A step-by-step guide to Bitcoin mining for beginners

Bitcoin mining is the act of verifying the transactions that take place on each Blockchain. This gives validity to each transaction and then publicly shares the transaction over a peer-2-peer network so everyone can see. Bitcoin miners are the people responsible for verifying and validating each transaction before it is added to a blockchain to create a blockchain. When a miner places the next block on the blockchain, he / she can claim a reward which is usually in the form of bitcoin. The more math calculations you solve, the greater the reward.

You don’t have to be a professional software developer or coder to participate in Bitcoin mining. Below is a simple step-by-step guide for beginners in Bitcoin mining.

Get Bitcoin mining hardware

Bitcoin mining hardware

The world of mining is becoming more complex as more computing power is used in mining. The higher the level of mining, the harder it is to make a profit because the investment in hardware is so great. Bitcoin mining is very competitive and you need to do proper research before investing in hardware. It used to be possible to use your personal CPU for Bitcoin mining, but with the complexity of mining, this method is no longer viable. You need to buy a specially designed computer whose main purpose is bitcoin mining.

Get a Bitcoin wallet

Bitcoin wallet

You must have a wallet that is local or online based to store your digital currency. The wallet comes with a public wallet address and a private key or password which are the most important details to pay attention to. If your wallet is standalone, you need a copy of the wallat.dat file to prevent losing your investment. Serves as a spare wallet if something unfortunate happens to your machine. You can even get wallets for your mobile devices. A warmly recommended wallet is a wallet that is hosted independently or locally made.

Find a pool to join

Mining Pool

It is recommended that you join a mining pool or opt for solo mining. A mining pool is a group of miners who come together to share resources and share rewards. The group guarantees you a faster return because you combine your computing power for better results. Each pool has its own rules, method of rewarding and mining fee. You need to find the one that best suits your needs. Mining itself is complex and you may never get a return on investment.

Get mining software for your computer

Mining Pool

There are various free mining programs depending on the hardware you use. The mining program helps monitor and control your hardware. Some common mining programs are CGminer, BFGminer and EasyMiner. If you are in the pool, it is advisable to consult them while connecting your pool with your program. Programs run at the command line and may require a batch file to run properly.


After all, you are ready to go. Start your mining program and start by entering your username and password for your pool. You will notice how your machine slows down while the miner is running.

It is very important to monitor temperatures carefully as the software heats up your hardware. Some programs like SpeedFan can keep the temperature under control. You don’t want to risk literally blowing up your investment before you start working. After a while, you should check how much you earn to see if your investment is worth it.

If you thought you missed the Internet profit revolution, try cryptocurrency

When most people think of cryptocurrency, they might think of cryptocurrency. Very few people seem to know what it is and for some reason everyone seems to talk about it as if they know. We hope that this report will demystify all aspects of cryptocurrency so that by the time you finish reading you will have a pretty good idea of ​​what it is and what it is about.

You may find that cryptocurrency is for you, and you may not, but at least you will be able to speak with a degree of security and knowledge that others will not possess.

There are many people who have already reached the status of millionaires dealing with cryptocurrencies. It is clear that there is a lot of money in this completely new industry.

Cryptocurrency is an electronic currency, short and simple. However, what is not so short and simple is how it has value.

Cryptocurrency is a digitized, virtual, decentralized currency produced using cryptography, which, according to Merriam Webster’s dictionary, is “computerized encoding and decoding of information.” Cryptography is the basis that enables debit cards, computer banking and eCommerce systems.

Banks do not support cryptocurrency; it is not supported by the government, but by an extremely complicated schedule of algorithms. Cryptocurrency is electricity that is encoded into complex arrays of algorithms. What gives monetary value is their intricacy and security from hackers. The way cryptocurrency is made is simply too difficult to reproduce.

Cryptocurrency is in direct contrast to what is called fiat money. Fiat money is a currency that gets its value based on a government decision or law. The dollar, yen and euro are all examples. Any currency that is defined as legal tender is fiat money.

Unlike fiat money, the other part of what makes cryptocurrency valuable is that, like commodities like silver and gold, there is only a limited amount. Only 21,000,000 of these extremely complex algorithms have been produced. No more, no less. It cannot be changed by printing more, just as the government prints more money to inflate a system without support. Or by the bank changing the digital book, something the Federal Reserve will instruct banks to do to adjust to inflation.

Cryptocurrency is a means of buying, selling and investing that completely avoids government supervision and banking systems that track the movement of your money. In a destabilized world economy, this system can become a stable force.

Cryptocurrency also gives you a great deal of anonymity. Unfortunately, this can lead to misuse by a criminal element that uses cryptocurrency for its own purposes, just as ordinary money can be misused. However, it can also prevent the government from monitoring your every purchase and violating your personal privacy.

Cryptocurrency comes in several forms. Bitcoin was the first and is the standard by which all other cryptocurrencies are made. All are produced by meticulous alpha-numerical calculations from a complex coding tool. Some other cryptocurrencies are Litecoin, Namecoin, Peercoin, Dogecoin and Worldcoin, to name a few. They are called altcoins as a generalized name. The prices of each of them are regulated by the supply of a certain cryptocurrency and the demand that the market has for that currency.

The way cryptocurrency is created is quite fascinating. Unlike gold, which must be mined from the ground, cryptocurrency is just an entry in a virtual book that is stored in various computers around the world. These entries must be ‘excavated’ using mathematical algorithms. Individual users or, more likely, a group of users perform computational analysis to find specific data series, called blocks. ‘Miners’ find data that produces an accurate pattern for a cryptographic algorithm. At that point they applied to the series and they found a block. After the equivalent data series on the block matches the algorithm, the data block is unencrypted. The miner received a reward from a certain amount of cryptocurrency. As time goes on, the amount of the reward decreases as the cryptocurrency becomes smaller. In addition, the complexity of algorithms in search of new blocks has increased. Computing, it becomes harder to find the right series. Both of these scenarios come together to reduce the speed of cryptocurrency creation. This mimics the difficulties and scarcity of excavating goods like gold.

Now, anyone can be a miner. The originators of Bitcoin created an open source mining tool, so it is free for everyone. However, the computers they use work 24 hours a day, seven days a week. The algorithms are extremely complex and the CPU runs at full tilt. Many users have specialized computers made specifically for cryptocurrency mining. Both the user and the specialized computer are called miners.

Miners (people) also keep transaction books and act as auditors so that the coin does not multiply in any way. This prevents system hacking and rabies. They are paid for this job by receiving a new cryptocurrency every week while maintaining their work. They store their cryptocurrency in specialized files on their computers or other personal devices. These files are called wallets.

Let’s summarize by going through a few definitions we’ve learned:

• Cryptocurrency: electronic currency; it is also called digital currency.

• Fiat money: any legal tender; supported by the state, is used in the banking system.

• Bitcoin: the original and gold standard of cryptocurrency.

• Altcoin: other cryptocurrencies that are based on the same processes as Bitcoin, but with small variations in their coding.

• Miners: an individual or group of individuals who use their own resources (computers, electricity, space) to mine digital coins.

o Also a specialized computer made especially for finding new coins through computer series of algorithms.

• Wallet: a small file on your computer where you store your digital money.

Conceptualization of the cryptocurrency system in brief:

• Electronic money.

• Dig individuals who use their own resources to find coins.

• Stable, finite currency system. For example, there are only 21,000,000 bitcoins produced for all time.

• Does not require the government or the bank to do so.

• The price is decided by the amount of coins found and used in combination with the public’s demand to own them.

• There are several forms of cryptocurrency, with Bitcoin coming first.

• It can bring great wealth, but, like any investment, it carries risks.

Most people find the concept of cryptocurrency fascinating. It is a new field that could be the next gold mine for many of them. If you find that cryptocurrency is something you would like to know more about, then you have found the right report. However, I barely touched the surface in this report. There is much, much more about cryptocurrency than what I went through here.

5 Benefits of Cryptocurrency Trading

When it comes to cryptocurrency trading, you have to guess whether the market you have chosen will grow or fall in value. And the interesting thing is that you never own digital assets. In fact, derivatives are traded such as CFDs. Let’s look at the benefits of cryptocurrency trading. Read on to find out more.


Although cryptocurrency is a new market, it is quite unstable due to short-term speculative interest. The price of bitcoin fell to $ 5,851 from $ 19,378 in 2018, in just one year. However, the value of other digital currencies is fairly stable, which is good news.

What makes this world so exciting is the volatility of cryptocurrency values. Price movements offer many opportunities for traders. However, this also carries a high risk. Therefore, if you decide to research the market, just make sure you research and put together a risk management strategy.

Business hours

The market is usually open for 24/7 trade because it is not regulated by any government. Moreover, transactions are conducted between buyers and sellers around the world. There may be short downtime when the infrastructure is updated.

Improved liquidity

Liquidity refers to how quickly digital currency can be sold for cash. This feature is important because it allows for shorter transaction times, better accuracy and better prices. In general, the market is somehow illiquid because financial transactions take place on different stock exchanges. Thus, small shops can bring big changes in prices.

Leverage exposure

Since CFD trading is considered a leverage product, you can open a position on what we call “margin”. In this case, the value of the deposit is part of the value of the trade. So you can enjoy great exposure to the market without investing a lot of money.

The loss or gain will reflect the value of the position at the time of its closing. Therefore, if you trade on the margins, you can make a huge profit by investing a small amount of money. However, it also increases losses that can exceed your deposit in the trade. Therefore, make sure to consider the total value of the position before investing in CFDs.

It is also important to ensure that you follow a solid risk management strategy, which should include appropriate restrictions and stops.

Quick account opening

If you want to buy cryptocurrencies, make sure you do it through an exchange office. All you have to do is sign up for a currency account and keep the currency in your wallet. Keep in mind that this process can be restrictive and time consuming and labor intensive. However, once the order is created, the rest of the process will be fairly smooth and hassle-free.

In short, these are some of the most prominent benefits of cryptocurrency trading here and now. We hope you find this article very helpful.

Things You Should Know About Bitcoin Black

What is Bitcoin Black?

Bitcoin Black is basically a cryptocurrency of people, by people for people. It will be adopted for use as a peer 2 payment system that restores power to the people.

If we talk about Bitcoin, Bitcoin has failed in that, the real value comes from the actual use of ecosystems and the empowerment of people. Bitcoin transactions are slow and expensive, and it can be said that Bitcoin is somewhat centralized. Bitcoin takes over the power of people because it is heavily manipulated through cycles that discourage cryptocurrency participants in general.

People buy bitcoin to get rich, not to be included in the ecosystem. The one percent elite is taking advantage of bitcoin and creating discouragement, strategically increasing the price and attracting the entrance to the dream of wealth and throwing coins in their favor. In fear of adoption. Bitcoin is completely controlled, pumped and manipulated at will, for many different reasons.

Bitcoin Black is focused on solving these problems because the coin is a cryptocurrency with fair distribution, lowered to 1 million wallets before EMI, and all funds will go to community groups voted for by the community to move the project forward with a focus on fair distribution, mass adoption , usability, education, ease of access, simplicity and community.

The goal is to make it a real decentralized autonomous network that restores power to the people. He does not belong to a group, but he belongs to many branches of the community.

Coin distribution

Bitcoin Black aims to drop at at least 1 million wallets initially with no more than 0.5% of the stock owned by one founding member, making it a truly decentralized cryptocurrency.

The project has a pre-sale of 2.5% of the total offer, which is almost 900 million coins.

If we look at EMI, 7.2 billion EMI coins will be awarded to several community foundations to help the community move the project forward in the future.

Opposite means of manipulation (about 5%). The part used for the stability control fund to eliminate the possibility of early manipulation on a small scale and maintain the stability of the currency.

Finally, the reward for introducing the app will be 14.4 billion coins.

Introducing 30 million members while increasing the rate of new users. The method of bringing coins into every schoolyard / university / workplace and community.

Total Supply

The maximum supply is 36 billion coins.


Members helping to share Airdrop are demanding 3.6 billion coins.

An easy one-click social sharing platform. Share a social message that provides an introduction to encrypted video and an app download link that will allow your friends to download it. Currently, the platform is active and working well.


The best innovation is free of charge transactions. You can send Bitcoin black to anyone for free. Transactions are instantaneous and you can send money as easily as a message.

Wallets are easily accessible and very easy to use.


Bitcoin black has a fairly mass-distributed currency with a wide range of offerings so it will create less volatility with synchronized pumps and dumps and lead to a more stable price. Bitcoin black will be the next bitcoin. You can register for airdrop by clicking here. I wish someone had included me in Bitcoin airdrop back in 2008. Bitcoin Black will change lives and we want to say this to as many people as possible.

6 tips to help you improve your investment strategy when trading BTC

If you want to invest in Bitcoin, there are many factors to consider. This decision should be based on sound technical assessment and comprehensive analysis. You don’t want to risk your hard earned money. Instead, the goal of every investor is to earn the maximum return on their invested dollars. Let’s talk about some tips that can help you improve your investment strategy. Read on to find out more.

1: Learn the basics

The first step is to make sure you can earn a return on investment, which is only possible if you are familiar with the basics. Sometimes, if you don’t fully understand the basics, you may end up making the wrong decisions.

So, the terms you should know include cryptocurrency exchange, private keys, public keys, wallets and digital coin, to name a few. Knowing these basic concepts is important for making better investment decisions.

2: Be consistent

We often need too long to make important decisions for several reasons. In fact, even experienced investors may end up making this mistake. It is important to understand that adjusting your strategies based on market conditions is paramount. The value of Bitcoin continues to change, which means you have to change your investment strategies from time to time.

3: Use technology

The concept of digital currency depends on technology, which means you should be able to use technology for your investment decision. For example, you can try automated bots because they help trade cryptocurrencies. Therefore, you do not have to intervene much.

This type of tool can help you save a lot of time and effort during the decision-making process. Therefore, their use is ingenious.

4: Consider replacement costs

When you decide to exchange cryptocurrencies, be quite selective. In fact, different exchanges have different tariff rates, which can have a big impact on your ROI. This is important if you are involved in many small shops because each transaction is charged according to the rules and regulations of the stock exchange. Therefore, you need to make sure that you decide on the best replacement to reduce the fee.

5: Don’t overdo it

Initially, some investors tend to engage in over-trading. They do several trades a day, which is a serious mistake. You may want to avoid this, as the results can be devastating. So, you should take the time to make every trading decision after careful consideration.

6: Consider alternatives

In some ways, your BTC investment can prove quite productive. You may want to opt for an alternative that can minimize risk and maximize profits. So what you need to do is opt for an alternative that involves low risk and higher profitability.

In short, investing in BTC can be quite productive, especially if you follow a careful and measured approach. So make sure you learn the basics and compare different alternatives to make the best decision. I hope this helps.

Things that look positive for cryptocurrencies

Although there have been market corrections in the cryptocurrency market in 2018, everyone agrees that the best is yet to come. There have been many activities in the market that have changed the tide for the better. With the right analysis and the right dose of optimism, anyone who is invested in the crypto market can earn millions of it. The cryptocurrency market is here to stay in the long run. Here in this article, we give you five positive factors that can spur further innovation and the market value of cryptocurrencies.

1. Innovation in scaling

Bitcoin is the first cryptocurrency on the market. It has the maximum number of users and the highest value. It dominates the entire value chain in the cryptocurrency system. However, it is not without problems. Its main bottleneck is that it can only process six to seven transactions per second. By comparison, average credit card transactions are several thousand per second. Obviously, there is room for improvement in transaction scaling. With the help of peer to peer transaction networks at the top of blockchain technology, it is possible to increase the volume of transactions per second.

2. Legitimate ICO

Although there are cryptococins on the market with a stable value, newer coins are being created that are designed to serve a specific purpose. Coins like IOTA are meant to help the Internet of Things market in the exchange of power currencies. Some coins address the issue of cyber security by providing encrypted digital vaults to store money.

The new ICOs come with innovative solutions that disrupt the existing market and bring new value in transactions. They also gather market authority through their easy-to-use exchanges and reliable backend operations. They are innovating both on the technological side in terms of the use of specialized hardware for mining and on the side of the financial market, giving more freedom and opportunities to investors in exchange.

3. Clarity of regulation

In the current scenario, most governments are studying the impact of cryptocurrencies on society and how its benefits can be realized for the community as a whole. We can expect reasonable conclusions from the study results.

Several governments are already going through the legalization and regulation of the crypto market like any other market. This will prevent uninformed retail investors from losing money and protect them from harm. Appropriate regulations that promote cryptocurrency growth are expected to appear in 2018. This will potentially pave the way for widespread adoption in the future

4. Increase application

There is tremendous enthusiasm for the application of blockchain technology in almost every industry. Some startups come with innovative solutions such as digital wallets, cryptocurrency debit cards, etc. This will increase the number of merchants willing to conduct transactions in cryptocurrencies which in turn increases the number of users.

The reputation of crypto assets as a medium for transactions will be strengthened as more and more people trust this system. While some startups may not survive, they will make a positive contribution to overall market health by creating competition and innovation.

5. Investments of financial institutions

Many international banks are following the cryptocurrency scene. This can lead to institutional investors entering the market. The influx of significant institutional investment will spur the next phase of crypto market growth. He has occupied many banks and financial institutions.

As surprises and bottlenecks around cryptocurrencies diminish, traditional investors will increasingly accept. This will lead to a lot of dynamism and liquidity that is necessary for all growing financial markets. The cryptocurrency will become the de facto currency for transactions around the world.

Nano coin compared to Nexty coin – Crypto

Nano and Nexty: Are these real and practical cash alternatives? Let’s find out!

Blockchain is no longer a fashion nerd! Bitcoin has revolutionized the way many of us see currencies, books, funds transfers, and transactions. The beauty of all virtual currencies is that almost every one of them tries to solve the problem. And here comes our coin of interest – Nexty. At the time of writing, the similarity of the Nexty platform will be compared to the Nano – XRB to better understand this platform.

Simply put, the Nexty platform is presented as a transaction system that will eliminate the concept of transaction fees, while providing ultra-fast transfers to make it easier for its users. In addition, transfers are extremely fast because transactions do not require miners to make a confirmation as in the case of other virtual currencies such as Bitcoin, etc.

However, according to a white paper published by the creators of Nexty, the primary use of Nexty is aimed at start-ups of e-commerce to help generate public funding. Since there is no transaction, ultra fast transfer (2 seconds! And that’s pretty real time) and confirmation fees, fundraising will become less of a hassle. The coin surgically targets e-shops because it will cultivate an eco-system in which these stores will accept NTY coins from customers.

The concept behind NTY makes everyday online shopping a seamless experience. The team behind NTY consists of Blockchain developers and established marketers. Some of the team members have ten to 12 years of experience in full stack development and marketing.

Some of you might argue that the Nano – formerly known as Railblocks, XRB – already performs the same functions as NTY. The XRB coin is a bit unique because it uses its proprietary block grid data structures. This is why each Nano account has its own blockchain that reduces latency for fast transfers. In addition, XRB is energy and resource efficient and does not need a state-of-the-art GPU system to execute transactions. However, the Nano does not come with the option of a smart contract. Smart contracts are designed to exchange drivers for any cryptocurrency. These agreements assist in the exchange of assets, real estate, shares or any tangible or intangible entity of financial value. Smart contracts also suppress the need for brokers while seamlessly transmitting our crypto to exchange assets. Apart from this one difference, NTV and XRB (Nano) are more or less identical. Another great feature of the Nexty platform is its integration into existing e-commerce applications such as Joomla. According to NTY developers, integration takes a maximum of 3-4 hours.

To balance NTY’s supply and demand, the platform comes with a built-in smart investment program. This program offers bonuses and credits for buying, selling and holding Nexty. The system is intended for investors and everyday users at the same time.

The possibilities of the Nexty and Nano platforms are huge. Just imagine a world where crypto is replacing conventional wallets and transactions are fast! For example, if a seller accepts BitCoin, they may not hand over goods and services to you before the transaction is confirmed by a number of minors. And now re-imagine paying for goods and services in a fast-moving currency with zero transaction fees regardless of minor checks!

In step with Bitcoin

Bitcoin is a cyber currency that has attracted a lot of media attention in the last few years and continues to do so. Bitcoin was set up by an anonymous group or individual in 2009, who used the pseudonym Satoshi Nakamoto, after whom even the smallest unit of Bitcoin currency is named. It is the first and probably the most famous cryptocurrency. Originally interesting only to the internet elite, Bitcoin has gained wider appeal in recent years and in itself commands respect in foreign currency.

How does Bitcoin work?

The finer details of how Bitcoin works can be difficult to understand, as it is not under central control as a conventional currency, but instead each transaction is jointly approved by a user network. There are no coins and banknotes, no levers kept in the vault, but the stock of bitcoin is limited, it will stop at 21 million. Every 10 minutes Bitcoin “miners” find 25 Bitcoins, and every 4 years the number of released Bitcoins will be halved until the limit is reached. This means that there will be no more Bitcoin releases after 2140.

Why do I need Bitcoin news?

The price has been very volatile throughout history, with significant peaks and troughs at intervals. Recently, the price of Bitcoin has jumped more than 10 times in just two months. In 2013, several Bitcoin millionaires were made overnight when the value of their Bitcoin wallets increased dramatically. If you already have some bitcoins in your digital wallet, or are thinking about immersing your toe in water, then you should really be up to date with bitcoin news. Bitcoin trading is an increasingly popular alternative or addition to conventional foreign exchange trading, and support is growing as more brokers take action.

Despite the gradual decline in the Bitcoin discovery rate, interest in Bitcoin news continues. There is a real and constant demand for up to a minute reliable information about its value. Bitcoin has recently received strong support from PayPal, which will surely strengthen confidence in its credibility as a reliable alternative to conventional bank cards or cash transactions online and on the main street. This could reassure Bitcoin critics, who say the system used to approve or validate transactions, called Blockchain, is insecure and vulnerable to hacker attacks.

Rise of payment gateways

The cashless payment system is growing exponentially with the development of payment methods, the increasing use of e-commerce, improved broadband and the emergence of new technologies. Can the growing number of cyber attacks and spam hinder the growth of the online payment market or will it continue to grow at a rapid pace?

The global digital payment industry is expected to reach the $ 6.6 trillion mark in 2021, recording a jump of about 40% in two years. Cashless payment methods are evolving rapidly with revolutionary innovations such as mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments and cryptocurrencies. In the growing digital age, many payment technology companies are collaborating with traditional financial institutions to meet the latest preferences of consumers and merchants. Due to improved broadband connectivity, increased mobile commerce, the emergence of new technologies such as virtual reality, artificial intelligence and rapid digitization, billions of people have begun to accept contactless payments in both developed and developing countries. In addition, growing e-commerce businesses, digital remittances, digital business payments and mobile B2B payments are strengthening the ecosystem of cashless transactions.

Users of cashless transaction methods in different generations are widely adopting digital peer-to-peer (P2P) applications because they are more attractive and flexible to use. In-app payments or tap-and-go transactions take a few seconds to charge and allow users to make payments anytime, anywhere. Tokenization, encryption, Secure Sockets Layer (SSL), etc., offer multiple ways to secure payments while enabling digital transactions. In addition, users do not have to enter data every time to complete the payment process. Thus, online payment applicants play a key role in economic growth, enabling trade in the modern economy. With the rules of social distancing, digital payments have become an obligation for contactless transactions, not just an alternative to transactions to prevent the spread of coronavirus.

Digital commerce empowers businesses
Electronic payment systems have become a key part of business as consumers’ propensity to shop online expands. With increasing internet penetration, increasing use of smartphones and a variety of e-transaction options, most consumers prefer online channels over traditional shopping stores. Therefore, companies are moving to the internet with an electronic payment solution to maximize their earnings. Automation of electronic payment systems eliminates the volume of errors and saves a significant amount of time and effort. High standards for detecting and preventing fraud in digital transaction systems and fraud detection based on artificial intelligence protect users from security breaches. By providing the flexibility to pay by credit / debit card, mobile money, e-wallet, etc., companies can expand their customer base. The electronic payment process improves customer satisfaction because customers do not have to count cash or deal with paperwork whenever they want to make a transaction.

Biometric authentication that improves security
Biometric authentication involves the recognition of biometric characteristics and structural characteristics to confirm the identification of an individual. Verification methods may include fingerprint scanning, face recognition, voice recognition, vein mapping, iris detection, and heart rate analysis. With the rise of identity theft and fraud, biometric authentication has become a reliable and secure alternative to conducting digital transactions. According to a recent study, biometrically verified mobile commerce transactions are expected to account for a massive 57% of total biometric transactions by 2023. Biometric payment cards are also becoming popular because they support tap-and-go payments, allowing users to make faster digital payments. transactions. Digital payment technology provider Worldline has partnered with French FinTech, A3BC (Anything Anywhere Anytime Biometric Connection), to protect mobile phones from intrusion through a two-factor authentication process. The combined solution eliminates one-touch identification, preferring to recognize fingerprints over a hand image. MasterCard plans to introduce FinGo’s vein scan payment solution that makes it easier for users to authenticate transactions.

The dominance of mobile wallets
In 2019, mobile wallets overtook credit cards and became a widely accepted type of payment. Digital wallets offer the flexibility for users to store multiple payment methods in one digital home and convert cash into electronic money needed for online or in-store purchases. Financial institutions have already begun to embrace the digital wallet trend by offering virtual cards to business users. Virtual cards stored in digital wallets consist of details such as a 16-digit card number, CVV code, expiration date and function as a physical plastic card. Currently, only 37% of merchants support mobile point-of-sale payments, but with increasing adoption, merchants are willing to invest in technologies that make digital wallets easier. Virtual wallets can save money due to low processing costs because they limit the value and frequency of transactions. Artificial Intelligence (AI) enhances the user experience regarding transactions with ChatBots, designed to execute and robotize essential exchanges according to user interest. In addition, new companies are embracing cryptocurrency-based e-wallets for small and medium-sized digital money storage organizations. Smart voice technology has contributed to the growth of smart voice wallets since Amazon launched the principle of this platform, which is now followed by Google and Apple.

The e-commerce boom is accelerating the growth of the digital payment market
The growth of e-commerce at exponential speeds is creating shock waves, and the sound boom is echoing throughout the FinTech sector. The growth of many e-commerce companies is driven by the type of financial services they provide. Digital transactions allow buyers and sellers to conduct transactions and remain loyal to the market space. The COVID-19 pandemic has added a different dimension to e-commerce innovation, introducing newer trends such as alternatives to cash register payments (not digital wallets), virtual cards, QR codes and other contactless transactions. In addition, the Buy Now Pay Later (BNPL) trend dominates the e-commerce industry as it relieves the financial burden for the customer. BNPL includes a soft credit check so consumers can buy what they need, keep inventory on the go, and pay for overtime without affecting their credit score. BNPL provides companies with much-needed liquidity and greater flexibility at the cash register.

The impact of the COVID-19 pandemic on the growth of the digital payments market
Digital payment systems have surpassed their peer-to-peer (P2P) transfers and bill payments. The COVID-19 pandemic has enabled digital payment systems to demonstrate their strengths, such as a strong understanding of hyper-local markets and the ability to build strong local partnerships. Businesses and consumers are increasingly “digitalizing” to provide and purchase goods and services online. When the pandemic hit, people were reluctant to touch or change cash due to the paranoia of being infected with physical currencies. Several governments around the world have introduced digital financial transfers to provide assistance to COVID. Due to isolation measures, consumers have switched to online platforms, which has catapulted the demand for digital payment systems. Now digital platforms have become an essential component of people’s lives and consumers are more likely to continue shopping online in the post-pandemic period. A dramatic change in consumer behavior is likely to further increase the demand for e-payment systems. Therefore, companies are turning their attention to digital media to meet new customer demands and thrive in a changing market scenario. Organizations are re-imagining customer travel to reduce friction and provide new safety features. Paying companies such as PayPal and Square Cash are recruiting comprehensive staff to better understand the rearrangement of social norms and stabilize business in the near future.

E-payment systems are the future
With the penetration of smartphones and the Internet, consumers are becoming technologically smart, which represents endless opportunities for digital payment markets. Digital payment systems are expected to continue to flourish in the years to come after the pandemic. While cards remain the first choice for payments around the world, mobile wallets are quickly gaining in strength. Traditional cash flow is declining in bank branches and ATMs, showing a powerful shift towards a cashless society. Currently, China dominates global spending on mobile wallets, followed by South Korea. However, there are still many countries that are heavily dependent on cash due to a lack of trust in financial institutions and a lack of adequate broadband infrastructure, etc. In the near future, payments on social networks, biometric payments, payments via voice activation are likely. become mainstream in developing countries as well.

Concerns about cyber security and privacy with online payment solutions
Threats to cybersecurity and privacy have become a worrying concern given the increasing incidence of cyberbullying. According to a Mastercard survey, every fourth consumer experienced some form of fraud in 2020, which increased the cybercrime rate by 49%. In the first half of 2020, online fraud increased by 73.8% compared to 2019. However, the adoption of new age technologies such as multifactor authentication, biometrics, 3D security, artificial intelligence and machine learning can help control fraudulent activities such as which are identity theft, virus attacks, etc. Switching to contactless cards, QR codes and tokenization can also help reduce the risks associated with digital payment solutions. In addition, sensitizing end users to the secure implementation of e-payment solutions through stepping up efforts to build financial literacy can help prevent fraud. The advent of mobile commerce and the evolution of e-payment platforms backed by robust security solutions can help achieve the goal of making the economy truly cash-free.

Introduction to Blockchain Technology for Beginners

These days, technology is climbing to new heights of success at an incredibly fast pace. One of the latest triumphs in this direction is the evolution of Blockchain technology. New technology has greatly affected the financial sector. In fact, it was originally developed for Bitcoin – a digital currency. But now, it finds its application in a number of other things as well.

Getting this far was probably easy. But you still need to know what Blockchain is?

Distributed database

Imagine a spreadsheet that is copied countless times over a computer network. Imagine now that a computer network is designed so cleverly that it regularly updates the spreadsheet itself. This is a broad overview of Blockchain. Blockchain stores information as a shared database. Moreover, this database is continuously updated.

This approach has its advantages. It does not allow database storage at any location. The records in it have a real public attribute and can be checked very easily. As there is no centralized version of the record, unauthorized users do not have the means to manipulate and corrupt data. The blockchain distributed database is hosted by millions of computers at the same time, making the data easily accessible to almost anyone on the virtual web.

To make the concept or technology clearer, it’s a good idea to discuss the analogy of Google Docs.

The Google Docs Analogy for Blockchain

After e-mail appears, the conventional way to share documents is to send a Microsoft Word document as an attachment to the recipient or recipients. Recipients will take their sweet time to go through it before sending back the revised copy. In this approach, you need to wait until you receive a backup to see the changes made to the document. This happens because the sender is prevented from making corrections until the recipient finishes editing and sends the document back. Modern databases do not allow two owners to access the same record at the same time. In this way, banks maintain the balance of their clients or account holders.

Unlike common practice, Google Docs allows both parties to access the same document at the same time. Moreover, it also allows you to view one version of the document for both at the same time. Just like a shared book, Google Docs also acts as a shared document. The distributed part becomes relevant only when the sharing involves multiple users. Blockchain technology is in a way an extension of this concept. However, it is important to emphasize here that Blockchain is not intended for document sharing. Instead, it is just an analogy, which will help to get a clear idea of ​​this cutting-edge technology.

Prominent Blockchain features

Blockchain stores blocks of information across the network, which are identical. Based on this characteristic:

  • Data or information cannot be controlled by any single entity.
  • There can be no point of failure.
  • The data is stored in a public network, which ensures absolute transparency of the entire procedure.
  • The data stored in it cannot be damaged.

Demand for Blockchain developers

As mentioned earlier, Blockchain technology has a very high application in the world of finance and banking. According to the World Bank, more than $ 430 billion in money transfers were sent through it in 2015 alone. Thus, Blockchain developers have significant market demand.

Blockchain eliminates the payment of intermediaries in such money transactions. It was the invention of the GUI (Graphical User Interface), which made it easier for ordinary people to access computers in the form of desktops. Similarly, the wallet application is the most common GUI for Blockchain technology. Users use a wallet to buy things they want using Bitcoin or any other cryptocurrency.