Is this a Bitcoin or a Gold era? This question has stirred the people’s mind. Ironically, the bitcoin vs gold,Bitcoin values fluctuate as the gold values. Let’s clear one thing here, what is Gold and why did the Bitcoin and Gold prices cross?
Gold is basically the chemical element with atomic number 79 and has a physical worth. Whereas Bitcoin is a peer-to-peer currency in digital wallets. If we discuss the history of both the commodities, we come to know that Gold was traded by civilizations from 600 BC whereas Bitcoin usage started from 2009. However, only in few years 2009 to 2017, Bitcoin exchange prices have exceeded from zero to over $2000.
Bitcoin first captured the massive attention in media when its value raised to $1242 in November 2013. The price of gold was $1250 at that time. This was the time when the competition between gold and bitcoin began. Both values are fluctuating. Basically, this is a story of supply and demand which completely depends on the public’s demand. As we read in economics, higher the demand and lower the supply. So, we can say that Gold is rare but bitcoins are rarer because both have limited source. However, the mining process for both the commodities is different: hundreds of tons’ of Gold is mined every year through hardware processes like placer mining, hard rock mining, and gold ore processing. On the other hand, Bitcoin mining is the collection of bitcoins in exchange. By using specialized hardware, they make transactions clear and secure.
This comparison between Gold and Bitcoin is just a psychological more than anything. Because gold’s market value is $7, whereas Bitcoin’s value is $20 billion. But, Price of Bitcoin exceeded, is worth more than one ounce of Gold on 2 March 2017.
In addition, this comparison between both commodities is a positive sign for users. They can enjoy the fluctuations and new changes. But Bitcoin is a digital currency, it is not a commodity whereas gold has been known as a commodity for thousands of years.
Prices or values increase per ounce is not a big deal, and not that much important. However, everyone notices one thing that from 2009, Bitcoin is continually making its new highs every now and then. The purpose of comparing Bitcoin with gold is to provide complete satisfaction to its customer. Both Bitcoin and gold have a relationship in term of their prices. That’s why fluctuation in price creates a strong impact. There are more than 100,000 merchants who use Bitcoin for trade. Same with gold, millions of merchant still trade in gold.
This article explains six easy methods of buying Bitcoin in UK. There are several options to choose from, such as buying Bitcoin using cash, card, or bank transfer. Based on your level of convenience, you can choose whichever you want.
Ways To Buy Bitcoin In UK
Method 1 – Buy Bitcoin With Credit Card In The UK:
The steps involved in buying Bitcoin with credit card in UK are:
Pick a Website: Some of the best sites to buy Bitcoin with credit card in the UK include Bittylicious, CoinCorner, and Circle. The process mostly includes some steps which are chosen service and follow their on-site instructions. A new arrival named ‘Circle’ may change this trend but they are newcomers and don’t officially support UK cards.
Enter the Amount You Want to Convert: The limits of transactions may be low at the start but they will increase after the first successful transaction or after finishing their verification procedures.
Enter the Bitcoin Wallet Address to which you want to transfer the coins.
Make the Card Payment.
Depending on restrictions and a time limit set by each site, you’ll receive your bitcoins.
Method 2 – Buy Bitcoin Using a Buying Service:
Some steps to buy Bitcoin using a buying service are:
Pick a service: The purpose of buying services is to make it easy to buy a small amount of Bitcoin. Best options in the UK include Bittylicious, SpeedyBitcoin, QuickBitcoin, CoinCorner, and CoinDuit. Some of them accept cards and some accept cash payments.
Enter the amount You want to exchange.
Enter the Bitcoin Wallet Address to which you want to transfer the coins.
You will pay them usually by Bank Transfer, and you must have the transaction reference which they provide you with.
Within 15 minutes after the payment, you’ll receive your coins.
Method 3 – Buy Bitcoin Using an Exchange:
Go to a Bitcoin Exchange as CoinCorner and CoinFloor and create an account. CoinCorner and CoinFloor allow you to pay directly in Pounds. You may also choose Bitstamp and Kraken but these Exchanges will involve a conversion of Pounds to Euros and also a SEPA transfer. Generally, this conversion results in an additional fee. This is the best option if you buy Bitcoin regularly or in bigger quantities as the Exchange rates are generally competitive. If you are just starting, you must prefer to use a different option.
Transfer money by SEPA or Bank Transfer.
Wait for your money to clear about 1 to 4 working days. This differs between Exchanges.
Transfer your money for bitcoins.
Transfer your Coins from Exchange to your Bitcoin Wallet.
Method 4 – Buy Bitcoin With ATM:
Check if there is a Bitcoin ATM nearby.
Make sure before going to the ATM that you’ve some Sterling notes because these machines don’t accept credit/debit cards.
Go to the ATM. You may also have to bring Proof of ID because some ATM machines require this.
Follow the on-screen instructions.
Method 5 – Buy Bitcoin From a Friend Who Owns Bitcoin:
Find a friend who already owns Bitcoin.
Check the exchange rate.
Decide a number of Pounds which you want to exchange.
Pay them your Pounds.
Provide them your Bitcoin Wallet address so your friends can pay you in Bitcoin.
Method 6 – Buy Bitcoin Using a Trader:
Find a Bitcoin Trader as Mycelium, BitBargain, and LocalBitcoins.
Choose a Trader with a respectable reputation score.
Send a message to Trader and ask further details about how to pay. For pay through cash agree the meeting place and time.
When the seller gets the payments, the seller issues the Bitcoin amount to Bitcoin Wallet address you provided.
These are some methods that you can use to buy Bitcoin in UK. Wishing you good luck with your purchase!
Now a day, bitcoin is at the top of the cryptocurrency’s list. Accordingly, bitcoin gained fame only in 9 years, read on to find out more about what bitcoin is worth today.
According to the first investor in Snapchat Jeremy Liew and Peter Smith co-founder of the blockchain, Bitcoin is not going to leave its strength. They estimated that the Bitcoin will hit $500,000 by the year of 2030.
All the settlements of the bitcoin move from country to country. World Bank shows the gross product data of last 15 years is 0.76%. Foreigner sends money back to their home. According to the Peter and Liew’s reviews, they found the expensive alternative in form of the Bitcoin. In that scenario, we can say that with the awareness of the bitcoin, its percentage of the settlement also increases day by day.
According to the both, bitcoin popularity increases in US, UK and in developing countries. They said, at the consuming and investment level, bitcoin liquidity, its uncertainty, easy ways of transfer making it more flexible and impressive. This is the huge possibility that bitcoin’s market outperformance will make the bitcoin a strong competitor.
Peter and Liew said that next years will the time of smartphones. Because noncash transactions will move from 15% to 30%. right now, penetration of the smartphone is 63% which may increase to 78% (63+15), or 93% (63+30). And, this is the expectation that users of the mobile will expand to 1 billion by 2020. GSMA reported that 90% users of this technology are from developing countries. In addition, this makes the easy approach to everything. Everyone has the bank in his pocket, which provide an enhancement to the bitcoin. Accordingly, 50% of the all noncash transactions could be accounted by the bitcoin.
Basic model drivers are as follow;
bitcoin price in 2017 is $2809.77
bitcoin supply by 2030 will be 20 million
2030’s value and the user of the bitcoin will up to $500,000 and 400 million. Whereas, a value is calculated by taking $10 million market cap and dividing it by 20 million bitcoins (amount of fixed supply of Bitcoin).
Market cap of Bitcoin 2030 year is calculated by multiplying the number of the bitcoin holder with its average value.
market cap of the bitcoin is $16.4 billion, means each user contain $2,515 worth of bitcoin. Accordingly, it will be increased to the $ 25,000.
Bitcoin users increase from 120,000 to 6.5 million in 2017. It could be the beginning, means growth would be 400 million in 2030.
Smith and Liew views
These above are the rough estimation for the year of 2030. Now a day, China plays and important role in bitcoin technology. which means bitcoin is nearly 100% responsible for trading in bitcoin. However, three well-reputed exchanges announce the fee of 0.2% fee on each transaction.
According to the Smith, Bitcoin is at its beginning stage. He says, “The SEC’s ruling wasn’t a surprise to us,”. In addition, he gets that sort of approval. He includes, bitcoin is too much easy to use, whether it is buying or selling process. And, also getting mature in assets sense. We will examine the development of the bitcoin.
Countries are still at the strife stage. As bitcoin didn’t get regulatory approval in the US. Whereas, in Japan, cryptocurrency is legal payment.
Is the bitcoin mining being really profitable? Some of this technology users say yes, it is profitable. Whereas, bitcoin mining is a difficult task while you are competing against Chinese miners. As the year 2016 was the best for mining described by the stakeholders. While mining of the bitcoin become difficult after a second halving event. Whereas, reward on mining of one block decline from 25 to 12.5 BTC.
You need more efficient mining hardware if you want to compete and continue with bitcoin mining process. Few of the mining hardware are given below,
Ant miner S5
This is the cheapest miner often known as the entry-level miner. Users of this device are fully satisfied with it. But the block reward is decreasing now. You are not able to generate 0.05 coins in revenues. In addition, to get full BTC, miners have to operate one year and eight months.
Ant miner S7
You have the ability to produce 0.15 bitcoin with ant miner S7 to become a leader. While, If the currency value continually growing up, it will be the very good investment. This device is better for the early adopter of the technology. Whereas, it is not enough strong to produce a large number of bitcoin.
Avalon 6 is same as s5 and s7 with little changes. While the users of this technology are fully satisfied with it. Miners mostly select s7 instead of Avalon 6 because of it is $100 more expensive than s7. This software has the capacity to earn 0.12 bitcoin per month.
Ant miner R4
This mining machine is specially designed to mine bitcoin at home as a hobby. It has the ability to compete with s7. In addition, the upside of this hardware is cooling machine. Furthermore, it is quite compared to the other bitcoin miners. You can break even with this device within a year. Whereas, it involves the risky investments. And miners become outdated after six to nine month. ROI only produce in case of currency values continually increases.
Avalon introduce the most recent mining device Avalon 7 or 721. It is quite cheap as compared to the modern mining hardware devices. In addition, with entry-level mining, miners can break even within two years.
Ant miner S9
It is basically a cream of the crop. In addition, with the capacity to mine 3 or 4 times more BTC, it is five-time expensive. This device uses electricity more efficiently because it provides the profit at a short time period.
Accordingly, this device is new in the market is the most sophisticated rig. Antminer has the capacity to mine 0.5 coin monthly in which extra expenses are not included. Whereas, with the greater hashing power Antminer S9 work efficiently.
A top maker of the Application Specific Integrated Circuit hardware (ASIC) Bitmain is easily available for the public in a market. S9 is the latest model in the market. Whereas, its chip is smaller than the others mining hardware but is more efficient in working.
Accordingly, miners will be able to break even within the year.
Upcoming mining hardware
Following are some mining hardware with efficient mining capacity.
Fast- hash one
Fast- hash one series is including silver edition, gold edition, platinum edition means three model machine is in one setup. Machines come with the same module. And has a capacity to up-grated up to six.
0.2 up to 0.85 bitcoin per day
Same as above
Same as above
Gold and platinum editions support up to six expansion cases. Whereas, silver does not support this sort of cases. These miners are available for pre-order and each extension contains 16 modules.
The price of this fast-hash one is $2499- $5999.
CoinTerra and TerraMiner IV
CoinTerra and TerraMiner IV is bitcoin mining machine. Which is drove by CoinTerra’s own in-house ASIC chips, Goldstrike I. In addition, TerraMiner with 4U power supply is built on 28nm process.
This miner contains 4 ASIC chips with the hash rate of 500 GH/s. Accordingly, CoinTerra IV has the total hash rate of 2TH/s. Furthermore, a price of $ 5999, CoinTerra translate to just over 1.1 bitcoin per day.
Hashfast sierra is an efficient performance mining machine. It is basically built into 4U mountable case with two seansonic power supplies. Sierra has the hash rate of 1.2 TH/s means 0.66 bitcoin per day. This miner does not have an on-boarder controller. So, you have to connect through a USB. This main control is everything that will run CGminer, a mining software. Hashfast sierra with a cost of $6300 is available.
Black arrow Prospero X-3
Black arrow X-3 is presented by 20 black arrow minion ASIC chips. The ASIC built on 28 nm processor and are in-house design. The 20 Minion ASIC chips in the Prospero X-3 give it a hash rate of 2TH/s, good for about 1.1 Bitcoins per day as of the time of writing. The Prospero X-3 has been designed with up to 20% under- and overclocks in mind. It also supports the lightweight Stratum mining protocol.
The Prospero X-3 is available for pre-order and is scheduled to be available at the end of February 2014.
The price of this mining hardware is $6999.
This miner is quite possibly the granddaddy of all Bitcoin mining machines. Whereas, it is basically four modular 20nm ASIC boards, designed so that the machine will continue mining even if one (or more) of the boards fails. Accordingly, it follows up from their previous miner, the Jupiter, which was built on a 28nm process.
The Neptune has a minimum hashing speed of 3TH/s, which translates to about 1.66 Bitcoins a day. This is a vast improvement on the Jupiter, which was only able to mine 0.6 Bitcoins a day. KnCMiner also mentions that they have the right to increase the speeds as it nears shipment, so the Neptune might end up being even faster once it gets into miners’ hands.
The KnCMiner Neptune is currently available for pre-order and is scheduled to begin shipping in Q1/Q2 of 2014, limited to 1200 units.
Bitcoin and other virtual currencies are assets, but calling them currency is a bit exaggeration. The digital coins do not meet the fundamental attributes needed to be classified as currency. These are the words of the Chinese Central Bank adviser, Sheng Songcheng.
The advisor made these comments in an interview with a financial magazine ‘Yicai’ this late Thursday.
The Main Story:
“Bitcoin does not have the fundamental attributes needed to be a currency as it is a string of code generated by complex algorithms… But I do not deny that virtual currencies have technical value and fall under the category of ‘assets’,” he said.
He made these comments after the Chinese Central Bank increased the scrutiny of Bitcoin exchanges in the country earlier this year. The move introduced trading fees and prompted the companies to stop margin lending.
While many governments around the world are still contemplating on how to regulate and classify Bitcoin, the Chinese authorities have already classified Bitcoin as a ‘virtual good’.
Sheng also believes that Bitcoin after being capped in 2140 would make it impossible for it to become a medium of exchange as to become a medium of exchange a currency must meet modern economic development needs which Bitcoin lacks due to it being in an exceedingly small quantity.
He concluded by saying that the fiscal authorities in China should chip away at issuing a central bank virtual currency that it could direct and run properly.