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How Does Bitcoin Work?

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What is Bitcoin?

Bitcoin is a digital currency and this world-wide payment system has been all over the news for several years now. Bitcoin was basically created as a reward for a process called mining and it can be exchanged for products and other currencies. Bitcoin was the first cryptocurrency but in 2009, it appeared for the first time from a developer named, Satoshi Nakamoto and all cryptocurrencies that were created after Bitcoin are called Altcoins.

Just because Bitcoin is completely digital and doesn’t really match to any of the existing fiat currency, it’s not really easy for a newcomer to understand what it is actually about. So, let’s find out how does Bitcoin work and what is it exactly about!

How does it Work?

As we already know that it is a digital currency, to understand how does Bitcoin work is going to be a little complex. Bitcoin is not a physical element like coins, the verification and value of each Bitcoin is provided by a global peer-to-peer network.

Bitcoin is conducted on a public ledger known as blockchain and because it’s transferred digitally, it automatically means that it exits only online. It has a monetary value just like gold and is also decentralized. You don’t need a bank to use it, because it’s not managed by a single person but rather a group of people called miners, who process its transactions

how does bitcoin work

Blockchain:

It’s miner’s responsibility to ensure that bitcoin transactions that are made by the users are legit and after that, all confirmed transactions are added to the blockchain.  In this way, spendable balance can be calculated and new transactions can be verified. The veracity and the sequential order of the blockchain are obligated with cryptography.

Transactions:

You must’ve been confused about what exactly transaction is. It is basically a transfer of value between Bitcoin wallets that is also included in the blockchain. Bitcoin wallet stores the information that is essential for the transaction of bitcoins. It also has a private key which keeps a secret data and is used to sign transactions. It also provides a mathematical proof that they’ve actually come from the owner’s wallet. A plus point about “signature” is that it prevents the transaction from being changed by anyone else after it’s been issued. Each transaction is broadcasted between its users and it often gets confirmed by the network within the following 10 minutes, through a process known as mining.

Mining:

Mining is a process in which records are kept through the use of computer processing power. It is a distributed consensus system that confirms the waiting transactions by adding them in the block chain. It protects the impartiality of the network, imposes a sequential disorder in the block chain and allows multiple computers to settle on the system’s state.

To get these transactions confirmed, they must have to be packed in a block that fits quite strict cryptographic rules that are going to be verified by the network. These rules also help in preventing previous blocks from being altered because by doing that, it would overturn all the subsequent blocks.

Mining can also make the equal of a competitive lottery that averts individuals from adding new blocks easily in the block chain and in this way, no individual can regulate what’s added in the block chain or swap parts of the blockchain to get back their own spends.

If you want to get involved in the top-cryptocurrency, make sure to do your research on how does bitcoin work. It can be a profitable and a thrilling investment, but just like other investments, it’s always better to look out for safety.

Image Credit : Steemit

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Bitcoin Users Buckle-up! Segregated Witness Will Activate on Bitcoin

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It’s Official!

Looks like Bitcoin’s three-year civil war is finally nearing its end now that SegWit has locked-in. However, it won’t officially lock-in until tomorrow, once the signaling period has ended. The network will transition into a “buffer week” for a few weeks where users and miners will be given the opportunity to upgrade their software. Seemingly, after August 21, SegWit will activate and miners will begin to reject blocks that do not support this change.

Segregated Witness was first proposed in December 2015, by Bitcoin developer Pieter Wuille. SegWit is expected to fit in more number of transactions in each 1MB block thus reducing the congestion on the network. This has been a conflict within the bitcoin community for quite a long time but it appears to be finally resolved.

Also, other communities like Litecoin activated SegWit last spring.

 

News credit: coindesk.com

Image credits: gadgetsnow.com

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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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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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