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Bitcoin reached to new heights of its career, two months ago: after a rigorous time period of growth bitcoin’s value is exceeded to one ounce of the gold.

That seems like antique history, bitcoin current trading rate is 2574.10 US dollars and its cousin’s trading rate is $262.11. Both digital currencies’ values increasing by 1200% in last three months.

Is this the end of the crypto-rally? and what has pushed its growth in first place. In the crypto-currencies’ world, you will get the answer to these questions.

New Variety Of Cryptocurrencies:

It is essential to understand that Bitcoin is the biggest cryptocurrency in the world. It is not the only one digital currency, there are more than 600 active currencies but its value is high as compare to other. Accordingly, the Current market cap of all digital currencies is around $79 billion. And, only bitcoin’s market cap is $35 billion.  Cryptocurrency Ethereum and ripple’s market cap is $17 and $18 billion respectively.

The crypto-market cap is depending on your viewpoint. If you have confidence that bitcoin will eventually replace money, then $35 billion is pocket change. But in reality, its never happen, and let’s suppose it is done, bitcoin may be left behind.

Furthermore, Bitcoin comprises the both, digital currencies’ features and payment platform at the same time. But, new breeding of digital currencies such as bitcoin and ethereum is quite different. A software has the ability to solve the scaling issues. In addition, litecoin adopt SegWit, ethereum come up with advanced feature such as the smart contract. It aims to become blockchain-based foundation which is basically a new type of internet. how’s that for determination.

The value of cryptocurrency

There is always a good reason behind the rising value of a commodity or a currency doesn’t matter it is a cryptocurrency or traditional money. Apple’s stock price grows up in the case of a good quarter. In the world of the bitcoin cryptocurrency got double as a crypto-payment system.

But the recent news of the bitcoin is not good. Few areas of the United State decline the acceptance of the coin. In addition, from the last couple of the year’s Bitcoin community has divided. Whether bitcoin’s block size should be increased or not.

What’s happening?    

Charles Haytar says, “The Japanese have given bitcoin the green light as a currency and are looking to increase the rigor that their exchanges are subject to.” Japanese markets and other offer the opportunity for arbitrage, but old greed is going on.

Haytar added, “Lots of inexperienced investors are surging into the market, and it’s causing a bit of a bubble.”

Jörg von Minckwitz, Bitwala’s CEO pointed out that ethereum has got additional development due to the rise of ICO.

Mashable says, “Many crypto projects raise money from the Ethereum community to develop their projects and most of them use ETH to raise money. ETH set a standard, so it is way easier to start with ETH. The result is that many people buy ETH to be able to invest in the projects and many of the ICO projects hold the money afterward in ETH. That drives the price up.”

 

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Bitcoin is Surging – Goes Above $2,500!

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Bitcoin is Surging

Bitcoin’s value boosts up on Thursday, going up 13.01% at $2,576/BTC. The leading cryptocurrency continues to rise as the traders eagerly await the August 1 decision anticipating whether or not the Bitcoin hard fork will occur.

Thursday’s surge in the value of Bitcoin took the currency up by around 40%. This was the day when Bitcoin’s splitting fear tumbled to 20%.

The head of technical department strategy at Goldman Sachs – Sheba Jafari stated that digital currency needs to make new records after holding support in the area of $1,856-$1,790.

Jafari wrote, “The minimum target for an eventual Vth wave from current levels is 2,988; an extended 5th could reach ~ $3,691.”

Story & image credit: BusinessInsider

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IBM’s Affordable Blockchain ‘Starter Plan’

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The IBM Blockchain is a hot topic these days. No doubt, blockchain technology is an ingenious invention which allows digital information to be distributed without allowing to it to be copied or modified. Though it was invented by Satoshi Nakamoto in its initial form but uptill now it has evolved itself into a digital giant. That’s why every person somehow related to the internet technology has asked the question:

IBM blockchain

What is blockchain?

In short, blockchain is the backbone of a new kind of internet technology. In its original form, blockchain was being devised specifically for the cryptocurrency, Bitcoin. It is also known as the distributed ledger technology as it maintains a flawless record of digital transactions. Due to its credibility, blockchain has also been used by the tech community in various other ways. Furthermore, IBM Blockchain technology is a much more refined form of this digital platform.

As we all know, IBM is on the top of the list as it has been working with Blockchain technology since 2015. The credit of bringing blockchain to mainstream also goes to IBM. It was in 2016, when IBM started to use Blockchain technology in their own company.

And now IBM has presented the concept of an affordable Blockchain Starter Plan especially designed for small scale businesses.

IBM’s business blockchain network

At an initial stage a beta version of Blockchain Starter Plan will be launched in order to facilitate the use of Blockchain in all sorts of businesses. For that purpose, in 2016 IBM launched a test Blockchain program in partnership with Walmart.

This starter plan will be free for the duration of its beta version. After completion of the beta version duration a 30-day free trial will be offered once the plan becomes applicable in its full form.

How will all this work?

To be precise, business blockchain network uses the so called distributed ledger technology in order to make sure a secure transfer of business assets inside that network. The beauty of this process is that these assets can be both in physical or digital form. Members of this network would use a concord mechanism instead of depending upon a bank or other such institute for the validation of their transactions. It will automatically not only improve the processing speed of transactions but will also become the first step towards transparency across the business network.

According to Marie Wieck, the general manager of IBM Blockchain, the company currently has over 250 active blockchain networks. She further stated that this new plan will suit pilot projects and will be perfect for those who want to build solutions on the IBM blockchain platform.

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Bitcoin Mining – Step by Step Explained

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Bitcoin Mining Explained Step by Step

The majority of people nowadays have a clear idea as to what is Bitcoin and how does it work. For those who haven’t heard of it before: Bitcoin is a digital, decentralized, peer to peer currency. Bitcoin mining setup is same as traditional currency. The only difference is that it is not tied to a particular country. Yes, anyone, anywhere can use Bitcoin and make transactions without any legal obligations.

Unlike the traditional currency, Bitcoin is not regulated by a third party (government, the central bank, etc.) and only exist in the form of numbers in highly secured computers.

If you want to earn cryptocurrency, you cannot do it the traditional way.

Bitcoin mining explained

The only way to generate bitcoin is a process called Bitcoin mining.

In bitcoin mining, miners from all across the world connect with each other through the internet to form groups. Each group is asked to solve some mathematical algorithm. Those who are able to solve these problems are then rewarded with 25 coins for their successful efforts.

Is It Possible to Do Mining from Home?

Yes, it is. For starters, it will seem intricate and you’d need a little guidance to familiarize with it. Once you get used to it, it’s as easy as ABC.

for beginners, there are several visual mining programs to help them get familiarized. Find one if you are having troubles in understanding the process.

What Do You Need to Start Mining?

Before you could start mining, you must have the following equipment:

  • Bitcoin wallet address. Having a wallet is necessary as it is used to store the coins and keeps track of your money
  • A mining software. There are numerous mining programs out there. But if coding is not one of your strong attributes, go for a GUI version.
  • A powerful computer to support the software
  • Electricity because your computer needs to be up and running 24/7
  • Internet connection (most of us already have it, but if you don’t, do it right now to start mining)

Learn how to setup a Bitcoin miner here.

Is Bitcoin Mining Profitable?

The work required to mine bitcoins increases and becomes harder over time. If you are using a less powerful computer, it might even take you years – let’s say, 10 to earn only one lot of 25 bitcoins.

At the time of writing, the worth of one bitcoin was $1096. Multiplying it with 25, we get $27,400 which is approximately $2,740 per year. Now if you compare the electricity bills and other costs, you will realize that the amount is pretty low.

So, the question is, how do miners make money through bitcoins?

To generate larger sums of money, the process needs to be faster and this is the main reason as to why miners work in the form groups. The more people in a group, the faster the mining.

However, if you are keen on working alone, then you will need to have enough financial power to buy thousands of low-power consuming; mining computers. This would make the process a lot faster.

Good luck with your venture!

Tags: How to setup a bitcoin miner

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Buying Bitcoins with PayPal through Paxful and Cryptonit

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Paxful and Cryponit are two of the best platforms to buy Bitcoin with PayPal. The process of buying Bitcoin with Paypal through Paxful and Cryptonit is almost similar to buying from LocalBitcoins. LocalBitcoins is a platform for purchasing/selling bitcoins with the lowest exchange rates and reliable users.

 

Buying Bitcoins with PayPal through Paxful and Cryptonit

 

The sellers have to pay a 1% commission fees to the platform that facilitates this exchange.

Like other P2P platforms, it follows a set of sales rules as well but, if you have a good user reputation, these requirements are lower.

Before you purchase anything, it’s better to make sure that the user has good reviews from other buyers.

The process of buying Paxful bitcoins is simple:

  1. Create an account
  2. Choose your amount and a payment method
  3. Select your seller- You can choose one yourself or let Paxfuldecide the best one for you.

Next, you’ll be sent to an online chat room with the seller to finalize your deal. The seller’s bitcoins are sent to Escrow and soon after you mark that the payment has been made, the bitcoins are released into your account. However, you must seal the deal within the time limit given or it is auto-canceled.

Buy Bitcoins With PayPal Through Cryptonit:

Cryptonit is another platform that enables you to buy Bitcoin with PayPal instantly. Cryptonit is a UK-based company and was founded in 2012. It is a cryptocurrency exchange that allows you to deposit money using PayPal, Visa/MasterCard, Skrill Western Union, MoneyGram, and many other options.

However, it requires a verification process in order to qualify for PayPal deposit to buy bitcoins.

The steps following the process are:

  • A copy of the government issued photo id.
  • An address verification document such as utility bill or rental agreement.
  • A photo of you holding these documents/ skype video call with someone from Cryptonit.

Verification will take around 12 hours on weekdays. After it is completed, just go to the “trade” tab, choose the suitable currency pair, and enter how much you want to buy.

Buying Bitcoins with PayPal through Paxful and Cryptonit

Final Word:

All in all, Cryptonit is a trustworthy option. It offers a safe environment so that you can serve your needs and minimize the risk of theft.

Please take a look at the following infographic for a better understanding.

 

 

 

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