Cryptocurrency Explained – Cryptocurrency

What is Bitcoin

Admin — Sat, 11 Jul 2020 21:48:06 +0000

BITCOIN

WHAT IS BITCOIN ?

Bitcoin is the first decentralized digital currency, bitcoins are digital coins that you can send through the internet, compared to the other alternative bitcoins have a number of advantages .

Bitcoins are transferred directly from person to person via the net, without going though a bank or clearing house. This means the fees are much lower,you can use them in every country, your account cannot be frozen and there are no prerequisites or arbitrary limits.

HOW BITCOIN WORKS

Bitcoins are generated all over the internet by anybody by running a free application called a bitcoin miner. Bitcoin mining requires a certain amount of work for each block of coins , this amount is automatically adjusted such that the bitcoins are created at a predictable and limited rate.

Bitcoins are stored in digital wallet , which might look familiar if you use online banking, when you transfer bitcoins an electronic signature is added, after a few minutes the transaction is verified by a miner and permanently and anomalously stored in the network

What is Bitcoin

USE FOR BITCOINS

You can purchase video games , gifts, books, servers, and many other stuff. Several currency exchanges exist where you can trade bitcoins for dollars euros yens and more. Bitcoins are great way for small business and freelances to get noticed.

It doesn’t cost anything to start accepting them, no charge back or fees and you will get additional business from the bitcoin economy.

Bitcoin

Bitcoin software is completely open source and anybody can review the code, bitcoin is changing finance the same way as the web changed publishing. When everyone has access to global market , great ideas flourish. Learn more on bitcoins

OVERVIEW

Bitcoin has made a huge buzz in the market. There are huge businesses taking interest into this currency and people are getting rich overnight!

You, on the other hand are sitting and scratching your head, thinking what black magic is going on! If you need more information on what is bitcoin then check out our in depth guide on what really bitcoin really is.

What is Ethereum

Admin — Sat, 11 Jul 2020 21:32:12 +0000

ETHEREUM

What is Ethereum

Ethereum is actually a Blockchain platform that uses the “Smart Contract” functionality. It is actually a system of distributed devices that share workload to process information. Hence, mutual working and issues of interference, downtime, censorship or fraud don’t come into play!

Ethereum

Vitalik Buterin invented this system back in 2013 and can be used to codify just about anything. This cryptocurrency also finds its use in the voting, domain names and financial sectors etc.

To sum up what is ethereum, it is an intellectual property-software processor that runs applications over the ethereum blockchain.

Ethereum Explained

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How Ethereum works

The working of Ethereum is relatively simple. It can be explained conveniently if we understand the concept of centralization and decentralization of applications.

The conventional system of processing is the centralized system of processing, or the client server models. In these models, a server is responsible for processing the instructions and the clients (users) gain access to the information after the server finishes processing it.

Centralized VS Decentralized Processing

The conventional system of processing is the centralized system of processing, or the client server models.

In these models, a server is responsible for processing the instructions and the clients (users) gain access to the information after the server finishes processing it.

This creates an isolated, silo-like channel of processing the information. To me and you, it would seem that the server is hiding the execution of the instructions from us. Also, data sharing becomes harder as a single device has to accommodate all of the users for the data and application.

At this point, we still haven’t thought what will happen if the server crashes. Obviously, the whole system of application is also supposed to go down!

Hence, the horrors associated with the processing applications in a centralized system are huge. So, how about we implement a system, where everyone is processing the application together?

So, a peer-to-peer system comes into play!

Basically, it is a system where many individual PCs combine to process an application. This method is convenient as it eliminates all the disadvantages in the centralized models. The result would be an uncontrolled application with no potential disruption, just like the internet!

Ethereum and Blockchain

The concept of having small workstations spread all around the World is an impossible feat, considering the diversity all across the World. But thanks to the ethereum blockchain, all of it becomes possible.

In a nutshell, Ethereum manipulates the system of Blockchain to replicate the necessary data and reach an agreement. This agreement is compensated by apps and developers and as a result of it, the data remains private and decentralized.

As mentioned before, the main essence of ethereum lies within the ethereum blockchain based software processing.

BUYING ETHEREUM

HOW TO BUY ETHEREUM

t this point, you must have acknowledged that how good of a cryptocurrency ethereum is! But the main issue still haunts our heads. Where to buy this crypto-silver?

Friends! There is not a single answer to this question. There are a variety of ways, using which we can get Ethereum. One of the most convenient ways is the use of an ethereum exchange, where a user goes to a popular ethereum exchange to convert cash into coins.

The Best Way: Using Ethereum Exchanges

One of the most convenient ways is the use of an ethereum exchange, where a user goes to a popular ethereum exchange to convert cash into coins.

To buy using ethereum exchanges, simply follow these steps:

Go to an ethereum exchange (Coinbase, cex.io, Coinhouse to mention a few)
Create an account and add a payment method (Credit Card or Bank Account etc.)
Go to Ethereum/Ether buying and selling
Choose the amount of Ethereum you want to buy
Complete the payment process and get the amount transferred to your wallet

Now, before you head out to an ethereum exchange, make sure you have an understanding of the below:

You have to keep an ethereum wallet in place!

After that, you have to keep a lookout for the ethereum price. There are times when the tide is high and people are making use of this rather high ethereum price.

At those times, be a little patient until the next opportunity of grabbing a good chunk arises. Keep in mind that slow and steady wins the race. Who knows that in some time, you might get a better ethereum price and things might get a little decent for you?

Using Individual Sellers

You can also buy ethereum from individual sellers. Marketplaces like LocalEthereum allow individuals to interact for buying and selling ethereum. So, if you are someone who wants to connect to a legit person but not a company, then this is your thing!

In this mode of trading, the process remains mostly the same, except the person on the other hand is an individual contributor and not an ethereum exchange.

Through Exchanging Coins

Another easy ways to get ethereum is through any altcoin or bitcoin. You just have to change your coins into ethereum via platforms like Changelly. The entire process would not take more than thirty minutes, and the process is very clean and intuitive.

This method is suitable for avoiding extra fees while buying the crypto from ethereum exchanges.

Buying Ethereum In NZ

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What You Need to Buy Ethereum?

This is another question that we have secretly answered in the above content. However, if you are just looking at us to cover this topic specifically, then let’s have a look at it.

Ethereum Wallet

An ethereum wallet is software that is used to store the cryptocurrency ethereum. There are both software and hardware wallets for this purpose. This software/hardware will hold the currency in your wallet and secure it from potential threats.

Now, the question comes about the nature of the ethereum wallets. Which wallet is suitable for us and why. For the beginners, who don’t have a lot of ethereum, even software wallets can do the job. These wallets are mostly free but are also less secure.

On the other hand, hardware wallets are costly. However, the security they provide is state-of-the art.

Credit/Debit Cards or Bank Account

This is another necessary thing you would need. Of course, there is no concept of buying if you don’t have modes to funnel in cash. And for that purpose, credit/debit cards are strongly required.

Trusted Prospects

Always use the trusted prospects for buying and selling ethereum. Even a wallet can’t help you out if the person on the other hand is a thief. So, keep clean and healthy contacts that could benefit you with fresh ethereum prices and good business.

MINING ETHEREUM

Mining Rig (For Ethereum Mining Only)

It is a specialized system with GPUs and processors, customized to process the contents of blockchain. As a result of processing the data on the blockchain in a process known as ethereum mining, you will get Ethereum as a reward.

The Ethereum mining is another interesting process that gives ethereum as a reward of successfully mining the blockchain, just like Bitcoins.

This is a system that uses proof-of-work systems where the system will accept the process you have done on your devices (PC, mining rigs etc.). Mining on PC won’t be profitable (or payable at all!), however a dedicated GPU can earn high profits and some real rewards for you.

WHAT YOU REALLY NEED TO KNOW

The Blockchain technology is a wonder! Although, commonly associated with the Bitcoin, some only associate Bitcoins with the Blockchain. However, as amazing as it gets, there are hundreds of other applications that use the blockchain technology.

Therefore, we would not be exaggerating if we said that Bitcoin is one of the several hundred applications that use the Blockchain technology.

Interestingly, there is another application of Blockchain that is just as interesting as the Bitcoin if not any better. It is the Ethereum!

WHAT IS LITECOIN ?

Admin — Sat, 11 Jul 2020 06:54:58 +0000

LITECOIN

WHAT IS LITECOIN ?

Litecoin is the second we would choose if we talk about mining. Obviously, the Litecoin is one of the top 10 in the crypto world. Moreover, litecoin mining algorithm is the scrypt algorithm. So, under the litecoin mining algorithm both GPUs and CPUs can mine this currency.

Therefore, it is a currency that is not only providing a classic top-10 reputation, but also a customization capability that no other cryptocurrency in the market would have.

HOW LITECOIN WORKS

Litecoin works very similar to bitcoin, it is basically a digital currency. You can use litecoin to buy and sell goods and services like normal currency. Litecoin works with the use of blockchain where all transactions are recorded in the public ledger, anyone will be able to see all the transactions and miners will be able to verify the transactions.

Unlike normal currencies, litecoin has a market cap of 84 million and 2.5 litecoin is produced every minute by miners.

What is LiteCoin

USE FOR LITECOINS

You can purchase video games , gifts, books, servers, and many other stuff. Several currency exchanges exist where you can trade Litecoins for dollars euros yens and more.

It doesn’t cost anything to start accepting them, no charge back or fees and you will get additional business from the Litecoin economy.

Litecoin

Litecoin is one of the top three cryptocurrencies in the world and has come a long way. It is also one of the fastest growing digital currencies on the cryptocurrency market. Litecoin has made a huge buzz in the market. There are huge businesses taking interest into this currency and people are getting the grips of digital currency. Most of the digital currencies are based on blockchain technology and will continue to grow at their own pace. Litecoin is one of the 3 main cryptocurrencies in the digital market.

What-is-Zcash

Admin — Sat, 11 Jul 2020 06:25:23 +0000

Zcash (ZEC)

What is Zcash (ZEC)

Zcash, also known as ZEC is a decentralized cryptocurrency that offers selective transparency in transactions over the Blockchain. This is an open, permissionless currency that can fully protect the privacy of the business on the public blockchain.

Zcash Explained

Using Zcash in a public Blockchain would offer total confidentiality. This is through encryption of the details of sender, receiver and the value of transactions on the blockchain.

Only the authorized people with the access key will be able to see these details. This is why Zcash claims to be the business cryptocurrency.

What is Zcash

How Zcash Works

We all know that Blockchain is a public network, where numerous devices from all across the world interact. In this system, the businesses require protection of privacy in order to conduct the basic business operations.

Zcash is made upon the system of Bitcoin by researchers. The added feature that is also the limelight is its anonymity.

Zcash uses the zero-knowledge proofs technology, where none of the third parties can gain access to the private data of the user. The only way a user can track a transaction is through putting in the right key for the transaction.

This makes the Zcash algorithm easy and safe to use on the publicly owned blockchain, hence making it suitable to conduct secretive business operations.

What You Need to Buy Zcash (ZEC)?

There are certain requirements that we must look into before a user can possess Zcash. These requirements are as follows

Zcash Wallet

A zcash wallet will allow you to hold and secure your Zcash, just like every other cryptocurrency out there. According to the convenience of the user, the wallet holds the cryptos for the user. For higher amounts of Zcash and a better security, we would recommend you to use costly but secure hardware wallet.

Also, there is a dedicated Zcash wallet in the market that can store the cryptocurrency. So, a software wallet dedicated to this currency by the very own vendors also exists.

Credit/Debit Card or Bank Account

Well, you could never buy a cryptocurrency without funneling in some cash. So, consider these things as important as having cash.

The system will ask you to enter the payment details which would require these details in the accounts options of the Zcash exchanges. Hence, without a credit or debit card, your zcash wallet cannot see even a glimpse of the cryptocurrency.

Trusted Prospects

Just like every other cryptos you will stumble upon on the blockchain, a strong need of trusted prospects for zcash is mandatory. Hence, you must be familiar with some good exchanges that provide a good zcash price and are reliable with personal information.

On the other hand, you can also purchase this currency from individual vendors who happen to be selling altcoins.

Just keep an eye on the zcash price and the reputation of the link so that you dont end up in the bottom

Where to Buy Zcash (ZEC)?

Buying Zcash is not a tough not a tough nut to crack at all! However, there are some modes of buying this currency. The following are the most notable ways of buying zcash:

From Zcash Exchanges

For buying Zcash, you can exchange your currency at a specified zcash price from an agency. Allcoin, Alcurex, Bitfinex are a few recommended names that fall in this category.

You just have to:

Sign up for an account
Enter your payment details

Select the amount/package of Zcash you want to buy

Complete the payment process

Doing so will provide the Zcash coins on the wallet address you specified.

Note that this transaction will happen on a specific Zcash price that the exchange will reveal to you. There will be some extra fees too that the exchange will require for a successful process.

Trading Bitcoin for Zcash

This is another convenient method that you can use to sell Zcash for money. You can use cryptos like Bitcoin and convert them into Zcash through different currency trading exchanges.

Once more, this entire system will follow a specific zcash price before sending the cryptocurrency to your wallet.

Once you have got the zcash price against Bitcoin then follow these steps to exchange Bitcoin into Zcash:

Buy Bitcoins with ACH transfer on Coinbase. (the company will charge a fee of 1.49% per buy)
Head out to some cryptocurrency trading exchanges. Binance and Changelly are a few to mention.

Convert Bitcoin into Zcash through cryptocurrency trading.

Doing this will exchange your Bitcoin into Zcash. Once more, there will be a specific price of against which, your bitcoins will be replaced.

The advantage of replacing a cryptocurrency with zcash is the speed of the completion of transaction. Due to the slow legacy banking system, a purchase with US Bank transfer can take days to complete.

Therefore, people prefer to use the replacement method for filling up their zcash wallet.

CAUTION

The working and the buying process for Zcash might seem very basic. However, there are a lot of potential loopholes in this business. Therefore, you might need to consider the following precautions.

Zcash Mining

Zcash (ZEC) Mining

We can mine Zcash from the blockchain just like any other currency that is available on the network. Mainly, there are mainly 3 ways of zcash mining using the blockchain. They are,

Individual Mining (Rig Required)

In this mode of mining, the miners use a specialized system of GPUs (known as a Rig) to mine from the blockchain. Ordinary GPUs and computers can only give loss to the miner as they lack enough power.

Individual zcash mining provides low progress in the blockchain, however all of the reward is kept by the miner himself.

Pool-Based Zcash Mining

In this mode of mining, multiple miners combine their mining power for mining cryptos. This is a combined system of zcash mining with capabilities of mining the complex blocks with speed. Hence, there is a network of GPUs in this system to mine the blockchain.

Pool-based zcash mining is leaves good progress in the Blockchain. However, all of the owners of this system share the rewards on the basis of their role in mining a complex block.

Zcash Cloud Mining

This is the most convenient method of zcash mining so far. Clouds are the gigantic server networks that possess marvelous processing power.

If the power of these servers is robust, then why not use these servers for mining bitcoins?

In the zcash cloud mining, the miners can specify a mining rate for the servers (hashrates) and then make a contract for a distinct period of time. The server upon engaging in a contract will use its own power to start mining. In most of the cases, the servers have mining rigs that accomplish the purpose of mining.

This saves the costs of operating a rig and also the depreciation of the machines.

Therefore, zcash cloud mining is just like an investment and return on investment system which accommodates the users with shining zcash coins in their wallets.

Zcash

Zcash is a really advanced system of cryptos and probably one of the most innovative in the World. Definitely the minds of the scientists and the researchers behind this coin show their brilliance. dditionally, you can utilize the anonymity and excellent power of the coin for good if you follow the above steps.

Therefore, head out to your preferred option of working with zcash and start earning right away!

What is Ripple XRP

Admin — Sat, 11 Jul 2020 05:43:12 +0000

RIPPLE

Ripple

The current Global Settlement Network is very expensive. If you think of sending some money to a foreign country, you will face numerous hurdles. Additionally, you will incur high fees that associate with every transfer. In order to survive in such a system, you will have to rely on a common currency which is the USD. However, the Ripple aims to replace USD in that cause.

The Ripple is in the news of the geeks for quite some time now. Here’s why!

WHAT IS RIPPLE ?

Before we understand what ripple is, we first need to see the issues in the traditional modes of Global Payment.

According to the Federal Reserve, Institute of International Finance, and World Trade Organization, the costs of infrastructure are $1.6 trillion. Moreover, the process is incredibly slow, with payments taking days to settle.

What is Ripple

DIFFERENCE BETWEEN RIPPLE AND BITCOIN

You might be considering at this point that if ripple is a Global Settlement Network currency (Electronic Cash Transfer System) then how is it significant over the blockchain?

Yes! There are other Electronic Cash system currencies on the blockchain too, and Bitcoin is also one of them. However, there are two main differences amongst Ripple and Bitcoin. One is of efficiency, and the other is of costs.

Bitcoin is a good cryptocurrency for Electronic Cash Transfers; however it takes a span of hours to complete a single transaction of Bitcoin cash transfer. Also, the Bitcoin’s prices are jaw-droppingly high!

On the other hand, the Ripple is a cheaper alternative that completes a transaction in a matter of seconds. On an average, a single Ripple transaction takes around 4 seconds. So, if you are looking at lightning fast payment transfer protocols, then Ripple might be your thing!

HOW DOES IT WORK?

The working of ripple is very simple. This example illustrates why Ripple is a game changer as a payment protocol.

Take this example to understand how ripple works.

Suppose Sam is from Jamaica. She needs to send some money to her friend, Ahmed, in Pakistan. Now, Sam works on the Australian Dollars (AUD), while Ahmed’s currency is Pakistani Rupee (PKR).

Now, if we look into the process of money transfer, we will see that the money will first convert into the USD. Here, USD is the common currency. At this step, we will incur fees. The remaining amount will be sent to Ahmed in his Pakistani bank.

Once more, a conversion will take place. This time USD will be converted into PKR and the system will charge you. This way, a transaction will complete and it will incur both time and high fees.

RIPPLE VALUE

Just like gold and every other currency. There is a limited number of Ripples on the blockchain all the time. Until now, almost 55 billion Ripple coins are placed in escrow. That makes sure that the limited feeling of this cryptocurrency doesn’t cause inflation over the blockchain.

Hence, the Ripple price will stay healthy no matter what happens.

Note:

There is no such thing as Ripple mining. And, without the presence of Ripple mining, the amount of XRP that is on the Blockchain will not deviate.

Hence, the Ripple price will not be as volatile as its brethren cryptos!

RIPPLE PRICE CHARTS

The Ripple Price Charts are something you should always be looking at! These charts provide you with the most up to date prices of the cryptocurrency. This way, the ripple price charts allow you to see if your investments are bearing the fruit or not.

One of the most interesting resources for up to date Ripple Price Charts is the Cryptocompare. It is a website that gives the most up to date information about almost every crypto out there! So, make sure you head out to their site to have a glimpse of the most up to date Ripple Price Charts.

HOW & WHERE TO BUY RIPPLE?

Now, we come to the point where you have to buy ripple. For those people who are looking forward to having their own ripple currency exchange, here is how it works:

Coming to the point, you can buy Ripple through a number of ways. However, we will give you the most convenient way that allows buying of XRP (XRP is another name for Ripple). That way is:

EXCHANGING WITH ETHEREUM OR BITCOIN

The most convenient method for buying the Ripple coins is via exchanging Ethereum or Bitcoin.

We already know much about the “Digital Gold and Silver”, as we have covered much about the two cryptos. So, we will just head out to the ways we can use these currencies for buying Ripple coins.

The method of buying exchanging Bitcoin and Ethereum is as follows:

Create an account on cex.io or Coinbase for buying BTC (Bitcoin) or ETH (Ethereum).
Verify that you are the holder of your account.
Now purchase ETH or BTC through these platforms.
Now, using Binance or Changelly, exchange your BTC or ETH into Ripple.

This method of buying Ripple is very convenient as it is trusted, reliable and easy. Once you go through all of the above steps, your Ethereum or Bitcoin will be exchanged into Ripple.

CAUTION

The working and the buying process for Ripple might seem very basic. However, there are a lot of potential loopholes in this business. Therefore, you might need to consider the following precautions.

AVOID SCAMS

Scams can be of many kinds. Someone might hack your wallet, the agency you are working with might turn out to be a fraud or someone might steal your hard-earned coins. So, issues can arise on any step while you are working on the blockchain.

Hence, consider a right hand rule, “Better safe than sorry!” You have to work with reliable and trusted partners, and make sure that your security is always upto the par. Also, make sure you implement all possible security measures to protect the coins you keep.

Only by adopting this approach, you will ensure your safety against scams.

NO RISK, NO REGRET APPROACH

While on the blockchain, many opportunities will come when you will see a superb profit margin upon selling all of your coins. However, unlike selling them all, make sure you spare some coins.

We call this strategy the no risk, no regret approach. Actually, working with this approach leaves no regret if the prices rise and the risk of loss is also low.

So, the next time you see the prices on the rise, make sure you keep a moderate approach.

MAKE USE OF ALL THE UTILITIES

In order to have the best taste of the market, make sure that you use all the available utilities. Make use of the graphs, calculators, articles, white papers and study as much as you can!

If you study well before investing in the market and utilize all the tools you could get your hands on! Then, you’ll be one of the best crypto traders in the near future. Therefore, make sure you study well before you invest and enter the market

OVERVIEW

The Ripple is making endless Ripples in the Blockchain technology. There are countless great possibilities that the Blockchain could accomplish, and payment protocols like Ripple and Bitcoin signify how interesting this technology could get.

Therefore, go through the above article and get started to the Ripple business right away! With this technology at your disposal, there are chances of high growth and prosperity!