MyVested: The Modern Way To Invest in Cryptocurrency

Picture this – It’s 2017, cryptocurrency is booming and everyone’s investing in it, but wait! They’re all trying to become traders? Why? Because they have no choice! The cryptocurrency scene is optimized for traders today, services are made specifically for them. I believe this is a big blocker and why so many people haven’t gotten in the game.

Now you might be thinking “That’s not true! We have Coinbase, Coinjar and Coinspot, they’re easy!”. I agree, they are all great platforms that have made investing in Bitcoin and various other cryptocurrencies much easier. Call me picky but I need more than “It’s good enough”. There are a few missing pieces to the puzzle, that’s been my inspiration for starting MyVested. Read on and we’ll explore it in more detail. Read More

Cryptocurrency Security

Here at MyVested we get asked “Are you secure?” “How are you secure?” all the time, this post is to tell everyone that we are and hopefully not make it too techy and confusing.
I’ll give a quick answer for those who don’t want to spend all day reading: Yes, we are secure. Our encryption has 128 ENTIRE BITS OF ENTROPY.
For those that didn’t spend years studying 1’s and 0’s, that means to crack the encryption on one of our web requests, you would need to guess 2128-1 different keys. (that’s 170141180000000000000000000000000000000 if you were curious, good luck NSA!)

If you want a look into how we’ve designed some other stuff and mitigated common threats, read on! Read More

Is Cryptocurrency a Good Investment?

Imagine that you had the opportunity to invest in the internet back in the mid-to-late 90’s—but with all the knowledge you have now about how it turned out. You would have probably ended up being a millionaire by now by inventing a Google or a Facebook, long before those things even existed.

That’s the point we are at right now when it comes to cryptocurrencies and blockchain—at least according to many experts. But what might we expect from these new technologies in the future? How will they change our lives? Is this whole “blockchain-boom” just a flash-in-the-pan?

These are all very excellent questions, so let’s take a look!

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In this blog post MyVested answers a common question, what is blockchain?

What is a Blockchain?

What is a Blockchain?

It seems as though Bitcoin and its compatriots are taking over the world lately with all the coverage they seem to get in the news, on blogs, and on social media. You may even have come across articles comparing the differences between various cryptocurrencies like this one.

If you have read any articles on these things, you may have come across the term “blockchain” a few times. You may have wondered to yourself what exactly that is, how it works, how it is related to cryptocurrencies like Bitcoin and Ethereum, and why people are saying that it’s going to change the way we do everything.

It can certainly be very difficult to find good, simple answers to these questions. With over A$5 Billion worth of money already invested in the cryptocurrency space, more people are getting involved in the space than ever, and education is even more important.

That’s why in this article, we throw all of the technical jargon on the bonfire where it belongs and demystify the seemingly magical world of blockchains in plain, simple language.

What is blockchain?

In short, a blockchain is simply a way of recording transactions between people. There, that was pretty simple, right?

But how does that work, and what makes it so different and special from any other way of recording transactions? That’s where the fun starts.

So imagine we’re sitting on a park bench, and I want to give you a physical photograph. It’s easy, isn’t it? I just hold out the photo with my hand, and you take it. The picture has left my possession (and is no longer accessible to me), and entered yours. This is a simple transaction.

Now imagine we do the same thing, only this time in the digital world. I could email you the picture, and you would have it, but how would you know that I haven’t kept a copy of it for myself? After all, making a perfect copy of something like that is trivial in the digital world.

Perhaps this sounds a little daft on the surface of it. I mean, who cares if I keep a copy of the picture I sent you? But what if instead of a picture, we were talking about something valuable like money? Now it might be more of a problem for me to keep a copy of something I sent you.

This is where blockchain comes in. Basically, I tell a blockchain “hey, I want to send this stuff to this person,” and the blockchain will basically update itself to say “okay, ownership of this thing has changed from person A to person B”.

Now, maybe you could get uncle Bob to watch over us as we make the exchange and make sure that I delete my copies once I’ve sent them. That’s essentially what a bank does. But what happens if there are 10 people who all want to transfer their pictures at the same time? Is uncle Bob going to oversee all of those? What about a hundred people? Or a thousand people? Or a million?

It’s easy to see how this could get pretty unmanageable for our poor uncle Bob over here pretty quickly. This is why it sometimes takes days for money to come in or go out of your bank account. Your bank’s servers can only handle so many transactions at one time.

How does blockchain deal with so many transactions?

This is where blockchain really does something special. Instead of asking uncle Bob to watch over the transaction, blockchain is the equivalent to asking every stranger you run into to watch over it. This is called decentralization, and you can read more about why it’s such a powerful thing by clicking the link.

All of these strangers record the transaction. There’s plenty of strangers about, and the more people there are making transactions, the more people there are likely to be who are interested in making sure those transactions are all above board.

You might ask, how can these strangers be trusted? Simple. You have a set of common rules that they all sign up to, and they prove they are following the rules for each transaction that they oversee by doing some clever mathsy stuff with it that can’t be faked.

What this clever mathsy stuff does is it collects a bunch of transactions together into a “block” (just another name for a group or collection of transactions). It then encrypts them, using information from the previous block to make sure that each block is linked together in a continuous chain.

That may sound complicated, but really an easy way to imagine it is as a mathematical version of puzzle pieces, where each block is like one puzzle piece. Each puzzle piece is designed specifically to fit in with specific other pieces around it.

You can’t take a puzzle piece from one location and put it somewhere where it doesn’t belong. It won’t fit for a start, and even if you force it to fit, it would be instantly obvious to anyone looking that it didn’t fit there.

In the same vein, this continuous chain of blocks (a “Block-Chain”) can’t be tampered with or rearranged, and each block can be verified by anyone. This is what makes it so powerful and useful. You don’t need to trust the strangers, you just need to trust the maths that the strangers are using.

Blockchains have opened up a whole new world of possibilities because people have realised very quickly that cryptocurrency is only the beginning of what blockchains are potentially capable of (if you want to know more about cryptocurrencies though, this article is a great place to start).

Decentralised exchanges, voting systems, and even entire companies can potentially be run entirely on blockchain technology. And that’s only what people are experimenting with right now. Who knows what incredible things blockchains will be used for ten years from now!

That just about wraps things up for this article. If you’re thinking of getting into cryptocurrency yourself, but don’t know where to start, MyVested is a simple to use app that takes the guesswork out of cryptocurrency. If you’d like to know more, just head over to https://www.myvested.com and have a look around.

Do you know of any awesome blockchain-based projects that we haven’t mentioned?

Do you have an idea for something great that blockchain could be used for?

We would love to hear all about it.

We read every one of your messages, so be sure to leave a comment.

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What is Cryptocurrency?

With all the talk of Bitcoin over the last few years in the news, on blogs and on social media, more and more people are asking questions about what it is and how it works. The simple answer is that it’s what is known as a cryptocurrency, and it runs on a system known as a blockchain.

But what is a cryptocurrency? How do they work? How are they related to blockchains? Why does everyone seem to think that these things will change the world?

We know it can all be very confusing, especially when people start throwing technical jargon around all over the place. With the worldwide adoption of cryptocurrencies being compared by Forbes to that of the internet around 1994, it’s becoming more important than ever for everyone to understand what this revolutionary new technology is, how it works, and how it may very well change all of our lives.

So today, you can leave your jargon-dictionaries at home, as we break down for you what these wonderful cryptocurrency things are all about in language that should be easy for anyone to understand.

 

What is cryptocurrency?

A cryptocurrency is any currency that uses cryptography (the clever mathsy stuff we mentioned earlier). Ok sure, that’s not really much of an explanation, is it?

So first, let’s take a quick look at what regular, every day, government-backed currency (known as fiat currency) is all about.

If you look at the banknotes in your wallet right now, what do you see? Money? Well, sure, obviously, but what else? Look carefully, and you’ll notice it’s actually just a piece of plastic with some ink and stuff on it. Is that thin piece of plastic really worth the number written on it? Of course not. Yet you could still use a bunch of them to buy a new ute, so how does that work?

Well, it works because we all agree that it works. The notes you get from your bank don’t have any value by themselves, but rather they represent value. It’s basically not much different from giving someone an IOU.

You can give that IOU from your bank to someone else in exchange for something that has actual value, or you could go to the bank themselves and cash it in for some nice shiny gold (well, at least in principle).

Cryptocurrencies are much the same in that respect. They don’t have value by themselves, but they do represent value because the people using it mutually agree that it does. The only difference is that they do it digitally and use maths to keep them secure, rather than thin bits of plastic with holograms on them.

This is why the cryptocurrencies like Bitcoin, Litecoin and Ethereum have attracted so much attention from investors, and why even the big banks themselves are starting to dip their toes in the crypto-waters with things like Ripple (XRP). You should definitely check out this article over here if you want to know about these cryptocurrencies in more detail.

Cryptocurrencies are also unique, in that they don’t specifically need some central organisation or group to issue and oversee them like regular everyday fiat currencies do. How do they do that? Using blockchains, of course!

How are cryptocurrencies related to blockchains?

Cryptocurrencies and blockchains are like twins. They are separate things that can technically work without each other, but they were born together and you don’t often find one without the other.

Cryptocurrencies represent value, and blockchains are a means of recording the transfer of value from one person to another. To put it another way, cryptocurrencies are a specific application of blockchain technology (but they are far from the only one). If you’re interested in finding out more about how blockchain works, you should check out this article on it over here.

Pairing a cryptocurrency with a blockchain means that the cryptocurrency can operate without the need for any central group or organisation like a bank or a government getting involved. Instead, it’s a form of money that is not only used by everyday people, but it is also controlled democratically by those same everyday people. Yes, that even includes you!

As if that wasn’t enough, this lack of centralised control (which is called decentralisation) means that there’s no single point of failure for someone with malicious intent (like a hacker) to attack, which makes it inherently much more secure compared to say a bank’s servers.

All of this is to say that cryptocurrency is—objectively speaking—a straight upgrade over traditional fiat currency in pretty much every way. Even when problems are found, cryptocurrency is capable of finding and implementing solutions to those problems much faster than fiat currencies have traditionally been able to do, and they do so in ways that are for the benefit everyone. What’s not to like about that?

So there you have it.

We hope this has helped to demystify the exciting world of cryptocurrencies, and given you some insight into why over 66 million households worldwide have already hopped on the crypto-train.

If you’re interested in joining them, but don’t know where to start, MyVested is a simple to use app that takes the guesswork out of cryptocurrency. If you’d like to know more, just head over to https://www.myvested.com and have a look around.

What have you found to be the most difficult thing to grasp about cryptocurrency? We love hearing your feedback. We always read every single message, so let us know about your experiences down in the comments below!

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