Yee Kok Siong on White Bitcoin in Panama

Bitcoin mining refers to the process by which new Bitcoin is created. With conventional currency, government decides when and where to print and distribute it. With “miners” use special software to solve complex mathematical problems and are issued a certain number of Bitcoin in return.

 

Before getting started, you will need to get yourself a wallet. You can do this easily enough by registering with one of the exchanges which will host wallet for you. And, although you are going to want to have one or more exchange wallets eventually, you should start with one on your own computer both to get a better feel for bitcoin and because the exchanges are still experimental themselves.

 

Internet users transfer digital assets (bits) to each other on a network. There is no online bank; rather, White Bitcoin in Panama has been described as an Internet-wide distributed ledger. Users buy Bitcoin with cash or by selling a product or service. Store and use this digital currency. Users may sell out of this virtual ledger by trading their Bitcoin to someone else who wants in. Anyone can do this, anywhere in the world.

 

If you desire to be aware of just how much is worth, run a simple net search. If you want to essentially convert bitcoin to dollars, transfer them in an internet market and sell them to an interested consumer. The online marketplace might promptly and easily convert your bitcoins to dollars and transmit them to a debit card, bank account, or digital wallet of your determination.

 

Bitcoin is a type of electronic currency (CryptoCurrency) that is autonomous from traditional banking and came into circulation in 2009. According to some of the top online traders, Bitcoin is considered as the best known digital currency that relies on computer networks to solve complex mathematical problems, in order to verify and record the details of each transaction made.

 

Created in 2009 by an anonymous cryptographer, Bitcoin operates on the premise that anything, even intangible bits of code, can have value so long as enough people decide to treat it as valuable. Bitcoins exist only as digital representations and are not pegged to any traditional currency.

 

Due to the anonymity the gambling industry has taken up bitcoin as a payment method. Bitcoin in Panama are coming to life and offering their players to make deposits, play with bitcoin at the tables and withdraw directly to their bitcoin wallet. This means that there’s no taxes or possibilities for government control. Much like a regular Nevada casino where do you don’t need to register anywhere and all your transactions are anonymous.

Read also: Tips by Yee Kok Siong to Choose the Best Options Trading Platform

Yee Kok Siong Discusses Best Uses of Cryptocurrency!

Cryptocurrency has a great ‘attractiveness’ quotient attached to it. More and more people are looking to understand the dynamics of how the cryptocurrency works and what more can be done with it. The concept that originated in 2009 took its time to grow but in the last five years, it has really established itself in the financial markets. Those who are miners and those who are investors have reaped in the benefits of cryptocurrency through buying, selling and trading. Investments in cryptocurrency have yielded 8-10 times profits to investors who started early and have been constantly tracking their investments.

Trading of cryptocurrency is now an established process that you can do with digital money. However, as it this concept is strengthening its foothold, there are many options opening up for it. Here are uses of cryptocurrency discussed by Yee Kok Siong, some of which you aware of while some would come as a surprise:

1) Investment/Trading

Cryptocurrency is a good way to multiply your money. Once you get cryptocurrency in hand, you can decide how much to spend from it and how much to invest. However, getting cryptocurrency from a reliable source is very important. Cryptocurrencies come in many names like Bitcoin, Ethereum, Ripple, Indus Coin etc. While going in for purchasing these, you need to check the authenticity of the service provider. Check if they display the ticker rate and symbol on their page and the exchanges where you can trade your cryptocoins.

2) Pay for travel

The travel industry is opening to the prospect of using cryptocurrencies like never before. Hotel stays, air travel and packages can now be bought using cryptocoins. Travel operators that provide customized packages find the concept of cryptocurrency really convenient since there are no conversions required when you pay using cryptocoins and it is the fastest method of payment from an inter-country perspective as there are no middle men involved. This also works out to be the cheapest method since there is no percentage kept with the banks or financial institutions when they route your payment.

3) Pay for education

Wherever there are diversities coming in, cryptocurrency will be preferred. In case of educational services, payments done by students to colleges (mostly fees) have always been complex. Account transfers, wire transfers, foreign currency demand drafts and such instruments are the most popular methods. However, all of these attract an additional fee when you make the payment. Moreover, these are not instantaneous. Students across the world have been looking for options that can ease this burden for them.

Cryptocurrency contains the power to change this scenario and make it simple. University of Nicosia, Cyprus is the first accredited university in the world that has officially accepted Bitcoin as a mode of payment. The payment comes through the processor Bitpay and it can be done in BTC. The University truly values the potential of this digital currency and has even started a course called Masters Degree in Digital Currency to prepare specialists for the future.

4) Crowd Funding

Crowd funding is a unique way of utilizing your cryptocurrency. Just as how any other crowd funded business works, here also you can put your money on somebody else’s business and be a part of his success. Many companies that offer funds to new businesses have created a platform using cryptocurrencies for e.g. crowd funding company called Lighthouse has a platform of Bitcoin.

The way it works is that you can donate your money from your wallet to the company for a specific business. There are no charges for the donation until your money is delegated to a specific project and that particular company meets its goals and objectives. Your funds remains safe with the crowd funding company until the project has met its criteria. This is a great way to invest your cryptocoins and completely hassle free. You can also withdraw the donation at any point of time. Cryptocoins like Altcoin, Dogecoin are also popular for crowd funding apart from Bitcoins.

5) Common daily purchases

Coffee shops, pizza outlets and grocery chains are opening up to accepting this new form of payment. You can transact at these outlets in the regular manner and pay up using your cryptocurrency wallet. Wal-Mart is one of the biggest names that have associated itself with cryptocurrency. Apart from these, TigerDirect, NewEgg and OverStock are also names that come in this category.

Inclusion of cryptocurrency in daily life has led to a huge change towards perception of cryptocurrency and also for clearing the skepticism that the common man still faces over the concept of digital currency.

Cryptocurrency is growing steadily from strength to strength. With more consumers and more avenues opening up, the time is not far when digital currencies would be the most accepted form of payment especially for payments that transcend borders. Uses of cryptocurrency are also increasing and apart from those mentioned above, electronics, online retail and trucking industry are also taking it up in a big way. Your time to buy cryptocurrency is now and you can be rest assured if you go in with a trusted partner like.

 

Also read: Precautions While Searching For Best Cryptocurrency Exchange

Getting the Top Currency Exchange Rates

Here is a list of the top things discussed by Yee Kok Siong to avoid if you are looking to get some of the most advantageous exchange rates around.

 

Leaving things until the very last minute

 

If you are dealing with a professional foreign exchange provider, they will almost certainly be able to work much more efficiently in securing the most advantageous exchange rates for you if they know a little in advance what your requirements are likely to be.

 

This may sound a little counter-intuitive. That’s because all too often Forex operations are shown on TV and movies as being people reacting entirely to events and pushing buttons frantically on screens in response.

In practice, trading strategies are critically important and a professional provider should be able to dovetail your requirements into their strategies in order to secure you some great rates – assuming, of course, they have at least some sight of your requirements in advance!

 

Automatically using a bank for your Forex

 

At one time, almost all foreign currency conversions and currency exchange rates were handled by the banks. That is now history and specialist providers operate very successfully in this domain. You probably wouldn’t purchase anything else of significance without shopping around first and there is no reason why you should behave any differently when it comes to currency conversions.

 

Playing the markets yourself

 

You can, of course, simply spend a lot of time watching exchange movements and then when you decide times are right, call up your local Forex provider and instruct them to do a deal immediately for you on the spot.

The chances are though, you simply won’t be able to monitor all the variables involved to the same extent as a professional who is doing it full-time and may have been doing so for many years.

Instead, once again, discuss your requirements with a professional well in advance and then let them do their job.

 

Split your business across multiple providers

 

Strangely, this is far from being as unusual as it might at first appear.

People sometimes do this for a whole variety of reasons, many of which are entirely subjective and which often don’t stand up to scrutiny and close objective evaluation.

It is very difficult to conceive of any situation within which a single professional Forex provider, operating all your requirements as one consolidated package, wouldn’t be able to do better for you than if you had split the sum over several providers.

 

Hope for positive market movements in your favor when a forward contract might be more sensible

If you know you will need to convert money in a few weeks’ time, at the latest, don’t sit on your finances hoping that the rates then will be better than they are today. They may be but equally they might not be.

 

It is usually sound business sense to discuss your future currency requirements with a provider who can offer you what is called a forward contract. That means they will give you a guaranteed rate that will be effective at the future date you actually need to make your conversion.

 

Read also: Currency Speculation vs. Currency Risk Management

Selecting the Best Mobile Payment Application

Mobile point-of-sale (POS) solutions enable merchants to accept credit card payments where it is most convenient for their customers. Mobile payments allow merchants to accept and process credit card payments in the aisle, outside the store or anyplace customers prefer to pay. Small business owners or large enterprise merchants with a mobile sales team or non-traditional storefronts can expand their business and increase revenue by accepting mobile credit card payments using their existing smart phone.

 

Mobile POS systems are setting a new standard in convenience and are easy to implement and support. Merchants equipped with an iPhone, BlackBerry, Windows Mobile or Google Android device can submit, authorize and settle transactions quickly and securely.

 

Mobile POS systems offer several advantages:

 

• Decrease Processing Cost – Merchant can lower their processing cost by using a single merchant account to accept retail and mobile payments.
• Customer Satisfaction – Improve the customer experience by offering multiple payment options.
• Flexibility – Mobile transactions allow merchants to take your storefront anywhere you go.
• Stability and Reliability – Mobile POS software rivals those of the largest e-commerce, trading, and portal Web sites. Mobile POS applications can handle millions of transactions every month.

Lower Entry Cost

Considering that most people would rather lose their wallet than misplace their cell phone, it comes as no surprise that the mobile platform is quickly becoming a new payment option for small business owners. For many, our cell phone never leaves our side. It maintains its place at the dinner table, is easily accessible on your belt clip or in your pocket, and often, somehow it even manages to end up sharing your pillow at night. Today, cost conscience merchants can accept credit card payments without purchase traditional point-of-sale equipment or paying for expensive system customizations.

 

Market Expansion

Mobile POS solutions are priced for the small business owner and independent sales representative. Merchants can purchase a quality smart phone payment application. Questions to ask your mobile payment provider:

• Is the mobile application PCI compliant?
• Does the application support both small and large payments?
• Does the system require a payment gateway service? If so, recognize payment gateways require an additional recurring monthly fee.
• Does the application support swipe and non swipe transactions? Swipe transactions provide lower processing fees.
• What card readers are supported?
• Does the card reader support data encryption?
• Does your system provide online statements for viewing customer transactions?
• What mobile phones are supported?
• Does the system ensure no customer payment information is stored on the cell phone?
• What are all the fees associated with accepting payment?
• How quickly are customer payments funded to the merchant’s bank account?
• What is the license agreement? Specifically can the merchant load the mobile payment application on multiple devices?

 

We’ll undoubtedly see many mobile application providers come out of the woodwork as the industry matures. However as Yee Kok Siong suggests, merchants should look for a mobile payment provider with multiple years of experience in the payment processing industry.

 

Read also: Near Field Communication for Mobile Payments

Success or Downfall of Mobile Wallet Payments

Mobile Wallet Payments have come a long way. In the 90s physical wallets used to be the bomb. There would be long queues at the local bank. Bundles of cash would be stashed in wallets as people sped off to pay their bills. The rest was left in an ATM.

 

Not any longer. Teller jobs at the banks are quickly being replaced by self-service mobile wallet systems. Nobody wants to babysit your money today. Control has been given back to the customer.

 

Despite the popularity of the idea, mobile wallets have their fair share of challenges. What determines whether a mobile wallet system perpetuates itself? How do you point out the ones that will fall behind? Here Yee Kok Siong a currency trader, sheds some light on this topic.

 

Customer Acceptance

 

This is the fundamental driver. A good example would be the M-Pesa Mobile Wallet. Innovation from a Kenyan Company Safari-com in partnership with Vodafone. The mobile wallet began as a mustard seed in the East African Region in 2007.

East Africans adopted the wallet. A case study into the success of the company shows that Afghanistan and South Africa have taken up the wallet.

 

Here are the reasons behind the success. The wallet permits clients to store cash into an account on their mobile phones. Money can be sent to parties utilizing PIN-secured SMS instant messages. Customers are charged a little expense for sending and getting cash out.

M-Pesa is not a brick and mortar company but a network of certified agents. They are airtime and credit resellers. This means that access is not limited by location.

 

Company Operation and Capability

 

Substantial financing and sponsorship are crucial for mobile wallet companies. The reasons behind this are as follows. Most wallets are in the beginning phases. Additionally, new entrants are coming in every year.

Strong branding and mega marketing campaigns are the distinctions between the ones that will be relegated to the backburner and those that will make it.

 

A solid marketing plan is how customer knows about a wallet. Merchants will not adopt a portfolio if they cannot see how they stand to gain. Solid accreditation is important in driving the following level of shipper and client appropriation.

Square has more than $20 in financing. Team this up with merchants in the banking sectors and it’s a company set to win.

 

Trader Acceptance

 

This is simply the rate at which retail stores come on board. How many stores can one walk into and buy goods using the wallet? A portfolio’s ability to permeate across a region is the factor for growth.

Wallets such as Google with multi-channel exchange choices are additionally going to have a better chance as opposed to prohibitive single channel alternatives.

 

The present technologies NFC or QR codes do not seem to be doing a lot in this area. For a mobile wallet company to make headway, a winning arrangement would have zero cost of adoption for merchants. As retailers adopt, customers have to come on board.

 

Also read: Mobile Wallet Services Future Discussed by Yee Kok Siong

Bitcoin Helps Blockchain to Grow More Effectively

Bitcoins are the part of Blockchain development, the Blockchain is the vast term and have many categories into it which bring this technology on the top and a hot topic for discussion. The blockchain development is growing so rapidly there each and every development companies are providing training sessions to their team and started working on it. The blockchain may have a lot of features and functionalities to work on but the fastest growing popular function is Bitcoin. The Bitcoins are used for money transactions which have all the things in a virtual manner and people are accepting this virtual transaction of money.

 

People in the society know bitcoin because they are in the use and people purchase items by paying bitcoins to the sellers hence, the bitcoin is the way through which blockchain interacts people. Whenever people make any money transaction, it passes over the network and create its own block, which waits for pin to be entered for security check then after this your transaction passes through the network and follow all th steps after completing of the transaction it gets attached with the chain of various distributed network and you recieve your payment.

 

Yee Kok Siong says the Blockchain is the term which needs to be understand by the developers and analysts to understand their depth and get a clear understanding because at last when the development takes place then only it reaches over to the people. Blockchain have many use cases like- money transaction, voting, legal appeal, broadcasting different networks and much more. So the main use case of Blockchain is Bitcoin which provide people a way to connect with a chain and make the world digitalized. There is rapidly growing technology which named as Blockchain and there is a way of connecting people with this technology is Bitcoin.

 

The highly growing digital world bring many changes and enhancement in the sector of mobile and web development. This immensly growing Blockchain technology have kept the developers so busy to learn about their network and work accordingly. Hence, they are grooming themselves to be more and more active to use Bitcoins as their wallet. The Bitcoins and the Blockchains are all from the same domain as they create the blocks of a huge network and distribute the blocks accordingly to the desired parties, which helps the network to maintain a chain and hence these blocks create a chain which is known as Blockchain. There is no parent for the Blockchain, if there occur any kind of change in the network then we have no one to report the problem. It is all alone and will become famous by the support and guidance of humans.

 

Also read: Yee Kok Siong on Blockchain Applicability in Healthcare

Forex Trading Methods Discussed by Yee Kok Siong

Forex trading is practiced using a variety of methods. Every trading method will rely on leveraging to make money. This is a process of investing a small amount of capital in an attempt to make a lot of money in return. However, there are plenty of upsides and downsides of employing this tactic, so it benefits to learn about Forex trading and the different trading methods before real money is involved.

Let’s take a look at the most popular trading methods discussed by Yee Kok Siong:

 

Day trading

Day trading is the first option which is based on short-term trading. All trades are based on the latest news and using technical indicators to give an alert on the most beneficial trading activity. This type of trading is best reserved for the experienced traders or those with at least a reasonable amount of skill.

 

Scalping

The next method of Forex trading is referred to as scalping, which is a technique of making a very small gain from a quite sizable trade. The ability to act fast with scalping can be difficult, so the majority of individual traders will rely on a degree of automation. This is typically likely to relate to a software program that is able to stay up to date with the constantly changing mathematical components.

 

Big picture

Big picture relates to the type of trading that takes place over the longer period of time. The trading period can last for several weeks or longer and the actual trading activity is based on trends in the industry and not acting on small or regular movements in the prices of the currency pairs.

 

Automated

Forex trading that is fully automated can be operated in several different ways. Most are based on using trading software that has the ability to read special signals and alerts. This type of information is programmed into the software and trades are instantly auctioned when the right conditions are met.

 

Learn the basics first

One of the most effective ways to learn the different Forex trading methods is to open a demo or practice account with a preferred brokerage. After a period of regular practice, you can review your trading results to see if you are on the right path. However, it is still best to be conservative with your trading balance until you have the skill and experience to invest higher sums. Also, the demo accounts are a great place to learn more about the different automated trading options.

 

Also read: Yee Kok Siong on Crypto Signal Services

Why ICO Fail? Yee Kok Siong Explains

Though, the success stories of ICOs are very limited while the list of its flop stories is long and heartbreaking. Because of the following reason by Yee Kok Siong, ICOs have higher failure rate:

 

Poor Brand Identity

 

People have a tendency to make a subjective decision and without even thinking they will make a subliminal decision about your brand too once they are exposed to it. They will judge the way your brand logo looks, fonts, visuals, color. Every minor detail somehow says something about your ICO. For example, if the design of your logo is not attractive or say if a team of professionals does not design it and you are asking for 100 million dollars, then people will inspect your ICO and think it is as a scam. Do not disregard the value of ICO white paper and ICO white paper template as well.

 

Impractical Budget and Objective

 

People are curious and out of curiosity, or you can say out of habit they will ask how much investment is needed to reach the hard cap raise amount. Experience says, a percentage range of 5%-10% from what you are trying to raise. In simple words, if you wish to raise $50 million, then you will need an investment of $2.5-$5 million. If you want people to have faith in your project, then set achievable goals. When your goals are clear to the general public, then they will faithfully invest in your idea and help you in achieving set goals.

 

Lack of reporting and Management

 

If ICO is your first ever business, then you should not overlook the value of reporting and analytics. If you are amongst those people whose first real business is ICO, then do conduct the necessary research and invest your time in Google Analytics as well.

 

If you want your ICO to be a hit, then keep these points in mind. Invest in ICO carefully and before investing do a detailed research of the market. Carefully write your whitepaper for ICO.

 

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Fundamental Factors in The Evaluation of a Cryptocurrency by Yee Kok Siong

Below are some factors by Yee Kok Siong that tend to conquer the hype and price pumps, at least in the long term:

 

Adoption Angle

Although the technology of a cryptocurrency or ICO business plan may seem surprising without users, they are just dead projects. It is often forgotten that widespread acceptance is an essential feature of money. In fact, it is estimated that over 90% of the value of Bitcoin is a function of the number of users.

While the acceptance of Fiat is entrusted by the State, the acceptance of cryptography is purely voluntary. Many factors play in the decision to accept a coin, but perhaps the most important consideration is the likelihood that others will accept the coin.

 

Security

Decentralization is essential for the I push Model of a true cryptocurrency. Without decentralization, we have a little closer to a Ponzi scheme than a real cryptocurrency. Trust in individuals or institutions is the problem-a cryptocurrency tries to solve.

If the dismantling of a coin or a central controller can change the transaction record, it is questioning its basic security. The same applies to parts with unproven code that have not been thoroughly tested over the years. The more you can count on the code to function as described, regardless of human influence, the greater the security of a coin.

 

Innovation

Valid coins strive to improve their technology, but not at the expense of safety. Real technological progress is rare because it requires a lot of expertise-and also wisdom. Although there are Always fresh ideas that can be screwed on, if doing so puts vulnerabilities or critics of the original purpose of a coin, misses the point.

Innovation can be a difficult factor to evaluate, especially for non-technical users. However, if a currency code is stagnated or does not receive updates that deal with important issues, it can be a sign that developers are weak about ideas or motivations.

 

Incentives

The economic incentives inherent in a currency are easier to grasp for the average person. If a coin had a large pre-mine or an ICO (initial part offer) the team held a significant share of chips, then it is quite obvious that the main motivation is the profit. By purchasing what the team offers, you play your game and enrich it. Be sure to provide a tangible and reliable value in return.

 

Read also: Yee Kok Siong on Status of Cryptocurrencies Tomorrow!

Checklist for Converting Currency by Yee Kok Siong

Use this guide by Yee Kok Siong to help you with exchanging your money before travelling abroad. Yee Kok Siong outlines the basic details you need to confirm before deciding the channel and rate at which you carry out currency conversions.

 

Check the credentials of the Currency Exchange Service Provider

While changing currency, make sure you check the credentials of the exchange service provider. A lot of unauthorized dealers might give you slightly higher rates, but they should be avoided because in case of emergency or fraud, you will not be able to seek help or compensation. Use reputable online currency exchange service providers who you can rely on for good rates as well as convenient pick-up locations for converted money.

 

Currency Exchange Rates

When you decide to convert you money, do a little research on the current rates as there are various micro and macro economic factors that impact the rate you stand to lose or gain money depending on the rates. Having a fair idea of the rates also lets you estimate your expenses more accurately and plan better.

 

Before exchanging your money, check the regulations of the country you are travelling to. If you are travelling to a country where your currency cannot be converted to the local denomination, it makes sense to convert a portion of your cash into the local currency and the excess cash into American Dollars before you travel. This is because most countries will let you convert American Dollars to the local currency.

 

Excess charges and taxes

While choosing a channel to carry out currency conversion, check terms and conditions carefully. While it may seem convenient to spend using your debit or credit cards, or convert money at the airport, you might end up paying a lot more as service charge, exchange commission, etc. It may be a better idea to explore the option of online currency conversion in your native country or a prepaid overseas card.

 

Look for fixed rates

Some foreign exchange service providers offer a service that is known as a pre-booked rate.’ This service lets you pre-book the rates at which you want to carry out transactions, and carry out all your conversions at that rate, irrespective of the current exchange rates when you actually carry out the conversion.

Keep these in mind, and ensure a smooth, hassle-free experience while managing your finances during international travel.

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