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News about generating blockchain funds by a Chinese company are in the news right now. But before discussing about that news, we must have a watch on the history and importance of blockchain. Designed in 2008, blockchain is the backbone of Bitcoin and all the other cryptocurrencies. Blockchain system works by taking in digital transactions and storing them in pieces of digital information called blocks. These blocks are in turn linked together to form ledgers. In case of blockchain, such ledger can be defined as a list of digital transactions. Each time you wish to change the data inside a blockchain database, the software adds a block to the chain containing all the information required to verify the changes. The block will have a unique identifier (a hash) and can be encrypted depending on the underlying software use-case for it.

Importance of Blockchain Technology in other industries

Blockchain has also a serious impact on various other industries. Even IBM has started work on their own blockchain projects. The main reason for it is that blockchain has played an important role in maximizing the technology’s capabilities, such as autonomous records and easy to access contracts. Even the Pharmaceutical giants are planning to use blockchain to prevent frauds and secure their transaction records. Now let’s come to the point and elaborate why blockchain funds have become so important for China to show active participation in it.

Why China is interested in Blockchain Funding?

Due to such an important role of blockchain in digital transactions, especially cryptocurrency, it has been reported that a government-led investment firm known as Investment Association of China (IAC) is going to establish a funding center to strengthen the blockchain development in China.

This news leaked out when a document related to that entity was circulated by IAC on the internet. IAC reports directly to China’s National Development and Reform Commission.

Later, vice chairman of the IAC, Liu Ren confirmed the document’s authenticity. He further explained that IAC had to take an initiative in this regard due to the growing importance and popularity of blockchain in cryptomarket. That’s why their association decided to provide fundings and maintained standards for the good of cryptocurrency industry.

However, he did not disclose that whether the funding will be provided from the state or private sectors.

This new blockchain funding center will also seek further working with overseas blockchain projects to generate further investment options. It will also provide consultation services to those persons or firms that are interested in blockchain investment. In short, Chinese government is quite serious in its efforts to develop investment plans for the domestic as well as foreign blockchain industry. Chinese Ministry of Industry and Information Technology recently announced that it will soon launch a committee in order to set national standards for blockchain technology.

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Bitcoin Mining – What Are the Best Mining Programs?

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If you are reading this article, chances are you already know about Bitcoin mining program as it’s the easiest way to get bitcoins. But did you know that the mining itself can be divided into two further: solo mining and mining through a pool?

In terms of profit, there isn’t much difference between the two. Solo mining offers large but irregular payouts while pool mining offers small and frequent rewards. In the end, both the methods add up to the same amount.

Whatever you choose, it’s totally up to you. But remember that there are certain steps that you need to follow in order to succeed. The steps include:

  • Having the right hardware
  • A software that matches your needs
  • Setting up a method to receive your profits and rewards
  • Solving the algorithms which seem to be getting tougher by each block you mine.

In this post, we have discussed some of the leading software programs to help learn how to mine bitcoins efficiently.

Best Bitcoin mining Software.

CGMiner:

Our list starts with CGMiner. CGMiner is open source, written in C and currently the most popular GPU/FPGA/ASIC miner. The software is compatible with Windows, OSX, and Linux.

CGMiner has the ability to monitor, overclock, remote interface and fan speed control. Moreover, using a mini database, CPU mining support, Multi GPU support and binary loading of kernels, it can also detect the new blocks which ultimately quickens the mining process.

BFGminer:

BFGminer is designed especially for FPGA/ASICs and is a derivative of CGminer. Some interesting features of BFGminer are:

  • Fan control and integrated overclocking.
  • Vector support.
  • Crypt mining support for both GPU and CPU.
  • ADL device reordering
  • Decentralized mining protocol and much more.

BitMinter:

If you are wondering how to mine bitcoins quick, BitMinter is the way to go. The miner focuses on quick mining, high rewards and is considered to be the most efficient when it comes to getting in touch with potential clients and users.

BitMinter belongs directly to a mining pool. In order to join and become part of a pool, you must register by filling in a sign-up form.

BTCMiner:

BTCMiner is an open source software and is compatible with Linux and windows. The bitcoin mining software doesn’t require any Xilinx/license and possesses the ability to automatically choose a frequency with highest hashes. The key features of BTCMiner include:

  • USB-FPGA modules 1.15b and 1.15d
  • USB-FPGA modules 1.15x
  • USBA-FPGA modules 1.15y
  • No JTAG programmer required
  • Requires just one mining rig from one software instance

Poclbm:

Another miner with the ability to mine some quick blocks. Poclbm can perform hashing computations in a quick manner and is compatible with a wide range of hardware. The miner works best when used with a modern GPU.

According to some users, Poclbm is great for multiple machine mining but not so great for masses.

Conclusion:

These are some of the best Bitcoin mining programs that can help you mine some quick blocks. Each comes with incredible features, which ultimately makes it super hard to pick the right one. However, all you need to know here is to only choose the one that best meets your requirements. Do that and you are good to go.

Tags: Best way to earn bitcoins.

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How to Buy Bitcoin – Is It Possible to Buy Large Amount of Bitcoin?

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With the start of 2017, a lot of investors appear to be keen on buying large amounts of Bitcoin. The traditional Bitcoin buying methods are not always suitable due to the limited supply of cryptocurrency and high transaction/deposit fees at most exchanges.

In this guide, we will explain how to buy Bitcoin in larger quantities (in excess of $100K).

How To Buy Bitcoin in Larger Quantities?

Wondering how to buy Bitcoin in bulk? You can buy it either through OTC exchanges or and traditional Bitcoin exchanges. OTC stands for “over the counter” and refer to individuals/companies that are willing to sell you Bitcoin without going through an automated or regulated trading platform.

What Are the Benefits of OTC Exchanges?

OTC exchanges have two major benefits over their traditional counterparts.

  • OTC exchanges own higher volumes of Bitcoin and fulfill your order faster as compared to traditional exchanges.
  • The exchange prices are negotiable.

Are There Any Disadvantages of OTC Exchanges?

Just like advantages, there are two major disadvantages associated with OTC exchanges.

  • OTC exchanges are less transparent. The buyers do not know exactly who they are dealing with or the volume they are supposed to trade. Their information is solely based on what they get from the seller.
  • The amount of risk involved in OTC transactions is pretty high as there are no regulations and the OTC sellers aren’t listed as money transmitters.

What Are Some Top OTC Exchanges?

There are several OTC exchanges around the globe. Some of the best exchanges to buy bitcoins are:

ItBit:

ItBit was founded in 2013 and is one of the most renowned OTC exchanges in the US. It provides Bitcoin for both small and large institutional investors.

Genesis:

Another leading OTC exchange. Over the last three years, the company has traded over 1.5 million BTC with the worth over $600 million USD.

Richfund:

Richfund is the largest Bitcoin hedge fund in the world. The company deals with market making, OTC trading, and mining operations. Richfund provides between 1000-5000 BTC and operates in Hong Kong, Korea, China, Cambodia, and Taiwan.

Something About Traditional Bitcoin Exchanges:

If you prefer traditional exchanges over OTCs to buy Bitcoin, you should consider going to the exchanges discussed below.

Coinbase:

The largest Bitcoin company. Coinbase operates both in Europe and the US and offers its users the opportunity to buy $10,000 to $100,000 USD worth of coins every day.

want to find out more about Coinbase? Read our guide on how to buy Bitcoin via Coinbase.

Bitstamp:

Bitstamp is the oldest traditional exchange around. Currently, the company sells 5,000 on average per day with the deposit fees as low as 0.05%. The fees may also go up somewhere between 0.25-0.1%, based on your trading volume.

Kraken:

Kraken is one of the very few companies that deal in Euro, British pounds, USD, Japanese yen and Canadian dollar. Similar to Bitstamp, Kraken also sells 5,000 BTC on average per day.

Conclusion:

Regardless of all the hype, Bitcoin is still in its earliest stages and the options to bulks of it are restricted. Nonetheless, the choices listed above should be more than enough to take care of this issue for you.

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Bitcoin Mining in Russia: Why Chinese Bitcoin Miners Are Moving to Russia?

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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.

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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Bitcoin Is Worth More Than Gold – But Way Behind In Stability

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Ever since its creation, Bitcoin has had its ups and downs in terms of both survival and price stability. However, as of late, the currency has been on the rocket-ship ride; going past $4000 mark for the first time last week.

Some investors view Bitcoin as something which can be compared to gold, and rightly so. Because just like gold, Bitcoin is not governed by any government or a central authority. One of the advantages of Bitcoin’s autonomy is that it makes Bitcoin insulated to any financial or economic crisis in a country. On the other hand, the fiat of that country can’t really cope with the crisis and more often tends to take a nosedive.

In fact, Bitcoin can benefit from the uncertainty and crisis, just like gold does. A recent example is Donald Trump winning presidential elections as both gold and Bitcoin surged 3% and 4% respectively in the aftermath.

Some investors are also relating the latest spike in Bitcoin to the potential war between North Korea and USA over NK’s nuclear problem.

Regardless of all the similarities, there is still one noteworthy difference between gold and Bitcoin: Gold is substantially more stable and the graph below shows it all:

The graph comprises of the data taken from Onvista and Coindesk. So, if you are looking to make a safe investment, Gold is still the way to go.

News Credit: BusinessInsider

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