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Bitcoin is Surging

Bitcoin’s value boosts up on Thursday, going up 13.01% at $2,576/BTC. The leading cryptocurrency continues to rise as the traders eagerly await the August 1 decision anticipating whether or not the Bitcoin hard fork will occur.

Thursday’s surge in the value of Bitcoin took the currency up by around 40%. This was the day when Bitcoin’s splitting fear tumbled to 20%.

The head of technical department strategy at Goldman Sachs – Sheba Jafari stated that digital currency needs to make new records after holding support in the area of $1,856-$1,790.

Jafari wrote, “The minimum target for an eventual Vth wave from current levels is 2,988; an extended 5th could reach ~ $3,691.”

Story & image credit: BusinessInsider

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All you need to know about Bitcoin Faucets

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A question that is asked by everybody is “Where can I get free bitcoins from?” The answer is free bitcoin faucet. It obviously won’t make you rich overnight, but it’ still free!

All you need to know about Bitcoin Faucets

 

As the name suggests, Bitcoin faucets are like taps with dripping bitcoins, instead of water. Just like a drop of water takes time to accumulate before dripping from the faucet, users have to wait a certain time limit before they could collect their coins.

What are Bitcoin faucets?

Bitcoin faucets are reward systems that are programmed to distribute small fractions of bitcoins for visitors to claim. There is a time interval that a visitor must wait between every batch of bitcoins released.

Purpose of Bitcoin faucets 

  • To introduce users to bitcoin: Faucets are a great way to introduce new people to the bitcoin network. Most faucets provide information to users and giving them a practical experience on how they can earn bitcoins is a beneficial way to promote digital currency and attract new users.
  • To achieve maximum traffic: It is not that difficult to get traffic on websites that give out free money, faucets are usually high traffic websites.
  • To make money: Adding additional content to the website, or including some unique attraction for users is the only way to generate an income for a Bitcoin faucet. There are many of these sites around nowadays so it’s a very competitive market.

Why Bitcoin Faucets?

There are rewards placed to attract visitors to the faucet’s webpage. These sites usually contain advertisements and advertisers pay these faucet owners to display their ads on the websites. Advertising costs are calculated on Cost per Thousand Impression (CPM) basis. Which means if the site gets more visitors and they spend a long time on the site, then the owner gets more money from the ads.

Faucets also play an important role in the bitcoin ecosystem. It encourages more people to understand and adopt bitcoin.

How to use bitcoin faucets?

Once you’re on the faucet webpage, you just need to enter your wallet address or the email address linked with your Xapo wallet.

A timer will start to measure the time you spend on the site. Each ad is viewable after a certain period of time. The interval is usually of 30 minutes.

All you need to know about Bitcoin Faucets

In order to claim your reward, you’d have to solve a mathematical question or prove that you’re a human by filling in a Captcha, and that’s it!

Typically, faucets have a minimum time interval between claims by each visitor in order to prevent one from claiming all the available bitcoins from faucet’s wallet.

This duration varies from 5 minutes to 24 hours, depending upon the faucet.

Here are a few best Bitcoin faucets for you to explore from:

  • Moon Bitcoin
  • Freebitco.in
  • Bitcoin Aliens
  • Bitcoinker

You can visit and explore these sites. It might be worth your while to study and recognize the techniques they use in order to make money from their faucets.

You will find hundreds of bitcoin faucets to choose from, go ahead, explore and earn a few satoshis while you’re at it. (1 Satoshi = 0.00000001 BTC)

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Floyd Mayweather – SEC Charges Legendary Boxer with ICO Fraud

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The U.S. SEC (Securities and Exchange Commission) has filed charges against the Centra Tech ICO (Initial Coin Offering), claiming that the legendary boxer, Floyd Mayweather promoted a token sale, which was allegedly a sham security offering.

According to the SEC complaint, the co-founders of Centra ICO are involved in the ICO fraud and made material misstatements as well as omissions that were intended to trick the investors whereas, the Centra ICO was also an “unregistered securities offering.”

ico fraud

SEC Ceases ICO

According to the Securities and Exchange Commission, Centra only pretended to have relationships with major financial institutions and lied about it. The major financial institutions which sent Centra several cease-and-desist letters are:

  • Visa
  • Bancorp
  • Mastercard

In addition to that, some of the executives showed in Centra’s advertising materials were also fake. The co-director of SEC’s Division of Enforcement, Stephanie Avakian stated:

“We allege that Centra sold investors on the promise of new digital technologies by using a sophisticated marketing campaign to spin a web of lies about their supposed partnerships with legitimate businesses.”

Furthermore, he added:

“As the complaint alleges, these and other claims were simply false.”

The Securities and Exchange Commission originally subpoenaed Centra in the month of February as part of its wide-investigation into ICOs.

Centra ICO Dependence

The Centra ICO is quite well-known because of its use of celebrity endorsements to advertise its product. Floyd Mayweather, who is known as a legendary boxing champion and has made paid-endorsements for numerous ICOs, had worked a lot on the promotion of the token sale on various social media platforms and got more than 5,600 like and 1,500 retweets. DJ Khaled was also hired by Centra for the promotion of the ICOs; however, no celebrity was named in the summons.

Steve Peikin also stated:

“As we allege, the defendants relied heavily on celebrity endorsements and social media to market their scheme…. Endorsements and glossy marketing materials are no substitute for the SEC’s registration and disclosure requirements as well as diligence by investors.”

The SEC has also cautioned that some of these ICO endorsements by celebrities might be illegitimate especially if the parties don’t make any obligatory public disclosures. On the other hand, Mayweather’s tweet promoting the token sale, such as, doesn’t specify that it is a paid advertisement.

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Bitcoin Explained

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Bitcoin

Following the uncertainty of the current world and its unstable economy where currencies face great flux every day, a new economy was introduced under the alias Satoshi Nakamoto. Under the worlds infinite disarray, Bitcoin emerged as a decentralized and a digital cash system with regulated by almost no one.

This peer-to-peer networking system runs through electronic signatures and crypto graphics to generate currency- Bitcoins. Bitcoins are not only a form of currency but also a form of investment for some investors who keep these coins in hopes of an increase in their value and enjoy the opportunity cost.

Mining

Just like normal everyday cash, this currency doesn’t have to be printed and issued by the federals or the central banks. Bitcoins are generated through a process called ‘mining’. These coins are mined out of the system by giving complex and advanced mathematical problems for your computer to solve. The target is to generate a 64-digit number as an answer to that puzzle. When a system solves the given complex algorithm, it obtains a specific fraction of Bitcoins every time.

The bitcoin network automatically sets the difficulty level of the mine to be mine next. On average, there are around 25 Bitcoins mined every 10 minutes. During the process, only a set number of Bitcoins can be mined during a certain period. After every four years, this reward is halved. Currently, it is up to 12.5 Bitcoins for every mathematical problem solved.

Limited Supply

Fiat currencies have an unlimited supply and their value can be easily manipulated anytime by the regulatory bodies. Given its independent nature, Bitcoin has tightly restricted supply controlled by the underlying algorithm of the system. There is a set number of coins that can ever be mined ever. A total number of 21 million bitcoins exist in the system.

Bitcoin at its peak has managed to engage the market by over 2 million dollars. The lowest has been $2. Today the value roughly swifts around $9,000.

No economy supports the sudden fluctuations in the system. Too much too fast will result in the dropping of the value of the currency. Too much too slow will cause the economy to halt. Due to these reasons, Bitcoin has a self-stabilizing system to regulate the economy at the most favorable grounds.

Exchangers allow the holders to transfer and buy or sell these Bitcoin crypto coins among other users. One of the famous platforms is Bitstamp. This allows users to buy Bitcoins in fiat currency and also enables them to sell them to other potential users. Bitstamp enables users to store the coins too as e-wallets. But beware of the hackers, as they can dangerously destabilize these digital economies.

With the gradual growing influence of these cryptocurrencies in the world today, a lot of applications and platforms have shown loyalty to the Bitcoin. Platforms like WikiLeaks and WordPress have started accepting bitcoins as means of their payments and transaction currency.

MintChip

Inspired by the Bitcoin, the Canadian government has launched a similar cryptocurrency named, MintChip. This electronic currency is backed by the government, unlike the Bitcoin.

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BitCoin Mining Hardware Guide ft. CRAZY Obsidian Mining Rig

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Are you looking to make some bitcoins but are not sure that what is the best bitcoin mining hardware, we have covered everything that you are looking for. We provide you a detailed information about the best miners used by the top mining professionals. So, visit our website to get a better idea about best miners out there.

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