MaidSafeCoin cryptocurrency guide advises where to buy and how to buy MaidSafeCoin. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about MaidSafeCoin as well its status in the world of cryptocurrencies.
MaidSafeCoin, Monday, 2021-03-01
- 1 What Is MaidSafeCoin?
- 2 Beginner's Guide to MaidSafeCoin
- 3 Where and How to Buy MaidSafeCoin?
- 4 MaidSafeCoin Markets
- 5 Where to Spend or Use MaidSafeCoin?
- 6 How Does MaidSafeCoin Work?
- 7 MaidSafeCoin Regulation
- 8 Is MaidSafeCoin Secure?
- 9 History of MaidSafeCoin
- 10 MaidSafeCoin Videos and Tutorials
- 11 See Also
What Is MaidSafeCoin?
MaidSafeCoin is a decentralized, open-source blockchain network and a cryptocurrency that was developed by David Irvine in 2014. The platform is based on the philosophy that personal data should not be freely accessed by third parties without express permission. With the idea dating back to 2002, it implies that MaidSafeCoin could be ideologically considered older than Bitcoin.
MaidSafeCoin is the native currency of the SAFE network, a system of the network comprising of users’ extra hard disk space, processing power, and data connectivity. It is a sharing economy designed by MaidSafe to save the globe from the perils of decentralized data storage companies.
For years, the data storage niche has been monopolized by a few operators such as Google and Amazon. Because of this centralized operarations, users cannot be assured of total data safety. If the data centers of these centralized companies get compromised, there is a serious danger of clients losing their data. Besides, the data stored on the network is at a greater risk of getting leaked to third parties. These are some of the issues that MaidSafeCoin comes to address. Here is a closer look at the platform to help you make the decision whether it is the right for you.
Beginner's Guide to MaidSafeCoin
What is the cryptocurrency that guarantees users of highest ROI (return on investment)? This is one question that every cryptocurrency enthusiast asks when looking forward to joining a new network. One of the highly promising cryptocurrency is the MaidSafeCoin. It can be referred to as one of the oldest cryptocurrencies in the market because its history traces back to 2002.
The network’s design, progressive team, and focus on the high potential data storage niche have made MaidSafeCoin’s value to keep growing and become one of the top 100 cryptocurrencies in the market by the third quarter of 2018. With all indicators blinking green, is it the right time to join MaidSafeCoin? You need to carry a comprehensive review of the network and its operations. This is why this guide was created.
The guide takes a comprehensive analysis of every component of MaidSafeCoin to establish what it is, how it works, and consumer protection among others. No matter the questions you have about MaidSafeCoin or doubts about its application, the answers are right here. Welcome.
Where and How to Buy MaidSafeCoin?
MaidSafeCoin is one of the most promising cryptocurrencies in the market today. Between inception and the third quarter of 2018, the price of MaidSafeCoin had grown with close to 2000%. This, coupled with its reliable architecture helped the platform to become one of the top options for investors. To become part of the network, one of the best methods is buying the native coins.
Buying MaidSafeCoin will require you to check the preferred exchange that lists the token and open an account. The exchanges operate like Forex markets though they deal with cryptocurrencies as opposed to fiat currencies. Note that you will also be required to have a cryptocurrency wallet. Some of the top exchanges that list MaidSafeCoin include;
Cryptocurrency clubs have emerged as the new informal meeting points for cryptocurrency enthusiasts. In top cities with high cryptocurrency users such as Seoul, London, Chicago and Tokyo, these clubs have emerged as new platforms for those who want to buy or sell coins such as MaidSafeCoin. The clubs are preferred because they do not have strict regulations that are implemented by the exchanges. Though they help to bring together buyers and sellers, they lack the trading structures. Therefore, you need to be careful to avoid falling into the hands of scammers.
When you decide to join a cryptocurrency network, the first must-have thing is a wallet. This is the location that helps to store the tokens after successfully purchasing or mining them. The wallets are also central to helping users manage the tokens. Before listing the wallets that support MaidSafeCoin, it is crucial to get the concept of the wallet well.
While the definition of the wallet is a location for storing the MaidSafeCoin, you need to appreciate that what is stored is only a strand of codes. These codes help to point either at the coins or the wallet.
- The private keys: This is a very important key that helps to call the tokens to live for transactions to take place. The key is private and should never be shared.
- The public keys: Unlike the private keys, the public keys are used to point at the wallet. This implies that those who want to pay you should send their MaidSafeCoins to the right public address. Therefore, feel okay to share the public address with your payers in the network.
- The seed phrase: This is one of the least used codes in the MaidSafeCoin network. The code is only needed in the event that you lose the private keys. Therefore, it is important to keep it carefully because it could be the only way to recover MaidSafeCoins after a loss. The top wallets for storing MaidSafeCoin include Omni, Coinspot, MyEtherWallet or Counterparty.
Where to Buy MaidSafeCoin with Credit Card?
Credit cards have become a major payment method in both online and conventional marketplaces. They are easy to carry and are accepted in a wide range of stores especially the emerging e-commerce platforms. Now, they have also become a great option for buying cryptocurrencies. You can use credit cards to buy MaidSafeCoin at LiveCoin and KuCoin.
Where to Buy MaidSafeCoin with PayPal?
PayPal has for a long time considered cryptocurrencies as direct competitors in the financial payment niche. Therefore, most of the transactions were blocked and initiators often penalized. Though PayPal has indicated it will be reviewing its policy to allow crypto bound transactions, it is not until such changes are effected that direct operations will be possible. Therefore, there is no direct method of using PayPal to buy MaidSafeCoins.
How to Buy MaidSafeCoin with Wire Transfer?
For many people, banks are the most trusted institutions. People trust banks to process wages, hold their savings, and even provide investment advice. Now, you can also use the bank’s wire transfer to buy cryptocurrencies. The following are the main steps to follow to buy MaidSafeCoin with a wire transfer.
- start by acquiring the right cryptocurrency wallet that will hold the tokens after the purchase.
- Select a cryptocurrency exchange that lists MaidSafeCoins. Good examples include LiveCoin and KuCoin.
- Open a trading account and confirm your account using personal information such as proof of location and telephone number.
- Move to the section for buying digital assets and select MaidSafeCoin. You will also need to tick the preferred quantities.
- On the payment section, select pay with wire transfer and then add the bank details. When you click complete the transaction, it will go into a pending mode until the funds hit the exchange account.
- Once the cash reaches the exchange and the tokens are transferred to your account, make sure to move them to the MaidSafeCoin wallet. The wallet is considered safer compared to the exchanges because only you got the access and control of the tokens.
Where to Sell and Trade MaidSafeCoin?
If you have accumulated some MaidSafeCoins, one question running through the mind might be how to optimize returns on your investment. While you can opt to hold the coins waiting for the value to grow, a better option is trading them on the markets. These are exchanges that help to bring together buyers and sellers so that price is driven by the market forces.
The most important thing when trading MaidSafeCoin is the trading platform. When picking the trading platform, you need to appreciate that they are the easiest point of attack for hackers. Most big losses in the blockchain industry probably took place in the exchanges. For example, Mt. Gox was hacked in 2011, Bitfinex in 2016, YouBit in 2017, and Coincheck in January 2018. To pick the best cryptocurrency trading and selling platform, here are some helpful tips.
- Only go for the exchanges that have a special focus on users' information and assets security. Here, you should check for features such as 2-factor authentication and use of cold storage.
- The selected exchange should have a long list of supported cryptocurrencies to provide users with more options for profitable trading.
- The ideal platform should feature a highly responsive customer support that replies to every query promptly.
- Ensure to look for the platform that has low transaction fee to reduce the risk of your profit being consumed to cater for the transaction costs.
Having been in the market all the way from 2014, MaidSafeCoin has demonstrated its stability and won a place in most exchanges. The exchanges include Livecoin, Bittrex, ShapeShift, and Poloniex.
How Much Are the Transaction Fees of MaidSafeCoin?
MaidSafeCoin does not give a clear figure of its transaction fee. In their whitepaper, they indicate that the fee will be variable to motivate farmers and users in the network. However, it is still relatively low compared to other networks because the price of the coin is equally low. This is why more users have been trooping from other networks to use MaidSafeCoin when sending value.
The cryptocurrency markets have been growing at a steady rate as more people join the blockchain niche. The markets have also been responding to the growing number of cryptocurrencies and need for diversity. Here are the top MaidSafeCoin markets you should consider.
HitBTC is a cryptocurrency market started in 2013 by Dave Merill who was concerned that trading in digital assets was becoming unreliable and insecure. The exchange is based in Estonia though its address reads Hong Kong. The biggest selling point for HitBTC is that it allows users to use fiat currencies. This implies that you can easily make deposit or withdrawals using fiat currencies.
The transaction fee at HitBTC is only 0.1%. This makes it one of the cheapest options out there. The only other exchange that beats HitBTC with lower transaction fees is Binance that charges users 0.1% with an option of pulling the cost further down to 0.05%.
In addition to the low transaction fee, HitBTC is packed with advanced features that help to make trading easy, allow users to expand its functionalities, and optimize returns. These include a robust affiliate program, over the counter trading, special HitBTC API, and advanced security features.
Poloniex is a cryptocurrency market started in 2014 to help make trading easy and secure. The exchange is based out of Wilmington, Delaware. Since its launch, the exchange has grown progressively to become one of the leading markets both in the United States and across the globe.
To start trading on the exchange, the first step is registering for a trading account. There are three main levels of verifications that users can select. The first tier-verification level comes with a withdrawal limitation of $2000 per day. You are only required to enter the email, name, and residence to get the account verified.
The second tier-verification comes with a higher withdrawal level of $25,000. In this cases, Unlike the level one verification, the user is required to add more information before starting to trade MaidSafeCoin and other coins. This information includes the date of birth, phone number, physical address, and postal address.
To use the third tier-verification, you are required to send a request to the Poloniex management. This level is reserved for people who want to move very huge volumes every day.
Unlike other trading platforms such as Binance that have a specific fee for all transactions, Poloniex charges clients based on the traded volume. To enjoy lower transaction fee, you will need to move higher volume. If you trade less than 600 BTC, the fee for the maker is 0.15% and 0.25% for the taker. To pull the transaction fee to 0.1% for the maker and 0.2% for the taker, you need to move about 2400BTC.
The biggest issue with Poloniex is that it is a cryptocurrency only platform. This implies that you can only trade in it with cryptocurrencies. For those with cash, trading at Poloniex will require using another platform such as LocalBitcoins.com to change the funds to a preferred coin.
ShapeShift is a Swiss-based cryptocurrency exchange that has won the tag of the fastest growing platform in the industry. It was started in 2013 and has since grown to include the leading cryptocurrencies including Bitcoin and Ethereum. Many people refer to it as an instant exchange with the least registration requirements.
The greatest selling point of the exchange is the long list of tradable assets. Whether you want to trade MaidSafeCoin against the top coins such as Ethereum or emerging options, ShapeShift is a great option. The exchange has also been enhancing the platform through improved features and buying new tech platforms. For example, ShapeShift acquired a hardware wallet referred to as KeepKey to help users keep their tokens safely.
The user interface and customer support of ShapeShift have won the platform very huge support. Unlike other markets such as Bittrex and Poloniex that have numerous cases of people complaining about delayed replies for their queries, ShapeShift has been working extra hard to ensure clients are very satisfied. You can even follow them on their social media pages to interact with the management and the community.
The biggest issue with ShapeShift is that transactions are crypto-to-crypto only. This makes it less ideal especially to first time traders who only have fiat currency or credit cards. In such cases, users are required to start from another platform such as CEX.io. Besides, ShapeShift fees remains unclear. This makes it extra difficult for traders to effectively plan their operations.
Livecoin is a cryptocurrency trading platform based in London and carefully designed to simplify trading for all users. Its design targets to take cryptocurrencies to all people by helping even those with funds in their cards or bank accounts to easily buy or sell cryptocurrencies.
The biggest selling point for Livecoin is that it allows users to make deposits, trade, and withdraw their MaidSafeCoins in fiat. This model sets the exchange from other crypto-only platforms such as Binance and KuCoin. It is, therefore, a great option for traders making their first debut on cryptocurrencies. The transaction fee at LiveCoin is based on the volume traded in a 30 days cycle. If you trade between $0 and $100,000, the transaction is 0.18%. This makes it one of the most expensive platforms for those trading below $100,000. For those who move larger volumes, the fee goes down significantly. For example, you will be charged only 0.1% if you trade between $600,000 and $800,000.
The platform has also been outstanding for listing many cryptocurrencies for traders. This implies that traders will never miss a profitable pair to jump to when the current option is not desirable. Other great features of using LiveCoin include highly effective support, multi-lingual website, and advanced trading metrics.
Value of MaidSafeCoin
The value of MaidSafeCoin has grown from strength to strength especially from early 2017. On 26th August 2018, the market capitalization of MaidSafeCoin was $110,071,569 at a price of $0.243. This places the cryptocurrency on position 64 in the Coinmarketcap ranking. It is well ahead of other tokens including DigixDao, Zcoin and Bitcoin Private.
Is It Profitable to Invest in MaidSafeCoin?
Yes, MaidSafeCoin has demonstrated the capacity to grow and deliver huge ROI. Since its creation, the development team has been consistent by adding new features that continue to make the network more appealing. The rising demand has helped to grow the price of the coin from about $0.014 in 2014 to about $0.23 on 26th August 2018, a huge rise of more than 1500%. If this growth is maintained, MaidSafeCoin holders are likely to get even more ROI.
However, it is important to appreciate that the expected growth is only speculative. A lot of factors including regulations, competition, and the technological shift will be crucial in defining the profitability. Therefore, make sure to spread investment across different networks.
Where to Spend or Use MaidSafeCoin?
If you have some MaidSafeCoins, you can use them to pay for transaction fee on the MaidSafeCoin platform. You can also use the tokens to pay for transaction fee when trading in the exchanges. As more traders continue appreciating the central role played by cryptocurrencies, you will be able to use the coins for direct purchases. Therefore, be on the lookout for stores that accept MaidSafeCoin online.
Can MaidSafeCoin Grow to Become a Major Payment Network?
The goal of many cryptocurrencies is growing and getting accepted as a major method of payment. MaidSafeCoin can become a major payment network because of its fast-growing popularity. As more people join the network, they are likely to use it to make payments and raise the chances of growing it into a major payment system. Here are other indicators that MaidSafeCoin could become a major payment network.
- The cost of transactions is relatively small.
- The network is very safe as the development team progressively improves the security features.
- The network has won a lot of trust from the community.
- More corporate are starting to develop an interest in the MaidSafeCoin network.
How Does MaidSafeCoin Work?
- Use of MaidSafeCoin farmers and clients
- The primary goal of the MaidSafeCoin network is creating a highly secure, autonomous, and peer2peer network for data storage and access. Call it the opposite to the current server-centric model used by in centralized data companies in the market. Under this model, there are two core parties; the farmers and clients.
- The farmers (compare them to miners in other networks) help to store and take care of the data until the user needs it. When the user retrieves the data, the farmer is rewarded with MaidSafeCoin. The Client is the person who visits the network for various reasons such as storing data, transferring funds, and even browsing.
- MaidSafeCoin network operates as an encrypted layer carefully positioned on the internet to allow autonomous data storage and networking. The farmers and users are the primary pillars of this model.
- Data encryption
- When users upload data on the MaidSafeCoin network, it is broken down into small pieces and then encrypted before storage. Then, it is randomly distributed to nodes on the network across the globe. Besides, many redundant copies are generated to ensure that users can still generate the final copies in the event that one of the computers storing a part of it is offline. Note that the data is fully encrypted so that the host cannot access it.
- The farmers and vaults
- The MaidSafeCoin platform utilizes vaults software that connects farmers to the network. It also helps to distribute all the pieces of data on the network. The vault is run by farmers computers. If a user wants to become a farmer, he has to send a request to the SAFE network that sends a proof of resource request. This helps to determine whether you have ample bandwidth and CPU power. If accepted, the computer will be allocated pieces of encrypted data to store. The extra computing power is sourced to help run the network.
- Note that you can grow from one level to another by passing random tests on the network. The system sends random data to establish how often your computer is on and the node age. The better your system is, the higher the trust the system will have on you. At higher farmer levels (elders), you will be also be involved in selecting the nodes to perform different tasks.
Does MaidSafeCoin Use Blockchain Technology?
Yes, MaidSafeCoin uses blockchain technology. The primary goal of the system is helping to decentralize data storage and eliminate single points of failure. The network relies on a network of nodes across the globe to secure the network and keep the data safe.
The MaidSafeCoin network utilizes proof of resource algorithm to assess and bring aboard more nodes for building consensus on the network. Selecting the nodes that should be relied on before entrusting them with voting various issues is paramount in keeping the network secure.
The information captured on the network about data and transfer of value is added in the MaidSafeCoin public ledger. The ledger comprises of blocks that are added progressively and arranged chronologically to avoid double spending. Other features of the MaidSafeCoin network blockchain include;
- A decentralized data caching system.
- Self-encryption system.
- Data availability and built-in redundancy.
Mining at MaidSafeCoin network is done by farmers using proof of resource algorithm. For your computer to act as a farmer, you are required to send a request to the network for assessment. The vault assesses whether you have ample resources, storage, and computing power, before getting accepted to mine the network. To increase your chances of becoming a miner, you should consider getting a computer with a large storage capacity and higher processing capability.
The MaidSafeCoin proof of resource system allocates farmers pieces of information to store randomly. This could be the original files or redundant copies. The rate of pay for farmers/miners is dependent on the value that users pay for the services they get and the frequency of visits. You can also increase the reward by amplifying your hashing power with ASICs or a GPU rig.
To earn more, you need to work towards becoming a more trusted note (elder). This will require increasing the computer hashing power, making your system more available, storing the information safely, and helping to grow the network. At higher levels, the farmer is involved in making core decisions about the network. The reward to such nodes is also higher.
What Are the Advantages of MaidSafeCoin?
The design of decentralized networks was aimed at helping people operate on a peer2peer basis. If you join the MaidSafeCoin network, here are the main benefits to expect.
- The network provides a completely encrypted and decentralized system for file sharing. This makes data storage, sharing, and safety highly reliable. Because there are no centralized and profit-seeking organizations involved, the cost of data storage is also lower.
- The MaidSafeCoin platform provides users with a platform to send value, invest, and store data privately. Unlike with centralized organizations such as banks that make details of the users’ savings easily available to managers, cashiers, and the jurisdictions’ authorities, MaidSafeCoin is different. No one can easily pull out your data. Even the miners who follow back to verify transactions can only check the balances on the public address.
- Owning MaidSafeCoins allows users to send value and own the network. When you buy some stake, you become part of the network. You can also dedicate your computer to become part of the governing system.
- Because MaidSafeCoins was released back in 2014, the time it has been in the market has earned it the tag of a highly reliable and stable coin. More people prefer older coins such as MaidSafeCoin because most of the new ones will require a lot of time to test and proof stable.
- The MaidSafeCoin allows users to operate without worrying of third-party seizures. The advanced encryption used in the network implies that no third party can easily pull out your details. Since cryptocurrencies are not regulated, no one has jurisdictions over the investment held on the MaidSafeCoin platform.
- MaidSafeCoin has ventured into one of the most potential niches. At a time when governments, companies and individual users are struggling with the issue of big data, MaidSafeCoin will continue drawing a lot of interest. This demand is likely to keep the value of the growing steadily.
- The community of the MaidSafeCoin has been growing steadily. This has in return pushed the price and value of the cryptocurrency very high. The community is optimistic that if the current demand continues, MaidSafeCoin could become the next Bitcoin.
What Are the Risks of MaidSafeCoin?
While the benefits of MaidSafeCoin are many, it is not without its share of risks. To make the right decision of joining MaidSafeCoin network or not, you need to also factor the following risks.
- The risk of getting attacked by hackers. The cryptocurrency industry has become a primary target for hackers because of the fast-rising demand for digital assets. Note that hackers can attack users at the MaidSafeCoin native network, wallets, or even in the exchanges.
- The danger from the looming regulations. Many administrations have threatened to pass harsh regulations because they feel threatened by cryptocurrencies growth. Because the cryptocurrencies allow users to send value and invest anonymously, governments feel they might ultimately lose control over financial systems. Therefore, if they pass such harsh legislation, MaidSafeCoin is likely to experience a serious recession or even fade off completely.
- The threat from newer and more advanced networks. The blockchain niche is advancing at a very fast rate. Because new platforms are in many cases building on the existing technologies, MaidSafeCoin is likely to face serious threats in the coming years. The field of data storage is indeed attracting great interest with other networks such as Siacoin taking significant market share.
- High volatility in the cryptocurrency industry. Most cryptocurrencies are faced by the serious threat of high volatility. MaidSafeCoin has not been spared. Its price history demonstrates that it responds to issues in the finance and blockchain niche with extreme price swings. Such issues include regulations, new policies, and even competition makes it very difficult to predict the expected growth trends.
- Though MaidSafeCoin network was carefully designed to assist secure the network using decentralized operations, its system is still prone to centralization. Many people have been using ASICs (Application specific integrated circuits) to raise their computing power and increase the chances of confirming the next blocks.
What Happens if MaidSafeCoin Gets Lost?
Every time you visit cryptocurrency forums, it is not uncommon to hear people crying that their coins have been lost. Your MaidSafeCoin can get lost through sending to the wrong address, hacking or forgetting the private keys. To keep your MaidSafeCoin safe in your wallet, it is important to start by establishing what happens when such losses take place.
- Loss by forgetting the private keys or damage to the wallet: If you forget the MaidSafeCoin private keys or even damage the wallet, it will be impossible to access the tokens therein. In such a loss, the tokens are still in the network under your signature but in a dormant state. The good thing is that they can be recovered.
- Loss through hacking or sending to the wrong address: If your wallet or trading platform gets hacked and MaidSafeCoin tokens siphoned away, the loss is permanent. There is no method that can be used to restore them. You can only consider getting other tokens.
The growth of cryptocurrencies appears to have rubbed many administrations the wrong way. Most countries feel severely threatened by cryptocurrencies because they make it extra difficult to have a grip on the fiscal control. When the first cryptocurrency was launched by Satoshi Nakamoto, it became apparent that things would never be the same again. For example, cryptocurrency networks such as Bitcoin and MaidSafeCoin provides platforms for fully decentralized financial operations. This implies edging out most centralized and taxpaying organizations such as banks. But this is not the only worry that is making governments feel threatened by cryptocurrencies.
- Cryptocurrencies are encrypted and provide privacy that is threatening to make blockchain networks the next Swiss bank accounts.
- Cryptocurrencies do not have consumer protection. Lack of controls opens a serious risk of loss to investors and users.
- The cryptocurrencies have proven to be highly volatile. Every slight provocation has been sending the price of digital assets to extreme swings.
- Most administrations feel that MaidSafeCoin and others are altering the otherwise easily predictable investment industry.
With these concerns, one would expect that the countries’ actions to stem the bleeding to be swift. But the reverse is true. By the third quarter of 2018, no country had passed a cryptocurrency regulation. Most of the countries appear to be unsure on the route to follow with cryptocurrency regulation. In the United States, the country has not managed to craft a legal framework for cryptocurrencies despite the Treasury expressing outright dislike for digital assets. Therefore, what could be standing on the path to crafting of legal frameworks for cryptocurrencies?
- The blockchain technology is advancing at a very fast rate. Therefore, some of the administrations are left with no option but to play catch-up.
- Many administrations have been part of the technology that finally yielded cryptocurrencies. This is making them find crafting laws to block what they initiated extra difficult.
- While cryptocurrencies have been associated with so many risks, the underlying blockchain technology has demonstrated the capability to solve core issues that have bedeviled many administrations for years. For example, Smart Contracts have demonstrated the capacity to fight fraud and issues related to big data.
- The blockchain technology is still green and little is understood. Many countries hold the view that there are more benefits that can come from cryptocurrencies and blockchain systems.
Even though no country had installed a clear legal framework by the third quarter of 2018, most of them are determined to have the laws installed. This is why some are only using direct orders to gag cryptocurrencies operations as drafters work on the legal framework. For others, the process is on course and laws are at different stages of generation. Check the next section to see the legal status of MaidSafeCoin in different countries.
Is MaidSafeCoin Legal?
As time passes, the stand on cryptocurrencies in different countries continues to change. It is correct to say that more countries are gravitating towards a neutral or pro-cryptocurrency stand. Even those that are working on regulations have no intention of blocking them. Rather, they are mainly interested in protecting users. Here is a closer look at the stand of various countries.
1) The United States
MaidSafeCoin is legal in the US. The United States is one jurisdiction that has not taken a clear stand on cryptocurrency regulations. Immediately after Bitcoin was released, the federal administration was notified of the associated threats. But the country has dragged its commitment to a clear legal framework. This has even opened the jurisdiction to some confusing positions.
Two very important commissions, Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) have given contradicting stands on cryptocurrencies. SEC indicates that cryptocurrencies such as MaidSafeCoin and Bitcoin are securities while CFTC, on the other hand, insists they are properties. It will be interesting to see the direction that the country will take.
The Treasury appears to have taken a global approach to cryptocurrency regulation as opposed to a local one. Speaking at the Economic Club in Washington, the secretary of the Treasury expressed concern that cryptocurrencies were opening channels for encrypted laundering activities. He was categorical that the problem needs to be addressed at all levels starting from the international level.
To fast track the global approach to addressing the issue, the Treasury formed a working group under that Financial Stability Oversight Council (FSOC) to evaluate the marketplace and give recommendations on preventing cryptocurrencies becoming another form of Swiss bank accounts.
To rope in more global players, FSOC sent the Treasury Deputy Director, Sigal Mandelker, to the Far East in January 2018. The main mission was to hammer a common stand and trigger a global need for countering cryptocurrencies that are threatening to grow out of hand. Speaking to the press in Seoul, Sigal reminded the countries of the serious threats that came with the proliferation of cryptocurrencies. He pointed out that the lack of control in the digital cryptocurrency world could trigger a serious global financial crisis.
Back at home, many states are growing impatient because there is no sign of a legal framework. Therefore, they have started creating some sort of localized legal guidelines to deal with cryptocurrencies. In Arizona, HB 1091 bill was passed into law, making it possible for citizens to pay their taxes using cryptocurrencies.
Singapore is one country that has recently changed its stand on cryptocurrencies to become an ardent supporter. Up to the close of 2017, the Monetary Authority of Singapore was categorical that cryptocurrencies such as MaidSafeCoin were a serious risk to both users and the country. But this stance changed completely in January 2018.
Singapore's Deputy Prime Minister, Tharman Shanmugaratnam, indicated that there was nothing in the law that differentiated transactions completed using cryptocurrencies or fiat. The primary purpose is relaying value. The minister only fell short of saying that the cryptocurrencies could be considered legal tenders.
To support the Deputy Prime Minister’s position, the country’s Fintech Chief, Mohanty Sophendu, indicated that there were no indicators that cryptocurrencies could cause a Lehman Brothers-like financial crisis. Mohanty indicated that the government will target crafting a clear legal framework for supporting cryptocurrencies and enhancing consumer protection.
While many countries appear undecided on the route to take on cryptocurrency regulations, Russia has made great strides. The country has created a draft cryptocurrency regulation framework, Digital Financial Assets draft bill. It is one of the most comprehensive legal frameworks that could help shape the thinking and cryptocurrency regulations both in Russia and away.
The draft bill was crafted by the ministry of finance after admitting that it was impossible to tell whether traders accepting payments in cryptocurrencies were committing crimes. The draft law takes a deeper look into the cryptocurrencies to define and guide all associated operations. Everything starts with the definition of digital assets.
According to the draft bill that is now in the State Duma for debate, digital assets comprises of tokens and cryptocurrencies. The digital assets are further classified as properties. This implies that they cannot be used as legal tenders. As properties, all the entities involved in generating or availing them to the Russian market are required to be licensed by the relevant authorities.
The draft bill goes further to indicate that even miners who help to unlock tokens of various networks such as MaidSafeCoin are also involved in property generation. Therefore, they are required to also be registered by the authorities.
Before a cryptocurrency platform can hold an ICO (initial coin offering), it is required to subject the tokens to comprehensive review by the relevant authorities. The scrutiny is very comprehensive and is aimed at ensuring that tokens are no overpriced. The issuing business, its business model, expected resources, and future prospects are all put to assessment. This provides a departure from the current model where the token issuer determines the price and quantity of tokens.
On trading, the draft law requires that all the trading platforms operating from Russia or accessing the local market to have authorization. The draft law also requires the exchanges to implement serious know your customer (KYC) strategies at all levels of operations. If implemented, the local cryptocurrency community has indicated they would have no other option but moving to other crypto friendly nations.
Switzerland is one country that has opened its doors to all cryptocurrencies as other countries kick them out. The country's administration indicates that cryptocurrencies are the apex of the fintech development and, therefore, cannot be wished away. The administration has particularly indicated it will put more efforts to lever ICO applications to help support local developments in various niches.
Speaking to the press in January 2018, the Swiss Economics Minister, Johann Schneider-Ammann, indicated that the administration will use all means to make the country a crypto nation. Johann explained that the government had created an ICO working group that would help craft crypto neutral legislation. The working group is expected to table its recommendations by the close of the year.
Even as other countries continue with their threat to cryptocurrencies, Switzerland promises to be an oasis for both crypto networks and investors. This is the primary reason why most cryptocurrency foundations are relocating to Switzerland.
MaidSafeCoin and Taxes
The topic of cryptocurrencies and taxes is a complex one. Many people are of the view that the anonymity provided by cryptocurrencies is ample to protect them completely from all third-party entities including tax authorities. But this is a misconception. Take the case of Bitcoin.
When Bitcoin was launched in 2009, a lot of people including criminals and investors flocked to the platform to enjoy the cover. But it did not take long before technology advancement made it possible to pull out individual user’s information. Now, Bitcoin can no longer fit the definition of a completely anonymous cryptocurrency.
If you are already in the MaidSafeCoin network, experts indicate that the platform was not created to help people evade taxes. Rather, it was aimed at enhancing their lifestyles. In the United States, Credit Karma noted that only a very small percentage of the large crypto population reports related revenue. Other countries with similar issues include the UK, Russia, China, and India.
To enjoy all the benefits associated with MaidSafeCoin without breaking tax-related laws, here are some useful tips to apply.
- Make sure that income arising from MaidSafeCoin is considered taxable revenue.
- Capture every trading associated with MaidSafeCoin when filing returns. Note that this means both profit and losses.
- For traders accepting payment in MaidSafeCoin, it might be necessary to work with a tax expert to redefine the books of accounts.
Does MaidSafeCoin Have a Consumer Protection?
MaidSafeCoin does not have consumer protection. The design of MaidSafeCoin was targeted at enhancing decentralization of data storage and peer2peer sending of value. Everything in the MaidSafeCoin network is determined by a network of nodes spread across the entire globe. This implies that every user on the network is on his/her own. Whether you are mining or sending value on a peer2peer basis, there is nowhere to report an issue to. Remember that you cannot report the case to a court of law because cryptocurrencies are not regulated. To operate safely on the network, here are some useful tips to guide you.
- Make sure not to share the private keys and the seed phrase with third parties.
- Ensure to store all the MaidSafeCoins on cold storage when not trading in the exchanges.
- Only select the exchanges that are demonstrated to be highly secure.
- Where possible, consider designating one specific computer for MaidSafeCoin operations only. If you must use the same computer, avoid visiting risky websites.
- Always keep the MaidSafeCoin client and the computer up-to-date.
Illegal Activities with MaidSafeCoin
Cryptocurrencies have become a special preference for many criminals because they are encrypted and anonymous. They believe that they cannot be easily discovered by third parties including authorities. However, no illegal activity had been reported in the network by the third quarter of 2018.
Is MaidSafeCoin Secure?
When dealing with data, its security is very important. Because MaidSafeCoin network was established at a time when serious attacks on various crypto related projects were rampant, the development team had to craft a reliable security model. Here are some of the core components that help to keep the network secure.
- The MaidSafeCoin network uses proof of resource algorithm to randomly allocate the verification tasks and tokens to various nodes. This has been very crucial in enhancing even distribution of tokens to avoid the danger of 51% attack.
- The data at MaidSafeCoin network is encrypted before being stored to prevent easy access by third parties. Even the farmers helping to store the data cannot decrypt it.
- For an attacker who somehow becomes an elder farmer, it is still very difficult to compromise the network because he is required to operate as a group. The attacker would require starting by getting another attacker and agreeing to harm the network. This is relatively difficult.
- The development team has been very aggressive in identifying gaps on the main network and fixing them promptly. This is very crucial in reducing vulnerabilities and lowering the danger of attacks.
Is MaidSafeCoin Anonymous?
The first question that most people ask when they come to cryptocurrency networks is about anonymity. More people want to be associated with high-tech, anonymous, and secure platforms. At MaidSafeCoin network, anonymity is achieved through advanced encryption. Data getting into the system is encrypted before storage so that even the hosts cannot know its content. The encryption is extended to all nodes so that no user can follow back and easily know the user of a specific public address.
Has MaidSafeCoin Ever Been Hacked?
MaidSafeCoin has never been hacked. Since MaidSafeCoin was introduced in 2014, no hacking has been reported in its network. This is a demonstration of the strong network’s security and reliable development team. It is important to appreciate that this does not mean that there are no hacking attempts reported in the network. There are many hacking attempts made on the network but the development team identifies the gaps and fixes them appropriately.
How Can I Restore MaidSafeCoin?
If your MaidSafeCoins have been lost, it might be possible to restore them depending on the nature of loss and preparedness. The crucial thing to understand at this point is that the coins do not leave the network even when they are lost. They are either idle in the system or have changed hands and belong to a new owner.
- Loss through forgetting the private keys: To restore the coins in this type of a loss, you are required to restore the keys using the seed phrase.
- Loss through damage to the wallet: Your wallet can get damaged through computer virus attack, formatting the drive, or the entire computer getting lost. In such a case, you can restore the tokens by reinstalling the wallet from a backup.
- Loss through sending coins to the wallet or hacking: If your tokens were lost through hacking or sending to the wrong wallet, there is no method that can be used to restore them.
Why Do People Trust MaidSafeCoin?
The fast-rising number of cryptocurrencies has made it very difficult for people to easily pick the ideal platforms. With many cryptocurrency networks having very close resemblance or offering similar services, everything is now turning down to trust. Here are the main reasons why a lot of people trust MaidSafeCoin.
- MaidSafeCoin network has been in the market since 2014. This is a unique demonstration of the network’s stability and commitment of the development team.
- The price of MaidSafeCoin has performed relatively well. Those who invested immediately after the tokens went on sale are now reaping huge returns on investment. The price of the tokens is expected to continue growing in the coming years.
- The development team of MaidSafeCoin is very aggressive in progressively improving the platform. This development has been very crucial to improving the user experience and security.
- The platform employs a highly effective consensus model. The proof of resource has been demonstrated to be highly effective in keeping the network more vibrant and safe.
- A lot of companies are expressing interests in MaidSafeCoin network after realizing its stability, commitment to security, and potential for growth. This is likely to amplify the demand and value of the platform with a huge margin.
History of MaidSafeCoin
The history of MaidSafeCoin can be traced back to 2002 when the idea was hatched by David Irvine. David is the MaidSafe Company CEO. However, the development had to wait until 2006 to commence. By then, the project was completely server-based and a lot of people thought it would end catastrophically. But that catastrophe never happened. Rather, it took close to a full decade to put everything in place. Its algorithm has become a core component in other major blockchain and non-blockchain applications.
- In 2014, MaidSafeCoin network was opened and a pre-sale held on April 2014. During the presale, 10% of the total MaidSafeCoins were sold. Though the company had allocated a 30 days window to sell the tokens, they were cleared from the shelves in less than five hours.
- In September 2017, MaidSafe released the Alpha 2 that introduced a secure autonomous network. It was aimed at helping secure the routing layer for making the network more decentralized.
- In May 2014, immediately after the pre-sale, the price of MaidSafeCoin in the market was $0.018. It remained around $0.02 until February 2016 when it gained marginally to hit %0.1. Again, it remained within that range until April 2017 when the demand surged so much pushing the token to $0.5 by June 2017. On January 3rd, 2018, the price of MaidSafeCoin hit the roof and broke through the $1 mark. It was the highest point in its history. However, the price fell in the subsequent months to hit a low of $0.2 and maintained that range through the third quarter of 2018.
Who Created MaidSafeCoin?
MaidSafe, the company behind MaidSafeCoin was founded by David Irvine. David is an IT expert who wanted to craft a new platform to help improve online security. Though David indicates that he was helped by a team of experts, little information is given about them. The network’s website only lists the current development team that denotes its focus on cultural diversity.
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