Saying a Sad Goodbye to Millions of Dollars
What do you do when you lose access to your bitcoin? Well, if you’re like the former owners of the $140 billion worth of “lost coins” … nothing. You just lose your money. Poof! And about 20% of all bitcoin ever mined has been lost, with the chance of retrieval next to nil — mainly because of misplaced passwords.
San Francisco-based programmer Stefan Thomas recently made headlines for using up 8 out of 10 password attempts on the high-security USB drive where he stored the private keys to his Bitcoin wallet. …
7 Factors That Impact DCM Exchange Rates
Coin Cloud works every day to build and sustain the trust of our biggest asset — our customers. And transparency creates trust, so we are honest about our rates. DCM exchange rates are designed to cover both the concrete and flexible costs of maintaining a national network of two-way DCMs. As the market fluctuates, our rates also adapt.
Coin Cloud pays hosts a monthly rent to sub-lease the space inside of their stores where our kiosks operate. This allows us to put machines in prime, convenient locations.
As a registered Money Services Business…
Tax Rules for Cryptocurrencies
So, you just got into crypto. Maybe you just bought your first chunk of Bitcoin or you want to learn what it’s all about. Owning digital currency can be fairly simple. But is cryptocurrency something that can be taxed by the government like other forms of money? The answer to this isn’t as complex as you might think.
One of the notable features of most virtual currencies is the fact that they’re decentralized. Put simply, there’s no central authority (like the US government) mandating or distributing it. Rather, the authority of many cryptocurrencies comes from their…
Top Words Used in the Crypto Space Explained
People in the crypto space use a lot of seemingly complicated words. Let’s look at a few of the more popular ones and give them some simplified definitions.
A digital currency that verifies its use and transactions through a system that uses cryptography instead of being verified by a centralized authority.
A machine that allows users to buy and sometimes sell cryptocurrency for physical cash.
A more advanced machine than a BTM which allows for buying and selling of 30+ digital currencies with cash, offers various language options, and has a free…
Where Do They Go, and Can You Retrieve Them?
About 18.6 million Bitcoins have been mined as of January 2021. Would it shock you if I said that a large chunk of these Bitcoins is completely unusable or lost?
Bitcoin is entirely digital. In other words, you can’t touch it. You can’t actually put a Bitcoin in your pocket or accidentally send it through the wash. So how exactly can Bitcoin be lost?
Although this might be surprising, about 20% of all mined Bitcoin has been lost by its holders. That translates to approximately 3,720,000 Bitcoins or $119,040,000,000 USD (that’s…
What Does it Take to Mine My Own Bitcoin?
Over the past few years, Bitcoin has enjoyed a steady rise in value. As a result, more and more people have become interested in purchasing Bitcoin, whether as an investment, for political reasons, or some other goal. And if you’ve bought some yourself, one thought that’s probably popped into your head is, “Can’t I just mine my own Bitcoin?”
If we compare it to mining gold or some other mineral, you might think it would cost you less to go to the mines and get a chunk of gold than to…
Simple Machine Makes Smart Social Impact
You might take banks for granted, and just assume they’re part of life for everyone. But they’re not.
Did you know that over 7 million US households are completely unbanked, meaning they don’t have a bank account for the family at all? And close to 20 million are underbanked, as of 2019, which means they might have one bank account or one service like a payday loan, but not full access to traditional financial services.
These people rely on cash for day-to-day transactions, and generally can’t participate in the digital economy … until now.
How Do You Make Your Own Coin or Token?
Cryptocurrency can be easily summarized as a decentralized digital currency, usually encrypted by a variety of methods to create regulation and security. That can sound a little confusing at first glance. Most people don’t know how cryptocurrency works let alone how they would go about creating their own. So, let’s tackle that first question: How exactly does cryptocurrency work?
One of the first and most vital aspects of cryptocurrency is how it is regulated and protected. This is usually done through the use of public ledgers and/or series of code. …
How Does Buying Bitcoin Work?
A lot of people wonder which Bitcoin to buy, but the question itself is a bit of a misnomer. Because Bitcoin is Bitcoin, and worth the same amount, no matter where you buy it.
So, generally speaking, people usually actually mean one of two things when they ask which bitcoin to buy: • Where should I buy bitcoin? • Which cryptocurrency should I buy?
We’ll take a look at both of these questions.
There are three main options for buying your first Bitcoin, and their suitability depends on your needs and circumstances.
Online exchanges are…
Deep Dive into Stablecoins
No matter how much you know, there’s always something new in the world of cryptocurrency, from new trends to different kinds of coins. One of these cool little things that you might not know about yet is stablecoins. Don’t worry, it’s nothing too new or confusing. These types of coins actually have a lot of similarities to other cryptocurrencies you might be familiar with. But the differences are notable enough that they earned their own title.
Firstly, the cryptocurrency community has a crazy amount of drive. One common theme amongst those who use and make cryptocurrency…