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Roque Solis, president of the SoliSYSTEMS corp, never fictionalized that bitcoin mining equipment he credited in February would have already paid for itself and made money as well. SoliSYSTEMS Corp is a company which developed an EMV smart cards for electronic advantage transfer for the federal backing program.

Solis was powerless to ignore bitcoin by attending a number of conferences. So, he decided to do experiment new technology via mining. He wants to get the better handle on the technology, whether this technology has the ability to use in this company or not?

Then, Solis bought a Bitmain Antminer S9 for $2,400.

As a result, he mined 1.01BTC worth $2,584 in Bitcoin wallet, on this weekend. Solis said, “When I bought the miner, the price per bitcoin was around $1,200. I thought I’d break even in one year, but actually, it’s been about five months.”

This gain indicates that individual hobby mining is not profitable anymore. Distinct miners don’t have the capacity to compete with the companies in mining bitcoins. with the $600 below price, electricity and pool fees, a person needs 500 days to break even on miner investment.

Furthermore, the rise in awareness about the mining pool, the price is also getting higher. Solis’s experience shows that hobby miner can break even within few months.

According to the Solis, money’s amount is increased on daily basis with miner’s jump from $7 to $16 freshly.

Price Substances:

According to the Sean Walsh, rising price of the bitcoins motivates the investing behavior of the miners. It is a key process which supports the whole network by safeguarding its ledger. Walsh said, “There are a lot of metrics that actually matter, like the number of people that own at least one bitcoin, but nobody cares about that. It’s just price. It’s the one score that wakes people up, and when The Wall Street Journal and other financial publications write about bitcoin.”

While Google trend shows the similar stories of bitcoin and bitcoin mining. Price factor of the bitcoin is not only the reason of increasing interest hobby mining. According to the Walsh experience, bitcoin transaction fees were stable from last few years, those fees have seen an uptick.

Walsh said, “This has to do with the block size debate, because the network is a bit congested, and people are having to pay more to get their transactions confirmed.”

In past, 100 bitcoins were per day transaction fees. Then this fee reaches to 350 bitcoins a day.

And, by 1,800 bitcoins shaped daily, 350 bitcoins are near to 20% of that. This is a blunt difference, a year ago when 60 bitcoins were paid in fees and 3600 produced on daily basis.

Walsh said. “that’s a huge boot.”

He added, “I don’t know that [increasing transaction fees] are affecting people’s interest in getting into mining. People may not realize why it’s more lucrative to mine bitcoins now, but when they run the numbers, the payback period looks better than it used to.”

New Blood:

He added, “It’s very important for people entering bitcoin mining that they really understand how to calculate their revenue and expenses. They need to make sure their cost basis and operating costs are very low.”

Like, if a junior miner overspends on accommodating servers, then there’s a modification, they are over-leverage.

Bitcoin’s value was down about 20% over the last weeks of June. Walsh said, “normal respiration of an asset class.” So far, others are not experienced in investing process and might be unaware of these fluctuations in bitcoin’s price.

According to the Solis, “it’s all about learning through experience”.  The Antminer S9 is running in Solis’s company’s server room and in the presence of the groups of servers, he is unable to identify how much electricity is used by the miners. Solis says, “It is noisy, though,” and “Compared to the other servers, it’s very noisy.”

It is a machine with two particular boards with fans that rotate at 54,00 – 7000 per minute revolution.  Solis is not the only one person who interesting in bitcoin hobby mining.

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Altcoin – Top 5 Altcoin Zoo with Animal Mascots

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Did you ever think about that how many currencies in the crypto market are using animals as their mascots??? Well, I don’t think so.

Today’s article is about top five altcoins with animals – by the way, all mammalian as mascots. Few coins are still active, whereas others are either past or resting at the pet mausoleum.

DogeCoin:

Dogs are the well-known devoted animal to humans. Nearly everyone has dogs as a pet. So, we will start with Dogecoin. In addition, this coin’s mascots are a specific dog – it is a doge, a Japanese Shiba Inu named Kabosu based actual meme dog.

Doge – a dog, not only a coin – became common in 2013. But, now no need to describe it more. Nonetheless, if you were living under last four years: the meme is a Shiba Inu picture with captions. These captions are decisively grammatically inappropriate. And, are assumed to reproduce the dog’s thoughts. Isn’t scary and such insecure, for example.

At the end of this year, Dogecoin was launched as Joke currency. This idea was belonging to the Billy Markus from Portland Oregon. Joke currency or not? but Dogecoin is still alive with the market cap of $344million.

TrueFlip:

A dolphin wearing glasses and a top hat. We know dolphins are intelligent and vastly social animal around the world. They have friendly nature and also trained to save lives of some people.

Basically, TrueFlip is a worldwide famous platform where you are allowed to buy tickets and win prizes in digital currencies.

Bitcoin blocks random hashes are openly used to draw some numbers for lottery and code used to run the game. This firm’s aim is to become world’s popular blockchain lottery. If this occurs, its jackpot would be high as $8 million worth of Bitcoin or maybe more.

altcoin exchange

NyanCoin:

We have another meme coin and this is Nyancoin, created on Nyan cat meme, an archenemy of dogs.

Nyan cat was turned to crypto-market early in 2014. Moreover, this word was derived from the Japanese word for cat’s meow. After a long relaxed, Nyan comeback this April with the market cap $394,000.

PandaCoin:

So, we are moving toward China now. Where we find big fluffy Pandas, who became the mascot. PandaCoin was launched on 14 February 2014, and now its market cap is around $1.5 million.

NeuCoin:

Fine, NeuCoin is a newbie to the world of altcoin exchanges. A blue squirrel NeuCoin’s mascot was belly up in late 2016. Just like a quick and small animal, the squirrel needs strong effort for effective ICO, who has a direct focus on tipping and micropayments. NeuCoin combined two games on one platform Facebook: Solitaire Racer and SongQuest.

So, Who’s next?

After the research, we can say that altcoin with animal mascots are on the way of fame. It is depending on the acceptance of the coin among the community.

 

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Bitcoin Market Cap Will Hit Trillions Over The Next Couple Of Years – Winklevoss Twins

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Tyler and Cameron Winklevoss, otherwise called the Winklevoss twins, expect the market valuation of bitcoin to surpass trillions of dollars in the upcoming years.

Main Story:

In an interview, Cameron Winklevoss clarified that the properties of bitcoin enable it to work as a premier store of significant worth that is in orders of magnitude greater than gold in various aspects, including divisibility, transportability, and monetary supply.

 

“We’ve generally felt that bitcoin, given its properties, is gold 2.0 — it upsets gold. Gold is scarce, bitcoin is really settled. Bitcoin is much more versatile and way more separable,” said Winklevoss.

 

He included that if bitcoin can keep on disrupting the $6 trillion gold market in the long haul, it will have the capacity to hit a trillion dollars in a moderately brief timeframe, given that the market valuation of bitcoin currently stays near $300 billion.

 

“Long-term, directionally, it is a multi-trillion-dollar resource — I don’t know how long will it take to get there,” said Winklevoss.

 

Bitcoin is quickly changing the global finance industry as a decentralized store of significant worth. If bitcoin market can maintain its development rate over the next couple of years, it will enter into the gold and offshore business industries. The joint market cap of gold and offshore business industry is up to almost $40 trillion.

 

Winklevoss noticed that fiat and different cryptographic forms of money are not the rivals of bitcoin. Instead, other safe haven resources and store of values, for example, gold are the genuine rivals of the digital currency. He explained:

 

“For the vast majority, it isn’t just the source of not paying taxes. It’s the target of getting the privilege to security and looking for financial secrecy,” said Marcovici.

 

Structurally and reasonably, bitcoin is an altogether better framework to store cash for people and institutional investors than offshore bank accounts, primarily because the legislatures can in any case crackdown on offshore ledgers. In 2016, the US government fined Swiss banks $1.3 billion, including more than 43,000 offshore ledgers holding $48 billion.

 

As a decentralized and distributed store of significant worth, governments can’t in any way, shape or form crackdown on bitcoin holders and records. Consequently, it furnishes speculators with security and budgetary privacy, which seaward ledgers were intended to give.

 

If bitcoin can represent even 10 percent of the worldwide offshore business industry, bitcoin’s market can surpass $3.2 trillion. In light of the settled supply of 21 million, a $3.2 trillion market cap esteems bitcoin at $152.380.

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IBM’s Affordable Blockchain ‘Starter Plan’

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The IBM Blockchain is a hot topic these days. No doubt, blockchain technology is an ingenious invention which allows digital information to be distributed without allowing to it to be copied or modified. Though it was invented by Satoshi Nakamoto in its initial form but uptill now it has evolved itself into a digital giant. That’s why every person somehow related to the internet technology has asked the question:

IBM blockchain

What is blockchain?

In short, blockchain is the backbone of a new kind of internet technology. In its original form, blockchain was being devised specifically for the cryptocurrency, Bitcoin. It is also known as the distributed ledger technology as it maintains a flawless record of digital transactions. Due to its credibility, blockchain has also been used by the tech community in various other ways. Furthermore, IBM Blockchain technology is a much more refined form of this digital platform.

As we all know, IBM is on the top of the list as it has been working with Blockchain technology since 2015. The credit of bringing blockchain to mainstream also goes to IBM. It was in 2016, when IBM started to use Blockchain technology in their own company.

And now IBM has presented the concept of an affordable Blockchain Starter Plan especially designed for small scale businesses.

IBM’s business blockchain network

At an initial stage a beta version of Blockchain Starter Plan will be launched in order to facilitate the use of Blockchain in all sorts of businesses. For that purpose, in 2016 IBM launched a test Blockchain program in partnership with Walmart.

This starter plan will be free for the duration of its beta version. After completion of the beta version duration a 30-day free trial will be offered once the plan becomes applicable in its full form.

How will all this work?

To be precise, business blockchain network uses the so called distributed ledger technology in order to make sure a secure transfer of business assets inside that network. The beauty of this process is that these assets can be both in physical or digital form. Members of this network would use a concord mechanism instead of depending upon a bank or other such institute for the validation of their transactions. It will automatically not only improve the processing speed of transactions but will also become the first step towards transparency across the business network.

According to Marie Wieck, the general manager of IBM Blockchain, the company currently has over 250 active blockchain networks. She further stated that this new plan will suit pilot projects and will be perfect for those who want to build solutions on the IBM blockchain platform.

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Famous Bitcoin Trader Claims the Currency Will Hit $15,000 in 2017.

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The price of Bitcoin climbed above $3,500 and at the moment it is standing a little above $4,200. While some people are doubtful towards this gradual increase in value, Veteran trader masterluc says otherwise. He’s made a prediction that Bitcoin will be worth $15,000 by the end of 2017.  He claims that this bull run will continue into 2019 where the price will top out anywhere in between $40,000 and $110,000.

Masterluc is said to have a history of being right in his predictions, and many experts agree that the rise will continue for a while longer, which could have some major consequences for paper money.

Bitcoin recently celebrated its market cap crossing over $50 billion as it tripled the price of gold. Predicting the future of the digital currency is not an easy task especially when its reign shows no sign of ending.

 

News Credits: futurism.com

Image Credits: bloomberg.com

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Introduction to Bitcoin – How Does Bitcoin Work?

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How Does Bitcoin Work

Bitcoin Introduction:

Bitcoin is a type of cryptocurrency that is free from the influence of traditional banking. The currency first came into circulation in 2009 and was invented by an individual/group called Satoshi Nakamoto. The identity of the creators is still unknown.

Bitcoin exchange rates are independent. They are autonomous of the central bank and no government/private authority governs the supply of this type of currency.

The only factor that determines Bitcoin’s worth is the trust level of users. The more companies accept Bitcoin as a payment, the higher its value goes. How Bitcoin works?

What Are the Benefits of Bitcoin?

Wondering what are the advantages of Bitcoin? The list is quite long. But let’s take a look at some of the major benefits that this currency has to offer.

No Taxes:

As the bitcoin is free of any third-party influence, there is no system to implement taxes on this money. The only form of tax that may come with bitcoins is if someone purposely sends a small percentage of payment as cash. 

Free of Third Party Seizures:

Again, as there are no third-party involvements and no unnecessary copies of transactions are made, the chances of Bitcoin being seized are zero. This implies that the government can’t freeze the Bitcoin accounts and the users can do whatever they want with their money.

The Transactions Are Tracking Free:

The Bitcoin transactions are tracking free. Unless a user publicizes his wallet address, there is no way a transaction can be traced backed to him/her.

In case a user mistakenly made his wallet address public, a new wallet address can easily be generated. The benefit of keeping your wallet address a secret is that no one can ever know how much money you have in your account.

This means more privacy as compared to the traditional currency systems. You can read details about the theory behind a Bitcoin transaction.

All the Transactions Are Free of Cost:

There are no costs involved in Bitcoin transactions. Users can send/receive money in whichever part of the world they want. The only cost that may come with Bitcoin transactions is the vendor fees that they charge in return for the services they provide.

What Are the Risks of Bitcoins?

Using Bitcoins is not always safe. There are some risks associated with Bitcoin. The risks may include:

Bitcoins Are Easy to Lose:

There is not any system to recover lost bitcoins. If lost, they are gone for good. You have to be very careful to prevent your bitcoin account from hackers otherwise your account may compromised.

 They are hard to trade:

Bitcoins are hard to trade as compared to transferring the normal currency. Although there are vendors that trade bitcoins, it’s not as easy as sending money via PayPal, Western Union or some other money transfer service.

 Too New In The Market:

Bitcoins appeared on the radar just a few years ago, so it’s hard to predict what their future would be.

 Lastly – They Can’t Be Used to Buy Stuff For Now:

Bitcoins are still not the complete replacement of real money and are only accepted at very few places as a form of payment. So, it’s still pretty hard to buy stuff using this currency.

How does Bitcoin works?

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