My Crypto Power
You free online resource to this amazing world of Cryptocurrency. Start collecting your favourite Crypto such as Bitcoin, Litecoin, Doge Coin and more. If you are new to the world of Crypto then start with MyCryptoPower Learn, this is your first Pillar, we guide you through the beginnings such as what is the block chain and creating your wallets. Should you not be new, then maybe you can jump to the second Pillar which is MyCryptoPower Earn, here we will guide you to the Micro wallets you will need and the various ways to earn such as Faucets, Mining, Paid to Click and other such ways. Finally the third Pillar, this is MyCryptoPower Invest, possible the most difficult part, once you have some Crypto Currency how to put it to work. There are plenty of places, but there are so many scams, such as fake cloud mining, scam faucets and High Yield Investment Programs. We’ll cover the lot from the risking to the sound investments.
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“The rising value of bitcoin – the worlds largest online currency – could suggest that virtual money might take over the role of traditional banks” (Bloomberg)
“I think the fact that within the Bitcoin universe algorithm replaces the functions of the government is actually pretty cool” (Al Gore, former US Vice President)
“Banking as we know it is changing radically. We accept alternative currencies for payment at Virgin Galactic, the world’s first commercial space flight venture.” (Richard Brandson, Entrepenuer)
“bitcoins have no value”, “its all hype”, “it’s a scam”, or “its too good to be true” It’s easy to mistrust cryptocurrency because it is new, unregulated, and challenges our established concepts of currency. Like a car or the Internet, you don’t need to understand cryptocurrencies to use them. But by being more educated, it might help build trust in the evolutionary currency.
Crypto Currency is worthless because it’s not backed by anything real – A currency’s value relates to the good old economic principle of supply and demand, if people find Crypto Currencies useful, they will acquire it.
Crypto Currency is a bubble – Crypto Currencies are simply a new technology that is now in a stabilizing phase.
Crypto Currency is ideal for criminals – Crypto Currencies are not unique in drawing in criminals exactly the same as Cash, Gold and Precious Stones.
How Are The Cryptocurrencies Value Determined?
The value of cryptocurrencies are dependent on the market, where the prices of various cryptocurrencies vary a lot and is one of the most fluctuating and volatile markets to date.
The price of cryptocurrencies like any other products is dependent on demand and supply. If more people demands a particular currency and it is short in supply, then the value increases. More units are mined by miners to balance the flow.
However, most currencies limit the supply of their tokens. For instance the total amount of Bitcoin issued is only 21 million. Therefore Bitcoin’s supply will decrease in time and will reach its final number by 2140. It also explains why Bitcoin’s value is higher as compared to other cryptocurrencies.
Global Remittances: This is a big one and ripe for full-on Bitcoin adoption. The total value of global remittances – people sending money back to their home country – is $585 billion per year. The top four countries for global remittance volume are China at $54.9 billion, the Philippines at $26.7 billion, France at $23.3 billion, and Mexico at $23 billion.
Global Unbanked: There are 2.5 billion people on this planet who are “unbanked”, without access to traditional financial services. But they virtually all have mobile phones! Technology can enable such people to leapfrog over the “old” banking industry and adopt Bitcoin, giving them immediate access to the whole world.
Global Gambling: This is another perfect “fit” for Bitcoin, due to the difficulty those in the gambling businesses have with traditional financial services. The global legal market alone is estimated to be $700 billion a year, while the illegal market, including sports betting, is up to a staggering $3 trillion!
Global Drugs Market: One of the obvious consequences of drug prohibition policy in most countries of the world is the massive illegal drugs market, which has an estimated value of $4 trillion – a huge number. Once again, Bitcoin offers users an alternative and more private way to pay for it all.
Bitcoin is an unconventional payment network, it’s the new kind of money. Bitcoin operates with no central authority or banks using peer-to-peer technology, managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is public, nobody owns or controls Bitcoin. It’s open-source and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Bitcoin lets you exchange money and transact in a different way than you normally do. As such, you should take time to inform by reading MyCryptoPower Learn before using Bitcoin for any serious transaction. Bitcoin should be treated with more care than your regular wallet!
Your wallet must be secured. Great features come with great security concerns. Bitcoin allows you to be in control of your money and makes it possible to transfer value anywhere in a very easy way. At the same time, Bitcoin can provide very high levels of security if used correctly. You are responsibile for adopting good practices in order to protect your Bitcoin.
The price of a bitcoin is unpredictably with wild swings both increase or decrease over a short period of time. Keeping your savings with Bitcoin is not recommended at this point time. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. Bitcoins can be converted to Fiat currency via lots of service providers such as Coinbase.
You should take care of who you do business with, the people and organizations you know and trust, or who have an established reputation. A Bitcoin transaction cannot be reversed, it can only be refunded by the person receiving the funds.
Bitcoin addresses should only be used once. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. Some effort is required to protect your privacy with Bitcoin.
Transactions don’t start out as irreversible. Instead, they get a confirmation score that indicates how hard it is to reverse them. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer.
Bitcoin is an experimental new currency that is in active development. Each improvement makes Bitcoin more appealing but also reveals new challenges as Bitcoin adoption grows. During these growing pains you might encounter increased fees, slower confirmations, or even more severe issues. Be prepared for problems and consult a technical expert before making any major investments, but keep in mind that nobody can predict Bitcoin’s future.
Litecoin is a peer-to-peer currency that enables instant, near-zero cost payments to anyone in the world. Litecoin has a global payment network that is fully decentralized without any central authorities and is an open source. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Litecoin is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart – Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.
This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.
Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as “the internet currency.”
“Doge” is their fun, friendly mascot! The Shiba Inu is a Japanese breed of dog that was popularized as an online meme and represents Dogecoin.
Dogecoin sets itself apart from other digital currencies with an amazing, vibrant community made up of friendly folks just like you.
One of the most popular uses for Dogecoin is “tipping” fellow internet-goers who create or share great content. Think of it as a more meaningful “like” or upvote, with real value that can be used all across the internet. There are numerous amounts of ways to get Dogecoin. You can buy them, trade for them, get tipped, “mine” them, and more. They are surprisingly endless!
You can get tipped Dogecoin by participating in the community. If that’s not your style, the easiest way to have your first Dogecoin is to get them from a faucet.
A Faucet is a website which gives you a small amount of Dogecoin for free to introduce you to the currency! All you need is your Dogecoin address.
You can also get Dogecoin by “mining” it. Mining is when you use your computer to process Dogecoin transactions by other people, and in return you get Dogecoin.