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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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Amazon to Accept Bitcoin by October

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A newsletter from The James Altucher Report stated that Amazon to accept Bitcoin soon. It is said that this will be officially announced on October 26th during their earnings conference call.

So, will Amazon really begin accepting Bitcoin?

There are still some speculations on this statement, however, since eBay and PayPal already accept bitcoin and with Google recently joining the community. It’s only a matter of time until Amazon follows the same path.

Back in 2013, Amazon Web Services partnered up with Digital Currency Group i.e. one of the major investors in bitcoin and blockchain firms in order to:

“… provide such a service so the blockchain providers in DCG’s portfolio can work in a secure environment with clients who include financial institutions, insurance companies and enterprise technology companies.”

Basically, Amazon’s aim is to be the intermediary between DCG’s portfolio and their customers while transacting cryptocurrency.

According to Altucher’s newsletter:

Amazon is “working with financial institutions and [crypto experts] to spur innovation and facilitate frictionless experimentation.”

If Altucher happens to be right about this then once this news is announced, it could cause a massive boost to the cryptocurrency’s price.

We’ll have to wait to wait until October to find out what’s in store for us.

Story Credits: steemit.com

Image Credits: change.org

Tags: Amazon Bitcoin, amazon bitcoin payment

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How does Bitcoins work?

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Bitcoin- Quick Story

Currency gains worth and value when people tend to give it the value and start accepting it. A vast majority of the people are being attracted to the Bitcoin due to the fact that it’s decentralized and its regulated by no third party. It’s tied to no political or governmental system. Due to this, it’s not vulnerable and doesn’t get affected much by their failings or socio-economical collapses happened in the past.

It is a digital form of money, used for transaction online. The mechanism behind these coins resembles like that of gold due to its limited resource. The word cryptocurrency demonstrates that Bitcoin is encrypted in a way that prohibits it being copied. Every transaction performed using Bitcoins is recorded in Blockchain. Blockchain acts like a ledger where all the data is stored. All this data is encoded on the Bitcoin itself. This method aids in avoiding people to spend the same bitcoin more than once. Due to a connected, peer-to-peer network, every user will know that the particular bitcoin was just spent.

Keeping everybody’s identity complete anonymous just like that of its founder, these Bitcoin holders are associated with an ID code or a wallet code. This can be stored on your hard drive or phone or your computer.

Acquire bitcoins

Bitcoins can be acquired for a number of ways. Some of the ways include,

  • Accept them as payments against goods and services.
  • Exchange them as a typical form of currency.
  • Mine them

Again, like gold, these coins are mined. They are mined through suitable supporting powerful computers. Similar to gold, the more people mine these Bitcoins, the less they are to be found in the system for next process of mining. By solving complex algorithm problems, you can mine these Bitcoins.

But you are not the only one solving the puzzle. There are more people and coin holders solving the same mathematical problem. So, it’s more like a competition. When you enter the race, it’s easier to handle with lesser people. But when more people are included, the problems get way more complex and difficult.

When there are more people being flunked and stuck during the problems, the math problems will get easier to ensure,

  • a steady flow,
  • value is boosted, and
  • remain inflation proof.

By 2140, it is expected that all the Bitcoins will be mined from the system.

Risks with Bitcoins

Being extremely volatile and unpredictable in nature, Bitcoin value can never be guessed. You can manage to judge and guess the value of Dollar the next day, but the Bitcoin value can fluctuate in no time. Being under no regulation to a regulatory body or financial institution, it is monitored and scrutinized by nobody.

Bitcoin transactions are not completely anonymous. They are secured by could be tracked down. A lot of individuals were attracted towards bitcoin due to this feature. Including a lot of people from ‘Black Market’. So, you never know who you are dealing with during the transaction.

Security is a big risk associated with Bitcoins. The format Bitcoin runs on is good to go but the hackers don’t seem to miss their chance. Banks and exchanges that deal in Bitcoins are targeted largely by these hackers. But this isn’t the currency’s fault. The paper money gets robbed too and Bitcoin is no different.

Bitcoin has come with both pros and cons. For its furthermore acceptance with the people, its volatility needs to settle down quite a bit. It’s a totally unpredictable and high-risk currency which needs to adjust a bit to enable more people to get their hands on it.

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What Is Bitcoin Wallet and What Are the Main Types of It?

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What Is Bitcoin Wallet

Bitcoin is a peer to peer currency which does not have any physical form. In other words, it’s a virtual currency. The currency is stored in Bitcoin wallets.

There are several forms of Bitcoin wallets – most common ones being desktop wallets, mobile wallets, online wallets and hardware wallets.

The goal of this article is to provide you with the necessary information about all these forms of wallets. So let’s get started with knowing what is a Bitcoin wallet are and what are the different types of it.

Desktop Wallets:

Desktop wallets are compatible with different desktop applications and each of them offers different features. For example, Hive is an OS X-based wallet which includes app store that connects directly to Bitcoin services.

Another example of desktop wallets is Bitcoin Core which relays transactions on the network and enables you to create a Bitcoin address for sending/receiving virtual currency.

Some desktop wallets are particularly designed to gain enhanced security. Armory is a prime example of such wallets.

Mobile Wallets:

Desktop wallets are handy, but only when you are at home. If you are out on the street, they are of no use. And this is the reason as to why these wallets are falling out of favor.

On the other hand, mobile wallets are more useful as everything regarding your bitcoins is just one tap away.

It doesn’t matter where you are, whether it’s a physical store, park or just a random street, if you have access to the internet, you can access your Bitcoin wallet and make transactions on the go. Some of the common bitcoin mobile wallets are Xapo, Mycelium, and Blockchain.

These wallets keep your bitcoin keys encrypted on the phone and also back it up on a web-based server.

Online Wallets:

Online wallets store user’s private key online and link it to mobile/desktop wallets. One of the biggest advantages of online wallets is that they can be accessed from anywhere regardless of which device you are using.

However, there is one major drawback: If a user fails to implement them correctly, it will put the organization running the website in charge of his private key which eventually takes his bitcoins out of his control. That could be a risky move, especially if you collect a lot of bitcoins.

Some examples of the best Bitcoin wallets online are:

Coinbase:

Coinbase operates worldwide. Users in the United States and Europe can also buy bitcoins through Coinbase exchanges.

learn more about how to buy Bitcoin with Coinsbase.

Circle:

Circle offers the feature to send, receive, store and buy bitcoins.

Strongcoin:

This service offers hybrid wallet which lets the users encrypt their private keys before sending them to its servers.

And Hardware Wallets:

Hardware wallets are dedicated devices that are used to facilitate payment and store private keys. Some examples of these wallets are Trezor Hardware Wallet and Ledger USB Wallets. These wallets are easy to carry in your pocket and can be physically moved from one place to another.

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Bitcoin News 2017 – Digital Currencies Need Regulation

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Digital Currencies Need Regulation:

Digital currencies need regulation, without regulation, there might be a wild swing in the prices of digital currencies. The chief of BTCC says Chinese regulator isn’t cracking down on Bitcoin.

The head of a leading Chinese Bitcoin Exchange warned on Tuesday that Digital currencies should be regulated otherwise they have the risk to go out of control if more individuals invest in these digital assets.

Bitcoin and Ethereum are two most popular digital currencies. They have seen a rapid price swing in recent months.  In May, 19% price fall for Bitcoin noted nearly $4 billion in the value wiped off.  Last month, the Ethereum price crashed as down as 10 cents from about $319 on the GDAX digital currency exchange. Because there is a bullishness in the market, as some predict that the price of Bitcoin to climb as high as $100,000 in a decade.

Bobby Lee, the CEO of Bitcoin exchange “BTCC”, he told to CNBC’s that “I think regulation for digital currencies is much needed because it will run amok from the society”.

He also said in Hong Kong that the major challenge is how to craft the rules and regulation around this new technology. He added I think it is taking the regulators and lawmakers some time to come up with the suitable rules and regulations to govern companies.

Efforts of People’s Bank of China:

Regulators are discovering ways to regulate the digital currencies.  People’s Bank of China stepped up some efforts to regulate the market earlier this year. The bank set up a task force to conduct an inspection and ensure Bitcoin exchanges had realized anti-money laundering systems, and they also warned many exchanges against violating rules.

Image Credits: CoinTelegraph

Some noticed the moves from PBOC as a try to crack down on Bitcoin but Bobby Lee disagreed. He said it is not really a crackdown. Lee added, previously the Central Bank was not well aware of the details of Bitcoin usage and trading.

He described that the upsurge in the price of Bitcoin coincided with the huge capital outflows from the China and exchange rate changes for the renminbi against the dollar.

Lee said Central banks should admit the fact that Bitcoin is the new currency that is actively operating in China and around the world.  It is a new thing that the Central bank must pay attention and figure out what the regulation should be.

Story Credits: cnbc.com

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Major Cryptocurrency Fiasco: Coinmarketcap Removes South Korean Price

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The trading price of Ripple on South Korean cryptocurrency exchange has been removed from the Coinmarketcap yesterday.  Over past week, well-regulated South Korean cryptocurrency exchange market has been accountable for more 50% of global Ripple. The world’s second largest cryptocurrency exchange with $2.6 billion daily trading volume process $750 million worth of Ripple trades on a daily basis.

Coinmarketcap Failure:

The decision of Coinmarketcap for suddenly removing South Korean rates is questionable though it has removed South Korean rates from all the other cryptocurrencies including Bitcoin, Ethereum, and other cryptocurrencies. The price of all the cryptocurrencies that are concerted in the South Korean market has decreased significantly.

For newcomers, the sudden removal of South Korean rates from Ripple’s global average price looked like a major correction. According to Ripple’s chief cryptographer, David Schwartz, Coinmarketcap’s decision to eliminate Korean prices from the displayed XPR price made the price appear to drop possibly triggering some panic selling. Look meticulously at the data and don’t be deluded. He also highlighted that the latest price of Ripple without the high premium rate of the South Korean market is more meaningful. Although it has triggered a minor sell-off as investors began to validate concerns over the short-term performance of XPR.

Is it a Good Decision?

Analysts and experts have conflicting viewpoints on the removal of South Korean rates from the global price of cryptocurrencies on Coinmarketcap.  David Schwartz also said that the removal of South Korean rates is advantageous for the market and for every cryptocurrency that is listed on the Coinmarketcap since only a portion of investors is affected by the premium rates in South Korea.

It’s quite difficult for foreigners to trade cryptocurrencies in the South Korean market and also very much challenging for South Korean investors to take benefit of the arbitrage opportunity. The price of cryptocurrencies in the South Korean market is exclusive to local traders and investors.

The question about the rates from the South Korean market whether they should be imitated on the global price of cryptocurrencies still remains unanswered. Whereas some experts believe that it could make the ecosystem better. Others believe that the sheer trading volume coming from the South Korean market and strict rules imposed by the government to regulate the sector, South Korean rates should be considered in the calculation the global average price.

Eventually, due to the strict capital controls, it’s not possible for the foreign traders to move South Korean won out of the local cryptocurrency segment. Therefore, experts believe that the removal of South Korean rates is defensible.

Story credits: ccn.com

Image: Google images

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