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What is Bitcoin Mining

The terms “Bitcoin mining” is used to describe the processing and confirmation of Bitcoin payments on the network. In Bitcoin mining, the information is distributed, validated and stored on blockchain – a digital ledger which is used to store the transactions made in cryptocurrency such as bitcoins.

The transaction process of Bitcoin is different from traditional transfers as there are no third parties – merchant accounts, issuing bank, acquiring bank – involved.

Who Can Participate In Bitcoin Mining?

Almost everyone with a regular PC can participate in Bitcoin mining. All you have to do is to run a specialized software and you are good to go. The Bitcoin mining software are compatible with all PCs and operating systems. In addition to running on regular PCs, some companies have developed specialized Bitcoin mining machines that can build blocks and process transactions in a quick and efficient manner.

Find out what our beginner’s guide has to say about how bitcoin works.

How Does Bitcoin Mining Work?

In Bitcoin mining, the participants are given mathematical problems and asked to assemble a block of outstanding transactions by solving those problems. In exchange, the miners get rewards for all of the transactions they process and receive fees for successfully validating those transactions.

In addition to those fees, the miners also receive an additional reward for each block they mine from the bitcoin blockchain.The reward was previously 25 bitcoins but it has now been decreased to 12.5 bitcoins (equivalent to $7,000) which are still pretty high.

Because the reward is so high, the completion of mining is also incredibly tough. Thousands of miners from all across the world compete to assemble the block as quickly as possible.

Here’s a fun fact for you: “The total power of competing for Bitcoin computers is 1000 times higher than the top 500 supercomputers in the world.

Is Bitcoin Mining Harmful for PCs?

A few years back, Bitcoin mining was not so mainstream and no dedicated hardware was built to support it. Moreover, the miners of past used to overuse their systems which often caused damages to PCs. However, the technology has advanced and various manufacturers are developing computers that are specifically designed to support Bitcoin mining; which has made the process safer than ever.

What Are The Benefits Of Bitcoin Mining?

There are several benefits of Bitcoin mining. The ones that top the list are:

  • Bitcoin mining is like creating money from nothing.
  • There is some cool hardware involved such as ASICs, FPGAs, and GPUs and Bitcoin mining gives you the opportunity to play around with them.
  • You compete with others which ultimately helps you create an efficient mining system
  • Bitcoin mining is considered to be less risky because the coins never devalue. in fact, the more people use this currency, the more it appreciates in worth.
  • Bitcoin mining is not a waste of time. It’s actually a hobby that pays something back.

These are some of the facts, benefits, and details of how Bitcoin mining works. The process is quite intriguing and if you are trying to make some extra cash, becoming a Bitcoin miner is never a bad option.

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5 Advantages of Digital Currency – Is This the Currency of the Future?

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Do You Want to Become Independent of Banks?

The last few years have all been about cryptocurrencies as more and more people are becoming aware of the word. In particular, terms such as Bitcoin, Ethereum, and Litecoin are more common in the digital currency department.

Here are some of the best performers in the market:

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Ripple
  • Litecoin
  • IOTA
  • NEM
  • Dash
  • NEO
  • Monero

 


How Are Cryptocurrencies Meant to Help You?

With the world becoming more and more economically dangerous, we are advancing towards different means of payment. This is where cryptocurrencies come in to play.  Below we’ve outlined a few pros and cons of accepting cryptocurrencies worldwide.

Advantages and Disadvantages of Using Cryptocurrencies

The benefits of using digital currency over fiat currency

  • Accessible by everyone: Out of 7 billion people, around 2.2 billion don’t have access to exchange systems, even while having cell phones and internet access. These individuals can easily access the cryptocurrency market, as there are so many mobile phone-based applications that allow you to transfer digital currencies.
  • Fraud: Digital currencies cannot be faked as real money is, and they can’t be reversed either as in credit card charge-backs.
  • Low Fees: Cryptocurrency exchanges ask for transaction fees which are quite low compared to other transaction charges, this is in return given to the miners as a reward for mining a block.
  • Identity Theft: There is no such issue with cryptocurrencies as identity theft since you are not revealing any personal information. It is a simple process, involving a public and private key.
  • No Third Party: Cryptocurrency transactions do not revolve around any central authority, it is completely independent. You are in control of your money.

In the end, technology is already here, it’s just a matter of acceptance. You must be able to weigh out the good and bad and decide what is the better choice for you. Cryptocurrencies are becoming an easier option of payment for many users since they’re fast as well as secure. If the above advantages are convincing and you’re wishing to buy some bitcoins or any other cryptocurrencies, then follow the link below.

Related: How to Buy Bitcoins?

 

Story Credits: ameerrosic.com

Image Credits: google.com

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‘Blockchain Rights’ Bill Passed By Arizona Senate

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It is obviously a good news for the Arizona blockchain dependent corporations. According to the new bill passed by the Arizona Senate recently, the corporations active within Arizona borders can now hold and share data on a blockchain law fully as it has been followed by the signing of a new act of law by the U.S. state’s governor. The bill concerning blockchain usage was first introduced by Jeff Weninger. According to amendments it will be applied to recognize data written and stored on various systems with the help of blockchain technology. As reported by a a legislation tracker, it was being signed by the Governor of state Doug Ducey on April 3.

blockchain news

The Arizona House was quiet efficient to pass that bill within eight days since it was being introduced. Though the senate followed the case roughly a month later. However it was passed by the senate as a result of unanimous voting. It was reported in a blockchain news that only four of the House Representatives voted against the bill or abstained it.

Why was the bill passed?

There were several reasons for that bill, however the main reason being in terms of legal documentations. Need for such a bill was felt more than ever after signatures recorded on a blockchain and smart contracts were considered as legal documentations. It was also mentioned in the bill that the law accepts these signatures as legal electronic signatures. Now it will be possible for concerned individuals to sign digital records or smart contracts on a blockchain with full authority. It has been assumed that this new amendment new legislation will also play an important role in arousing interest in blockchain applications across other parts of the United States of America.

Background of the bill

However Arizona is not the first state of America to pass such a bill. Lawmakers in Delaware have gone through similar legislative bills and law measures in 2017. Thus Delaware has the honour to be the first U.S. state which provided a legal basis for trading blockchain based stocks. Also, it was being reported by the most famous crypto discussion platform CoinDesk last year that four such bills were introduced by a lawmaker in New York. The aim of these bills was to evaluate blockchain applications for various types of storage purposes.

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10 Things to Know about Bitcoin

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Anonymous- is it?

Unlike the myth and fallacy surrounding the concept, bitcoin is not really anonymous. Yes, you heard it right! Hackers and these cyber criminals can get into almost anything. Just not them, the government too. They can trace down almost anything that comes up on the internet cloud.

The data nodes collected on Bitcoin network can help determine the location where the data originated from.

Countries regarding Bitcoin

Due to its uninfluential and independent nature, a lot of government bodies are not in favor of this digital money. It is mainly because it is not in their control. They also see it as a threat to their monetary value. Countries like Japan and Australia see Bitcoin as any other currency. While countries that have unsteady monetary values like Jordan and Lebanon have official statement discouraging the use of the Bitcoin.

Limited Coins

The founder of the Bitcoin-only made a fixed amount of these Coins. There are exactly 21 million mines that are available. But they are not all circulated yet. Only 16 million are mined up till now and these are being circulated around. More and more coins are being mined every day by the miners though.

Monopoly, but not Only

Being the pioneer and the head start of the idea, Bitcoin enjoys more media coverage and attention than most of the other cryptocurrencies. But there are more cryptocurrencies actively operating too. Ether, DentaCoin, and Litecoin Cash are also taking place and recognition in the crypto market.

Bitcoin- more popular than you might know

‘The New Gold’ – That’s what the world sees Bitcoin today. The immense popularity and power this decentralized currency is emerging with have enforced governments to put their heads in the Bitcoin world. Superpowers like China and Japan have entered this Armageddon and are supporting and helping the mining of these coins.

Bitcoin By?

Satoshi Nakamoto, a pseudonym behind the whole idea was thought to be a Japanese. There are a number of theories surrounding the emergence of these coins, but there is not a final concluded verdict supporting the impression.

A lot of theories are evolving the name of NSA in the matter but none are openly talking about it. A higher speculation claims that an American computer scientist and cryptographer, Nick Szabo is the real inventor. The claims have been thoroughly denied.

It’s not just used on the black market

Its seen as a common practice that the criminals tend to use a new tech quicker and adapt it more often than the normal citizens. The greatest attraction for these black marketeers was that it had anonymity linked to it no matter where the transaction goes.

But these transactions are not only limited to such users only. Companies like Dell, Microsoft, REEDS Jewelers and Expedia, all accept Bitcoins as means of transaction.

The FBI- largest Bitcoin wallets

FBI accomplished to shut down a major black-market site a few years back. ‘Silk Road’ was one of the largest site operating a great deal of illegal and unlawful activities. The transactions on that site were carried by using Bitcoins. All the coins being circulated were indirectly acquired by the FBI.

FBI now holds around 1.5% of the total coins being circulated in the world. Considering the ownership of a limited number of people in the affair, it surely is quite a lot of share.

Bitcoin- where on your taxes?

The emergence of Bitcoins and other cryptocurrencies has already put governments and financial security agencies at the higher stake. According to Internal Revenue Services (IRS), the U.S government has started to acknowledge these coins as currencies. The IRS categorizes it as current assets like bonds and stocks. So, according to the statement, tax regulations apply to these, as to the other current assets. A tax payable due!

the most expensive pizza

the worlds most expensive pizza was purchased by Laszlo Hanyecz. But how expensive was it? It was more than $198 million! Yes, it was! How did it even happen? So, here is how:

the first legal purchase was done by this person, Laszlo Hanyecz, from Papa Jones. He was a computer programmer and coin holder. He ordered a pizza and decided to pay in Bitcoins. He paid 10,000 Bitcoins which were equivalent to $40 at that time. But today, it cost him in millions! Pretty expensive pizza, right?

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Top 10 Interesting Bitcoin Facts That You May Not Know

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Almost everyone knows that Bitcoin is the most valuable cryptocurrency out there. And those who newly discover Bitcoin often seem to be falling in love with it without even having much of a knowledge about it. What’s more interesting is that even the most experienced Bitcoin users lack the most basic and interesting information about Bitcoin.

This article contains top 10 bitcoin facts for crypto users. Let’s get started with our first interesting Bitcoin fact which is: Bitcoin Pizza day!

1. Bitcoin Pizza Day:

22nd May 2017 was celebrated as the Bitcoin pizza day in honor of the first tangible Bitcoin transaction. On this day in 2010 – when Bitcoin was less one year old, a programmer named Laszlo Hanyecz bought two Papa John’s worth 10,000 bitcoins. The value of those coins in today’s market? Over 17 million dollars!

2. The Creator Of Bitcoin Is Still Unknown:

Although the creator of Bitcoin is known as Satoshi Nakamoto, it’s just a mythical name and nobody really knows about the real person behind it. To this day, Satoshi Nakamoto is still the biggest mystery in Bitcoin world. No one knows who he/she is and whether he/she/it is even alive.

3. Bitcoin Will Never Go Beyond 21 Million BTC:

The supply of Bitcoin is fixed, and this the major part which makes Bitcoin so volatile and takes its value so high. The fact that there are going to be only 21 million bitcoins keeps pushing bitcoin value up and down. It’s a typical supply and demand scenario: demand goes up, supply comes down and thus the value per BTC ends up hitting skies. Similarly, when demand goes down, supply goes up and the price comes back to normal; a perfect scenario to invest in Bitcoin.

4. Bitcoins Don’t Physically Exist:

Bitcoins don’t really look like this. In fact, they don’t look like anything tangible. The Bitcoin images we see all over the internet are just a depiction of what the currency would look like if it had a physical existence. Bitcoin just lies around in our wallets/computers in the form of code. It’s basically just some numbers which show up on our devices’ screens while checking the balance or making a Bitcoin transaction.

Related: Add more to your BTC pile by buying bitcoins

5. Bitcoin Is A Bit Useless:

Wait, what?!! Calling Bitcoin useless? I must have lost my mind! But you’ve read it right – Bitcoin is a bit useless. At the moment, the transactions fees are paid per byte, which means the small transactions may end up costing more fees than the value of transaction itself. This completely takes making microtransactions – formerly the most exciting thing about Bitcoin – out of the equation.

6. Bitcoin Has Several Types Of Wallets:

Online wallets, hardware wallets, and paper wallets are the most common forms of Bitcoin wallets. Offline wallets (hardware, paper) provide the maximum security as they’re immune to hacking attacks/other online vulnerabilities. However, for transactions purposes, online wallets are more suitable.

7. You Can Send Bitcoin Transactions Using Emojis:

 

A Bitcoin transaction is basically an instruction to the network. It doesn’t contain any sensitive piece of information and does not need to be transmitted over secure networks. This means that you can send a Bitcoin transaction via email, SMS, or if for some reason it needs to be concealed, you could even use a series of emojis to encode it.

 

8. Number Of Smartphone Users Have Surpassed The Number Bank Account Holders:

The number of smartphone users has recently surpassed the number of bank account holders. A recent study shows that over 2 billion people are unbanked, thus excluding them from playing any part in the global economy. Countries like Ghana have already started embracing Bitcoin as primary means of the transaction with each other and trading with other countries. This initiative is probably the biggest step towards Bitcoin overtaking fiat.

9. Mining May Once Again Be Feasible To Common Man:

Initially, it was possible to mine Bitcoin on regular laptops and PCs. As things progressed, advanced hardware took over and now mining is only feasible through ASIC (Application Specific Integrated Circuits) hardware. Consequently, the entire process of Bitcoin mining has become a profitability race and only big corporations are able to mine new coins. However, the race is reaching some limits, and it’s expected that with the fall of ASIC prices, Bitcoin mining would once again be heating our homes.

10. Bitcoin Blockchain Is One Of Many:

The last one on our list of bitcoin facts. Each cryptocurrency has its own blockchain and so does Bitcoin. The Bitcoin blockchain is a public ledger and anyone with an internet access can view or download it. However, the file is currently over 120 GB, so you will need a fast, smooth internet. The blockchain can also be viewed online via a browser such as blockchain.info to observe the transactions taking place on the ledger. This makes the entire transaction process as transparent as possible.

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How to Purchase Bitcoin Online

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You can purchase bitcoins from either exchange or other individuals through marketplaces.

You can pay for them in various ways, going from cash to credit and debit cards to wire exchanges, or even with different cryptographic forms of money, depending on the person you are buying them from and the where you live.

How To Buy Bitcoin Online?

The fastest and easiest way to buy bitcoin online is buying it through credit or debit card. SpectroCoin is one of the renowned names that provide this feature. Through SpectroCoin, you can buy worth of $50 bitcoins jut within 10 minutes. And as you proved to be a reliable customer, the limit is raised to $200 and then $500 within a few days.

How To Buy Large Amounts Of Bitcoin?

Follow these steps to purchase bitcoins online in large amounts:

  • Find a reliable Bitcoin exchange such as Kraken or SpectroCoin
  • Buy bitcoin by paying in local currency
  • Transfer the coins to your wallet
  • Get a bitcoin debit card for easy spending

Learning how to utilize Bitcoin is much the same as adapting any other innovation. This will require you to get comfortable with how things work.

We profoundly prescribe you learn how to transfer bitcoins to a cold storage wallet.

Also, the Bitcoin cost can vary all over the world so make sure you do your examination to ensure you are getting a fair deal.

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