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What is Ethereum Mining?

Mining is a process which involves some computational intensive work which requires a lot of processing time and power. Basically, mining is the act of joining a given peer distributed digital currency network in consensus. Then miners get rewards for providing solutions to challenging mathematical problems. The process of mining is to put the hardware of computer system to use with mining applications.

All related info on digital currency transactions surely embedded in data blocks. Each data block attached internally to many other blocks. This produces the “Blockchain”. All these blocks had better be analyzed as fast as possible to make sure a smooth proceeding of transactions on the platform. The miners come in when the issuers of such digital currencies do not have the capabilities to handle the processing.

Who is a Miner and What is The Purpose of Ethereum Mining?

A miner is an investor which devotes time, computer hardware and space, and also energy to sorting through blocks. At the time when the mining process hit the required harsh, miners will submit the solutions of the mathematical problems to the issuers. After the verification, the issuers of the currency give rewards which are some portions of transactions they helped in verifying. They also give the digital currency in exchange for the miner’s work.  Digital mining must take place to upsurge the circulation of digital currency.

What Are The Basics of Ethereum Mining:

The same thing used for Ethereum. The best way to practice Ethereum is to get it through mining. However, mining Ethereum means much more than increasing the capacity of Ether in circulation. Since, it is also important for securing Ethereum network as it produces, confirms, publishes, and propagate the blocks in the Blockchain.

The process of Ethereum mining is to mine Ether. Mining Ethers uses a lot of electricity. If miners perform mining activities professionally, the more income they can generate through the sale of Ether. There are also Ethereum calculators available which calculate profits.

You can use any personal computer systems to mine Ethereum, required a graphics card(GPU) with a Ram at least of 2 Gb. Central Processing Unit (CPU)mining is just an exercise in frustration. It takes a longer period of time to complete, and the profits are just thanks to the cost. When it comes to mine Ether the GPUs are the best bet as they are standing 200 times faster than CPUs.

 

Tags: bitcoin vs other cryptocurrencies

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Why does IMF chief Christine Lagarde want to regulate the ‘cryptomarket’?

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Christine Lagarde, Chief of the International Monetary Fund (IMF), has said in an IMF blog post that the blockchain technology used to regulate cryptocurrencies can also be considered helpful in regulating and legalizing them.

In fact, it would prove to be a good news for crypto lovers as they have also been longing for the cryptocurrency to be legalized. Once it will be legalized, more people would get attracted towards it and the market ratio will automatically stabilize. According to some, the blog statement of Christine Lagarde can be considered as the first step towards the legal monitoring of cryptocurrency.

cryptomarket

In her above-mentioned blog, Christine Lagarde, appreciates the salient features of blockchain technology, which she refers to as an “exciting advancement that could help revolutionize fields beyond finance.” However, addressing the “dark side of the crypto world” she further explained that cryptocurrency market also needs legalized regulation in order to avoid illegal activities e.g; money laundering and funding terrorist activities around the globe. According to her some of the main features of cryptocurrencies is their anonymity which can inturn prove them safe for criminals and terrorists — that’s what makes them dangerous in short and blockchain technology is the only way to monitor what is actually going on in the world of cryptocurrency. To understand her statement further we must know what actually the Blockchain Technology is.

Blockchain Technology

Blockchain technology is the actual power behind Bitcoin, Ethereum, and other major cryptocurrencies. Technically, it is an openly accessible collection of financial accounts of all transactions which have been made in the crypto system since its starting point.

The reason behind Christine Lagarde’s blog statement

The main reason behind Lagarde’s statement is that she’s also well-aware of the financial stability faced by crypto-market during the past few months. At the same time the tremendous variations in the value of cryptocurrencies have also served to ignite her interest.

She further suggested that cryptocurrencies require the same sort of regulation as implemented on traditional currencies. However, she acknowledged that a lot of work needs to be done. She also suggested the use of biometrics and some other techniques like artificial intelligence, distributed ledger technology etc. could ensure the information-sharing between market participants and regulators.

Lagarde’s point of view is that with the help of modern technology, we can easily turn crypto-market for the public good, instead of making it a place of comfort and shelter for criminal minded people.

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Market Hits $478 Billion As Bitcoin Price Surges Over $10,000 Mark

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The cryptocurrency market continues to get recovered as almost every cryptocurrency has seen an upsurge in its price. The price of Bitcoin has headlined the advance and has leaped the $10,000 mark for the very first time since 1st February.

The cryptocurrency market cap has surged above $475 billion, which means that the cryptocurrency market is seeing a speedy recovery since it recently fell to $382 billion.

Bitcoin Price Hits $10,000 Mark:

Bitcoin continued to resist its critics even on Thursday and showed a 6% progress in its price with striking distance of $10,000 for the very first time since the starting of February. But since, the top cryptocurrency has yet been able to break through this barrier and it is now valued at $10,100 which means it has finally surpassed the $10,000 mark. Bitcoin has a market cap of $170 billion at this very moment, which has aided its market share to rise up to 39%.

bitcoin price surge

Ethereum Price Joins Bitcoin:

The price of Ethereum has also joined Bitcoin price surge, even though its recovery is not as speedy as Bitcoin’s. Ethereum is trading at $933 at this time, which represents a 24-hour decline of about 0.20% in its price. This leads Ethereum with a total market cap of $91.5 billion and 19.1% market share.

Altcoins:

Substantially, altcoins accomplished positive development against the dollar. But, these advances were rough, and just a few assets sort of protected the index.

Ripple has seen a decline of 2.24%, which basically halted the fact that Western Union, which is a “money-transfer giant” has confirmed the rumours that trial based on Ripple blockchain is going to include XRP integration.

Bitcoin Cash continues to protect its mark with gains of around about one-half-of-one percent whereas Stellar has seen a decline of 1.89%.

The cryptocurrency which is ranked on number 5th, Litecoin, declined by another 7%, which brings its price to $212 with the market cap of $11.7 billion. It’s one of the closest competitors, Cardano, has also seen a decline by 3.29% however it still holds the sixth position in the rankings.

NEO, which is ranked on number 8th has declined by 1.73% and is priced at $122, with the market cap of $7 billion. There is a 2% decline in the price of EOS, which is valued above $9 at this time whereas, IOTA is here to round out the top 10 with a 1.9% upsurge, which leads its value to $2.10 at this time.

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BitPay – Accept Bitcoin Payments

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Bit pay accept bitcoin payments

Bit pay merchants are now accepting Bitcoin cash payments from now. Bit pay merchants including Zynga, Microsoft and virgin galactic to name a few, have started accepting bitcoin. They are not only entertaining the payments process but also all of the services in its full integration. The merchant crypto payment processor Bit pay has introduced these services free from

  • volatility,
  • fraud and
  • charge backs.

The processor offered by Bit pay not only fully integrate the services offered but also let you choose the currency you desire. You can either choose your local currency or bitcoins. Or if you are the market bull you can also choose both at the same time. Despite what currency you choose, there are guarantee exchange rates provided. This enables you to feel fully secure and confident about your choice and decisions.

So, no matter what Bit pay payment you choose, it will all be paid in cryptocurrency. Keeping it a safe and secure payment friendly blockchain as it claims. It also claims to remove, or at least minimize the block chain payments from clients around the world.

Bit pay has claimed to bear all the fluctuations bearing on your bitcoins deposited. All the dollars and pound you earn will rest with you, and all the fluctuated figures will be handled by the bit pay.

Another potential opportunity bit pay has given is the introduction of e-commerce. Users can generally buy a number of items indirectly with bitcoin cash. These e-commerce plug ins include

  • Shopify,
  • WordPress,
  • Magento, to name a few in general.

Bit pay aids to help not only support and comfort the users but also to make it easier and user-friendly for them too. Through this integration process, it has made it simple and effortless for a lot of blooming small internet businesses.

It aids in interaction with all of the consumer wallets to provide smooth and satisfying experience for every user. The aim is to facilitate every operator in their blockchain comfortable transitions, providing them with the possible conducts that suit their ways.

Bit pay has provided the handlers with in-person solutions. Keeping in mind that every individual has their own set needs and comfort levels for the transactions and results they opt for.

The transactions and procedures are user-friendly and easily understandable. The process has been designed in a simple way so everyone gets hands on it. The basic pattern is very similar to the bitcoin makes it more approachable and familiar to the users.

But what if the company sends you an invoice in your email? Bit pay has got you covered there too. The invoice can be redirected to the bit pay and can be chargebacks paid off with no hustle. There has been a great support and appreciation from the crypto community about the whole thought process and the mechanism in how this works.

So, what are you waiting for? Just go to bit pay and click ‘Accept Bitcoin plugin Are you ready to accept bitcoin? We are!

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Blockchain Technology – Will It Change the Future of Accounting Industry?

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There’s going to be a major technological change in the accounting industry soon. No doubt cloud-based technologies, artificial intelligence and process automation have influenced the world, but the most promising one is “blockchain.” If we combine blockchain and accounting, the combination of both can offer some far-fetched business benefits. However, the first question arises – what is blockchain?

what is blockchain

Blockchain

  • Blockchain is a continuously growing, decentralized public ledger of all transactions.
  • Completed transactions/records are called blocks and are dispersed to a P2P network of computers.
  • Blocks are linked to each other in a linear/sequential order.
  • Each block comprises a cryptographic hash of the preceding block, which ensures that the data is secured.
  • The data can be dispersed in a secure way and once the blocks gets recorded, they can’t be changed without shifting blocks subsequently, and that would require the involvement of the majority of the network.
  • When a record is changed, it is allotted a new hash.

Blockchain and Accounting

Blockchain and accounting are related in many cases. Blockchain technology offers the subsequent logical step for more high-tech accounting with various potential influences.

  • Blockchain offers an instant-verifiable and strong set of records that can’t be meddled or changed without the involvement of the whole network.
  • Transactional data would be promptly recorded and added at any time to the blockchain through its own exclusive and unique hash code.
  • If accountants/auditors want to recover that data, they will be required a pertinent hash code.
  • Having blockchain work as a record for transactions will not require the accountants/auditors to interact different departments amidst businesses to get receipts in order to validate transactions.

Streamlined Accounting Strategies

  • Accountants and auditors can standardize records through blockchain and combine them in a ledger, making it accessible to all verified and approved users.
  • When all transactional data is gathered at one place and updated electronically – whenever an alteration is made, accountants and auditors can assess all the activity and can cooperate with the departments to settle accounts.
  • Through such approach, the cost and time linked with manually swotting the transactions can be condensed significantly.

Promptly Verifiable Transactions

  • For auditors, validating transactions and asset history is important, however, this process can take some time and can be complex, especially when businesses have diverse accounts.
  • As data security is becoming more important, blockchain offers a means of demonstrating that files have remained inviolate.
  • With a unique hash, auditors can simply “cross-reference” and can instantly validate transactions.
  • If a record is changed later, a new hash is created and the record once again gets timestamped.
  • If this information varies from what an auditor has there, they can be sure that the record has been altered, as they will have a clear review trail.

blockchain and accounting

Better-Quality Acquiescence and Regulations

  • If we talk about compliance, many companies take quite a few months to modify/update their core accounting and finance developments to put up new regulations, strategies, and standards.
  • With blockchain, alters to the ledger are manifested across all copies within just a few
  • As it’s a decentralized database, no radical changes should be made for the alteration of data.
  • If an accountant wants to update a record, this can be done quite easily and quickly.

Future of Accountants and Auditors

  • The major change – banks have begun to offer accounting type amenities as a chunk of business package.
  • NatWest applied Open Banking protocols in 2017, to share information with FreeAgent, which is a cloud-based accounting product, providing consumers more discernibility over the course and letting them share their data directly amid the bank and accounting software.
  • By adding blockchain and the accurate software to the combination, the record-holding procedure could be mechanized and, by means of open banking protocols, data could be directly shared.

Is there a need for an accountant?

  • The future of accounting/auditing lies in combined-keys as they all can interconnect with each other instantaneously whilst distributing unparalleled sanctuary.
  • Though many would see the technology as a risk, however, it’s a chance for auditors to concentrate on regulations and explore irregularities inside the transactional environment.

The blockchain is a chance to boost processes, however, auditors and accountants can apply their proficiency and vision to deliver value to the customers.

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