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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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Bitcoin Value Drops Back Down to Below $4000

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While Bitcoin had experienced a decent climb since the fork took place. It experienced a $150 drop on August 22, where it is now being traded at $3894.

Everyone has observed this rally quite extensively and some traders have started to believe that this rally might even be reaching its peak.

Organizer of the trading group Whale Club, BTC VIX, commented that he is slowly losing confidence in the rally. Since the price has dipped four times since crossing that $4000 mark, he thinks it’s a sign that the market doesn’t want to push the price higher.

On the other hand, market spectators predict that bitcoin might stabilize around the $4000 mark.  We are unaware of whether it’d rise back up or drop down lower. We do know that the next big date that’s marker on our calendars is Segwit2x in November.

 

News credits: coindesk.com

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ICO Promotion by John McAfee – How much will it cost?

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Do you know how much it cost to get a crypto influencer for your ICO promotion on social media platforms? Here’s the surprising answer!

ICO (Initial Coin Offering) operators don’t really like to disclose the amount they are spending on marketing, although promoters usually prefer to delay discussions related to prices ’til after they’ve had the chance to make a sales pitch as précised figures are hardly discussed in public. However, John McAfee (cybersecurity pioneer) has spent all his life resisting convention, and now he is operating an ICO marketing service, McAfee Crypto Team.

ico marketing service

Company’s Official Statement

According to the official site of the company, McAfee Crypto team is a full-service ICO promoter as it offers:

  • Whitepaper support
  • Web optimization
  • Marketing
  • Strategic advice

The cost for many of the services is not listed; however, clients will have to pay $105,000 to get McAfee tweet about their ICO, which will be sent to its 811,000 followers, at least few of them will be probably bots.

According to the website:

“John McAfee’s tweets are by far the most influential in the field of cryptocurrency. Few leaders in the Crypto community can come close to Mr McAfee’s reach into the heart of the cryptocurrency investor community.”

Dubious Claims by McAfee Crypto Team

Furthermore, the website makes suspicious claim that this is one of the most inexpensive ways of marketing a cryptocurrency project. The site also claims:

“Given Mr McAfee’s price of $105,000 per tweet, the cost per investor reached is the least costly of any marketing avenue in the Crypto world. Considering only his own followers, the cost per investor reached is $0.13. Considering his reach beyond his own followers, the cost per investor reached is frequently less than a penny. This is orders of magnitude less than any other approach.”

Even with the heavy price tag, the company still claims that so many projects are showing their interest that now the company has to establish a $750 registration fee to stop staff from being dazed with applications. While responding to opponents, McAfee refused to accept that he has sold out and stated:

“They say I sold out ’cause I use my tweets to promote, but the last 200 ICOs that lined up, we rejected 195 and chose 5.”

He added, he promotes only those projects that he believes in as he tweeted:

“I only promote what I believe.”

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Who Are The Top 5 Bitcoin Millionaires?

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Who Are The Top 5 Bitcoin Millionaires

Bitcoin is the king of cryptocurrency and one of the most valuable entities in the financial world. The currency is truly taking a place among economies worldwide. This has led everyone wanting to know about the tycoons of the industry.

By tycoons, we mean the people that have reached the millionaire club in the bitcoin world. They did not do it overnight, it took them years of planning, investment, trading, purchasing, and mining the cryptocurrency.

The actual number of bitcoin millionaires is unknown. This is because the crypto is stored in virtual wallets. While these wallets and the amount contained within is public knowledge, the people who own them are protected. Besides, a single bitcoin user can own multiple wallets, so it is impossible to determine the actual number of users of Bitcoin.

List of Top Bitcoin Millionaires:

Here are the top 5 Bitcoin Millionaires.

Jared Kenna:

Who Are The Top Bitcoin Millionaires

The first ever purchase of Jared Kenna was a batch of $0.20 apiece. He later sold them for $258 apiece. Smart move! In 2010, he also lost $200k in Bitcoin but that did not stand in the way of him to continue his Bitcoin adventure. Jared Kenna is considered to be the richest but he refuses to disclose his real worth.

Winklevoss Twins:

Who Are The Top Bitcoin Millionaires

The Winklevoss twins, who are also Facebook litigants joined the Bitcoin millionaire club long before the crypto was popular. According to the New York times, the twins have racked up around 11 million from their investments and are one of the top Bitcoin investors out there.

Charlie Shrem:

Who Are The Top Bitcoin Millionaires

Charlie Shrem came across Bitcoin in 2011. His first purchase was a batch that cost $3-4 apiece. He later went on to buy a thousand more when they hit $20 apiece. Charlie Shrem also owns a company ‘BitInstant’ that allows people to buy Bitcoin in a physical store.

Roger Ver:

Who Are The Top Bitcoin Millionaires

Ver started investing in bitcoin in 2011. His first ever investment was in Charlie Shrem’s BitInstant. The investment enabled the company to hire their first programmer and a designer. The other significant investments of Roger Ver are:

  • Ripple
  • info
  • Kraken

Yifu Guo:

Who Are The Top Bitcoin Millionaires

Yifu Guo made his first bitcoin investment when he was a student at the New York University. Then he went on to form Avalon – a company which is responsible for building necessary gear required for bitcoin mining. Guo’s goal is to raise awareness among the common folk about bitcoin and ensure network availability over the long period of time.

Final Word:

These are some top millionaires of Bitcoin world. There are more, but mentioning them all is out of bounds. This is because some choose not to disclose their identity while the others – their assets. So, it’s extremely hard to compile a full fledge list.

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Bitcoin Cash Down By 42% In Single Day – Will It Recover?

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Out of 10 biggest cryptos, Bitcoin Cash took the biggest hit on Friday as its value dropped by ~42% in one day.

Over the previous week, the South Korean crypto market‘s Bitcoin Cash frenzy and the reconciliation of BCH on the CoinBase and its digital currency exchange GDAX prompted a meteoric boost in the value of Bitcoin Cash.

Within seven days, the cost of Bitcoin Cash surged from $1,760 to $4,300, increasing by more than 144 percent.

As allegations against Coinbase’s potential insider exchanging of Bitcoin Cash rose, the cost of Bitcoin Cash encountered a minor revision, from $3,500 to $3,300. Still, a couple of hours later, the cost of Bitcoin Cash crested at $4,300, because of the rising interest for the crypto in South Korea.

For a concise timeframe, CoinBase and GDAX suspended Bitcoin Cash exchanging given its unforeseen unpredictability and suspicious value development of BCH before the coordination of Bitcoin Cash by CoinBase and GDAX. CoinBase CEO Brian Armstrong composed:

“I take the confidentiality of non-public data very seriously as CEO. Given the cost increment in the hours driving up the announcement, we will lead an investigation regarding this issue. If we discover confirmation of any worker or contractual worker damaging our arrangements — directly or indirectly — I won’t falter to fire the person quickly and make a legal move.”

So, Is BCH Going To Recover?

The latest slump in the cost of BCH isn’t just specific to BCH. Each and every digital currency in the market, from the biggest to top 100 have fallen in value. Bitcoin, Ethereum, Litecoin, Ripple, Monero, and IOTA have recorded more than 30 percent slump in cost in the course of recent hours.

Thus, the cost of Bitcoin Cash will probably recoup if the crypto market can recuperate quickly. Throughout 2017, the whole digital money market had not encountered a hit of this size in which each cryptocurrency in the market was influenced.

However, experts have noticed that the current cost adjustment of crypto money was essential, given the exponential increment in value and market valuation of cryptographic money since January 1.

Story Credit: ccn.com

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Bitcoin in Business – What Role Bitcoin May Play in B2B Community

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What Role Bitcoin May Play in B2B Community

Since the introduction in 2009, Bitcoin has been on an incredible rise. The value is always going up, and so is the speculation about BTC’s future.

At the time of writing, Bitcoin had already gone past the $2500 mark – and the trend is still expected to continue. Incredible! Isn’t it?

Considering bitcoin’s popularity, it is clear as rain that this currency is surely going to play a huge role in the B2B (Business to Business) community in future. However, the question is; what role will it play and how will bitcoin affect the B2B community worldwide?

Anyone with the slightest of the knowledge of business community would know that the volume of B2B transactions is way too higher than the volume of P2P (Person to Person) transactions.

Moreover, bitcoin in business has all the potential and tech to replace traditional payment systems – wire transfer being the most common one. In terms of speed, wire transfer is quite slow. The transfer between two countries may take up to a week; which, in business terms, is a waste.

Another traditional payment method used in the business community is ACH (Automated Clearing House). The method is cheaper but slower than the wire transfer, so it needs replacing too.

On the other hand, the client, as well as the merchant prefer instant Bitcoin payments and is a perfect fit for it. The crypto can be used to send/receive payments within a short period of time which may range from one to a couple of hours.

After reading all that, one might wonder: “if Bitcoin is instant and convenient, what’s stopping it from breaking into the Bitcoin B2B community?” It’s the acceptability and lack of usage. Bitcoin payments can only work if both parties are willing to use it – and considering the risks associated with this currency, not many are ready to accept bitcoin as a payment method.

However, if the business community decides to go with bitcoin, here are some benefits that they can enjoy:

Speed:

Compared to conventional payment methods, Bitcoin is super-fast. The ability to complete international transactions within a few seconds/minutes can solve the speed issues.

Cost:

Low transaction cost is another advantage of Bitcoin. Where other methods cost up to 10-40 USD, transactions through Bitcoin only cost a few cents.

Ubiquity:

The majority of the adult population relies on services like Money Gram or the Western Union for money transfer. Services like these follow a set of rules and restrictions imposed by the government; which greatly affects one’s ability to do business.

However, Bitcoin can solve the issue as it is regulated by a third party to impose restrictions on users. It ultimately provides users with more freedom and makes the transfer process simple. Anyone with a regular PC and access to the internet connection can transfer the coins to whichever part of the world they want.

These are some of the pros that Bitcoin brings with it for the business community. However, all is not that simple. Bitcoin adoption in B2B community can also bring about some harms with it – security and price volatility being the most common ones in Bitcoin community.

Security:

One of the biggest issues with Bitcoin is that the security is the responsibility of the individual making payments. For example, if someone is sending a certain number of bitcoins to someone else, the first thing they will need to make sure is to send it to the right address. A slight mistake and the coins are gone forever.

Another issue is that your computer at which bitcoins are stored must not have any spyware and other suspicious programs installed on it. It compromises the security of the bitcoins.

Volatility:

Another issue with Bitcoin is high volatility. The value of Bitcoin changes in a matter of minutes. With such instability, it’s almost impossible for the business community to adopt Bitcoin payments.

Conclusion:

Although Bitcoin is the most popular form of cryptocurrency and allows instant transfers, there some issues with it – stopping it from a wider adoption. Once these issues are dealt with, there is no doubt that bitcoin will rule the business world.

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