Crypto-currency with Diamond Glitter
New glamorous "pink" money appears among the crypto-currency family - January, 18 2016 became their date of birth. At this time the realization of digital tokens PinkCoin has started. Just think, this crypto-currency is supported by nothing else but diamonds! And not the ordinary ones, but the most rare and exclusive - colored diamonds.
By the way, diamonds are the single assets that have never fallen in price since 1959, moreover, their price has been rising constantly by around 10% per year. This is why the authors of that new crypto-currency, Precious Investments, Inc, are optimistic about its promotion.
It comes out that PinkCoin is created on the basis of the platform Ethereum, which is rapidly developing right now, and Ether itself is rising in price constantly.
For this moment, 5 million of PinkCoin currency units are put for sale, but the company-creator Precious Investments, Inc is able to provide the market with another 95 million of digital tokens PinkCoin .
One should admit that the insurer of this new crypto-currency appears to be the British company, Lloyd's, the name of which speaks for itself. PinkCoin owners can exchange them to Bitcoin and other digital money as well as diamonds, according to their value.
The EU decided not to tax Bitcoin
Recently, the Europinian Court decided that in cryptocurrency transactions are not subject to value added tax (VAT). This solution automatically equates Bitcoin and other crypto currency to real money, and creates opportunities for the further development of Bitcoin.
This decision doesn’t appear out of nowhere. Something similar could have expected after Europe began to show visible interest cryptocurrency. It all started with Sweden, where such judgment was made in 2014. Although the tax office in the future and appealed it. And in the spring of this year, the United Kingdom, which is one of the most prominent European financial centers clearly showed interest in cryptocurrency.
Back in July of this year, the General Court lawyer Julian Kokot, sent a proposal to the European Union on the abolition of taxation on value-added transactions in Bitcoins. And precisely because the court is the final authority for the Eurozone, its decision is binding on the entire territory of the EU. According to this decision, as soon as some countries of the European Union will have to amend their legislation.
And interestingly, Poland, Estonia and Germany have already set the regulatory rules in operations with cryptocurrency.
Attitude to the European Court is different, although in the medium as the financiers and IT specialists agree that the precedent of legalization cryptocurrency in the European Union gives hope that Bitcoin will continue its progressive development and distribution in the world.
Understanding What Is Bitcoin
Bitcoin is already not so new and quite popular crypto-currency, digital money, in other words. And yes, you can buy things and pay for services using Bitcoins. Bitcoin, as any other currency, has its rate and can be exchanged for another currency. So, this is clear for everyone. However, what exactly is Bitcoin, what means crypto-currency, and how one can get it? Let’s try to clear this up.
Imagine an Excel table with numerous cells. Every cell has some information written in it. It can be some article, or game, or equation. This table is the whole Internet with every piece of information it holds. The information is public, therefore it doesn’t cost anything. Every new piece of information that no one knows, will have any price, which at least one Internet user will be ready to pay. Let it be 1 cent, for instance. The more users will find out about information no one knows and owns, the higher price they will suggest to own it. So the price for the unknown information will grow. This way the auction works: people want to buy the unique item, and wins the one who suggests the highest price.
Actually, Bitcoin is this unique information, still not existing in nature and therefore unknown to everybody. There is a limited amount of Bitcoins that can be “mined”.
So, let’s draw a conclusion. Bitcoin is the unique information, which exists in limited amount and which costs a certain price that people can suggest for it.
As noted above, Bitcoin is mined. How does it look like? Mining is the solving of some math problems by your computer. For example, returning to our Excel table, the problem may sound something like: why this particular information is contained in that cell? Why the same information is contained in the cell at the left raw? And etc. Solving these logical problems, your computer produces new, unique information, which has some cost. This is called mining. At first every new block of information had 50 Bitcoins, now the amount is less, and it will be decreasing until all Bitcoins are mined.
So we have come with one more conclusion. Mining is the solving of some problems by your computer and finding some unique information that has a particular cost.
Now, when you have a concept of Bitcoin, you can try to start earning some small parts of it, called Satoshi. How can you do this? Play a game and generate some Satoshi. You can try this one - BoxBit, for instance.
Bitcoin: Should You Bother?
Bitcoin is quite complicated and strange thing, and different people understand it differently.
For crypto-gurus Bitcoin is the principally new system and genuine cryptographic solution.
For investors and start-upers, Bitcoin is an innovative technology with enormous potential, like the Internet twenty years ago.
Gamblers see the new way to earn easy money – if you are lucky, you can catch up in the moment and earn 1000%. Don’t ask me how, I’m not a gambler.
Programmers consider the Bitcoin system as a cool thing that helps to do other cool things that were impossible before.
Bankers and bureaucrats see it as something incomprehensible, which has some relation to money, but there’s no idea how to use it and how to bring to heel.
Crypto-maniacs and anarchists see the way to fight the existing financial system.
Drug addicts have a possibility to buy drugs anonymously and without risks through the Internet (well, this has been already fixed by FBI, don’t be naïve).
Normal people… Well, they see nothing in Bitcoin. It is still going over their head.
If we won’t dive into technical nuances, Bitcoins can be imagined as little golden coins with teleports and public transactions tracking. Why I use such metaphor? Well, the number of Bitcoins, such as golden coins, is limited, it can be mined, the process is not fast. Coins with teleports – because you can transfer Bitcoin to any part of the world, where the Internet is, and your transaction cannot be cancelled. As for tracking, all information about the Bitcoin wallet owner, all transactions and operations is stored on the all net nodes and is open to public.
By the way, the whole system is built on the principles of cryptography, which is considered super-safe.
So, answering the question – should you bother – yep, the thing is interesting and very promising. Try to study it and use it for your own benefit.
Secret of Bitcoin
Have you ever been offered money without any conditions and restraints? Probably, no. And you won’t be, if it comes to the traditional currencies. No one would come and say – go take some free dollars, euro, or yuan. But you can easily see or hear a phrase “free Bitcoins”, just type it on Google. What is the secret?
This is because Bitcoin is crypto-currency, the first and the most famous. Crypto-currency is digital money with the very high protection against fraud, theft and other dirty tricks. Their originality is proven by every network user with the help of blockchain technology. All data about all Bitcoin transactions are stored in the distributed network, for operations with crypto-currency no centers or intermediaries are used. To conduct a transaction, one must know only the Bitcoin wallet address.
The secret of digital cash lies in the fact that it can be divided into very small pieces. For example, dollar (and all other traditional currencies), is divided only to the hundredth part, for the world of electronic transactions it is very little. And Bitcoin has a full-featured hundred millionth part, which is called in honor of the creator of the first crypto-currency Satoshi Nakamoto – Satoshi.
That’s why websites that offer free Bitcoins (they are called faucets), call up to receive a reward, which equals to dozens or hundreds of Satoshi. This is chickenfeed, hundred millionth part of Bitcoin, you will say. And you are right. However, one Bitcoin is worth around $420 and its price will only grow. And Satoshi “drop” from faucets regularly with various periodicity, and such resources are numerous at the network. So making up a strategy of their visiting, you will earn quite a bit.
Right now faucets are the only way to receive free Bitcoins. Earlier, there were times when no one had heard about crypto-currencies (there was even no such a word), and one could mine digital money on the PC, using a specific software. Mining is the fulfillment of mathematic calculations for assuring the authenticity of Bitcoin transactions, for which users receive reward in Bitcoins. The difficulty of such calculations was minimal then, because the coins were not multiple. Now, the difficulty is so big, that it is impossible to mine Bitcoin at home.
The experts tend to think that the price of Bitcoin will only rise, and a rate of 200$/BTC is in the past. So several coins wouldn’t go amiss in your Bitcoin wallet.
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