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Cryptocurrency Mining: Explained

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Ever given a thought to how cryptocurrencies actually come to exist? How does one actually get them onto a server? How does one actually introduce them into the network for community users to buy, sell and trade? The heavy energy and resource consuming process which is required to obtain these cryptocurrencies is called mining, which is why we say that one has to ‘mine’ their cryptocurrencies.

When it comes to cryptocurrencies, there is no central body to issue new notes or mint new coins. A cryptocurrency exchange has no such system of single point of authority.

 

Blockchain and Cryptocurrency mining

The technology of Blockchain supports virtually every cryptocurrency on the digital world. It is a decentralized shared ledger of each and every transaction that ever takes place on the network. The genesis block is the first block to record the first transaction made over the network. As and when newer transactions take place, they get permanently logged onto newer ‘blocks’ which are then chronologically added in a linear fashion onto the pre existing chain of blocks thus forming an ever growing chain of blocks called the blockchain.

In order to create a new block with all its legitimacy intact, a cryptographic hash is included. To arrive at a hash matching the right criteria, all one needs to do is calculate as many hashes as possible and then wait until one hits a match. Upon hitting the right hash, new blocks are formed and the reward of this computational process is given in the form of the cryptocurrency involved to the miner who founded this block.

In even simpler terms, mining is just the process to produce or create cryptocurrencies. The computer processing power enables mining, which is basically a record keeping service. A network of nodes on a distributed network race to solve a heavy mathematical puzzle using the trial and error method. The first computer to successfully solve the puzzle is known to “mine” the cryptocurrency. Higher is the computing power contributed from your side, larger is your reward.

 

Obtaining mining hardware and power supply

One first needs to decide on what hardware equipment they wish to use to mine their cryptocurrency. All these mining equipments are very expensive and one needs to make a sound intelligent decision before making a purchase. Always opt for a machine with higher hash power and efficiency. Usually, a machine with higher hash power is more costly. To keep a track of your expenditure and evaluate your returns, one could make use of the Bitcoin Mining Profit Calculator. AvalonMiner 741, AntMiner S9, AntMiner S7 are a few of the most popular, cost effective and reliable miners available on the market which can be easily bought from online shopping sites such as Amazon. In addition to this, one also needs to find a power supply compatible with their choice of miner.

 

Mining software and Mining Pool

A cryptocurrency miner would not mint out hard coins for you. You need to integrate it with a mining software to help you mine your digital currency. EasyMiner has a very user friendly graphical user interface (GUI) and can be used by almost everyone with little to no technical knowledge. It is very user intuitive. If one wishes to use a terminal based mining software, CGMiner and BFGMiner are two very good options.

Since mining requires a lot of energy, it is a costly process. It is always recommended to mine cryptocurrencies on a large scale. Not just this, undergoing the mining process individually, one needs to spend a lot of hours simply waiting for the block of transactions to pull through and then getting their virtual currency as a reward. To overcome this excess expenditure of time, services like mining pools are available. In a mining pool, all the participating members pool together their computing power to save time. Every time a transaction pulls through on the network, all participating members of the pool receive a reward. Of course, the fraction of reward received depends upon how much computing power one contributed in the shared network.

 

Obtain a Bitcoin wallet and start mining

Before one actually starts mining, one requires a place to hold their coins. Several web based wallets and mobile applications based wallets are available to choose from to secure your digital currency. Airbitz, Blockchain, Freewallet, Jaxx, My Celium Wallet, Coinbase, Circle, Blockchain, Strongcoin, Xapo are a few of the most widely used wallets. Miners can explore all these options and choose one that best fits their requirements. Once you have everything in place, follow simple instructions inside the users manual of your miner and start mining!

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Bitcoin Price Weekly Analysis: BTC/USD trying to rebound.

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Bitcoin price bombed by and by close to the $6,600-6,620 resistance. BTC/USD is rectifying lower and it could test the $6,275 and $6,188 supports.

Bitcoin Price Key Focuses

  • Bitcoin price bounced back and moved over the $6,400 level, yet it flopped close $6,600 against the US Dollar.
  • There was a break beneath a noteworthy bullish pattern line with support at $6,460 on the 4-hour chart of the BTC/USD combine (information feed from Kraken).
  • The match stays in a wide range somewhere in the range of $6,000 and $6,600, and it might keep on trading sideways.

Bitcoin price bombed by and by close to the $6,600-6,620 resistance against the US Dollar. BTC/USD is rectifying lower and it could test the $6,275 and $6,188 supports.

Bitcoin Price Range Exchanging

This previous week, there was a pleasant upward move from the $5,900 swing low in bitcoin price against the US Dollar. The BTC/USD combine exchanged over the $6,300 and $6,500 resistance levels. Be that as it may, bitcoin price flopped once more almost a noteworthy resistance at $6,600-6,620. The expressed resistance zone counteracted increases above $6,650 and the 100 basic moving normal (4-hours). Accordingly, bitcoin price declined and moved beneath the $6,500 level.

There was a break underneath the 23.6% Lie retracement level of the last leg from the $5,900 low to $6,653 high. Additionally, there was a break beneath a noteworthy bullish pattern line with support at $6,460 on the 4-hour chart of the BTC/USD match. It has opened the entryways for more misfortunes in the here and now beneath the $6,300 support level. The following essential support is the half Lie retracement level of the last leg from the $5,900 low to $6,653 high at $6,276. Beneath this, Bitcoin price is probably going to break the $6,250 level to test the $6,188-6,200 support zone.

BTCUSD Weekly Price Chart 19 August

BTCUSD Weekly Price Chart 19 August

Taking a gander at the chart, Bitcoin price is by all accounts exchanging a wide scope of $6,000-6,600. Hence, there are odds of the present wave reaching out towards $6,200 and $6,000 before purchasers show up.

Taking a gander at the specialized markers:

4-hours MACD – The MACD for BTC/USD has moved back in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently beneath the 50 level.

Significant Support Level – $6,200

Significant Resistance Level – $6,600

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How to get a Bitcoin Debit card? Explained in three steps.

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Bitcoin Debit card has become very rampant, where users can use it in a similar way they used the traditional debit cards.

Deciphering a Bitcoin Debit card and how to procure one.

Intro

It is certainly not a surprise that the cryptocurrency space has revolutionized, the way the financial economy of the world functions. With Initial coin offerings, cryptocurrency tokens, decentralized applications, smart contracts, lightning networks, side chains, forking, etc are the most important and new cryptocurrency keywords which have been spawned by the development in the cryptocurrency space. Satoshi Nakamoto would never have thought that his simple initiative of an electronic cash system would grow into a billion dollar industry. Let us read about Bitcoin Debit Card and how to get one.

 

Bitcoin Debit card

Nevertheless, many cryptocurrency coins are available in the market and predominantly used for investment and not in the form of currency. Therefore, many initiatives have been undertaken, in order to democratize the usage of cryptocurrencies on a daily basis. One such initiative is the Bitcoin Debit card.  Bitcoin Debit cards have become very rampant, where users can use it in a similar way they used the traditional debit cards. The main goal is to completely radicalize the usage of such Bitcoin Debit cards in order to form a hassle-free form of financial ecosystem. Therefore in order to contribute to the community’s development, let us understand how to get Bitcoin Debit card.

 

Ordering a Bitcoin Debit card has never been that simpler. It is as simple as filling an application form and submitting it to the respective authority, very similar to any other traditional Bank.


Step 1 to buy Bitcoin Debit card

Firstly, all the users need to find a suitable Bitcoin Debit card providers they are usually nothing no one but the traditional Paytm payment gateway service providers which you have initiated to sell Bitcoin Debit cards in order to leverage their business there are many of them available in the market but the most reliable and popular one is the Coinbase’s Swift Bitcoin Debit card. One can avail it in a seamless fashion.

Step 2 of buying Bitcoin Debit cards

The user after selecting the appropriate Bitcoin Debit card provider needs to fill the application form with contains some basic details of the users like complete name, phone number, address, date of birth, and most importantly the Social Security Number.  We must properly provide all the authentic details in order to avoid any further discrepancies in data, which indirectly might lead to the rejection of the Bitcoin Debit card application. One of the main requirement of the Social Security Number is that the banks can easily verify the Know Your Customer regulations in a simplified manner.

 

The third step to buy Bitcoin Debit cards is to make the payment.

The users then need to make the basic pay in order to avail their Bitcoin Debit card. It is worth mentioning at this point, that this payment does not reflect in the Bitcoin Debit card that one receives. The user’s need to exclusively add funds to their Bitcoin Debit card by a number of other methods with which would be discussed, in maybe some other article. Once the payment is done the process is complete and the users receive their Bitcoin Debit card.

Further attributes of Bitcoin Debit cards

The usage and development of Bitcoin Debit card have become very popular since 2015.  It has opened up the cryptocurrency community for new ways to use Bitcoin, in its real format. Although the high volatility and price fluctuations, is resisting the merchants to accept Bitcoin, the crypto space will undoubtedly get mature enough to be used by the merchant stores in a very common manner. However radical steps have been taken in this regard, where any merchant store which accepts VISA credit or debit cards, would automatically be upgraded to accept the Bitcoin Debit cards as they are indirectly powered through VISA itself.

Future

As the cryptocurrency market gains, maturity Bitcoin Would still be in the topmost position, as Bitcoin Debit cards would monopolize Bitcoin over the market. However, with respect to the scalability issues of the Bitcoin blockchain network, the Bitcoin Debit cards might prove to be a bottleneck causing congestion due to more inflow of transactional traffic towards the network.

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#Bitcoin Price Analysis

When will Bitcoin Rise in 2018?

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Bitcoin price at the end of 2017 has led to the industry experts to predict that a similar kind of bullish trend aka bitcoin rise in 2018 again.

 

Understanding conditions which would lead to Bitcoin rise in 2018.

Introduction

Assuming that you are very new to the cryptocurrencies. Let me explain the very basics of the cryptocurrencies, blockchain technology, along with Bitcoin. The cryptocurrencies are nothing but a digital form of currencies which are secured through the Cryptographic principles. The Blockchain technology fuels the cryptocurrencies, as they are based on the Blockchain technology itself. Bitcoin was the very first cryptocurrency put forth before the citizens by an anonymous group of people, who termed themselves as Satoshi Nakamoto. He is also the most controversial figures in the crypto space. Developed in 2009, Bitcoin was not that famous until 2017. When the world experienced an explosion in the Bitcoin prices, it was then that the experts predicted it’s future acceptance.  

 

Bitcoin

Bitcoin is nothing but a peer-to-peer electronic cash system and there is no physical currency available. It can be used to pay for a product or service just like any other currency. Realise it, like using a bank credit card where we actually don’t physically use Money but the balances are simply updated on both the sending and the receiving end. Unlike the conventional fiat currencies, Bitcoin has a fixed market supply of around 21 million coins only, which are made available through a process of complex and Brute Force computations, known as Mining. Solving the Blocks means, adding a block into the network, which results in a reward, to the node undertaking the process, in the form of Bitcoins.

 

Is Bitcoin a Bubble?

The whole cryptocurrency space is considered to be a bubble or a Ponzi scheme by some of the most prominent investors of the current time. therefore, one must need to know why it is considered so. The price fluctuations in Bitcoin is one of the precise reasons for it to be labelled with such terms. The cryptocurrency market is solely driven by the market forces of demand and supply. It is worth mentioning that the cryptocurrencies are not backed by any form of financial asset. In other words, the value of Bitcoin is only due to its widespread acceptance and belief among its users. Hence we observe very high amounts of fluctuations in the Crypto space. However to gain better comparison, the in the traditional stock market there is absolutely no fluctuation of more than 5% in a single day, but in the cryptocurrency market, it is very common for a 10 to 20 % price fluctuations.

 

Will the Bitcoin rise in 2018 again?

In December 2017 Bitcoin had gained a lot of momentum and the cryptocurrency reached pinnacles when the price of the cryptocurrency was hovering around $20,000. This Bitcoin price at the end of 2017 has led to the industry experts and professionals to predict that a similar kind of bullish trend aka bitcoin rise in 2018 again that we would experience by the end of the year.

 

We would witness a Bitcoin rise in 2018 says the predicted who had predicted last year’s boom

Kay Van-Petersen is one of the well-known cryptocurrency market predictors. He had most precisely predicted the Bitcoin rise and falls throughout the year 2017 on a consistent basis. He further predicts a Bitcoin rise in 2018 as well. He clarifies that Bitcoin will touch the $50,000 and the $100,000 mark by the end of 2017. The optimism for Bitcoin rise in 2018 seems to be very similar to the Bitcoin rise of 2017.

 

Practical conditions which might support the Bitcoin rise in 2018

The initiation of Bitcoin futures by two of the most preeminent stock exchanges of Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE), is being pointed to, by some of the industry professionals, as a strong reason for the Bitcoin rise in 2018. They would strongly support the Bitcoin rise in 2018, as they have opened up opportunities for the masses of people who were highly scared of the cryptocurrency’s unregulated state. As the proposal was given a green signal by the Commodity Futures and Trading Commission (CFTC), it is invariably completely regulated in nature. Hence the enthusiasts who had missed the crypto wave last year could join the bandwagon now to make huge amounts of profits in Bitcoin rise in 2018.

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