Busting Crypto Myths

Cryptocurrency is “a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.” Cryptocurrencies in India are uncharted territory and seem to be one that is understood very little that people are vary of investing in them. Here is a list of myths revolving around cryptocurrencies that are busted:

Myth 1

Cryptocurrency Is Not Taxed

Yes, there is no central expert involved and there are no banks involved. But this does not rule out that the digital currency avoids being taxed. It is just any other transaction and you are taxed whenever you sell it or whenever someone pays you in cryptocurrency.

In India, when you trade in cryptocurrencies and make a profit, and if that profit exceeds 10 lakh rupees, you have to pay 30% on the profit. This is for short-term gains where there is no minimum time period for holding the investment. For a long-term gain, where your asset needs to hold for at least two years, you will be taxed 20 percent on the profit.

Myth 2

Cryptocurrency Doesn’t Have Any Real Money Value to Them

This is perhaps the biggest myth about cryptocurrencies since there is no material asset that is backing them. However, the people who trade in cryptocurrencies believe in the inherent value of it, which has been supporting the system since 2008.

As long as there are people who believe in and understand the value of cryptocurrencies, they are here to stay.

Myth 3

They Are Illegal Forms of Digital Money

Although the currency has been banned in countries like Bolivia, Russia, Algeria, Ecuador and Trinidad; EU nations, G7 nations, and the USA have made cryptocurrency a legal tender.

India’s previous Finance Minister, Mr. Arun Jaitley pointed out in the Budget 2018-19 that the Blockchain technology will be explored to promote digital and safe transactions. The transactions in cryptocurrency are not banned in India and are thriving.

Myth 4

Cryptocurrencies Are Used for Criminal and Illicit Purposes

While one event of the Silk Road Raid in 2013 exposed the use of millions of dollars in Bitcoin for human and drug trafficking, cryptocurrency is yet to be regulated. Yes, some criminal cases record the use of cryptocurrency to get money, however, India has obligatory KYC (Know Your Customer) procedures in place for trading in cryptocurrencies to reduce the chance of any unlawful use of the digital money.

Myth 5

Cryptocurrencies Are Easy to Hack

Using a platform to trade in cryptocurrencies is just like any other platform for trading. Upping the security on wallets where trading in cryptocurrency is facilitated is the only way to secure your wallet and enable safe transactions.

Myth 6

There Is Only One Huge Blockchain In Place

There absolutely is not. There are many blockchains. Blockchain is just a technology that caters to different problems- they may be public or private versions of blockchain, the source may be open or closed, etc. While one type of blockchain might back Bitcoin, others might support other cryptocurrencies like Ethereum, Ripple, XcelToken Plus etc.

Myth 7

Blockchain Is A Cloud-like Database

What is important to remember is that blockchain is just like a ledger- it only keeps a record of the transactions. In its entirety, this is the ledger that is backing cryptocurrencies and ensures that transactions are safe, not repetitive and are transparent. Blockchain cannot store any ‘files’. It only comprises a code for the transaction that took place.

Myth 8

Cryptocurrencies Are Not Accepted as a Form of Payment

Cryptocurrencies came in 2008. Slowly and steadily, their virtue has been realized by people who are investing in it. Big companies like Microsoft, Fiverr, Dell and Expedia have started to accept Bitcoin. However, while buying cryptocurrencies is not illegal, cryptocurrencies are not recognized as legal tender in India. Meaning, it is not allowed as a payment option in India.

Myth 9

Cryptocurrencies and Its Transactions Are Untraceable & Anonymous

The blockchain, a public ledger maintains a record of everything. There exists anonymity, but in extreme cases, identifying users and their details is not a difficult task.

Just like any other platform, there is user anonymity, but it’s not absolute.

Myth 10

Blockchains Have No Business Use

The fact that ex-Finance Minister, Mr. Arun Jaitley quoted the need to explore blockchain to promote digital transactions says a lot about its sanctity.

In fact, they might be the next big thing in the investment sector. Japan has already legitimized them and has set a self-regulatory body as well.

Blockchains are the perfect database- they store information, keep it secure, permanently store records and transactions are traceable and cannot be easily hacked.

Conclusion

To sum up, since cryptocurrencies is still an unmapped avenue in the Indian market, a little more information around the topic can go a long way in helping investors take a call whether they would want to venture into the virtual currency space.

If you are someone gearing up to purchase a Bitcoin or other cryptocurrencies, I suggest you weigh the pros and cons of investing very carefully and be very clear about their use and tax treatment in India before you make a decision.

How to Buy Cryptocurrency?

The method of purchasing and selling cryptocurrency has been made a lot easier over the last few months. There are five significant aspects that you must think about before purchasing any cryptocurrencies or to buy some XcelToken Plus (XLAB):

Location

To find out how and where you can buy cryptocurrency, it is important for you check your country’s regulations.

Payment Method

The most common and accepted payment methods to buy cryptocurrency include: credit card, bank transfer or even cash. Different websites accept different payment methods, so you’ll need to choose a website that accepts the payment method you want to use.

Type of Cryptocurrency

Not all cryptocurrencies are available for purchase on every website. You will have to find a website that sells the cryptocurrency that you want to buy.

Cost of Fees

Each website has different fees. Some are cheap, some are not so cheap. Make sure you know how much the fees cost before setting up an account on any website. You don’t want to waste your time verifying yourself and then find out the fees are too high!

How much you can afford

As with any investment, you should never invest more than you can afford. I recommend speaking to a financial adviser first. With those 5 factors in mind, we can move on. When you buy your cryptocurrency, you will can’t obviously store them in your bank as you would regular fiat currency.

Cryptocurrency Wallet

A cryptocurrency wallet is where you store your cryptocurrencies after you have bought them. You can compare a cryptocurrency wallet with your bank account. In the same way that you store traditional currencies (USD, JPY, EUR etc.) in your bank account, you will store your cryptocurrencies in your crypto wallet. There are a lot of easy-to-use and safe options to choose from. It is important that you choose a highly-secure wallet, because if your cryptocurrency gets stolen from your wallet, you cannever get it back.

There are three types of wallets:

Online wallets: The quickest to set up (but also the least safe)

Software wallets: An app you download (safer than an online wallet)

Hardware wallets: A portable device you plug into your computer via USB (the safest option).

The wallet you need will depend on which cryptocurrency you want to buy. If you buy Bitcoin, for example, you’ll need a wallet that can store Bitcoin. If you buy Litecoin, you’ll need a wallet that can store Litecoin. There are multiple wallets that allow you to easily transact and safely store your cryptocurrencies, coupled with features that allow you to use them for your utility payment purposes.

With the information above you will now be able to buy XcelToken Plus and trade with them on one of the 14 trading platforms that it is listed on.

Components Every Strategy Is Required To Have

Whether you’re after automatic day trading strategies, or novice or into advanced tactics, you’ll need to take into reason three vital components; volatility, liquidity and volume. If you’re to make profits on tiny price movements, selecting the right stock is vital. These three essentials will help you make decisions very easily:

Liquidity – This allows you to speedily come in to and exit trades at a valuable and stable price. Liquid asset strategies, for example, will focus on gold, crude oil and natural gas.

Volatility – This tells you your latent profit range. The more the volatility, the better the profit or loss you may make. The cryptocurrency marketplace is one such example well recognized for high instability.

Volume – This measurement will tell you how many times the asset has been traded within a set period of time. For day traders, this is better known as ‘average daily trading volume.’ High volume tells you there’s substantial interest in the asset or security. An increase in volume is regularly a pointer a price jump either up or down, is fast impending.

While you are investing in XcelToken Plus and about to trade on one of the 15 crypto-exchanges that it is listed and tradable on, it is suggested that you keep the above points in mind.

How to Keep Your Cryptocurrency Safe?

If you’re new to the crypto world you might have overheard people transferring their assets into cold storage or cold wallets but were unsure exactly what this involves. Simply put, it means securely transferring and storing your cryptocurrencies/ assets offline to decrease access to hackers. There are two ways in which you can store your cryptos offline, here’s how you can do it:

Hardware: Wallets vary from software wallets in that they store a user’s private keys on a hardware device like a USB. Although hardware wallets make transactions online, they are stored offline which delivers improved security. Hardware wallets can be compatible with several web interfaces and can support different currencies; it just depends on which one you decide to use. What’s more, making a transaction is easy. Users simply plug in their device to any internet-enabled computer or device, enter a pin, send currency and confirm. Hardware wallets make it conceivable to easily transact while also keeping your money offline and away from danger.

Paper: Wallets are easy to use and provide a very high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed. Using a paper wallet is relatively straightforward. Moving Bitcoin or any other currency to your paper wallet is proficient by the transfer of assets from your software wallet to the public address shown on your paper wallet. Alternatively, if you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet. This process, often referred to as ‘sweeping,’ can either be done by hand by entering your private keys or by scanning the QR code on the paper wallet.

If you are about to invest in XcelToken Plus (XLAB) it is suggested that you store them in the above ways to make sure that your assets stay safe.

What the Blockchain Technology Would Have on The Insurance Industry

Much has been made about blockchain’s utility across different industries. Critics oppose the technology is mere hype, that the alterations it makes is marginal and not worth spending money on. Supporters, on the other hand, willingly acknowledge that blockchain is not the answer being trumpeted in some corners, but also identify that there are use cases where it essentially makes sense. This is why noteworthy resources are being devoted to the study of the blockchain system/technology by some of the world’s major establishments.

Insurance is one such industry, but in fact, blockchain is exactly what’s required to inoculate some revolution into an industry that has not transformed much in decades. From global insurers down to start-ups, we are seeing a wave of new goods and services, everything from flight delay insurance to enhanced risk modelling. What we need to understand what it is about blockchain that makes sense for the industry, if you want to know more, then read on.

Information sharing

Imagine a situation where insurance firms can share customer KYC data instead of having to inspect every individual that requests to buy insurance. It could mean savings of thousands of dollars per customer. Blockchain makes this possible by allowing multiple insurance firms to contribute data to the same decentralized ledger. And because the data is immutable, the insurance companies can trust that it is authentic. One such information are claims records. If insurance companies contribute information to the same blockchain, duplicate claims can easily be detected.

Transparency

Historically, consumer data has been stored behind the walls of insurance companies. Consumers have little in the way of visibility of this data, and instead are given only what the insurance company decides via a portal. And if the information is shared with third parties, the consumer is not notified about it. The open and decentralized nature of blockchain means that consumers will always be able to see the data the insurance company has and what is being done with that data.

Trust

It is not unusual for consumers to mistrust insurance companies. Confusing policy terms, high premiums, and long claims processes all contribute to this. The blockchain, specifically smart contracts, bring trust back into the equation by simplifying the insurance contract and, with the help of AI, automating claims. No human intervention required.

Tokens

One reason the privilege pay-out process is slow is the need for fiat currency cheques or bank transfers. Consumers occasionally wait for weeks for the pay-out to show up in their account. Using digital tokens accounted for on the blockchain answers this problem. Pay-outs can be made promptly and then be re-used to purchase added coverage.

Smart contracts

Smart contracts are programmable contracts devoted to the blockchain. They are independent and, therefore, do not need human intrusion. For the insurance industry, smart contracts enable micro-insurance guidelines to be issued and claim pay-outs to be pre-programmed.

Lower costs

What all of this adds up to is lower premiums for consumers. Personalized insurance coverage has never been so affordable. Hearti is committed to providing the most innovative and hassle-free insurance products to its customers. Blockchain is one of the technologies that will help us get there.

Fraud deterrence

Fraud is a major problem in the insurance manufacturing, costing an estimated 80 billion USD each year⁽¹⁾. Blockchain, smart contracts, and AI can help reduce this figure by demanding info verified by AI from multiple sources before paying out a claim. And the immutability and decentralization of blockchain allows insurance firms to share fraud data.

Ref-

¹http://www.insurancefraud.org/statistics.htm.

The Future of Cryptocurrencies and Should You Invest in Them?

We have already discussed about the history of currencies and the benefits of cryptocurrencies and blockchain, if you haven’t read them already, it is suggested that you do read them before you go ahead with this blog as it is required for you to understand everything written below.

The Future

Some of the limits that cryptocurrencies currently face – such as the fact that one’s digital wealth can be removed by a computer crash, or that a virtual vault may be looted by a hacker – may be overawed in time through technological developments. What will be harder to overcome is the basic paradox that bedevils cryptocurrencies – the more prevalent they become, the more parameter and government scrutiny they are possibly could attract, which corrodes the essential evidence for their presence.

While the number of merchants who take cryptocurrencies has gradually amplified, they are still very much in the minority. For cryptocurrencies to become more widely used, they have to first gain extensive receipt among consumers. However, their comparative complexity likened to conventional currencies will likely deter most people, excluding the technologically adept.

A cryptocurrency that seeks to become part of the conventional financial structure may have to content widely conflicting criteria. It would need to be mathematically intricate (to avoid fraud and hacker attacks) but easy for customers to comprehend; decentralized but with passable consumer safeguards and protection; and reserve user anonymity without being a conduit for tax elusion, money laundering and other reprehensible activities. Since these are arduous criteria to satisfy, is it likely that the most popular cryptocurrency in a few years’ time could have attributes that fall in between heavily-regulated fiat currencies and today’s cryptocurrencies? While that likelihood looks remote, there is little hesitation that as the leading cryptocurrency at present, Bitcoin’s success (or lack thereof) in dealing with the challenges it faces may determine the wealth of other cryptocurrencies in the years ahead.

Should You Invest in Cryptocurrencies?

If you are considering investing in cryptocurrencies, it may be best to treat your “investment” in the same way you would treat any other highly hypothetical venture. In other words, identify that you run the risk of trailing most of your investment, if not all of it. As detailed earlier, a cryptocurrency has no intrinsic value apart from what a buyer is willing to pay for it at a point in time. This makes it very liable to huge price swings, which in turn upsurges the risk of loss for an investor. Bitcoin, for example, plunged from $260 to about $130 within a six-hour period on April 11, 2013. If you cannot digest that kind of instability, look to another place for investments that is better matched to you. While belief continues to be deeply separated about the qualities of Bitcoin as an investment – factions point to its limited supply and mounting usage as price motorists, while detractors see it as just another notional bubble – this is one debate that a traditional investor would do well to evade.

A cryptocurrency that seeks to become part of the mainstream financial system would have to satisfy very wide variety of criteria. While that option looks remote, there is little uncertainty that Bitcoin’s success or failure in dealing with the challenges it faces may regulate the fortunes of other cryptocurrencies in the years moving forward.

History and the Future of Currencies

Our history book provides us with very little knowledge about how our economy came to be. This post aims to give an overview of how the currencies that we know of today, have evolved and go in detail on digital currencies the present talk of the town and what will become of these currencies.

After a long period of time, historians, say that societies discovered that they found it safer and easier to exchange goods with goods- the barter system, instead of going into war with each other, frequently traded, between individuals or societies, for other goods were domestic animals like cattle and goats. With the development of farming in the 8^th millennium grains were added to the list of exchangeable goods.

It is, only after the trade around the extraction of rich metals that the commodity currencies came to be used, the kingdom of Lidia on the western cost of Turkey is said to have crafted coins that were a mixture of gold and silver- “Electrum”. They were standard in weight; ranging from 0.15 grams to about 14 grams, in irregular shapes and sizes. Aside from Lydia, Greece and a few kingdoms and individuals from China that used coins for trade. The innovation of paper currencies, scholars say, can be credited to the Chinese, as they found it to be lighter auxiliary for coins. The momentum of paper currencies took its time to reach Europe. By 1661 banking institutions had been formed and the government of Sweden issued its own state sponsored banknotes. Further to which the Bank of England was formed. From then on various different world currencies came to use and various laws and policies were created to keep counterfeit and various frauds from taking place.

Subsequently, Paper currencies were normalised and newer technologies have come into play to make transactions easier, digital currencies and E-wallets like PayPal and others are some innovations that are playing a major part in reducing paper currencies in the 2010s.

The initial idea for digital cash, even though a failure, in a way paved the path for the cryptocurrencies to come into existence, people have taken a keen interest in its growth and market, with multiple use cases for them, making it the best time to invest and use cryptocurrency, through your digital cryptocurrency wallet. The blockchain technology that cryptocurrencies are formed in make transaction and trading much safer than that conducted through a bank.

If we went with the idea that “History repeats” we could assume that cryptocurrencies are just the beginning in what will be an economic revolution, where we could expect digital currencies that are far more stable will take the crown from bitcoin. As far as blockchain is considered we could see that the currencies of the future will mostly be utility based where there is no centre that regulates the supply of currency and its value, eliminating the possibility of an economic calamity. All this, however, is possible only with the mainstream usage of the present unit of the beginning stage of the evolution, that is cryptocurrency, this can be achieved only by educating the masses on the benefits of the blockchain system and cryptocurrencies.

Benefits of Blockchain Technology and Cryptocurrency

To understand the benefits of the Blockchain Technology and Cryptocurrencies its important for us to understand what they are, This Article aims to provide you with all the information that you need to understand each of these are.

Understanding Blockchain

A Blockchain is, in the simplest of terms, a time-stamped sequences of unassailable record of information that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are protected and bound to each other by means of cryptographic values (i.e. chain).

The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and unassailable ledger, the data in it is open for anyone and everyone to see. Hence, anything that is constructed on the blockchain is by its very nature transparent and everyone involved is responsible for their actions.

Benefits of The Blockchain Technology

Blockchain is taking the world by storm and for good reason! There are plenty of benefits that come with using the technology in place of other current systems. Some of the major benefits that are connected with blockchain consist of the permanence and safety of the data that is stored on the blockchain’s ledger, the continentality and privacy maintained by users of a network with blockchain technology, the lack of a “middle man” due to the peer-to-peer nature of blockchain, the freedom provided by decentralization, the security that comes with distributing the blockchain across all users of the network, and the lower transaction fees that stem from using the efficient technology. Generally, it is quite simple to see why blockchain has managed to become so popular.

Here are some key benefits:

Understanding Cryptocurrency

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sported a market value of over $2 billion at its peak, but a 50% plunge shortly thereafter sparked a raging debate about the future of cryptocurrencies in general and Bitcoin in particular.

Benefits of Cryptocurrency

Fraud: Cryptocurrencies are digital and cannot be copied or upturned randomly by the sender, as with credit card charge-backs.
Identity Theft: When you give your credit card to a merchant, you give him or her admission to your full credit line, even if the transaction is for a small amount. Cryptocurrency use a “push” machinery that allows the cryptocurrency holder to send precisely what he or she wants to the merchant or recipient with no additional information.
Immediate Settlement: Acquiring real property characteristically involves a number of third parties (Lawyers, Notary), delays, and payment of fees. In many ways, the bitcoin/cryptocurrency blockchain is like a “large property rights database,” says Gallippi. Bitcoin contracts can be designed and prescribed to eradicate or add third party approvals, reference external facts, or be completed at a forthcoming date or time for a portion of the expense and time required to complete traditional asset transfers.
Access to Everyone: There are approximately 2.2 billion individuals with access to the Internet or mobile phones who don’t presently have access to traditional exchange systems. These individuals are primed for the Cryptocurrency market.
Lower Fees: There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network (Side note: This is the case for now). Even though there’s no bitcoin/cryptocurrency transaction fee, many expect that most users will engage a third-party service, such as Coinbase, making and maintaining their own bitcoin wallets. These services act like Paypal does for cash or credit card users, providing the online exchange system for bitcoin, and as such, they’re likely to charge fees. It’s interesting to note that Paypal does not agree to take or transfer bitcoins.

Now that you have a fair understanding of what blockchain and cryptocurrency are and their benefits, get your hands on some XcelToken Plus and start trading it on one of the 14 exchanges that it is listed on!

XcelToken Plus Long Term Price Predictions

Bitcoin has recently hit the $10,000 mark and seems to only be rising, within 24 hours of breaking through the $10,000 mark it hit $11 Grand, with it leading the way, prices of other cryptos are following suit. This blog attempts to predict the price values that XcelToken Plus will be achieving in the years to come.

XcelToken Plus (XLAB) is an ERC20 token on the Ethereum Blockchain Platform that is fashioned to build, involve and foster a large crypto-community within the hospitality, retail and gaming sectors. XcelToken Plus (XLAB) is now be available for trading on 14 Exchange Platforms, so let’s take a look at its price cap and what its capable of in the next few months.

Currently XLAB stands at a value of $0.004629 on the 2019-06-22 according to Coinmarketcap, and seems to be rising, refer to the chart below to understand its movements in the market.

With this as reference lets look at what its market values will be in the coming years.

XLAB is an awesome long-term (1-year) investment. If you are looking for virtual currencies with good return, XLAB can be a profitable investment option. XcelToken Plus price equal to 0.01063USD at 2019-06-23. If you buy XcelToken Plus for 100 dollars today, you will get a total of 6989.241 XLABs. Based on our predictions, a long-term upsurge is expected, the price projection for 2024-06-15 is 0.261 US Dollars. With a 5-year asset investment, the revenue is expected to be around +2359.83%. Your present $100 investment may be up to $2459.83 in 2024.

Invest in XcelToken Plus now to reap its benefits financially and through its adoption in the OTA platform of XcelTrip where you will be able to use your cryptos to book airline tickets and check-in at hotels all over the world.

Features to Look for While Getting Yourself a Crypto-Trading Bot

To understand exactly what is needed in a Crypto-Trading Bot, it is essential to understand what they are, a trading bot is a software program that networks unswervingly with financial exchanges (often using API’s to obtain and interpret relevant information) and places where you can buy or sell orders on your behalf relying on the reading of the market data.

The bots make these conclusions by monitoring the market’s price program and responding according to a set of predefined and pre-programmed guidelines. Characteristically, a trading bot will analyse market activities, such as volume, orders, price, and time, though they can usually be programmed to suit your own tastes and partialities. Now that you’ve understood what they are and how they perform, here is a list of features that you ought to keep in mind to make sure that you make some profits:

1. Reliability

One of the most significant aspects to deliberate on is the reliability of a trading bots consistency. You would not want to lose on a golden chance just because your crypto bot went offline or at a standstill for some time. You might argue that there is no way to be sure about the reliability of a particular trading bot. However, you aren’t the only one using a bot. Hunt for what the other users who have used a specific crypto-trading bot has to say about its reliability or merely.

2. Security

When it comes to cryptocurrencies, you do not have anyone to blame but yourself in case of a hack. When you start using a trading bot, you are giving the bot admission to your funds. This can be very risky, particularly if the trading bot is very new in the field, there is no telling how safe a specific bot is. So, while selecting a trading bot, do a complete exploration and select a bot that has been widely commended for its safety.

3. Profitability

It all comes down to this vital component, is the bot that you are choosing lucrative or not? A question whose answer is pretty hard to find. The main reason you choose to go with a trading bot is to profit over its profit proficiency. There is no point in by means of a bot that is not lucrative. So, find out the productivity of a bot before you capitalize both your time and currency into it.

4. Transparency

The main reason why cryptocurrency rose to fame is that the whole network is entirely transparent. There is no place for any foul play. The same should be expected even from the trading bot that you decide to go with. Try to select a bot whose developers are extensively known for their work in the community. Transparency not only aids to build trust but also helps you to get in contact with the correct people in order to solve any issue.

5. Ease of use

The whole point of going with an automatic crypto-trading bot is to make the whole procedure of trading cryptocurrencies easy for everybody. A bot which comes with a simple to use interface is the one that is very popular. Being able to regulate the bots with just a limited click of the mouse is to some degree what you should look out for, in the bot that you resolve to use.

Considering all the factors we have compiled a list find yourself a crypto-trading bot that suits your needs and use them to make profits using your XcelToken Plus on any of the 14 trading platforms that it is listed on. This list will be updated in order to make sure that you receive updated information as basic necessities required from crypto-trading bots grow.