Bitcoin - Page 2

Bitcoin Price Prediction In 2021

If you’ve been in the cryptocurrency market for a while, you probably know that the most popular virtual coin is BTC or Bitcoin. Also, you probably know that this cryptocurrency is the most valuable and has had the highest recorded value almost two years ago, in December of 2017 when you could sell one BTC for $19,783. Since then, Bitcoin has been on the decline, with the lowest value in the past two years recorded in early 2019.

Img Source: financenews.tv

However, it is noted that the value of this cryptocurrency is returning to a high level, which may be an indication that next year will be very important when it comes to BTC. A lot of experts have expressed their opinion on the rise and fall of Bitcoin in 2021, so at the moment it is quite interesting and uncertain how things will look like in the future. While no one can predict with certainty, there are some patterns that have been repeated over the years regarding Bitcoin. If you are trading this cryptocurrency, the best solution is to use the detailed statistics and help provided by experts on sites like Profit-Revolution.com. This site is specialized in cryptocurrency trading and helps users to better understand market trends and invest more securely. However, currently, the most important question is what is the forecast for the price of Bitcoin in 2021? Well, keep reading and check the opinions of trade and finance experts.

News on the BTC market that may affect the price

Img Source: bitcoinist.com

Just over a month ago, on September 23, 2019, the long-awaited platform called Bakkt was officially launched, intended to bring a new revolution in the virtual coin’s market. It should provide security and transparency in the BTC business for all institutional and merchant investors. This means that Bitcoin would be more implemented in the traditional financial system and payment methods, and thus return the value closer to the highest recorded.

In addition, the technologies used by BTC can significantly affect the adoption of this cryptocurrency as a widespread and official payment method. For example, currently, the most widespread payment system is Visa. The main advantage is the speed and low cost of transfers. Bitcoin, on the other hand, is lagging behind traditional payment systems when it comes to these features. This could be changed using Lightning Network technology, which is in the process of development and should significantly shorten the time for BTC payments.

Img Source: bitcoinist.com

The price of BTC next year can be significantly affected by Bitcoin block halving. Miners are known to receive a reward for their work. They receive 50 BTC for each mined block. However, the reward is reduced in half to every 210,000 blocks. This means that the next halving will occur during May 2021 and that then the value of one block will be 6.25 BTC. This simply means that demand will at some point be higher than supply and that BTC value will increase.

All of these things can significantly make 2021 perhaps the most important year for all cryptocurrency traders, especially those trading in Bitcoin. Although the current price is below $9500 at the time of writing, this doesn’t mean that the price will fall even lower, but rather that this is a good time to buy extra BTC. This investment may pay off in the coming months because according to expert analysis, Bitcoin is expected to reach perhaps the highest value ever recorded in 2021. Therefore, think carefully and make smart moves.

Cheap vs Expensive Cryptocurrencies – Which One is better For Investing

The world is changing rapidly every day. Every day there is a trend or a novelty that people like very much and easily accept. No matter what category the novelty belongs to, in the first moments of its publication it was well analyzed and then accepted without much skepticism. The novelty can be in terms of technology, some economic step, some easier way of functioning, and so on. Gone are the days when people were very skeptical about new things and needed much more time to accept them. Today, they easily get the information they want to know about the novelty and easily get it, according to which they later decide whether they like the novelty or not.

The news is especially present now in the pandemic. Apart from the novelties, there is also the actualization or intensified return to the stage of some novelties that have been a hit in the past years or in some more distant times. For example, while we were sitting at home, we went back to the old photos and looked at them, we went back to the board games we used to play online, we went back to reading books even though we used to read them online, online payments, online transfers and of course, the most prominent investments. In this period, the most popular investments were the investments in cryptocurrencies, one of the novelties that returned to the big door.

Although 11 years ago these types of currencies were not so well accepted, they still developed and were accepted over the years. It started with only one currency, Bitcoin, which from the very beginning proved to be a very good option. Today, this trend is returning as even more accepted and is often the first option for anyone who wants to make an investment that they know is right. There are over 30 different types of currencies that are successful, but there is a dilemma that everyone who wants to make an investment thinks in their head. Which is better, more expensive, or cheaper cryptocurrency? What is the difference? What if I buy some of the cheaper but successful currencies? We will clarify all these dilemmas today, as we discuss which is a better option, to invest in cheaper or more expensive crypto. Stay with us until the end of this article because we have the answers in it.

Are cryptocurrencies the best investment option?

Source:masterthecrypto.com

Anyone who wants to invest in something The first thing they do is consult with someone who has already invested. And of course, whoever you ask will tell you that stocks are a great option, that there is nothing better than securities, that investing in real estate is a complete hit because one of these options is exactly his choice and therefore he is satisfied. You need a detailed analysis. For example, if you want a profit on an annual basis at the same time every year you will invest in stocks, if you want a monthly symbolic profit you will invest in real estate, and if you want uncertainty, management, monitoring, and profit according to what you do according to skill then the best cryptocurrencies are an option. So prepare well before you invest, read, follow related content and we are sure you will succeed with this investment if you make it.

Cheap vs. expensive cryptocurrencies – what is the best option?

Source:planetcompliance.com

The next thing that investors who are already determined for cryptocurrencies are hesitant about is whether to opt for a cheap or expensive cryptocurrency option. Each of them has its own progress but also its own downfalls. Therefore, prior research is required to select a specific currency. The research should be based on your periodic monitoring of the currency exchange, your monitoring of the impressions of those who have already invested in expensive and cheap currencies, and of course to check which is the biggest and most popular at the moment and which is the cheapest. But keep in mind that the most popular and most expensive cryptocurrency at the moment is Bitcoin, which may be expensive, but offers conditions for a great profit and registers daily growth in stock markets. While on the other hand there are many other smaller and cheaper coins that are relatively new, grow and make a profit, but are not so stable and can easily fail, say from this website which has been dealing with analysis and monitoring for many years. currencies, their ups and downs, and the prices they have had over the years. For this reason, it is good to first make a detailed analysis, to look at how things are, to see the situation with the most expensive coin and the cheapest coins, and finally to make a decision based on all that data.

What does it take to make a successful start with crypto trading?

Source:medium.com

Once you have decided on a successful currency, you need to prepare for a successful start with trading. For a successful start, you need to do everything a beginner does. You need to first select a page or application through which you will perform all trading and tracking in a safe way without any doubt about the authenticity and security of the site or application. Next, choose an electronic wallet where you will keep your coins. Choose one of those that are intended for beginners, because they are the easiest and safest for you. The next step is to decide which mining hardware will serve you in the near future. Find all the hardware that exists for home use and choose the one that will provide you with the best service with its configuration. And at the very end, you need to make a map according to which you will orient yourself to follow the movements of the currency, the news about the currency, and all other events that could happen and affect the success of the currency on the stock exchange. This will allow you to quickly learn and make a successful start as a new trader.

You are now ready for your next investment. Now you know what is right for you as a beginner and how to act. The steps are simple, and even better when you have someone to tell you and guide you. Once you have all this information you are ready for your new beginning – starting as a new crypto trader. Good luck!

Is it Possible to Create Your Own Cryptocurrency?

There is a big hype over digital currencies in recent years, and many people think that they represent the future of payment that will completely replace the traditional fiat currencies and paper money. However, there are still many people with a lack of knowledge related to the structure and potential of cryptocurrencies since most of them only heard about Bitcoin and some other popular coins, and how they might be a great investment option because of the high volatility. Bitcoin is especially popular as the first and most valuable cryptocurrency on the market with a current price of around $38,000.

The main advantages of investing in cryptocurrencies are indeed a great chance to make a profit. According to many experts, popular tokens like Ethereum, Litecoin, XRP, and many others also has the potential to become much more valuable over time. Also, many countries are already creating plans on how to implement the blockchain currencies into their monetary systems. The challenges here are related to the fact that most of these digital currencies are decentralized and use advanced security measures that make users completely anonymous. Therefore, financial institutions will have to find a way to include taxes in transactions with e-wallet.

Source:paymenticon.com

Moreover, when it comes to safety, we have to mention that storing cryptocurrencies on an e-wallet is the safest solution today and a much better option than keeping your money on a bank account or some online crypto exchange. Also, there are several methods for storing your Bitcoin or any other crypto, and you can read more about that at devdiscourse.com. Furthermore, since they have such potential, it is not a surprise that many people are interested not only in investing in existing cryptocurrencies but in creating new ones as well. We are going to analyze more about that topic in the following article.

Benefits and Downsides of Cryptocurrencies

Source:cryptofish.com

Before you decide to invest in the creation of a new token, you should learn more about the main features, benefits, and potential downsides of digital assets. One of the main advantages that makes them so popular is the fact that they are decentralized, which means that there are not big financial institutions or banks that could control them in any way. That is one of the reasons why many people are choosing the invest in the crypto market to protect their funds from the recession, which has a high chance to occur in the following years. Another benefit is that they provide users with both transparency and anonymity, much lower transaction fees, and faster transfers. On the other hand, the biggest downside is that there is always a chance for a token to become illegal in some states. Also, most cryptocurrencies are under constant fluctuation in value on the market.

How To Create Cryptocurrency?

Source:morioh.com

Before you decide to invest in the development of a new cryptocurrency, you will have to learn the difference between tokens and coins and their structure. If you are looking for an easier way to get your part in the market of digital currencies, we suggest you choose a token option. The main feature of tokens is that they are using existing blockchain, which means that you will need much less time to start competing on the market with your own digital asset. On the other side, this method requires a much higher investment.

On the other side, if you are interested in creating a coin similar to Bitcoin and many other virtual currencies with their blockchain. However, that will require advanced knowledge in computer science and coding. Also, with proper knowledge, this process might last only a few minutes, since the structure of Bitcoin is available in open-source format, which means that you can use it with some slight changes to start your blockchain system. Still, hiring a team of experts is necessary for allowing the whole structure to operate properly from the start.

Source:voanews.com

Popular Blockchain Options

There are over 2,000 blockchain-based currencies available on the market, and most of them are using the same systems.  The first system that offered people to use it for their tokens is Ethereum, which is also the most popular solution. Besides Ether, you can choose between EOS and NEO. There are many differences between these blockchains related to the required programming language, available e-wallets, standards, ability to provide users to use hardware e-wallets, and volume of transactions per second.

Most Important Things During the Process

As you can see, there is a possibility to create your token or coin even with a lack of knowledge since you can always hire a team of professionals. However, you will have to learn more about the whole market, the structure of your currency, and its potential. First of all, you will need a proper strategy related to the right selection between token and coin. Also, you should choose the system with proper security measures, speed of transactions, and good potential to become competitive on the market.

Also, hiring a team of experts can be crucial as well, especially if you are not so familiar with the processes related to the development of blockchain. After you finish all of the technical details, the promotion can be crucial for the performance of your virtual money on the market. Therefore, you should find a way to offer something new and useful that will attract people to invest in your coin.

The Bottom Line

It might seem like a challenging process to become competitive on the market where we already have some popular choices like Bitcoin, Ethereum, Dash, and more. However, the market is quickly expanding, and many investors are searching for various options related to new and cheap coins that might bring them high profits. That is one of the main reasons why investing in the development of new crypto can be an excellent business strategy. Even though the technical process can be finished in one day if you choose to introduce a new token, you will have to invest a lot of money in further development, white paper, placement on the market, ICO security, and more.

What to Consider Before Investing in Cryptocurrency

Crypto trading is getting more and more popular, especially when Bitcoin and other cryptocurrencies are reaching astronomical prices. Experts predict that the value of cryptocurrencies will continue to rise, which is why many people decide to start investing in some of the best performing digital currencies.

Even though cryptocurrencies have been around for a long period of time, people still don’t know the process well enough in order to make a safe investment. Whether you want to buy cryptocurrencies for trading or as a form of investment, you need to take some things into consideration.

In today’s article, we will highlight some of the things that you should pay attention to before you enter this vast crypto market.

Research is Crucial

Source:101blockchains.com

In order to come up with an investment plan for cryptocurrencies, you need to do a lot of research on your own. Reading about cryptocurrencies will help you understand the market, understand what is blockchain, and all the security measures you need to take to make the process much safer.

Since we are talking about a market that is still upgrading, you need to update your knowledge and follow new information about crypto every day. If you know something to be true a couple of months ago the information might be outdated and wrong now.

If you follow Warren Buffet, you must know one of his most popular quotes “Never invest in something you don’t understand”. This strategy applies to every investment in your life. Without having a full understanding of what you are getting into, you run with a bigger risk of losing your money.

Don’t Focus only on Bitcoin

Source:bloco1.com

Once you understand the process behind cryptocurrencies it is time to get your hands dirty. Most people focus only on the biggest cryptocurrency “Bitcoin” which isn’t necessarily bad, but there are many other cryptocurrencies that can turn out to be a good investment.

Also, other cryptocurrencies are much cheaper than “Bitcoin” which is better for people that don’t have a significant budget for investing. Also, the price of other cryptocurrencies can spike up which can multiply your investment many times.

Better Safe than Sorry

You have to understand that you are getting into a market that is full of scams, hacks, impostors and fraudsters, and phishing attacks. It is crucial that you take all the necessary safety precautions just so you can make the process much safer. It only takes a few seconds to lose something that you’ve worked for many years.

You need to be careful when you are entering your passwords and private keys from your wallets, avoid public networks, especially when you are transferring money to accounts. There are thousands of scam exchanging websites that can take all your cryptocurrencies from your wallet.

So, make sure you double-check the URL and research the website before entering any sensitive information.

Invest Only What You Can Afford to Lose

Source:hackernoon.com

We keep hearing that crypto investing is a profitable option, but nobody reads the “Terms and Conditions” that come with such actions. Whether you invest in cryptocurrencies or start trading with stocks, you need to balance your portfolio and only invest what you can afford to lose.

Even though cryptocurrencies are rising at the moment, nobody knows what can happen to this market in the future. There are many examples where people lost all their savings and had taken loans for investing.

In other words, you need to create a risk management plan and make sure you stick to it no matter what. Investing in cryptocurrencies might be tempting, especially when we see how some of the currencies reached astronomical values.

Learn How to Track Your Funds

Managing your crypto portfolio is crucial. Unlike stock exchanges, you need to create multiple accounts on different websites that offer cryptocurrency trading. It is important to understand that different websites support different cryptocurrencies.

Also, many people do the same mistake of keeping their cryptocurrencies on the platform they trade. For example, if you choose to buy bitcoin or ethereum on some trading website, it is important that you transfer your funds to an external wallet. The reason behind this action is because trading platforms are prone to hacker attacks every day. There are many people who lost all of their money after such attacks and an external wallet is a much safer option.

This means that you have to find a good crypto wallet that keeps your funds safe. There are many apps that offer great features when it comes to crypto wallets.

One of the best options is Tezro, which is an all-in-one application that has multiple chat applications that combines all things into one. This means that you’ll no longer need multiple crypto wallets that are costly and hard to track.

Join Crypto Trading Communities

If you are new to crypto trading it is best if you have some sort of guidance before you start trading. There are many crypto trading communities on social media platforms where you can find very useful information that will help you sharpen your trading skills.

There are many Facebook and telegram groups where people with tons of experience and give feedback on the market and provide great crypto trading tips that can be helpful. Make sure that you double-check the information and don’t jump into investments if someone says it is a good idea.

Even though such information can be helpful, it doesn’t mean that you should follow everyone’s advice.

Source:bct.io

Final Words

These are some of the things that aren’t usually mentioned when you start trading. Since you are entering mudded waters, you need to take things slowly and do a lot of research before coming to conclusions.

Crypto trading can turn out to be a profitable investment, especially after we saw the price increase on the bitcoin last year. The value of one bitcoin increased from $8,000 to $39,500 just in one year.

Nobody knows what will happen in the future but experts predict that the price of Bitcoin can reach up to $300K which means that it is a good idea to invest in cryptocurrencies.

5 Bitcoin Hacks and Secrets Every Trader Needs to Know

Getting double or triple your investment never seems bad to anyone. Who doesn’t like easy money? Of course, many do that. Therefore, the urge to get rich with a little investment has increased public interest in Bitcoin. This is also the major reason for the popularity of cryptocurrency trading. Furthermore, several success stories on the internet motivate more and more people to get into cryptocurrency trading. For example, Eddy Zillan, a crypto millionaire.

Source:in.news.yahoo.com

Only because of the amazingly true success stories, the verified users in the crypto market reached 1 million in 2018. This is proof of the truthfulness of Bitcoin and other digital currencies. But most of the people are not aware of the basics and get into this market with a little knowledge. Thus, gets in trouble and lose all of their money. Therefore, you must get to know about the hacks to get success in Bitcoin trading.

Ventsmagazine.com tells you about the purchase of Bitcoin without much investment. You can go to their Website to learn about the use of Amazon gift cards for the purchase of Bitcoin. Yes, you don’t have to use your own money if you have the gift card from amazon. So use this card to become rich.

But wait, you still have to know some secrets about Bitcoin trading. So here are the hacks that you can use;

1. Plan your Game

You might think that you already have a plan, you will do this and that and finally get success. But ask yourself how many times have you stick to your plan? Having a plan is a different thing and sticking to it is the thing you have to do. Now, to do so, you need strong will power.

Source:bitcoinexchangeguide.com

The important thing in Bitcoin trading is the time of purchase and selling. If you have bought the currency during the low time, you need to set the criteria to trade. So irrespective of the market performance, stick to your plan. But don’t just casually sit there. Analyze the market and make your move accordingly. After some time you will learn how the market works and when is the best time to sell your coin.

2. Consolidation of your portfolio

As the market goes up and down, so do the different coins. Some coins have long term potential (if you don’t know about it, you will learn that with time). The Crypto market is also like trading in the stock market. The worth of the coins can be determined through the market performance just like companies.

Source:coingape.com

For example, you have shares in a Robotics company and any cinema. So if you have to sell the shares of one of the company what will you do? Of course, the cinema because robotics has a long term benefit. The future is all about technology. Old themed and design based cinemas will no longer be there.

Similar is the case with Bitcoin trading. You have to analyze your coins and get rid of the one that does not have a long term benefit. So when you observe that the market of certain coins won’t be going up in the future, you can sell them. In this way, you will always play safe. Otherwise, the dead weight will only drag you down.

3. Never stay within the crowd

Yes, you have to cut the noise around you and should make your plan. In this way, you will move by your policies. Although it might seem that you have made a loss by staying away from the crowd that will be a short-term loss. If you want long term profitability, you have to remain in your plan.

Source:currency.com

Either remain ahead of the others behind them. For example, most of the traders are going for a certain market, but you are not sure about its performance. The best solution at such times is to stay behind the crowd and observe the trend. But if you are a trader with high market assessment potential, you will know which coins will go up.

People who work in larger groups fail to make true assessments. This is because, with more chefs, the dish will definitely get spoiled. Gossips began to start and people make wrong decisions only based upon the gossip. Therefore, keep this thing in your mind. Never follow the crowd blindly. Make your plan, your assessment and your criteria to manage investments in the business.

4. Make your own team

As mentioned above, the more the team members the gossipy it will become. But that doesn’t mean to work alone. Building a team and working along well can be a better choice. The only thing that needs accuracy is team selection. Therefore, the best way is to start with a short team, a team of 2 to 5 members.

Next is your game plan. You must ensure that all the team members get and provide information from authentic sources. Therefore, it is essential that all the team members have at least 2 or 3 subscriptions to primary authentic sources. In this way, you will be able to stay away from gossips and get the right information.

5. The need for Tools

You can provide someone with food, but it will only feed him for some time. On the other hand, if you teach someone skills to earn, he will be able to get food for a lifetime. Therefore, the need for tools is inevitable. The digital world isn’t that different from the real world. That is why you will need tools to work there.

So here we have a list of the best tools used for Bitcoin trading;

Source:icoholder.com
  • Trading view (Pro)
  • com
  • com

Conclusion

Trading isn’t child play. Although it seems like easy money, but it is not. This market is stressful. Therefore, prepare yourself to work hard. But without the right tools and knowledge, you might face failure. So equip yourself with the best tools and make your strategic game plan and there won’t be anything stopping you.

4 Differences Between Bitcoin and Traditional Currency

A financial crisis that shocked the world back in 2008 is one of the most important occurrences that marked the future of the global economy. As you can remember, its effects were pretty severe on a plethora of different elements and industries. One of the, let’s say, positive side-effects to this whole story was the creation of cryptocurrencies.

While there are no direct links between the creation of these, many people believe that their creation was under the direct influence of this financial crisis. This theory goes so far that many people believe that the whole intention was exposing all the bad sides to the traditional way of doing business. The arrival of cryptos on the stage marked a significant change in various different industries, not just finances. Now, we can see that there are a lot of political movements that were directly caused by it.

Now, we are witnessing a new era that will change our perception of financial systems forever. There is one more thing that heavily influenced the popularity of cryptos. We are talking about the global pandemic of coronavirus. Cryptos like BTC suffered a heavy drop during the first quarter of the year. However, they managed to recover completely in the last two months and we are on a brink of a new record when it comes to its worth.

Even though we can see that there was a lot of skepticism towards digital currencies, we can see that people treat them much more seriously these days. If you want to learn more about this change of heart, you can take a look at eng.ambcrypto and inform yourself a little bit better about it. Anyway, we would like to talk about the most important differences between traditional currencies and BTC. Without further ado, let’s begin.

Source:europeanbusinessreview.com

1. Anonymity

The first difference we would like to point out is the anonymity you will be able to have when you are using digital currencies, particularly Bitcoin. For example, it doesn’t really matter which one of these you are using, you will be able to have full control over them, without being asked to provide your personal information. It’s needless to say that this is the main reason banks are against this whole concept.

We are not talking about some conspiracy theory. We are talking about pure common sense. This is an approach that’s vastly different from the traditional ways, and banks wouldn’t like to choose their clients, right? Plus, there isn’t any kind of authority you will have above you, no banks and no governments.

2. Flexibility

Source:finextra.com

Next, we would like to point out why digital currencies are much more effective when it comes to the pace of transactions. Surely, you are aware of the fact that there are some restrictions when it comes to the traditional way of conducting transactions. Any user could wait for up to a couple of days before the transaction is fulfilled. Just think about it, when the transaction is made on Friday, you could wait until Monday before you can withdraw your money.

Plus, we can say that, since there are so many restrictions, the accumulation of money can lead to some serious inflation. However, we need to say that it is important to be patient since not all BTC coins are mined as a whole. We can even see that some predictions can say how much time we need to wait before all of them are at our disposal. But it doesn’t matter how much of it the market will have, there will be no inflation.

3. Low Taxes and Fees

We are witnessing that banks have pretty high transaction fees. Add to that the fact that you could wait for up to a couple of days before you can get your money, and you have a bad situation. However, we can say that this kind of situation would be a standard if there weren’t cryptocurrencies to interfere. If these are so high when you make local transactions, just imagine their fees when we are talking about international transactions. They would be high, right?

When it comes to Bitcoin and other cryptos, you will see that these taxes and fees are not so high as is the case with traditional transactions. Plus, the receiver will have all the coins in its e-wallet pretty much the same moment they were sent. The same goes both for local and international transactions. Therefore, you shouldn’t worry about something like that. Relax, and do whatever is that you need to do.

4. A New Level of Security

Source:mytechdecisions.com

For those who are not aware, we would like to say that all cryptos are supported by the blockchain system. We are talking about a system that has numerous layers of security that represent the main one that protects your coins from all the malicious outside influences. Therefore, you can expect that you will have much more protection for your coins than for the money we have on our credit cards.

While there is some room for these breaches, we can see that the largest part of the system is so well-protected that we can say there are zero chances of them being breached. The situation when you don’t provide any kind of personal information surely helps, right? Plus, the only valuable information is the addresses of the sender and a receiver. If these two are protected in the best possible way, there isn’t a chance of you losing your money for these reasons.

The Bottom Line

Even those differences we’ve named can be considered crucial, we can see that there are tendencies that tell us we will see the merge of these two concepts in the future. While this merge will not be complete, we can expect that the best elements of both approaches will be combined into one. Without any doubt, the result of this mixture will surely mean the future of the financial world. The repercussions it will cause will be pretty significant and it will have a massive influence over the future of our civilization, you can be sure of that.

13 Tips For Understanding Cryptocurrency Terminology

We are all aware that cryptocurrencies are something that we all talk about and that growth of popularity has created a real mess, not only among people but also among banks, companies, and even entire countries. Along with new technology, some new words, expressions, and terminology is being used, which many people find confusing, even those who are familiar with how the whole system works. All that is a reason more to show and explain how and what some terms actually mean, with a brief crypto history.

What are cryptocurrencies?

Source:blog.unocoin.com

Imagine the currency not issued or overlooked by any state or government and which uses cryptography for the protection and security of everything going on and every transaction. Simply put, that is what they represent and why so many people are interested in these new currencies. A proper definition would be that cryptos are a subset of digital, alternative, and virtual currencies.

What is Blockchain technology?

Source:computerworld.com

Unlike fiat currencies that we currently use in our everyday life, and where control is centralized, blockchain technology (a type of cryptography) allows cryptos to be decentralized. That ensures that all info, personal data, and everything else cannot be changed easily, meaning that money is safe.

The market

Source:ia.acs.org.au

Although it is only one of more than 1.400 cryptos available in the world, when someone mentions cryptocurrency, the first and instant thought is – Bitcoin. But since it all began in 2009, this world has changed and developed a lot, meaning that today, the crypto market is one with the highest growth, and it seems like that hype will not end soon.

In that market, the term ICO (Initial Coin Offering) is pretty similar to the term IPO (Initial Public Offering). IPO represents the first shares of one company when that company goes public, and ICO refers to the first cryptos sold by one company on the market.

Terminology

1. Mining

It is the process of verifying an individual block of transactions in the network. What this often requires is a large amount of processing power, and for this process, miners are rewarded with a certain amount of mined cryptocurrency.

2. Block Reward

As we established, the miners have a huge role, and as such, they get rewarded for their work. That reward is also a motivation, and it represents a specific amount of cryptocurrencies for every block they mine.

3. Mining rig

Source:news.bitcoin.com

It represents the computers specifically designed to verify transactions in blockchain cryptocurrencies such as Ethereum or Bitcoin. Such computers are usually several networked processors (CPUs) or graphics cards (GPUs).

4. Fork

It is a situation where a cryptocurrency gets split into 2 different currencies. This most often happens due to the change in the encryption protocol or some other technical characteristics. Then the newly created protocols are no longer connected to the previous ones in the blockchain, and a new transaction record is formed – a new cryptocurrency. Example: the division of Bitcoin into Bitcoin (BTC) and Bitcoin Cash (BCH) in August 2017.

5. Altcoin

It represents a term coined to say alternatives and a coin that actually applies to all cryptocurrencies except Bitcoin and Etherium.

6. ROI – Return On Investment

Source:123rf.com

ROI refers to the percentage denoting the profit in relation to the initial investment. Example: A ROI percentage of 100 indicates that someone has doubled their initial investment.

7. Node

NODE refers to any computer on which a blockchain file is stored.  It is a computer that contains information about all transactions in the network.

8. Hashrate

Source:bitcoinmagazine.com

This is the number of calculations that your equipment can report every second while trying to solve a math problem. “Hash rate” is measured in megahashs, gigahashs, and terahashs per second. The higher the hash rate, the better are the chances that you will solve the transaction block.

9. PoW

Source:csoonline.com

The term refers to a system designed so that finding an answer to a problem is hard or/and expensive, and varying the solution to a problem is simple or/and inexpensive. In particular, these are different mathematical algorithms that are solved by mining, which provides protection against various hacker attacks on the cryptocurrency network. The miner who first confirms the block of transactions by performing proof of work is rewarded with the amount of that cryptocurrency.

10. PoS

It is a different way of confirming transactions compared to PoW, but it is still a mathematical algorithm aimed at network protection. In proof of stake, the creator of a new block gets determined not based on who first establishes the block but on the basis of deterministic variables such as the wealth of an individual user, which is defined as stake. There are no block verification rewards, so miners receive transaction commissions directly.

11. Private key

It is a set and combination of numbers, letters, or characters used as a code in algorithms in order to generate user addresses. Based on the info from PK, we can determine every transaction and the exact amount of money in the account of that key.

12. Wallet

Source:buybitcoinworldwide.com

A place to store your coins. There are two types of wallets:

  • Software – where one uses special programs to storage money like various apps, but there is no app in which you can store any cryptocurrency as every single one has their own software wallet.
  • Hardware – A USB-like device specially designed and programmed to store the private key securely. These are often referred to as the safest way to store your digital money.

13. P2P

Transactions done this way are a perfect way to decentralize everything, and that is why P2P has a crucial role in the digital world.

Final thoughts

Of course, there are even more phrases, usually depending on which cryptocurrency we are talking about, but these are some of the most common terms that someone may come across when dealing with cryptos. Today, when there are so many verified websites that can actually help with understanding the crypto world along with some excellent advice for trading and investing, there is no reason not to join the crypto hype. Check for more here, https://bitcoins-union.com.

Is Mining Bitcoin Profitable as a Side Hustle

While it seems like Bitcoin emerged a long time ago, the truth is that the Crypto business is still pretty new. In a short time, a lot has changed. Back then, a lot of people were under the impression that the whole industry is a scam. That was a mistake since cryptocurrencies have proven that they are not just real, but they can be considered profitable. The current question people are asking themself is a very different one though, that question is, can we make some money mining bitcoin today, or is it too late for that? It is a complicated issue, which we will try to make more clear to everyone. In any case, no matter what crypto coin someone decides to mine and trade-in, it can be Bitcoin or some other Good Crypto. Some sites can provide support through that endeavor.

Source:goodcrypto.app

So before we can decide are there enough money in procuring Bitcoin as a side hustle, we need to understand what it is precise. So to mine and get that sweet valuable coin, we need a machine specialized for solving crypto algorithms or puzzles. One puzzle is available every ten minutes, and the first computer to solve it gets a reward of one coin. So it is clear, to get value back, we need two things first, a good machine and a lot of power to supply our mining efforts. So let us examine these two and all other significant factors.

So a good start, as always, is to do the research. Understand this field as much as possible. Find out what are the best possible graphic cards and computers for a desirable setup. Compare that to what you already have if you are good to go, excellent. But if not, consider the investment you will have to make and how long it would take to recover it and start making a profit. There is no doubt that there is money to be made in this industry, but if you are not already in a good position at the start, it will take a while to start making a profit. Unfortunately, as time goes by, it is becoming increasingly difficult to get a bitcoin. So many people are mining as we speak that something like an ASIC microchip might be necessary to compete. It can cost as much as 10 000 dollars to assemble a good setup for this type of work.

Source:cointelegraph.com

But getting the hardware needed is only one of the steps we need to consider. To be able to do some mining, a lot of electricity is necessary. Bitcoin, even more than other cryptocurrencies, requires an abundance of power.  If you live in a country or state that has expensive electricity, it will be extremely hard to earn a profit by mining. It might sound strange, but if you don’t have access to affordable electricity, the money spent on electricity bills might be approximate to the value of your earnings. We are going to guess that this doesn’t sound that appealing to anyone. If we add this fact to the already mentioned one, that it can take some time to regain your original investment. Therefore, always keep in mind that this is not how we can make some fast profit.

Since solving these puzzles is becoming more complicated every year, it is not an easy task for a little business or someone who wants to do this as a side hustle, to race against rich corporations.  Therefore, to have a fighting chance after all, if you unite with others like you. The way mining can work as a side hustle is through a mining pool. In them, many small miners are joining their forces to stand a chance. There the profits are divided justly, naturally. That approach is enabling a way for you to speed up your work, and the complexity of the assignment is smaller. These mining pools are becoming more popular since that just might be the only way to be a part of the industry as an individual. Some might think that this is not a good idea, since you have to share your profits. But without combining your power with others, it might even be impossible to earn profit in the first place.

So maybe you have decided that doing this from your home is not profitable enough after all. A lot of people have reached the same conclusion and have turned to cloud mining. That way, equipment and electricity expenses are slashed by leasing the gear or hashing power from a distant datacenter. By providing this service, some think they can earn their share of profits. But in the end, reputable cloud providers are seldom lucrative, and if we turn our gaze on those that seem profitable, upon closer look, they end up being scams. There are some trustworthy firms out there, for example, Hashflare. But they will require an annual fee that will make everything not worth it. So if you would analyze the investments that would need to happen and the bills that would require paying. You could return all of your money in less than a year. But that would only be true if everything would remain consistent in the Bitcoin realm. Regrettably, that is not the case. The industry is always evolving, the prices vary, and puzzle challenges are growing.

Source:bitcoinexchangeguide.com

From everything you have read here, it is clear that there are a lot of finesses that influence is making money in mining Bitcoin possible or not. The most significant thing is to approach it with the seriousness you would approach your main job and even trade in stock markets.  Perhaps some are still skeptical, but the truth is that there is money to be made in Mining Bitcoin, especially if you consider everything we have advised you here today. Naturally, it is not for everyone, as not all of us have access to the same hardware and electricity prices.

1 2 3 4 8