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According to Goldman Sachs, the cryptocurrency markets will not recover from their present correction. On 5th February, Steve Strongin (Goldman Sachs head of investment research) said, the high correlation between several cryptocurrencies makes him really anxious. Some currencies that do not survive are expected to trade to zero due to the lack of intrinsic value.

Strongin is worried about the possibility that maybe one or a few of the existing cryptocurrencies could ascend from the speculative bubbles, just like the crypto equivalents of Google or Amazon. However, he said that he doesn’t think that most of the coins will ever recuperate to their all-time highs.

There have been many questions arising like, is there any cryptocurrency that’ll be like Google or Amazon? Or are they going to end up just like the other now-defunct search engines? Strongin said that this doesn’t mean that the prices of cryptocurrency cannot increase at all because they are in a speculative bubble at this time. But at the same time he said, that most of the cryptocurrencies might bounce back to their all-time highs, but some of them are never going see their current peaks ever again.

most cryptocurrencies will end up hitting zero

This clearly shows that the speculative bubble is coming to its end and rather than as a collective asset class, investors are going to start judging the cryptocurrencies from their individual merits as a lot of casual retail investors are already familiar with it. It also seems like the ICO (initial coin offering) success will suddenly come to its end.

Strongin said that the winners-take-most sight of the market is not very unique to Goldman Sachs. On Wednesday, the founder of DCG (Digital Currency Group) Barry Silbert, offered the same remarks at “Yahoo Finance All Markets Summit: Crypto” with explicably more positive stance on the entire industry.

According to Silbert, a huge majority of crypto-assets are facing a binary outcome. They are either going to become extremely valuable or they are going to become worthless. He added, this is why Grayscale Investments (a DCG portfolio company) launched its newest product, a fund related to crypto-asset investment and it holds the market cap (weighted positions) in the most major five cryptocurrencies and balances it again quarterly to imitate market movements.

Many other experts have also warned the investors on cryptocurrencies. Nouriel Roubini, who’s a well- known economist said on Tuesday, that the price of bitcoin would also crash to zero. Warren Buffett also said in a recent interview that cryptocurrencies are definitely going to have a bad ending.

 

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Crypto Market Cap Goes Over $500 Billion – Here’s A Look At The Top Coins

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As the combined market cap of cryptocurrencies has leaped above $600 billion, the price of bitcoin and Ethereum is still on the top.

Cryptocurrencies Now Worth Half a Trillion Dollars:

The cryptocurrency market has now reached $643 billion, and it seems that it will certainly reach $700 billion really quick, especially when the market cap of bitcoin has already reached $284 billion.

Bitcoin Price:

At the time of writing, bitcoin price is trading at $16,958.90 with the market cap of $284 billion. However, last week bitcoin price was $17,184 which is that the price of bitcoin can also decrease within days.

Ethereum Price:

At this time, Ethereum’s price is trading at $875 and its market cap is $83 billion. Last week, it had a market cap of $65.6 billion, which means it has significantly increased just within a week. Ethereum continues to see growing transaction volumes also, as it has increased 9% within the last 24 hours.

Ripple Headlines:

Bitcoin cash is the third largest cryptocurrency that rose by 3% within a day. But its closest competitor Ripple is growing increasingly larger as well. At present, Ripple has a market cap of $18 billion, which means that if ripple repeats this single day performance one more time, it will definitely replace bitcoin cash and will rise to third in the ranking.

At this time, litecoin price is trading at $336, which represents a single-day increase of 2%.

IOTA is on number 6th in the ranking with the price trading at $5.37 at this time, with the market cap of $14 billion.

Dash and monero are currently valued at $1,598 and $460. NEM is on number ninth in the ranking, with the price of only $1 whereas, bitcoin gold has risen about 1.93%, taking it to the number 10th in the ranking.

News credits: ccn.com

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LATEST: Why Bitcoin is Hottest 2017! * Experts | Investors | Traders | Reviews

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How To Set Up A Bitcoin Miner – A Guide For Beginners

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How To Set Up A Bitcoin Miner

Bitcoin mining is done through a hardware called bitcoin miner. The hardware can be divided into three main categories, each more expensive and powerful than other.

Here, we have explained each category and described how to set up a Bitcoin miner.

While setting up a bitcoin miner, the first thing you will need to do is to choose the hardware, and there are two main things to particularly think about: hash rate and energy consumption.

Hash Rate:

Hash rate is the number of calculations per second performed by the miner to crack the mathematical problems in Bitcoin mining setup.

They are measured in Megahashes (MH/sec), Gigahashes(GH/sec), and Terahashes (TH/sec) per second.

The higher your hash rate, the easier it is to solve a transaction block.

Energy Consumption:

Mining equipment is unfathomably powerful and chews up a gigantic amount of electricity, which, ultimately results in higher costs.

While searching for the equipment, make sure its energy consumption is in watts. You need to ensure that you don’t wind up spending the majority of your cash on electricity bills to mine coins that won’t be worth what you paid.

In case you need to work out how many hashes you are getting for each watt of electricity, divide the hash tally by the number of watts consumed.

For instance, a device with 500 GH/sec that takes 400 watts of electricity, then you’re getting 1.25 GH/sec per watt.

You can also use several online electricity price calculators to figure out the value in traditional currency.

Types of Mining Hardware:

Bitcoin Mining pc comes in three major categories, GPU/CPU, FPGA, and ASIC.

GPU/CPU:

The least powerful consuming machine to mine Bitcoin is your very own regular PC. Theoretically, you can use a regular PC for mining purpose, but its processing is so slow, there is no point in using it.

To enhance the processing power i.e. hash rate, add a graphics hardware to your PC. The hardware features graphical processing units (GPUs).

GPUs are intended for overwhelming mathematical lifting which is utilized as a part of computing all the complex polygons required in the top of the line computer games.

This ability makes them great at the SHA hashing mathematics which is essential for solving transaction blocks.

FPGA Mining:

FPGA (Field Programmable Gate Array) empowers a mining equipment producer to purchase the chips in volume, and afterward customize them for Bitcoin mining before placing them into their own particular gear.

Due to the fact that they are customized for mining, they offer enhanced performance as compared to CPUs and GPUs.

ASIC Bitcoin Miners:

Application Specific Integrated Circuit (ASIC) is where all the action takes place. ASICs are particularly manufactured perform only one task: mine bitcoins at mind-squashing speeds, with lower power consumption.

Because ASICs are designed specifically for high-speed mining, they are expensive and time-consuming to produce. However, the speeds are unbelievably fast.

The current units can reach the hash rates between 5-500 Gigahashes/sec, and the future units are promised to go even higher.

All Set? Join a Pool:

When you have Bitcoin mining set up, your next stride is to join a mining pool. Bitcoin miners put their assets and share their hashing power in these pools. Once the mining completes, the individuals from a pool get a reward which is then split among all the members, based on the number of hashes shared by an individual.

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What is a bitcoin wallet address?

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If you’re having difficulty in understanding the difference between Bitcoin wallet and Bitcoin wallet address keep reading on to clarify your doubts.

Before we dive straight into the address bit, you need to understand what exactly a Bitcoin wallet is.

What is a bitcoin wallet address

A bitcoin “wallet” is basically a vault for your bitcoins. It contains all the information on your transaction history and balance.  It allows you to store, send and receive bitcoins.

There are two main types of wallets:

Software walletIt’s to be installed on your desktop or mobile. This wallet will be completely under your control and it is your choice what kind of software wallet you’d like to install.

Web walletIt is hosted by a third party and is usually quite user-friendly, but it is your call to trust the provider to maintain high levels of security to protect your bitcoins.

What is a bitcoin wallet address?

It is simply a unique 26-35-digit combination of letters and numbers and it looks something like this, 1ExAmpLe0FaBiTco1NADr3sSV5tsGaMF6hd

Addresses can be generated at random and free of cost by any Bitcoin user. You will use this address to receive and send bitcoins from your wallet. You are able to send bitcoins to someone, by sending it to their bitcoin address. However, for each payment request or invoice, a new bitcoin address is generated.

Your Bitcoin wallet address can also be represented as a QR code. If somebody wishes to send your Bitcoin, they can scan the code using their Bitcoin wallet and send Bitcoin to your wallet:

What is a bitcoin wallet address

Bitcoin addresses are created as part of a key generation process that creates a pair of keys. They are a matched set, where one is public and the other is private. When you “sign” a bitcoin address you are running the public and private keys through an algorithm that checks whether those keys belong together. Usually signing is talked about in the context of a message. Someone sends you a signed message and you can verify that the message came from the genuine person. You can verify the message because it was signed with their private key and you match it to their public key.

When sending bitcoins, the signed message is a portion of the bitcoin transaction and you do not explicitly see the message, it is just part of the transaction. This lets you validate the ownership of the address. The transaction was signed with the owner’s private key and you check that it’s valid using their public key. Bitcoin wallets usually contain this message signing and verification functionality.

Make sure you and only you control the private keys to your bitcoins!

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Why Should You Use Bitcoin – Reasons to Use Bitcoin In 2017

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Reasons to Use Bitcoin

Bitcoin is cryptocurrency that came into circulation just a few years ago. Some critics call Bitcoin unsafe to trade form of currency due to the facts that it has no authentic value, can be used to make illegal transactions and there is no regulatory authority to keep it under control.

Despite above-mentioned concerns, the interest in bitcoin from different corporations keeps growing each day. Let’s take a look at some of the good reason as to why using Bitcoin value is a good idea.

GOOD REASONS TO USE BITCOIN:

How to use Bitcoin?

Payments Are Quick:

The transactions made through banks or wire transfer are often slow and take several days to complete. On the other hand, Bitcoin transactions are instantaneous and take seconds to a few minutes to complete.

Usually, Bitcoin transactions are categorized into two types: zero confirmation and the transaction in which the merchant needs approval.

Zero confirmation transactions complete within a few seconds. However, the transaction with merchant’s approval may take up to 10-15 minutes to complete; which is still pretty quick compared to traditional transactions.

Inexpensive:

When it comes to making quick transactions, one might say “credit/debit card transactions are also quick, so why use Bitcoin?”

The answer is that to buy bitcoins with credit/debit card charge a certain fee for using this service. On the other hand, Bitcoin transactions are quick and charges involved are extremely low.

No Chargeback Frauds:

With bitcoins, the sender cannot reclaim the coins without the consent of recipient which ultimately eliminates the chargeback fraud – a fraud which is pretty common for credit/debit card users.

What happens in this fraud is that people purchase an item and if it turns out to be defective, they get in touch with credit card agency and ask for a chargeback, which effectively reverses the transaction.

Personal Details Safety:

Credit card numbers are always at the risk of getting stolen during an online transaction. On the other hand, Bitcoin transitions are theft-proof. All that is needed to complete a transaction is to match Bitcoin key with your private key and you are good to go.

Bitcoin Is Not Inflationary:

Whenever the economy is sputtering, the government prints new currency and injects it into the economy to strengthen it. The approach results in inflation. However, such is not the case with Bitcoin. The currency is finite and designed to reach no more than 21 million coins before the year 2140.

This means the more people use this currency, the more it appreciates in value.

These are some major reasons as to why you should use bitcoins value 2017 instead of credit/debit card to trade. Some more reasons to justify the bitcoin usage are:

  • All transactions are stored in a ledger called “Blockchain”. The ledger can be accessed by anyone, keeping the transactions transparent.
  • Micropayment like 22 cents are free
  • Numerous major corporations like Reddit, Pizza Chains, Bank of England and Fed, WordPress, etc. are now accepting bitcoin payments.

In conclusion, bitcoin is extremely secure compared to traditional currency. The use of Bitcoin is increasing each day and it’s pretty safe to say that future belongs to Bitcoin – the most popular digital currency out there.

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