Category: Bitcoin

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Types of Cryptocurrencies – Explore Different Types Of Currencies 

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In the world of cryptocurrency, Bitcoin was just the beginning. Virtual currencies served a very important role in the investment realm. People start turning towards cryptocurrencies as compared to fiat currencies because of its transactional and monetary properties. Cryptocurrencies propelled the growth of dynamic market for investors and users.

Bobcat 300 Helium Miner for sale is available in different forms. The choosing of the right form is essential for trading at the online site. The transactions are performed in digital money at the online site. It will offer more profitable opportunities to the individuals. 

Aside from Bitcoins, there are other cryptocurrencies available. However, we will only feature the top five virtual currencies in the market, including Bitcoins.

Bitcoin is the first ever cryptocurrency created and is still the most sought after cryptocurrency to this day. In the cryptocurrency network, Bitcoin is the digital gold standard. Pioneer of Blockchain Technology, Bitcoin made digital money possible.

It is the first decentralized peer-to-peer network powered by its users without any central authority or intermediary. No unnecessary costs are included in the digital money transaction. Over the years, Bitcoin’s value has immensely changed from zero to over $2000 per bitcoin to date. Bitcoin transaction volume has also reached 200,000 daily.

Bitcoin is impossible to counterfeit or inflate. This is one major advantage Bitcoin has in comparison with other cryptocurrencies. This is because only 21 million bitcoins were created for mining, no more no less. Hence, as a prediction by 2140, all bitcoins will already be mined. Through its blockchain technology, users have ultimate control over their money and transactions without having to go through an intermediary like the bank or Paypal.

Bitcoin transactions are impossible to be reversed. You should only deal with trusted parties as Bitcoin is also used as a means for cyber-crime like dark net markets or ransomware.

Media companies and investment firms in South Korea, India, Australia, and Japan already started discussing on the possibility of Bitcoin to be an alternative monetary system in the future. Discussion also includes how it may surpass the value of certain fiat currencies. Recently, ABC News have also reported the possibility for Bitcoin to replace even the USD in the next 10 years if it sustains its current exponential growth.

Ethereum was created by Vitalik Buterin. It has earned second place in the hierarchy of cryptocurrencies. Launched in 2015, this digital currency is predicted to outshine Bitcoin and may be the cryptocurrency of the future. Since its launch, Ethereum is currently worth $279.

Ethereum is a part of a blockchain network, just like Bitcoin. While Bitcoin blockchain focuses on tracking ownership of the digital currency, Ethereum blockchain focuses on running the programming code or network.

Ethereum enables the development of thousands of different applications in a single platform instead of having to build an entirely original blockchain for each new application. In the Ethereum blockchain, miners work to earn Ether, a crypto token that helps run the network. Its blockchain has the ability to decentralize any services that are centralized. As an example, Ethereum is able to decentralize services such as loans provided by banks, online transactions using Paypal, voting systems, and much more.

This digital currency can also be used to build a Decentralized Autonomous Organization (DAO). A DAO is a fully autonomous organization without a leader, run by programming codes on a collection of smart contracts written in the Ethereum blockchain. Like Bitcoin, it is designed to replace the structure of a traditional organization, which eliminates the need for people and a centralized control.

A third party cannot make any changes to the data of Ethereum blockchain. Tamper and corruption proof, Ethereum is built based on a network formed around a consensus, making censorship impossible.

Applications are well protected against any form of hacking because, just like Bitcoin, Ethereum is backed up by secure cryptography.

Launched in 2011, Litecoin is aspired as the “silver to Bitcoin’s gold.” With specialized computer hardware, Litecoin is mined in a way that eliminates some of the advantages for miners. Among any other mined cryptocurrency, Litecoin also recorded the highest market cap after Bitcoin.

The reason behind the creation of Litecoin is to make up what Bitcoin lacked. Confirmations of Litecoin transactions are processed more quickly than Bitcoin. Litecoin generates a block in 2.5 minutes, while Bitcoin does it in 10 minutes.

For miners and technical experts, the Litecoin possesses this very important difference to Bitcoin. Litecoin has a more improved work algorithm that speeds up the hashing power and system altogether. Thus, Litecoin can handle a higher volume of transactions. The faster block time prevents double spending attacks and there is nothing more crucial in the cryptocurrency world but confirmation.

With the current value of Litecoin is $46, Litecoin failed to secure and maintain its second place after Bitcoin. However, it is still actively mined, traded, and bought by investors as a backup in case Bitcoin fails.

Monero was launched in 2014 with a goal to create an algorithm to add what’s missing in the privacy features of Bitcoin. To conceal the identity of its senders and recipients, Monero invented a system known as the “ring signatures”.

The system combines a user’s private account keys with public keys obtained from Monero’s blockchain. This way, a ring of possible signers is created, which would not allow outsiders to link a signature to a specific user.

Monero provides its users the ability to keep their transactions private and share their information selectively. Each Monero account has a “view key” that allows anyone holding it to view the account’s transactions.

At first, Monero’s system concealed the senders and recipients involved in its transactions without hiding the amount being transferred. Later, the ring signature system was updated. The improved version of the system is known as “Ring CT”, which enabled the value of individual transactions and its recipients to be hidden.

Aside from its system, Monero also improved its privacy settings by using “Stealth Addresses”. These are randomly generated, one time addresses, created for each transaction on behalf of the recipients. This feature allows recipients to use a single address and transactions they receive go to separate, unique addresses. This way, each transactions cannot be linked to the published address of the recipients.

With this high level of privacy, each unit of Monero individual currency can be exchanged between one another. This means that each of Monero coin has the same value. Like other cryptocurrencies, Monero allows others to mine blocks. You can choose to join a mining pool, or you can mine Monero by yourself.

Anyone with a computer can mine Monero. Monero do not require any specific hardware or specific integrated circuits like Bitcoin. Monero uses a Proof-of-Work (PoW) Algorithm instead, which is designed to accept a wide range of processors, a feature which was included to ensure that mining was open to all parties.

Monero price frequently fluctuated from its launch until May 2017. Its current value is now $43.80. Monero has been accepted by multiple dark web marketplaces and has generated its own fan base because of its privacy settings. It is less speculative in comparison with other virtual currencies. Traders purchase Monero as a border for other cryptocurrencies.

This currency has already attracted millions in venture capital, including from Google Ventures. Unlike Bitcoin, Ripples are not mined. It is set up as a payment network, not only for Ripple, but for other currencies. Ripple also serves as an automated system for currency trades.

Ripple is actually a technology that has a dual function namely, as a digital currency and a digital payment network for financial transactions. Launched in 2012 and co-founded by Chris Larsen and Jed McCaleb, the cryptocurrency coin under Ripple is labeled as XRP.

Ripple is different from other cryptocurrencies. It operates on an open-source and a peer-to-peer decentralized platform that allows a transfer of money in any form, both fiat and cryptocurrency. It uses an intermediary in the currency transactions. The medium known as “Getaway” acts as a link in the network between two parties wanting to make a transaction.

The Gateway functions as a credit intermediary that receives and sends currencies to public addresses over the Ripple network. This is the reason why Ripple is less popular as compared to other digital currencies. It only has a $0.26 value to date.

Ripple’s systems exposes its users to certain risks. Although you are able to exchange any currencies, the network does not run a proof-of-work system like Bitcoin. Transactions are deeply dependent on a consensus protocol to validate account balances and transactions on the system.

However, Ripple improved some features such as transactions being completed within seconds on a Ripple network though the system handles millions of transactions frequently. Unlike traditional banks, transfers may take up days or weeks to complete. Ripple transaction fees are minimal, as compared to large fees charged by banks to complete cross-border payments.

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Bitcoin Halving: It’s Impact On Bitcoin Mining

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Bitcoin mining is considered as one of the wealthiest industries across the market. But the question that a lot of people have in their mind is that what will happen of block rewards are cut in half? What would be its impact to the security of network and to the miners? It’s a given that Bitcoin mining is a very profitable activity. It has been long proven by hobbyist miners and those who have been doing this activity for a very long time. So when the upcoming halving in May 2020 cut the block reward in half, would that spell the end even for large and medium sized producers?

A lot of bitcoin enthusiasts perceive halving as a bullish idea as it is a catapult for the price of BTC. Hence, this halving will certainly and definitely affect the miners.

But before we proceed to that part, let us first understand what bitcoin halving is. The creator of Bitcoin who is believed to be Satoshi Nakamoto programmed the Bitcoin network that the miners’ block rewards would be halved every four years. The very first block reward started out at 50 BTC which was halved in the year 2020 and halved again in 2016. Therefore, the current block reward for miners is 12.5 BTC. Consequently, in My 2020, the block reward will go down to 6.25 BTC and another half after 4 years. Now, since over the years the block rewards are getting smaller and smaller, experts fear that once it becomes non-valuable already, then miners will no longer continue to do mining as they will no longer receive block rewards. As a result, if the halving will continue, and the value of the block rewards will be lesser and lesser over time, them it will definitely have a lot of negative effect on Bitcoin mining. First, miners who have low mining efficiency will be forced to stop their operations and may have to re-evaluate their business. Second, since giant international firms have cheaper sources of electricity and have more advanced technologies and machines, the digital mining will just become their racetrack. Third, the small operators will also be forced out of the market. This also includes those who are running S9s. So technically and generally speaking. If you will not be able o upgrade your equipment to the 70+ TH/s and your infrastructure to the 2500W miner you might just find yourself out of the market already.

Overall, the Bitcoin halving will certainly have a very huge impact on Bitcoin mining both in the long and short term. It is also expected that we will see the scenario where smaller operators will be driven out of the market while the larger mining farms with advanced technologies and infrastructures will stay in the market. Yes, Bitcoin might have been very profitable in the recent years. But as the industry matures and changes are coming in and out, we may not see this cryptocurrency as enticing as it is due to the Bitcoin revolution family.

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Understanding The Term Ico In Cryptocurrency

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If you want to get started investing in platforms such as Bitcoin Circuit, you will need to have an understanding of basic bitcoin terms such as ICO. In this article, we will discuss just that. Without further ado, let’s start:

Basic definition of an ICO

Basically, ICO means Initial Coin Offering. It is a procedure for raising money by making use of cryptocurrencies. It is most widely used in initiatives which have not yet completely created their blockchain program, merchandise, or assistance. The transaction is generally settled with cryptos such as Bitcoin or Ethereum, however, in certain cases, fiat money can also be approved.

Investors take part in Initial Coin Offerings or ICOs with the expectation and anticipation that the organization is going to be prosperous, generating need and evoking the fundamental tokens to raise in price. Quite simply, they aspire to obtain a great return on investment or ROI as early investors of that specific cryptocurrency venture.

After the startup company creators have established their tokens, they have to persuade investors to back up their venture by taking part in their ICO. This can be accomplished with the production of a whitepaper explaining the organization’s objectives and the way in which the newest environment should do the job.

ICOs vs IPOs

ICOs are frequently contrasted to IPOs or Initial Public Offering. Having said that, this comparing is very misleading. IPOs generally affect proven businesses that offer partial control stocks in their corporation in order to raise finances. In comparison, ICOs are mostly employed as a fund-collecting system that enables organizations to get funds with regard to ventures in really early phases, and people who buy their tokens are generally not purchasing virtually any possession within the organization. Usually, ICO tokens are set up within the blockchain of the Ethereum cryptocurrency, pursuing the ERC-20 token standard. As such, ICOs are not similar and should not be compared to IPOs.

Are ICOs Lawful?

The quick response is maybe. Legitimately, ICOs have been around in a very gray spot due to the fact that disputes can be said against them. However, the previous ruling by SEC was able to get rid of several of the gray spot surrounding ICO. In some instances, the token is merely an application token, which means it provides the owner admission to a particular process or system; thus it is not possible for it to be categorized as a monetary protection. In contrast, when the token is labeled as an equity token, which means that it’s main objective is to increase in price, then it will be similar to a security.

Although many people buy tokens to gain access to the main system at some upcoming opportunity, it’s hard to refute the concept that the majority of token acquisitions are for risky investment decision reasons. This is simple to conclude provided the appraisal numbers for a lot of initiatives that have not yet pushed out a commercial item. The decision of the SEC has presented several clearness to the position of utility as opposed to protection tokens. Regardless, there are still many gray areas left in the legality of ICOs. Until additional regulating restrictions are enforced on ICOs, business people will carry on and keep taking advantage of this brand new trend.