Tuesday June 25, 2019
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Here is guide to start your own cryptocurrency

Bitcoin is a cryptocurrency and worldwide payment system

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Bitcoin price, Bitcoin investment
Cryptocurrency Bitcoin, the growing market (VOA)

Fed up of standing by watching while others make and lose fortunes on cryptocurrencies? Now you too can make and lose a fortune!

This columnist realised it was time to tackle this topic when a news report said more than 1,500 Bitcoin-like cryptocurrencies had been launched and a reader asked me for advice on starting his own.

Easy, I said. Whose head would you like to be on it? He chose his own, which showed me that he had no idea what a cryptocurrency was. They are not physical coins, so don’t have anyone’s heads on them.

Also Read: Is investing in Bitcoin safe? Get the basics first!

Never mind. Most people don’t understand these things. This is good.

Things you can sell to unsuspecting friends as Bitcoins: 1) game arcade tokens; 2) foreign coins; 3) toy medals; and 4) chocolate money.

But one of my more serious colleagues is starting his own cryptocurrency; so I know the system.

1. Download the main coin mining software from a website called Github, then hire a nerd, as you have to tweak the programme (with C++) to make it unique.

2. Think of a theme. It is impossible to be too wacky. For example, one person made a crypto-coin called “Offerings to Cthulhu”, named after an alien from a 1928 sci-fi story. You’d think that was too silly to work, but it is going strong after several years.

3. When people start buying your currency, sell them all and run away as fast as you can.

If the last part of this process reminds you of anything, it should. It is the same technique used by people working for criminal gangs (“banks”) for pushing evil scams such as sales of stocks and shares, unit trusts, investment bonds, Ponzi schemes, etc.

Also Read: Interesting facts you should know about Bitcoin, the cryptocurrency gold of 21st century

Bitcoin is a cryptocurrency and worldwide payment system.
Bitcoin is a cryptocurrency and worldwide payment system. Wikimedia Commons

It’s an exciting field. In January this year, the value of Bitcoins was going up and down so fast (in a $10,000 range) that you had to discuss it with a live price tracker in your hand. Here’s a typical conversation:

ME: “I’ll buy your car for one Bitcoin.” HIM: “No way! This car’s worth more than… $9,845.” ME: “More than… $11,245? No, it isn’t. That’s a good price.” HIM: “Okay, you got a deal.” ME: “I’m now transferring to you one Bitcoin.” HIM: “Wait. This is only worth… $7,231.” ME: “Too late, Byeee.” [Drives off.]

Bitcoin analysts say the number of new coin issues is accelerating so we’ll each have our own currency in “the mid-to-long-term future”, meaning a week next Tuesday. Shopping will be challenging.

Also Read: Status of Bitcoin in India

SHOPPER: “Do you accept Flurgles?” SHOPKEEPER: “Yes, but your change will be in Oogliewooglies.”

What to call your coin? All the cool names have already been taken, including Mysterium, Einsteinium and BitBean. Others are odd, like the Melon, or desperately unimaginative, like the Namecoin.

I reckon it’s time to stand out and get attention by using an ironically humorous name for your new Bitcoin. Four suggestions: 1) SweetLittleNothings; 2) Don’tBuyThese; 3) Moneypits; and 4) IdiotTokens.

Okay, hands up who’ll buy an IdiotToken from me? And no, you can’t pay me in crypto-coins. I want hard cash. I may be an idiot but I’m not stupid.

Next Story

Only 1 in 10 People Understand How Cryptocurrency Works, Reveals Survey

Criminals also create fake e-wallets to attract people to unwisely invest their money, and 15 per cent of consumers have been victims of cryptocurrency fraud

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Cryptocurrency, virtual currencies
The value of cryptocurrency rises and falls daily. Pixabay

Only one in 10 people understand how cryptocurrencies work while 29 per cent have some knowledge about digital currencies, a new Survey by Russian cybersecurity firm Kaspersky has found.

The rate at which cryptocurrencies are being adopted by global consumers is slowing down, despite celebrities like Johnny Depp and YouTube influencers such as PewDiePie embracing the technology.

“To date, four in five people (81 per cent) have never purchased cryptocurrency, highlighting just how far away we are from it being accepted as a common form of payment or investment,” the findings showed.

Although there is a desire among many consumers to use cryptocurrency, a knowledge gap is getting in the way of taking the plunge.

In addition, many people who thought they knew with what they are dealing with, later decided against using cryptocurrency. Nearly a fifth (18 per cent) stopped because it became too technically complicated.

Nearly a third (31 per cent) of respondents stated that they believe cryptocurrencies are quite volatile and they need to be stable before they are prepared to use them.

Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.
Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.

There is also a common perception among consumers that cryptocurrency will not be around forever.

A third (35 per cent) believe cryptocurrencies are a fad that is not worth bothering about.

“It is clear that mainstream adoption and growth of cryptocurrency is being held back due to the vulnerable nature of the technology. While there is a high appetite to use it, giving your hard-earned cash to something you don’t fully understand, or trust, is a hurdle,” explained Vitaly Mzokov, Head of Commercialization at Kaspersky.

While widespread interest in cryptocurrencies may have already peaked, there is still a demand to use the technology. A fifth (20 per cent) of those surveyed said that while they are not using cryptocurrency at the moment, they would like to in the future.

Also Read- YouTube Experimenting with Hiding Comments on Videos in India

Fraudsters can use cryptocurrencies to their advantage, with around one in five (19 per cent) of those surveyed saying they have experienced hacking attacks on exchanges.

Criminals also create fake e-wallets to attract people to unwisely invest their money, and 15 per cent of consumers have been victims of cryptocurrency fraud. (IANS)