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How to Mine Bitcoins

Mining is one of the common ways to generate bitcoins. However, it requires an outrageous level of caution and awareness in order to mine coins. Else, you will wind up losing more cash than you actually mined.

The first and foremost thing to remember is to never use a single PC. This is because mining process requires an extensive amount of processing power and using only a single PC means you will have to wait for several months, if not years just to be able to mine a few coins.

This approach is only valuable when you utilize a PC for which you don’t need to pay the power charges. So, if you are still interested, here are some steps to help you learn how to get bitcoins.

Steps to How to start Bitcoin mining.

A Bitcoin wallet address is similar to having a PayPal account where you can store coins. The wallet can be stored online or locally on your PC.

In order to use a wallet, you will need to download “Blockchain” which is used to store all transaction records. The information is accessible to everyone which makes the process more transparent.

Step 2 – Join A Pool:

Mining through pools is a fastest way to get bitcoins. A Bitcoin mining pool consists of several computers connected through the internet. The network then breaks a fully assembled block into several smaller blocks to share the workload.

However, there is a risk involved in pools regarding payment.

Since a pool has only one owner, the coins are paid to the owner after mining is finished and there is always a danger that he will keep all the money to himself. To avoid this situation, make sure to choose a trustworthy owner.

Step 3 – Bitcoin Miner Installation on Your PC:

Step 3 involves installing bitcoin on your PC. If you are a beginner, it is suggested to install Kiv’s GUI miner.

Learn more about how to set up a Bitcoin miner here.

Step 4 – Logging In:

Once you have set up the Bitcoin miner on your PC, log into your pool account and enter your wallet address.

Step 5 – Worker Registration:

A worker is a sub-account within your primary pool account. You can have more than one workers running on each PC.

Step 6 – Start Mining:

The last step involves entering your worker credentials and Main Pool URL into Bitcoin mining software to start mining.

Good luck with your venture!

Tags: How to generate Bitcoins

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Bitcoin could reach $5 trillion

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28 June 2017, well-known investor Michael Novogratz states that 10% of his money is in bitcoin and Ether platform. His prediction about the digital currencies value is up to $5 trillion in five years. It is depending on the adoption stamina of an industry.

Now, we are at the departure position because Nasdaq got $5.4 trillion in 1999 and poured it into space. pay your taxes on your own because nobody pays such taxes in that space. This system is establishing because of the revolutionary

Spirit.

Meanwhile, companies get furious to obtain this value. For that purpose, companies need to develop their business and start working on new project which has the ability to satisfy the regulators. But, at this time bitcoin is not in the position to correct street by the black market as well as hackers.

A few days ago, digital currency took reputational collapse because of the cyber-attack.

With 140% gained during a year, Bitcoin is the prime cryptocurrency with $2547 trading value. Whereas, ether’s value is $240 this year.

Accordingly, market cap data, ether’s market cap is $28,589,831,650 while bitcoin reaches to $41,973,033,307.

Novogratz enjoying the profit gained from these digital currencies. He wants to invest more than 10% of his money in the digital platform.

Goodluck!

 

 

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What is Bitcoin Lending? A Beginner’s Guide About Bitcoin Lending

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What is Bitcoin lending?

Bitcoin lending is quite similar to the universal investing. Although, funding bitcoin loans has some features not share properly by other assets classes. In this article, we will read about principles of lending bitcoins and beginners guide to bitcoin.

Diversification:

The first and foremost cited principle of the investing is diversification. Here, mathematical details will show its effect very confidently. But we want to give you information that you can easily understand or digest. And, there is no need to study heavy statistics, you can easily apply as a lender on Bitbond.

Diversification in finance is allocating process of the finance. where the exposure will be reduced to one particle, whether it is a risk or asset. A simple way toward distribution is to decrease the percentage of the risk by investing in the verity of the assets. So, finance diversification means you are placing small bets instead of big ones. As a result of this strategy, you’ll get the decent yield. Whereas, in a case of a big bet, chances of potential return and potential loss are equal.

Bitcoin lending yield is approximately 10 p.a. in bitcoin loan’s portfolio. So, how you will diversify,

Amount per loan:

Accordingly, per loan minimum invest is 0.01 BTC, currently a small amount. This small amount is kept by us on purpose. In addition, with 1 bitcoin you have the option to build 100 loans portfolio. Here, we recommend you, not to invest too much into one loan. Two basic rules are as follows;

  • If it is a small amount loan of 0.1 BTC, don’t place more than 0.02 BTC into loan means to put 20% or less than requested loan amount.
  • If you are lending 2 bitcoins then do not put more than 0.1 BTC (2 X 5% = 0.1), means loan comprises only 5% or less of your portfolio.

Geography:

Diversify other aspects of your loan is another good feature. It is very imperturbable that bitcoin lending is listings to the country to country. As the economic environment varies from country to country. A country might be in recession period while other may a part of a dynamic economic activity. Accordingly, time gets changed and creates the impact on the economy as well. Therefore, this makes sense that loan portfolio is directly affected geographically.

Bitcoin lending is quite new in this technology era. So, that all the technology seeker countries are not listed here, listing process is in a process as well. As opportunities are growing on the daily basis, we suggested you a portfolio where a countries’ makeups are at 30% or less of entire portfolio value.

Duration:

Commonly, Loan with long duration has high default profitability mostly. Its depend on your luck because long durations are always uncertain. It may bring high-interest rate or default loss. Moreover, Bitbond has term bitcoin 6 weeks and 5 years.

If you have short term loans you need more effort to manage your portfolio. Holding different loan investment tending directly toward that your capital is not concentrated to one definite term. Your flexibility lies only in a term when your basis of long-dated loan whereas, other are shorter dating ones. If you are not ready for immediate liquidity than you need to re-invest cash again.

Rating Category:

Rating categories have the list of different risks. Higher interest tends toward higher risk. Therefore, an average return will be in the same range. You just have the option of 20% for each rating category (A to E).

Keep the concentration category below 40% in one rating category. This may consist of valued instead of loans.

Loan Terms:

Two things will happen on loan default.

  • The lender will receive the identity details and take the action by his or her own. And, Bitbond will free to sell the claim to this loan to debt collection agency.
  • Recovery amount will be higher because debit agencies will collect the amount instead of individuals.

Small amount loans are difficult to collect. But the one thing is most important, a small amount is not small in front of the world. Purchasing power varies from country to country. In addition, loan of 0.8 BTC may be small in Switzerland whereas, may have worth in Chile.

We mention here to invest in loan up to 0.1 BTC or more in established world. Whereas, in emerging markets, this amount is up to 0.5 BTC or more. You are free to check the details of the borrower from a country flag.

Meanwhile, diversification principle is to make small invest loans.

Purpose of The Loan

You need to check the description and notice what the borrower needs the bitcoin for. Each borrower has the option to write 1000 characters. Grammar, spelling might not be perfect always but the main thing is the purpose of borrowing bitcoins. Be thoughtful, if there are just a couple of words and borrower do not mention the main reason or purpose.

Affordability:

Bitcoin lending is new in the technology market and a number of things are still in working. If you follow the bitcoin lending principle properly, asset class will deliver the return of 10% p.a.

But we recommend you to invest bitcoin you can afford to lose. Furthermore, With the passage of time, you’ll come to know, how to invest and you can plan your strategy easily. Because this technology system is unpredictable.

Loan Portfolio:

Keep check of your results on daily basis. In addition, collect the pattern performance and apply them in future investments. Meanwhile, on statistics page, you have the option to download the entire history.

Goodluck!

 

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Buying Bitcoins with PayPal through Paxful and Cryptonit

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Paxful and Cryponit are two of the best platforms to buy Bitcoin with PayPal. The process of buying Bitcoin with Paypal through Paxful and Cryptonit is almost similar to buying from LocalBitcoins. LocalBitcoins is a platform for purchasing/selling bitcoins with the lowest exchange rates and reliable users.

 

Buying Bitcoins with PayPal through Paxful and Cryptonit

 

The sellers have to pay a 1% commission fees to the platform that facilitates this exchange.

Like other P2P platforms, it follows a set of sales rules as well but, if you have a good user reputation, these requirements are lower.

Before you purchase anything, it’s better to make sure that the user has good reviews from other buyers.

The process of buying Paxful bitcoins is simple:

  1. Create an account
  2. Choose your amount and a payment method
  3. Select your seller- You can choose one yourself or let Paxfuldecide the best one for you.

Next, you’ll be sent to an online chat room with the seller to finalize your deal. The seller’s bitcoins are sent to Escrow and soon after you mark that the payment has been made, the bitcoins are released into your account. However, you must seal the deal within the time limit given or it is auto-canceled.

Buy Bitcoins With PayPal Through Cryptonit:

Cryptonit is another platform that enables you to buy Bitcoin with PayPal instantly. Cryptonit is a UK-based company and was founded in 2012. It is a cryptocurrency exchange that allows you to deposit money using PayPal, Visa/MasterCard, Skrill Western Union, MoneyGram, and many other options.

However, it requires a verification process in order to qualify for PayPal deposit to buy bitcoins.

The steps following the process are:

  • A copy of the government issued photo id.
  • An address verification document such as utility bill or rental agreement.
  • A photo of you holding these documents/ skype video call with someone from Cryptonit.

Verification will take around 12 hours on weekdays. After it is completed, just go to the “trade” tab, choose the suitable currency pair, and enter how much you want to buy.

Buying Bitcoins with PayPal through Paxful and Cryptonit

Final Word:

All in all, Cryptonit is a trustworthy option. It offers a safe environment so that you can serve your needs and minimize the risk of theft.

Please take a look at the following infographic for a better understanding.

 

 

 

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Bitcoin Goes High When Miners Take a Step to Solve the Scaling Problem of Digital Currency

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Bitcoin miners are intending to support a new upgrade for the Blockchain of Bitcoin which may solve the scaling problem of digital currency. Most of the Bitcoin miners including Bitclub, AntPool, BTC.com, and BitClub have shown their interest to support the Bitcoin improvement proposal (BIP) 91, through adding a piece of code to every single new block of bitcoins they generated. This block needs 80% support to be “locked in” permanently to the blockchain. This will cause a relief as it stops the blockchain splitting into separate two chains, which would create two different coins effectively. Already 66 % of the last 144 blocks provided signal support for it.

According to Coindesk data, Bitcoin has recovered from a tough 8-weeks low of $1863 on Sunday to about $2329 today.

What is the Problem with Bitcoin?

 

Bitcoin has faced a scaling problem for some time, where the number of the transactions occur on the blockchain at one time are limited to 1MB every 10 minutes. This generates a backlog of the transaction which should process and slow things down.

The Bitcoin community has been looking for the best way to solve this scaling problem. Segregated Witness(SegWit) system is one of the solutions which would increase the transaction speed. But SegWit required about 95% support from the miners. Bitcoin fell about 12% on Sunday because of these concerns. However, Bitcoin miners have to respond to this problem.

What is the Solution of Scaling Problem?

Many members of the Bitcoin community have united on a solution known as BIP148. This may include a “User-activated Soft Fork”, where users of Bitcoin will force the blockchain to split by refusing any block of Bitcoin which didn’t indicate support for SegWit. BIP 148 was coming in action on 1st of August and if a large number of developers didn’t commit on the proposal, the blockchain can split.

Charles Hayter, founder and chief executive of CryptoCompare has explained, However, a large group of miners will continue to mine with Non-SegWit blocks in case of the BIP148. In such case two bitcoins would occur, one in which SegWit is active, and other in which SegWit is not active. This may have terrible results for one of the chains or even both. This could be one of the major factors behind the volatile support for BIP91.

Will Bitcoin Avoid a Fork?

To avoid Fork, miners are giving support behind BIP91, that would present SegWit2X to the blockchain. BIP91 requires only 80% support, rather than 95% and to be ‘locked in’ they would introduce the SegWit system.

The managing editor of The Black Swan Portfolio, Bram de Haas, told CNBC via an email on Tuesday, “BIP91 has a minor edge of adoption which made its implementation less risky and more realistic. Adopting the BIP91 will also decrease the possibility of a fork which many people like”.

Bitcoin will surely avoid a fork now but it’s not much terrible if it does not. Haas expected now the Bitcoin prices to rebound faster and faster.

 

Story Credit: cnbc.com

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