Gatecoin is a Hong Kong based cryptocurrency exchange that claims Bitcoin’s price is to reach $5000 by the end of 2017.
Headlined “Bloomberg Daybreak: Asia,” this price prediction was made during an interview with Aurelien Menant, Gatecoin’s CEO, and founder. He said that the markets are responsible for driving increased interest in Bitcoin.
“Another factor that is very important is the arrival of more and more institutional investors in bitcoin,” Menant said. “Historically we used to have a few hatch funds trading bitcoin in Europe and the U.S. Now we have around 60 or 70 of them that are starting to trade bitcoin.”
Some funds are now dedicated to digital currencies. “So, this is definitely driving a surge in the price,” he said.
News Credits: coindesk.com
Image Credits: steemit.com
The terms “Bitcoin mining” is used to describe the processing and confirmation of Bitcoin payments on the network. In Bitcoin mining, the information is distributed, validated and stored on blockchain – a digital ledger which is used to store the transactions made in cryptocurrency such as bitcoins.
The transaction process of Bitcoin is different from traditional transfers as there are no third parties – merchant accounts, issuing bank, acquiring bank – involved.
Who Can Participate In Bitcoin Mining?
Almost everyone with a regular PC can participate in Bitcoin mining. All you have to do is to run a specialized software and you are good to go. The Bitcoin mining software are compatible with all PCs and operating systems. In addition to running on regular PCs, some companies have developed specialized Bitcoin mining machines that can build blocks and process transactions in a quick and efficient manner.
Find out what our beginner’s guide has to say about how bitcoin works.
How Does Bitcoin Mining Work?
In Bitcoin mining, the participants are given mathematical problems and asked to assemble a block of outstanding transactions by solving those problems. In exchange, the miners get rewards for all of the transactions they process and receive fees for successfully validating those transactions.
In addition to those fees, the miners also receive an additional reward for each block they mine from the bitcoin blockchain.The reward was previously 25 bitcoins but it has now been decreased to 12.5 bitcoins (equivalent to $7,000) which are still pretty high.
Because the reward is so high, the completion of mining is also incredibly tough. Thousands of miners from all across the world compete to assemble the block as quickly as possible.
Here’s a fun fact for you: “The total power of competing for Bitcoin computers is 1000 times higher than the top 500 supercomputers in the world.”
Is Bitcoin Mining Harmful for PCs?
A few years back, Bitcoin mining was not so mainstream and no dedicated hardware was built to support it. Moreover, the miners of past used to overuse their systems which often caused damages to PCs. However, the technology has advanced and various manufacturers are developing computers that are specifically designed to support Bitcoin mining; which has made the process safer than ever.
What Are The Benefits Of Bitcoin Mining?
There are several benefits of Bitcoin mining. The ones that top the list are:
- Bitcoin mining is like creating money from nothing.
- There is some cool hardware involved such as ASICs, FPGAs, and GPUs and Bitcoin mining gives you the opportunity to play around with them.
- You compete with others which ultimately helps you create an efficient mining system
- Bitcoin mining is considered to be less risky because the coins never devalue. in fact, the more people use this currency, the more it appreciates in worth.
- Bitcoin mining is not a waste of time. It’s actually a hobby that pays something back.
These are some of the facts, benefits, and details of how Bitcoin mining works. The process is quite intriguing and if you are trying to make some extra cash, becoming a Bitcoin miner is never a bad option.
Bitcoin is the most renowned cryptocurrency today. From 2009 to 2017, just within a few years, Bitcoin has largely asserted itself as the richest people of the world are now showing great support for the currency. It clears that this century belongs to Bitcoin. Now, the question arises, how to take part in Bitcoin revolution. There are more than 100 different ways to join this blockchain revolution. We will discuss only a few of them here. Before the discussion, let me tell you some important points, which you have to keep in mind during Bitcoin’s ride:
- Briefly, explain about Bitcoin to others.
- Create transactions by buying Bitcoin.
- Acquiring bitcoins.
- Do transactions through Bitcoin.
- Setup your Bitcoin wallet address.
- Tell about Bitcoin revolution confidently. In addition, completely guide them about how they can use secure and transparent transaction system.
- Tell them the difference between the currency and Bitcoin.
Now, let’s start a ride to Bitcoin revolution.
1. Acquire Bitcoin:
If you want to acquire bitcoin, there are three ways users by users.
Accept Bitcoin Payments:
Through merchant, solutions get start to accepting Bitcoin payments. There are more than 100,000 retailers who accept the bitcoin as a payment. These retailers hold high-profile business like Amazon, Tesla, Microsoft
Bitcoin mining is same like gold mining. Gold mining is in hardware services whereas Bitcoin mining is done on the Bitcoin network. So what do you conclude; Tools for Bitcoin mining are gold pans or buckets?
No, Bitcoin tools include a powerful PC and specialized software. You can easily mine Bitcoin by solving the complex math puzzle. When miners successfully solve the puzzle, they get the reward of 25 bitcoins which becomes half every four years.
Now, you have to purchase Bitcoin using cash from Bitcoin exchange and after that, your Bitcoin wallet.
2. Engaged in Bitcoin Services:
The venture capitalist Tim Draper says, “Bitcoin world is this new ecosystem where it doesn’t cost that much to start a new Bitcoin company. It doesn’t cost much to start owning Bitcoin either, and it is a much more efficient way of moving money around the world.”
The most desirable aspect of Bitcoin is to start your own business with low cost.
If you have no idea how to start and where to start with Bitcoin. Then observe the current performance of expertise of Bitcoin.
Bitcoin payment processors and digital or hardware wallet services are used for this purpose.
3. Provide Solutions for Acceptance:
If you can create a way to convince non-users to use Bitcoin, you are onto the winner.
4. Leverage Blockchain Technology:
For many financial institutions, the blockchain recording system holds promise as a secure, improved and transparent method to speed up transactions, cut costs, and eliminate fraud. Because of this, organizations are looking for ways to leverage blockchain technology for their own businesses.
5. Invest in Bitcoin:
Bitcoin is limited in number – 21 million to be precise. So, being an investor, you must know that increase in demand leads to the limited supply, hence the higher prices. If you are looking for a long-term solution for your financial problems, investing in Bitcoin is the best way.
An opinion piece was recently published, in which the finance minister of France, Bruno Le Maire exposed that the country is planning to create a legal framework for ICOs (Initial Coin Offerings) in an attempt to become one of the most leading ICO hubs and to attract the crypto startups as well. The opinion piece was published on “Numerama,” which is a French website. In that opinion piece, Le Maire stated that he asked Jean-Pierre Landau (ex-central bank representative), to draft a proposal for a statutory framework on cryptos.
Why was taskforce chosen by Jean-Pierre Landau?
Jean-Pierre Landau is basically known for his fabled nickname “Monsieur Bitcoin,” and was selected to head a cryptocurrency task-force last month in France. The task-force is accountable for recommending guidelines and strategies for the development of regulations, according to a report.
Jean-Pierre Landau said:
“France has every interest in becoming the first major financial centre to propose an ad hoc legislative framework for companies making an initial coin offering.”
Action Plan Revealed
Moreover, Le Maire also revealed that an action plan will be presented to the government of France within few weeks and will intend to see the French market regulator AMF (Autorité des marches financiers) having the opportunity to sanction companies in order to raise funds through ICOs, on condition that they respect the particular standards that are set for protecting stakeholders. So, it’s visible that ICO regulation is current plan of French Minister, Bruno Le Maire.
Le Maire also proclaimed that the startups in the country will be offered opportunities by the blockchain technology, as they will be capable of raising funds just by issuing tokens.
Bruno Le Maire’s Statement:
According to Le Maire:
“A revolution is underway, of which bitcoin was only the precursor. The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through ‘tokens (…)This promises to create a network of confidence without intermediaries offers increased traceability and will boost economic efficiency.”
France has a tradition of financial novelty, and according to Lee Maire, its new ambition is to enter the 21st century’s finance world by ensuring every participant, the required security for their improvement. Le Maire also wrote in the article that France shouldn’t lose out on the blockchain innovation.
France, along with Germany, remarkably gathered for discussing cryptocurrencies at G20. The summit was held in Buenos Aires, in which Argentina Le Maire highlighted how imperative blockchain technology and cryptocurrencies are. The G20 communique showed a curb on cryptocurrencies, however, regulation proposals are set to be originated within three months.
One of the concerns every Bitcoin user has is how to keep their bitcoins safe from criminals. Well, the answer to that is to store them in a paper wallet, completely away from the internet in an offline environment.
If you do it right, you’ve just initiated one of the safest ways to store your bitcoin. Although, if you mess up in between, it’s still more secure than storing coins in any Bitcoin exchange platform.
Creating a Simple PapeWallet
Start off with a desktop that is clear from all virus.
If you’re having doubts about this, install a copy of the OS on a USB. This is just for safety purposes, you don’t have to do this step. Although, make sure your computer is completely free from all sorts of malicious and nasty viruses. We don’t want your operating system wiping out on you.
Use incognito mode on your browser, and go on to a bitcoin paper wallet creation site
The most well-known paper wallet creation site is said to be bitadress.org, so use your incognito mode to log on to the site.
Turn off your internet connection once bitaddress.org loads
After the site has loaded, turn off your Wi-Fi or unplug your ethernet cable. This will completely remove any leads for your private keys to leak through the internet without your knowledge.
Don’t worry, bitaddress.org was programmed to function perfectly fine even without an internet connection.
Follow the instructions given to the side and move your cursor randomly across the screen
This is the fun part. You’re required to randomly move your cursor around the screen to generate a seed that will be used by BitAddress to generate your personal wallet.
You have now created two QR codes with a combination of random letters and numbers
Congratulations! You’ve officially created your first paper wallet.
The two QR codes are:
- Bitcoin Address- It will be a long string of letters and numbers jumbled together. This is what you’re going to be sharing with others in order to send and receive Bitcoins.
- Private Key- This too is a lengthy combination of alphanumeric, but you’re supposed to keep this secret. You CANNOT share your private key with anyone nor can you store it on a computer and, definitely not on the web.
Remember this. If you lose your key, your bitcoins are lost forever and if someone else gets a hold of your private key, they can easily empty your wallet.
Keep your paper wallet safe
The next step is having an offline copy of your Bitcoin Address. While you’re still disconnected from the internet, print the address (make sure your printer is not connected through wi-fi either). Now you have created a hard copy of your Bitcoin address, which you can later add Bitcoin to for a final cold storage solution.
Always keep a backup of your wallet in another location and make sure it is completely secure. If someone gets their hands on it, you’ve lost everything.
Adding funds to your cold storage wallet
You need to use your online wallet for this. Scan the bitcoin address on the paper wallet or just copy it, then send your fund to your cold storage.
- Make sure to store your wallet someplace away from moisture, because you don’t want it getting damaged. Try storing it in a Ziploc bag or laminate it, in order to avoid it from coming in contact with any liquid.
- Use an Operating System that never goes online, to prevent your PC from leaking out your private keys. Print your wallet offline and never go online from that computer in the future.
- You can store large sums of bitcoins in your cold storage rather than carrying it with you in an online wallet. Keep small amounts of bitcoin in your online wallet for daily transactions and the rest offline, in a secure spot.