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Bitcoin Wallet

A bitcoin wallet is basically a vault for your private keys. After installation, a bitcoin address will be generated, which you can disclose to your friends in order to carry out a transaction. A Bitcoin address is generated at random and is just a sequence of numbers and letters. You can generate a new bitcoin address for each transaction. All of the confirmed transactions are added to the blockchain.

The private key is used to sign the transactions in order to prove that it has come from its rightful wallet owner. Just like a Bitcoin address, it is also a combination of alphanumerics, but this cannot be disclosed to anyone. To know more about Bitcoin wallets, go here.

 

To ensure that your bitcoin address has received the funds or just to view the previous transaction history, you can use the Blockchain explorer.

A Bitcoin Blockchain Explorer is a web tool that lets you view information about blocks, different addresses and details on when transactions have taken place.

All you need to do is paste your address into the search box, and the website will display all the transactions taken place linked with that bitcoin address.

You can even search multiple addresses at once. This will display the transaction history of each of those addresses, as well as the overall balance of bitcoins. You can separately view each transaction’s details- date and time, input, output and miner fee.

bitcoin wallet address

 

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Bitcoin Sign Guy Nets Almost $15,000 – Here’s How!

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13 July 2017, It pays to be the Bitcoin sign guy. Don’t believe? Look up the new data released by Blockchain.

Main Story:

Yesterday, Bitcoin world was humming during congressional committee by Federal Reserve chair Janet Yellen. Where the image of sign speedily gets viral in few hours, yet the attendee with his partner was eventually asked to leave by a staffer.

After his arrival, it emerged that the solitary is a friend of cryptocurrency broker who tweets under the knob CryptoEthan. He also posted a picture, soon he will recognize as Bitcoin Sign Guy. In addition, he will have the complete authority to share Bitcoin and hold the now-infamous sign as well.

Although, his gathered address is 6.32570673 BTC, with the amount under $15,000 at the existing price. whereas, it holds the transaction with 556 number according to blockchain.info. That was small in scale with a 1BTC contribution.

Later on, that photo was deleted at Bitcoin Sign Guy’s request. This viral activity drove numerous scams tries with photoshopped versions of the original picture.

Story Cerdit: Coindesk

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Mining – how to mine Litecoin

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Part 1:

How To Mine Litecoin:

Litecoin is a digital currency just like Bitcoin. However, it has different algorithms to process, known as “Scrypt.” Initially, people were used to mining litecoin with home computers. But now, a dedicating mining machine ASICs has the ability to process scrypt coins such as Litecoin, making it difficult to enter without a huge investment. if you are trying individually, then breakeven will be reached after a long time. Whereas, when you join a mining pool you get returns almost immediately.

What Are The Basics Of Cryptocurrency Mining:

Traditional money’s aim is to increase the amount of cash in exchange. digital currency such as Litecoin is produced by solving difficult algorithms. When algorithms’ blocks are ended being treated, additional currency is released into the market. Usually, miner’s reward finishes the blocks.

  • As the currency mined in a large amount, algorithms process is getting more difficult. This is an intentional step to prevent immediate mining of the currencies.
  • Mining pools were created to provide a handsome return in short time period. When a block is finished by any member of the pool, all member will get the reward equally. If you are in the individual mining process, you might get less reward.

Different Alternatives To The Mining:

24/7 electricity is required to mining process of any cryptocurrency. It’s like, you are willing to drop your investment on the enthusiastic mining machine. If you are using house computer for mining, it may supersede the value anything you mine. In addition, continuous running put a serious pressure on your hardware components.

  • Cryptocurrencies have a fundamental principle is litecoin mining is going to upsurge the difficulty level. Means, it will too much difficulty to mine at a profit unless the value of the currency gets an enhancement.
  • If you are mining litecoin to use it as a hypothetical venture or as an alternative payment. It’s better to buy them all together.

Mining Computer:

You need a computer with two graphics cards for litecoin mining known as a rig. Ideally, you will get four or five graphics cards for your setup. You can shop them online or build it on your own. In addition, you will require two basics things

  • System RAM as graphics card RAM
  • You need dedicated cooling for your mining setup to your component alive

An ASIC scrypt miner:

These enthusiastic mining machines increase the mining power. But they may be expensive for others. The good news is, these mining machines are also available in low-power models, letting you save electricity.

  • One of the best benefits of the scrypt miner is you have the power to change it mine more lucrative coin as long it is scrypt-base like Litecoin.
  • For a low power miner, you have the option to get a USB ASIC miner and connect it to Raspberry Pi.
  • Try it to shop them online

Estimate whether mining is going to be worth it?

Once you decided the equipment, conclude that what you have to do now? What are the market trends and how much mining you need to do? Power, electricity and internet bills will also include in this decided plan. If your performance is same at mining, it’s better to buy coins.

Part 2:

Get a Bitcoin wallet:

You need a wallet to store Litecoin. You can download them from the official website also for mobile devices.

Join the mining pool:

A large number of mining pools are waiting for the newbies with heavy investment. you need to join cryptocurrency mining pool and enjoy the reward. One thing you need to make sure that your wallet is connected your account. So that you can collect your wages.

A worker in a pool:

The worker is a system followed by the mining pool in which work is assigned to you and the whole effort is representing while you’re mining.

  • Mining pool automatically creates the first worker at the time of the registration.
  • If you have multiple mining rigs you need an additional worker. Otherwise, most of the miner don’t need more than one worker. Naturally, you are allocating a single worker to each mining equipment you have, which allows you to track competence.

Download mining program:

There are few mining programs are offered by the companies in the market, depending on your requirements. Few examples are, CGminer, cudaMiner, cpuminer.

Configure your mining program:

Mining programs have different configuration process. You need to check your mining connection details, stratum, port number and worker information as well. your mining pool should have complete instructions.

  • Extract CGminer such as “C:\CGminer”
  • Press “⊞Win+R” and type “cmd” to open the command prompt.
  • To scan your graphic cards type “cgminer.exe -n”
  • Use your mining pool information, start “c:\cgminer” –scrypt -o STRATUM: PORT-u WORKER -pPASSWORD”
  • Save your file as “bat” file

Part 3:

Double click:

You can easily start the mining after configuring and connecting with the mining pool. The command window will show the complete details of your mining. You will also receive the information and market trend from other miners.

  • Do not run another program while your system in working on mining. Otherwise, it will hurt your mining efficiency.

Monitor hardware system:

Make sure that your system is saved from overheating, which can destroy the whole setup.

  • If your system is running 24/7, it will provide you best result.

Profitability checking:

If your coin’s cost is equal to your lightcoin mining process’ cost than sell this equipment and recover your potential loss.

 

 

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Wise Words from Fred Wilson

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Image Credits: picoloresearch.com

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Shopping with Bitcoins 101

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Bitcoin’s volatility is said to be a nightmare for most merchants because the slightest rise or drop in price is critical.

While in the past, finding bitcoin-accepting merchants was similar to “looking for a pin in a haystack” there are now various options for people to choose from. Bitcoin payment processors like BitPay and Coinbase have assisted merchants by taking on the volatility risk in accepting bitcoins. Merchants can incorporate with a bitcoin payment processor and accept payments through these third-party services. The processor receives the bitcoins and sends the merchant their local currency at the end of the day or week. It is up to the merchants if they’d want a certain amount of they pay to be in bitcoins.

Shopping with Bitcoins

This post will show how and what you can buy using bitcoins, along with a list of stores that cover almost all categories and provide those goods and services.

Keep on reading to know what would be your next purchase!

Shopping with Bitcoin

General:

  • Overstock:

Back in 2014, Overstock was the first billion-dollar company to accept Bitcoin. It’s got everything from furniture to clothing, jewelry, and electronics. Overstock can provide bitcoiners with almost all sorts of items.    

  • Gyft:

Gyft is an electronic gift card retailer that started accepting bitcoins in 2013. Bitcoiners can buy gift cards for Amazon, Best Buy, Delta, Home Depot, Whole Foods, and Walmart. Also, Gyft returns 3% back on Bitcoin purchases, making it competitive with credit card reward programs.

  • Rakuten:

This multibillion-dollar company based in Japan added Bitcoin as a payment method for its US costumers in May 2015. Basically, it’s similar to Overstock, providing almost all of the everyday products.

Travel:

  • Cheap Air:

CheapAir is an online travel agency that helps find costumers reasonably priced flights and hotels. They began accepting bitcoins in November 2013 and by July 2014, had processed over $1.5 million worth of Bitcoin transactions.

  • Virgin Galactic:

Virgin Galactic is a space travel company that accepted its first bitcoin payment in 2013. Richard Benson, the company’s CEO, believes that Bitcoin exchange and space will go a long way in the future if they remain to work together.

  • Expedia:

Expedia is one of the world’s largest online travel companies which started accepting bitcoins for hotel bookings back in 2014.

Computers and Electronics:

  • NewEgg:

NewEgg is one of the world’s most popular computer hardware and software store. It accepted its first Bitcoin payment in 2014 and has offered discounts to costumers paying with bitcoins.

  • TigerDirect:

TigerDirect became everyone’s destination to buy computer hardware, printers and TV sets, when it began accepting bitcoins as payment in July 2013.

  • Dell:

Dell began accepting bitcoins, 2 years after the above-mentioned companies.

Decentralized Market Places:

Where to shop with Bitcoin?

  • OpenBazaar:

OpenBazaar is an open source project to create a decentralized network for peer to peer commerce online—using Bitcoin—that has no fees and no restrictions. Instead of buyers and sellers going through a centralized service, OpenBazaar connects them directly. There is no one in the middle, you only reveal personal information that you choose.

Food & Groceries:

  • Fold:

Fold, teaming up with its sister company Card for Coin, helps to pass on discounts from unused gift cards to bitcoin users, since many are willing to sell gift cards for cash. Card for Coin purchases gift cards at a discount and then spends them for users through Fold. Bitcoin is sent to the wallet address displayed in Fold and within seconds a scannable gift card is ready for use. Right now Fold offers a 20% discount at Starbucks and 3% discount at Target with its AirBitz integration.

 Hire Freelancers:

  • Fiverr:

Fiverr is an online marketplace that is used to buy and sell services. Freelancers offer jobs for as little as $5 and contractors are able to pay for services with bitcoins.

Luxury Items:

  • Bitpremier:

Yachts, mansions, premium domain names, sports cars, and antiques are just a few of the expensive items listed on this bitcoin marketplace.

With the increase of Bitcoin price, the hype makes more businesses view Bitcoin as legitimate and something that can help improve profits. More and more e-commerce sites are trying to become a part of the Bitcoin Community and it won’t be long when you’ll be able to purchase all your groceries and other items from any of these sites, without having to go outside.

Enjoy your shopping spree!

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Will Bitcoin Casinos Continue to Grow in Popularity?

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Online Casinos and Cryptocurrency

There was a time when the word “cryptocurrency” raised a lot of questions and doubtful expressions. But with the impressive amount of attention bitcoin and other cryptocurrencies have gained through the media, digital currencies are one thing everyone is shuffling around to get their hands on.

With more and more outlets bitcoin games accepting Bitcoin as a payment option worldwide, including online casino operators. We’re aware that casinos have become a huge business in the industry and the competition there is very fierce. Thus, casinos have opted for a different attraction like offering deposits and withdrawals via bitcoin.

Now the question is will Bitcoin casinos really get somewhere or is this just a waste of time?

A setback that we’re aware of is that there aren’t many online casinos for bitcoin gambling. Unibet, a famous online casino might eventually add Bitcoin to its list of banking options however, that will take its own time since it depends on its demand. Due to this, there are lesser possibilities of bitcoin casinos to be on the rise, although there might be a possibility in the long run.

It’s only fair if we look at the positives and really, there are many. The major reason why customers would definitely opt for online bitcoin casinos is that they ensure 100% anonymity for the player and owner. Cryptocurrencies are completely independent which means that all your personal information is kept safe and never at risk. Another plus point is that with cryptocurrencies you never have to worry about chargeback issues which is a common problem for credit cards.

Also, with normal online casinos, you usually have to wait around for 2 to 3 days for the money to be withdrawn to your bank account. But that’s not the case with bitcoin, your withdrawals are almost instant each time.

When compared to a few minor setbacks, the advantages outweigh the disadvantages. The more the people become aware of these cryptocurrencies the more the demand. It is true though, we need to give cryptocurrencies their space to become mainstream so a number of people take notice and decide to acquire it.

 

Story Credits: livebitcoinnews.com

Image Credits: bitcoingamblingsites.net

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