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The hottest news coming out of the Bitcoin world is it being split into two. The hard fork, everyone was eagerly waiting for was carried out on August 1st and we no more have Bitcoin – the lord of the crypto – as a single entity. Yes, now there are two bitcoins:! BTC (original Bitcoin) and Bitcoin Cash or BCH (forked version of Bitcoin).

what is bitcoin cash?

Bitcoin Cash is similar to Bitcoin in terms of protocol: same block time, 21,000,000 supply, proof of work SHA-256 hashing, and the same reward system.

However, two of the main things that separate it from Bitcoin are: block size limit and the difficulty level.

Bitcoin Cash proposes to expand the block size to 8 MB compared to Bitcoin which offers a block size of just 1 MB. The other major difference between the two crypto-bros is difficulty level as BCH will adjust the difficulty every 6 blocks as opposed to Bitcoin’s 2016 blocks.

Some other differences are discussed in the following part of the article.

What Is The Difference Between Bitcoin And Bitcoin Cash?

  • BCH is an altcoin forked off Bitcoin
  • It separates blockchain and bumps up the block size up to 8MB
  • It removes Segwit
  • If the split is not successful or the community refuses the usage, BCH will soon diminish after the split.

How To get Bitcoin Cash?

Before obtaining Bitcoin Cash, make sure you go through the following points:

Get Your Private Key Ready:

Get a private key to make sure you have access to Bitcoin wallet. Having a private key is essential as without it, there is no way you can access the coins.

Create A BCH Wallet:

In order to keep Bitcoin Cash somewhere, you will need to create a BCH wallet. This will help secure your bitcoins and also assist to make transactions.

Do Not Trust Anyone:

Do not trust anyone, I repeat, do not trust anyone under any circumstances. You will be contacted with numerous scammers/tricksters whose sole purpose is to steal your coins. You can avoid them by not responding back and keeping your private key unrevealed.

What Are The Exchanges And Wallets That Except BCH?

bitcoin vs other cryptocurrencies:

The list of Exchanges/wallets that except BCH include:

  • Bitfinex
  • com
  • BTCC
  • CoinFloor
  • Quoinex
  • ViaBTC
  • Cryptopia
  • Jaxx
  • Korbit
  • HitBTC
  • Huobi
  • OKCoin
  • Bitflyer
  • Bithumb
  • Bittrex
  • Kraken
  • OKEx
  • Yobit

Wrap Up:

The word is, we now have two bitcoins: Bitcoin and Bitcoin Cash (BCC or BCH).

Just remember to be cautious while splitting your BTC and read as much about the split as possible. Hopefully, you made most of the split and are now enjoying your free coins.

Do let us know how the split turned out for you below!

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Is Cryptocurrency Still Great for GPU Makers?

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On Thursday, an American technology company, Nvidia has announced its financial results which were remarkable. The company has revenues of $3.2 billion from January to April. But what’s the reason behind this profit?

gpu makers

Well, the value of ether and other cryptos recently soared up and created lots of demand for graphics cards – to mine them. Due to the upsurge in the demand, the price of few high-end graphics got doubled between the mid of 2017 to February 2018. It’s a matter of concern for the GPU makers of major graphics-card, as the most important market for them is eventually the gamers, not the miners.

The idea of graphics-card makers collecting hefty profits from the high prices, due to the mining demand doesn’t seem to be liked by the gamers. However, Nvidia accredited that cryptos have played an important role in boosting the financial outlook of the company.

What does Nvidia’s CFO have to say about it?

CFO of Nvidia, Colette Kress said:

Cryptocurrency demand was again stronger than expected, but we were able to fulfil most of it with crypto-specific GPUs, which are included in our OEM business at $289 million.”

The $298 million figure is around 10% of the revenue of Nvidia and it seems like it lessens the cryptocurrency influence on the bottom line of Nvidia. If a customer buys a graphics card at retail, Nvidia won’t be able to know if it’s being used for mining, gaming or something else. The same story goes for the main graphics-card of a rival, AMD, which released first-quarter results a few weeks ago. According to AMD, the sales related to cryptocurrency accounted for almost 10% of total revenue, which could be again understating its influence on the profits of AMD.

GPUs Value

It has been observed that the value of cryptocurrencies has been falling for the past few months. Also, the value of GPUs has also gotten a lot cheaper than it was before. AMD didn’t provide any specific projection for revenues related to blockchain in the second quarter, however, the spokesman of the company suggested that the rest of the year 2018, is going to be significantly below the first quarter sales.

If the price of cryptocurrencies still keeps dropping, it will end up in the form of awful results for the GPU makers. But if the price of cryptocurrencies falls really low, it’s clear that we won’t only see miners halting to buy new GPUs but, we would also see them selling the graphic-cards that they already had on the secondary market. The resulting graphics card surplus could exhort the value of graphics-card below MSRP — MSRP would be good news for gamers though it might be bad news for the companies that are trying to sell new GPUs.

The president of AMD, Lisa Su said that she wasn’t really anxious about the scenario.

“There are multiple currencies being used — People who are mining do go from one currency to another depending on what’s happening.”

She also added that customers can buy graphics-cards for both purposes; gaming and mining. They will be able to hold onto the graphics-card for the gaming purposes — in the case of mining becoming unprofitable. On the other hand, this analysis seems to be debatable. There’s no doubt that there are profusions of cryptos, but at the same time, there are some of them which are economically significant.

Ethereum’s ether is the most important and significant GPU-mineable so far, and the prices of cryptocurrency are strongly linked to it. So, if the value of ether drops, there’s a possibility that the value of other cryptocurrencies might also fall with it. There are many people who want to buy graphics-card for various applications, and there are a lot of those as well that have many of them (graphics-card). These individuals might hold onto one or two cards for the gaming purpose, however, if the price of cryptocurrencies falls quite low, lots of those cards will end up in the used GPU market. This will also make it hard for both AMD and Nvidia in selling their new cards.

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3 Things You NEED to Know About Bitcoin – Learn Liberty

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Bitcoin

Bitcoin is basically an anonymous, centralized digital currency. So, theoretically, it was built to be the untraceable version of cash. Not money but cash. The idea of having a digital unhackable and invulnerable decentralized currency got so well liked by people that they started treating it more like a commodity than the currency. Just like gold, People started investing and hodling (the typical term of holding coins till they generate profit) the coins. It soon turned out to be an investment vehicle and the basic idea of it being a digital currency got dragged down the tunnel somewhat.

So, yeah it is basically both a currency and a commodity. Yet untraceable! Sounds like a win-win?

Bitcoin is a secure and decentralized digital currency. It’s also a trad-able financial asset like bonds and stocks. Think if you want to pay or transfer another person a hundred dollar. What you do is you transfer your money to that other person. But in reality, what actually you are doing is asking a third commodity to deduct the cash from your account and transfer it to that person’s account. Bitcoin eliminates this interference of the third or fourth entity. It establishes this direct transfer link between you and the other person.

Unlike other monetary and economic affairs, Bitcoin is not regulated by any financial body or the government entity. Unlike stock market and shares, there is no fundamental rule or practice that can predict or determine the future value of the currency. Due to its incredible price volatile nature, the transactions or investment in the currency can be extremely complicated.

Why Criminals like Bitcoin?

Bitcoin is a totally secured and anonymous network. Anybody can come up and make an account and start the transactions. It requires literally no name, address or any else personal information. This encrypted platform generates a unique user ID, wallet IDs to the operator. During the transaction, only that specific ID will be visible and displayed to the viewer.

Due to this feature of the Bitcoin structure, making all the transactions complete anonymously, a lot of criminals were attracted. They used this platform to hide their identity and their transactions to practice illegal and unauthorized dealings.

With the ability to buy or sell anything without your name ever being revealed, a huge set up of the black market started running in around 2011. Silk Bank became an online transaction hub for all these illegal activities using Bitcoin. FBI broke the phenomena resting that these Bitcoins were untraceable. They were traced and Silk Bank was shut down. All the Bitcoins were subsequently acquired by the FBI.

21 Million… Ever!

One of the most amusing and interesting things about Bitcoins is that there are only 21,000 Bitcoins to be mined. Ever!! Yes, the total amount of these bitcoins will never exceed this amount no matter what. These coins are generated through a process called ‘mining’. Around 17 million of these coins have been generated till now. These coins are in circulation around the world balancing the network. This means, only 5 million of these coins are left to be mined to reach the limited threshold.

Generally, there is a new winner every 10 minutes, winning about 12.5 coins every time. This reward of 12.5 coins is halved every year too. So that means, in about 2140 we will be able to mine all these 21 million coins once in for all. Every existing Bitcoin is created using this same method. Anyone can mine these coins, provided with suitable supporting systems.

Merchants and consumers are slowly accepting and becoming comfortable with this digital currency. So, will this sum of 21,000 million enough bearing the collective economy pressure someday?

A bitcoin is divisible up to 8 decimal parts. Being deflationary in nature, if the market rises on a continues basis making its value to trillions, there will be an adequate amount resting with every coin in circulation.

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? Bitcoin Trading – Trade Bitcoin for Beginner level | Bitcoin Volatility Index

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Bitcoin Averted a Split – What’s Next?

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The Bitcoin development community is embracing a software upgrade which is known as SegWit. The purpose of SegWit is to increase the transaction capacity of the network and to avoid a split which possible in the cryptocurrency. As Bitcoin averted a split and here is what some proponents have to say about “What’s next for Bitcoin”.

Adam White:

The head of Digital currency exchange ‘GDAX’, Adam White said, we are going to experience a better utility of the network. People can use Bitcoin as a source to transfer money more easily, more cheaply, and more quickly. It’ll attract the new users to the network.

There’ll possibly open blockchains like Bitcoin as we’re going forward, and that will be slow or conservative progression. But there’ll be other blockchains as Ethereum which may move much rapidly and it’ll introduce a larger platform for developers to lead it at the top. According to Adam White, both things will balance each other, not compete.

Elizbeth Stark:

According to the head of startup Lightning Labs, Bitcoin does not have Turning-Complete language as Ethereum, but there are some new amazing factors which will enable to do so when SegWit will implement. She gave few examples as:

  • Small transaction as less than 1 cent, which may replace “ad networks”.
  • Instant-transaction confirmation in milliseconds.
  • Bitcoin can get a lot of its own ICOs.

Matthew Werner:

The head of payments engineering at Coinbase describes that it is a beneficial step for Bitcoin. There were a lot of queries about a Split but reaching a consensus for how to scale the Bitcoin further is obviously a huge step. Allowing things like Lighting Network and activating SegWit will be a great thing. By expanding the block size, we’ll be able to increase the number of users on a network. The element BIP91 came through and it’s a good signal because everyone wants to grow this network further.

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