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How to get Bitcoins in 2018

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How to get Bitcoins?

If you have heard of the word ‘Bitcoin’, read the numerous headlines it has been making on the Internet and in the newspapers, and looking to understand more about this craze that has taken the crypto world by storm, without worrying about not understanding the technicalities behind it, here is a detailed step by step guide on learning more about this digital currency.

 

What is Bitcoin?

Bitcoin, in simplest of terms, is a cryptocurrency. Also termed as digital or virtual money, it is basically a digital asset one would use as a means of exchange for reliable and secure transactions and purchases over the Internet. It isn’t hard cash, and is not available to one in the form of our usual paper money. It is produced by an energy consuming process known as mining. Our day to day transactions are governed by central authorities like banks and financial institutions. This means that all transactions are operated by a single government authority or a centralized bank. Bitcoin was introduced to eliminate this principle and was thus released as an unregulated cryptocurrency and a worldwide payment system. This is why it is called a decentralized form of cryptocurrency since there is no single point of control anywhere in the network.

This decentralized digital currency works on a system of peer to peer network, where transactions take place directly between the two parties involved. No third party intervention is required to settle the transactions. What makes this currency so popular is its limited number. During its inception in 2009, exactly 21 million Bitcoins were made available. This makes every coin more valuable.

Built on a technology called Blockchain, information about every transaction settled in the Bitcoin community is logged into blocks which join together in a linear fashion to form a blockchain. This complete information is always readily available to every user thus making it a secure and clear platform eliminating all chances of fraud. All the coins one obtained through mining or transactions are stored in a digital wallet secured by a private key.

 

Why should one bother about Bitcoins? How to get Bitcoins?

Before divulging into the technicalities of how to get Bitcoins and what to do with them, it is important to know about why one should even try learning about them.

  • Bitcoins, as mentioned earlier, are decentralized which means that all transactions and purchases between two users of the Bitcoin community are settled without any government authority or central bank meddling in between, providing the users a plethora of benefits. This means that no processing charges, transaction charges, service charges or such fees would be levied upon either party for the successful completion of a transaction. No reserve systems can intervene in between to hike interest rates. You pay for exactly the worth of the service or product.

  • Since the distributed ledger technology provided by blockchains makes available all information to every user in the Bitcoin community, there is little to no chance of a scam or fraud and this makes the platform open, clear and secure.

  • Traditionally, the value of our money is governed by a shared set of rules for exchanging values. However, Bitcoin is programmable money, with no inherent value, and its value is determined directly by the payer and payee. Once they decide upon the terms of the contract or transaction, they are codified.

  • Although all information is accessible via an open ledger, none of your personal information is available to anyone on the network. This means that you are not required to identify yourself. A private key is used to secure your coins and private information. This provide new levels of privacy and cyber security.

  • A remarkable feature of Bitcoin transactions are their irreversible nature. This means that any transaction once initiated cannot be revoked or reversed. This eliminated fraudulent activities such as double spending.

  • Unlike our usual credit settlements which take the bank at least a few weeks or one whole month to settle, Bitcoin transactions are settled within 10 minutes thus saving you a lot of time.

Should you still invest in them?

Through 2017, the value of Bitcoin underwent a whopping 1800% increase finally settling at the $19,000 mark by mid-December. Such remarkable developments all through the year made 2017 the Year of Bitcoins. Anyone owning Bitcoins is the owner of nothing less than a small fortune. Any financial investment is inherently unstable and risky, however the nature of Bitcoin values is even more volatile. Over the years, its value has still settled gradually but is still subject to rapid fluctuations. This volatile nature makes it a good opportunity to make money for anyone looking to make short term investments.

Other than incurring the benefits already discussed above, anyone looking to make investments in this dimensions needs to properly educate themselves about the working of this network. It would be foolish to blindly take the word of anyone else. It is vital to do your own research, evaluate the risk one is willing to take and then make a sound decision. One also needs to understand the process of mining and decide whether they wish to mine their own coins or simply buy them. Investing in this is a high risk game but with every high risk situations, there is always even more higher chances on massive benefits.

Once you have come to a sound decision, and are willing to go ahead with making an investment in Bitcoins, make wise decisions.

 

What is mining? How to get Bitcoins in 2018?

As mentioned earlier, you can either buy your coins via secure Bitcoin transactions online or you could mine them for yourself. The process of mining requires investment into a lot of heavy mining equipments and access to a lot of electricity and bandwidth since the Bitcoin network is notorious for consuming truckloads of energy. Built upon a technology called Blockchain, a network of nodes work together to ensure the integrity of transactions achieved by acquiring consensus. These nodes 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 Bitcoins. However, it is advised to always mine your coins on a large scale. People aiming at a smaller scale should always go for buying their coins instead of mining them.

Once you have mined your coins, or brought your Bitcoins over the network, digital wallets resembling online bank accounts are used to hold your Bitcoins. Your credentials are required to access your digital wallet and no one can take money out of your wallet unless and until you authorize such a transaction or make the payment yourself.

 

How to get started?

Once you have educated yourself and decided to go for investing in Bitcoins by buying them, search about platforms where you can buy them. However, before buying your Bitcoins you need to decide on where you would be storing them since it is very important to keep your Bitcoins in a secure place protected by a private key to prevent it from getting stolen. Technically it is your private key that you use to sign purchases and transactions which is required to be stored in a safe and secure place and not your coins per say.

 

Where to get your coin wallets?

A paper or hardware wallet is one of the most secure option. It is essentially a document containing a public address, used to receive Bitcoins and a private key to secure yourself over the network. Often printed as a QR code, one can easily scan them and simply add keys to your software wallet and then make a transaction. One can make use the services of Bit Address or Bit Coin Paper Wallet to generate their own paper wallets.

Another option for users is a mobile Bitcoin wallet. This is simply an app on your smartphone which stores your private and public keys, helping you to directly make payments via your phone. Several apps are available for both android and ios devices. Airbitz, Blockchain, Freewallet, Jaxx, My Celium Wallet are a few reliable options available. The downside of this choice is that you could lose your private keys if someone simply gains access to your mobile device.

Web based mobile wallets are an alternative. Several web based platforms like Coinbase, Circle, Blockchain, Strongcoin, Xapo provide such services. However, the major threat posed to your security when storing your keys by this method is that the organisations providing these services might gain access, thus not just securing your private key but also controlling your money.

One could chose to secure their coins any which way however one of the method which has still not brought up any threat to the user is a hardware wallet. Immune to viruses, these wallets can be securely used interactively. Ledger Nano S, TREZOR, KeepKey, Ledger HW.1 are a few secure options available.

 

Where to buy your coins?

There are over 1800 ATMs spread across 58 countries from where you can buy your Bitcoins. All you have to do is insert cash into the machine and scan your mobile wallet QR code. Alternatively, you could also be given a paper receipt with codes and instructions on how to proceed further. Coin ATM Radar can be used to find your nearest Bitcoin ATM.

A cryptocurrency exchange can be used to trade your regular money with Bitcoins. Coinbase, Coinsquare, Bit Bargain, Bittylicious are a few available options.

Gift cards could be used to buy Bitcoins too. Simply purchase a retailer’s gift card, log into a Bitcoin exchange site where gift cards are accepted and complete the transaction as desired. A few sellers that accept these gift cards are Paxful and Local Bitcoins.

However, whether you are looking for a large scale trader like investment or a one time simple solution for your Bitcoin transactions, exchanges are your best possible bet and also the safest option. This means that you have an exceptional range of choices to make your trade. Bitflyer, Bitstamp, Coinsquare, Coinbase, Kraken, Cex.io, Shapeshift, Poloniex, Coinmama are few of your best options. They are highly secure and provide quick transactions and great customer satisfaction.

 

A few tips

It is vital to educate yourself with each and every step before you make it during your Bitcoin journey. It might help you reap great benefits but a minor mistake or negligence could lead you to lose your invested money too. Always keep your coins secure in a coin wallet of your choice. Never divulge your private key to anyone no matter what. Understand the legality that comes with your investment. There are still countries where Bitcoin transactions are not legal and aren’t a legal form of payment.

There are however several stores both online and offline where one can purchase commodities using Bitcoins. A huge number of cafes, restaurants, pizzerias, jewellery stores, hotels, supermarkets, have started accepting Bitcoins. Not just this, large international companies like Microsoft and Dell has recognised it too. Be very careful about your activities online and when in doubt always make a wise educated decision.

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Top 10 cryptocurrency mining companies

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Here are the top 10 cryptocurrency mining companies

Some of the most popular and reliable cryptocurrency and bitcoin mining companies throughout the world

As the invention of cryptocurrency has given rise to a number of domains,  cryptocurrency mining industry is one of them. Mining cost a lot of electricity to the miners where the miners solve complex mathematical problems in order to add a particular block to the blockchain and hence receive the block reward in the form of cryptocurrency. As the number of miners increases, trying to crack the code, the difficulty of the complex algorithm increases.

A number of miners join together in order to create a mining pool. This collaboration acts as an advantage to the miners as the total number of miners doesn’t increase with respect to the blockchain but a whole set of miners act as a single miner and hence the difficulty of the complex algorithms is not increased as the number of miners are increased in the mining pool. In other words, in a mining pool the set of miners share the work among themselves and also the block reward is shared among them.

 

Below are some of the top 10 cryptocurrency mining companies:

 

  1. Genesis Mining.

Founded in the year 2014, it is regarding as one of the top Bitcoin mining companies around the world. It is well known for its transparency and best customer service. The integrity and reliability which the company provides to its users are just unmatchable. Spondoolies tech, an Israel based company which is specialized in manufacturing all kinds of cryptocurrency mining equipment works in collaboration with this cloud mining company by providing it with mining rigs. All of their mining equipment is being placed in the locations which have geographically suitable for mining. Surplus and cheap electricity and low temperatures in a location are best suited for mining. They provide a wide range of offers from 50GH/s to 15,000GH/s.

 

  1. Hashix.

The Bitcoin and Ethereum cloud mining company are considered to be very simple and user-friendly. The new users, as well as the experts, can use this service easily in order to gain some profits. The company provides a very unique way of buying a hash power to the user without even really worrying about the hardware and software requirements required for the mining. The whole mining installation is done by a set of highly experienced experts in the cryptocurrency as well as financial sector and hence the company is highly reliable. Once the user registers for hash power in the company the withdrawal of the profits can be done periodically. The minimum payout is 0.002 for Bitcoin and 0.03 for Ethereum. In short, the Lithuania based company is the best place for investment.

 

  1. Bits2u Inversiones S.A.C.

it is one of the most legal cloud mining service providing company in Peru, with approvals as well as registrations from SUNAT and SUNARP. Along with registrations with the financial authorities of the country, the company even has RUC and a DUNS numbers. It is one of the first fully automated online systems which intends in providing a number of investment options to its users in order to increase the return on Investments. It even offers 10% referral bonus to its customers. They strictly make sure that their customers are satisfied with their service.

 

  1. Bitforx.

This particular cloud mining service is considered to be one of the safest around the world and is located in the industrial zone of Kutaisi, Georgia. A large spectrum of Bitcoin mining hash powers is available here with an aim of providing the cryptocurrency community, the accessibility to mine Bitcoins.

 

  1. NuVoo Mining.

The Canada based cloud mining services provide cloud mining, Dedicated miner, and Colocation Miner services. It even offers a live customer support in French and English languages.

 

  1. IQ Mining.

The mining company acquires its hash power from some of the large data centers spread throughout the world. This is intelligently done in order to reduce the cost of electricity that is required to mine cryptocurrencies.

 

  1. Hashing24.

The company aims at providing Bitcoin mining contracts to the new customers who are experiencing Bitcoin mining for the first time.

 

  1. IronVault.

This company can be considered as a one-stop shop for all the professional cryptocurrency mining solutions. It even provides its services to the customers who are very new to the blockchain technology as well as the cryptocurrencies.

 

  1. BitFury.

The company mainly deals with the manufacturing and development of the hardware equipment required for mining but recently opened up its own Bitcoin mining data center in Georgia.

 

  1. CoinMiner.

Covering cryptocurrency mining along with equipment required for it, the company helps individuals and businesses to set up mining sale e-commerce.

 

The cryptocurrency revolution has undoubtedly proven to be very useful as well as better than the traditional fiat currencies we had. If we look at the traditional Fiat currencies, the amount of energy spent in order to create the currency is very negligible, in other words it is same as the amount of energy required to manufacture a piece of paper but in the cryptocurrency domain the huge amount of electricity is consumed for the creation of cryptocurrencies and hence they have some intrinsic value and are inflation proof.

Many countries across the world have embraced this technology and are taking advantage out of it by fastening the whole Financial tedious process which took a lot of time. Many governments are even focused on the research and development in the field of Blockchain Technology, in order to further explore its potentials to solve other problems.

 

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Bitcoin

Will India ban bitcoin and cryptocurrencies? Zebpay tweets about withdrawal closure

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Zebpay, India's leading Bitcoin exchange tweeted that the local ruppe withdrawals

With the recent announcement of the Reserve Bank of India (RBI) about not accepting Bitcoin or any other form of digital currency as a legal form of payment, quite an uproar was registered in the Indian digital currency market and the fintech sphere in general. People had thought that Bitcoin altogether had been banned and that holding, trading, buying, selling etc is now a criminal offense in India. However, that is not the case. RBI has simply called for not accepting it as a legal form of payment anywhere in India, and digital currency investors and enthusiasts are still active on the digital currency platform with mining, buying, selling, trading and holding their Bitcoins and other virtual coins. However, RBI’s announcement has definitely caused a certain unrest in this sphere with people having started doubting the future scope of their virtual tokens.

 

A tweet by Zebpay – India’s Bitcoin Exchange

Yesterday, Zebpay, India’s leading Bitcoin exchange tweeted that the local ruppe withdrawals could come to a halt, which created a panic in the market and Bitcoin traded as low as Rs 2,90,000 (in Indian local currency) per Bitcoin in India.

 

Is India cracking down Virtual Currencies?

Moreover, with news coming every passing day about some country or the other cracking down hard on virtual currencies, and passing strict regulations on them or banning them completely, people are wondering if India would be the next country in line to do so. Such a ban would result in people losing a lot of their money and that is of course not a good thing. Big countries like Switzerland and Japan are very positive when it comes to Bitcoin, digital currencies and also the blockchain technology but on the other hand, there are also other several big countries like Thailand and China which have completely banned them. This has caused a lot of confusion amongst people and has mislead people to not know what to make of India’s current position in this matter.

 

RBI after Bitcoin Scams and Frauds

RBI has also issued several warnings to people so that they can save themselves from falling prey to scams and frauds. With such steps being taken by the RBI, I believe it is unlikely that India would ban Bitcoins and other digital currencies. There has already been several statements by eminent Indian personalities who have spoken highly of the blockchain technology and wish to make more research in this space. With them mention of digital currencies in the country’s national budget, this is quite possibly a step in the right direction, and there seems to be a bright future for Bitcoins and other digital currencies in the long haul, if not in the coming years.

 

Misleading news about Bitcoin Ban

The misleading spread of news saying that Bitcoins along with other digital currencies has been banned in India could be attributed to the fact that there is still not much awareness regarding this subject matter in India and Indians are still quite clueless about them. There is an urgent need for Indians to be educated about the basics, working and technicalities of this decentralized platform and the blockchain technology if one expects to make bitcoins and other digital currencies popular in India. People are intrigued by the entire concept of virtual currencies and the excitement attracts them towards it but the problem is that they do not understand it enough to make any right decisions for themselves.

Even so, the trading volumes of India’s digital currencies has been on the rise which indicates a growing interest of Indians in this digital market.

 

PayTM and KYC

The underlying blockchain technology of Bitcoins and other digital currencies is what has prevented the government from banning it earlier before. They wish to research further in this domain and do not want to ban the currency altogether since they want to learn further and maybe make more advancements in this sphere. However, they would soon be placing several regulations in place to control the unregulated nature of the platform. Also, they might soon call for a more stronger KYC plan in action for these platforms just like they did for services like Paytm, so that they can recognize the investors in this domain and work on preventing crimes like tax evasion.

 

Blockchain and Bitcoin

Moreover, the blockchain technology has already intrigued many enthusiasts and academics all over the world and with the Indian government setting up a team to investigate into the details of this brilliant technology, it seems highly unlikely that there would be an impending ban on these virtual currencies. The current stand of the government in respect to these digital currencies is very open minded and under such circumstances, it would be a complete shocker if a ban is placed. With no such future scenarios seeming likely, a ban is quite possibly not in the picture, and since it always takes Indians a little more extra time to get used to something new and be accepting of it,  bitcoin and digital currencies would witness a bright future in the long haul.

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Binance completes its 1 year, here are 15 things you should know

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Below are some of the key features of Binance which makes it's so reliabl

15 characteristics of Binance that makes it so convenient for the customers

The exponential increase in the value of Bitcoin in the previous year opened the eyes of investors as well as the traders as they realized the potential of the cryptocurrencies and the Blockchain Technology which can be used to transform many fields. Bitcoin was not the perfect cryptocurrency, it had certain drawbacks and hence to overcome them, a number of other cryptocurrencies were created.

However, the number of cryptocurrencies available now is a lot more than required. This has put the investors in a state of confusion as to which particular cryptocurrency to choose from in order to get best returns. Making best profits require less transaction fee and a lot of service capabilities provided by the medium through which we perform the trading, which is the cryptocurrency exchanges.

Binance was actually initiated in the year 2017. It has almost been one year since its initiation and the exchange has reached the pinnacles of success.

 

Below are some of the key features of Binance which makes it’s so reliable:

 

  1. The word Binance is actually a portmanteau of Binary and Finance.

 

  1. Binance has proven to be one of the best among all the other cryptocurrency exchanges. With its initial coin offering done in July 2017 as an ERC20 token BNB, the exchange managed to raise almost $15 million.

 

  1. It was after this particular exchange that the other cryptocurrency exchanges started to incorporate the ICO

 

  1. Originally, the cryptocurrency exchange was founded in China but due to the regulations in the country, in September 2017 it had to move its servers from China to Japan.

 

  1. The founder of the exchange, Changpeng Zhao is well known for creating some systems which are even now used on the Tokyo Stock Exchange. This experience might be the reasons for the success of Binance.

 

  1. The cryptocurrency exchange covers a large spectrum of Altcoins with over more than hundred cryptocurrencies available to trade.

 

  1. The cryptocurrency trading fees are also very less in the industry. It is only 0.1%.

 

  1. There is an added advantage of using the binance coin, BNB for the transactions where the users can get 50% discount on their fee.

 

  1. There is no transaction fee as well as a limit for deposits. Anyhow there is a transaction fee as well as certain amount of limit for the withdrawal of Bitcoin.

 

  1. If the user needs to withdraw more than two Bitcoins then extra verification procedures must be followed by providing various identification proof such as a passport.

 

  1. The cryptocurrency exchange can be considered as a launchpad for various coins. This is evident as, as soon as the ICO for a coin is ended, it is available on this particular cryptocurrency exchange.

 

  1. The exchange incorporates a two-factor verification model where are unique code is sent to the customer’s mobile phones whenever a login attempt is done.

 

  1. The cryptocurrency exchange has the capability of processing over 1.4 million transactions per second. Hence the buyers and sellers consider this exchange as a preferred option over the other exchanges which has low trading volumes.

 

  1. The only biggest disadvantage of this exchange is that it doesn’t accept the Fiat currencies. Other cryptocurrency exchanges accept Fiat currencies in the form of credit card, debit card or Paypal payments. This is the main reason why the beginners cannot start directly with Binance.

 

  1. It even provides an advanced option for experienced cryptocurrency users. The advanced option displays detailed statistics about the price movements of a number of cryptocurrencies which cannot be understood by novices.

The exchange’s consistent updations with the regulations as well as technology are the crucial factor for its success. The CEO, Changpeng Zhao is well known in the cryptocurrency world for his expertise in the field. Also, BNB is experiencing an upward movement when the whole market is facing a downfall. According to reports, the exchange is all set to include EURO trading pairs along with doubling the referral commission rewards which would again add to its customer base.

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