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Bitcoin Mining News:

Bitcoin mining is getting more difficult with the passage of time, so now it is taking more money and electricity to mine for the digital currency than ever before.

The rising worth of Ether, another digital currency, and the appreciation of Bitcoin can help to maintain the productivity of Bitcoin mining, in spite of increasing costs and difficulty.

It is becoming more difficult and problematic to mine bitcoins, but miners are not packing up their servers because of this. the number of available bitcoins for mining has decreased from 50 Bitcoin per block. According to a financial technology analytics service “NEXT”, the number of bitcoins available for mining was 12.5 Bitcoin per block when it initially came onto the scene.  According to a Bitcoin countdown site, this number has set to decrease about to 6 Bitcoin on June 19, 2020.

In the starting days of the technology, a few computer systems were able to mine hundreds of coins in about three to four days. Sebastian Quinn-Watson, a consultant with a bitcoin mining firm reveals that is not what the fall looks like today. Sebastian Quinn-Watson said, today, about 1700 bitcoins are generated per day. Basically, we all are fighting for about one coin every 10 minutes.

Quinn-Watson said the rise in the value of Ether is a trend which can help Bitcoin miners.

Ethereum on The Rise:

 

Ether is the most prominent rival of Bitcoin which is controlled by the Ethereum blockchain, Ether has gone high over 2000% since last year. Until the June, the digital currency was on its way to beat Bitcoin as the largest digital currency of the world, by market cap, according to Coindesk, since its market share has pulled back.

According to Sebastian Quinn-Watson, miners could get benefit from the future appreciation in the price of Bitcoin. If the appreciation of Bitcoin was to overtake the rise in the mining cost, then the productivity of the business will remain unaffected.

Business Inside Volatility:

 

To be sure, the price of Bitcoin is high about 250% since last year. But it has experienced recently extreme swings in its price. Some miners have credited this instability to current civil war between crypto-power brokers. This did not bother Sebastian Quinn-Watson, he told that the Business Inside instability or volatility is exciting. He said, we welcome the volatility and look at this as required aftershock of the Cambrian explosion which Blockchain.

Story Credit: businessinsider.com

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A Greater Russian Bond- Sberbank & MIT

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One of the biggest arms in Russian investment disc and the largest bank in the corporate and investment banking business of Russia, Sberbank CIB implemented the first of its kind blockchain based commercial bond transaction in the country. Joining hands with Russia’s telecoms expert MTS and the National Settlement Depository (NSD) smart contracts have been placed using commercial Rouble-denominated bonds.

blockchain bond

The Bond Deal

Sberbank CIB was the main organizer of the event. Sberbank was the main buyer of the issue of MTS bonds. Bonds have the maturity term of 6-months and the total sum of RUB 750 million. The annual rate of the bond in the OTC market stays at 6.8%.

The blockchain bonds technology was completely provided and supported by NSD. A full Delivery versus Payment (DVP) settlement model was based on blockchain bonds. This enabled a laidback transfer of securities and funds simultaneously. It is based on Hyperledger Fabric 1.1 to carry out the transactions.

Commercial bonds are placed on an over-the-counter (OTC) market through the private subscription. These commercial bonds are unsecured fixed-income securities.

The system implemented is highly transparent, including bond placement, circulation and record keeping. The system only operates using digitalized assets making it extremely secure and sheltered.

All the three entities had access to the transaction into the blockchain platform. Including the issuer, the central depository, and the investor. Considering all the obligations and necessities of the Russian legislation in dealing with all the accounts was made necessary. Confidentiality was kept foremost priority in dealings throughout.

All the participants could transfer and exchange the documents online and check the subsequent transaction’s status in the actual time it occurred. The full execution of the deal was able to be seen, from the placement of the bonds to the receiving of the cash.

This collaboration between the MTS and the Sberbank CIB is the first of its nature which enabled blockchains and blockchain bonds to gain the status of an industrial technology which accelerated securities settlement and certified confidentiality.

The initiators claim that the main aim is to an exemplary digital asset accounting infrastructure joining hands with market leaders. Infrastructure plays a crucial role for institutional investors to enter the market and for the increase in market’s capitalism and market’s successful development. The infrastructure plays an essential role in the flourished market growth.

Future Plans

Sberbank has already shown interests in blockchain projects previously. Last year the executive member of the company announced that the bank is in process cooperating with the Russian Federal Antimonopoly Service (FAS) on a project which is on a distributed ledger technology (DLT).

The delay in the project is mainly because of some unsolved and pending matters including some slow interaction of blockchain applicants. The Sberbank CIB has though forecasted great hopes and high expectations from the initiative. He also declared involvement of the bank in further other blockchain based projects.

Sberbank has also announced its blockchain laboratory which will develop blockchain based solutions. It will carry out pilot projects, product prototypes and implement applied business solutions for Sberbank CIB.

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How to buy and sell bitcoin for cash

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Bitcoin has taken the world by storm over the last couple of years. everyone, be it a kid or an elderly person, seems to be talking about Bitcoin as it is deemed to be the instant way to become rich. And quite rightly so, as there are numerous stories of people going from rags to riches just within a matter of days/months. This has led people believing bitcoin is an instant way to become and they are often seen asking: how to buy a bitcoin / bitcoins?

How to buy and sell bitcoin for cash

The best and safest way to buy Bitcoin is through exchange. There are numerous exchanges that sell Bitcoin both in bulk and minority. Some reliable exchanges are: CoinBase, BitQuick, Wall of Coins.

Once you have bought bitcoins and held them long enough to significantly appreciate in value, it’s time to sell.

Don’t know how to sell bitcoins?

Trade them at an exchange or find buyers in your area through local bitcoins and sell them on high returns.

You can sell Bitcoin for cash, commodities such as gold, or something you want to have in your locker to look at.

Remember that Bitcoin is highly unstable and continuously goes up and down in value. So, don’t hold much on your bitcoins and sell them right when the profit is high.

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Bitcoin vs Gold – A Brief Comparison Between Bitcoin and Gold

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Bitcoin vs Gold

Is this a Bitcoin or a Gold era? This question has stirred the people’s mind. Ironically, the bitcoin vs gold, Bitcoin values fluctuate as the gold values. Let’s clear one thing here, what is Gold and why did the Bitcoin and Gold prices cross?

Gold is basically the chemical element with atomic number 79 and has a physical worth. Whereas Bitcoin is a peer-to-peer currency in digital wallets. If we discuss the history of both the commodities, we come to know that Gold was traded by civilizations from 600 BC whereas Bitcoin usage started from 2009. However, only in few years 2009 to 2017, Bitcoin exchange prices have exceeded from zero to over $2000.

Bitcoin first captured the massive attention in media when its value raised to $1242 in November 2013. The price of gold was $1250 at that time. This was the time when the competition between gold and bitcoin began. Both values are fluctuating. Basically, this is a story of supply and demand which completely depends on the public’s demand. As we read in economics, higher the demand and lower the supply. So, we can say that Gold is rare but bitcoins are rarer because both have limited source. However, the mining process for both the commodities is different: hundreds of tons’ of Gold is mined every year through hardware processes like placer mining, hard rock mining, and gold ore processing. On the other hand, Bitcoin mining is the collection of bitcoins in exchange. By using specialized hardware, they make transactions clear and secure.

This comparison between Gold and Bitcoin is just a psychological more than anything. Because gold’s market value is $7, whereas Bitcoin’s value is $20 billion. But, Price of Bitcoin exceeded, is worth more than one ounce of Gold on 2 March 2017.

In addition, this comparison between both commodities is a positive sign for users. They can enjoy the fluctuations and new changes. But Bitcoin is a digital currency, it is not a commodity whereas gold has been known as a commodity for thousands of years.

Prices or values increase per ounce is not a big deal, and not that much important. However, everyone notices one thing that from 2009, Bitcoin is continually making its new highs every now and then. The purpose of comparing Bitcoin with gold is to provide complete satisfaction to its customer. Both Bitcoin and gold have a relationship in term of their prices. That’s why fluctuation in price creates a strong impact. There are more than 100,000 merchants who use Bitcoin for trade. Same with gold, millions of merchant still trade in gold.

 

Bitcoin vs Gold Comparison

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New Payment System: Bank of England Considers to Analyze Blockchain Features

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On 27th March, The Bank of England stated that it is undertaking a POC (proof-of-concept) to figure out how the new RTGS (Real Time Gross Settlement) facility is capable of interacting with DLT (Distributed Ledger Technology).

blockchain features

Real-Time Gross Settlement

Real Time-Gross Settlement systems are basically special payment systems where the funds transmission is conducted amid banks on a gross basis and in real-time. On the other hand, this means that the transactions are processed immediately after being settled on a one-to-one basis, deprived of connecting with any other transaction. RTGS systems are generally used for “high value” transactions requiring prompt payment and operate by the central bank of a country.

The RTGS blueprint was issued by the Bank of England in May 2017, stating that the new service will be providing a different and flexible variety of settlement models, to make sure that the payment infrastructures have gained access to the money of central bank.

Reason Behind Central Banks’s Announcement

After the announcement by central bank to test blockchain features, it explained the main purpose behind it, which is to develop a payment service, compatible with Blockchain technology. However, in the recent announcement of the central bank, it excluded the idea of transferring to DLT completely due to the immaturity of technology.

The central bank announced that:

“Although the Bank has concluded that Distributed Ledger Technology (DLT) is not yet sufficiently mature to provide the core for the next generation of RTGS, it places a high priority on ensuring that the new service is capable of interfacing with DLT as and when it is developed in the wider sterling markets.”

The UK bank is going to cooperate with the companies that develop payment solutions by using advanced technologies. Following are the names of the companies:

  • Baton Systems
  • Clearmatics Technologies Ltd
  • R3
  • Token

The capability of DLT-based payment systems to interrelate with the renewed RTGS service and to qualify techniques in which the service’s performance could be extended will be examined by the project parties. The bank is also considering to report their conclusions by the end this year. Also, the ECB (European Central Bank) along with the BOJ (Bank of Japan) released their Blockchain’s potential study this week, for altering securities settlements.

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