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Bitcoin reached to new heights of its career, two months ago: after a rigorous time period of growth bitcoin’s value is exceeded to one ounce of the gold.

That seems like antique history, bitcoin current trading rate is 2574.10 US dollars and its cousin’s trading rate is $262.11. Both digital currencies’ values increasing by 1200% in last three months.

Is this the end of the crypto-rally? and what has pushed its growth in first place. In the crypto-currencies’ world, you will get the answer to these questions.

New Variety Of Cryptocurrencies:

It is essential to understand that Bitcoin is the biggest cryptocurrency in the world. It is not the only one digital currency, there are more than 600 active currencies but its value is high as compare to other. Accordingly, the Current market cap of all digital currencies is around $79 billion. And, only bitcoin’s market cap is $35 billion.  Cryptocurrency Ethereum and ripple’s market cap is $17 and $18 billion respectively.

The crypto-market cap is depending on your viewpoint. If you have confidence that bitcoin will eventually replace money, then $35 billion is pocket change. But in reality, its never happen, and let’s suppose it is done, bitcoin may be left behind.

Furthermore, Bitcoin comprises the both, digital currencies’ features and payment platform at the same time. But, new breeding of digital currencies such as bitcoin and ethereum is quite different. A software has the ability to solve the scaling issues. In addition, litecoin adopt SegWit, ethereum come up with advanced feature such as the smart contract. It aims to become blockchain-based foundation which is basically a new type of internet. how’s that for determination.

The value of cryptocurrency

There is always a good reason behind the rising value of a commodity or a currency doesn’t matter it is a cryptocurrency or traditional money. Apple’s stock price grows up in the case of a good quarter. In the world of the bitcoin cryptocurrency got double as a crypto-payment system.

But the recent news of the bitcoin is not good. Few areas of the United State decline the acceptance of the coin. In addition, from the last couple of the year’s Bitcoin community has divided. Whether bitcoin’s block size should be increased or not.

What’s happening?    

Charles Haytar says, “The Japanese have given bitcoin the green light as a currency and are looking to increase the rigor that their exchanges are subject to.” Japanese markets and other offer the opportunity for arbitrage, but old greed is going on.

Haytar added, “Lots of inexperienced investors are surging into the market, and it’s causing a bit of a bubble.”

Jörg von Minckwitz, Bitwala’s CEO pointed out that ethereum has got additional development due to the rise of ICO.

Mashable says, “Many crypto projects raise money from the Ethereum community to develop their projects and most of them use ETH to raise money. ETH set a standard, so it is way easier to start with ETH. The result is that many people buy ETH to be able to invest in the projects and many of the ICO projects hold the money afterward in ETH. That drives the price up.”

 

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What Are the Advantages and Disadvantages of Bitcoins?

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Advantages and Disadvantages of Bitcoins

Bitcoin has taken the market by storm and the number of people looking to make transactions through this currency is increasing each day. If you are one of those fascinated by this mysterious yet amazing currency and want to discover its advantages and disadvantages, you have come to the perfect place. This article will provide you with all the information about advantages and disadvantages of bitcoins.

So, let’s get started with knowing what are the pros and cons that come with this currency.

Advantages of Bitcoin:

The list of basic benefits of Bitcoin includes:

  • With bitcoins, there are no boundaries on transactions. The users can send the currency anywhere in the world at any given time without any hassle.
  • Bitcoin transactions don’t need rescheduling in the event of bank holidays.
  • The users are in complete control of their money as there is no central authority to regulate the Bitcoin flow.
  • Since the users are in complete control of the currency, it allows them to control the transactions as well which helps in keeping the Bitcoin network safe.
  • There is no way for merchants to charge extra fees without it coming into the notice of users. In case a merchant wants to charge extra fees, he must inform the consumer about those charges.
  • Bitcoin payments can be finalized without a user having to give away his information. This gives Bitcoin users complete anonymity.
  • The fact that Bitcoin users are not supposed to reveal their identity is extremely handy as it provides protection against identity theft.
  • Bitcoins can be encrypted and backed up to ensure the safety of your money.
  • All Bitcoin transactions are recorded in a public ledger called Blockchain which enables everyone to see those transactions. This makes the transaction process more predictable and transparent.
  • Personal information of users is always hidden and no one can access it unless a user decides to publicize it.
  • Bitcoin is cryptographically secure and can never be influenced by a government, bank or a third person.
  • Bitcoin payments involve very low fees, that too within Bitcoin system.
  • How much fee is charged on a transaction depends on the urgency level of a user. The faster he wants it to process, the more priority it gets. As a result, the fees become higher.
  • In countries like China where moving cash to other countries is prohibited, Bitcoin is a great way to transfer money to different parts of the world.

These are some major advantages of Bitcoin. Now let’s move to the next part of the article, which discusses the disadvantages of Bitcoin.

What Are The Disadvantages Of Bitcoin?

The list of basic disadvantages of Bitcoin includes:

  • Bitcoins are finite, which makes them extremely volatile.
  • A very small portion of the business is willing to accept Bitcoin as a method of payment.
  • It needs strong networking to spread the word on bitcoin.
  • Bitcoin is relatively new and most of its features are incomplete.
  • There is still a long way to go before Bitcoin gets to its full potential.

Conclusion:

These are some advantages and disadvantages of Bitcoin. The cryptocurrency has many unique advantages that traditional currencies lack; however, it also has disadvantages. Mainly due to the fact that Bitcoin is relatively new and will take the time to reach to its full potential.

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Bitcoin Mining Energy Consumption: Generating Bitcoin Requires A Lot of Energy!

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As you already know that bitcoin is purely digital, so there’s no physical digging in it. And in a world of virtual currency, such creation is known as mining. However, the computer power needs a lot of electricity to create digital tokens.

According to Alex de Vries (an economist who tracks energy use in the industry), each digital token consumes energy, equivalent to an average American household burns in two years.

If we talk about the total number of computers that are plugged into bitcoin network, then the energy consumed by the network is equivalent to the energy of a medium-size country. The network that supports the second most valuable virtual currency, Ethereum, also consumes energy in a hefty amount.

Bitcoin and Ethereum are consuming so much energy that now it has become a part of a debate among some people. Since the energy consumption of these systems has risen, the prices of these virtual currencies have also gotten very high.

Vitalik Buterin (the creator of Ethereum), is trying to find out ways so the tokens can be created without requiring that much energy. He said that he’d feel unhappy if his main contribution to the world was adding Cyprus’s worth of electricity consumption to the global warming.

According to Peter Van Valkenburgh (director of research at Coin Centre), such electricity usage is really important. This argument has its essentials in the complex systems that create tokens like Bitcoin and Ether, the currency on the Ethereum network, and other new virtual currencies.

The enticement of new bitcoins is encouraging people to use fast computers and lots of electricity in order to find the right answer and to unlock new bitcoins that are distributed every 10 minutes. The process was well-defined by the original Bitcoin software, which was released in 2009.

Bitcoin Mining Energy Consumption

At this time, the 12.5 bitcoins that are being distributed every 10 minutes are worth about $145,000 and people are willing to invest in it, which shows why there are huge server farms around the world that are devoted to bitcoin mining.

This process is essential for Bitcoin’s existence, as all the computers are serving as accountants for the Bitcoin network. No one can fudge the records and dominate the accounting as the mining race is meant to be really hard. According to Satoshi Nakamoto (the creator of virtual currency), the system was designed to thwart greedy attackers who might try to change the records.

Because of mining and accounting rules, the attackers have been kept away and the network is still safely going on. However, there’s been a disagreement over the original value of bitcoin and the network that supports it.

Marc Bevand (a miner and analyst) wrote in his blog that “labelling bitcoin mining as a waste is a failure to look at the bigger picture”. Although some people who are interested in all that innovation are anxious about the massive use of electricity. The concern about the use of electricity has become a subject of debate among many, however, other virtual currencies like Stellar and Ripple that were created after the Bitcoin don’t require much electricity.

The new mining process has been proposed by Mr Buterin for Ethereum. This process has been already used by some other smaller cryptocurrencies. New coins are distributed to only those people who are able to prove their ownership of existing coins. The current method totally relies on computational power and it just needs lots of computers which can play an important part in the computational race.

According to Mr Van Valkenburgh from the Coin Centre, if you want strong security at the moment, then you need proof of work.

Photo Credit : Mashable

 

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A Beginner’s Guide to Getting Started with Bitcoin Mining

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Getting Started with Bitcoin Mining

Bitcoin is a digital currency that has taken the market by storm over the past few years. However, there is still a long way to go before the banks, government and business corporations worldwide start accepting as an authentic form of payment.

But this has not stopped the individuals to try their luck with BTC as the number of people looking to take a dive into Bitcoin world is increasing significantly. But since the majority of the lot consists of beginners, they lack the proper knowledge as to how to earn/generate bitcoins.

A process called “Bitcoin Mining” is what bitcoin miners all around the world use to generate bitcoins. Bitcoin Mining can be little tricky if you are a beginner. However, by keeping some basic steps in mind, it can be as easy as ABC.

In this article, you will learn about:

How Does Bitcoin Mining Work?

Bitcoin mining is used to generate bitcoins and is completely legal. The speed at which a user earns bitcoins is measured in hashes per second.

How to Start Bitcoins Mining?

The first step is to acquire a bitcoin mining hardware. In the early days of cryptocurrency, it was possible to mine coins using regular PC. But it longer works that way.

Over the years, several custom Bitcoin ASIC chips have been developed that provide 100x more computing power as compared to your traditional system.

Mining with anything less efficient will only result in lower bitcoin generation and higher electricity bills.

Best Bitcoin Mining Software?

There are several mining programs but CGminer and BFGminer lead the pack. CGminer is an open-source, cross-platform for OS X, Windows, and Linux and is developed in C.

BFGminer is also an open-source, cross-platform for Mac, Widows, Linux and includes support for OpenWrt-capable routers.

If you prefer user-friendly GUI, EasyMiner could be the most suitable option for you as it’s a simple, click and go Linux/Android/windows program.

Join Mining Pools:

After setting up everything, your next step should be to join a Bitcoin mining pool. These pools are groups of miners working together to solve a block. Once the block is solved, the pool will receive a reward which is then split equally among its members.

Getting a Bitcoin Wallet:

Bitcoin wallet works the same way as a traditional bank account does for paper money. They are used to send, receive and store bitcoins. A Bitcoin wallet address is protected by security key which is only known by the owner.

However, the fact that whole Bitcoin transaction process is based on services that work online makes bitcoin wallets vulnerable to security threats.

The best way to protect your wallet is by enabling two-factor authentication or keeping it on an offline computer so it’s immune to all kinds of attacks.

Conclusion:

These are some steps to go through while taking a dive into bitcoin mining. In a nutshell, all you need is mining software, join a mining pool and set up a bitcoin wallet to store coins.

Good luck with the venture.

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What Is Litecoin – A Detailed Look at One of The Top Cryptocurrencies

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Litecoin is a peer to peer digital currency which enables instant, almost zero-cost payment in the world. Litecoin is a global and an open source network which is completely decentralized without any fundamental authorities.

The blockchain of Litecoin is capable of handling higher transaction volume than its corresponding currency – Bitcoin. Because of generating more frequent blocks, the network supports more transaction without modification of the software in the future. By this way, merchants get the faster confirmation times.

Miners are awarded currently with 50 new Litecoin per block. Therefore, the Litecoin network is scheduled to generate 84 million Litecoin, which is 4 times as Bitcoin.

Wallet encryption allows their users to secure coins through a wallet so that user can check transactions and account balance. This requires entering user password before spending Litecoin. This method provides protection from wallet-stealing trojans and viruses as well as check sanity before sending payments.

It is an open source software project which is released under the MIT/X11 license that gives you the full control to run, copy, and modify the software. It also gives the power to distribute at your option and modified copies of the software. The Intel integrated graphics cards which are in most laptops are just not suitable for this purpose. To retain speeds up to a high level, most Litecoin miners build dedicated machines by using motherboards which can hold many graphics cards, generally via riser cables.

How to Get Started with Litecoin?

It’s very simple to get started with Litecoin.

Here are some ways to start:

  • Get a Litecoin Wallet
  • Get Some Litecoin From an Exchange
  • Use Your Litecoin
  • Stay Up-To-Date

What are Main Litecoin Features:

Litecoin features are:

  • Faster Transaction Confirmation Time
  • Improved Efficiency than the top math-based currency.

How to Mine Litecoin:

Except you own specific mining hardware, there are two ways to mine digital currency:

  • With Your Central Processing Unit
  • With Your Graphics Processing Units

GPU provides better performance which required for the cryptographic calculations. If you are making your first ever raid in mining and don’t have a heavy gaming computer, then with just a laptop having Intel integrated graphics will possible to mine Litecoin.

Be careful, mining digital coins is highly system intensive and may reduce the lifespan of your electronic machinery. It’s a good idea to be sure that you have an adequate place, keep an eye on the temperature, and also keep in view any other warranties, just in case.

Mining may also be a solitary project or you may join a mining ‘pool’. In mining pool, many people combine their mining system and all take a share of the rewards.

How Much is a Litecoin Worth?

At the time of writing, one Litecoin is worth $52.75111396. The past few weeks was quite remarkable for Litecoin. However, many people assumed this currency will be dead but that is not the case. In fact, this currency is heading to a very bullish direction. The value of Litecoin has increased by over 700%. This is because of Coinbase listing and SegWit locking in. The future is looking bright for Litecoin because the price of Litecoin Continues to Climb.

How to Buy Litecoin:

Some points which will lead you how to buy Litecoin:

  • A way of getting Litecoin is mining them through standard computing apparatus.
  • Always try to have a check balance before investing funds, and should not take a risk the amounts you can’t afford.
  • Buying Litecoin is not an easy job as buying Bitcoin.
  • One of the straightforward ways is to simply buy Litecoin with Bitcoins, this is actually the fastest approach, and it is also the cheapest option for most of the users.

Anyone with Bitcoin can easily buy Litecoin from a number of exchanges:

  • Kraken
  • Cryptsy
  • BTC-e
  • Others have mentioned on Litecoin wiki.

You are thinking that buying Litecoin is the much easy way via fiat transfer through an exchange, but it can be a boring process for some reasons. Some main exchanges of Bitcoin like Coinbase and BTC China don’t deal with Litecoin transactions.

Another way is to buy Litecoin locally, forgoing the disturbance of wiring currency abroad, and changing it into Litecoin.

What are The Top Litecoin Wallets?

  • Many exchanges provide the service of online Litecoin wallets, but they are not modern solutions. Most of the users want something more secure as offline or cold storage wallets. Litecoin has luckily built-in encryption features that you can use to secure your wallet by just a few clicks.
  • Many users like to use the official Litecoin-Qt desktop client, but it has some syncing issues with another fair share of faults.
  • For a more secure and long-term storage, you have to setup a Litecoin paper wallet.
  • It is also possible to get a paper wallet with credit card quality from Crypto Coin Wallet Cards, but some smaller companies are also selling physical Litecoin or coin holograms.

What Is the Difference Between Litecoin And Bitcoin?

Here are some differences between Litecoin and Bitcoin:

  • The coin Limit of Bitcoin is 21 million and the Litecoin network will generate 84 million Litecoins, which four times more than coins issued by the Bitcoin network.
  • Bitcoin uses SHA -256 algorithms, however, Litecoin uses Scrypt algorithm, the main purpose of using the Scrypt was to allow the miners to mine both Litecoin and Bitcoin at the same time.
  • The mean block time of Bitcoin is 10minutes whether it is 2.5 minutes for the Litecoin.
  • The initial reward of Bitcoin is 50 BTC and the initial reward for Litecoin is 50 LTC.
  • The market cap of Bitcoin $10,467,596,650.78 and Market cap of Litecoin is $540,274,528.26.

Conclusion:

In the end, many people still looking at Litecoin as a Bitcoin testbed. Many people will keep an eye of SegWit malleability fix and be looking at how it effects Litecoin. This time is still much exciting to involve in Litecoin, although people having Litecoin may see the increment in the value of Litecoin these coming weeks.

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Will Bitcoin Become World’s ‘Single Currency’?

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Due to a number of reasons cryptocurrencies are becoming intensely popular form of internet money. The main reason for that can be no other than the fact that unlike conventional currency cryptocurrencies are safe, anonymous and completely decentralized. Moreover, their flow totally depends upon the market demand. Due to the Blockchain technology and the so much complicated code system, it is also impossible to counterfeit them.

bitcoin single currency

Views of Twitter CEO about the Future of Bitcoin

In an interview with The Times, Jack Dorsey, the CEO Twitter presented his views that there are chances that Bitcoin will become world’s single currency in the future. When asked for the time frame, Dorsey said that it may take further ten years. He further exclaimed that no matter how much time may take, but a day will come when the world will ultimately have a single currency, and the name of that currency will probably be Bitcoin according to him.

Role of ‘Square’ in Promoting Bitcoin

Jack Dorsey is also the CEO of world famous payment service Square, with this regard he has a keen eye for online transactions and the internet money flowing from one place to another. Jack Dorsey is personally very much interested in the rise of Bitcoin. According to one of his previous statements, his company Square will try its best to focus on options to interact with Bitcoin via their Cash App. Jack Dorsey believes that it will become a “transformation technology” for the internet technology.

Level of Jack Dorsey’s Trust in Bitcoin

Being a personal investor of Bitcoin, Dorsey believes that time will soon come when cryptocurrency especially fractions of Bitcoin would be used for buying simple things like coffee and other everyday purchase. Not only Bitcoin, Dorsey has also invested in ‘’Lightning Labs’’, which is working hard day and night to make the use of bitcoin much more faster and easier. Last week, Lightning Labs, released its first Bitcoin ready LN implementation. Due to this implementation free and frequent Bitcoin transaction has come closer to reality.

When asked about the scaling issues faced by Bitcoin right now, making it “slow and costly,” Dorsey answered that though it is a fact right now but with the passage of time new solutions will resolve that problem too. He further explained that when more and more people would have an easy access to Bitcoin, things would start to improve gradually.

The acceptance of Bitcoin by companies like Square, has probably led to future investment opportunities in it, further fueling its journey to become a single currency worldwide.

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