What is Crypto Mining?
Cryptocurrency is a virtual currency. There are a lot of ways to earn cryptocurrency such as buying, earning through gaming as rewards and more. One of such ways is mining. Crypto mining is a process where you dedicate yourself decoding and solving mathematical problems to evaluate a cryptocurrency transaction. The miners compete with each other to solve the problem first and the one who decodes it and authenticate that the transaction is legitimate earn certain amount of cryptocurrency as a reward or create a new currency. The reward amount varies regularly and it is around 12.5 bitcoins as in 2018.
What is crypto mining rig?
To attempt crypto mining, an individual should dedicate time and work. Earlier, it could have been done in a standard regular PC, but as the volume of people mining drastically increased, now one need powerful hardware to work. Thus, comes the “Crypto mining rig” into play.
It is a regular pc equipped with high-end processors and GPU, specially designed for crypto mining. The crypto mining rigs are dedicated only for mining and cannot be used for other purposes, like an iPod dedicated to music.
Building crypto mining rig
In order to build a rig, DECENTER, a popular Russian platform suggested a basic guide to building a rig in the home.
- Rig frame – Aluminium
- Motherboard – Should support 4-8 video cards
- Processors – i3/i5/i7
- RAM – DDR3 4GB
- Storage – 50gbHDD
- Power supply – 750watts
- Video cards – GTX1060 6GB
- Mining software, BIOS setup, Overclocking software
Comparing last year’s boom of cryptocurrency, there’s definitely a fall in the value of cryptocurrency and thus in mining. It’s not as viable earning strategy as it was a year ago. Nonetheless, it still is a futuristic way to earn money. The major advantage of cryptocurrency is its tax-free policy that can be transferred anywhere in the world in a short time. But you need to invest a capital amount to build a rig, to provide electricity for a rig and wait for a certain time to get back into profits. Hence, if you’re a tech enthusiastic it’s a great way to earn money.
Cryptocurrency has gained wide popularity in recent times with its prices rapidly increasing day by day. People are opting for the digital transaction as it provides security and economic safety which is not possible everywhere. Cryptocurrency is viewed as one of the best online transaction alternatives available with the people. Here are the 4 prolific reasons for cryptocurrency to become the future of online transactions:
- Immensely reduces the risk of fraud
Fraud and scams are prevalent everywhere these days. People have to be constantly aware of them while making transactions. Payments done in cryptocurrencies are secure and safe with the absence of an irreversible feature. The finds remain secured in a key cryptography system. Due to encryption and decentralized technology of blockchain, the chances of fraud are almost negligible with cryptocurrency.
- Elimination of transaction fees
The exchanges that take place in cryptocurrencies are usually done without any transaction fees as there is no external body governing the process. Cryptocurrency receives this compensation from the cryptocurrency network. In a few cases there can be some external fee incurred if a third party is involved. Despite it, the charge incurred is less as compared to the fees charged by the other financial institutions which make it very cost effective and efficient for users.
- Helps maintain confidentiality
When there is no other external source involved in the transaction process, the risk of involvement and leakage of any confidential data is also eliminated. In cryptocurrency, the transaction completely happens only between the two parties with no chances of any threat or identification issues. This is very profitable for various types of businesses. Know more about it on www.futurism.com
- Easily accessible
Cryptocurrency is very easy to access just with the help of a mobile phone or computer having a sound internet connection. There is no need for any kind of business account or software to access the cryptocurrency. This particular feature is extremely beneficial for developing countries as it opens a lot of opportunities for them without the utilization of such resources.
So these were a few reasons why cryptocurrency is most likely to become the future of online transactions in the near future.
The blockchain is the leading technology that is being used in the retail, banking, healthcare, stock market, and crypt market successfully. This technology is also being speculated to play a major role in changing the face of the educational system as it can effectively be used to create an excellent student learning experience. Here are the 4 amazing ways in which blockchain can affect the education system:
- Learning platforms as per the demand
With the use of blockchain, independent learning platforms can be created where the interaction between the student and teacher can take place during the coaching sessions. Without the use of any external control authorities, certain conditions like the duration, fees, and assignments can be agreed upon initially and recorded so that sheer transparency is maintained with regards to everything. This can effectively even reduce the overall costs due to the absence of any governing authority.
- A token system as a learning reward
This technology can be used to improve and change the teaching style to make it interesting for the students. Students can be encouraged to learn and study if they are rewarded for their performance in the form of digital tokens. These tokens can be stored with the use of the blockchain technology and can be later on used to redeem when the students want to go for higher studies in different universities.
- Global verification of academic credentials can be done
Verification of degrees of students is a tedious process these days which involved various processes and approaches. Blockchain national or international level certificate banks can be set up to solve the verification issue with blocks for each country. Decoding method can be used in this case for global recognition of this kind of digital certificate system. Know more about it on www.forbes.com
- Digital knowledge source
The essence of education can be retained with the setting up of digital knowledge banks where the teachers, entrepreneurs, various leaders students can share knowledge on diverse topics along with the learning experiences across different fields of study. Risk of losing such valuable data and information is negligible in the case of blockchain which makes it very efficient to bring about this kind of innovation in the education system.
Bitcoin is gradually becoming a mainstay payment option for online businesses. It has already made a breakthrough in developed countries like the USA, Australia, France and Germany, while the developing countries are not far behind in opening up the door. Make no mistake, Bitcoin has already proved its worth as a major currency exchange medium to businesses around the world in a totally transparent and censorship-resistant way.
If you are still skeptical about Bitcoin’s acceptance in the world of online trades, let’s put your doubts to rest by discovering these 7 major e-Commerce platforms that have started accepting Bitcoins for their trades.
CheapAir.com is one of the world’s first major travel booking websites to open Bitcoin payment option to its customers. Introduced in 2013, this California-based company allows the travelers to book their flight tickets through Bitcoin transactions.
One of the leading online shopping websites that deals with almost every type of household items, Overstock is the first major retailer to have opened up Bitcoin payment gateway to its customers in the year 2014.
Yes, you heard it right. The technology giant now supports Bitcoin payments for Windows and XBox sales.
Now you can register a new domain and host your website using Bitcoin. NameCheap, the ICANN accredited domain registrar, has come up with BTC payment gateway for domain registration and web hosting services.
Shopify is a Canadian company headquartered in Ottawa which develops world’s most popular e-Commerce website builder. The company has integrated BitPay payment gateway to facilitate Bitcoin payments from the customers.
The famous global lifestyle media company has recently added a cryptocurrency wallet to the list of payment options. Subscribers can now use Bitcoin and Ethereum to buy digital content from their online store.
The world famous fried chicken food-joint too has recently introduced Bitcoin payments. Although currently it is available only to the Canadian customers, the facility is expected to be extended to other countries also in the near future.
Bitcoin payments are gaining traction among online traders and buyers. If you are yet to do any online transactions using Bitcoin, it’s high-time you should take the plunge and explore the world of cryptocurrency. Don’t worry, it’s completely safe and transparent – like any other online payment gateway.
Few would have predicted only a handful of years ago that cryptocurrency and the blockchain would find itself in quite the position of influence which it now occupies. Sure, there were and still are some who are just ardent supporters of the ideology and sense of community that it brings, but the ability to which the movement have been able to incorporate mainstream users to adopt the technology has been amazing.
This is testament to the fact that people realize how much of an essential role crypto and the blockchain can play in society in the years to come. So, just how big can it actually become? – This is really dependent on two major factors:
The current market conditions are showing a side of cryptocurrency particularly which is not very positive to potential investors. The volatility of the market is always something used by market traditionalists almost as a scare tactic to dissuade investors from moving into cryptocurrency. Therefore, although long-term holders and people who actually are an integral part of blockchain projects and the community know that brighter ties are ahead and the mission is more important than the price, this can be hard to convey to potential investors.
That said, each time the markets see a positive movement, more new faces come on board.
One of the major factors which will help a larger percentage of the population realize the many benefits of cryptocurrency is if we can properly integrate it to our daily lives. This has so far proven to be quite a difficult task so far largely because network transaction speeds of many currencies are still not quite there when it comes to supporting the large volume of transactions required. However, progress is continually being made, and there is no doubt that within the next few years, using crypto will be as easy as cash or credit within our daily routine.
Considering the progress made in the industry within the last 5 years, the future looking forward to the next 5 is extremely bright.
As the rise and rise of cryptocurrencies continues, the imaginations of many investors have been captured. This in itself is a very positive movement that has stoked the interest of people in the sector. For investors though, there are definitely some intimidating barriers to entry when it comes to the crypto sector. How then, can you be sure that you are making a correct and positive decision when investing in crypto and how can you identify the best future moves for your portfolio. Here are a few key points to help you along.
As with any investments, you are bound to make some mistakes at first. This is a natural part of learning the ropes. Making mistakes will actually encourage you to learn and improve. For this reason though, it is wise to start out in a cautious manner. Primarily, this means investing with much less than you can afford to lose. Something along the lines of 1% of your intended bankroll for your initially weeks trading can be advisable.
Trust your Research
Firstly, you should be researching your selections before committing to any trades. Just like any other investment in life, due diligence is essential. The crypto world is not a get rich quick scheme. Once you have researched your selections, trust them. Often, it is when we suffer from self-doubt that we make costly mistakes. In the long run, trusting your initial feelings can often work out, even if this takes longer than expected.
Take your Time
As mentioned, things can take longer than expected. This often means that if your trades are not working out at first, you should stick with them. Selling out at a loss only to see the market swivel again is disheartening and can cause you to lose faith in your choices. If you believe in your choices, you should stick with them in the long run.
Following some of the simple steps and the more in-depth guide we have linked above, in combination with your common sense not to invest more than you can afford to lose, should see you get started down the productive and often rewarding track of crypto investing.
One of the most popular methods of raising finance for new projects at the moment is to take to the blockchain and run an ICO (Initial Coin Offering). They are often hoping to get a piece of the same pie which has seen billions of dollars raised so far in 2018.
Part of the appeal for some of the projects is the lack of regulation and oversight within the sector. This can mean that many ideas which simply wouldn’t be financed through traditional means such as VC, can chance their luck with an ICO.
Most ICOs will set a softcap. This is the minimum amount of investment required for the project to succeed. Unfortunately though, many of these projects fail to reach that amount for the same reasons they would be rejected for traditional funding. It could be anything from a lack of preparation to a lack of trust.
The question for many of these failed projects which have really not even gotten off the start line is, what to do next?
Running an ICO is not a free for all, despite how some scam projects may see it as such. As project founders, you do have a fiduciary responsibility to your investors. This is that, once you have accepted some investment capital, you have an obligation to these investors. Therefore, the first thing you need to do is refund these investments in full if the project is not proceeding.
Extend the Sale?
All may not be lost. You could be close to reaching your target, or any number of things outside your control, such as market drops and volatility could have placed the project in an unusually rare situation. In these cases, you could consider altering the sale period to give yourself more time. This would need to be communicated to investors, reflected in your roadmap and altered in your smart contracts, but it is doable. If it is a genuinely understandable situation, most of your investors will also agree as they too want to set the best conditions for the success of the project.
Back to the Drawing Board
If you feel your project has truly failed for now, it may be back to the drawing board. Here you can analyze the areas where you made errors or the reasons why you failed to reach your goals and hopefully plan your next attempts. Analyzing and understanding why you failed is an important step in the developmental phase of any company.