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!

Zcash Mining

Admin — Sat, 11 Jul 2020 05:25:19 +0000

ZCASH MINING

Zcash Mining

Zcash is an anonymous currency. For beginners, it is a cryptocurrency that ensures that businesses can work over the blockchain.

The working of the zcash is very simple. It encrypts the contents of the transaction before broadcasting them over the blockchain. Therefore, the personal data about the transactions is safe before the blockchain is updated.

Zcash

The zcash is a crypto that ensures that users and businesses are safe through implementing the system of privacy.

In this section we will look at what is Zcash mining, who it works and how you can get started mining Zcash from home.

How Zcash Mining Works?

The zcash works over the Equihash as the zcash mining algorithm, making it a memory-hard cryptocurrency. By talking about memory-hard cryptos in zcash mining algorithms, we make sure that the Application Specific Integrated Circuits (ASICs) are no more feasible.

You can use the cpu mining zcash. Or, you can also trust the best GPU for mining zcash. Obviously, there will be a low speed on the cpu, while you will experience a high zcash mining speed on the GPUs. Therefore, we prefer that you build the best GPU for mining zcash instead of the CPU mining zcash.

Here, we will give you some general instructions based setup like you are viewing a zcash mining tutorial.

You can use specially built mining hardware out of Graphics Cards

Zcash Mining Process

In terms of processing, here is how you mine zcash:

Set up a rig and a wallet
Connect your rig to your system

Download a mining client. Claymore is an example of such mining clients

Sign up
Mine through packages

This is the way you can adopt in order to start mining cryptocurrencies. An optional step is to sign up for the mining pool so that you can mine more complicated blocks faster.

ZCASH MINING

Zcash Wallet

A wallet keeps the cryptocurrencies you own. Additionally, there is a layer of security for every wallet. Therefore, make sure you have a working wallet so that you can store your hard-earned cryptos!

For wallets, there are both hardware and software wallets. Therefore, depending upon the level of business and required security, use the respective wallets.

Zcash Mining Pool

A mining pool is a group of miners that work on mining together! This will solve more complex blocks faster due to higher processing powers. However, distribution of rewards works according to the percentage of work done!

There are quite a lot of mining pools online that you can use to mine Zcash from home pc. Finding out more on how and where to get started check out our cloud mining section.

How to Mine Zcash with your PC

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Ethereum Mining

Admin — Sat, 11 Jul 2020 01:51:14 +0000

ETHEREUM MINING

Ethereum Mining

The world of cryptocurrencies is a very diverse one. There are a lot of cryptos out there for you to mine and sell! Same is the case for Ethereum.

Ethereum is infamously the digital silver. So, there is a huge buzz around this currency. After bitcoin, Ethereum is the most powerful currency.

Next Best Thing

Looking from the aspect that Bitcoin mining has gone sky-high in terms of expenses, most of the miners prefer to mine ethereum. However, for some people even the meaning of the word mining is troublesome. If you are such a person, then don’t worry!

This guide is made specifically for the people who are not familiar with ethereum mining. So, today we’ll be explaining how it works in a low-jargon way!

Interestingly, mining ethereum is strikingly comparable to mining the Bitcoin.

What is Ethereum Mining?

Although ethereum is one of the mainstream currencies but still often people ask this question, “What is ethereum mining?”

Well folks! Ethereum mining is a process that involves all of the computers on the “ethereum blockchain” to mine ethereum by solving complex formulae.

This greatly answers the question, “What is Ethereum Mining?” However, the real process is more sophisticated and hence requires further insight into the matter.

At this point, you might be thinking that this is exactly how we mine Bitcoin. However, there is a difference between the two (I said comparable up there!). Surprisingly, the difference is of the back-end algorithms that power both of these networks.

Ethereum Mining: How it Works?

Mining ethereum is a very simple step. This part will explain how you can get into the mining business.

An important Note: Follow “How to Start Mining Ethereum” first to know about the basic requirements before attempting the below steps. How to start mining ethereum steps are super-important!

In order to mine ethereum in a better way, we will set up client applications (like Minergate, Claymore miner etc.). These softwares are important as they can set you up in mining the ethereum very easily and you’ll have to do nothing anymore.

Here is how to start mining ethereum.

Go to a client applications’ website and download the application. If required, then also make an account.
When the application downloads, proceed to the ethereum section.
Use the instructions to start mining ethereum. Normally, you have to copy the code (it should contain your wallet address into command prompt) for command line client applications. For the GUI ones, the entire step is done via graphics and icons.

If you have gone through these steps, then you have started to mine ethereum!

Also, keep in mind that mining is a heavy process and it will drain your computer speed and capabilities if you try to overdo it.

Mining Ethereum

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Algorithmic Difference between Bitcoin and Ethereum

If you talk about the basic difference in Bitcoin and Ethereum mining then it is of SHA-256 and Ethash. As Bitcoin works on the SHA-256 algorithm, the Ethereum uses the Ethash algorithm. This is a memory-hard algorithm, meaning that ASICs cannot work on this algorithm.

To sum things up, if you are a person who is thinking of mining Ethereum then Application Specific Integrated Circuits are incompatible!

Systematic Difference between Bitcoin and Ethereum

Now, another way ethereum is different from bitcoin is how it works. Bitcoin works as a decentralized digital currency. On the other hand, the ethereum follows the World Computer concept!

In ethereum, most of the work done is in the form of Smart Contracts. Take smart contracts as line of code that machines process on the ethereum blockchain

How to start mining Ethereum?

Mining ethereum is not a hard process at all! However, just like every other cryptocurrency in the market, you need to fulfill a number of requirements first.

Here are some of the requirements that need we have to fulfill before we start mining ethereum:

Get Ethereum Wallet

An ethereum wallet stores the ethereum that will come in while you’re mining. It will provide you with an address where you can receive your hard-earned coins.

In terms of security and expenses, there are two wallets. One of them is the software wallet, while the other is the hardware wallet. A software wallet is mostly free but it is less secure. We’d require you to use a software wallet if you’re new to the mining and are starting off.

For experienced people, we recommend hardware wallets because they provide higher security. However, you’ll have to put in some bucks for the hardware wallets

Etherium Wallet

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Build Ethereum Mining Rig

This is the complicated part! Mining ethereum also requires its users to build ethereum mining rigs. These rigs are specific-purpose equipment loaded with graphic processing units (GPUs) to ensure that fast processing is taking place.

If you are to start mining, then you will have two choices to process the blockchain:

Using Traditional Devices

Traditional devices are the devices that we are generally using. Examples of it would include laptops, smartphones etc.

Interestingly, these traditional devices can take you into the mining business. These devices will be low on the expense, which means you’ll have to pay lower bills as compared to GPUs. However, the processing power of these devices will be negligible.

Bluntly put up, you’ll make nothing out of the traditional devices if we look at the complexity of the present day ethereum blockchain.

Using Ethereum Mining Rigs/GPU Rigs

Ethereum mining rigs or GPU rigs are actually specialized devices that can mine ethereum at a very high speed. These devices are high on the bills! You’ll also have to invest money if you want to build ethereum mining rigs.

However, they do make an earning through the ethereum blockchain.

To sum things up, you might have to pay more bills if you build ethereum mining rigs for yourself. However, the earnings they make can not only compensate for those bills but also earn you some cryptos in return!

Recommendation

If you’ve gone through both of the above choices, then you’ll already know what to do!

Additionally, ASICs ARE NOT A CHOICE because of the Ethash algorithm.

Folks the best choice is to build a GPU rig due to the reason that it will actually get you somewhere in your ethereum mining business!

So, get yourself an ethereum mining rig. That is how it works!

Etherium Wallet

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Ethereum Mining Pool

Joining a pool has somewhat become vital considering the fact that mining ethereum has become hard over time.

A pool is actually a group of miners who combine their computing power to solve the blocks. Upon a successful completion of the block, the awards are distributed by all the members of the pool!

You might be thinking right now that why do I have to share my coins. Folks! Sharing is caring, and it is all good if you are earning!

Some pools that you might consider are f2pool, ethpool and nonopool.org (it is actually a website!)

Precautions to Follow

Although, crypto mining is an automatic process, there are some precautions that you can take care of to avoid a potential pitfall.

Stated below are some important recommendations to stay safe all the time.

Ethereum Scammers

There are a large numbers of scammers who are ripping of ethereum investors and miners. So if are getting offered something that sounds too good to be true then it is a scam. With Etereum there is nothing free and you will be scammed if you go in the path of getting something for free. Do your own research on everything you need to know about how ethereum and only use trusted sites and equipment bought from legit sources.

Spare Some Bucks Every Time

Make sure you convert some ethereum into money all the time. Don’t convert all of it so that you don’t regret it if the price jumps up rapidly.

This is to ensure that you can recover from a scam and theft scheme that most of the mining pools and clients can throw you into. Obviously, the there’s no such thing as auditing on the blockchain!

Use Ethereum Mining Calculator

Make sure you keep your business profitable using the ethereum mining calculator. Using an ethereum mining calculator will let you know if ethereum mining is profitable to you or not.

The ethereum mining calculator will take the current price of the ethereum in the market and will deduct your expenses from it. Then, it will let you know if the business is still profitable or not.

So, make a good use of these ethereum mining calculators so that you can perform well on your ethereum business.

Stay Patient

If power is a solution to the blockchain, then patience is its key. You always have to stay patient throughout the ups and downs.

All of the cryptocurrencies are volatile; which means that they shift their values rapidly! So, make sure you stay patient to get the best fruit, or avoid the worst loss.

THERE’S NOT MUCH TIME!!!

This might be the most important precaution that you will be reading. Very soon, the Ethereum will deviate from the traditional proof-of-work system (same as the Bitcoin’s) to proof-of-stake system.

In easier terms, this means that you will not be able to mine ethereum if you did not possess ethereum very soon!

So, hurry up and make some coins before it is too late!

Mining Ethereum

Successful implementation of the above set your foot in the ethereum mining business. Now, proof-of-stake is coming up pretty soon. Therefore, fill up your wallets with ethereum quickly so that you can stay in the mining market after a change occurs.

Best of luck to you all in your mining business!

Cloud Mining

Admin — Fri, 10 Jul 2020 23:00:40 +0000

CLOUD MINING

Cryptocurrency Mining

Cryptocurrencies are a latest business trend of this era! Currently, everyone is eyeing the cryptocurrencies as a business opportunity that pays fast. Therefore, cryptos area digital business trend of today.

Now, there are two ways a person normally gets into the bitcoin business. One way is to invest in the cryptos as a trader. You can funnel in some bucks, and buy a crypto through it! The ups and downs of the crypto market can leave you in trouble. Therefore, this is a highly risky business that could require huge attention and care.

Cloud Mining

Requirements of Cloud Mining?

The cloud mining is a very convenient step. However, you require some things before you can get into the cloud mining business.

The requirements of cloud mining are not very complicated and most of them go even with the normal method of cloud mining. Therefore, here are the requirements of cloud mining:

Monitoring Device

Well, a monitoring device is the necessary component for everything! This might be your laptop, mobile phone or tablet etc. This device will be your office! Moreover, as you would have presumed by now, this is a really basic requirement for cloud mining.

The requirement of this personal device is for the basic purposes of monitoring and supervision. You’ll be able to see your progress through this personal device.

Communications System (Internet)

A personal device will be useless if you wouldn’t be able to access the internet. The internet is a communications system that will establish a link between you and your mining server. Therefore, a communications system is as crucial as a monitoring device to your system.

Crypto Wallet

A crypto wallet is another necessary component in your cloud mining system that will hold your clouds for you.

The server will mine the cryptos for you and will send you the cryptos in your wallet. It will hold your clients and implement the security features according to its type.

Therefore, a crypto wallet is the third core component of every mining system.

Hashing Investments

Some credit in your bank account is the fourth most important component in a cloud mining environment. If you cannot spare some bucks, then you are not eligible for mining, not to mention the fact that you have to pay a high price for renting the mining power.

Therefore, your investments for hashing are also important if you want to stay in the cloud mining business.

Cloud Mining Hardware

How it Works?

The process of cloud mining is a simple process. However, it is divided into three main forms:

1. Hosted Mining

This is the most basic form of cloud mining where a server rents the processing power for a client.

2. Virtual Hosted Mining

In this form of mining, the user creates a general purpose virtual private server. Then, we use this VPS for the purpose of mining. This is a more secure system of mining from the server.

3. Leased Hashing Power

The third form of mining is through the use of leased hashing power. In which, a server engages in the mining procedures with the user based upon the amount of hashes. The leased hashing power does not have a dedicated physical or virtual machine.

This is the most popular and convenient method by far that the miners use. It is convenient for the miners as it delivers the required mining power for the users, while efficiently saving the hashing power for the hashing servers (the servers that mine).

How to Start Cloud Mining?

In order to start cloud mining, you have to follow these steps:

Sign in to a reputed mining service
Select the mining package as per your requirements. In case of the leased hashing power, you have to enter the amount of hashes you prefer.

Enter your payment details

Complete the payment process.

This is how you get into the Cloud Mining business. However, you need to keep a look out for the precautions that we will mention below so that you can be safe from threats and scams.

Profitability of Cloud Mining

There are no expenses incurred while you are cloud mining as the entire process is taking part on the server side. The hashing server is facing the expenses on your part. However, you still need to look if the monthly mining rent is profitable for you.

You need to determine the monthly costs in reference to the monthly running cost. This is how you determine the profitability of the cloud mining.

Pros of Cloud Mining

Many prefer the process of cloud mining against the traditional mining. Here are some of the pros of cloud mining:

There are no upgrades to home such as conditioning
You don’t get increasing electricity costs if you have cloud mining
You don’t require the maintenance of the device

Cons of Cloud Mining

On the other hand, some people prefer not to consider cloud mining. Here are some of the cons of cloud mining to explain this:

There is always a risk of fraud
The mining operations are opaque
The cloud mining yields lower profits
There is a lack of control and flexibility. It is less fun if you are a computer geek!

Is Cloud Mining Still Profitable

Here is the million dollar question folk: is cloud mining still profitable?

To this date, many people ask if the cloud mining is profitable or not. To answer this question, we will look into the system of expenses.

If the mining is in loss, then the server side will have to bear all the expenses of the mining. Therefore, the mining operations will not be possible in such a scenario. So, if the cloud mining is not profitable then the servers will be shut down immediately.

Genesis Cloud Mining

Things to Look Out When Cloud Mining

Crypto mining is an interesting business. You have a great opportunity to expand if you are working on this system effectively. However, keep some things in mind as you are working on this business.

Here are some things to look out for when cloud mining:

Authority is Advantageous

You’ll have to rely on authority whenever the talk of cloud mining comes. There will be no physical mining equipment that you will be using. Therefore, it will be better for you if you pay a slightly higher rent to ensure that you are not investing into a ponzi scheme.

Therefore, authority is one of the most important things to look out when cloud mining. Surely, it will give you an advantage.

Your Security is the Top Priority

Client-end security is another thing to look out for when you are cloud mining. Obviously, the server end is safe and secure if it is authoritative. However, you have to secure it for the client-end. Use security on wallets and keep your mining equipment safe and secure.

This will help you out in the cloud mining. Keep in mind that if you are into cloud mining, authority servers are safe but your end is the weakest link. So, always keep your end secure and sound

Is Cloud Mining a Scam

When Does Cloud Mining Cover the Fees and Maintenance Cost?

Crypto mining is an interesting business. You have a great opportunity to expand if you are working on this system effectively. However, keep some things in mind as you are working on this business.

Here are some things to look out for when cloud mining:

The Best 3 Places to Get Cloud Mining Contracts

Now, this is our recommendation part folks! Here, we will be giving you our top 3 picks for the best cloud mining experience which are safe, secure and profitable.

So, here are the best 3 places to get cloud mining contracts:

Genesis Mining

Genesis Mining is the first cloud company and among the safest in the cloud mining industry. This company was formed in 2013.

The interesting thing about this company is that its owners came to know each other through buying and selling bitcoins. The company offers different types of mining cryptos. Currently, the company offers Bitcoin, Ethereum, Monero, Zcash and others in its main packages.

Hashflare

This is another excellent company with affordable prices. This is a new range of cloud mining services by the HashCoins team of crypto-experts. With Hashflare, there is not just quality, but also extensive experience in the field.

Hashflare is one of the most interesting platforms when you are looking at minimal risk while investing in cryptos. The company offers good maintenance, procurement and configuration at low costs.

Hashing24

Hashing24 is another expert-led company, which has an experience in the Bitcoin mining also. The idea behind this company is to have access to the newest technologies at the lowest prices.

This is the third company that we guarantee will not let you down through scams!

Cloud Mining Cryptocurrencies

The Cloud Mining is a very effective mode of mining with the lowest maintenance charges. Therefore, if you’re into the mining business, then this might be your expense-free mining shot. Just follow the above steps to set up your own cloud mining gig!

Folks! If you be careful enough, you can earn big bucks through this system. This system is not only fully autonomous, but it also earns big bucks.

Bitcoin Mining

Admin — Fri, 10 Jul 2020 21:41:13 +0000

BITCOIN MINING

Bitcoin Mining

Bitcoin is the infamous “digital gold”. This cryptocurrency is ensured to have a huge price and it is the oldest lion in the jungle.

This guide is made specifically keeping in mind the Bitcoin mining for dummies. We are your friends and we’d want the best there is for you.

Normally, in case of the paper currency, the government decides to print and distribute the money to the people. However, in the case of the Bitcoin, there is no central government, so how do we get the new Bitcoins?

This is a question that almost all of us have thought about at some point. The answer is simple, we mine new bitcoins.

What is Bitcoin Mining?

In order to mine Bitcoin, we work on the blockchain! We (the miners!) use special bitcoin mining software to process the blockchain. Often, state of the art bitcoin mining hardware accompany this processing, making it faster.

We call this entire process the bitcoin mining.

Collectively, the working on the blockchain is just like an incentive to the people who are mining and a smart way to issue the cryptocurrency. That makes mining a two-in-one shot!

How to Get Started: Bitcoin Mining?

The Bitcoin mining actually consists of two basic activities:

Validation
Solution

This entire process follows decentralization; therefore millions of users all across the world ensure simultaneous processing on both of the activities.

Validation and Solution Explained

Take the blockchain as a huge jigsaw puzzle with a constant addition of new pieces. Now, there are two things that you could do on this puzzle. We either put the new pieces in their place, or we correct or verify if the old ones make any sense.

This is exactly how mining works. The miners either Validate the older blocks, or solve the newer ones. The validation also serves to block the attempts of re-spending the already spent coins. The blockchain on the other hand, displays the solved blocks over the network to assert the solution of those blocks.

This entire process requires specialized software (the bitcoin mining software) and rigs (the bitcoin mining hardware).

How Bitcoin Mining Works

The Process of Mining

The process of mining consists of 5 steps if we look at it systematically:

The miner verifies if all the transactions are valid at his ledger. Therefore, the miner compares his ledger with all the other ledgers on the blockchain. Also, we often check the previous block to see if tampering is there in the ledger or not.
The miner bundles the transactions into a block.
The miner takes the header of the previous block and uses it as reference to the new block. This is to make sure that others can verify the new block through their own ledgers.
Everyone solves the newest block. Proof of work comes into play at this stage.
The solution is found eventually, and everyone receives their share from that block. Moreover, the local blockchain adds the new block and sends it over the network.

What Are the Requirements for Bitcoin Mining?

Although the bitcoin mining is an autonomous process, it is an expensive one. Therefore, you might want to look at these requirements before getting to some point in the mining business.

Bitcoin Mining Software

For me, setting up Bitcoin mining software is the first thing. Software like BFG Miner and CG miner etc. would allow you to access the blockchain with your network.

In addition to that you would also need some software that works with your bitcoin mining software. An example of it would be a wallet that would keep your hard-earned cryptocurrencies. So, we will advise you to set up your bitcoin mining software in the first place.

Bitcoin Mining Software

Bitcoin Mining Device

A mining device is the second thing that you’d be requiring. Obviously, without bitcoin mining hardware, how good will your mining thing is?

For the purpose of mining, three types of platforms are considered by people: the Personal Devices, GPU Rigs and ASICs.

Bitcoin Mining Hardware

A mining device is the second thing that you’d be requiring. Obviously, without bitcoin mining hardware, how good will your mining thing is?

For the purpose of mining, three types of platforms are considered by people: the Personal Devices, GPU Rigs and ASICs.

The first bitcoin mining hardware we’d be talking about is your personal devices. These are the desktops, Laptops, smartphone or any other device you could use as a node over the blockchain. These devices are already in your hands. However, the mining on these devices will leave you with an almost dead speed.

Therefore, by using the personal devices, a miner doesn’t get anywhere; EVEN FOR YEARS!

The second priority for a bitcoin mining hardware is the mining rig. These specifically made and designed GPU systems process the Blockchain at high speeds. The mining through a GPU bitcoin mining hardware is extremely easy and convenient. However, the downside of having this rig is that it is a lot costly, both to buy and maintain as compared to a personal device.

The third in the bitcoin mining hardware list is the ASICs. An ASIC or an Application Specific Integrated Circuit is a hardware that is built specifically for some application. The power and requirements of a mining rig (GPUs) and ASICs is comparable. The only difference between the two is that ASICs process a single application at a time, while the GPU can process multiple applications simultaneously.

Beginners Bitcoin Mining Hardware

Recommended Hardware

Here, we are looking forward to giving you the best mining experience. Therefore, to any person who is setting a foot in the mining business, we would recommend him to use GPU Bitcoin mining hardware. There are a number of reasons for doing so. We will point out a few here:

GPU Rig has a good resale value
GPU Rig is also a normal computer. They are not made as Application Specific devices that only mine.
GPU rig is more energy efficient as compared to an ASIC
It doesn’t produce irritating noise
You can upgrade a GPU rig anytime
Cool looks of a PC box can give your PC a Bitcoin-level swag

Huge Amounts of Money

In the present world, the money is the core component for everything. And to buy a good bitcoin mining hardware, you’ll probably need good money. So, make sure you have saved up a few bucks before you come into the mining business.

You’ll need cash to buy a bitcoin mining rig. Once you’ve done that, you’ll need more money to pay the bills (rigs drain electricity). Eventually, you’ll need even more to upgrade the rig so that your processing rate stays upto the mark with the market.

Ability of Patience

This one is for free folks! However, this one is the hardest to maintain. If you have spent money and making cryptos out of it, you’re still nowhere. You will probably have to hold your coins for some time if you want to profit from this business.

So, the fourth in our list is not a bitcoin mining hardware, nor some bitcoin mining software but your ability to be patient!

Precautions

Before starting-off with the Bitcoin mining, there’s a caution! There are some potential loopholes too that you need to look out for. Make sure you are careful regarding the following:

Precautions

When Mining Bitcoin

Get Guidance: Bitcoin Mining Calculator

Bitcoin is a potential well that could quench your money-thirst over time. But if you are not having a calculated approach, this well has the potential to devour you also. Therefore, make sure you use a bitcoin mining calculator. A bitcoin mining calculator will make sure that your business is profitable by estimating your budget for you. It will ask you for your costs and you can get the business profit/loss margin in seconds by looking at your processing power and expenses. Therefore, make a good use of the bitcoin mining calculator. Who knows, the area you are in might have so high prices that your business is a loss from the start?

There’re No Freebies

Bitcoin is a highly priced currency. It has a high value and everyone is crazy about it. So, keep in mind. There’s no such thing as free bitcoin mining. All the free bitcoin mining mails you’ll be having will be nothing more than a scam. Yes, there will be some faucets that will give you a Bitcoin after you complete some 100 million points. In the time you’ll be able to do that; you can get yourself a job and earn thrice as much. So, play the game like a smart guy and don’t fall for the free bitcoin giveaway or free bitcoin mining scams. Even if one of them is legit, a treasure chest in the mouth of a shark is no treasure at all!

Volatility

There’s a big factor of volatility when it comes to mining bitcoins. The prices rise and fall almost instantaneously sometimes. So, make sure you have an eye out for the rapid pits and grounds. If, you haven’t made a plan about that then this might be a big risk in your bitcoin mining game. Make sure you have something about it from the very start. I recommend holding the currency so that you can sell it for a decent price (sell only a part of it, so you don’t regret) later on!

Bitcoin mining business

I have given you a hack that I use for my bitcoin mining. That requires patience! We’ve already discussed how Bitcoin is a game of patience. So, I would just leave it here and move on.

If you have paid a considerate amount of attention to the above arguments, then you are ready to step inside the Bitcoin mining business. It is a pretty lavish field with lots of limelight. It can make or break you overnight, so make sure you go in with a plan.

Best of luck with mining, Bitcoiners!