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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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Japan and Russia Raise Bitcoin to new heights

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2017 has been a good year for Bitcoin so far, with its price stabilizing above the $1000 mark and reaching to its recent mark $1263.00. Russia and Japan are the ones behind the high rise of Bitcoin this year.

Since the beginning of April, the price of Bitcoin rallied from $1070 to peak at this month’s high of $1227.00 on April 11. At the time of writing, bitcoin is trading at around $1283.81 according to https://blockchain.info/markets. The market value of Bitcoin has increased from around $17.5 billion on April 1 to surpass $19.5 billion on April 20, according to https://coinmarketcap.com/currencies/bitcoin/#charts

Japan gives Bitcoin price boost

Bitcoin became officially recognized by Japan on April 1, which obviously gave Bitcoin an immediate boost. Citizens can now use the currency to make purchases. Also, it is exempted from sales tax.

Moreover, following the legalization of Bitcoin, retail giants Bic Camera and Recruit Lifestyle have both made an announcement stating that they will be holding trial payments in order to increase the usage of bitcoins for consumer purchases. Recruit Lifestyle uses the app AirREGI which enables merchants to carry out bitcoin payments. Also, there’s a possibility that over a million Japanese retailers may soon accept Bitcoin payments by the end of 2017.

Japan’s acceptance of Bitcoin has been very helpful since it gave a boost to both local and global demand.

Russia is Changing Its Stance Toward Bitcoin

The Bank of Russia banned the use of digital currencies in 2014 fearing that it would weaken the Russian ruble, which seemed to be struggling at that time.

This ban was the reason behind several bitcoin websites and businesses being shut down. It lead to many lawmakers speaking out against Bitcoin, suggesting that “they cannot be used by individuals or legal entities.”

However, at the end of 2016, The Russian Federal Tax service issued a letter in October stating that under Russian law digital currencies are not illegal and that there are no prohibitions for companies and citizens when it comes to dealing with them. But, this letter still gave no clear indication of how digital currencies will be under regulation in Russia.

Last week, however, Russia’s Deputy Finance Minister Alexey Moiseev said in an interview that The Russian Central Bank and the government are working on an agreement that could see digital currencies such as bitcoin become recognized as a legal payment method as soon as 2018 arrives.

Russia’s change in attitude toward bitcoin has helped shoot up the currency’s price and will likely increase its demand. This could possibly push the price of bitcoin to new heights in the future.

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Bitcoin is sliding

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10 July 2017. Bitcoin is continually hitting new heights, now its standing at $2500 per coin.  The digital currency trades down 3.7% at $2510. And, is intimidating its lowest close since June 2017. Its contending, ethereum is also under pressure.

Bitcoin’s price is stuck between $2400 and $2500 since last Monday. This was the day when the head of the Goldman Sachs warned about the sliding price of the bitcoin as low as $1857 before rushing as high as $3915.

Back in early June, Mark Cuban declare Bitcoin as a “bubble”. He tweeted, “I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble.”

Last week, Jeffrey Kleintop also suggested that “Bitcoin was in a bubble unlike any we had ever seen before.”

 

News and picture credit: business insider.com

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Why Is North Korea So Interested in Bitcoin?

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Bitcoin Interest North Korea:

It was observed in 2016, certain actors that seemed to be North Korean were conducting cyber-crime. Their target being banks and global financial institutions. Although, looking at bitcoin investment North Korea, the country’s reputation as a nation that is entirely cut off from the global economy and also a nation that has a government unit dedicated to carrying out illegal economic tasks. This act was possibly carried out to fund the Pyongyang’s elite especially, with them having complete control of their military forces.

A second wave has already begun as these state-sponsored actors are now seeking to steal bitcoins and other digital currencies. It began in May 2017, three South Korean cryptocurrency exchanges were targeted with the intention of stealing resources. According to observations made previously, these actors mostly target personal accounts of employees at these cryptocurrency exchanges using phishing scams. In particular, the attacks used malware called PEACHPIT.

Buy Bitcoin Online North Korea – Activities Conducted by North Korea Against South Korean Cryptocurrency Exchanges in 2017

 

  • April 22 – A South Korean digital currency exchange, Yapizon, had four wallets stolen.
  • April 26 – The US announces an increased economic sanctions strategy against North Korea. These international sanctions could be the reason behind North Korea’s interest in cryptocurrency.
  • Early May – First spearphishing attempt against South Korea is taken.
  • Late May ­– Second South Korean exchange is targeted.
  • Early June – Increased North Korean activity took place with cryptocurrency service providers in South Korea targeted.
  • Early July – Third South Korean digital currency exchange targeted.

 

The Advantage of Targeting Cryptocurrencies:

If they keep this up and plan to take on an exchange itself, they could be able to control online wallets and much more. From moving cryptocurrencies out of online wallets to sending cryptocurrencies to other wallets and even swapping cryptocurrencies for other ones. Since the digital currency realm is still pretty new, several exchanges might have less secure anti-money laundering security measures which make these exchanges a hot-spot for such attacks.

Conclusion:

As the adaptation of bitcoin and cryptocurrencies have increased within the past few years, various nation states have begun to take notice. While many countries are beginning to open new digital currency exchanges or launch their own cryptocurrency, there are some that use it for criminal activities as well. Currently, North Korea is winning over their cyber spying skills but this isn’t long-term either with the advancing cyber powers.

 

Story Credits: fireeye.com

Image Credits: money.cnn.com

 

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How to Earn BitCoins Fast and Easy

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Bitcoin is getting more and more popular each day. In 2011, you needed to write to a man from another country to order a pizza for you with Bitcoins, but now you can do things similar to that in various major cities. In a few countries like the Netherlands, the whole towns are Bitcoin-accommodating, (for example, Arnhem, regularly called ‘the Bitcoin city’).

This growing popularity of Bitcoin has caught attention of many people, and thus we see so many people asking how to earn bitcoin.

The best and easiest way to earn Bitcoin is through mining. There are several mining pool which one can join in order to earn their own bitcoin. Apart from that, it can also be earned through carrying out certain tasks, or accepting bitcoin payments if you own a business. In short, Bitcoin can be earned in as many ways as real money. So, next time someone asks how to earn bitcoins, you know what to tell them.

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