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Bitcoin Mining

Bitcoin first came into circulation in 2009 – almost 8 years ago. During that short period, the Bitcoin has grown into an extremely strong currency. Currently, it is trading at values higher than gold in the market.

Those who have experience of the market would know that it’s a great time to accumulate digital currency and gold bullion on daily basis.

However, people who lack the experience of the market are going to find it extremely difficult. If you are new to the currency and looking for a way to garner gold bullion, here are some methods that you can use.

Start with Finding a Company That Sells Bullion:

finding a company that sells gold bullion is no big deal. Just do a simple Google search and several gold-bullion-selling companies will pop-up in search results. However, finding one that offers an incentive program to its clients can be a tough nut to crack.

While on the hunt, you should be searching for a company that offers much more than just selling gold. It should be renowned for selling quality products, selling billions in small grammage (1gm, 2.5gm, etc.).

Gold that is being sold must be 24 karat gold; which is the highest quality for gold products.

The advantage of an incentive program is that the company offers special commissions to the clients who refer people to the company.

Get A Bitcoin Wallet:

A Bitcoin wallet address is equivalent to having a bank account for cash. The difference is that it is only used to store bitcoins and make bitcoin transactions with other users.

There are several Bitcoin wallets available to users. Copay, Xapo, Green Address are few to name.

While choosing a wallet, look for a company that offers an offline vault to protect those coins. This is because storing Bitcoin is never safe and the wallet is always vulnerable to hackers trying to steal your digital currency. On the other hand, offline storage keeps your coins fully protected.

Don’t forget to read our guide on what are the safest Bitcoin wallets, and also how to secure a Bitcoin wallet.

Start Mining:

There are two ways of bitcoin mining – online mining and offline mining. Online mining is pretty simple as all you have to do is to join a bitcoin mining farm. However, there’s a danger that comes with theses farms: scammers.

The scammers falsely claim to have a mining form and invite users to join it. The sole purpose of scammers is to steal your coins. So be cautious while choosing an online form.

In offline mining, the user is required to buy a bitcoin miner which is a computer hardware. The computer is set up at home and the user is required to connect to the internet to start mining.

The coins mined through this technique are then automatically sent to his online bitcoin wallet.

Want to start mining? Learn how to set up a Bitcoin miner.

Lastly – Purchase the Gold Bullion:

Now that you have a permanent & easiest way to get bitcoins, you are ready to buy gold bullion. However, there is a specific way that needs to be followed to make the purchase.

The buyer needs to link his Bitcoin wallet to visa card which is offered by his bitcoin wallet company. The card is then used to purchase the bullion.

Good luck with your purchase.

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Why Audi Is Also Interested In Blockchain?

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blockchain startups

Thanks to Bitcoin and all the related cryptocurrencies, blockchain startups no more a mystery. All those who are somehow related to the crypto market know that the blockchain technology is infact a decentralized technology that keeps the record of digital transaction and has so far its use been specific for the crypto transactions. To be more precise and accurate we can state that a global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. Blockchain is considered to be invincible because it can continuously replicate itself on multiple computers and databases.

So far Blockchain had been used in case of cryptocurrency transactions only but with the passage of time its use expanded for example in determining identity of digital assets, smart contracts, digital voting and distributed storage etc. Porsche can be considered a pioneer who for the first time decided to utilize Blockchain technology in car manufacturing. Let us see how they did it.

First Use of Blockchain in Automobile industry

With the help of  Berlin-based XAIN, Porsche has become the very first automobile manufacturer to successfully test blockchain in its cars. Blockchain technology based digital processes are both secure and super fast than anything that has come before. Test which was carried by the manufacturer of Porsche included locking and unlocking of the vehicle via an app, access authorisations and encrypted data logging. It is a part of further planning to improve autonomous driving functions of Porsche with the help of Blockchain technology.

What is the Plan of Audi?

For the time being Audi is planning to use Blockchain technology for its physical and financial distribution processing. In short Audi is just making an innovative effort to make its global supply chain more transparent and foolproof. For this purpose the car manufacturer also released a Proof-of-Concept (PoC) of its Blockchain system last year. As a result of positive feedback the manufacturer has now decided to advance the project beyond the PoC stage.

Moreover, the management of Audi is further researching on Blockchain in order to improve the process of data transfer and make it more safe and effective.

Interest Shown by other Car Manufacturers

Like Porsche other German car manufacturers such as BMW and Mercedes have also hit the news with announcements of their interest and expected experiments with Blockchain technology. According to authentic reports, BMW is planning to expand its portfolio by partnering with a Blockchain startup. Mercedes Benz has even took a step forward and has announced that it may issue its own cryptocurrency by the name of MobiCoin. According to the initial announcements Mobican will be used to reward drivers for their environmentally cautious driving.

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Coin hive crypto jacking campaign- Monero

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Ranked as the 13th best digital currency, Monero recently became part of the crypto jacking stir. In a recent uproar of these growing cases in the cyber world, Coin hive was being implemented for the unauthorized mining of the Monero cryptocurrency.

monero cryptocurrency

In a recent report by the cybersecurity researcher, Troy Mursch explains in detail how this malware hacked nearly 400 web pages in no more than 3 months. These web pages included a lot of government and educational sites as well.

Crypto Jacking

The term, crypto jacking has been in circulation for quite some time now. The hacker or the group of hackers uses the victims or the visitors’ processing and the computing power to mine the cryptocurrencies without their consent. The hackers scramble and steal the data and information from the users’ web-based applications. They would then manipulate victims to pay them any digital coins for the decryption of the data.

Crypto jacking is seriously affecting many websites and object them to mine cryptocurrencies according to the hackers need.

Coinhive- The Crypto Jacker?

According to the research report by Troy Mursch, an outdated version of Drupal has been the root cause of this interjection. Drupal is an open source and free content framework management software. The outdated version of this software in the CMS system, provided with the favorable environment for this malware, Coinhive to penetrate the system. As most of these sites were governmental institutions and educational sites, the integration of this malware into their JavaScript and usage of the computing power was not readily detected. But to the surprise, most of these sites domains were hosted on web pages like Amazon.

On its own, Coinhive is not malicious, but when encrypted and compromised with a ‘crypto jacking’ code, it forces the system to mine Monero without the knowledge of the target. UNICEF runs the same malware to raise funds for their work. But they use it with the consent and knowledge of their users. Which is definitely the right way to use the malware for which it was created.

There are a number of web pages using the same method and process to offer users to donate their system power to mine cryptocurrencies. The process is only performed with the consent and permission of the users. Projects like Bail Bloc and Salon are offering to mine these coins but just with the consent of the operators.

Affected by Coinhive

In an official statement, Troy Mursch has extensively mentioned a list of all the web pages that were affected by the malware so that all the users and visitors can be fully aware of the subject. Among these nearly 400 above websites included,

  • San Diego Zoo
  • The Government of Chihuahua, Mexico
  • The National Labor Relations Board
  • A U.S Federal Agency
  • Lenovo
  • The City of Marion, Ohio
  • The University of Aleppo
  • The Ringling College of Art and Design
  • UCLA’s webpage for Atmospheric and Oceanic Sciences Program, and many more in the list of this 400.

With this detection of extensive, without the consent mining of these Monero (XMR) cryptocurrencies, it is hoped in the future that these practices could be detained. Coinhive is just an application like many others. It is just misused and wrongfully being implemented and practiced by the hackers.

Subsiding this dilemma, there has been an extensive negative dropping of Monero in its already established and flourished market. The reasons and causes still remain undetectable.

The Market Affect

With the slight rise in the market, all the majority of the digital world is floating in the red zones. Still not being able to maintain the pace with the Dollar. Monero XRM has been no different than the trend. Keeping the flow awaken, XRM shows a trivial downfall recently.

Despite its top 20 peers, XRM has been seen floating little weak during the month. For a period of a month, it just managed to collect a rise of 32%.

On a collective period of two months, there has been a collective drop down of -15% of the currency. Despite the reckoning, its top 20 peers still managed to rise gradually with the Dollar.

Keeping eyes on the occurring trends, Monero is facing the same dip for the current week too, continuing the same flow up to -7%.

With its fall of -3% against the dollar collectively, the currency has fallen seemingly for -1.37% against the Bitcoin.

After hitting its record price of $490 per unit against the dollar in January 2018, Monero is being traded at $222.68 currently.

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Virtual currency Bitcoin being split into 2: here’s what you need to know

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Everyone has turned skeptical on how to scale the bitcoin cryptocurrency since the chances of a “hard fork” have arisen within the market.

Bitcoin seems to be in a crisis and everyone in their community is suffering along with it.

Virtual currency Bitcoin

Stakeholders and developers stuck in a heated argument over “hard fork”

What is the issue?

Basically, Bitcoin is so well-known that it isn’t able to handle the weight of all the transactions. Transactions are processed in “blocks” that include complicated cryptography to verify and set. But, with the currency growing exponentially and the number of transactions increasing, the 1MB size limit of the block that is built into the system is becoming an issue, causing delays in processing transactions. Thus, purchases would take a long time to confirm.

The time taken for a virtual currency bitcoin transaction has been gradually increasing. The median currently sits at 13 minutes.

What are the alternatives?

The split is leading to two possible solutions: “Bitcoin Unlimited” and “Segregated Witness”. They obviously can’t exist together, they’re software updates to the bitcoin network that would change how it works. This “hard fork” would split the chain of transactions in two, producing another chain splitting from the original one.

 

BU vs SegWit

Starting off with Bitcoin Unlimited, you must understand the concept of bitcoin mining. Miners sift through and verify transactions using computers in order to get rewarded with newly issued bitcoins. Professional miners with computers having specialized hardware do the majority of the mining by performing mathematical tasks.

Miners are in favor of BU because it would give them control over the Bitcoin network.They would be able to increase the block size when required and effectively give them control to set the transaction fees.

On the other hand, to keep the cryptocurrency more decentralized rather than giving additional work to miners, bitcoin developers, and enthusiasts are in favor of SegWit.

SegWit would double the transactions per second capacity of bitcoin by juggling the makeup of transactions, stripping out some details such as signatures. It would also add some extra functionality, including possibly moving some transactions off-chain in a way that might not benefit the miners. This solution would keep control over the network dispersed (decentralized).

Although, SegWit is just a temporary solution. It only doubles the network’s bandwidth, while BU allows miners to vote to increase the capacity when required with no upper limit.

Who’s the winner?

It is possible that bitcoin value will fork and then the two opposing currency will co-exist and compete for users and legitimacy. It is up to the users to choose sides and it isn’t simple to predict the future of the BTC world.

What does this mean for the value of bitcoin?

Bitcoin is hitting high records currently and if the fork conflict’s solved in a timely and satisfactory manner, it would make the market even more powerful.

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Throwback to When a Savage Police Chief Asked to Receive his Entire Salary in Bitcoins

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Throwback Thursday: Kentucky Police Chief Asks to be Paid in Bitcoin

Vicco, Ky., is a town that’s known to be one of the smallest of the smallest towns, with a population of just around 330 people. But hey, don’t judge a town by the number of its inhabitants, right? Well in 2013, that was definitely the case here since that did not keep a Police Chief named Tony Vaughn away from the trends of the internet and rising cryptocurrencies.

Considering back then Bitcoin was still gradually growing and beginning to stabilize, it was a story that gave the currency quite a boost and hopes of becoming a payment method one day. Luckily, the city commission approved of this and after standard federal and state reductions in US dollars, Vaughn had received the bitcoins in his personal account.

Fast forward four years and Bitcoin has earned and is still earning a lot of fame and popularity as major investors have accepted the cryptocurrency as a means of payment. Also, let’s not forget the endless amount of altcoins following right behind. One can safely say that we are, as a matter of fact, entering a world of digitization.

 

Story Credits: cnet.com

 

 

 

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