CRYPTOCURRENCY BEGAN IN THE 1980S
The most famous cryptocurrency, Bitcoin, was created in 2009. However, cryptographers have been experimenting with cryptocurrencies over the past four decades.
In 1983, an American inventor named David Chaum designed an electronic cash system called DigiCash that was based on cryptographic algorithms. In 1997, a British cryptographer named Adam Back created HashCash that used the proof-of-work scheme to prevent email spam. In 1998, b-money and bit gold were released by Wei Dai and Nick Szabo, respectively
MAJOR BUSINESSES ARE ADOPTING CRYPTOCURRENCY
The list of firms that accept Bitcoin is constantly growing.
Dell, Microsoft, Virgin Galactic, and Tesla are just some of the firms that accept Bitcoin as payment. However, there are several small and more grass-root firms that also accept Bitcoin, including Etsy, Wordpress, Wikipedia, and the Grass Hill Alpacas farm in Haydenville, MA.
Several non-profit charities also use Bitcoin in order to making donating easier. The BitGive Foundation supports several campaigns including earthquake relief in Nepal and clean water projects in Kenya
THERE ARE OVER 1000 DIFFERENT CRYPTOCURRENCIES
At the time of this writing, Bitcoin is the most famous and the most valuable cryptocurrency. Each Bitcoin is worth approximately $2400 USD. However, several cryptocurrencies were created by copying the open-source code for Bitcoin and then making a minor change. Dogecoin was originally released as a joke cryptocurrency; however, Dogecoin’s market capitalization in June was close to $340 million
U.S. ANTI-MONEY LAUNDERING AND SECURITY LAW MAY APPLY
Due to the features of Bitcoin that resemble money, anti-money laundering (AML) and know-your-customer (KYC) laws apply in many states in the U.S. Also, U.S. Security law may apply because several cryptocurrencies have security-like features. Recently, some cryptocurrencies are blocking the IP addresses of U.S. based investors in order to ensure that U.S. laws do not apply.
n a 2015 report by CoinDesk, over 4,000 responses were collected and analysed on the topic, “Who Really Uses Bitcoin.” Recently, more and more young males living in Asia have begun trading cryptocurrencies as well.
According to the survey: 90% of Bitcoin users are male 56% are married or in a serious relationship 55% are from either North or South America 61% do not consider themselves actively religious
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THERE ARE SEVERAL EASY WAYS TO STORE BITCOIN
There are two main ways to store cryptocurrency: hot and cold.
A “hot wallet” refers to any type of wallet that is stored on an electronic device that is connected to the internet. A cold wallet is a wallet that is stored on a piece of paper or an electronic device that is not connected to the internet. Since the former are connected to the internet, they are easier for thieves to hack compared to the latter. Therefore, only small amounts of money should be stored on a hot wallet just in case it gets hacked.
There are several reputable companies that offer wallets and storage solutions. For a hot wallet, I recommend iOS users to download Breadwallet. For Android users, I recommend Mycelium. For a cold wallet, I like to generate my own paper wallets at bitaddress.org or I like to use Xapo’s cold storage vault
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.
Gold as an investment
Gold has been used throughout history as money and has been a relative standard for currency equivalents specific to economic regions or countries, until recent times. Many European countries implemented gold standards in the latter part of the 19th century until these were temporarily suspended in the financial crises involving World War I. After World War II, the Bretton Woods system pegged the United States dollar to gold at a rate of US$35 per troy ounce. The system existed until the 1971 Nixon Shock, when the US unilaterally suspended the direct convertibility of the United States dollar to gold and made the transition to a fiat currency system. The last major currency to be divorced from gold was the Swiss Franc in 2000.
Since 1919 the most common benchmark for the price of gold has been the London gold fixing, a twice-daily telephone meeting of representatives from five bullion-trading firms of the London bullion market. Furthermore, gold is traded continuously throughout the world based on the intra-day spot price, derived from over-the-counter gold-trading markets around the world (code "XAU"). The following table sets out the gold price versus various assets and key statistics at five-year intervals
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