cryptocurrencies

Cheap vs Expensive Cryptocurrencies – Which One is better For Investing

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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!

How to Become a Blockchain Developer – 2020 Guide

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You must have noticed how the cryptocurrency market became a desirable way of earning money, in the last decade. So many people are talking about it and considering it a passive way of earning money, if not dedicating themselves to it fully. The job of blockchain developer is wanted more, day by day. The companies all over the world have been turning to develop blockchain solutions, and therefore are in constant need of developers. The labor market cannot offer as many as are needed.

In other words, within the blockchain industry, there is an obvious need for people who are ready to improve their skills and learn new things constantly. That’s why those who enthusiastic enough about this newly popular technology and possess the knowledge of any programming language (JavaScript and such) can jump on this train and start learning more about blockchain.

Source:computerrock.com

Becoming a blockchain programmer is certainly not something you do in a day, but it is certainly a good investment for your future as a potential skill to be included in your portfolio and add to your labor market competitiveness.

To give an idea on how to this, here a fresh 2020 guide.

Start from the basics

We are living in the advanced technology era and all the knowledge in the world is available on the Internet. So, if you cannot afford to go and study the matter in University, you can always learn by yourself. If this is the case, start from the basics, like what is cryptography. Cryptography as a word and the science that borrowed the name to cryptocurrencies is certainly a good first step towards understanding blockchain. Although the knowledge is not necessary to become a blockchain developer (because it is possible to use existing cryptographic methods), this is a solid introduction on how to protect and secure the data handled in the blockchain. At the same time, cryptography as a topic has been famous long enough that you will not lose anything by knowing it, even if one day it turns out that blockchain is not the technology of the future. There are countless authors that wrote on this subject, so reading a book about it is certainly a good start.

Although blockchain surpasses application in the world of finance and cryptocurrencies those who are ambitious enough to go to the depth of technology are often advised to also get basic knowledge in the crypto economy. Many webinars, quality texts, and courses on this subject can be found online. The process of trading cryptocurrencies and software that analyzes the market, such as cryptosoft are also a good source of information.   

It is only natural than to pay attention to the nature of decentralization, distributed systems, and consensus. The material on these topics will also include terms such as decentralized applications (apps), smart contracts, proof of work, digital signatures, wallets, private keys, ICO, and others. These are the terms that need to be clearly understood, without having to search the internet for their definition all the time.

Learn about the most promising cryptocurrencies

Source:currency.com

So far, bitcoin and Ethereum have the reputation of the most popular of all cryptocurrencies, and currently the most promising, it is quite reasonable to start by getting acquainted with them to deepen your knowledge. After that, all other cryptocurrencies become easier to understand.

As for written sources about bitcoin, the obligatory reading material for understanding both currencies is their white papers. Development tips are also available on the official bitcoin website, and Andreas Antonopoulos’ book Mastering Bitcoin is something like a bible about the mentioned currency. Of course, there are also courses offering knowledge on a subject, if you prefer this way of learning.

As for Ethereum, if for nothing else, dig some information on it because it had popularized smart contracts – a protocol that enables the existence of everything blockchain contains.

Anyway, one of the key things about ethereum is learning Solidity, a programming language for writing smart contracts that is important for making decentralized applications and running ICOs.

Being familiar with how different types of blockchain behave

Source:blockchain.oodles.io

Once you move from theory and step into practice, the next step is to build a bridge between user experience and smart contracts, ie. creating decentralized applications. After all, technical skills are what makes a good developer.

The development of decentralized applications, the so-called dApps, consists of a series of steps that require a high degree of knowledge in the field of computer programming. Most of the major components that make up a blockchain are developed using one or more major programming languages, such as C, C ++, Python, or JavaScript.

It is for this reason that you must have a certain degree of knowledge of computing in general and blockchain technology, more specifically.

This simply means that first of all you need to become a good blockchain programmer to know how different types of blockchains behave and what are the main features that can be exploited within dApps. Each of them can work better in different aspects, depending on the way they are conceived and designed, such as safety, scalability, usability, etc.

From this, it can be concluded that it is necessary to first assess the choice of blockchain on which to develop dApp, based on both the necessary characteristics and the type of goal to be achieved. An important assumption is that the blockchain must be programmable, ie. It must allow you to “build” new types of applications on it using smart contracts.

Source:computerworld.com

With this article, it wasn’t our intension to give you a complete guide about the learning process itself but to convince and show you that to learn something new you need to follow a certain path and have initiative. In this case, Google is your friend. It will easily provide you with the number of books, forums, social network profiles from people who write and publish stuff about this subject.

Learning is more connected to the will than the availability of resources.

Is Ethereum Becoming More Important Than Bitcoin – 2020 Guide

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It can be said that cryptocurrencies are a perfect example of the statement, what goes up must come down. This is something that repeated a plethora of times since the introduction of Bitcoin back in 2009. In fact, the father of all cryptos is a perfect example of this statement in particular since its worth has come up and down so many times that we can’t even count them all. It came from its initial price of $1 in the beginning to almost $20k in 2018.

Source:personal-financial.com

However, this doesn’t mean that it was all the time. Sometimes, it could happen that its price dropped massively in only one day. This is an example that was followed by all other cryptos. But we can see that some of them are more stable than others. Basically, it all depends on the investments and there is nothing that can change this situation.

One of these cryptos many consider to be much more stable than BTC is Ethereum. This is a crypto that emerged a couple of years after BTC, and it positioned itself as one of the most stable ones of them all. It’s so stable that many online casinos have introduced it right alongside BTC, even though it doesn’t have too many users when compared to other cryptos.

Plus, many people don’t have all the answers to what kind of crypto is this and what are its particularities. If you are interested in finding these answers, be sure to check out crypto-profit.io. We are pretty sure that this is a pretty hot topic since so many people are interested in investing in all the digital currencies. So, let us take a look at the case of Ethereum and its relationship with Bitcoin and others.

The Ethereum Basics

Source:sofi.com

The initial idea behind the creation of Ethereum was to expand on BTC’s capabilities and opportunities. The concept is pretty much the same, but we can see that it introduced some of the additional features into it. Vitalik Buterin is a person credited with the creation of Ethereum. The initial idea was created in 2013, and the first version of this digital currency was introduced to the market two years later, in 2015.

As it is the case with BTC, ETH had the idea of completely avoiding all the financial institutions and banks. Therefore, we can complete the same backstory behind it. ETH has two main purposes in this day and age, it can be traded as all other cryptos on the market, or its network can be used to run different apps on it. This makes it a perfect option for many people who are interested in both of these purposes.

What are the Differences Between These Two?

As we’ve already stated, the concepts of these two are pretty much the same. However, it should be said that the main differences are in technical ways. For example, the transaction made by the Ethereum could have some kind of executable code. Anyone, who had a little bit of experience with BTC knows that there is no such thing with this crypto. Also, ETH has some kind of block time, which heavily depends on the transaction. Also, some algorithms are completely different with this crypto.

Also, the initial idea behind these two digital currencies was completely different. For instance, BTC was made with the idea of completely replacing all of the national and regional currencies. Ethereum’s original purpose was to facilitate programmatic contracts and other types of applications through their own currency. So, we are talking about two cryptocurrencies. But their initial idea was completely different from the start.

The Competitiveness

It should be said that ETH was made for the purpose to support BTC and other cryptos through the blockchain system. So, it makes sense to ask a question, why is competing with it? Well, it should be said that its popularity grew so much that it became obvious that it has so much potential, it would be a complete waste of it not to use it. This became a pretty important question, especially from the perspective of traders and owners of digital currencies. But we can see that they don’t have the same capacities. At the beginning of 2020, BTC’s market cap was almost $150 billion, and ETH’s market cap was much smaller, with only $16 billion.

Is Ethereum a Good Choice for Investment?

Source:nairametrics.com

From this perspective, it is pretty hard to say which one of these two is a better investment. The reason is that both of them have completely different purposes. It depends on what you are looking for in the first place. Also, you can be sure that you need to invest much more into BTC in order to expect proper results. Investing in ETH is a really good and much cheaper option. But we cannot say if this is going to be enough for you to have a proper ROI after some time. With having in mind that BTC is still the dominant force in this market, it’s pretty hard to say.

Both of these choices have their pros and cons. One of the things that will help you determine which one of these two you should choose is to see which one of these two you would like to have in your portfolio. Which one of these two will be considered more impressive after some time? Some people would argue that small miners and investors don’t have a future in BTC since a plethora of large companies has started mining and trading. We cannot be certain what the future will hold for both of these. We will just have to wait and see.

The Verdict

It would be pretty bold to say which one of these two is a better option. Both of these two concepts have their own advantages and disadvantages. As we’ve mentioned before, you need to make this decision based solely on your preferences and needs. Thankfully, there are a lot of materials you can go through and learn many things about these concepts. So, start researching and make your decision based upon that.

7 Big Problems With Cryptocurrencies Everyone Should Know

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Blockchain technology has been praised for creating open markets and fighting corporate policies. Cryptocurrencies challenged traditional financial institutions offering better and more transparent transactions for users. Still, there are some downsides to digital coins that became apparent for the past couple of years. Investors have been buzzing that cryptocurrencies need more regulations implemented, even though creators of digital coins are firmly denying the proposition. However, they admitted having some problems with blockchains and are claiming that further decentralization will solve it. Here are some major problems with cryptocurrencies that users are complaining about.

Security

Source:cia.news

As blockchain technology becomes more advanced and sophisticated, so do the hackers. Security has been the most worrisome aspect when it comes to trading and investing. More decentralization of the open markets has been offered as a solution to the problem, but many are not convinced. On the contrary. Investors are asking for a more regulated system that will ensure at least some degree of protection from the cyber-attacks. Creators and investors are at odds right now about how to protect currency exchanges, but they will need to find a common ground soon since cyber criminals are on the rise since 2018. As a matter of fact, exchange encountered 15 times more cybercriminal attacks in the past few years.

Credibility

Source:hackernoon.com

There have been many fake digital coins floating on the market looking for naïve users to scam them. This damaged the credibility of every legitimate cryptocurrency and justified critics’ stands. The most famous fraud was OneCoin when scammers caused damage of over $3 billion to the investors. The trust between creators and investors was at the all-time low, and many gave up completely from trading with crypto coins. Some speculators claim that almost 80% of all coins available are a scam. This is very harmful to the overall reputation of the major digital coins.

Transparency

This became a major issue lately when it was revealed that 80% of all coins are in the wallets of 20 people and companies. Of course, just like in a traditional financial system, no one really knows exactly who they are beyond rumors. Transparency is urgent now more than ever with all frauds that plagued the crypto world in the past years. Still, creators and big investors are keeping such information under wraps leaving ordinary users to question and fueling gossips that it’s all a scam from the get-go. Small businesses are left with several coins here and there and the majority of coins are in the hands of a few powerful people, just like in a banking system that we all know. With the lack of transparency, accountability quickly vanishes. Trading and investing with blindfolded is not only a risk, it’s worse than gambling. So, not knowing who holds the coins, and if things go south there will be no institutions to file complaints, has put off many traders from investing.

Liquidity

Source:medium.com

Recently, the king of cryptocurrencies, Bitcoin, lost its liquidity for tens of millions of dollars, when its price took a dive on the market for more than $1,500 in minutes. This volatility is something that investors fear the most. Fluctuations of the prices are common for stock markets, but crypto exchanges have been notorious for major ups and downs. This environment leaves powerful investors with the doors wide open to manipulate the prices and availability of the coins. So, the whole decentralization talk becomes obsolete. Lack of liquidity and stability makes prices drop a lot and no one can predict it. To check out the latest movements on the market go to bitcointrend.app.

Delays

Anxiety over fraudulent coins caused creators and markets to delay transactions until the trader can confirm it. This is not something investors sighed up for originally. Speedy and much cheaper transfers were one of the reasons many companies, especially retailers, began accepting cryptocurrencies. These delays are beating the purpose of switching from regular bank transactions to crypto markets since in the end, it comes up with the same amount of time needed to complete the transfers.

Prices

Just last year Korean coins launched a bot that manipulated the supply and thus, prices of the coin once a week. The fraud was revealed quickly and stopped in time before any major damage occurred. This is just one of the examples of how investors lose trust in open markets, where there are no regulating bodies to protect them from scammers. Korean scam caused a ripple effect on every exchange market, not just the one in Asia. The seed of doubt was planted in every trader’s mind and the trend has been ongoing. Occurrences like this harm the whole idea behind free markets and currencies that are going to be available to everyone. Creators of the coins defend their stand by claiming that no market is bulletproof from cyber-attacks, which is true, but that goes against their original stance that cyber currencies are safe and secure.

Regulations

Open markets have been accused of being unprofessional and unstable due to the lack of regulations. Many countries took some actions to make cryptocurrencies part of their rules and laws, like SEC in the United States. Many investors and supporters of the digital coins have been calling for more legislation that will protect them from criminals and hackers. Creators are firmly against it saying that will beat the purpose of the whole idea of open markets. For now, they are on the opposite sides and the resolution is not even on sight. In the meantime, regular folks are left to fight the storm of cybercriminals and fake coins by themselves.

Source:pinterest

The idea about the currency that is free of any laws and regulations worked a decade ago when there were a few coins available and the market was pretty simple to follow. Today, many saw the opportunity to cash in by dealing with fake digital money and scamming people. On the other hand, users have to bear part of the responsibility also. Many thought that entering open market investing in crypto coins is the easy way to make millions overnight. The problem is, cybercriminals came up with the same idea.

4 Things Not to Do When Bitcoin is Going Down

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Keeping your eye out on the market is a must if you are dealing with any type of cryptocurrency. The most popular one, Bitcoin, can have its ups and downs. However, you should know how to deal with it and approach the market the right way. There are some rookie mistakes that you may end up making. If you wish to avoid those and learn a thing or two more about Bitcoin, keep on reading! We have some interesting facts for you to discover.

What is BTC’s actual price?

Source:freebitco.in

People refer to its USD price most of the time, but you can also talk about the composite price made from the average of multiple exchanges’ prices. If you are talking about BTC, you are actually looking at its last transaction on a specific exchange that has been made. So, if the Bitcoin on Bitstamp is $10,000 – its last trade was done and closed at $10,000.

What is going on with Bitcoin, and why is its price dropping?

It definitely has its periods. In fact, a year ago, it climbed from $3,000 sometimes around in September to $7,850! However, not too long ago, the price dropped low to $5,600.

If you are still a beginner or a rookie when it comes to Bitcoin, visit bitcoin-freedom.com. They have amazing software that will help you earn money in 0.01 seconds. They will also explain some simple steps and basics that will help with your learning process + you will earn money with ease.

Why does Bitcoin drop?

Source:express.co.uk

Its first and initial drop is not as scary and this dive is normal (it happens). The price can move all over the place and every day. However, you should always question any sudden changes, and see if there is a specific reason or meaning.

Top 4 key facts to consider

  1. The fall in November

The drastic fall that has happened in mid-November came after a specific event. This change has happened because of a group of miners. However, Segwit2x tried to create a newer form of BTC for larger blocks.

Unfortunately, the plan failed and loads of people have moved their money to Bitcoin Cash, which made Bitcoin Cash double its value in less than 24 hours. So, always keep your eyes & ears wide open! Read some forums, blogs, and stay on-trend when it comes to BTC, as well as its everyday gossip.

Source:news.bitcoin.com

  1. Never try to catch the exact bottom

When making your profit with BTC, know when to stop. You should let only some of your investment capital as the market takes a tumble. Never go all in. If there is a large dip in the market and you start at a coins chart, you never know when it can stop. What you should do is know how to stop and when not to catch the bottom (enter into a trade that is at the bottom of a trend). Know when to stop, since constant bottom chases mean that you are going to miss out on trades, which will further lead to no profit. Do not gamble, and don’t lose it all.

  1. Don’t sell your coins for ones that are going up

People often sell their coins of a downtrend, only to see if things will reverse and start going upwards. For instance, you can buy something for 0.25 cents. You have already done your diligence, studied, and spent a lot of time on the chart (one char in specific). You probably haven’t even tried to catch the bottom since it is a time-consuming process. After some time passes, you are still at your 0.25 cents, and then these cents will tumble down to 0.20 cents. At this point, you might want to sell your coins and make any type of profit since this is a tricky & long mind game. However, BTC can skyrocket (you never know when) and you might regret your decision since you could have tripled your earnings.

If you have already done your studying, you know everything about the money that you’re working with, and you know that there is a chance for the market to change, stay persistent & wait it out. Don’t lose it under the pressure, and rather give it a fair shot.

Source:dmarge.com

  1. Don’t spend your entire day staring at the chart

Try not to spend your entire morning, day & evening staring at the chart. It won’t change just by you looking at it. Most of your hours are probably going to be wasted. Do not just monitor your work and stay passive, but do take action! What you should do is set yourself a limit-order, and simply walk away once it is the right time. Be smart with your money, your spare time, as well as your screen time.

Remember that profit only begins with the right strategy, and if you don’t have it, you are gambling with your money!

But why does the price fluctuate as much?

Bitcoin’s price is volatile. This means that you can see its movements from 5-10% in a single day, which makes its tracking hard to do. Why is this happening? Well, Bitcoin’s market cap is still quite small, and it is still a newer market to work with. If the market cap has as little assets, the more volatile it will be.

When Bitcoin’s price increases you will notice a change (gradual change) in the market cap.

Ready to make money & avoid some mistakes?

So, how do you feel about cryptocurrencies and your money-making skills now? Are you ready to dive into the world of Bitcoin? Simply follow these crucial rules, and avoid doing and making some rookie mistakes. Everyone can profit with Bitcoin, as long as you know when to stop + if you have patience. Having a mind of steel is important since only people who can wait it out and wait for its peak will make money, and will profit in the long run!

3 Reasons Bitcoin Mining is Still Profitable in 2020

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Investing in Bitcoin and other cryptocurrencies have great profit potential, and we can see that there is a great hype in the last few years when it comes to digital assets. One of the main reasons why blockchain-based currencies are so popular is because they are highly volatile, and you could earn a lot if you invest in them at the right time. For example, if you bought Bitcoin around 10 years ago, it had a value of only a few dollars, while its price was around 2017 was near 20,000$.

Source:drachmae.co.uk

Furthermore, if factors are on your side, getting Bitcoin through mining can be much more profitable than buying it and wait for its bigger value. Also, with the current trends and rise in popularity of this and many other digital assets, we expect that the value of BTC will become much bigger in the future. Moreover, many countries are planning to introduce various regulations related to cryptocurrencies and their full implementation in the monetary system. We already have near 10,000 ATMs around the world with the support of blockchain technology, and a lot of online stores started accepting crypto just as the standard fiat currencies. There are some luxury stores as well, like luxurylifestylemag, where you can buy some luxurious brands such as Aston Martin, Range Rover, Prada, and more, by using Bitcoin.

Also, while trading is the main option for getting cryptocurrencies, mining is a great solution as well. The process of mining was the most popular in the beginning when the rewards were much bigger. However, there is a halving process every couple of years, where the rewards from mining become smaller. However, there is still a chance to make a profit from mining Bitcoin, but you have to be aware of several factors that are affecting the cost of this process. Here are the main reasons why Bitcoin mining is still profitable in 2020.

1. Efficient Hardware

Source:garrymcguirenews.com

In the first few years, when the blockchain technology and the mining process were introduced, you could successfully create blocks of codes with an average PC in your home. However, along with the bigger popularity, developers also started making more secure software, which made the process much more demanding in terms of hardware. Today, the main point of efficient mining is having the latest devices specially designed for this method. If you have the most recent processor and graphics card, you can efficiently create blocks of codes, which will provide you with tokens that you can later convert into Bitcoin. Also, you should know that these devices can consume a lot of energy, and you will have to make a proper calculation of electricity, and the cost of the hardware to conclude will mining be profitable.

2. Electricity

Source:spectrum.ieee.org

The cost of electricity in your country can be crucial for the profitability of mining. For example, with the current value of this cryptocurrency, you cannot expect that you will make any profit from mining if you live in South Korea, where the cost of only one coin is over 25,000$, which is significantly higher than its current price. Besides South Korea, countries like Denmark, Belgium, Germany, Bahrain, and many others, are also having expensive electricity, which means that you should avoid to mine BTC in these countries as well. On the other side, if you live in a country with much cheaper bills, this process could bring you a great profit. Some of the countries where mining can be profitable are Paraguay, Serbia, Kuwait, Saudi Arabia, and the absolute winner is Venezuela, where you will spend only slightly over 500$ for 1BTC.

3. Choose a Proper Mining Pool

Source:crypto-economy.com

Besides the technical factors that are very important, you should also pay attention to find a proper and reliable network for the mining process. Since numerous machines are creating codes today, it is nearly impossible for anyone to earn a block reward by himself. Therefore, many mining pools represent networks of people who are combining their hardware to create and share tokens. One of the biggest pools today is F2Pool, which holds over 20% of all codes available. Besides this one, there are many other pools as well, and you should choose one by the percentage and number of people there. Also, you have to be aware that every mining network requires some fees, which are around 3% on average. If you have a Watsminer M20S machine, which costs around 2000$, you can mine coins with an average price of around 6$ each day.

Conclusion

When we look at all of the factors that can affect your profit from mining, we can see that it is much harder today to earn a lot from this method, especially if you live in a country where the electricity is expensive. However, if you are willing to invest a greater amount of money in proper hardware, there is still a great chance for a profit. After the latest halving, miners can get 6.25 BTC after the one round of mining is finished, which is still attractive to many. On the other side, the next halving, that will occur in 2024, will reduce the reward to 3.125BTC. In that matter, we assume that there will be many more people interested in trading than in mining after that.

However, if the price of BTC, which could reach 20,000$ again until the end of 2020, will break another record, the mining can remain as a great option. Many factors can affect the price of digital currencies, like their legality in countries which is still not regulated, and the demand for them, which is the main factor that can affect the value of them. Furthermore, the process of mining will be available for a long time, and according to some analyses, we will have to wait until the year 2140, when the determined maximum of 21 million Bitcoins will be mined. We are sure that mining could at least represent a great type of additional income, especially in the case that the world economy fully accepts it and implement it in the monetary system.

Learn the Basics of Bitcoin Mining

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Many have probably heard or read about the expression “bitcoin mining” people have been talking about intensively for the past 3-4 years. Before learning the basics of bitcoin mining, let’s explain the expression itself and why is it so popular.

Bitcoin stands for a digital currency that has all the characteristics of a regular financial currency we use everywhere in the world, and mining refers to the activity or a process of confirming the transactions that wait to be included in the blockchain technology.

Source:expresscomputer.in

The key goal of having this kind or this version of electronic money is to enable you to perform direct online payments without the mediation of a financial institution (without a central bank or a central administrator). If you consider all the mediators involved in the process of transacting money from one country to another, all the commissions charged by the mediators, not to mention having to convert money to the local currency and the transaction time needed, using cryptocurrencies sounds like a much affordable solution. All the transactions in the bitcoin network are being recorded in the so-called blockchain. It is sort of a database (a public list of all the transactions) maintained and updated by thousands of miners across the globe. Even though all the transactions are anonymous, they are however publicly available for everyone to see.

So, how does one learn the basics of mining?

Bitcoin is being produced (made) by a computer that participates and manages an already mentioned (blockchain) public database. The computer is being awarded one bitcoin for each successful transaction that adds a new block to the blockchain. This process is called the mining process, where mining is done by computers.  It is important to understand that the reward never goes to one person because no one in the world has enough computer power to solve a complex mathematic problem (operation) needed for a successful block. This is the reason miners network into mining pools to group their computer power and proportionally share the reward. The more miners, the secure the network, but the harder the mining.

One fact that arises from this is that human activity is not required for the mining itself. A logical question that would follow is – then is it required in the trading of the bitcoins? The answer, believe it or not, is no. By this moment in time, there are numerous software, robots, trade platforms for analyzing algorithms, initiating, and analyzing trades, without having to spend valuable time searching for buyers yourself. One such software can be found at q-profit-system.com.

Investing a good software is always a smart solution, especially if you are new in this cryptocurrency market and you want to make sure you stay on the right track. In any case, hiring a broker will maximize profit with bitcoins.

Source:coinrevolution.com

However, if you have decided to mine, there are also a couple of more things to learn about.

Hash rate – is the number of operations your hardware can perform in a second when trying to break the mathematical problem. It is measured in megahash, gigahash and terahash. The higher the rate the more are the chances of successful mining. Calculate your energy spending to avoid surprises– the computer, logically, operates on electrical energy, which of course costs money. Ideally, you want to use the hardware that will not spend more energy than you will earn by mining. Then, choose how you will perform mining: GPU, FPGA, ASIC.

  1. CPU/GPA – the weakest of three options. Theoretically, you can use your computers’ CPU for mining, but in practice, it is very slow and makes no sense in today’s market. You could increase the hash rate by adding GPU chips (contained by graphic hardware), but you also should be ready to invest a bit more money.
  2. FPGA (Field Programmable Gate Array) is an integrated electric circuit that enables mining hardware producers to buy chips and put together the equipment themselves. It gives better results than the CPU/GPU.
  3. ASIC bitcoin mining (Application Specific Integrated Circuit) is specifically designed to do only one thing: mine for bitcoins with exceptional speed and relatively low energy spending. They are quite expensive and manufacturing them takes quite some time.

Pool – when you have considered everything and procured the equipment, you can start mining. But keep in mind, you will have more success if your network/joins a pool of other miners.

Certain companies offer mining services, so if you want to invest in cryptocurrency, but do not wish to go through all the trouble of buying and installing the hardware, calculating electricity spending and all the other things mentioned in the text above, then “cloudhashing” is your option. You buy the finalized product, a whole mining package, by choosing the hash rate speed. All the other technical things are provided by the company (electricity, hardware, maintenance, networking in the mine pools, etc.)

Once you have mined and managed to get a bitcoin, you should have a safe place for keeping it. Symbolically, these places are called the wallets. What they do is keeping your private keys which you use to access your assets. Wallets come in different versions, depending on the device (desktop, mobile, web, hardware wallets).

There are numerous bitcoin mining courses available online, for everyone who plans to start mining. The content usually includes lectures for gaining basic knowledge on bitcoins, tips on what to do and what not to do, steps you need to undertake before starting the mining, etc.

Lots of video material explaining is also available for free, on different websites, where people shared their experiences on how to mine.

You could say that this kind of currency belongs to the people. Bitcoin is an open code system, owned by no one, but where anyone can take part in its development. It is a currency not limited by state borders. More important, no government in the world controls it. So, this is what makes it so tempting.

Source:starofmysore.com

One thing is for sure, the world is turning more digital every day, and bitcoins have a very interesting role in this. Is it the new version of gold? Get ready to jump on the train and find out.

Top 9 Interesting Facts on Mining Cryptocurrencies

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Are you into cryptocurrencies or Bitcoin in particular? Maybe you are slowly getting into this world? It doesn’t really matter if you are a pro or a beginner, this article is for everyone! In fact, right here we will discuss and explain some interesting and unique facts that you probably didn’t know of. Keep on reading and find out a bit more and enjoy these 9 facts regarding mining cryptocurrencies!

1. The ”real” father and founder of cryptocurrencies

Source:thefintechtimes.com

Bitcoin is known as the very first cryptocurrency, and it is the most talked-about cryptocurrency in the world, wouldn’t you agree? However, the history of money based on cryptography goes back to times way before Bitcoin! In fact, DigiCash is the ancestor of Bitcoin, although without blockchain.

Because of that, it didn’t jump to mainstream use and it wasn’t as talked about, ever. Its creation dates back to the early 90s. It was founded by a young American crypto enthusiast David Chaum. He wanted the transactions to be anonymous, and it wasn’t controlled by any government financial bodies.

2. The first-ever Bitcoin transaction was for pizzas

Source:thefintechtimes.com

Are you a pizza lover? If so, you will find this fact super funny! The first-ever transaction was for two pizzas that were bought for 10 000 BTC. This happened in 2010, and once converted to real money, this was around 25 USD back in that time. Currently, Bitcoin is worth 6 500 USD, which means that these two slices would have been 65 million USD! Laszlo (the pizza lover), has significantly overpaid his two slices. It is one of the most talked-about topics online, on some forums, as well as among Bitcoin & cryptocurrency fanatics!

3. The first-ever BTC faucet gave away 5 BTC per one user

This may sound a bit shocking, but this has happened in 2010. The creator of the website called Gavin Andersen allowed each user to receive 5 Bitcoins as creating the account. This way the creator was promoting his site, his game, as well as the crypto value itself. Nowadays there is a huge gap and everything is different with faucets. For instance, a site called Bonus Bitcoin allows you to claim 5000 Satoshis every 15 minutes. Once converted to dollars, this is about 0,3$, depending on the current Bitcoin price. You will get around 5-10 Satoshis for free on most sites, which is quite little nowadays.

4. There are other even smaller units

Most people worldwide believe and feel as if Satoshi is the smallest unit since it is considered as almost nothing. Bitcoin is divided into 8 zeros after the decimal point, as you probably know it by now? However, this doesn’t mean that you can’t divide Satoshi as well. Once you do the math and the equation, you will get a unit called Millisatoshi, which equals one-thousandth of Satoshi.

5. The bitcoin wallet

Source:blog.bitnovo.com

Did you know that there are Bitcoin wallet private keys? Well, they are integers from 1 to 10 to the power of 77. If you were to guess a private key of a BTC wallet, you would have to spend years exploring it. You would have to have a lot of computing power. These mathematical equations are something that others haven’t witnessed just yet. If you are a crypto user and you want a crypto wallet, just know that it is a bulletproof solution, literally!

6. At one point, there have been 184 billions of BTC

You are well-aware of the Bitcoin blocks, right? Well, a block number 74 638 has had a unique error a few years back. This led to the creation of a huge number of new BTC coins, over 180 billion of them! However and in only 5 hours, experts were able to create a new version of Bitcoin called 0.3.10. Because of this glitch, a huge amount of Bitcoin was ignored, but people have accepted the change.

Source:pikist.com

7. No one knows about the real and true inventor of Bitcoin

The most popular cryptocurrency in the world doesn’t have its rightful owner written next to its name! Was it one person, persons, or an entire organization? We still don’t know, even to this day! Thus far a lot of people have stepped up and have tried to claim Bitcoin. However, none of them were credible and you couldn’t believe their statements. People believe that a creator of bitcoin is Satoshi Nakamoto, hence the name Satoshi’s (read the fun fact number four). However, another popular belief is that it is an acronym for some larger names & tech giants, such as Samsung- Toshiba-Nakamichi-Motorola.

8. Bitcoin has been banned, is your country still on the list?

Did you know that some countries can ban cryptocurrencies completely? Although this can be quite hard to do & determine whether if it is the right move to do, the following countries have made the call:

  • Algeria
  • Bolivia
  • Ecuador
  • Nepal
  • Bangladesh
  • Cambodia

9. Cryptocurrencies will do more good than harm

Source:unbank.mobi

Think about eCommerce, and embrace cryptocurrencies! Internet connectivity is available in third world countries, which is great. On the other hand, opening a bank account over there can get difficult. Bitcoin and similar currencies will help eCommerce reach a lot of people in the world. Cryptocurrencies are great as a payment tool, and they can come in handy – no matter where you are in the world (as long as if it is not one of the previously mentioned six countries).

Want to give it a try?

So, what do you think of these top 9 facts? Did you know some of them already? Or maybe you know something that we don’t, so care to share in the comments down below?! Either way it is, everyone can fall in love with Bitcoin and the world of cryptocurrencies. If you want to know a bit more about them as well as the trading check, give https://profit-secret.com/ a click! They have answers to some of your most-asked questions.

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