone can buy a partial ownership of Trilliant’s network of ATM terminals – and then be in-line to receive a monthly dividend, calculated against the total revenue gathered by Trilliant’s terminals.

This opportunity represents the simplest way for greenhorn or adroit cryptocurrency investors to earn a steady income – without being directly involved in the day-to-day operations – or being particularly conversant in online trading platforms or spotting fiscal trends.

Founder and CEO of Trilliant, Sebastian Korbach, has openly stated that 2% of the total revenue generated by the ATM terminals from transaction fees will go directly to those that have purchased Fractional Units. This means that come the end of the month, investors can earn a handsome windfall.

Trilliant has its own cryptocurrency, the TRIL token. Any unit purchases must be made in this currency which is to be sold during Trilliant’s ICO. The pre-sale began on July 10th, 2018 and is set to last one month before officially closing on August 10th, 2018.
October 2018 will see Trilliant open pre-registration for Ownership Units. In December 2018, Trilliant will have the first hardware in operation and will be selling the first Fractional Ownership Units online.

Trilliant will soon begin to install the largest cryptocurrency ATM terminal network in Europe forecasting that there will be 500 terminals installed in the next 24 months.

In addition, Trilliant is applying for a banking licence. Once granted, the company will be able to place their ATM terminals in every corner of the globe.

Trilliant offers investors the easiest and simplest way to invest in the cryptocurrency sector. Although only time will tell how consumers will react to the business, if forecasted indications are anything to go by, Trilliant is set to revolutionize the cryptocurrency sector – and that’s a strong a reason for anyone to invest in cryptocurrency.

Read More Read More, Posted by: crytocure
   

The London Football Exchange [LFE] is a Stellar based startup aspiring to transform fan engagement in professional football. LFE seeks to combine the global football fan base and the global reach and speed of the Stellar network. The LFE aims to unravel new techniques in ticketing, merchandising, broadcasting and fan experiences.

The LFE Exchange will be the world’s first stock exchange that will offer members to invest in football clubs. They also aim to deliver the best fan experience through tours, player meet and greets, content, broadcast and streaming services, and merchandise. The exchange has partnered with lightyear.io, a software company that develops applications and infrastructure for the Stellar ecosystem. It will help build the rapidly expanding LFE ecosystem on the Stellar network. They plan to create an LFE ecosystem and include an LFE market and LFE exchange to create a system of easy usage.

The LFE Ecosystem

The essence of LFE ecosystem is that it connects its members with football clubs. Football is a game with a large fan base across the world. There will be scored of investors who will line up to invest in their favorite football clubs. The investments from the fan base can prove beneficial for the football clubs. They can improve aspects like sporting infrastructure, developing potential young players and better facilities for the current players.

The LFE market and the LFE exchange is backed by the LFE token. LFE is token is the world’s first football based cryptocurrency. It also attempts to establish a remittance and payment service for its investors powered by a Stellar network.

Ben Leigh Hunt, founding partner of the London Football Exchange said, “The LFE’s mission is to bring the football world the best in cutting-edge technological and financial solutions. Together, LFE and Stellar make the perfect match to transform the fan experience while introducing millions of loyal football fans to the benefits of the blockchain technology through speed, inter-connectivity, and efficiency.”

Boris Reznikov, Director of Partnerships at Lightyear.io said, “We’re looking forward to working with the London Football Exchange to introduce the global football community to the benefits of blockchain technology as a new and powerful force in the democratization of access to value. The revolution in football finance has begun”.

Source

Read More Read More, Posted by: dannysalim
   

As the world awaits the world cup finals, football fanatics are anticipating the return of club level football and Stellar (XLM) has a deal waiting for them. XLM holders can now invest in professional football clubs through LFE. The London Football Exchange (LFE) and Stellar have announced a partnership that promises their fans of a better experience in the popular sport. This comes at a time when XLM listing on kingdom Trust exchange.
London Football exchange is a unique outfit that is set to transform the professional engagement levels but embracing the Stellar ecosystem transactions speeds and take merchandising, ticketing and broadcasting to the next level that will discern the sport lovers.
Stellar vision is to enable developer create financial apps that will bring users together to pursue common goals. Working with LFE is part of their agenda and tapping into global football fan base is a surefire way of turning Stellar and XLM into a global currency and a household brand.
 London Football Exchange Value Addition to Stellar (XLM)
LFE is riding on blockchain on the Stellar ecosystem and allows its user to invest in football clubs and this will give Stellar a big boost in its bid to increase its user base and add value to XLM. On their part, LFE will facilitate football streaming and broadcasts, organized for fan tours and player meet-ups among others.
Plans are underway to expand the LFE ecosystem on the stellar network. This will consist of a LFE exchange and marketplace. The LFE outfit has also partnered with lightyear.io, an outfit that plays a pivotal role in the creation of apps on the Stellar ecosystem.
LFE has a huge unexploited audience and through Stellar network, it will bring football investors to stake on the two entities. Fan investment concept will boost the promotion of existing and upcoming talent as well as develop world class football facilities especially in developing countries and this will give Stellar an opportunity to be adopted at the grassroots level.
Making the announcement, Ben Leigh, the LFE founding partners said:
Quote:
[i]“The LFE’s mission is to bring the football world the best in cutting-edge technological and financial solutions. Together LFE and Stellar make the perfect match to transform the fan experience while introducing millions of loyal football fans to the benefit of the blockchain technology through speed, inter-connectivity, and efficiency.”[/i]
Both the LFE marketplace and exchange are powered by their native token. This is a first of a king digital coin set to power football and the end goal is to come up with a seamless way to remit and make payments that ride on the Stellar network. The director of partnerships at lightyear.io, Boris Reznikov adds:
Quote:
[i]“We are looking forward to working with the London Football Exchange to introduce the global football community to the benefits of blockchain technology and a new and powerful force in the democratization of access to value. The revolution in football finance has begun.”[/i]
Stellar (XLM) Listing on Kingdom Trust Exchange
Getting listed on Kingdom exchange is a big boost for the XLM coin. This is a South Dakota regulated exchange and will expose the coin to more than10000 clients in its portfolio. The exchange offers custodial services and is currently managing over $12billion worth of assets.XLM will be trading alongside eight other digital assets including XRP, BTC, ETH, BTG and LTC.

This is a perfect match for Stellar Lumens as it seeks to connect XLM holders with other digital coin users. This is also a plus for the coin; by being added on a regulated exchange, it is set to attract the attention of institutional investors keen to play their trades in digital assets especially in the lucrative football market space.


Read More Read More, Posted by: dannysalim
   

Stellar Lumens is known for its modesty. Low but loud, the coin has launched and built several projects on its network. On 12th July, Stellar Lumens announced that the cryptocurrency payment network ‘Tempo’ is creating the biggest payment network of any authorized cryptocurrency exchange internationally.
@StellarLumens tweeted:
Quote:“Tempo, the crypto payment network simplifying the exchange process from crypto to fiat, is creating the largest payment network of any licensed crypto exchange globally….”
Stellar Decentralised Exchange also known as Stellar DEX, is used by Tempo. The payment network operated on Stellar DEX is backed by Stellar’s Network.
Using Stellar network one can build mobile wallets, banking tools, smart devices, and more technical payment techniques. Despite Stellar being a complex distributed system, its integration is not recorded to be complicated.
Tempo simplifies the exchange process from cryptocurrency to fiat and is currently creating the largest payment network in the world. Tempo brings ease to cryptocurrency trading by facilitating the process on its online platform and mobile application.
Due to Tempo’s portable application and overall installment network, fiat proprietors can evade Bitcoin ATMs and their extensive fee.
Tempo uses the Stellar Network, an open-source distributed ledger for facilitating P2P payments, and Lightyear.io, a for-profit spinoff dedicated to helping big players integrate software.
Stellar DEX stores the order book and settles transactions on-ledger, and has matchmaking built into the protocol. The network and exchange can be used for various projects related to their technology and cryptocurrencies.
As per the discussion on Reddit regarding Tempo and Stellar DEX, a few Redditors had some points to convey.
WachtmeesterB, a Redditor commented:
Quote:“When you want to make a transfer in a corridor Euro – XLM – USD, Tempo is the European Euro-anchor, making the swap from Euro to XLM possible in the Stellar transaction. The liquidity needed in XLM is XLM’s utility and is directly related to it’s price. When we HODL in anchor exchanges we provide part of this liquidity and make the machine run. If we HODL in offline wallets, XLM becomes scarcer, price may go up and the machine may slow down. A matter of finding a balance.”
cryptonewsguy, another Redditor said:
Quote:“It’s funny that small time projects built on Stellar might be beating Ripple to it’s main use case on top of the other cool Dapps being built on Stellar.”

Source

Read More Read More, Posted by: dannysalim
[Image: LFE-Press-Release-1080x675-760x400.png]




Bitcoin Press Release: Stellar-powered startup, the London Football Exchange has announced that it will partner with leading software company Lightyear.io.

London, England — July 10, 2018 — The London Football Exchange (LFE) announced that it has partnered with Lightyear.io, a software company that develops applications and infrastructure for the Stellar ecosystem and will be building the rapidly expanding LFE ecosystem on the Stellar network.

The LFE has an ambitious vision to transform fan engagement in the world’s most popular sport – professional football. By combining the passion of the global football fan base with the global reach and speed of the Stellar network, the LFE will unlock new possibilities in ticketing, merchandising, broadcasting and fan experiences through the LFE ecosystem, including the LFE Market and LFE Exchange.

Built on Stellar’s blockchain technology, the LFE Exchange will be the world’s first ever stock exchange that will offer members the opportunity to invest in the shares of football clubs.

The LFE Market will provide members with the opportunity to partake in the various football club and fan experiences, such as ticketing, tours, player meet and greets, content, broadcast and streaming services, and merchandise.

The LFE ecosystem, including the LFE Marketplace and LFE Exchange, aims to connect its members with football clubs to provide new fan experiences that weren’t previously possible. For the first time, fans will have the ability to acquire a stake in their favorite football clubs. The new capital injection that fans will make will enable football clubs to create added value for their fan investors in areas such as squad strengthening, stadium improvements, sporting infrastructure, youth development and marketing strategies.

Ben Leigh Hunt, founding partner of the London Football Exchange had these words to offer about the partnership;


Quote:“The LFE’s mission is to bring the football world the best in cutting-edge technological and financial solutions.Together, LFE and Stellar make the perfect match to transform the fan experience while introducing millions of loyal football fans to the benefits of the blockchain technology through speed, inter-connectivity, and efficiency.”


The LFE Market and LFE Exchange are powered through the use of the LFE Token, which is intended to be the world’s foremost football-based cryptocurrency. Additionally, LFE intends to establish a remittance and payment service for its token holders, which will be enabled by the Stellar network.

Boris Reznikov, Director of Partnerships at Lightyear.io stated;


Quote:“We’re looking forward to working with the London Football Exchange to introduce the global football community to the benefits of blockchain technology as a new and powerful force in the democratization of access to value”.
“The revolution in football finance has begun”.


About the London Football Exchange

The London Football Exchange (LFE) — run on cutting-edge blockchain technology — is the world’s first fully-integrated football club stock exchange and marketplace. Through a tokenized marketplace LFE technology will remove friction costs and increase transparency in transactions such as ticketing, merchandise, hospitality and broadcast services subsequently creating new value, benefits, and experiences for fans through the money it is saving.

This new form of financing will give fans straightforward access to own equity in clubs and will also make them contributors to The LFE’s charitable foundations supporting football development projects worldwide. For more, please visit www.lfe.com.

About Lightyear.io

Lightyear supports global partner activities through the development of applications and infrastructure for the Stellar network, a free, open-source financial protocol that connects diverse financial systems. The company, which leverages the Stellar network, is aligned with Stellar.org’s primary mission of creating an open and public financial infrastructure, enabling more access for individuals, lower costs for banks, and more revenue for businesses. For more on Lightyear, please visit www.lightyear.io.

About Stellar.org
Stellar.org is a Silicon Valley-based nonprofit organization that supports the Stellar network, a free, open-source network that connects diverse financial systems and lets anyone build low-cost financial services—payments, savings, loans, insurance—for their community. The Stellar network enables money to move directly between people, companies, and financial institutions as easily as email. This interconnectivity means more access for individuals, lower costs for banks and more revenue for businesses.

Read More Read More, Posted by: crytocure
[Image: 1-42-e1531384628836.jpg]



Stellar Lumens is known for its modesty. Low but loud, the coin has launched and built several projects on its network. On 12th July, Stellar Lumens announced that the cryptocurrency payment network ‘Tempo’ is creating the biggest payment network of any authorized cryptocurrency exchange internationally.

@StellarLumens tweeted:


Quote:“Tempo, the crypto payment network simplifying the exchange process from crypto to fiat, is creating the largest payment network of any licensed crypto exchange globally….”

Stellar Decentralised Exchange also known as Stellar DEX, is used by Tempo. The payment network operated on Stellar DEX is backed by Stellar’s Network.


Using Stellar network one can build mobile wallets, banking tools, smart devices, and more technical payment techniques. Despite Stellar being a complex distributed system, its integration is not recorded to be complicated.


Tempo simplifies the exchange process from cryptocurrency to fiat and is currently creating the largest payment network in the world. Tempo brings ease to cryptocurrency trading by facilitating the process on its online platform and mobile application.


Due to Tempo’s portable application and overall installment network, fiat proprietors can evade Bitcoin ATMs and their extensive fee.
Tempo uses the Stellar Network, an open-source distributed ledger for facilitating P2P payments, and Lightyear.io, a for-profit spinoff dedicated to helping big players integrate software.


Stellar DEX stores the order book and settles transactions on-ledger, and has matchmaking built into the protocol. The network and exchange can be used for various projects related to their technology and cryptocurrencies.


As per the discussion on Reddit regarding Tempo and Stellar DEX, a few Redditors had some points to convey.


WachtmeesterB, a Redditor commented:


Quote:“When you want to make a transfer in a corridor Euro – XLM – USD, Tempo is the European Euro-anchor, making the swap from Euro to XLM possible in the Stellar transaction. The liquidity needed in XLM is XLM’s utility and is directly related to it’s price. When we HODL in anchor exchanges we provide part of this liquidity and make the machine run. If we HODL in offline wallets, XLM becomes scarcer, price may go up and the machine may slow down. A matter of finding a balance.”

cryptonewsguy, another Redditor said:


Quote:“It’s funny that small time projects built on Stellar might be beating Ripple to it’s main use case on top of the other cool Dapps being built on Stellar.”


Read More Read More, Posted by: crytocure
[Image: shutterstock-crypto-mining-bitcoin-738x410.jpg]




How blockchain and mining work together.

Quote:Welcome to part two of the ultimate guide to crypto mining. Last week's blog entry covered hashing, encryption and decryption. This week we'll be discussing the blockchain and mining process itself.

What are cryptocurrencies?

Cryptocurrencies are digital currencies similar to the Australian dollar, but with no notes to print or coins to mint. They exist solely in the digital world and are generally not controlled by any central authority. Cryptocurrency transactions are not verified by a bank, like regular currency transactions, but are instead verified by a system called blockchain.

No blockchain, mo problems.

The blockchain is the recording system behind the operation of all cryptocurrencies. Different blockchain systems operate in different ways, but the essential concept remains the same - groups of recorded currency transactions are bundled up into blocks of data at regular intervals. Each block is linked to the previous block to form a "block-chain". The data in these blocks is recorded simultaneously on many computers around the globe.


[Image: mining1-51.jpg]

The blockchain in a cryptocurrency system acts as the verifying authority behind transactions. If you think of any non-cash purchase or transaction you’ve ever made, a bank or financial institution has always been at the centre of the process. Their role is to authorise and facilitate the transaction between you and the retailer. Blockchain essentially replaces the bank in this situation.


[Image: mining1-8.jpg]



The blockchain recording system is decentralised and (in theory) highly unhackable. Information about each preceding block is encoded in the next block. This way, it becomes immediately obvious if any links are broken. In order to make a malicious change to the existing transaction record, a hacker would need to hack not only the block containing the transaction they want to alter but all blocks before it. They would also need to do this simultaneously across thousands of computers around the world. This is why blockchain is often described as a secure globally-distributed ledger.

At the coalface: Miners

Cryptocurrency miners compete with each other to earn coins by processing blocks in the blockchain. Once currency transaction data blocks are created, they need to be verified. To do this, a miner needs to verify that the transactions recorded in the block are valid (we won’t address how they do this here), and produce proof that they have made that verification. This is known as "proof of work".


[Image: mining1-9.jpg]


The verified transaction data and the proof of work are processed together via the hashing algorithm to create a key. However, just a like a real key needs to be a certain shape to fit a lock, this key will need to fit a certain pre-designated format to be accepted by the blockchain system. Multiple attempts are made to create a valid key using different proof of work inputs.

Therefore, the hashrate describes the number of attempts at solving the verification puzzle any piece of hardware (or a whole network) can process per second. The rate will depend on the algorithm used and the power of the hardware it is being run on. The number of attempts required to crack the puzzle is determined by a metric called difficulty.

The first miner to correctly verify the newly created block, and create a functional key, receives an award in currency. This verified block record is then copied across the network.

Not so fast: Mining limits

Obviously, a system where miners could generate infinite amounts of coin would not be functional as a currency. In order to control the amount of currency in circulation, a strict limit on the production rate is enforced across all cryptocurrencies. Therefore, if more miners pile into the system and attempt to verify blocks and earn coin, the verification process increases in difficulty.

Somcurrencies, such as bitcoin, have a limit on the total number of coins that will eventually be produced. Others, such as Ethereum, are uncapped.

Read More Read More, Posted by: crytocure
[Image: Crypto_mining_738.jpg]



Is it possible to mine cryptocurrency in Australia and turn a profit?

Quote:What are cryptocurrencies?
Cryptocurrencies are digital currencies similar to the Australian dollar, but with no notes to print or coins to mint. They exist solely in the digital world and are generally not controlled by any central authority. Cryptocurrency transactions are not verified by a bank, like regular currency transactions, but are instead verified by a system called blockchain.


Introduction
Trying to understand the subject of bitcoin mining can be fairly daunting. A combination of industry lingo, unfamiliar mathematics and a lack of resources aimed at the beginner can make the whole world of crypto mining seem closed and impenetrable. However, with a little bit of base knowledge, you'll be surprised how quickly you can get your head around it.

This piece is not intended as an instruction manual for building your own crypto mining rig; rather, it is a guide to the theory of crypto mining from first principles. If you want to more fully understand crypto, mining, and how to calculate whether it’s worth building a mining rig in Australia (spoiler alert: it’s not), this article is for you.

If this isn’t quite what you’re looking for, check out our main (shorter) bitcoin mining guide. If you’re scratching your head about any specific terms as you read, you can also check out our cryptocurrency glossary. If not, read on...

Quote:What is mining?
Mining is the process of creating (or more specifically, [i]earning
) cryptocurrency. Miners do the hard number crunching required to make the currency trading system work, and are rewarded for their efforts in coins. In order to understand the costs and rewards of mining cryptocurrency, it is essential to understand a few things about the way these currencies work.[/i]


Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Part 1: Encryption

Cryptocurrency transactions are, as the name suggests, encrypted. In order to get your head around the whole transaction process, it's useful to know a little about online encryption. This section provides a little background on the encryption and decryption process when it comes to crypto.

Keeping transactions secure: Would you like hash with that?

Hashing is the process of turning a simple form of text into a code. The mathematical process used to do this is called a hashing algorithm. For example, the word “finder”, when processed through one hashing algorithm, produces the following output:

 "A9ebb2a1976084bff8b5023575476542da105396305301057f2ebbfeac6b80e5".

There are four important properties of the hashing algorithm output:


  1. The output code is always the same length regardless of whatever text is dumped into the algorithm. For example, you could put any document into the hashing algorithm used above, and it would still produce a code the exact same length as was produced by a one-word input.

  2. Hashing algorithms are designed in such a way that the likelihood of two different inputs producing the same output key is very, very low.

  3. The output cannot be reverse translated back into the input (this is called a “one-way function”).

  4. With me so far? Here’s the most important thing: any small difference in the input will produce a completely different output.
Due to point four, it is very easy to spot a small change in the input text – say, changing somebody’s signature on a document – because it would produce a completely different output code.

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Quote:Common hashing algorithms
Several different hashing algorithms are used by cryptocurrencies. Secure Hash Algorithm 256 (SHA-256), for example, is the algorithm used by bitcoin and several other currencies, whereas Ethereum uses an algorithm called Ethash. The main difference between these two is that SHA-256 generally requires specially designed hardware devices (called application specific integrated circuits, or ASICs) to run well, whereas Ethash can be run more easily on individual home computers.


Shut up and take my money: The encryption process

So exactly how are hashes used to keep crypto transactions secure? Just as contracts in real life are signed by the authorised parties, digital transaction records are also signed. In real life, your signature is unique to you, at least in principle. Nobody can copy it and pretend to be you. However, in the digital world, everything is copyable.

How can you digitally sign a document, make it public, but also protect the uniqueness of your personal signature? The answer is to use both a public signature and a private one.

If you add your private signature to the end of a document and then process it through a hashing algorithm, this results in a unique newly generated hash code.


[Image: mining1-41.jpg]

Due to the nature of the one-way function, nobody can use the hash code to figure out what your original private signature was, and you are therefore free to share the hash code online. If you share the text of the document along with the hash code produced above, the result is a digitally signed document.



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All the way to the bank: The decryption process

How can someone verify that the document has been signed by the correct party if they can’t see your private signature? This is where your public signature comes in. When sending a digitally signed document to a receiver, you will also send your public signature and some information about which hashing algorithm has been used. Your public and private signatures will have been generated simultaneously in the encryption process and will be mathematically linked.

To verify the document, the receiver performs a decryption operation. Armed with your public signature, the signed document and a copy of the text of the original document, the receiver can use something called a signature verification algorithm. If the digitally signed document and public signature are both inputted into the signature verifying algorithm, the output generated should exactly match the text of the original document. The public signature is the only one that can "unlock" the document in this way. If the texts match, the authenticity of the document is verified.

[Image: mining1-31.jpg]

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One of the main challenges of investing in cryptocurrency is making sure it is safely stored once it’s purchased.

Prior to examining storage options, it’s a good idea to review the critical importance of maintaining personal data inviolate. Unlike traditional banking, an accidental transfer of cryptocurrency to a wrong account means the coin is gone for good -- it cannot be recalled.

The responsibility of storage and management and all subsequent details lays in the hands of the purchaser -- putting him or her in complete control of every aspect of the financial transaction; so great caution and prudence is essential.

Basic Crypto Storage

The basic storage of cryptocurrency is not that hard to understand. To make this a little clearer it might help to compare a crypto account with a more traditional banking account.

Traditional Banking Systems

In regular banking transactions the money is stored under the care of one particular bank. Money can be sent into and out of the bank account -- using a routing number, personal details, and, of course, the account number itself. With this information the consumer is then authorized to transfer funds in a number of ways -- such as in person at the bank, online, or by telephone. There is normally a transaction fee, charged by the bank (anywhere from fifteen to thirty-five dollars, depending on the type of account being accessed), and the transfer of funds will take around three business days to accomplish. When money goes abroad to another country the timing and fees are increased, sometimes substantially.

The Crypto System

In a cryptocurrency transaction the funds are put into what’s called a ‘digital wallet.’ The wallet belongs to the purchaser and no one else. There’s no middleman, no bank of any kind, involved. As in regular banking, the wallet owner can receive more funds or send funds out to other accounts, using what’s called a ‘public key.’ This public key is a variable string of numbers and letters for the receiving account and the sending account. Each wallet also has a private key. Only the owner of the wallets sees the private key, no one else. It’s similar to the username and password for an online bank account.

So with the public key of the digital wallet of the receiving party the funds can be sent immediately, just the same as with regular banking. The difference at this point between the two systems becomes apparent; transaction charges are considerably less, depending on what digital coin is being used. For instance the fee for Ethereum right now for a normal transaction is just forty cents. And the transferred funds are received immediately, in a matter of minutes -- not in a matter of days.

Options for Cryptocurrency Storage


With this basic understanding of how sending and storing works, it’s time to examine the varied storage options that are currently available. They’re ranked from least secure to most secure:

The least secure exchanges include Bittrex, Coinbase, and Gemini.
A little more secure storage is offered for mobile/online wallets from Bread or Jaxx.
Good security for hardware wallets is provided by Ledger or Trezor.
And the highest security now available for offline and or paper wallets is created with MyCrypto, Walletgenerator.net, and MyEtherWallet.

The Exchange

A cryptocurrency wallet exchange is least secure because most of them are, in fact, centralized. Operated by a single unit in charge of all accounts and their security, an exchange is highly vulnerable to platform hacking -- this means that all data in every single wallet can be accessed by one hacker alone or a group of hackers. Either way, personal data is then up for grabs.
Smart investors only use this type of storage in the initial planning stages of a purchase or trade.

The Mobile/Online Wallet

The mobile wallet app lets investors download from any mobile device for storage purposes. They’re good for fast transactions into another account, and are mostly used for purchasing real services and merchandise. The problem is that if the mobile device is lost or stolen the entire transaction amount could be lost for good.

Similarly, the online wallet is located in the cloud so it can be accessed from just about any and all devices. Again, this works well for the quick transaction -- however, all private keys are managed by an online provider. So once again if a hacker gets in, the entire transaction could be lost. Always us a new and unique two place authentication code for this.

The Hardware Wallet

The hardware wallet is pretty secure. They use a flash drive. So even if the device is stolen there’s no way the thief can access the private key. So this is a good way to store funds for longer periods of time. Still, losing the original device means probably losing the funds unless extra security precautions are taken.

The Paper Wallet

Just like it sounds, the crypto investor using a paper wallet will have a hard copy -- which should be stored in a fireproof safe. This is as secure as it gets for cryptocurrency transactions. But again, make sure that this paper trail is not exposed to prying eyes or lost. Only the investor has both public and private keys for access. If it’s lost or stolen the funds are inaccessible. Period. So making a second copy may be a good idea.

One Final Note

At this time crypto investors cannot use a single wallet for different cryptocurrencies. One wallet -- one cryptocurrency. This makes things difficult when dealing in foreign exchange rates. Banks will do this automatically, but not digital wallet apps. Investors thus will need one for American dollars, one for yen, one for euros, etc.

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[Image: US-Cryptocurrency-Tax-Liabilities-Estima...8x1024.jpg]
The cryptocurrency market has seen some recent pullback. There’s still widespread uncertainty around the concept’s full implications. That’s especially apparent coming out of tax season. Huge sums of money are flowing through crypto markets, but how much of it goes to the government is up for debate. In anticipation of the next crypto uptick, many investors are focusing on understanding cryptocurrency tax obligations for 2019.

Tax Definitions of Cryptocurrency

Currently, most crypto investors rely on a tax advisory service to determine their tax liability. In the United States, the Internal Revenue Service (IRS) has only issued one statement on the tax principles that apply to cryptocurrency. And, it came out in 2014. 

Yet, a lot has changed since then. Cryptocurrency should be treated as property rather than currency. Therefore, cryptocurrency is subject to capital gains tax. In other words, there is no tax obligation until the owner sells the coins and reaps the reward.

The IRS definition of cryptocurrency is also important. Anything considered “convertible virtual currency” falls under the definition.

That means any coin that has an equivalent value in real currency or substitutes for real currency. While a small number of cryptocurrencies do not yet meet this definition, most of the major coins do.

Things are similar in Canada. In 2013, the Canada Revenue Agency (CRA) issued a statement on cryptocurrency taxation. It makes recommendations but does not establish a strict framework. This leaves investors and experts wondering what to report and when.

Much like in the United States, the CRA considers cryptocurrencies commodities rather than legal tender. Any gains or losses are taxable. Otherwise, the currency is tax exempt. However, the basic principles of cryptocurrency make this issue murkier for all.

Confusion About Cryptocurrency and Taxes

Common cryptocurrencies like Bitcoin must be mined in order to be earned. Therefore, the act of mining functions as a form of work. The coins that investors gain are an asset and a form of compensation. Just like any other self-employed person, crypto miners must report their earnings. They can deduct related business expenses, such as computers and electric bills. However, they likely still owe taxes on the cryptocurrency they mine.

The tax bill attached to cryptocurrency is confusing for experts and newcomers alike. This is because of a lack of guidance and leadership on the part of regulators. Government agencies are rushing to catch up, and that means an already uncertain tax landscape is constantly transforming. For crypto investors who do not stay in the know, that could mean large and unnecessary tax bills.

Penalties and Liabilities Hidden in Cryptocurrency

In the United States and Canada, capital gains taxes and income taxes can apply to cryptocurrency investments based on how they’re acquired and used. Unfortunately, to calculate the tax obligation accurately, it’s necessary to know the cost basis or the original value of the asset. This isn’t always easy to determine given the fluctuating nature of cryptocurrencies. There’s a very real risk that investors will overlook or underreport significant tax bills.

Failing to report income tax is like any other tax evasion and would be subject to an associated array of penalties, interest, or even jail time depending on the jurisdiction. In the worst cases, offenders in the United States could be sentenced to tax evasion. This carries a potential sentence of five years in prison and a $250,000 fine. No one should underestimate the U.S. and Canadian tax agencies’ investigative capabilities.

Tax Risks with Cryptocurrency

For instance, the IRS can issue a “John Doe” summons with the approval of a district judge. Tax agents can investigate individual or group taxpayers who are otherwise unknown. This type of summons was used to get information about offshore banking. And, it’s increasingly being used to pursue crypto investors.

Coinbase, one of the largest global virtual currency exchanges, experienced this firsthand. It received a John Doe summons demanding all customer identities and account records from 2013, 2014, and 2015. The IRS was suspicious because only 800 to 900 U.S. taxpayers reported cryptocurrency gains/losses in 2015. Yet, Coinbase had 5.9 million users.

The summons was initially ignored after which the IRS narrowed its request to only Coinbase users with transaction volumes greater than $20,000 in any one year. The summons requested the taxpayer identification number, name, date of birth, and address. They also wanted records of account activity and all periodic statements of account or invoices for highly active customers.

Coinbase ultimately complied and handed over records for 13,000 users. This set a new precedent. These records contained detailed financial information. It’s fair to say that it is now relatively easy for the IRS to calculate delinquent tax bills and fine offenders. Of course, those who are targeted by the IRS aren’t necessarily avoiding taxes on purpose. Rather, they’re likely unwitting victims of a regulatory structure that hasn’t kept up with financial innovation.

Meeting Your Tax Obligations

Until the tax laws become concrete and transparent, it’s up to investors to take a proactive approach to cryptocurrency and taxes. 

Here are a few steps you can take:

1. Track All Your Purchases and Disbursements

Like any other income or assets, you must track purchases and disbursements for each currency so that you can accurately report gains and losses come tax season. Typically, this is easier to do by purchasing stock rather than dealing with multiple transfers in and out of a wallet. Any gains will be taxed. However, any losses will lower your overall tax liability.

Tracking gains and losses requires specific information about each transaction. This includes when you bought the coin, how much you paid for it when you sold it, and what you received in return. This information identifies the cost basis of the coin or the original value of the asset. Typically, the basis is the purchase price, but this fluctuates due to splits and dividends. It’s impossible to compare it to the current market price and assess how much you’ve gained or lost on the investment until knowing the true cost basis.


You won’t overlook important transactions when using a systematic approach and focusing on first-in and first-out (FIFO). Canada uses the “adjusted cost base” (ACB) for taxing cryptocurrency. This is calculated as an average. Regardless of whether you’re tracking the value of your coin with FIFO or ACB, record dollar amounts when trading one cryptocurrency for another. Therefore, gains/losses can be calculated and reported based on the native currency. Recording the date of the transaction is just as important for accurate pricing data.

2. Determine the Source of Your Crypto Income

Crypto income can be earned either by buying and selling coins or by mining them. This dictates what tax liability is levied — capital gains tax or income. All crypto income falls into one category or the other, and it’s possible to occupy both.

Any cryptocurrency gained through mining is subject to normal rates of income tax minus any relevant business expenses. If the currency sits static afterward, there’s no further tax liability. If the currency is sold, traded, or bartered for a product, then there are capital gains taxes.

The math is fairly simple. If you purchased $5,000 in Bitcoin and sold it for $15,000, then you owe capital gains taxes on $10,000. The situation is identical when trading one cryptocurrency for another. Report gains/losses on the transaction and include applicable cryptocurrency transfer fees.

In some cases, losses can offset the tax liability from gains. In Canada, there are no offset or time deference limits. Learn what tax laws apply to which crypto income. Then, leverage those laws to your advantage.

3. Rely on a Tracking Resource

The reporting requirements of cryptocurrency are immense. It doesn’t make sense for active investors to try to track transactions individually. The better strategy is to rely on a third-party tracking resource.

Tracking each asset’s cost basis in real time means properly identifies them as short-term capital gains. Otherwise, investors are day traders. Then, they must pay business income taxes instead of capital gains.

Taxes aren’t the only justification for using a tracking resource. Crypto markets move incredibly quickly and can fluctuate on a whim. The number of tradable currencies is also exploding. This means extra complexity with each new coin that arrives. Add to this the 24/7 nature of the trading cycle, and it’s obvious why manual tracking is unsustainable.

A number of tracking resources are available. Some are designed for the serious investor and others for the crypto novice. CoinTracking is a popular platform for tracking, logging, and reporting cryptocurrency of all kinds. Then, bitcoin.tax is a helpful tool for those who trade and invest in Bitcoin. Google Sheets has an add-on called CRYPTOFINANCE that automatically connects to cryptocurrency exchanges to supply real-time data. Canadian taxpayers can benefit from the calculator tool on AdjustedCostBase.ca or SimpleTax’s spreadsheet. The right resource is largely up to you. In all cases, the goal is to eliminate complexity. At the very least, the resource should track gains/losses and translate those into the tax liability in that jurisdiction.

4. Learn the Legislation in Your Jurisdiction

Few rules apply specifically to cryptocurrency in either the United States or Canada, but a number of other broader tax laws could impact liability. Furthermore, the rules regarding cryptocurrency are evolving all the time, as are the crypto markets themselves. It’s up to every investor to learn the legislation that applies to his or her jurisdiction, typically with the help of a tax advisor.

It’s easy to overlook important rules without expert guidance. U.S. citizens pay worldwide income tax. Therefore, global cryptocurrency gains are potentially taxable. Similarly, purchasing a property using cryptocurrency that has gained value will subject the purchaser to capital gains taxes. Just because something happens outside U.S. borders does not mean it’s exempt from U.S. tax laws.

Cryptocurrency and Taxes Evolve

The wide reach of these laws is not always negative. For example, the IRS does not charge tax on cryptocurrency donations to tax-exempt organizations. The IRS makes this exemption for other types of charitable giving and recognizes that giving cryptocurrency is not meaningfully different. With the help of a tax expert, it may be possible to find other beneficial tax laws in your jurisdiction.

Cryptocurrency was born on the fringe. Yet, it’s becoming more mainstream all the time. That may contradict its rebellious character. However, it also means more investment, better security, stronger markets, and more attention from tax collectors. Rising tax bills are a sign of cryptocurrency’s success. If this success is going to continue, investors must see themselves as taxpayers, too.



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