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Digital currencies such as Bitcoin, Ripple, and Ethereum have been soaring pretty high over the past few months. According to the latest estimates:
- Bitcoin currently stands at $2588 per BTC
- Ripple has hit the market cap of $10 billion
- Ethereum has reached a total market cap of around $20 billion.
This incredible growth in value is the outcome of efforts put in by two countries – China and Japan.
China has been leading the Bitcoin market for the last couple of years. The Chinese mining pools are in charge of 60% of the Bitcoin network’s hash rate. Also, with a cheap electricity and access to proper hardware, China provides the ideal ground for digital mining.
However, in February 2017, three of China’s biggest Bitcoin exchanges suspended all withdrawals due to increased concerns over money laundering and capital flight. BTC China, Huobi, and OKCoin declared in separate statements that they will lift the suspension after the proper implementation of new guidelines set by the Central Bank.
Luckily, during June, there was an announcement that the self-imposed halt on withdrawals by Bitcoin exchanges was no more in place. The news took China by storm. The citizens responded with complete enthusiasm, assuring that they have complete confidence in digital currencies.
While China was on a halt in the beginning of the year, Japan took Bitcoin to an entirely new level. Towards the start, Japan barely took up 1% of the total Bitcoin market in trading volume. However, that soon changed as Japan now holds at least 6% of trading volume at the moment.
Moreover, Japan has entirely eliminated the tax on Bitcoin and other cryptocurrencies, a move which will ultimately increase the trading activities within the Japanese exchange market. The main aim behind this move was to ensure that all transactions take place without having to deal with any external factors such as taxes. Now, Bitcoin traders and businesses can run smoothly and easily access cryptocurrencies in the country.
Furthermore, Large institutions in Japan have now begun to accept Bitcoin as a payment option. Japan’s largest exchange, bitFlyer, now has the backing of all of Japan’s megabanks: MUFJ, Mizuho, and SMBC. In addition, Bic Camera, a very popular retailer, has paired with bitFlyer to accept Bitcoin at all of its locations. As the acceptance of digital currencies by influential retailers increases, the Japanese have begun to trust digital currencies for daily transactions.
Both the Chinese and Japanese, are responsible for boosting Bitcoin’s value to new heights.
Acceptance by The Government:
The Japanese Government is determined to provide their business community with a proper secure environment, where they are able to easily access cryptocurrencies and conduct trading activities. They’ve already assured that all their retail stores are well-equipped with the right security systems to prevent money laundering and fraudulent transactions from happening.
Ultimately, both governments are driving the cryptocurrency’s growth off the charts, with China in plans of designing and launching its own currency and Japan legally classifying Bitcoin a form of payment.
Before following the provided mining steps, here are some important information you should keep in mind before mining:
- Mining process takes a lot of electricity and you should concern about this.
- For the process, you should have an Ethereum mining calculator.
- There must be a portion of free space on the hard drive of your computer. About 30 GB will be enough for the blockchain and other software.
The Ethereum Mining Procedure:
You will have to download Geth. Geth will help you as a communication hub, connecting you to the Ethereum platform even coordinating your hardware and reporting any development which requires action on your part.
Usually, Geth received as a zip file. You have to unzip and transfer the file to HDD. The drive C: is usually best for this.
For the execution of the installed application, you need the command prompt. Search for ‘CMD’ in Windows if you’re if you don’t know about this, from the search list click on it.
‘C:\Users\Username>’ the username is the name of your computer system and it is the usual display format by command terminal. The next step is to locate Geth, type in ‘cd/’ in the command prompt terminal, it’s an instruction for change directory. ‘C:\>’ must be highlighted now, which shows you’re currently in the C: drive.
The next step is “Account Creation”. To make a call to Geth, you have to type in ‘Geth Account New’ which followed by the enter key. The command terminal will now display ‘C:\> Geth account new’.
A password will be required from you at this stage. Some extra attention should be taken here. Make sure to your password, if possible write it down, and don’t forget to type it in carefully. Press enter button once again after putting the password. Your new have generated.
Geth needs to connect with the network before anything turn into fully operational. Just type ‘Geth -RPC’ in the terminal, then press enter, this will start the download the blockchain of Ethereum and synchronizing with the global network. It is a time intensive process and it’s dependent on how large blockchain is currently and your internet connection’s speed. You have to wait to make sure the completion of this process before mining.
You need a mining software to proceed, which will help your GPU in running the required hash algorithm on the platform. For this heavy lifting “Ethminer” is a good choice.
Install a mining software of your choice for this mining procedure.
Repeat 4th step in a new command (change directory command) terminal. For a new command terminal, make a right click on the icon of previously active terminal found in the taskbar and at that time click on the terminal from the menu.
Type ‘cd prog’ in the new terminal window followed by the tab key. ‘C:\>cd prog’ will be on display, press tab key again to display ‘C:/>cd” Program Files” ‘after this press the enter key to show ‘C:\Program Files>’.
Type ‘cd cpp’ to go into Ethereum mining software folder, then the tabs and the enter keys. You have to press tab once again and the terminal will now display ‘C:\Program Files\cpp-ethereum>’.
Start mining with GPU, type ‘ethminer -G’ followed by the enter key. This will start the mining process after creating the Directed Acyclic Graph (DAG), which is a huge file stored in RAM of your GPU to make it ASIC resistant. Make sure that there is enough space on your HDD before getting to this point.
Lastly, if you are going for it, CPU mining can be done. You have to type ‘ETHMINER’ then press the enter key to start the process. The creation of the DAG is still compulsory in this step after that Geth takes over communication with Ethminer.
Bitcoin is the first ever cryptocurrency and is famous for its rapid value highs. The currency which first came in 2009 is trading at $7292.20 at the time of writing, which means an investment of $100 made in 2010 would make you a multimillionaire now. Many people still have no idea how to invest in bitcoin investment. Although you have missed the first chance, it’s never too late. You’ve still got the chance.
Bitcoin has got the support of some distinguished business tycoons such as Bill Gates, Elon Musk, etc. and is being widely accepted by the business giants like Amazon, Microsoft, Overstock, and Subway as a method of payment.
Where Bitcoin has helped business by introducing an entirely new method of payment, it’s price-spikes have outrageously helped common folk turn around their life.
There are countless stories where someone invested few bucks of their savings into Bitcoin and the next thing they know, they are worth millions.
Here we are going to reveal the incredible story of a teenager – Erik Finman – who put $1,000 of his pocket money into Bitcoin and made over $100,000 within a year.
Idaho Teen Makes $100,000 From The Best Bitcoin Investment:
Erik Finman, 15, from Idaho made a well-timed investment of $1,000 in 2012 which earned him an astonishing amount of $100,000. He later found an education startup from it.
Erik took $1,000 he got as a gift from his grandma and put it in bitcoin in 2012. After holding his bitcoins for one year, he sold them for $100,000.
Finman then chose to reinvest his profit into Botangle.com, an online video tutorial service that “gives students and teachers access to an array of resources that simply don’t exist in a typical classroom setting”, as indicated by its authority website. Notably, Finman pays his employees in BTC.
He stated: “I’m more than certain that Bitcoin will become even more valuable in the upcoming years. It’s like the internet in the ‘90s.”
He proceeded by saying that he collected more bitcoins “so I can win against my brother in what was a battle of ‘who got more bitcoins’”, including that he initially found out about Bitcoin in 2010.Luckily for Finman, he sold his reserve of bitcoins when the cost floated around $1,200 per bitcoin. Though business people will be unable to imitate Finman’s success, they can learn from the individuals who have entered the business through more conventional in-roads.
List of trusted bitcoin investment sites:
UnoCoin (For Indians)
January 3 proved to be a historical day for Ripple. The crypto became the only currency after bitcoin to have a market cap of over $100 billion. At the time of writing, the valuation of Ripple is ~$121 billion.
$19 Billion Surge In 24 Hours:
Ripple’s native token, XRP, went up by more than 24 %, taking the coins value to $3. The huge value surge saw the valuation of ripple go from $95 billion to $116. As a result, Ripple further distanced itself from the third top cryptocurrency, Ethereum, and solidified its spot as the second most valuable crypto after bitcoin.
The daily trading volume of XRP is vigorously amassed in the South Korean market. Korbit and Bithumb are handling 40 percent of worldwide Ripple exchanges, representing more than $2.2 billion of Ripple’s daily trading volume.
On Bithumb, the second biggest digital money exchanging platform on the planet situated in Seoul, South Korea, Ripple stays as the most exchanged crypto, recording daily trading volume that is three times bigger than that of bitcoin.
Despite being the biggest and most liquid Ripple trade market, XRP is being exchanged with a high premium inside South Korean digital money market. On Bithumb and Korbit, Ripple is being traded at $3.5, with a 12 percent premium.
Brad Garlinghouse, the CEO at Ripple, and responsible for the advancement of the Ripple blockchain network, expressed that the “genuine use case” separates Ripple from other computerized assets.
However, as with any other digital money, Ripple met with some criticism. On January 3, P4man expressed that the vision of Ripple to develop into Swift 2.0 isn’t reasonable because for Ripple to become a Swift-like network, banks will need to pick up control over it.
“As for the moonshot of replacing Swift; most importantly, I have doubts over a worldwide agreement protocol being the correct approach. Banks presently control Swift. How likely is it they would give up control to a little startup and allow themselves to become indebted to its private currency, that they have no need for?” wrote P4man for Coindesk.
Story credit: ccn.com
Image: Google images