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Mithril cryptocurrency guide advises where to buy and how to buy Mithril. 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 Mithril as well its status in the world of cryptocurrencies.

Mithril, Wednesday, 2023-05-10

Mithril (MITH)

What Is Mithril?

Mithril is a decentralized social networking platform that utilizes the Ethereum blockchain to track and incentivize users for generating and sharing content. Users in the Mithril ecosystem earn Mithril Tokens (MITH) using a process referred to as social mining. Every time that a user shares valuable content, he/she is rewarded with the native tokens.

The primary goal of the Mithril is to become the most optimized and best blockchain platform for social media apps. Because of this approach, the Mithril team has put a lot of emphasis on promoting integration with top social media in the world today. The goal has also been extended to include conventional stores to expand the use cases of the native tokens.

Though it was one of the youngest cryptocurrency in the market by mid-2018, Mithril demand grew very fast thrusting it to the top 50 cryptocurrencies based on market capitalization. Its features, growing demand, and a highly aggressive development team have made the Mithril community believe it could be the next Bitcoin.

Beginner's Guide to Mithril

Have you been looking forward to joining the cryptocurrency niche? One of the top options that you should consider is Mithril. This is one of the latest cryptocurrencies in the market that have taken the crypto community by storm. Between inception and July 2018, the price of MITH grew by more than 1000%. It looks like the ultimate cryptocurrency network to join and expect equally high ROI. However, you will need to also carry due diligence to establish whether it is the cryptocurrency you have been looking for. This is why this guide was created.

The guide takes a comprehensive review of every Mithril component to help investors make the right decision. The guide explores what Mithril is, how it works, consumer protection, and history. It also explores the value of Mithril and its potential for becoming a major payment network. Whether you have unanswered questions or doubts about Mithril, the answers to help you get everything right are right here. Welcome.

Where and How to Buy Mithril?

Mithril is one of the high potential cryptocurrencies out there. The operational structure that is deeply rooted in social media has helped to grow its demand and price. Now, the community is in agreement with experts that Mithril could be the next big thing in the industry. To become part of this network, one of the best methods is buying the native coins. This will give you the opportunity to hold or trade them in the exchanges. There are two main methods of buying Mithril tokens (MITH).

  • Buy from the exchanges: The exchanges are the primary markets for cryptocurrencies. They are designed to operate like the standard forex markets though they deal with digital assets. To buy MITH from these exchanges, you are required to start by selecting the preferred exchange that lists them and creating an account. Some of the exchanges that list MITH include Bithumb and Okex.
  • Purchase the tokens from those who already have them: Since 2009 when cryptocurrencies debuted, a lot of cryptocurrency groups have entered the market to help users understand digital assets and how they work. These groups have now become important points of purchase for people who want to buy cryptocurrencies directly. A good example, is the Cryptocurrency Club of London. Note that though buying MITH through the clubs sound direct, it is very difficult to get a person who intends to sell the exact MITH you want to purchase.

Mithril Wallet

Are you considering joining, trading or using Mithril? One must have thing is the right cryptocurrency wallet. This is a location designed to hold your Mithril coins. But it is important to appreciate that through the definition suggests that the wallet stores the coins, they cannot be moved from the native networks. The wallet stores a set of codes that help to point at your tokens in the network.

  • The private keys: This is a very important code used to point at the tokens you hold in the Mithrill network. The code calls the tokens to live so that you can run transactions such as sending value. The code should never be shared.
  • The public keys: The public keys point at the wallet. This code is used by payers who want to send you Mithril coins. Like the name suggests, the code is public and can be shared with your payers without worrying of a security breach.
  • The seed phrase: This is the least used code in a Mithril wallet. The code is only applied in the event that your private keys get lost. Therefore, you should keep this code carefully because it could be the only way to recover lost Mithril tokens.

Because Mithrill tokens are based on the Ethereum blockchain, they can be stored in Mithril Lit wallet and most ERC20 compliant wallets. These include Ledger Nano S, MyEtherWallet, Exodus, Trezor, and Moonwallet.

Where to Buy Mithril with Credit Card?

Credit cards are some of the most used forms of payments in the globe because they are accepted in many conventional and online stores. Whether you want to buy a home item at Amazon or electronics downtown, a loaded credit card is all you need. Now, the card can also be used to buy cryptocurrencies such as Mithril.

The process involves two stages. First, you have to buy an alternative token or coin such as ETH from a platform such as Changelly. Then, use the coins to buy MITH from another platform such as Gate.io or OKEx.

Where to Buy Mithril with PayPal?

There is no direct method that can be used to buy Mithril with PayPal. PayPal considers most cryptocurrency networks direct competitors and, therefore, blocks associated transactions. Though PayPal has indicated it will review its policy on payment to cryptocurrency networks, it is not until the shift is implemented that buying Mithril directly will be possible. For those with funds in their PayPal accounts, the only available option is withdrawing into a bank account or credit card.

How to Buy Mithril with Wire Transfer?

Today, banks are some of the most trusted institutions around the globe. People believe in them because they strictly adhere to the laws and are professional in everything they do. People use banks to process salaries, save their cash, and even get investment advice. Now, you can also use the banks’ wire transfer to buy cryptocurrencies such as Mithril using the following procedure.

  • Start by acquiring an appropriate cryptocurrency wallet. This is the location that will hold your MITH after the purchase process is completed. Good examples include Ledger Nano S or MyEtherWallet.
  • Because most cryptocurrencies out there do not accept direct payment with wire transfers, the process has to start from a different platform. Visit a platform such as LocalBitcoins.com or CEX.io to but an alternative coin such as Bitcoin. This is the coin you will use later to exchange for MITH.
  • Identify your preferred cryptocurrency exchange that lists MITH and open a trading account. You will also be required to verify the account using information such as phone number and proof of location. Note that this information may differ depending on the selected exchange.
  • On the exchange trading interface, go to the section for buying digital assets and select the preferred quantity of MITH. Then, pay with Bitcoins and complete the transactions. The purchased MITH transferred to your trading exchange account.
  • The last step will involve transferring the purchased MITH to your cryptocurrency wallet. The exchanges are less secure because they are centralized and, therefore, an easy target for hackers.

Where to Sell and Trade Mithril?

If you have some Mithril tokens, there are a number of ways you can consider to optimize their associated profitability. Though you can hold the coins awaiting the value to shift up, trading in markets such as OKex and Lbank will yield better returns. The trading and selling platforms are designed to help bring buyers and sellers together so that the market is driven by forces of demand and supply.

Before setting off to look for cryptocurrency markets, it is important to appreciate that they are the soft underbelly of the blockchain industry. Unlike the cryptocurrency platforms such as Mithril and Bitcoin that are anonymous, the trading and selling platforms are centralized. This implies that you have to move your MITH tokens to the trading platform in order to pair them with another asset. This operational design is what makes them more susceptible.

If you look at the trend of hackings in the cryptocurrency industry, most of them took place in the exchanges. Hackers prefer them because of the ready market for crypto assets in the fast-evolving niche. Mt. Gox was hacked in 2011, Poloniex in 2014, Youbit in 2017, and Coincheck in 2018. With hackers looking for every opportunity to attack, you need to be extra careful with the exchanges you select to trade MITH. Here are some useful tips to assist you.

  • Only use the exchanges that have installed reliable security measures to protect users’ information and their assets. Check for features such as 2-factor authentication and use of cold storage.
  • Look for the market that has been in operation or sometime and earned good reputation form the users. You can tell this by following top cryptocurrency forums such as Reddit and Bitcoin.org.
  • Only use the market that has good support services. This implies that you can easily get support if stuck when trading on the network.
  • A good platform should have low transaction fees so that traders can retain the bulk of the profits they make trading in the market.
  • Check for advanced trading metrics that can help you follow the market with ease. This is crucial in assisting you to understand the emerging trends in the market.

How Much Are the Transaction Fees of Mithril?

One of the primary goals of developing cryptocurrencies was to help pull down the cost of sending funds. Though Mithril does not give a clear outline of the transaction charges that users have to pay for sending value on the network, it is relatively lower compared to the conventional banks or credit card companies. As an ERC20 token, sending MITH will require you to pay some Gas. Gas is the fee that goes to motivating miners who confirm transactions in the Ethereum network. Here is the formula for calculating the cost of sending an ERC20 token such as MITH.

Transaction Cost = gas used *gas price

Mithril Markets

The rising popularity of digital assets has contributed to the ever-growing number of cryptocurrency markets. The markets provide a ready point of access for anyone with interest in cryptocurrencies. It is important to appreciate that the markets are centralized and follow the local laws of the respective jurisdictions they are they are located in. Here are the top three markets for Mithril.

(1) HitBTC

HitBTC is one of the top cryptocurrency markets that move huge volumes of different digital assets today. The market is located in Hong Kong and is operated by HIT Solutions Limited. The management claims that HitBTC is the most efficient exchanges when it comes to operational algorithms.

To register for an account at HitBTC is simple and fast. Within seconds, you will get a confirmation link sent to your email address. Note that the email level confirmation only gives users access to a general account. To get more advanced HitBTC accounts, additional verification will be required. This verification requires the user to send a request to the company’s compliance department with details including;

  • Personal address.
  • Proof of residence.
  • Government-issued ID.
  • Proof of bank account ownership.
  • If you want to trade using fiat, you will need to send bank account details.

The transaction fee for using HitBTC is 0.1% of the traded volume. This means that it is one of the cheapest markets in the globe today. You can also earn good returns by participating in the HitBTC referral program. Simply refer close friends and even followers on your social networks to enjoy some passive income.

To give users an opportunity to trade more profitably, HItBTC lists very many digital assets. Whether you prefer to pair MITH with older cryptocurrencies or newer ones such as Pundi X, HtitBTC is a great market to consider. To make trading easier, the market also provides users with advanced metrics that help them understand emerging trends.

The biggest shortcoming of HitBTC is that it takes very long to withdrawal and deposit funds. With deposits taking up to 14 business days and withdrawals up to 20, users could easily miss important trading opportunities. This has resulted in many users opting for alternative markets such as Gate.io.

(2) OKEx

This is one of the fastest growing cryptocurrency exchanges in the market. It was started in May 2017 by OKCoin.com. OKCoin halted its operations and handed over everything to OKEx with an intention of venturing into more markets abroad. It was also shifting its base away from China that has become very hostile to cryptocurrencies and exchanges. By relocating to Malta, OKEx targets to protect its clients while promoting faster adoption of blockchain technology.

One of the strongest selling points of OKEx is its long list of tradable assets. The exchange allows users to pair MITH with top cryptocurrencies such as Bitcoin, Ether, Ripple and even Litecoin. In addition, it does not shy away from listing emerging tokens. This guarantees users of early opportunities to pick investment opportunities when new tokens hit the market.

The transaction fee at the exchange varies. The maker fee ranges from 0.15% to 0.02% while the maker fee falls between 0.2% and 0.05%. Though the management indicates that the rates are within the industry range, they are very high when compared to other exchanges such as HitBTC and Binance.

The main issue with OKEx is that it is a crypto-to-crypto only exchange. This implies that those with credit cards or bank accounts cannot directly buy or withdrawal from the market. Instead, they have to start from other platforms such as Coinbase or CEX.io.

(3) Gate.io

Gate.io is a cryptocurrency market started in 2017 by Gate Technology Inc. The company was created to help users trade easily and more efficiently. The greatest strength of the exchange is the diversity of listed assets. You can opt to pair MITH with Ripple, EOS, Zcash, BTC, Litecoin, OmiseGo or Qtum among others. This implies that you will never miss a profitable pair to shift to if the current one proves less desirable.

The transaction fee at Gate.io is a flat 0.2% on all trades implemented on the exchange. However, they also have withdrawal fee that has made some traders complain of double fees. Note that the withdrawal fee from Gate.io depends on the token under consideration.

Gate.io has cut a name for its special commitment to securing users assets. This is one of the reasons why more people have opted to stick with it even though the transaction charges are relatively high. They use Super Secured SSL Link, 2-factor authentication, and offline wallet technology to keep users assets as safe as possible.

The biggest challenge of using Gate.io is that it only allows traders to use cryptocurrencies. For those with cash or credit cards, making deposits has to start from another platform such as Changelly. Besides, Gate.io does not have margin trading.

Value of Mithril

Though Mithril was one of the youngest crypto networks in the market by mid-2018, its growth was amazing. Its market capitalization grew steadily to hit $322,561,946 at a price of $$0.90. This places it well ahead of other cryptocurrencies such as Golem with a market cap of $282.1 million, Pundi X with $273.6 million, and Ardor with $176.2 million. Experts have indicated that the rising demand could see Mithril edge even higher in the Coinmarket cap ranking.

Is It Profitable to Invest in Mithril?

Many people coming to cryptocurrencies want to know whether their investments will give good returns on investment. At Mithril, all indicators point at a great future. Between March 2018 and July 2018, MITH price grew by more than 1000%. This is remarkable. It implies that a person who had invested $1000 in March is reaping more than 1000% ROI.

The future of Mithril is very promising. As popularity of Mithril keeps growing, the demand and price of the native tokens will also take an upward trending graph. Besides, its unique merchant integration model is likely to draw more traders, and ultimately make the network more profitable.

Even though all indicators point at the possibility of Mithril becoming a highly profitable crypto, it is important to appreciate that it is all speculation. Important factors that can affect Mithril profitability include the looming regulations and competition.

Where to Spend or Use Mithril?

Though Mithril is very young, it has trained its focus on getting accepted in more online and conventional stores. One of the stores that have already accepted MITH is inst.recyle. This is a celebrity vintage and used clothing line. You can also use MITH to pay for transaction charges when trading in the exchanges. For others, MITH is a great option to send as donations to friends and charities. Remember that the list of stores that accept MITH is likely to keep growing as its Merchant Network targets to bring more retailers on board, online applications, and live-stream services.

Can Mithril Grow to Become a Major Payment Network?

Mithril is already on the race to become a major payment network. From inception, the founders of Mithril were clear that they want to amplify adoption of Mithril to make it a major payment network. Therefore, they included the Mithril integration protocol that is helping the network to seamlessly integrate with online and conventional traders.

The integration protocol is also assisting to open the Mithril Ecosystem to more people so that everybody can enjoy the platform’s features. Of great importance in the ecosystem is the Mithril merchant network that will help users with MITH to make direct purchases in more stores.

The innovative approach adopted by Mithril development team has helped it to draw more people looking for a direct method of using their tokens. This coupled with positive publicity is driving the Mithril network closer to becoming a major payment network.

How Does Mithril Work?

Mithril targets helping the blockchain technology edge a notch higher by ensuring that all transactions are run securely and reliably. The technology in use involves decentralization of data to ensure that transactions between nodes (users) are trustless, efficient, and immutable. The main features of Mithril include tracking social media reviews, rewarding social media users using MITH, and Mithril vault.

  • Mithril social mining
This is one of the new concepts in the cryptocurrency industry but unique to Mithril ecosystem. The idea involves identifying Mithril users who generate valuable content and those who promote such content to reward them in MITH. This is referred to as social mining. The mining rewards are directly linked to users influence and success on the ecosystem. The more the value that users bring, the higher the reward in MITH. Note that since MITH tokens are based on the Ethereum blockchain, the transactions will be rewarded in the Ethereum Network.
35% of the total MITH will be released to the market through social mining. Every year, the MTH quantity used to reward users on the network will half. This was based on the fact that as more viewers and users join the network, the system will be able to generate larger quantities of revenue. The quantity of MITH that users can earn in the network depends on things such as the number of articles/ stories posted, gathered views, and likes among others.
  • Mithril Vault
Mithril Vault is an easy to use transaction system designed to help users manage, secure, and spend MITH. It features reward estimation tools that you can use to assess the reward depending on the recent contributions. The tool will demonstrate the estimate of the social mining rewards to anticipate from your content.
  • Lit: The Mithril launch pad for decentralized social networks

Lit was the first social network to demonstrate how Mithril platform will work with other social networks. It was designed by the Mithril development team to create a system for rewarding merchants and users while acting as the first mobile wallet for the network. An important feature of Lit is stories; a time-sensitive sharing feature that closely resembles the Snapchat Stories. Once a user’s post is shared, the feature removes it within 24 hours. The stories can be images, slideshows, videos, or even text. The main features of Lit include Lit camera/ video, Lit story feed, Lit chatroom, Lit discover, and Lit profile.

Does Mithril Use Blockchain Technology?

Yes, Mithril employs blockchain technology. The focus of the Mithril is providing a decentralized model that helps to promote content creators by rewarding them. But the founders did not stop there. They are moving ahead to ensure that people in the Mithril ecosystem can do most of their operations in a decentralized way. From shopping in an online store to paying for content online, everything is done in a decentralized manner. To make this model effective, Mithril is using the Ethereum blockchain to host its ERC20 native tokens. However, they have provided a roadmap that will culminate to their own blockchain in 2019.

When you initiate a transaction using MITH, it is picked by the miners in the Ethereum network. The miners follow back the public address of your wallet to establish if there is ample MITH to spend. They will also record the details in the Ethereum public ledger. Note that these miners are rewarded in Gas when they confirm transactions.

The blockchain technology is also applied using smart contracts that run the social mining model. Once the Mithril bots establish that you qualify for a reward, the smart contract completes the transaction by sending the reward in the Ethereum system. The automation implies that the Mithril system is inviolable and will always reward those who create great content.

Mining Mithril

Mithril is not minable. When Mithril was created, a total of one billion Mithril tokens were created. But the model of releasing the tokens is different from the Proof-of-Work (POW) and Proof-of-Stake (POS) that people are used to. Rather, the tokens will be released in a process referred to as social mining. This means that the tokens will be rewarded to those who create and share high-value content. Therefore, if you want to get rewarded, get down and create high-value content.

What Are the Advantages of Mithril?

Since its inception, Mithril had become sensational by mid-2018. The sudden growth of Mithril value has pushed it to the top fifty best cryptocurrencies based on market capitalization. Here are other benefits to anticipate from Mithril cryptocurrency.

  • Mithril provides users with a new opportunity to earn the native coins without the need to install expensive mining equipment or holding a lot of stake. You simply join the network, generate content and share valuable content to get rewarded.
  • Mithril allows users to save their funds without worrying about third-party seizures. Unlike banks where savings and transactions can easily be traced by the staff in the organization and even financial authorities, Mithril network is anonymous. The user data and funds are encrypted so that no third party such as courts of law can easily access and freeze your account.
  • Mithril network allows users to send value faster and cheaply across the entire globe. Because transactions are peer2peer, users are able to bypass profit-seeking organizations such as banks and credit card companies. Indeed, Mithril is even cheaper to send than other top cryptocurrencies including Bitcoin and Ethereum.
  • The price of Mithril tokens has been growing rapidly. Since inception, the price of the tokens has grown with more than 1000%. This rise has become an important growth factor because many people want to be associated with the winning network. Even those with other cryptocurrencies do not want to be left out.
  • The model of operation used at Mithril is likely to appeal to a very large client base. By asking Mithril users to generate content and share it, the network is simply rewarding users to do what they love. Therefore, it is likely to get a lot of support across the world.
  • Mithril is focused on helping its native token holders get more stores where they spend the coins directly. Using the Mithril Merchant Network, users will be able to enjoy multiple online retailers, livestream applications, and content channels.

What Are the Risks of Mithril?

Even though the advantages of Mithril are many, it is advisable to compare them with the risks before making a decision to invest or join the network. Here are some of the risks associated with Mithril.

  • Mithril is one of the youngest cryptocurrencies in the market. While the cryptocurrency and the platform have performed very well in the market, it is still relatively young. This implies that most of its features are still getting tested before stability can be ascertained. It will take more than four years before it can be concluded to be fully stable like other cryptocurrencies such as Bitcoin or Ethereum.
  • The risk of the looming regulations. Like other cryptocurrencies, Mithril is faced by the imminent threat from harsh regulations. Most administrations have threatened to pass harsh crypto regulations because they are considered to pose huge risks such as becoming the next Swiss bank accounts. If the banks live to their threats, Mithril could easily lose value and even go into recession.
  • The danger of getting attacked. Because of the demonstrated potential for growth, Mithril has become a serious target for hackers. Hackers are searching for any loophole to siphon the MITH at the network, wallet, or even the market level.
  • Mithril does not have its own blockchain. When many people use MITH to send value or make payments, they rarely realize that they are operating from the Ethereum blockchain. While this might have some advantages because Ethereum is more stable, Mithril is limited in the operations it can initiate. In the Mithril White Paper, the founders indicated that they will explore the option of launching own blockchain to serve clients in a better way.
  • Competition from emerging cryptocurrencies. Today, cryptocurrencies are being released at a very fast rate. As newer ones introduce better technologies, the current networks are faced with serious threats. If more cryptocurrency networks targeting the social media are released, the Mithril’s market share might start shrinking.

What Happens if Mithril Gets Lost?

Every other day, you will hear a person in cryptocurrency forums cry that his coins have been lost. It can be devastating especially when you have worked so hard to earn the coins or used savings to buy them. But you can prevent such losses by understanding what happens when they happen.

  • Loss through sending Mithril to the wrong address: This is the commonest form of loss in the industry today. If you miss any of the digits in the lengthy public address on the Mithril network, the coins will be sent to the wrong address. In such a situation, the coins will still be in the network but under a new owner. The loss is permanent.
  • Hacking: Hacking has the same effect as sending Mithril to the wrong address. It is deemed to be a completed transaction and the coins to have changed ownership. Note that the coins will still be in the network but the loss is permanent.
  • Forgetting the private keys: If you forget the private keys of your Mithril wallet, there is no way to call them to live when making transactions. However, the coins will still be in the network in a dormant state. If you get the private keys, the Mithril tokens will be easily restored.
  • Damage to your Mithril wallet: Damage to the wallet has the same effect to losing the private keys. The loss can happen due to damage to the computer it is installed in or even formatting the drive. In such a loss, the Mithril tokens are still in the network but in a dormant state. If you restore the wallet, the tokens will be restored.

Mithril Regulation

Since 2009 when Bitcoin was launched, many governments have been expressing fears that their authorities are threatened. Because Mithril and other cryptocurrencies operate as peer2peer networks, centralized and tax-paying organizations such as banks are bypassed. But it is the threat to national currencies and risks therein that have jolted many countries to consider regulations.

In the United States, the government was yet to craft a legal framework to guide cryptocurrencies by mid-2018. The Department of Treasury has indicated that cryptocurrencies could easily turn into Swiss bank accounts. The EU, China, India, the UK, and Australia have all expressed their worries about cryptocurrencies. But it is interesting to note that none of the countries had installed a cryptocurrency law by mid-2018; about 20 years since the first blockchain network establishment.

  • It has emerged that most of the countries were deeply involved in the early establishment of blockchain networks. A good example is Hong Kong. To remain the undisputed leader in financial sector, Hong Kong installed a Fintech Facilitation Office (FFO). Now, Hong Kong is finding it an uphill task to craft laws to limit cryptocurrencies; one of the resultant fintech products.
  • Because cryptocurrencies are decentralized and nodes spread across the globe, a local legal framework is not likely to have a significant impact at the global level. The issue is made worse because there is no central authority responsible for implementing the laws.
  • Blockchain networks such Mithril have helped to address some sticky issues such as high cost of sending value and big data. Now, no country wants to be in a hurry to block the technology creating useful solutions to serious problems.
  • The topic of cryptocurrencies is becoming highly politicized. As more people keep joining the cryptocurrencies because they are extra convenient to use, especially when sending value, governments working on regulating them are considered to be against the popular will. In Russia, the proposed Financial Digital Assets bill has attracted serious resistance especially from the opposition in the country.

While it is true that many countries have lagged behind when it comes to crafting cryptocurrency laws, one thing that stands out is the zeal to install the regulations. Therefore, those intending to join the Mithril network should be prepared on what to do when the laws finally dawn. Indeed, some countries have marched ahead with these regulations and are at various stages of implementation. Take a look at the next section.

Is Mithril Legal?

Mithril is legal in most countries because they have not installed any associated regulations. The approach taken by many countries appear to follow three schools of thought; those supporting the cryptocurrencies, others that support with great caution and some that disapprove them altogether. Here is a closer look at the legal status of Mithril in a number of these jurisdictions.

1) Venezuela

Mithril is legal in Venezuela. As other countries shout of the dangers that come with cryptocurrencies, Venezuela is at the front line implementing the blockchain technology. The country has been moving from one step of blockchain application to another for several years with the aim of making its petro cryptocurrency the legal tender. What exactly is driving this super-urge to go blockchain?

The country attracted a lot of sanctions from the international community because of its regime's abuse of human rights under President Nicholas Manduro. To beat these sanctions, the country went for the most convenient solution that would allow it to sell petroleum without raising the red flag. That is why they settled for the petro blockchain. When petroleum and other products are sold abroad, the payments are made anonymously using blockchain technology.

What appeared to be a blockchain approach sparked from the desire to defeat sanctions has now been demonstrated to be highly reliable in general economics. Therefore, Venezuela has decided to take it to the next level of application. In April 2018, President Nicholas Manduro released a decree that all the government departments should use petro cryptocurrencies alongside the main legal tender of the country. The decree was supported by the country's parliament.

The country has now become an attraction with dozens of jurisdictions lining up to study how Venezuela is doing its thing. For example, Russia has expressed its desire to send a delegation to Venezuela to follow how the technology is applied. Other countries interested in the Venezuela model include China and India.

2) The European Union

While Russia is crafting its way with cryptocurrency laws and Venezuela has already found peace with blockchain technology, the EU is yet to establish the roadmap to follow. The different arms of the EU appear to be pulling in different directions. The EU Central bank was the first to warn its citizens about the dangers that come with cryptocurrencies. However, the EU parliament came out to point at the many benefits of blockchain technologies that need to be studied before a law is installed.

The EU Commission (the executive branch of the union) strongly supports the central bank by pointing at the numerous risks associated to use of cryptocurrencies. The commission's vice president, Valdis Dombrovskis, has been categorical that an urgent solution is needed to address the following risks.

  • High price volatility.
  • Risk of complete loss.
  • Security failures.
  • Market manipulation.
  • Liability gaps.

Now, even individual members have come out to support the commission's stand that urgent laws are needed to protect consumers. Germany, Austria, the UK, and France have started local efforts to address the issue. The efforts are meant to complement the commission's drive to ensure that laws are realized faster.

3) The United States

Mithril is legal in the US. The United States, like the EU, does not appear to have a clear plan for crafting cryptocurrency regulations. This is despite the truth that the jurisdiction was the first one to note the threats that come from cryptocurrencies. In a special communiqué to the government, the Federal Bureau of Investigation (FBI) pointed out that cryptocurrencies such as Bitcoin and Mithril posed a huge risk of becoming conduits for funding terror. But the country did not appear to be in a hurry to craft cryptocurrency regulations.

Up to the end of 2017, the US had opted to use a hands-off approach in relation to cryptocurrencies. For about nine years between 2009 and 2017, the US only opted to give a clarification that cryptocurrencies are properties. This was meant to help cryptocurrency users pay all associated taxes. But it did not bring any significant results because many people in the US have not been paying taxes.

In January 2018, the US changed to a global approach. The Financial Stability Oversight Commission (FSOC) indicated the commitment to work with the G2O and other countries across the globe to come up with a global solution. While emphasizing the US stand at the World Economic Forum in January 2018, The Secretary of Treasury, Steve Mnuchin pointed out that the countries were facing a risk of another form of Swiss bank accounts.

To further drive the international approach, the Deputy Director of Treasury, Sigal Mandelker visited Asian cryptocurrency giants such as South Korea, Japan, and China. Speaking in Tokyo during the visit, Sigal lauded the Far East countries for their efforts in keeping tabs on cryptocurrencies. However, he indicated that they needed to do more at the global level to avert the looming threats.

As the US seeks the right path towards cryptocurrency regulations, individual states are seeing the wait to be too much. Some have started crafting local laws to help them deal with cryptocurrencies. In April 2018, the State of Arizona passed HB 1091 that allows citizens to use cryptocurrencies such as Mithril and Bitcoin to pay their taxes. The law required the tax department to convert the coins to USD immediately a citizen pays taxes.

The Arizona law is seen as a new dawn that could greatly shift how people view cryptocurrencies. It is now true that there is something positive that can come from cryptocurrencies. Other states that have initiated efforts to pass similar legislation include Nebraska and Georgia.

4) Russia

Russia is one country that has made significant strides towards crafting a cryptocurrency regulation. Like other states, the country had initially opted for a hands-off approach to cryptocurrencies. The finance ministry had indicated that regulating cryptocurrencies was tantamount to legalizing them. However, this stand suddenly changed in January 2018 when the government indicated that it was impossible to tell whether traders who accepted payment in cryptocurrencies such as Mithril and Bitcoin were committing offenses. A new crypto law was needed.

By the end of January 2018, Central Bank and the Ministry of Finance had crafted and released a Draft Financial Digital Assets bill that addresses almost every aspect of cryptocurrencies. If it is passed by the Russian parliament and signed into law, here are some of the components that Mithril and other cryptocurrency users in the country should expect.

The draft law starts by categorizing digital assets to include tokens and cryptocurrencies. It goes ahead and classifies them as properties and not legal tenders. This implies that they cannot be used for direct payment of goods and services in the country. The main focus of the law, from the definition to the application in various areas is trying to address anonymity and enhance consumer protection.

All the entities that target to release tokens or cryptocurrencies in the country are required to be legal entities. Because digital assets are properties, the entities are considered to be involved in a form of production. Even miners who help in one way or another to release digital assets are also required to be registered entities.

On trading, the law requires all the exchangers to be registered. It further demands that every exchange has to install strict know your customer (KYC) strategies to help protect its customers. This model borrows from the forex market design where all involved traders must be known through verification using government recognized documents.

Even before the bill goes through parliament, it has already generated a lot of friction between the government and fintech sector. The fintech industry is indicating that most of the gains that have been made in the financial sector are at the edge of getting lost. They have been joined by the country’s political opposition.

Mithril and Taxes

The topic of cryptocurrencies and taxes is a complex one. Many people who are in cryptocurrencies and those anticipating joining the networks have one thing at the back of the mind; operating in complete anonymity. While this is okay especially when making financial transactions, it becomes an issue when people use it as cover against paying taxes. A closer look at many countries reveals that the respective administrations are concerned that people in cryptocurrencies do not make the necessary tax remissions. Therefore, they have threatened to pass very harsh regulations.

In the United States, only a very small number of people using cryptocurrencies such as Mithril pay taxes. According to Credit Karma, only a handful of people who filed their 2016/2017 financial returns indicated their operations in cryptocurrencies. But the US is not alone in the list of countries that are grappling with tax avoidance due to cryptocurrencies. From the UK to China, no administration is sitting pretty.

The focus of on taxes goes beyond lack of personal commitment to remit taxes to the government. As decentralized networks, their operations are designed to bypass organizations such as banks and financial services like VISA. Because these are tax-paying authorities that operate strictly within the precincts of the law, there is fear that the overall tax generated by the governments could nosedive in the coming years.

Experts, unlike many cryptocurrency users, have a very different view when it comes to taxes. They argue that though the cryptocurrencies are anonymous, the cover they give cannot last for many years. As newer and more advanced technologies get discovered, the chances of your details getting uncovered are very high. Remember that all the transactions done on cryptocurrencies are captured permanently in public ledgers. This implies that no matter when a transaction was done, it can be used as evidence of tax avoidance when unearthed. However, do not wait for this time to come. You can operate in the Mithril network without worrying about breaking the law.

  • Make sure to treat all Mithril related revenue as taxable income.
  • Ensure to always capture the details of your trading when filing returns. Remember that the report should highlight whether you made profit or losses. Here, you do not have to reveal all the details that can uncover your anonymity. Capture the trading in cryptocurrencies, but make sure the figures are correct.
  • If you are a trader accepting payment in Mithril, ensure to factor the details with appropriate conversions in the balance sheet. This will help you to make the right deductions without worrying about breaking the law.
  • For those who feel that they are inadequate to craft a workable approach to remain on the positive side of the law when it comes to Mithril cryptocurrency operations, it is advisable to work with a tax expert.

Does Mithril Have a Consumer Protection?

Mithril does not have consumer protection. Mithril as a decentralized and open-source cryptocurrency does not belong to any one entity. This implies that there is no single point of reference where you can take complaints or seek redress. All the decisions on the network are made by the Mithril community. This implies that once you join the network, you are on your own. You cannot even complain about it in a court of law because cryptocurrencies are not regulated. This leaves you with one option; to operate with great caution when using, trading, or sending value on the Mithril network. Here are some useful tips to assist you.

  • Make sure to always triple check the public address before sending MITH. This will help you to avoid sending value to the wrong address.
  • Take care when picking a cryptocurrency wallet. The best option should be the wallet that can help you store MITH offline. One great example is the Ledger Nano S.
  • Only select the exchanges that guarantee users of optimal security for their assets and information. Even after trading in such exchanges, make sure to immediately withdraw your funds to the personal wallet.
  • Ensure that the Mithril client, wallet, and computer are always up-to-date. This will help you to take advantage of the regular security updates to avoid attacks.
  • Where possible, consider designating one computer for Mithril operations. If you need to multi-task the computer, avoid visiting risky websites.
  • Make sure to carefully store your private keys and seed phrase. These are very important in preventing the loss of your tokens. Even in the event of private keys loss, the seed phrase can be used to restore them with ease.

Illegal Activities with Mithril

Many criminals have found cryptocurrencies to be reliable havens to hide and perpetrate their illegal activities. They prefer the crypto networks because they are anonymous and cannot be easily caught by authorities. Despite this reality of cryptocurrencies, no illegal activity had been reported with Mithril by mid -2018.

Is Mithril Secure?

Mithril was developed at a time when concerns for security on blockchain applications were causing discomfort in many quarters. Therefore, the Mithril development team was keen improve on the progress attained in other networks such as EOS, Ontology, and Ethereum. Here are the main strategies used to keep the Mithril system secure.

  • Progressive updates to help seal gaps identified in the core code.
  • Social mining that ensures the native tokens are distributed evenly helps to prevent the threat of 51% attack.
  • The Ethereum system helps to act as an additional layer of security for the Mithril tokens.
  • The Mithril system utilizes advanced encryption.

Is Mithril Anonymous?

To help sell the Mithril network, the founder and development team wanted to guarantee users that their details would remain private. Mithril uses advanced encryption to help keep every detail private and away from the public eye. Even when miners in the Ethereum network follow your public address to confirm transactions, they can only check the balance but cannot tell the details of the account holder.

Has Mithril Ever Been Hacked?

Mithril had not been hacked by mid-2018. The fast-growing popularity of cryptocurrencies has made them special attractions for hackers. However, it is very difficult for hackers to break cryptocurrency networks to steal users’ assets. Therefore, most of them have been targeting the exchanges because they are centralized and easier to break in. The Mithril development team indicates that hacking attempts on its system are made regularly but the core code is very strong. Besides, the development team is very proactive to note such attempts and act promptly to keep the network as safe as possible.

How Can I Restore Mithril?

Yes, you can restore Mithril depending on the nature of loss and personal preparedness. When you decide to join Mithril, it is important to start preparing for a loss and take early precautionary measures. Here is an account of how to restore Mithril.

If you lost Mithril by forgetting the private keys, the tokens can be restored by regenerating the private keys using the seed phrase. However, those who lose lost MITH through damage to their wallets will need to reinstall the wallets from backups.

If the loss occurred through hacking or sending to the wrong address, there is no method that can be used to restore them. They are lost permanently. Therefore, you should consider buying other MITH.

Why Do People Trust Mithril?

The fast-growing number of cryptocurrencies can be confusing especially to those considering joining the crypto industry for the first time. Unlike in the past when you would only look at the price of a cryptocurrency and make a decision, things are very different today. People want to know whether they can trust the network under consideration. This is one of the reasons why many people have been trooping to join Mithril. Here are the things that make people trust Mithril.

  • The cryptocurrency network is led by one of the most advanced tech teams that inspire respect in the entire industry. The team, led by Jeffrey Huang, has demonstrated its commitment and capability to grow the network from one level to another. From the clarity of the network features to focus on ongoing development, the Mithril community believes that this is what will take the blockchain to the next level.
  • Though Mithril was only a few months old by mid-2018, it had started drawing huge interest from the corporate world. More online and conventional stores especially those that target to grow faster through social media want to be part of the network. A good example of this is inst.recyle.
  • The design of the Mithril ecosystem targets a very rich niche. Today, almost every person on the globe is on social media. By targeting to reach most social networking sites, the potential for growth is very high.
  • Mithril has provided a clear roadmap that demonstrates it is working on major projects. For example, they have said that Mithril blockchain will be ready in the second quarter of 2019. This will give the network greater freedom to implement more features and grow faster.

History of Mithril

The history of Mithril can be traced back to the last quarter of 2017 when the founder, Jeffrey Huang, came up with the idea of a decentralized social media platform. Huang was torn between crafting a new blockchain but settled for Ethereum system because its structures were already in place. Ethereum was also chosen to help keep the network secure and help with prompt enrollment.

  • 1st Quarter of 2018: The Lit (Alpha and Beta) versions were released.
  • 2nd quarter of 2018: The Lit was released and Mithril wallet development commenced.
  • On June 30th, Mithril released the Vault Beta version that introduces funds, shift, and staking.
  • The price history of Mithril demonstrates that the price reported in July 2018 reflects an increase of more than 1000%. On March 25th, 2018, the value of MITH was $0.088. Then, the price grew steadily in the subsequent days to hit $0.55 on March 28th, 2018 before falling to $0.16 on April 10th 2018. It later grew steadily to reach $1.47 on May 12th, 2018 before taking a steady dip to $0.35 on June 14th, 2018. Then the price started growing slowly and settled around the $0.9 by July 26th, 2018.

Who Created Mithril?

Mithril was founded by Jeffrey Huang. He is a Taiwanese-American tech industry leader based in Taipei, Taiwan. He took interest in new technologies starting from 1998 when the dot-com bubble hit the globe. His pursuit for new technology saw him get into the heart of blockchain technology when crafting the Mithril system. He is known for his work, 17 media which has become a winning live-streaming application in the Far East especially Taiwan, Malaysia, and Hong Kong. To make Mithril network a success, Huang put together a highly enthusiastic team including;

  • Roy Lin.
  • Li-Chun Yang.
  • Chiao-Yen Chang.
  • Alex Huang.
  • Ching-Wen Yang.
  • Yvonne Chen.

Mithril Videos and Tutorials

See Also

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