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There are hundreds of crypto based currencies and tokens around, the most popular being the ones pictured above, however all of them have a place and all of them use generic terms to describe attributes. While not exhaustive, the following will provide some basic information on the crypto world, so you can make informed decisions and hopefully remove some of the confusion.
What is an Airdrop?
An Airdrop is an Advertising method used by crypto based projects to get people aware of and interested in these new projects, typically by giving away tokens or coins for free. These tokens speculatively may increase in value as the project matures, and gives a feel for the new currency and uses for it.
What is an ICO?
ICO stands for Initial Coin Offering. It is a new way to raise capital for all sorts of blockchain-related projects by selling cryptocurrency. New projects use it to sell freshly minted crypto tokens in exchange for Bitcoin, Ether, other cryptocurrencies, and, at times, fiat (Government issued money with no real backing like gold or silver). In a way, it resembles Initial Public Offerings for business startups (IPO), except that ICO’s are mostly unregulated and grant little to none rights to investors. However they provide an opportunity to obtain new cryptocurrency for a low cost in hopes to get good returns on their investment (sort of like buying Bitcoin in 2011).
How to identify ICO scams
Exit scam ICOs are quite popular so the ability to identify them can save you much money. According to Ernst & Young, almost 10% of all funds raised by ICO’s end up in the scammers’ wallets. But don’t let that scare you, people get scared of renters destroying rental property’s but that figure is around 8% as well, there is always a little risk.
To minimize the risk there are ways to identify fraudulent ICO. Look for these common signals:
Anonymous team. Many scams do not advertise their team, so no one can verify who is related to the project. Major red flag.
An offer seems to too good to be true. If the project offers you crazy returns or impractical products, Major red flag.
No roadmap. A serious startup always plans ahead and is open about its future steps. If the future of the project is hidden, red flag.
Bitcointalk.org thread. A legit way to launch an ICO is by announcing it on BitcoinTalk.org. It is the largest forum for Bitcoin and cryptocurrencies, and well founded projects will openly participate in the discussions and answer all the questions.
Code. Credible projects will commit their code to Github where everyone can review it. No code, no project, red flag.
Is the token or blockchain necessary? Many projects can function well without a distributed ledger. Many projects try to take advantage of ICO’s just to collect extra money. So ask yourself, does it really need its own coin?
PR and media activity. Trustworthy projects hire qualified marketing specialists who manage to create an active, engaged community. Also, it is always a good sign if the project gets positive mentions in quality publications.
Remember not all ICOs are scams, and they also provide a legit way to raise funds for many legit and cool projects.
What is a Cryptocurrency Faucet?
Most simply stated, a cryptocurrency faucet is a website that gives out small amounts of cryptocurrencies as a reward for doing small tasks. Bitcoin Faucets are sites that every so often dispense a small amount of Bitcoins (aka Satoshis) for “free”.
There have been many that have come and gone, but there are several that have so far stood the test of time, banners for these are above if you would like to click, learn more and start collecting 🙂
What is a satoshi?
The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in blockchains and the bitcoin cryptocurrency. The satoshi to bitcoin ratio is 100 million satoshi’s to one bitcoin. Other crypto currencies use similar units to make up a whole coin, all based on the satoshi.
I’ve got more to add, this is a work in progress so please come back and check again 🙂
This post is about what it takes to succeed if you want to work from home. More and more people are looking at this form of work as it has many advantages to it. There are however many pitfalls and you can easily fall into, traps which ultimately can end in failure for your small business.
The first tip
You need to have self-discipline to make your home based business work. Each week set yourself business goals of what you want to achieve. Treat working from home like you are working in an office, do not be tempted by watching the television or by any other distractions. You have to ensure you put in the required hours to make the business the success you want it to be.
The second tip.
My advice is to be careful what you eat, and try to keep moving. I fell into a trap of eating a lot of snack type foods, and did not ever feel that I had the time to cook myself a meal for lunch. I soon started to put on weight and this caused me to lose some of my self-confidence. I needed all of my self-confidence to keep up my belief that I could succeed at my home business. I now make sure that I give myself regular breaks and to re-charge my batteries. I am also careful not to snack in between meals, water helps a lot as well, I found this for both at home and work in the office environment. Industrial Air-conditioning in most modern office buildings sucks the moisture right out of you.
The Third tip.
Remember, you are likely to experience good months and bad months, financially. It is important therefore that you start saving so that when you are having a bad period, you have the cash flow to keep the business going. Also keep some money aside to pay the taxman. When I first started my home business I loved the fact that I did not need to pay tax like with my normal job. When I received my GST and tax bill it was quite a shock however and I have since started to put an amount aside from my income to cover it.
Most businesses have these peaks and troughs. When business is not going so well, it is very easy to become downhearted and even depressed. I found this working on my home business, I had nobody to pick me up from these lows. I have since realized that feeling sorry for myself is not going to help the situation, therefore I have to work even harder during these periods and that I have to keep thinking positive.
I hope you have enjoyed reading this article and I wish you every success with your home based business.
