Tracking – Forex Academy

Introduction

It is a known fact that cryptocurrencies and blockchain technology has impacted many of the industries in a positive way. In our previous guides, we have discussed many such sectors like Healthcare, Supply chain, Banking, etc. It is obvious that these are only a few of the many industries where the adoption of these path-breaking technologies is taking place. In this article, let’s see how cryptos and blockchain together are making the current prison system better.

Enhanced Tracking

The judiciary system in developed countries has already adopted technologies like cryptography & blockchain to enhance their tracking capabilities. In Foshan, a city in China, police have set up a community correction system that is entirely based on blockchain. The purpose of this system is to enable the real-time tracking of convicted criminals.

Every prisoner will have a specific duration of parole after their sentence is over. During this period, they must be monitored very carefully, and currently, governments do have some outdated techniques for this purpose. But with the community correction blockchain system, this process will be simplified.

Prisoners will be given electronic bracelets that they must wear all the time. These bracelets will have a tracking encryption program that allows police and court executives to get all the relevant real-time data. This enhances the supervision of offenders with minimal effort and provides more accurate information. Since the technology behind this system is based out of blockchain, the data cannot be tampered with no matter what.

More information related to this can be found on the Facebook page of People’s Daily, China.

For A Better Cause

There is a study that says almost 90% of the prisoners who can’t afford their bail money turn out to be pleaded guilty. This data holds true only for New York City. The number might go high in countries that are still developing. This essentially means that these prisoners can’t even utilize their constitutional rights as they aren’t allowed to argue their case because they don’t have enough money to do so. In very simple terms, we can say that irrespective of them being involved in a crime or not, they are found guilty because they are poor.

A blockchain startup known as Bail Bloc is trying to help this kind of prisoners. This company is allowing users like us to offer the processing power of our gadgets when they are not being used. This power is used by a set of miners to mine a well-known crypto – Monero. The Monero generated is donated to a charity organization known as the Bronx Freedom Fund. This NGO uses all of the created cryptocurrency to help bail out prisoners who aren’t in a position to afford their bail money.

If you are interested in making a contribution to the poor prisoners, you can download Bail Bloc from here and allow the software to access your unused gadget’s unused processing power. Below you can see a snapshot from the Bail Bloc official website where the statistics are given in an understandable way.

Conclusion

There are many other startups like CellBlocks that are using cryptos and blockchain to improve the current prison system. The intention of CellBlocks is to digitize the economy of large prisons by tokenizing the currency that circulates in jail and keeping a record of all the transactions on a blockchain network. With so much adoption in such less time, we can only imagine the amount of impact these technologies will have on various industries in the future. Cheers.

Introduction

Cryptocurrencies have been buzzing our lives continuously ever since the Bitcoin boom at the year-end of 2017. The people who didn’t give a serious thought about investing in cryptos before that period has started taking it seriously, at least after that boom. One thing is for sure. Cryptocurrencies are here to stay; there is no doubt about that.

Hence, it is common for a potential investor to think if they should be investing in cryptos or not. Our answer is ‘Yes,’ they should be. However, investors should be very careful before investing in this space. So, we are providing some tips and considerations one should ponder upon before venturing into the world of cryptocurrencies.

📋 Always invest the money which you are ready to lose

We all save money for a rainy day. We are always advised by our parents when we start our financial life to save at least 10% of your paycheck. We never know what unexpected expenses pop up, and we should be able to face them without any inconvenience; otherwise, it is easy to fall in a debt pit.

Hence don’t ever invest in cryptocurrencies from your savings. We never know how the highly volatile markets of Cryptos will treat us. Always invest the money which you are ready to lose so that you don’t sell off your investments at the wrong time only because you need money.

📋 Do your research

Don’t invest in anything just because your friends/colleagues/cousins are doing it. Do your research before you venture into something new. Only after getting enough knowledge and when you think you have a grip on it, (like – when to buy and when to sell) start investing in cryptocurrencies. It is always advisable to start with the prominent ones like Bitcoin and Ethereum.

Then gradually jump into the niche coins if you want to. When one would like to invest in niche coins, it is better to go through the white paper, the tech behind the new currency, people who are developing the coin, etc. so that you will be aware if it is a scam. As the crypto industry is full of scams and fraudsters, we should be very cautious.

📋 Diversifying your investments

When people start out investing in cryptocurrencies, most of them start with Bitcoin and stay with Bitcoin only. There are many other coins other than Bitcoin. Try to invest in at least ten coins that have huge potential. You can check the market capitalization or pick the currency based on the number of coins in circulation. So that you won’t lose all your money when the value of a single coin has fallen.

We are all familiar with the saying, ‘Don’t put all your eggs in a single basket.’ Hence don’t invest all your money in only Cryptocurrencies. It would be helpful if you diversified the investment portfolio. You may invest in potential markets like Stocks, Mutual funds, Real estate, Bonds, etc. Since the cryptocurrency market is extremely volatile, it is advised that you may consider investing 10% of your portfolio in this space.

📋 Securing your coins

Once you invest in cryptos, you better don’t leave them in your accounts in the exchange. All the hacks that ever happened on cryptos happened on only exchanges so far. We have a variety of wallets to choose for, say paper wallets, electronic wallets, hardware wallets, desktop wallets, mobile wallets, etc. In turn, you can choose different wallets to use as well. For a long term investment, you may choose hardware wallets while for the short-term traders, mobile wallets can be used as they are easily accessible.

📋 Track the investments

Once you invest in cryptos, you should start tracking the performance of the coins so that you would be informed all the time. We have apps to monitor the same where we must enter the coin name, the number of coins purchased date of purchase, and other minor details. Apps like Blockfolio and Bitmap can be considered for this purpose.

While these are the essential points to consider, alternatively, you can follow people on different platforms who are best in the said fields, which reaffirms your learnings. Don’t sell off all your crypto investments when you say huge profits, try to sell on a percentage basis so that you can cash in on when there is a spike. At the same time, one will have money to buy in dips. Finally, be proud that by investing, you are a part of the crypto revolution. Cheers!