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EU Decided Not to Tax Bitcoin

Recently, European Court decided that crypto-currency transactions are not imposed for Value Added Tax (VAT). This decision automatically equates Bitcoin and other crypto-currencies to real money and creates the greater opportunities for its further development. 

This decision didn’t come from scratch. This was expected after the growing interest to crypto-currency in Europe. Everything has started from Sweden, where the similar decision was made by the court as early as 2014 (however, Tax Service had appealed against it later). And in spring 2015 Great Britain, one of the biggest European financial centers, became interested in crypto-currencies. 

In July 2015 Advocate General Julianne Kokot directed the suggestion of abolition of Bitcoin transaction taxation (VAT) to the EU. Since this instance has the highest legal power for EU countries, its decision is obligatory for the whole EU territory. According to this decision, in the near future some EU countries will have to amend their legislation. 

Interesting is that Poland, Estonia and Germany have already set the regulatory rules of crypto-currency operations. 

Thoughts concerning the EU Court decision differ, however, both financiers and IT-people agree that the precedent gives hope that Bitcoin will continue its gradual development and expansion. 

Most Popular Crypto-Currencies

First of all, let’s define what crypto-currency is. Crypto-currency is the type of digital money, which uses the methods of cryptographic encoding. It is decentralized, unlike such electronic payment systems as PayPal, WebMoney, etc. It is not influenced by geopolitical and economic situation in the world. Transactions in crypto-currency are irreversible. Crypto-currency can be lost because of computer viruses or mechanical damage of data carriers.

As you can guess, first place goes to Bitcoin (BTC). This is the oldest known crypto-currency, introduced in 2009 by hacker (or group of hackers) Satoshi Nakamoto. What is interesting, the number of Bitcoins, that can be mined, is limited. Its algorithm allows produce 21 millions of Bitcoins, more than a half of this amount is already mined. In 2010, 10 thousand Bitcoins were paid for pizza delivery, which was around 25 dollars. These days, it’s around 10 million.

Second in popularity is Litecoin (LTC). If we call Bitcoin gold, then Litecoin is silver. Litecoin was introduced in 2011 by Charles Lee as an alternative and evolution of Bitcoin. The main difference from Bitcoin is the speed of generation – it is four times faster, than BTC. The number of Litecoins is limited as well, however, the general number of possible LTC mined is four times bigger than BTC.

Dogecoin (DOGE). This crypto-currency is based on Litecoin and was introduced in 2013 by Portland programmer Billy Marcus. It received its name in honor of the Internet meme Doge. If we compare Dogecoin with other crypto-currencies, the main peculiarity will be its fast production schedule. This currency grew its popularity as Internet tips. Dogecoin community is famous because of their charity – they have fundraised sufficient sums for the Jamaican Bobsled Team to enter Winter Olympic Games 2014 and then other sportsmen.

This ranking is not based on market capitalization of crypto-currency – the cap chart looks different and changes every month (Bitcoin, however, still takes the first place). This has been just the subjective ranking and a try to compare Bitcoin with other crypto-currencies.

Is Ethereum a Threat to Bitcoin Monopoly?

There is already a big amount of crypto-currencies on the market, but the most famous and widely used is still Bitcoin. However, the recent problems with Bitcoin blockchain have shown that the effectiveness of some transactions can sometimes limp. The users and the developers are concerned not only by effectiveness decrease, but also a protocol involved into the current problems.

Ethereum, that uses another protocol, is in good standing and has gained a good reputation among crypto-currencies. It shows a good work on many points and the dynamic growth perspective. But is it enough to cripple the monopoly of Bitcoin?

Roman Mandeleil, the co-founder and CEO of Ethereum, is sure that they are on the right way. He explained that, in contrast to Bitcoin, where the block size is a constant and to change it the oral agreement of the whole community and the update of the whole software is needed, in the Ethereum network miners can easily vote for the increase and decrease of block size, since such mechanism has been laid into platform from the very beginning.

The co-founder of Cashilla, Jani Viljavec also believes in Ethereum. According to his words, its current rise is first of all explained by the technical problems in the main competitor’s camp. But the announced release of the next stable version Homestead and the regular good news about the applications working on Ethereum have offered their mite. He is sure that Ethereum is on the more winning side that Bitcoin since it is a system where the decentralized applications can work, and not only financial and exchange operations can be carried out.

Aleksandar Matanovic, the founder and CEO of EC District, stated that during the time when Bitcoin had no competitors, it progressed a lot, and now other crypto-currencies must catch up with it. But it doesn’t mean that they never equal with Bitcoin in number of users or market capitalization, they just will need to make a much bigger effort. Ethereum is just at the beginning of the long way, but it is able to challenge the Bitcoin expansion.

The founder of CryptoPay George Basiladze also marked the potential of Ethereum, provided it will constantly update the protocol. However, after evaluating the huge funds invested into Bitcoin, he doesn’t believe that Ethereum will be able to undermine the attitudes of Bitcoin among crypto-currencies.

Blockchain Technology for Banks

During several decades the world has been shaken by several technological revolutions. We were the witnesses of the Internet creation, saw the rapid development of computer technologies, and now the market is awaiting the splash of interest to the development of network technologies in the sphere of finances and bank services. The new object of mass interest – the blockchain technology.

At the basis of this technology lies the idea of the distributed database, the verification of transactions in which is provided by the thousands of users simultaneously. They confirm the validity of the changes put in into the base, so it is impossible to forge them. Blockchain technology can become a new wave that will bring thousands of startups to the top. During the last two years, $850 million were invested into companies that work on blockchain development.

Blockchain owns such characteristics that were peculiar for the operating system with open source Linux or Skype that used P2P protocol. This means a high level of security, open infrastructure, comparative cheapness, decentralization, and the absolute clearness of all operations.

Who can be interested in such demonstration? Of course, banks. They will be able to use blockchain as an alternative to the bank transactions SWIFT. The most famous projects in this area – Ripple with almost $ 40 million of investments, and bank consortium R3 which creates a closed blockchain.

In addition, this technology is used for micro- and mini payments, which earlier was not interesting for banks at all. Blockchain allows to transfer a small sum for a small commission or without it at all. This would sufficiently simplify the possibility of right holders to receive payment for the content. One should agree that it is not hard to pay 10 cents for the book or music, but today this procedure is so bulky, that it is much easier to upload a pirate version. Right now Bitcoin is most commonly used for such payments, the number of transactions increases steadily.

One more possibility opens to banks – the system of client authentication. Now, all credit organizations must fulfill the complex of actions under the general name KYC (“Know Your Client”), and the usage of blockchain will allow to pass this procedure only once. The verification of a client by one of the member banks would automatically remove the necessity of such actions for other members of the project.

Banks started out the acquisition of blockchain, but the usage of this technology can be widened more. One can only mention the possibility of using blockchain as an alternative financial system in case of global cataclysms. The system of verification right on assets and properties is in the near future of the blockchain technology, and crypto-currencies also evolve in this direction. 

How to Get Free Bitcoins

How to get free Bitcoins? This is the question that worries newcomers to the mysterious and exciting world of crypto-currencies. It is easy to answer this question – use Bitcoin faucets. They do not generate fantastic sums, however, they still share free Bitcoins with you.

Bitcoin faucets are faucets from which “drops” crypto-currency instead of water. The analogy with water drops is perfect, since, to collect the needed quantity of water to drink, you have to wait quite a bit. The situation is the same with Bitcoin: the payments on faucets happen during certain periods of time and by small parts.

Why Bitcoin faucets are needed? They are used to attract users to the website. The site receives earnings from showing ads, and shares these earnings with visitors, honestly warning them about it. Resources that promise fantastic earnings and the possibility to receive a “bucket” of Bitcoins by one click, don’t earn so much on advertisement, so this is most likely a fake for the fools.

Using Bitcoin faucet is very simple. For that, you must visit a page with the faucet, enter the address of Bitcoin wallet or email, connected to it, and press Enter. Sometimes you need to wait a bit to receive your reward, sometimes you receive it immediately and repeat the procedure after a certain period. To prove you’re not a robot, enter a captcha. Withdrawal of your Bitcoins will be possible after a day or week, depending on the minimal sum, possible to withdraw.

In spite of small sums of payments, they still play a big role in the Bitcoin ecosystem – they help to attract newcomers to the world of crypto-currency, interest them in Bitcoin and blockchain technologies, not all of them, of course, but a big part. And this is what is needed for digital currency – recognition and support of the as many people as possible.


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What Have Caused the Increase of Ether Crypto-Currency

As you can remember, crypto-currency Ether has been created by the company "Ethereum" to provide payments for some computing services. It is more "fuel" for platform functioning, than money. This platform is designed for the functioning of the computer programs that assure the implementation of agreements and automatically control them. 

After launching their project in 2014, the authors of "Ethereum" have achieved a rapid growth of Ether price. The peak of growth has occurred at the end of year 2015 and the beginning of 2016. This crypto-currency has risen by 75% and the trading volume reached 11,6 million dollars. Due to the volume of the market capitalization which reached 190 million dollars, Ether took the second place after Bitcoin, together with Ripple. 

So what has caused so dramatic increase? According to the information shared by the portal Finance Magnates, it is connected with the rumors that Ether is included into the Chinese crypto-currency exchange. In addition to this, the popularity of Ether can be explained by the fact that this crypto-currency was successfully integrated into one of the most popular world systems. Altogether, this gives grounds for the further Ether growth. 

Mystery of Satoshi Nakamoto

Everyone who knows about crypto-currency existence have heard about Satoshi Nakamoto at least once. If you are new to this field, here's a small entry for you.

Satoshi Nakamoto is the pseudonym of a person or group of people who created Bitcoin in 2009. Satoshi Nakamoto not only programmed crypto-currency, he (or they?) created the community, developed the main principles of its functioning, stated the basic rules of Bitcoin circulation. And disappeared. Well, if we can say so about a person no one could ever see.

Despite the fact that Bitcoin is totally independent from its creator, the mystery of Satoshi Nakamoto haunts many journalists and those interested in the field of crypto-currency.

However, latest news show the big progress in this mystery investigation. And, studying the facts, the assumption looks quite convincingly. So, here is what I'm talking about.

Two big portals Wired and Gizmodo announced that due to the results of their investigation, Satoshi Nakamoto is Australian entrepreneur Craig Steven Wright. Reporters have found quite a lot of evidences, confirming this assumption, however, they still cannot be 100% sure.

The mystery becomes even more dramatic after the suggestion of Mr. Chowdhry, the professor of finance at UCLA, to nominate Satoshi Nakamoto for the Nobel Prize in economics. However, it cannot be awarded to the unknown person under the pseudonym, as you can guess. This means that reporters will try their best to identify Satoshi Nakamoto.

What is interesting, the identity of Bitcoin creator means nothing to the crypto-currency itself. The main idea of crypto-currency is its decentralization, which makes it independent of its creator. The Bitcoin code is open, so anyone could see it and suggest improvements. Actually, from 2009, Bitcoin code had around 10 thousand accepted modifications from different users. Now, one can say that Nakamoto is no more the Bitcoin creator - the initial code, remaining in the "project", is only 20%, everything else has been changed and improved by the public.

Now the identity of Satoshi Nakamoto is important for the crypto-currency community only because he holds a substantial amount of Bitcoins and can influence a market by moving a large supply at once. However, some people believe that Nakamoto would never do this, since such move will not only expose his identity, but also would have a negative impact on his invention - Bitcoin.

Satoshi Nakamoto protects his anonymity brilliantly, however, "... there is nothing hidden that will not be disclosed, and nothing concealed that will not be known or brought out into the open".

How to Earn on Bitcoin

These days, the Internet offers multiple opportunities to earn. Very often, you even don’t need any specific skills, just time and wish to work. Crypto-currencies are a relatively new field, but many people are already using it to earn sufficient sums. Here are some methods to use Bitcoin for your enrichment.

Mining. Creation of new Bitcoins (or other crypto-currencies) is called mining. For that, you need a specific program on your computer and powerful equipment. The better is your equipment, the more coins you will be able to produce. This method requires the initial investment, and only then you will probably receive a feedback.

Personal exchange. You can become an intermediary between crypto-currency and paper money (or digital wallets like PayPal) transactions. You will earn on the commission in exchange. Still, this method needs initial funds as well.

Forex exchange. The trading is similar to one of the ordinary currency exchange, but you will trade with crypto-currencies. This method of earning requires not only the initial investment, but also some specific skills and knowledge, like acquaintance with forex functioning, skills of fundamental and technical analysis, etc.

Storing. You just buy some coins and keep them till they become more expensive. Then sell. However, you have to study the market, analyze the tendencies, buy the proper crypto-currency, and only then, if you understood the market properly, you will get a profit. So, initial capital and some analytic skills are needed.

Selling some products/services. You can sell some items for crypto-currencies, especially if you already have some online market, or offer some services via Internet. This will help you to broaden your audience and attract new clients to your business. It’s clear that this way of earning on Bitcoin requires a sufficient base.

Online casino and lottery. Many websites are starting to offer services for crypto-currencies, since gambling for real money is strictly regulated and needs a quite expensive licensing. This way, you can try your luck in casino games, lottery, betting, or poker, for instance. Besides initial capital, common sense and luck are needed.

Bitcoin faucet. Easy way to earn some coins. You just visit a website called Bitcoin (or Litecoin, Dogecoin, etc.) faucet, follow the instructions – usually it requires entering a captcha, or playing a simple game - and get some very small amount of crypto-coins (called Satoshi). This way of earning is totally free, doesn’t require any skills, just time. However, you won’t earn much even if you browse through Bitcoin faucets all day long. Still, once again, it’s free.

Bitcoin Games

Among Bitcoin faucets separately stand those that offer crypto-currency reward for reaching a particular level, completed mission or fulfilling other game task. Usually, these are not big amounts in Satoshi (1 satoshi = 0.00000001 ฿), which can still be increased with the help of referral programs.

To understand the rules of such game types is not hard, the main point of such games is the following: you receive a certain task before you start playing, after you complete the task, you receive a reward. You can collect your funds by repeating your actions and withdraw your earnings to the Bitcoin faucets, or you can spend your money in the game, by improving the game buildings or equipment.

This is evident that to reach a certain level of profitability, one must spend some time in the game, gradually improving the available functionality, or invest some amount at once to reach higher earnings from the start. Usually, the interface of such games is simple and not overloaded with excessive details, everything is understandable on an intuitive level. 

So, as we can see, there is a much better alternative to the trivial clicking and mechanic captcha typing on the traditional Bitcoin faucets, still, the aim of all faucets of all types is always the same – help users to receive free Bitcoins. The faucet websites themselves receive income from the demonstration of various ads, you have to remember about it and switch the ad blockers, if you use ones.

To receive free Bitcoins, you have to make three easy steps:

Step 1. Pass an easy registration

Step 2. Study closely the game rules

Step 3. Play and receive reward

If you’ve made everything right, enjoy the game process. And of course you should remember about money reward for patience and persistence.

A Bit of Mystery with Bitcoin Faucets

For the uninitiated the word “crypto-currency” looks very mysterious and sapient. Really, doesn’t the notion – digital currency, the emission and accounting of which are based on the asymmetric coding – sound like a curse? At one time the famous fantasy author Arthur Clark wrote that the highly developed technology would be hard to differ from magic. But if you dip a bit, everything becomes more comprehensive, still, the sense of participation in informational wonders remains.

When we receive more knowledge about the first digital currency Bitcoin and about the possibilities it opens, we want to get some amount of these coins in our account at once. A bit earlier, at the beginning of the digital money epoch, it was profitable to be engaged in crypto-currency mining – providing the powers of your computer for the needs of the Bitcoin calculating network. But since that time the difficulty of such mining has increased greatly and it is impossible to be engaged in this using your PC, even upgraded one.

The only way to get some free Bitcoins without serious financial expenses is visiting the pages with the so called faucets. On these websites, you can receive a certain amount of Satoshi (1 Satoshi = 0.00000001 BTC), fulfilling the simple actions before that. The only condition of these resources is the existence of the personal Bitcoin wallet (which is easy to create, if you have Google as an assistant).

The typical order of actions on such websites is the following: entered a page, logged in, typed the address of your Bitcoin wallet, waited several minutes, typed a captcha to prove you are human being, took the reward by clicking the button. Since the payments are not big on faucet websites (usually several thousands of Satoshi), they are first transacted to the micropayment service Faucetbox. Here they are collected, and after a day or several days you can take the whole sum.

The websites of this type are really numerous at the network and it won’t take long to find them via Google. For the totally lazy users, there exist the specific lists of faucets. They all receive earnings from ads, placed on their pages, especially for the number of clicks per thousand views, so if you want, you can thank the resource by clicking ads. As a matter of fact, if the website gets bigger income, it can offer more generous rewards for you.