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Since the inception of Bitcoin, there have been many individuals that have refused to believe bitcoin would be adopted into the mainstream. However, developers of the bitcoin community have worked tirelessly to update the bitcoin network, allowing it to become increasingly user friendly and relevant. These changes, along with the COVID-19 pandemic of 2020 have increased the adoption rate of the digital currency. This increased adoption has made bitcoin a desirable payment method across the world.

Compared to credit cards, bitcoin provides a reliable and fast method of transaction, it is also extremely easy to use and highly accessible to the everyday person. This has led many businesses worldwide to pursue accepting bitcoin as a form of payment, but many are not sure of the process and how to announce this new form of payment to their customers.

I will outline the steps required to start your business bitcoin journey.

Generate your bitcoin address

The first thing you need to do when setting up a bitcoin payment system is to get a digital wallet. A bitcoin wallet enables you to get a bitcoin address, which is similar to email, which customers use when sending payments. The sender must input the receiver’s bitcoin address, scan the receiver's QR code and then send the allocated amount by clicking the send option given. It is usually recommended to keep a smaller number of bitcoins on a server for regular use and store the bulk of your bitcoins in a secure place.

Utilize a payment processor

If your business is receiving many transactions each day, it is advised to make use of a payment processor. Generally, these payment processors charge a fee for their services, but it is still cheaper than credit card fees. These processors also allow businesses to instantly convert their bitcoin to fiat currencies if companies don’t want the risk of holding excessive amounts of bitcoin.

Announce that you now accept bitcoin as payment

Individuals that use bitcoin are always big supporters of the bitcoin community and bitcoin businesses at large. Many people would be thrilled to hear of more businesses that accept bitcoin, and thus go all out when announcing it to the public. No matter if you’re online or offline, make sure to have signage up that you accept bitcoin payment. The best way to get customers and engage them is to go public with your acceptance of bitcoin.

Keep records for tax purposes

Many business owners are deterred by bitcoin because they think keeping track of payments will be difficult. However, accountants keep a record of all transactions, and many are specially trained to handle cryptocurrency payments. Just ensure that before you start accepting bitcoin payments that you talk to your accountant to ensure you understand keeping and maintain records for bitcoin.

The process of setting up bitcoin payments is rather simple, but it is crucial to understand the payment procedure, bookkeeping, and tax system. Be sure to keep yourself updated with the bitcoin market and learn how to better analyse it. Accepting bitcoin payments can take your business to new heights, if only you take the first step to get it set up.

Bitcoin trading is no longer just for investment aficionados. With Mirror Trading International, anyone and everyone has the ability to improve their standing and start profiting off the gains that Bitcoin is making. Bitcoin trading can turn people’s financial situation around because rather than having the money sit in an account doing nothing, trading Bitcoin means your money works for you. We have seen countless of examples of people who have joined the network and build themselves a healthy stream of income.

About Mirror Trading International

Mirror Trading International is a Bitcoin trading company that has pioneered the way trading gets done. It allows you to help you grow your bitcoin, with little effort from you! The vision of the founders was to find a way to pool resources together and remove the barriers to entry when it comes to Bitcoin. Through the Mirror Trading International opportunity, people from all walks of life have been able to join the movement and build up their own networks within the system.

How to Get Started

Traditionally speaking, joining platforms that allowed for trading were typically complex and riddled with rules and restrictions that don’t favour the user. When you join with Mirror Trading, the process is straight forward and simple. All you need is a minimum of $100 initial deposit, which goes into a trading pool. From there it is traded on your behalf, meaning that you don’t need to have any knowledge or action anything. You simply sit back and watch your account grow. The automated, AI algorithm at MTI takes care of all the trades, and you get to sit back and watch your investment grow.

Trades are made Monday to Friday, and you get a report at the end of the day. The profits average 0.5% per day, but this is no guarantee that there will be profits every day. The entire process is transparent, allowing you to track the daily performance of your account.

Bitcoin is the only cryptocurrency that MTI trades. As the biggest and pioneering cryptocurrency on the market, Bitcoin holds the least amount of risk in terms of being a valid cryptocurrency. While many smaller cryptocurrencies have since been born, Bitcoin continues to be a market leader. Mirror Trading International made the deliberate decision to make use of Bitcoin as the base currency as they believe that this will be the cryptocurrency of choice for the future.

Increase your Investment Through Referrals

MTI offers an optional referral program where the business rewards people for marketing the company. Should you refer anyone, you can receive a 10% referral bonus. You can also build teams, which allows you to make binary bonuses. You need to have at least 2 people in your team and more than $200 in your trading account. Thereafter, you can cash in on binary bonuses which are calculated according to your weakest leg.

Binary bonuses are paid on the volume invested in your weaker leg; it doesn’t rely on the number of people, but rather the volume of Bitcoin in that leg. This kind of structure inspires people to invest more, which can lead to greater financial gain.

Bitcoin is already starting to change lives. The longer you wait, the longer you are delaying the journey to financial freedom and reward. With MTI, both the investment and referral option will help you kickstart a nest egg that could start your new business, buy your dream home, or take you on that dream holiday you’ve been thinking about.

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I’ve seen a lot of questions as to whether Mirror Trading International (MTI) is a pyramid scheme or multiplication scheme. As their members often attest, they operate the business with full transparency at all times. With this in mind, I would like to address some of those allegations. MTI is a legitimate, legal entity and doesn’t fall into the ambit of a pyramid scheme or anything of that nature.

We got one of the greatest legal minds in South Africa to write an opinion piece on network marketing in SA and on FSB regulations to explain this further.

Regulatory body

For far too long network marketing has been depicted as a pyramid scheme. Everyone thinks that anything that has a referral or recruiting function is a pyramid scheme, and that couldn’t be further from the truth.

The legislation that regulates network marketing is the Consumer Protection Act. It is very clear about what is illegal in terms of network marketing companies under this act, and this is what we are going to explain further in this article.

Legal application

Mirror Trading International is not a pyramid scheme and is a 100% legal business. They are registered in South Africa because the core business operations happen in South Africa.

Multi-level Marketing, or MLM, is a strategy direct sales companies use to encourage members who are authorised to sell products to recruit new members in order to further sales of the product. MLM is a marketing campaign that promotes the sale of legitimate products or services.

MLM as per SA legislation is not illegal, and it’s not a dirty little secret. You don’t have to feel worried when you recruit people into a legitimate organisation. You are giving them an opportunity to make money in a legitimate way while creating a secondary income stream for yourself at the same time.

If a financial scheme doesn’t fall within the ambit of an MLM campaign, i.e. it doesn’t have a service or product attached, you have a problem regarding legality. Investment in fiat money is regulated by the Collective Investment Scheme Control Act.

MTI is not an investment company. They provide a service where trades are done on your behalf. They provide a service to trade with bitcoin as a base currency. The Financial Services Board deals with fiat currency, and our government doesn’t recognise bitcoin as currency, but rather as an asset. Therefore, the FSB is not a regulating body for any bitcoin-based companies, such as MTI.

DEFINITIONS

The CPA defines various schemes in a specific way, and this may help you further understand why MTI doesn’t fall under any of the following illegal types of schemes.

1. Multiplication scheme – According to the CPA, a multiplication scheme exists when a person is offered a guaranteed amount of return, or an effective annual interest rate that is 20% above the repo rate.

MTI doesn’t fall into this ambit. They do not offer or guarantee results in the future. While our company boasts excellent trading results of an average of 0.5% a day for the past year of trading, we cannot guarantee these results in the future, and it is made clear to members that trading results may vary over time.

2. Pyramid scheme – this is defined as an arrangement or agreement where participants receive compensation derived from respective recruitment of other persons as participants.

MTI does not have this problem. You do not have to recruit new members in order to make money with MTI. Every cent that is made is through profit generated by trade, not recruiting. When you join, you use bitcoin and the company trades on your behalf. Thereafter, you get a portion of the profit. You are not being used to pay someone else. Additionally, there are no admin fees, joining fees or subscriptions.

A pyramid scheme needs recruitment to keep the company alive. If 0 new members join MTI, they will still make money.

3. Chain Letter Scheme – this type of scheme involves various levels of participation. Existing participants recruit new participants, and upon joining, get compensated according to their “level” within the company.

Mirror Trading International – it’s legal and legitimate

From the above definitions it is easy to see why MTI is not a multiplication scheme, pyramid scheme, or chain letter scheme.

They generate profit from trade.

They cannot guarantee returns.

There are no levels within the company.

I hope this article puts to rest any doubts you may have about joining Mirror Trading International. With the world advancing at such a fast rate, a legitimate trading company like Mirror Trading International offers members the opportunity to create a lucrative secondary income stream for themselves, whether they choose to recruit new members or not.

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Are you thinking of starting a startup company, be at the forefront of the right niche market. We can take the example of the first cookie dough café opened in New York City in 2017. 

But now, there are many cafés across the city. People loved the idea and resulted in numerous cafes.

Unique business ideas help you to be at the top as there will be less competition. And owners should make sure that their business will remain on everyone’s mind. Here are some business ideas to help you in 2020. These ideas are built based on startup costs, the owner’s skill, and the earning potential.

Top 5 Steps you should follow for a Successful Startup Business

• Cleaning Service:

You can do a cleaning business if you like cleaning. You can provide cleaning services to the homeowners, apartments, and commercial properties by hiring a few staff members and hosting cleaning supplies and transportation.

You can charge up to 30-40$ per hour. Cleaning service is a straightforward business and requires little overhead. It will be best to have a plan, dedication, and marketing to get your business famous. Add some premium options like floor waxing, exterior power washing, and many for an additional fee if you want to make a difference between you and other cleaning services.

All these services are the deciding factors between your cleaning service and seasoned companies to maintain many customers for providing a high level of cleaning.

• Freelance Copywriter:

If you have a bit of marketing knowledge, you can make yourself a freelance copywriter. Companies will pay for your services by writing blog posts, web content, or press releases. You can increase your value by helping your clients with a specific keyword that targets the audience already using their online searches. You can charge $40 to $50 per hour and even more based on expertise in a given vertical cloud.

Freelance copywriting is a great business to start and can work as long as you have internet. Even you can work from your home comfortably. You can also do a freelance writing job full time if you have an extensive network and gain some clients referrals.

• Home Care Services:

A passion for care and hospitality can support household seniors who need home care services. Home care service has a high demand and grows regularly. To the National Institute on Aging, the population is increasing globally between 2010 and 2050, and the global number of centenarians is increasing tenfold. So, many need home care services and assistance.

There is no need to have the background to help seniors and grow a successful business even though those skills have particular demand. Most of the seniors need help from small to big around the house. You can make your business to help seniors from their homes to assisted living facilities and can offer services like packing, transporting, setting up, and to store their furniture.

• Digital Marketing:

The importance of the internet is increasing every day. More trends are happening for the businesses to cut according to the clutter and to market themselves properly. There is a demand for digital marketing services, and many small and mid-size companies approach outsources rather than hiring teams.

You will have a business opportunity with freedom even from home if you have cuts in SEO, content marketing, pay-per-click, web development, and social media management. Digital marketing is very crucial for a brand. Social media management is done by watching for comments and messages around the clock.

SMM is not just scheduling posts in a set-it-and-forget-it type. Digital marketing is the right business for you if you enjoy making strategies and implementing plans.

• Food Truck:

A food truck business is an excellent business for you if you love food and traveling. Food trucks are available in all sizes and shapes. It will serve a wide range of snacks and cuisines to hungry event attendees or foodies.

Have your favorite food on the road and travel the events you like to sell your passions directly to the customers. You can do according to your passion and can get a chance to connect with people who will have similar interests.

A food truck may sound like a rough idea, but there will be profitable growth. A food truck costs less than owning a restaurant, and also you have the added advantage of mobility. 

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by Trish Harris the original post was published on

 https://growyourbitcoin.co.uk/f/crypto-and-digital-currencies-explained

What are Cryptocurrencies?

A cryptocurrency is an asset used as a means of exchanging. It is considered reliable because it’s based on cryptography.

One of the cryptography’s primary objectives is communications and how to make them secure. It creates and analyses the algorithms and protocols so no information is changed or interrupted during the conversation by any third party. Cryptography is a mix of a large number of different sciences, with mathematics as the basis. It’s maths that attaches the severity and reliability to algorithms and protocols.

Cryptocurrencies use blockchain and a decentralised ledger. This means that no supervisory authority controls all the actions in the network.

What are Digital Currencies?

Digital money exists only in the digital form, this means that it doesn’t have any physical equivalent in the real world. Nevertheless, it has all the characteristics of traditional money. Just as with classic Fiat money, you can obtain, transfer or exchange it for another currency. You can use it to pay for goods and services. Digital currencies don’t have geographical or political borders; transactions might be sent from any place and received at any point in the world.

Core Differences between the Two?

Even though cryptocurrency is a type of digital currency, there are some fundamental differences between these and digital currencies.

1) Structure – Digital currencies are centralised, meaning that the transactions in the network are regulated by a particular group of people and computers.

Cryptocurrencies are conversely decentralised and the regulations are made by the majority of the community.

2) Anonymity – Digital currencies require user identification. You would be required to verify your identity with sufficient documentation issued by public authorities.

Buying, investing etc with cryptocurrencies do not require this. However, cryptocurrencies aren’t fully anonymous. Though the addresses do not contain any confidential or personal information, each transactions is registered, the senders and receivers are publicly known, thus all transactions can be tracked on the blockchain.

3) Transparency – Digital currencies are not transparent. You cannot choose the address of the wallet and see all of the money transfers. The information is confidential.

Cryptocurrencies are totally transparent. Anyone can see any transactions of any user, since all revenue streams are placed on the public blockchain.

4) Transaction – Digital currencies have a central authority that controls
manipulation transactions. It can cancel or freeze transactions upon the request of the participant or authorities or on suspicion of fraud or money-laundering.

Cryptocurrencies are regulated by the community, and it is very unlikely that the users will approve changes in the Blockchain.

5) Legal Aspects – Most countries have some legal framework  for digital Currencies, albeit they’re in their infancy. 

Currently, Cryptocurrencies are unregulated. In most countries, their official status is still undefined. This is sure to change in the not too distant future.

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The Securities and Exchange Commission of Pakistan has published a paper discussing cryptocurrency regulation in the country. Meanwhile, the central bank has reportedly confirmed that there is no cryptocurrency ban.

Pakistan’s Crypto Regulation in the Works

The Securities and Exchange Commission of Pakistan (SECP) has published a position paper on the regulation of cryptocurrency trading platforms.

Besides discussing definitions and concepts of cryptocurrencies, the paper outlines different regulatory approaches adopted globally, including the recommendations by the Financial Action Task Force (FATF), and regulations in Malaysia, Hong Kong, and the U.S. It also details how cryptocurrency could be recognized in Pakistan and regulatory proposals. “This consultation paper focuses exclusively on non-government or non-central bank issued crypto assets and not on central bank digital currencies [CBDCs],” the paper notes.

The paper discusses two approaches available for regulating cryptocurrencies. Firstly, cryptocurrency can be regulated and restricted according to existing regulations “and may in some instances even entail outright banning,” the SECP wrote.

Secondly, cryptocurrency can be regulated “based on the conjecture of ‘let-things-happen’ approach, described by the Commodity Futures Trading Commission (CFTC) as the ‘do-not-harm’ approach … where the financial sector is considered as dynamic and the associated need to innovate is strongly emphasized.”

The SECP says its position paper “is mainly prepared based on [the] second approach,” adding that it “intends to hold multiple discussion session and welcomes any input/comments.” The position paper can be found here.

No Crypto Ban

Meanwhile, the State Bank of Pakistan has reportedly clarified that cryptocurrency is not banned. The central bank’s lawyer recently told the Sindh High Court that the bank issued a warning about dealing in cryptocurrencies, including bitcoin, but did not ban them.

Pakistan’s central bank issued a circular dated April 6, 2018, advising financial institutions, including banks and payment service providers, “to refrain from processing, using, trading, holding, transferring value, promoting and investing in virtual currencies/tokens.” It further states that financial institutions “will not facilitate their customers/account holders to transact in VCs/ICO tokens. Any transaction in this regard shall immediately be reported to [the] Financial Monitoring Unit (FMU) as a suspicious transaction.”

This circular is similar to the one issued by India’s central bank, the Reserve Bank of India (RBI), which imposed a banking ban on the crypto industry. The RBI circular was quashed by India’s supreme court in March and the banking ban was lifted in India.

Waqar Zaka, a television presenter who has been actively petitioning to lift the ban imposed by Pakistan’s central bank, said that the country’s crypto ban has been misreported by the media and the Federal Investigation Agency (FIA) has falsely been arresting people for possessing bitcoin. Emphasizing that the arrests must stop, Zaka explained that “Parliament has not passed any law to ban” bitcoin or other cryptocurrencies in Pakistan.

What do you think about Pakistan regulating cryptocurrency? Let us know in the comments section below.

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The bitcoin and cryptocurrency community has been set alight by news payments giant PayPal PYPL -1.7% will allow its 346 million users to buy and spend bitcoin and a handful of other major cryptocurrencies.

The announcement, coming from a traditional financial industry giant and perceived enemy of bitcoin, has been taken as vindication for long-time bitcoin believers.

However, celebrations were somewhat stifled by small print that revealed PayPal wouldn't let users transfer their cryptocurrency into or out of PayPal—nor would users have control of the private keys, a long string of numbers and letters that allow holders to move their digital assets.

"Currently, you can only hold the cryptocurrencies you buy on PayPal in your account," the company wrote in materials outlining its bitcoin and crypto plans. "Additionally, the crypto in your account cannot be transferred to other accounts on or off PayPal."

PayPal didn't respond to an enquiry asking whether bitcoin and cryptocurrency withdrawals would be allowed in the future.

The news has divided the bitcoin and cryptocurrency community, with Satoshi Labs, the creators of cryptocurrency hardware wallet Trezor, warning people to avoid PayPal altogether—invoking the cryptographic mantra: "Not your keys; not your coins."

"Do not use PayPal for bitcoin; there are many other places to buy crypto which will let you keep ownership of your coins," the company wrote in a blog post, suggesting PayPal's plans for cryptocurrency adoption are probably not because they want to spur healthy adoption and pointing to comments made by former PayPal chief executive Bill Harris in 2018 that bitcoin is "the greatest scam ever."

"PayPal is conceding to bitcoin, and the many other aspirational, educational projects within the community should be highlighted to prevent newcomers from falling into a trap of trusting one of bitcoin’s greatest long-term adversaries."

PayPal's bitcoin and cryptocurrency service echos similar offerings from payments rival Square SQ -2.7% and investing app RobinHood. Square, led by bitcoin advocate Jack Dorsey, enabled bitcoin withdrawals last year, while RobinHood has said it plans to do so in the future.

Some in the bitcoin and cryptocurrency community expect PayPal to be on the same path.

"PayPal appears to be taking a crawl, walk, run approach," Cory Klippsten, the founder of California-based bitcoin-buying app Swan Bitcoin, said via Telegram. "It's far less expensive and risky operationally to run an internal customer ledger against your company’s bitcoin stack."

Klippsten, who added Swan makes it "as easy as possible" for its users to take ownership of their bitcoin, expects PayPal will eventually add additional features, allowing people to take control of their bitcoin and cryptocurrencies.

"The floodgates are open. Any exposure to bitcoin as an asset can start someone down the path of learning more, even if it's in a form that's at odds with the nature and purpose of bitcoin, so in that respect services like Robinhood and PayPal are net positive. Once someone learns a little bit about bitcoin, though, they're highly unlikely to want to hold significant balances on centralized services without the ability to take ownership."

Square and RobinHood have both made millions of dollars though their bitcoin and cryptocurrency services in recent years, which some see as PayPal's primary motivation. In August, Square reported revenue from bitcoin hit a staggering $875 million in the second quarter, up 600% year-on-year and yielding $17 million profit.

"This really is just baby steps for PayPal," Danny Scott, chief executive of Isle of Man-based bitcoin exchange CoinCorner, said via email. "Seeing revenue competitors are making seems to be their focus, which is being made via exposure."

"From outside the industry, this is a positive for the credibility of bitcoin, but from within the industry, this is just another company offering exposure rather than allowing for sends and withdrawals. Of course, this goes against the general bitcoin ethos of 'being your own bank,' but it is a potential step in the right direction, as long as their long term strategy is to open sends and receives to allow you to move bitcoin outside their system."

While concerns have been raised, bitcoin traders and investors have broadly cheered the news, sending the bitcoin price sharply higher to hit year-to-date highs following the announcement that has, in some circles, been taken as part of a wider trend toward digital currencies.

Last year, PayPal pulled out of the Facebook-led Libra Association, set up to govern the much-maligned libra digital currency, and since then some in the bitcoin and cryptocurrency community have been anticipating a push into cryptocurrency from PayPal.

"This move appears to lay the groundwork for a larger push into central bank digital currencies and corporate stablecoins similar to libra," Meltem Demirors, chief strategy officer, at digital asset investment firm CoinShares, said via email. "We have long expected PayPal to develop its own stablecoin as opposed to adopting an existing one developed by another corporate."

PayPal's announcement tops off a busy few weeks for the bitcoin and cryptocurrency industry. A number of publicly-listed companies have added bitcoin to their treasuries and bitcoin's reputation as a hedge against inflation has soared. Regardless of PayPal's restrictions on bitcoin and cryptocurrencies, its jump onto the bitcoin bandwagon looks set to help bitcoin close the year as one of 2020’s best performing assets—and giving it a strong start to 2021.

"In 2020 alone we’ve seen increased adoption of bitcoin by financial institutions, macro investors, and corporates," Scott Freeman, co-founder and partner at JST Capital, a digital asset financial services firm, said via email. Freeman added the significance of PayPal's partnership with New York-based Paxos, regulated provider of cryptocurrency products and services, to offer its bitcoin and cryptocurrency services has been "overlooked."

"Blockchain technology is increasingly being used and adopted by traditional financial markets participants. We expect these trends to continue into 2021 as the lines between traditional and crypto finance continue to blend."

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