Category: For Dummies

Both financial terms initial coin offerings (ICOs) and initial public offerings (IPOs) carry a slightly negative connotation in the world of bitcoin crowdfunding, because multiple false promises and scam projects have been associated with ICO and IPO promises. ICO: Potential investors are given the chance to purchase a part of the altcoin’s total supply before the mining process begins. Most investors do so in the hopes of seeing the price per coin increase in the near future. IPO: An IPO Read more …

Bitcoin is changing the way people think about money by planting a seed of doubt in people’s minds — in a positive and thought-provoking way. Mind you, given the financial crises over the past decade, it’s understandable that some people are trying to come up with new and creative solutions for a better economy. Bitcoin, with its transparency and decentralization, may prove to be a powerful tool in achieving that goal. One thing bitcoin does is bypass the current financial Read more …

Cryptocurrencies, sometimes called virtual currencies, digital money/cash, or tokens, are not really like U.S. dollars or British pounds. They live online and are not backed by a government. They’re backed by their respective networks. Technically speaking, cryptocurrencies are restricted entries in a database. Specific conditions must be met to change these entries. Created with cryptography, the entries are secured with math, not people. Restricted entries are published into a database, but it’s a special type of database that is shared Read more …

Bitcoin and the concept of its blockchain were first introduced in the fall of 2008 as a whitepaper and later released as open-source software in 2009. The author who first introduced Bitcoin in that 2008 whitepaper is an anonymous programmer or cohort working under the name of Satoshi Nakamoto. Nakamoto collaborated with many other open-source developers on Bitcoin until 2010. This individual or group has since stopped its involvement in the project and transferred control to prominent Bitcoin core developers. Read more …

Here are ten things you should take into account while working with blockchain technology and the cryptocurrencies that run them. Always consult your CPA and attorney before making financial decisions. This technology is new, and the rules that govern it are not fully developed. Don’t use cryptocurrency or blockchains to skirt the law The legality and the legal zoning of cryptocurrencies are still fluctuating in many places of the world. Can you use cryptocurrency as a way to hide money? Read more …