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In the month of April 2018, 17 millionth Bitcoin was mined. But why this number is significant? Well, only four million tokens are left to mine. Bitcoin’s blockchain protocol is what makes Bitcoin mining a bit difficult, and the Bitcoin reward for mining a block also splits every 210,000 blocks. As seen, 12.5 BTC reward is received by the miners for unlocking a new block.

future of bitcoin mining

Mining of the Last Bitcoin

At this time, miners are deeply encouraged to mine so that they can get gradually more treasured Bitcoin tokens as a reward — before the supply reaches the capacity. However, when 21 million market cap is hit, there won’t be any Bitcoin rewards for miners. Though, transactions will be still required to get validated and stored on blocks, so that miners can profit from the transaction fees.

Segwit

  • Last year, the issue of scalability – block capacity – transaction costs showed up.
  • 1MB size limit for blocks was implemented by Nakamoto for halting miners making bigger blocks that were expected to be excluded from the network, as it could cause the blockchain to split.
  • At that time, the limit was big enough because of the small number of transactions. However, apprehensions that elevated were ultimately comprehended as Bitcoin advanced in popularity.
  • Ultimately, Bitcoin Core developers came up with a solution under the name “Segregated Witness,” which is more commonly known as SegWit.
  • Fundamentally, Segwit splits non-signature data from signature data of all transactions — significantly reduces transaction sizes that are stored on a block.
  • Moreover, it cancels out transaction flexibility by eliminating signatures from transaction data, paving the way for ‘Lightning Network’ incorporation.

Eventually, Segwit was implemented in August 2017, as a foremost stakeholder from the major Bitcoin mining pools and Bitcoin companies – for a solution to high transactions fees instigated by an accumulation due to the block size limits.

Core warning — the implementation of Segwit was possible because of the consent of the Bitcoin community. Even though there were huge concerns such as the inadequacies of Segwit2X, the community was divided up and the change was certainly not implemented.

  • Since August 2017, the implementation of Segwit has been slow across the global network. However, Bitfinex and Coinbase only presented the alteration in February 2018.
  • The launch matched with reducing the transaction fees – a testament to the envisioned outcome of Segwit incorporation.

future of bitcoin mining
Lightning Network

  • SegWit’s implementation laid the foundation for second layer solutions as well, in order to improve the network of Bitcoin.
  • The most projected one is the Lightning Network – it will do the same as the SegWit – though on a grander scale.
  • In terms of layman, the Lightning Network lets users excavate many payment channels amid themselves – off the Bitcoin blockchain.
  • The channel is going to be opened and recorded on the blockchain, though transactions will be made “off chain” till the payment channel is closed.
  • Basically, Bitcoin is deposited in this channel by users, so that they could make transactions by transferring potential of possession to each other.
  • When they plan to close the channel, users take their part of the total sum – the ownership of those sums is recorded on the blockchain.

This second layer solution matters a lot, as it will significantly upsurge the speed of transactions and the whole network. But if we talk about the future of bitcoin mining, this does stance few interesting questions for miners in the upcoming time. Once all 21 million Bitcoin have been mined – transaction fees would be the one and only incentive for miners. If the Lightning Network is completely integrated by that time, there’d be quite fewer transactions being recorded per-day. This could at the same time affect the amount of money that miners will be getting from transactions. Though, if we look 100 years from now, it is expected that all of these issues will have been solved by the wider crypto-community and Bitcoin Core developers.

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Make money with bitcoin

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Make money with bitcoin

Once again cryptocurrency becomes the center of the interest of media and other financial institutions. Earning from bitcoin is not that much difficult. Following are some best ways to earn money from bitcoin.

Mining

Bitcoin mining is costly because of high electricity billing. Therefore, increasing difficulty rate and halving of bitcoin blocks increase the demand. While 21 million is the total supply of bitcoin and mining of coins is still held at large scale with sophisticated equipment. If you are living luxury can easily mint the coins and cash it out.

Mining pool  

Mining of bitcoin through an individual is impossible. If anyone wants the profit over the short period, he/she needs to join the bitcoin mining pool. Miners in the pool are able to use their resources together by sharing their hashing power. Whereas, divide the amount of reward equally according to the share in solving blocks. This platform is also encouraging the small-scale miners to be active in mining activities.

Bitcoin calculation can be complex, due to which pay-per-share offers an instant payout for each share which is solved by the miners. Whereas, in double geometric method operators normalize the payments by receiving a portion of payouts in short rounds and giving back it during long rounds.

Few popular mining pools are;

  • Antpool the largest bitcoin pool controlling 30% of the network’s hash rate.
  • BTCC controlling 15% of network hashing rate.
  • slush pool, the first mining pool containing the 7%.
  • Eligius and bitminter containing the1% hashing power of the network.

Faucets

Most of the faucets are making money websites by placing a different kind of advertisement on their pages. Those, who visit these sites to answer short questions and or solve captchas will receive segment of what the sites collect from advertisement. In most of the cases, each reward timing is about five minutes. Anyone new to the bitcoin can get bitcoin from these faucets.

With the goal to advertise the digital currency among the readers, CCN provides its own faucets. Whereas, CCN will provide the bitcoins free to the reader.

Free bitcoin, bitcoin zebra, moon bitcoin, pocket dice are few Satoshi faucets.

Playing games

A game name oh crop! a game much like plant vs zombies in which player have to defeat the devil plants. Is one the game who come to the bitcoin android space. Where the player receives the payout by watching a video advertisement. There is a number of Sites, who provide the games to earn bitcoin and cash it out in a market.

Reading book is a good habit

PaidBooks.com has the same functionality as the regular faucets have. It pays 400 Satoshi over every 10 minutes with 800 jackpot of Satoshi. This more than free faucets rate.

 Short summary        

There is a large number of methods are available to earn bitcoin free. Once you have bitcoin means you can do transactions through bitcoin or transfer it to fiat money. Above all are few ways of earning money from bitcoin. But be aware of scams.

 

 

 

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How To Use A Bitcoin ATM

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Bitcoin ATM

Bitcoin ATMs are nothing much unlike than the traditional ATMs that almost all of us are very familiar with. The main difference is the usage of Bitcoins for transactions rather than the debit cards. In a traditional ATM, you insert a debit card to receive the cash you require; Bitcoin ATM helps you exchange cash for Bitcoin or vice versa. These Bitcoin ATMs allow you to dispense in fiat currencies too just like the traditional ATMs.

Keeping the true essence alive, these ATMs also allow you to perform the transaction anonymously as well. For Bitcoin ATM users this privacy comes with some privacy though. These ATMs charge about 7-10% for the sale and purchase of these Bitcoins per transaction. Which may be a good amount for some of the coin holders to pay. But it may be a price worth paying for some.

Some of these Bitcoin ATMs also aid other cryptocurrencies, like Ethereum and Litecoin.

A Bitcoin ATM near you

With the increasing acceptance and interest of people in Bitcoin around the world, there are now successfully 1700 Bitcoin ATMs installed in across 58 countries. So finding a Bitcoin ATM installed near or closest to you is easy. There are specific Bitcoin ATM maps designed, where you enter your location and you get a list of ATMs in your area. It’s more of a radar service that also connects you to the live worldwide Bitcoin ATM map. You will be surprised to see the number of ATMs emergence in the map.

Once you get to choose the suitable ATM, you can click for more details about certain specs and particularization of the particular ATM.

Though there are around 40,000 different service providers to help you exchange cash for Bitcoin and Bitcoin for cash. So why use Bitcoin ATM?

At most, these ATMs, at least most of them don’t really require a lot of information from your end. These machines don’t require your personal information. Bitcoin wallets or their addresses and the cash is all that is required.

Inserting your cash and acquiring the subsequent number of Bitcoins in return in a few seconds is a very simple and easy process. Out of all the other services available, this is the easiest, quickest and most cloaked form of the transaction of this digital currency.

Bitcoin ATM-Basics

So, basically, most of these ATMs work more or less the same way. But a few may vary from the others in few ways and steps. For instance, a few places, you can only acquire Bitcoins and cannot sell the coins. These ways may also vary depending on the manufacturing formation of some brands and types, depending on their set limits and verifications.

  • Verification
  • Bitcoin deposit address
  • Insert cash
  • Confirm operation

These are the general processes following all the Bitcoin ATM processes throughout. Two of the world’s biggest Bitcoin ATM companies that have laid hands in the manufacturing of this vastly spreading industry is Genesis Coin and General Bytes. These companies offer different models and types of Bitcoin ATMs specific to the needs and for the relevant business nature, they are required for. These machines are also exported by General Bytes to other countries around the world.

Bitcoin ATM- Process

The basic process for the usage of these ATMs is the same but it may vary due to a number of specific reasons.  The process to exchange Bitcoin for cash is very similar to the following process.

  1. The ATM will require you to scan your Bitcoin address first. If you want to receive Bitcoin, open your wallet in your smart device and scan the QR code to the specified screen on the ATM.
  2. The ATM will then require you to insert a bill. Your choice entirely. You can calculate the exchange rates on your smart device.
  3. After inserting the cash, the ATM will pop a screen showing the equivalent number of Bitcoins according to the cash you inserted. You can choose to SEND Bitcoins once you are done inserting the cash.
  4. Under a minute you will be able to receive the number of coins in your wallet.

In order to receive the cash, the process is pretty much identical.

  1. You can choose the option for ‘CASH’ from the main screen of the ATM.
  2. The screen will allow you to choose the amount of cash required.
  3. It will generate a QR code which you will scan on your smart device, showing the number of Coins being transacted during the process.
  4. Hit ‘Send’ from your device and confirm it.

In less than a minute you will receive your cash, just like the ATM.

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Cryptocurrency Analysis: BTC, ETH, XRP, BTC Cash, EOS, XLM, LTC, ADA, XMR, IOTA

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On August 21, Bitcoin costs surged, breaking out of the overhead resistance at $6,618. Within 20 minutes, Bitcoin spiked from $6,4560 to $6,828, peaking at $6,888.32, an hour later on. The upward move coincided with the arranged upkeep on BitMEX and aims to have actually been a short-term trade. Nevertheless, a breakout above $6,618 is likely to have actually activated stops on the short positions that had actually reached a four-month high on August 21. However, it is still too early to validate if the trend has altered or not.

analysis of cryptocurrency

MIOTA

MIOTA has actually been combining in a tight range of $0.462 – $0.575 for the past five days. The 20-day EMA is likewise positioned simply above the range. A break out of the 20-day EMA can lead to a rally to the 50-day SMA, which is close to $0.85. This offers an opportunity for a quick short-term trade.

Ethereum

Ethereum remains in a drop with both moving averages sloping down. It is struggling to even pull back to the 20-day EMA, which is a bearish indication. If the bears are successful in breaking listed below the assistance zone of $250-$ 270, the ETH/USD set can plunge to $200.

Bitcoin

On August 21, the bears attempted to sink Bitcoin but the bulls purchased the dip to $6,000, which is a favorable sign. Today, the breakout of the overhead resistance of $6,617.5 resulted in a spike to $6,888.32, which triggered our buy proposed in the previous analysis at $6,750. However, the bulls might not hang on to the greater levels.

Bitcoin Cash

Bitcoin Cash has actually been trading between $501 and the 20-day EMA because of August 15. If the bears sink the rates below $501, a retest of the $474 line is likely.

EOS

EOS broke out of the drop line, however, might not cross the 20-day EMA. The bears have again pushed the costs back below the sagging line. On the downside, the support remains in the zone of $3.8723 – $ 4.1778.

Ripple

The pullback on Ripple is facing resistance at the 20-day EMA and the bulls are having a hard time to sustain above the moving average. If this level is crossed, the bulls will once again deal with selling pressure at the sagging line 2 and above that at the 50-day SMA. As soon as the bulls scale above the 50-day SMA, the Ripple set can go up to $0.5, where it will once again face resistance from the drop line 1.

Litecoin

Litecoin has been consolidating in a tight series of $49.318-$ 62.319. Both moving averages are still sloping down, which shows the benefit the bears have. A breakout of the range will lead to a rally to the drop line, which is just above the 50-day SMA. We anticipate a strong resistance at that level. The first sign of a change in pattern will be when the Litecoin pair sustains above the drop line.

Stellar

Though the bulls have actually handled to defend the long-lasting support line of $0.184, they have actually not had the ability to push Stellar above $0.25 since August 5. The Stellar pair has a history of consolidating near the bottom of the variety prior to embarking on an upward relocation. We see a similar setup establishing this time.

Monero

For the past 5 days Monero has been trading close to the 20-day EMA, which is a positive indication. If the bulls force a break out of the overhead resistance, a rally to the 50-day SMA, which is close to the long-term trendline resistance, is likely. If the Monero set breaks listed below $91, a retest of the lows at $76.074 is most likely. Though the trend stays unfavorable, the flattening 50-day SMA points to a possible variety bound action for a couple of days.

Cardano

Cardano has actually been struggling to climb above the overhead resistance of $0.111. It has been stuck in the variety of $0.083 – $0.112 for the past eight days.

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Find It Hard to Understand Bitcoin? Here Is Everything You Need to Know

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Everything You Need to Know About Bitcoin

Bitcoin is the most widely used form of digital currency in the world. It is a kind of currency that is controlled and put away altogether by high-tech PCs spread over the Internet. More individuals and organizations are starting to use this currency.

Unlike a plain U.S. dollar or Euro, bitcoin is a type of payment system, much like Paypal. (Learn how to buy Bitcoin from PayPal in two minutes)

You can hold on to it, spend it or exchange it. It can be moved around as efficiently and effortlessly as sending an email.

For those seeking information on how to make online transactions anonymously, Bitcoin is the perfect answer. Bitcoin allows its users complete anonymity to make transactions and leaves behind no traces of personal information.

Down below, we have discussed some important points as to how Bitcoin makes a complete sense and whether it can be used as an alternative to the traditional currency.

Important Points to Understand Bitcoin:

  • Bitcoin transactions are stored in public ledger called Blockchain. These transactions are recorded online and anyone with the access to Blockchain can view them. Thus, making the process more transparent. The transparency also drives new interest to the economy and results in the downfall of illegal use of the currency, such as drug ring.
  • Saying that understanding Bitcoin is more than just a currency makes perfect sense. Unlike traditional currency, it can be transferred from one country to another without any legal obligations. It dissolves the global barriers and frees currency from the control of federal governments. However, the value of Bitcoin is still dependent on the U.S. dollar.
  • Bitcoin is an open source software and the technology used in Bitcoin is quite interesting. The currency works under the laws of mathematics and is overseen by a group of highly skilled professionals. The software can run on thousands of machines simultaneously, operating in different parts of world – making it one of the unique programs out there.
  • Bitcoin was created and released onto the internet 8 years ago by an anonymous programmer called “Satoshi Nakamoto”. The software is designed to run on multiple machines – called bitcoin miner – simultaneously. These machines can be accessed and operated by anyone on the planet with the basic understanding of a PC.
  • Bitcoin miners are used to generate new coins and are designed to mine no more than 21 million coins before the year 2140. These machines enable the coins to slowly expand and encourage the Bitcoin miners to keep the system growing.
  • When new coins are generated, they are given to the miners. The miners keep track of all the bitcoin transactions and add them to the Blockchain ledger. In exchange, they are rewarded with a few extra bitcoins. The currency reward limit currently stands at 25 bitcoins, which is paid out to the world’s miners about six times per hour. Those rates can change over time.

Wrap Up:

These are some facts that make Bitcoin unique in comparison to other currencies out there. Taking everything into account, bitcoin pushes the limits of innovation. Much like PayPal in its outset. However, the marketplace will have to decide if the risks related to Bitcoin and payment system make good sense in a longer run.

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Russian Official Denies Country’s Role in Petro Cryptocurrency

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The officials of Russia have claimed that the country never joined with Venezuela on its national cryptocurrency, Petro, which marks the first state cryptocurrency of the world. The Russian Foreign Ministry’s deputy director of the information and press department, Artyom Kozhin, also claimed a news story that was published by Time magazine.

Petro Cryptocurrency

Finance Ministry of Russia About the Reports

The Finance Ministry of Russia has counselled “Time magazine” that it strongly denies any kind of contribution in the Petro cryptocurrency and noted that Time Magazine has disregarded the statement of ministry.

A meeting was held on 21st February 2018 in Moscow, where Kozhin said that Simon Zerpa, who is the Minister of Economy and Finance in Russia, gave a booklet related to the cryptocurrency to notify the Russians about the project, however, no one from the parties mentioned or conferred Russian-Venezuelan activity related to cryptocurrency.

The rate of Petro is linked to the price of oil that is produced in Venezuela, as it was announced in December by the president of Venezuela, Nicolas Maduro, considering it as a payment tool to evade the worldwide authorizations and a U.S. barrier.

Authorized Involvement

According to Time Magazine, the president of Russia, Vladimir Putin sanctioned helping Venezuela to launch the Petro, mentioning anonymous resources close to the concealed joint venture.

Time Magazine also mentioned two Russians, named Fyodor Bogorodsky and Denis Druzhkov, who act as advisers on the Petro. According to few reports, during the launch of Petro, these two Russians were seated in the front row in the presidential palace.

According to an Associated Press report, Druzhkov is a chief executive officer of Zeus Trading, which was banned from trading almost three-years ago and was penalized for $31,000 by the Chicago Mercantile Exchange.

Likewise, some reports say that Bogorodsky lives in Uruguay and was described as director of Aerotrading company by the government, as his website contains only a single home page without any information about the company.

Russian State Bank

According to the executive of state bank of Russia, who deals with the cryptocurrencies, senior Kremlin counsellors have supervised the Petro project.

The state bank executive reportedly said:

“People close to Putin, they told him this is how to avoid the sanctions. This is how the whole thing started”

No response has been given by Kremlin to Time Magazine, however, the Finance Ministry of Moscow has said that none of the Russian financial authorities was involved in the development of Petro. At the same time, the government of Venezuelan also avoided commenting on this report by Time Magazine.

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