Ormeus Qi, a New Frontier in Energy-Enhanced Products

Ormeus Global is proud to announce the launch of its new Ormeus Qi line of products. These products, available only through Ormeus Global Independent Business Owners, offer all-natural self-care products to use at home.

The product line was unveiled to great acclaim at the Ormeus Global Thailand Grand Opening in April 2018.

What Is Qi?

Qi (pronounced “chee”) is a concept taken from Asian-based medicine. In Asian systems, qi or chi is the life force that circulates, animates, and energizes all living beings. Many people believe that healthy beings have balanced qi. When qi becomes unbalanced, disharmony results in discomfort or physical ailments.

Ormeus Qi Products

The Ormeus Qi line of products are programmed with specific energetic frequencies. Programming methods include mobius coil, scalar waves, and more.

Ormeus Monoatomics

is an all-natural spray to energize qi. Patented Nanobioelectronic Photoacoustic Therapeutics use light and energy to activate energetics. It is simple, convenient, portable, and easy to use.

Ormeus REM

is a set of acupressure patches to enhance relaxation and promote restful sleep. The acupressure patches are easy to apply and do not contain any harmful chemicals.

Ormeus Sculpt

is a set of acupressure patches to support body fat loss. The set of patches is convenient to use and portable.

Ormeus Solace

offers a set of acupressure patches to return the body to ease and comfort after sports, workouts, or other strenuous activity.

Ormeus Ei8ht

features Cannabidiol (CBD) oil in a small, portable bottle.

All of the Ormeus Qi products were developed by a sports medicine expert and a United States medical doctor with an extensive background in integrative medicine.

For more information on Ormeus Qi, speak with an Ormeus Global representative today.


How to Use Bitcoin ATMs and the Many Advantages

Even though Bitcoin and other altcoins are a very new and sometimes unstable form of currency, many people don’t realize that there is already a growing infrastructure of ATMs for them.

If you live near a populated area, anywhere in the world, the odds are very good that you should be able to find a cryptocurrency ATM near you. In this article we’re going to cover what Bitcoin ATMs are, how you can find them, and how you can use them.

What Are Bitcoin ATMs?

Just like a regular ATM, you can use what are called Bitcoin ATMs to either deposit cash (buy Bitcoin) or withdraw cash (sell Bitcoin).

Even though they’re commonly called “Bitcoin” ATMs, at many of these machines you can actually buy or sell a variety of cryptocurrency coins. The following are a few of the companies that offer these ATMs in most major cities across the globe.

Bitaccess: This Canadian company is popular maker of cryptocurrency ATMs located all around the world. They maintain about 6% of the current market and are well trusted by cryptocurrency enthusiasts.

General Bytes: This well known cryptocurrency manufacturer has ATMs in mostly Europe and the United States, but also in other parts of the world as well. This company has a hold of about 16% of the cryptocurrency ATM market, and supports everything from Bitcoin and Ethereum to Litecoin and Dogecoin.

Lamassu: This company was launched by two brothers in Manchester, New Hampshire. These small ATMs offer anyone living where there’s Internet access with easy access to their money even if they don’t have easy access to a bank. Lamassu holds an impressive 20% of the cryptocurrency market.

Genesis Coin: This company is one of the largest manufacturers of cryptocurrency ATMs, dominating nearly 45 percent of the cryptocurrency ATM market. The odds are good that if you’re looking for a Bitcoin ATM near you, you’ll find a Genesis Coin ATM somewhere.

These are just the tip of the iceberg in this booming and competitive market. If you check out the list of ATM manufacturers at Coin ATM Radar, you’ll see just how many players there are in this industry.

Where Are Bitcoin ATMs Near You?

The site Coin ATM Radar also offers a very useful map you can use to find one of these cryptocurrency ATMs near you.

The map displays over 2400 ATMs across the world with points on a map that you can click on to check the location and manufacturer of that machine. Every city has from a half dozen to several dozen of these ATMs scattered throughout various stores and cafes.

When you click on a location pin on the map, you’ll see the following information about each ATM.

Supported cryptocurrencies
Supported operations (buy, sell, or both)
Whether there are any fees (these usually range between 5-15%)
Any transaction limits
The ATM manufacturer

When you discover the location of a cryptocurrency ATM you want to try, you’re ready to go on to the next section. Make sure you read how to use the ATM before you head over!

How Do You Use a Bitcoin ATM?

Each ATM is a little different from one another, but what most have in common is that they are not linked to any central managing financial institution. This is a very important aspect of these machines that you should really understand.

Anyone can purchase one of these ATMs. They offer entrepreneurs a way to make money from transaction fees, and they offer the public a convenient way to store or retrieve money buy converting local currency to bitcoin, or vice versa.

The machines are actually very easy to use. Even though the process is a little different from one machine to the next, the general process is as follows.

There’s usually a “Buy Bitcoins” button to get started.
You may need to enter identifying information like a phone number or email address.
The machine email or SMS a code to you to verify that you’re who you say you are.
You might need to scan your fingerprint (not all ATMs require this).
You will need to select the type of coin you want to trade.
You’ll need to either scan the QR code of your wallet, or ask the machine to generate a new wallet for you (if you are buying).
Insert cash if you’re buying cryptocurrency, or select the “withdrawal” amount if you’re selling Bitcoin (not all ATMs offer the ability to sell).

Once you finish your transaction, you’ll receive a receipt, and you’re done!

The beauty of cryptocurrency ATMs is that they are independent of any financial institution. They are the ultimate way to store or retrieve money with absolute privacy. No government agency or financial institution can “freeze” your account or spy on your transaction because the blockchain itself is traceable to you only through the wallet. But even the wallet is an independent “object” that holds your cryptocoin.

Anyone at all can hold that wallet — all they need is the QR code and the password. Your identity is safe and your financial transactions are fully private.

Best of all, these ATMs provide a form of “savings” and ATM services to areas that might not have any access to banks or traditional ATMs at all. This is one of the many examples cryptocurrencies are changing the world.

Cryptocurrency ATMs are only one small part of the cryptocurrency ecosystem. You can learn much more about cryptocurrency in Ormeus Global’s innovative learning ecosystem known as InnerQuest. Log into InnerQuest through your Ormeus Global Back Office or learn more about it.


How to Buy Bitcoin Directly From People with Local Bitcoins

You’ve probably heard of buying bitcoins or other cryptocurrencies from a cryptocurrency exchange like Coinbase or Kraken, but did you know you could also buy bitcoin directly from individuals who own it?

Now that bitcoin has become so popular, it has spawned entirely new markets filled with people who want to buy or sell the digital currency. One of the most popular services that has filled this niche recently is a large bitcoin digital marketplace called LocalBitcoins.

What is LocalBitcoins?

LocalBitcoins is what is known as a P2P (Peer-to-Peer) trading platform with over a million people from all across the world who either have bitcoin and are looking to sell, or have other currency they’re hoping to trade for Bitcoin.

People on the platform who want to sell their Bitcoin create an “advertisement” for it. Basically the advertisement provides potential buyers with the price the seller is looking to get for their Bitcoin, as well as acceptable payment methods, and other terms.

The seller will set a minimum and maximum limit they’re willing to sell. Usually this ranges from a few hundred U.S. dollars to several thousand.

How Does LocalBitcoins Work?

The process of buying or selling Bitcoin at LocalBitcoins is not only simple, it’s also relatively safe because the platform serves as an escrow service so that neither side of the transaction can leave with the other side’s funds. The platform holds the Bitcoin that’s being sold, so buyers can be 100% certain the sale is legitimate.

Here’s how the process works.

When a buyer selects an ad and pays for the Bitcoin, the buyer’s payment goes into LocalBitcoin escrow.

The buyer is notified that someone replied to an ad.
The buyer confirms they’ve received payment and releases the Bitcoins.
The Bitcoins move from escrow to the buyer’s LocalBitcoins wallet.
The buyer and seller leave feedback for eachother

The process is just as fast (if not faster) than P2P transactions that take place on platforms like eBay or Craigslist. Also, the use of the escrow system ensures safety for both buyers and sellers.

Why Should I Buy at LocalBitcoins?

You could always purchase your Bitcoin at any of the popular exchanges that sell it, but LocalBitcoins does offer a number of advantages over exchanges.

Since the Bitcoin is already in LocalBitcoins escrow, the transfer into your wallet at LocalBitcoins is faster.
Both buyers and sellers need to verify their accounts, so you know the person you’re selling to or buying from is serious about the transaction.

Since Bitcoin prices are so volatile from day to day, purchasing from one of these ads ensures that you’re going to get the per-Bitcoin price that you’ve agreed to.

LocalBitcoins makes its money from the sale of advertisements to sellers. This means all transactions are completely free of any fees for the buyer.

According to the LocalBitcoins website, the trade volume on the platform has doubled in just the past year. And since Bitcoin has a 21 million supply cap, which will eventually be reached someday, P2P platforms like LocalBitcoins are going to become much more popular in the future. In fact, they may become the only way you can obtain more Bitcoin.

The beauty of Bitcoin is that all you need in order to buy it — regardless where you buy it from — is a Bitcoin wallet. LocalBitcoins is just one more platform you can use to add more Bitcoin to your supply – but it doesn’t have to be the only one.

Your wallet doesn’t tie you down to any exchange or platform, so LocalBitcoins can be one of many sources you may bookmark for whenever you have cash that you want to use to buy more Bitcoin.

If you’ve learned a lot about cryptocurrency from this article, this is only the tip of the iceberg. You can learn so much more in Ormeus Global’s innovative learning ecosystem known as InnerQuest. Log into InnerQuest through your Ormeus Global Back Office or learn more about it.


Is Bitcoin Hacking a Real Danger?

One of the things about cryptocurrency that attracts many people to start buying it is the fact that the blockchain technology it’s built on is nearly impossible to hack.

This is because the blockchain is constantly undergoing re-examination by the miners that verify every transaction. The verification is inherent in the process itself, so any attempt to “hack” the transaction would fail that process.

However that doesn’t mean there aren’t security vulnerabilities in other parts of the system. Transactions themselves are fairly safe, but the following vulnerabilities still exist.

The digital wallet of either the sender or the receiver
Cryptocurrency exchanges
Cell phone or computer hacks
Phishing attempts

In most of these cases only one or two people are vulnerable to an attack, but in the case of a cryptocurrency exchange hacking, many thousands of cryptocurrency owners could be at risk.

Digital Wallet Security

The security of most online digital wallets are only as good as the level of security the user puts in place. Most digital wallets use 2-factor authentication, which combines the use of a password with a cell phone verification step.

This means that even if someone gets a hold of (or guesses) your password, they would still need your phone in order to access your account.

The vulnerability with using any online digital wallet is that it’s still accessible to online hackers. If one of them is dedicated enough, there are ways to both hack a password and fake someone’s cell phone (see below). It isn’t easy, but it’s possible.

How to better-secure your digital wallets:

Use a desktop-based or smartphone-based wallet. This stores all of your information on your own device rather than online. So when the device is turned off, or offline, no one can make any hacking attempts.
Use a hardware wallet. These USB-based wallets are considered the most secure type of wallet.

The danger with offline wallets is that if your hardware fails – like your computer dies, or you drop your USB wallet into a lake – all of your cryptocurrency in that wallet is gone forever.

So if you use a hardware based device, protect it just as you would a wallet with real money in it. Keep it securely locked in a safe and away from elements that might destroy it.

Cryptocurrency Exchange Hacks

Many people think that large financial organizations (like banks) can’t be hacked. However you’ll find news reports often that prove the opposite is true.

Any organization that holds large amounts of any currency are a direct target for hackers. This is just as true for large cryptocurrency exchanges that offer an online wallet service for users.

Some firms that have been hacked in some way in the past few years include:

Mt Gox
Bitfinex
Tether
Coincheck

Cryptocurrency exchanges usually use two-factor authentication, which is extremely secure and usually very safe. However you have little-to-no defense against an advanced hacker organization that successfully infiltrates the security of the cryptocurrency firm itself.

Any “back-door” that the firm may have to help users resolve online wallet issues could be used to access those accounts “from the inside” – such as account password resets.

Usually companies will verify account password resets via email, but if a hacker has obtained access to your email account, that level of security won’t protect you.

Cell Phone or Computer Hacking

Hackers can often get access to the phone portion of 2-Factor authentication access to your online wallet by obtaining your cell phone number (either in-person or using electronic spying devices). Once they have your phone number that’s associated with a cryptocurrency exchange account, they will call your cell phone provider to try and port the number over to their own device.

Once successful, all they need is your initial password to gain access to your wallet — or they can attempt to reset your password and confirm the reset from the phone.

Hardware or other offline storage of wallets is much safer than online wallets, but these are still vulnerable.

A laptop or cell phone can be stolen from a hotel room, as can a USB-based hardware wallet.

If a computer is used on a public network, the computer itself could be infiltrated and the wallet obtained. This is why a USB-based hardware wallet is the safer of the two options, because even when your computer is on a public network, you can unplug the USB wallet and keep it stored securely someplace safe.

Hardware based solutions are certainly the safest of most other cryptocurrency wallet options, but just keep in mind that nothing is 100% safe if you don’t take the steps you need to take to keep your wallet secure.

Phishing Attempts

The most common attempt to gain access to a cryptocurrency wallet is via email.

Hackers will craft emails that seem to come from the cryptocurrency exchange, in an attempt to get you to type in your “old” password.

Paypal was very susceptible to this for many years because logging into the account was password only. In recent years Paypal switched to 2-factor authentication, so the hacker would still need access to your cellphone to get into your account.

This is why most (good) cryptocurrency exchanges have 2-factor authentication. However phishing attempts could still give access to your password (and/or phone number) to potential hackers.

So, never click on an email link that claims to be from your cryptocurrency exchange. Always open a browser and log into your account separately. If everything looks fine there, ignore the email.

Keeping Your Crypto Safe

Cryptocurrency is one of the fastest growing trends in recent years. Because of this, there will always be people attempting to take advantage of users financially. This is the nature of anything that has enormous value. It’s been that way for everything from gold to the money inside of bank vaults.

If you owned anything else with high value, you would certainly do everything you could to keep it safe. If you treat your cryptocurrency the same way, you can use cryptocurrency safely and securely, without worry..

The best way to get started with cryptocurrency is to educate yourself. Learn all you can about cryptocurrency in Ormeus Global’s learning system known as InnerQuest. Just log into InnerQuest through the Ormeus Global Back Office and explore all of the cryptocurrency topics.


The Trading Mindset (By the Master Trader)

Frustration indeed leads to learning. I was watching an interview once of a professional athlete. He was talking about playing against one of the best teams in their league. Instead of being intimidated by the prospect of playing against such a highly dominant team, his team took the following approach to the game:

“These are the games you really look for. They force you to test yourself, to find out what you are doing well, and what you need to work on.”

If there is a mindset or quality I’d like every trader to acquire, it would be what this athlete conveyed. They should look forward to the challenge they are up against.

The team wasn’t worried so much about making mistakes or not being able to handle the more dominant team.

If they couldn’t handle it, it just means they had things to work on.

Frustration Leads to Learning

Developing traders need to adapt the same mindset. Losses happen. You are frustrated at times. The market behaves like that. This experience might last for hours, days, weeks or even months.

How you respond to each trade matters more than you might imagine.

If you, as a trader, are going through or have recently gone through a frustrating period – you have to let that “feeling” of frustration be temporary. It’s ok to experience stress in trading, but it’s not constructive to let that frustration last long. It’s not constructive to define yourself by your frustration.

Frustration must lead to learning.

Viewing any losses, mistakes or frustrations as learning experiences is a better approach. You should actively expect and face challenges that are inherent in the markets.

Approaching every single trade as a learning experience will help you see the bigger picture and build confidence in your trading ability.

Opportunities to Learn

Each trade and each moment behind the charts is an opportunity to learn.

Frustration must lead to learning – in fact, all trades must lead to learning. You win, lose or learn from each trade.  Winning or losing isn’t under your control, but learning can be. And which do you think leads to your development as a trader?

The best athletes, professionals, and successful traders learn from experience, and maximize every chance to learn. This is part of building a successful mindset, which is essential and required for trading successfully.

Ask yourself how your trading experience and mindset differ? Do you look forward to the challenges and the frustrating moments and learn from each of them? How do these experiences change your daily approach and your thoughts when engaging the markets each day?

Do you find this advice useful? Do you want to take advantage of the experience and expertise of the Ormeus Global Master Trader? Explore Master Trader and other Ormeus Global wealth building products to learn more.


Ethereum vs Bitcoin: Differences You Need to Understand

Bitcoin mining and Altcoin mining have a lot in common, but there are also a number of very important differences.

Bitcoin’s blockchain is built upon what’s known as the SHA-256 hashing algorithm. The algorithm requires that miners build mining rigs that can process calculations in parallel, to increase the odds of confirming a transaction and getting awarded bitcoin.

While Litecoin and other altcoins are also based on SHA-256 at the core, they utilize a slightly different algorithm that reduces the time it takes for a transaction confirmation.

This is only one of several things that separate Bitcoin and other altcoins, and make mining them a lot different. If you’ve ever wondered what those differences are, read on!

All About Mining Litecoin

Litecoin was actually an invention based on the Bitcoin algorithm – the SHA-256. It was invented by former Google engineer Charles Lee in October of 2011. Lee wanted to improve upon the algorithm to try and reduce the time it would take to generate a block.

Lee succeeded in this goal by using what was deemed the “s-crypt” algorithm, using serialized calculations that require not only more processing power like Bitcoin mining, but also more memory (RAM).

Lee succeeded in developing an algorithm for Litecoin that only requires 2.5 minutes to generate a new block. Compared to the 10 minutes Bitcoin takes — it was indeed an improvement!

The Litecoin blockchain network isn’t even close to being as developed as Bitcoin’s network, primarily because you can’t use Bitcoin mining hardware to mine Litecoin. The entire infrastructure was built upon the SHA-256 algorithm, and can’t be used to process using Litecoin’s scrypt algorithm.

There are a few manufacturers that are starting to produce rigs that can mine Litecoin, but up until now most miners used custom built computers with stacked high-powered video cards.

The Benefits of the Scrypt Algorithm

There are a lot of reasons the scrypt algorithm used by Litecoin and other altcoins is an advantage for any miner who’s hoping to break into cryptocurrency mining.

The fact that Litecoin can handle a higher volume of transactions means that in the future it could become a more compelling option for financial transactions than Bitcoin. When this happens, obviously the value will go up.

Other advantages for you as a miner:

A higher volume of blocks means more chances to earn more coin.

Many altcoins are based on scrypt, so your mining rig can mine more than just one coin.

Such a young network means you can get in on the “ground floor”, with huge earning potential.

You can get started with just a Linux box and free software off the web — your only cost will be the GPU cards (which can be expensive).

There’s no telling how long the altcoin “gold rush” will last before there are many more cryptocurrency miners competing with you for coin. But, for now, the differences between mining bitcoin and altcoin offer altcoin miners a distinct advantage. If you’ve been considering getting started with mining, there is no better time than now.

Before you get started with cryptocurrency mining, make sure you learn all you can about cryptocurrency in Ormeus Global’s learning system known as InnerQuest. Just log into InnerQuest through the Ormeus Global Back Office and explore all of the cryptocurrency topics.


Successful Forex Trading You Need to Cast Aside Your Fear

Forex Trading involves a lot of risk, and it’s not for everyone. In this article, we’ll explore some of those risks. This way you’ll be ready for Forex Trading should you choose to accept the risks. The first risk? You could lose everything you put in.

Money for Forex Trading!

If a trader is telling you that you don’t need any money to trade Forex, then they’re not telling you the truth! You need money to trade Forex, but you can start off with small amount of capital.

Some brokers will allow you to open a mini account with as little as $250 to $500 to start with. Remember that you are buying at mini trade or micro trade levels, which will give you $0.1 to  $1 per pip. This is a good way to start live trading, but will take a longer time for you to gain an adequate amount to sustain your expenses.

Time!

In Forex trading, you need time to look at the chart and check your trading rules before you can execute a trade.

There is buy stop and sell limit which lock in your trade, and it will execute when the buy or sell price is reached. But you still need plenty of time to go through your chart and your trading rules.

In some cases, the rule is forming but not yet ready, so you need to wait for another bar or a few more bars in order to start your trade. This will take you another hour or so depending on the charting time frame you’re using.

If you follow these fundamental rules and you’re a technical trader, time is alway required to achieve success.

Fear!

There is always risk, and so there will always be some fear of losing. No Forex trader will win every time. There are bound to be some winning and some losing trades. The point is to overcome that fear of losing. It’s the fear that will cause you to make repeated trades.

Always look at statistics and trends. Forex trading is about repeating trades that make money, reconfiguring some of the trading rules along the way, and being consistent with your money management.

Fear has to be removed from every trade. Instead, your forecasts and estimates should be isolated from your feelings. Cast fear aside, and trade without emotion.

If you found this advice useful, make sure to explore the Master Trader product, and other Ormeus Global wealth building products to learn more.


5 of the Most Popular Bitcoin Trading Platforms

For anyone interested in buying bitcoin or other cryptocurrencies, the first question asked is usually, “Where can I buy bitcoin?”

Just like with most products you look to buy like gold, stock, or other assets, you need to find an exchange that buys and sells that product. For example, if you want to purchase gold coins then you need to find an exchange that actually sends you gold products in exchange for your preferred currency. If you want stocks, then you need to sign up with a stock trading company that lets you buy and sell on a stock exchange.

Similarly, if you want to buy bitcoin or other cryptocurrencies, you need to sign up with one of the many cryptocurrency exchanges out there. The problem is that because cryptocurrency is such a new product, and unregulated, it’s very easy to get scammed by unreputable businesses.

So, stick to the following leading cryptocurrency trading platforms to ensure you’re trading safely and making verified transactions on the blockchain.

Coinsquare.io 

Coinsquare is a Canadian-based digital currency exchange. It’s known for being one of the more secure coin management systems, thanks to two-factor authentication. The exchange also has reasonable trading and transactional fees that range from 0.1% to 0.4%.

At Coinsquare you can trade the most popular digital currencies like Bitcoin and Ethereum. However it’s also one of the few exchanges where you can also buy gold and silver.

Coinbase.com

One of the most popular places for people who are new to buying digital currency is Coinbase. This isn’t because it’s lacking in any way though. It’s just that Coinbase is very simple and easy to sign up. You can start buying cryptocurrencies the moment your bank account is verified, and trades are very simple to make.

At Coinbase, you can buy Bitcoin, Ethereum, and Litecoin. It offers simple and easy-to-use mobile apps for easy transactions from anywhere. In addition to two-factor authentication when you sign into your account, Coinbase also assures customers that 98% of customer funds are distributed geographically in safe deposit boxes and vaults all around the world — meaning that even if one location was robbed, the bulk of Coinbase assets remain safe. Offline storage also protects you from major online hacking attacks.

Cex.io 

If you’re looking for one of the most trusted cryptocurrency exchanges, then you can’t go wrong with Cex.io. Based in London, England, this exchange started out focused primarily on trading bitcoin, but the exchange now also provides the option to trade for Ethereum and even the Dash cryptocurrency as well. Many call it one of the closest competitors and alternatives to Coinbase.

Cex.io is one of the exchanges that can tout the fact that no users have ever lost funds due to hacking or theft. All funds are stored in what the company calls “cold storage for cryptocurrency funds”. Accounts include multiple layers of security such as two-factor authentication, SSL certificates and encryption.

ShapeShift

While most exchanges also serve as “custodial accounts”, meaning they will hold your cryptocurrency in “wallets” within your account with the trading platform.

ShapeShift as a very innovative approach to cryptocurrency trading, where there is no custodial account at all (and therefore no fees).

The catch is that you need an existing wallet address for your Bitcoin and your Ether. If you want to exchange Bitcoin for Ether, or the other way around, all you need to do is provide both wallet addresses. The ShapeShift exchange will accept your Bitcoin and send you Ether in return – at the current exchange rate. This approach lets you trade with a bit of extra security, because the money is never held on any centralized exchange account.

And if it makes you feel any safer, the service is offered out of Switzerland.

Coinmama

At Coinmama, you can buy Bitcoin and Ether with your debit or credit card. One unique element of this service is that it isn’t so much an “exchange” as it is a sort of a Bitcoin warehouse where you can only purchase Bitcoin or Ethereum. You can’t sell coins to Coinmama (yet).

When you purchase Bitcoin here, Coinmama places the purchased coins immediately into the wallet address you provided. Since Coinmama isn’t a wallet service, you’ll need to have a wallet address of your own before you can start buying cryptocurrency from Coinmama.

Because Coinmama doesn’t facilitate crypto trading between two different parties, it isn’t technically an “exchange”, however it is a popular place to obtain bitcoin or ethereum if you’ve already established a wallet service and you’re just looking for a place to buy some quick coin with very low fees.

You can learn a lot more about bitcoin and cryptocurrency in Ormeus Global’s innovative learning ecosystem, InnerQuest. Log into InnerQuest through Back Office to dig deeper into the value of cryptocurrency.


How Does Bitcoin Mining Work?

What is Bitcoin mining and how does it work?

The concept of Bitcoin mining was first suggested by the Satoshi Nakamoto, the elusive, pseudonymous master behind the original Bitcoin white paper published in 2008. The white paper described what’s known as a blockchain, a method of verifying monetary transactions in a digital format.

Up until Nakamoto’s white paper, digital currency could not be trusted as much as fiat currency because there was no reliable way to verify that a unit of currency could not be “double spent”. You can be sure a dollar bill isn’t double spent because the serial number on a it is unique, and when handed from one person to another, the original owner gives up physical ownership of the dollar bill.

In the case of digital currency, a digital record could not be confirmed as unique, and the owner could potentially spend a unit of currency more than once. The solution, the blockchain, was essentially the invention of a “serial number” for digital currency.

This is where cryptocurrency mining comes into play. Here’s how miners contribute to the blockchain:

When you initiate a bitcoin transaction, Bitcoin miners immediately set out trying to “guess” a 64-digit hexadecimal number (known as a “hash”) for a block of transactions. The more powerful mining rigs are more likely to guess the correct target hash first because they can cycle through more guesses more quickly.

The first mining rig (or mining pool, also known a collection of rigs) to correctly calculate the hash, announces the correct hash to other miners on the network.
Other miners confirm the answer, and also confirm that the sender actually has the right to spend that currency.

Once enough miners have confirmed the hash, the new block is added to the digital ledger for that Bitcoin.

Miners then move on to the next “block” of transactions on the blockchain.

Why would miners be willing to invest in high-powered computers capable of calculating these hexadecimal numbers? Because the miners are rewarded for solving each hexadecimal puzzle in the form of new Bitcoin. Not only are miners taking care of transactions for everyone, but they’re also “minting” new cryptocurrency as well.

The beauty of this process is that every Bitcoin transaction is processed by many nodes on a digital network, rather than a central bank. There are no hidden fees, no overdraft charges, and no bad checks. Miners make profit from the computational work they do, and you get to send or receive digital currency safely and securely.

There is much more to learn about cryptocurrency, and you can do so in Ormeus Global’s innovative learning ecosystem known as InnerQuest. Log into InnerQuest through your Ormeus Global Back Office or learn more about it here.


How the Initial Coin Offering Could Revolutionize Tech Startups

What would you say would you say if I asked you for Bitcoin, and in exchange I gave you RandomCoin? You’d probably say no, right?

Well, what if RandomCoin was a form of cryptocurrency that I was using as part of an advanced taxi system that riders could use to securely pay for a taxi service in any city in the world?

In the past, such a business venture would have required a business owner to raise funds through an initial public offering, or IPO. In exchange for an investors money (in some form of traditional currency), the business would offer the investor a certain share of company stock.

How the ICO Differs From an IPO

An initial coin offering (ICO) is similar to an IPO in many ways, but it’s also very different.

It’s similar in that it’s a way for people to own a part of an business idea. Instead of owning stock, which would give them voting rights or dividends, you own the coin that is a part of the project itself.

One of the earliest examples of this was Ethereum, which was a project that used Ether to support its “smart contract” system. These smart contracts utilized the technology of the blockchain, which cryptocurrency is built upon, to enable businesses and individuals to execute secure transactions. Each transaction is “fueled” by Ether.

Early investors who thought this technology would become the next big thing in cryptocurrency and future trade purchased Ether token. In the 2014 crowdfunding campaign for the project, 60 million Ether tokens were sold.

However, people who own Ether don’t own a stake in any company, or have the right to vote about anything. They simply own a currency that has value, related to the underlying project.

What Are Some Examples of ICOs?

You can think of ICOs as a sort of a “crowdfunding” campaign, free of regulation and completely decentralized. If you decide to purchase any initial coin offering – you’re “betting” that the underlying project will increase the value of that coin in the long run.

Here are few examples of the sorts of projects that utilize proprietary coin, currently available (or recently available) for purchase.

  • BCDiploma – Coin used to pay for the purchase of proprietary certificates like diplomas, insurance certificates, or even professional certifications.
  • Betrium – A decentralized currency developed by MIT and MIPT, used for worldwide betting.
  • Sapien – Currency used to pay creators of content on the sapien social news platform.
  • JOLYY – A coin making up the foundation of an online beauty booking platform that uses cryptocurrency blockchain technology.
  • Menuva – An escrow technology letting users protect their contracts by utilizing cryptocurrencies.
  • Blocklancer – A platform meant to offer secure and reliable payment for services between freelancers and their customers.

As you can see, the utility of the cryptocurrency blockchain is exploding, and with it are the various tokens used to exact transactions on those platforms.

Should I Buy Into an ICO?

Will any of these ICOs become the next technology of the future? It’s possible, but the risks are just as high — if not higher — as when you put your money into an IPO. The sheer majority of IPOs fail, but since the cost of entry is so low, it’s very enticing for people to throw money into the mix.

If you do decide to take part in an ICO, just like with anything else, do your homework and weigh how much you can afford to lose against the risk.

It’s not unlike buying a lottery ticket. Most of the time you lose, but people love to dream about that one time when you might win.

You can learn a lot more about bitcoin and cryptocurrency in Ormeus Global’s learning ecosystem called InnerQuest. You can access InnerQuest through Back Office to dig deeper into the value of cryptocurrency.