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Everyone knows that China was considered as a hotbed of mining operations, however, the Chinese government cracked down on the cryptocurrency as a whole and recently someone made a bet that Russia is the best place to establish a mining venture. Let’s find out if it’s true or not.

Mining in Russia:

According to Kommersant (a nationally distributed daily newspaper in Russia), many electric power stations in Russia have been acquired by an investor just for bitcoin mining. It is claimed to be the first time ever someone bought a whole power station for such a gamble in a huge and natural resource ironic country.

One power station is located nearby the Russian Republic of Udmurtia, whereas the other one is located on the western slopes of Middle Ural Mountains, in the Perm region. According to the newspaper report, these amenities will be used in the creation of bitcoin mining farm and data centre.

Bitcoin Mining in Russia

Bloomberg reported that development of bitcoin mining will require almost 100 million dollars. An investment plan has been presented by a Russian company named “Russian Miner Coin”, to gather 100 million dollars, so the investors can buy Ethereum or Bitcoin, and acquire almost 18% of the mining benefit that is generated by the company.

According to a report, the buyer of these power stations is a businessman, Aleskey Kolesnik, who has also circuitously confirmed the acquisition. But he also said that the cryptocurrency process will only start after the approval of Russian government, to make it completely legal.

Alexandar Drozdenko (Governor of Leningrad) said that a huge portion of the older power plant will be left abandoned after the completion of these new power plants.  Cryptocurrency mining will require huge processing areas and cheap electricity, and both of these facilities can be provided by the nuclear power plant.

Chinese Miners Moving to North:

At this time, China owns 80% of the mining cores in the world, which makes it the leader of pool mining. Iceland is the second largest one with 5% of the global mining power. The third one is Japan with almost 3% of mining power.

It seems like Chinese miners are getting prepared for an exodus from their homeland. Cold weather and cheap electricity are required for efficient mining. However, it’s believed that government of Russia will be more honest than others in accommodating bitcoin mining operations in their region.

A global panel of cryptocurrency miners was organized where people from different fifteen countries explained to ministers how these cryptocurrencies are formed and discussed various approaches to mining regulation.

Many Russian politicians think that bitcoin can help the country to evade Western economic sanctions. Also, 100 million dollars will allow Russia to get an environment-friendly mining equipment. However, at this time bitcoin mining and its transactions are not regulated. The country is working on the legalization of Bitcoin and other cryptocurrencies. Plus, the trading cryptocurrencies will be also authorized and the new law as a whole would take place after few months.

Bitcoin mining in Russia is being criticized at the moment by mainstream media, labelling it as a waste of energy, however, Russian ministers don’t share the same views.

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Why does IMF chief Christine Lagarde want to regulate the ‘cryptomarket’?

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Christine Lagarde, Chief of the International Monetary Fund (IMF), has said in an IMF blog post that the blockchain technology used to regulate cryptocurrencies can also be considered helpful in regulating and legalizing them.

In fact, it would prove to be a good news for crypto lovers as they have also been longing for the cryptocurrency to be legalized. Once it will be legalized, more people would get attracted towards it and the market ratio will automatically stabilize. According to some, the blog statement of Christine Lagarde can be considered as the first step towards the legal monitoring of cryptocurrency.

cryptomarket

In her above-mentioned blog, Christine Lagarde, appreciates the salient features of blockchain technology, which she refers to as an “exciting advancement that could help revolutionize fields beyond finance.” However, addressing the “dark side of the crypto world” she further explained that cryptocurrency market also needs legalized regulation in order to avoid illegal activities e.g; money laundering and funding terrorist activities around the globe. According to her some of the main features of cryptocurrencies is their anonymity which can inturn prove them safe for criminals and terrorists — that’s what makes them dangerous in short and blockchain technology is the only way to monitor what is actually going on in the world of cryptocurrency. To understand her statement further we must know what actually the Blockchain Technology is.

Blockchain Technology

Blockchain technology is the actual power behind Bitcoin, Ethereum, and other major cryptocurrencies. Technically, it is an openly accessible collection of financial accounts of all transactions which have been made in the crypto system since its starting point.

The reason behind Christine Lagarde’s blog statement

The main reason behind Lagarde’s statement is that she’s also well-aware of the financial stability faced by crypto-market during the past few months. At the same time the tremendous variations in the value of cryptocurrencies have also served to ignite her interest.

She further suggested that cryptocurrencies require the same sort of regulation as implemented on traditional currencies. However, she acknowledged that a lot of work needs to be done. She also suggested the use of biometrics and some other techniques like artificial intelligence, distributed ledger technology etc. could ensure the information-sharing between market participants and regulators.

Lagarde’s point of view is that with the help of modern technology, we can easily turn crypto-market for the public good, instead of making it a place of comfort and shelter for criminal minded people.

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3 Reasons To Invest and 3 Reasons Not To invest in Bitcoin

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Owning Bitcoin is the new cool! Those who own Bitcoin have 125% more chance of stealing your girl! Had you bought Bitcoin a couple years ago, you’d be a millionaire by now! This and many other things you’ll get to hear during a Bitcoin discussion. Despite all its cool features, Bitcoin is not a currency that comes from heaven and has its pros and cons.

In this post, we are going to discuss three reasons to buy and three reasons not buy Bitcoin investment.

Get, set, go!

3 Reasons To Buy Bitcoin:

Increased Attention From Major Investors:

Ever since Bitcoin was created, its biggest boosters have been computer geeks. However, the trend is starting to shift as the major investors and financial industry has turned its eye to Bitcoin. A growing number of investors and entrepreneurs have recently joined Bitcoin as they consider it a legitimate asset class such as commodities, bonds, and stocks.

The Number Of Bitcoins Is Limited:

Bitcoin is limited. Yes, it is not your traditional currency which exists in billions or trillions – it’s limited in nature and only 21 million of it will ever come into this world. This is the very reason why Bitcoin is so valuable and has a single BTC being traded at $3456.00 at the time of writing. To your surprise, it’s expected to go even higher.

Some Term Bitcoin As The New Gold:

Those who own and invest in gold do so because it’s an asset whose price is not determined by government. Regardless of the fact that a country is ravaged by war or its improvident national bank keeps on printing excessive cash, the value of gold will remain. Bitcoin has a whole lot of similar qualities. It exists on a decentralized computer network that rises above national fringes, and there is no Federal Reserve-like authority that can downgrade it.

3 Reasons Not Buy Bitcoin:

Core Users Of Bitcoin Are Still Fringe Figures:

Because of obstacles like high transaction fees, slow transaction confirmation, and restrictions on payments through credit/debit cards, Bitcoin’s primary use remains what it has always been: buying drugs and other illicit activities.

The ordinary consumer is still not using it as a payment method, and this is the main reason why Bitcoin is far too less useful than gold in the real world.

Bitcoin Is Highly Volatile:

Bitcoin is highly volatile and has experienced some spectacular crashes over the years. In 2013, for instance, the currency went on to hit $1100 only to fall back to $700 a few months later, and then to $200 in 2015.

While Bitcoin is currently over $3000/BTC, there is no guarantee that it won’t tumble back t0 $2000 or below.

Bitcoin Only Exists On Computers:

This may sound obvious but, Bitcoin is the most intangible form of money in the history of money. It’s basically just a piece of code stored somewhere on the internet and there is no authority in the world you can ask to honor it.

 

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History of bitcoin

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Bitcoin is a digital currency, world’s famous cryptocurrency. Who creates Bitcoin? Its answer is not that much easy. while the identity of the creature of bitcoin is still a mystery.  In last of 2008, someone going from the username Satoshi Nakamoto, release a white paper to cryptography list. The 9-page paper was entitled” Bitcoin, peer-to-peer electronic cash system”. That day and today, we do not know the creature, is a personality or a team work???

With pseudonym creature, bitcoin asserts itself. In the meantime, Bitcoin creates a strong impact on users of the cryptocurrencies’ world.

Now, here I am going to share bitcoin price history, its origin and how its start work, and rises as a star in cryptocurrency world.

2007:

Basically, working on bitcoin concept was started in 2007. If we consider, that Satoshi Nakamoto is a legend. He starts working on this concept to provide fair and free transaction system. While he was on record as living in Japan.

August 15, 2008:

The allege originator of Bitcoin concept denies the connection with Satoshi Nakamoto. Even so, Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application.

A great silence…………………………

August 18, 2008:

18 August 2008, anonymousspeeches.com register a domain, named bitcoin. A site, allows users to join and do transactions. This was the birth of Bitcoin in the real world.

 October 31, 2008:

Nakamoto publishes the design white paper in cryptography list. Whereas, the paper includes that the bitcoin currency is going to solve the issue of currency being copied.

January 3, 2009:

The first block was mined on January 3, 2009. It was,” Block 0, the genesis block, is established at 18:15:05 GMT.

January 9, 2009:

Version 0.1 released. It includes the generation system which creates 21Million bitcoins through 2040.

January 12, 2009:

Version 0.1 of bitcoin released on this date. Compiled

with Microsoft visual studio for windows. In which, bitcoin generation system will generate 21Million bitcoin through the year 2040. In addition, at the end of this year, on 16 December 2009, 0.2 version of bitcoin released. Whereas, 0.3 version released on July 7, 2010.

0.3.13 version of bitcoin released on September 29, 2010.

A Brief Look at Bitcoin History – First Bitcoin Transaction:

First bitcoin transaction takes place between Satoshi and Hal Finney on 12 January 2009.

Born of currency exchange:

First bitcoin market established on 6 February 2010 by doing dollar as Bitcoin currency exchange.

10,000 BTC spent on pizza:

Florida programmer, Laszlo Hanyecz pay 10,000 bitcoins for pizza. That was the real-life transaction takes place in cryptography world.

Pool mins……:

On September 18, 2010, bitcoin pool mining was introduced. Furthermore, several users work together and enjoy the benefit together.

2013:

No doubt, the most important year of the bitcoin. This year, Bitcoin wrote its history. In 2013, its market capitalization reaches $1bn. China bans this technology first. But today, 80% of bitcoin transactions are processed in China and become the largest trader of Bitcoin in the world.

2014:

In 2014, first and most progressive treatment to bitcoin was held by HMRC. Who classified bitcoin as the asset or private money.

2015:

The biggest change comes from banks and industries. Most of the banks trying to change their infrastructure. Whereas, industry executives talking about Bitcoin and some of them do transactions.

2016:

Therefore, it is too early to tell you about the story of Bitcoin in 2016. It reaches heights and sometimes faces loses.

Future Prediction of Bitcoin:

As bitcoin reaches the price of gold, and compete with many more cryptocurrencies. Which makes its strength in the financial market. Looking at the Bitcoin value history, future can be easily predicted. And my prediction is that coming era is bitcoin era.

 

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Creating a Bitcoin bank with USB drive

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People can store their Bitcoins offline or online through multiple ways. They are free to use a paper wallet or hardware option to store.  However, users of this technology also have the option to create a wallet on cheaper USB to store coins offline.

Creating low-cost Bitcoin wallet USB

Today, we are going to create a low-cost bitcoin wallet with a USB drive. You have the option to download few different wallets for this procedure. While, for this walkthrough, we use an electrum wallet. bitcoin users need to follow such installation process.

First

You need to download electrum wallet to your computer. Linux, Windows or Mac OS will take few minutes to download.

Second

Install this software directly on the USB drive. Use USB thumb drive for other application isn’t the good idea. There is an option that drive should play one man show as bitcoin wallet.

Offline installation of wallet into USB drive

Third

To perform offline line installation, you need to disconnect from an internet connection. It will be better to refresh your computer before installation. When you are sure that your operating system is offline then plug your device into the computer.

Forth

Open an installation program from your USB drive. The client does not have the option to reach the bitcoin network, but you still have complete opportunity to create a new wallet. This installation follows the same procedure. You need to install to USB, then go through security session. Where you will create a strong password and write down your seed phrase. Keep in mind, if you forget your password or seed phrase, you will not recover your bitcoins on that wallet.

A Little Bank or Bearer Bond Instrument

After securing your wallet with an encoded passphrase and get your seeds, you will have a fresh wallet. you can easily send or receive the bitcoins. like a hardware wallet, you need a device to access your keys, so that you can easily restore it with seed. The cost for this method is round about $2. Furthermore, they also can use the bearer bond instrument.

 

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