Using third-party services for bitcoin transactions is a great idea, especially for LocalBitcoins users. This is because these types of transactions take place between two untrusted parties. So, you never know when a seemingly simple transaction could turn into an ordeal.
To avoid any unfortunate incident, we advise you to transact bitcoins via escrow service. The escrow service protects users from scams and makes sure that the transactions are taking place in a safer environment.
Learn about the most common Bitcoin scams and how to avoid them.
In case there is a dispute, the escrow service would act as an arbitrator and determine who the funds actually belong to.
Many Bitcoin marketplaces (BitPremier, CryptoThrift, Local Bitcoins, etc.) come with a built-in escrow service. However, if the marketplace through which you are making a transaction doesn’t provide one, then consider the ones discussed below.
Best Bitcoin Escrow Services:
Here are some of the best Bitcoin escrow services to trade your coins.
BTCrow was established in 2011 and is one of the oldest escrow services out there. Although, the only long-lived solution, BTCrow isn’t that reliable. There have been many complaints regarding delayed payments and system’s response. For example, a user once made a transaction through this service but didn’t receive the payment for a good while. Even after contacting BTCrow support, it took around 12 hours to release the payment which was $7,500 USD. This is way too much for a transaction involving this much money.
Escrow My Bits:
Established just two years ago, “Escrow My Bits” has gone on to become one of the go-to names for Bitcoin users. The site offers a wide variety of services to escrow bitcoin, including:
The site provides the user with a Bitcoin wallet address and asks them to deposit funds in the account. These funds are then forwarded to offline wallets (cold storage) which is one of the most advanced forms of wallet security.
Regular Escrow Pegged to Traditional Value:
The coins are deposited into an account controlled by the site. After the deposit, the coins are pegged to conventional value.
This service secures your funds through a multi-signature transaction. The funds cannot be withdrawn unless all the signatures are accurately provided. The site holds only one of your private keys.
Multi-Signature Escrow Pegged to A Fiat Value:
Similar to the one mentioned earlier, your funds are kept in a secure multi-signature transaction using “Nubits” or “Omni” to peg the value.
The primary advantage of Escrow My Bits is that if a transaction takes longer than expected, you can still peg it to the fiat currency without the exchange rates affecting you.
The site deducts 1% per transaction in service charges.
A Bitcoin escrow service which comes with the multi-signature feature. Bitrate is more like a multi-signature wallet.
A multi-signature bitcoin wallet is a wallet which can have multiple owners. To complete a transaction, these wallets require the signatures of involved parties. For example, if a wallet is shared by three individuals and two of those three decide to make a transaction, the order is executed.
The biggest advantage of Bitrate is that the site itself doesn’t hold the private key so it cannot steal your funds.
This article focuses on how Monero cryptocurrency is mined and what sort of hardware and software is required to mine this cryptocurrency lucratively.
What is Monero?
Monero (XMR) is a privacy-oriented digital currency which was initially released in 2014. By market cap, it lies in the top 15 cryptocurrencies and amid the top 15 cryptos, it is the only privacy-focused cryptocurrency. Monero still uses a Proof-of-Work consensus mechanism which means it can still be mined by using regular CPU and GPU computational power.
- Monero — based on the CryptoNight hash algorithm.
- CryptoNight — a Proof-of Work consensus mechanism depends on the CryptoNote protocol.
- CryptoNote —an application layer protocol that aims to be an evolution of the ideas behind Bitcoin.
- Monero blockchain mines blocks in two-minute intervals – quicker than Bitcoin.
Monero can be mined by using regular consumer hardware, which makes it quite easy for almost everyone to get involved in Monero mining. Casual miners benefit from it because it lessens the ‘payoff’ from using specific hardware, which makes GPUs less effective from a cost perspective. So, as it’s already mentioned above that Monero can be mined by both using both CPUs and GPUs, this makes mining rigs more lucrative.
Hardware for Monero Mining
Casual miners can mine Monero by using consumer grade CPU hardware like GPU’s, ARM, x86, and x86-64. Compared to others, AMD graphic cards are best for Monero mining however, you will need some hardware components for setting up your own rig. Few of them are given below:
- CPU with at least 8GB RAM.
- Reliable internet connection and an open-air rig.
- A reliable power supply — depends on the CPU and GPU you pick.
- DDR3 or DDR4 SDRAM — depends on the CPU you choose.
- Motherboard — compatible with the selected CPU, with enough PCIE
- SSD or HDD.
Software for Monero Mining
Different software has been made for different hardware and software used for mining Monero is also quite important. Using the right mining software and enhancing your CPU/GPU is imperative to get the most profits. The procedure is usually the same.
- You will have to download the software and extract the .zip file.
- After extracting the folder, you can run the application.
- After running the application, choose Monero mining. It prompts you to enter a pool address.
- One of the best ways to mine is to be part of a pool. — solo mining can produce little to no results, as compared to pooled mining, which means it is essential for you to find a good mining pool.
- Pools often have a small fee; however, the fee is acceptable – considering the reliability and consistency of rewards and less alteration.
- Also, make sure that you have a Monero wallet setup so that you can receive your rewards.
Difficulty and Profitability Factor
Over the past few months, the over-all global hash rate for Monero has declined –so with the new Monero fork, however, it is still a lucrative crypto to mine, according to its price potential. The hashrate is linked to the price of the coin, and trouble thoroughly tracks the hashrate.
The level of difficulty automatically alters the computational difficulty of solving the subsequent block to sustain the two-minute block interval.
Many people are trying to mine Monero, which has made it even harder to mine. Here, difficulty means how hard the mining of Monero has become. Well, it depends on the miner as well and how powerful the miner is. To keep Monero’s supply in check, this information gets updated from time to time. For successful mining, the pool takes a certain fee from the profits.
The cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. exist as a record on hard drives, wallets, or in cold storage.
The first ever cryptocurrency was launched in 2009 to introduce a system; run by its users with the interference of the third party. This digital system was launched to decentralize the money system and minimize the government as well as bank’s hold. To attain that goal, Bitcoin’s author Satoshi Nakamoto came up with a digital technology named Blockchain.
Basically, blockchain is a distributed public ledger of each transaction. On the other hand, Bitcoin itself is just a record of this ledger. By tracking the history, users can tell who owns the bitcoins and in how much quantity.
We all know that digital currencies are constructed on the blockchain. However, the blockchain of each digital currency varies. It may have different rules, terms and conditions, transaction timings, security management, and so on.
Meanwhile, the basic principle is the same for all cryptocurrencies that nobody has the charge of this digital money and currency is only revealed on the digital ledger.
These Currencies Do Have a Real-World Use?
The cryptocurrencies have a large number of real-world applications. In the financial world, currencies met with success because of their cheap, quick, and restrictionless behavior of these currencies is the best alternative to service providers. However, blockchain is not restricted to the financial market.
Primarily, blockchain is not all about to register money transfer but also to put down the ownership information. It is written in a manner where a user can confirm any record at any time.
It enhances the security management and mostly uses in the record keeping terms. Healthcare, security, food, tourism, etc. are the real companies. They offer the products and most of them accept Bitcoin as a payment.
And How Can Digital Coin be Interpreted Into Real Solutions?
The government of any country doesn’t have hold of the digital currency Bitcoin.
A well-established infrastructure needs a homework. But, in case of Bitcoin, one might wonder how something this significant is apparently irrelevant. In addition, companies use the records on the public ledger. In that scenario, regular money doesn’t mean that. It is just a paper, issued by the countries’ government.
Accordingly, a digital record is more secure than a government promise. Whatever will happen in the world, few things will remain the same. So, blockchain will be the same as long as one person in the world is storing it on their devices. Blockchain’s ability to keep absolute records and add new without dependence on the third party whether it is government or a bank can deliver enormous values. Blockchain powered enterprises are born in that scenario.
From Where I Have to Start?
Use few available tools and create a business on your own. You just need a proper homework, team, secure funding and providing the services by developing the products. If you need help, a wide range of platforms is there.
Tags: best way to invest in bitcoin, bitcoin investment
As the combined market cap of cryptocurrencies has leaped above $600 billion, the price of bitcoin and Ethereum is still on the top.
Cryptocurrencies Now Worth Half a Trillion Dollars:
The cryptocurrency market has now reached $643 billion, and it seems that it will certainly reach $700 billion really quick, especially when the market cap of bitcoin has already reached $284 billion.
At the time of writing, bitcoin price is trading at $16,958.90 with the market cap of $284 billion. However, last week bitcoin price was $17,184 which is that the price of bitcoin can also decrease within days.
At this time, Ethereum’s price is trading at $875 and its market cap is $83 billion. Last week, it had a market cap of $65.6 billion, which means it has significantly increased just within a week. Ethereum continues to see growing transaction volumes also, as it has increased 9% within the last 24 hours.
Bitcoin cash is the third largest cryptocurrency that rose by 3% within a day. But its closest competitor Ripple is growing increasingly larger as well. At present, Ripple has a market cap of $18 billion, which means that if ripple repeats this single day performance one more time, it will definitely replace bitcoin cash and will rise to third in the ranking.
At this time, litecoin price is trading at $336, which represents a single-day increase of 2%.
IOTA is on number 6th in the ranking with the price trading at $5.37 at this time, with the market cap of $14 billion.
Dash and monero are currently valued at $1,598 and $460. NEM is on number ninth in the ranking, with the price of only $1 whereas, bitcoin gold has risen about 1.93%, taking it to the number 10th in the ranking.
News credits: ccn.com
Do you know how much it cost to get a crypto influencer for your ICO promotion on social media platforms? Here’s the surprising answer!
ICO (Initial Coin Offering) operators don’t really like to disclose the amount they are spending on marketing, although promoters usually prefer to delay discussions related to prices ’til after they’ve had the chance to make a sales pitch as précised figures are hardly discussed in public. However, John McAfee (cybersecurity pioneer) has spent all his life resisting convention, and now he is operating an ICO marketing service, McAfee Crypto Team.
Company’s Official Statement
According to the official site of the company, McAfee Crypto team is a full-service ICO promoter as it offers:
- Whitepaper support
- Web optimization
- Strategic advice
The cost for many of the services is not listed; however, clients will have to pay $105,000 to get McAfee tweet about their ICO, which will be sent to its 811,000 followers, at least few of them will be probably bots.
According to the website:
“John McAfee’s tweets are by far the most influential in the field of cryptocurrency. Few leaders in the Crypto community can come close to Mr McAfee’s reach into the heart of the cryptocurrency investor community.”
Dubious Claims by McAfee Crypto Team
Furthermore, the website makes suspicious claim that this is one of the most inexpensive ways of marketing a cryptocurrency project. The site also claims:
“Given Mr McAfee’s price of $105,000 per tweet, the cost per investor reached is the least costly of any marketing avenue in the Crypto world. Considering only his own followers, the cost per investor reached is $0.13. Considering his reach beyond his own followers, the cost per investor reached is frequently less than a penny. This is orders of magnitude less than any other approach.”
Even with the heavy price tag, the company still claims that so many projects are showing their interest that now the company has to establish a $750 registration fee to stop staff from being dazed with applications. While responding to opponents, McAfee refused to accept that he has sold out and stated:
“They say I sold out ’cause I use my tweets to promote, but the last 200 ICOs that lined up, we rejected 195 and chose 5.”
He added, he promotes only those projects that he believes in as he tweeted:
“I only promote what I believe.”