Wikicoin Angel Di Matteo

Evento Realizado en la Cámara de Comercio de Bogotá Contó con la Participación de Representantes de NEM y PundiX

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El director de NEM para América Latina y el representante de la compañía hablaron sobre la misión/visión de ambas entidades y el despliegue que han tenido en la región.
Evento Realizado en la Cámara de Comercio de Bogotá Contó con la Participación de Representantes de NEM y PundiX

El fin de semana pasado tuvo lugar el la Cámara de Comercio de Bogotá el ciclo de conferencias llamado “El futuro de Blockchain en Latinoamérica”. Evento que logró congregar a expertos y participantes locales del ecosistema Blockchain así como a invitados especiales provenientes de Rusia y Brasil.

Además de la participación de los representantes de U.Community, el director de NEM para Latinoamérica, Pedro Gutiérrez, aprovechó el espacio para compartir con los asistentes algunos datos sobre la red Blockchain que opera la fundación con sede en Singapur, la cual ha sido considerada como una de las redes de bloques más sólidas y prometedoras en la actualidad.

La tecnología Blockchain de NEM

Gutiérrez, inició su ponencia hablando un poco sobre la tecnología de NEM, indicando que no solo se trata de una Blockchain que opera una criptomoneda, sino que también integra una serie de mejoras que le acreditan como una red de bloques de tercera generación, superando ampliamente las propiedades que ofrece el ecosistema de Ethereum a nivel de desarrollo y servicios.

El director de NEM indicó que el Blockchain público de la compañía es capaz de procesar más de 4.000 transacciones por segundo, cifra que aumenta de forma exponencial para su red privada. Entre los servicios que NEM ofrece para programadores y desarrolladores están un sistema de comunicación encriptada para la transmisión de información importante; un servicio de apostilla para proteger la propiedad y autenticidad de un producto; un sistema de mosaicos para la creación de nuevos tokens y activos digitales; un servicio para la creación de dominios, Wallets multifirma y servicio de votaciones, los cuales pueden ser desarrollados con lenguajes de programación conocidos como Java, Python, entre otros.

Gutiérrez destacó que la Fundación NEM ha dado pasos importantes dentro de su plan de expansión en el continente, pero a nivel de Colombia mencionó como alianzas importantes la recientemente establecida con la Alcaldía de Cali y con la Municipalidad de Córdoba. También hizo referencia al avance que ha mostrado el desarrollo de su protocolo, el cual ha sido fuertemente respaldado por programadores venezolanos que han destinado grandes esfuerzos para la evolución de su oferta de servicios.

Para ilustrar a los asistentes la aplicabilidad que ha tenido la tecnología de NEM, Gutiérrez presentó algunos casos de uso reales muy exitosos en la actualidad:

  • GreenOx: Sistema de cultivos hidropónicos en containers que hace uso del Blockchain de NEM para distribuir equitativamente las ganancias en base a la producción comercializada.

  • Tutellus: Sistema de apoyo económico para estudiantes universitarios, el cual evalúa el rendimiento del alumno a lo largo de la carrera mediante un sistema de puntuación manejado por profesores.

  • CopyrightBank: Servicio para la protección de derechos de autoría mediante la emisión de certificados digitales almacenados en una red Blockchain.

  • PundiX: Puntos de venta desarrollados con tecnología de NEM para la recepción de pagos en criptomonedas y comercialización de dichos saldos.

Para finalizar, Gutiérrez habló a los presentes sobre las actualizaciones recientemente lanzadas con el protocolo Catapult, el cual permite la automatización de los procesos de pago y una minimización en los lapsos de ejecución de los contratos inteligentes, así como la remuneración inmediata de las partes sin tener que esperar la confirmación de los bloques. Además estas mejoras también incorporan la posibilidad de recuperar los fondos a través de un sistema de validación mediante terceros, al tiempo que implementa una arquitectura de capas mejorando el rendimiento de la red.

PundiX y los puntos de venta para pagos cripto

La útlima conferencia del evento estuvo a cargo de Joao Victor Mendes, representante de PundiX para la región de Latinoamérica, quien presentó nuevamente a los asistentes el punto de venta desarrollado por la compañía, mejor conocido como XPOS.

Mendes desarrolló a más detalle algunos puntos que comentó previamente durante el MeetUp realizado en la ciudad de Bogotá a principios de este mes, ya que comentó un poco sobre la misión/visión que inspiró la creación del producto la cual se fundamenta en la idea de hacer más fácil para todas las personas el acceso a las criptomonedas de forma tan simple como hacer compras en una bodega o mercado. También indicó que apenas el 1% de la población mundial hace uso de las monedas digitales y que estos activos han probado ser de mucha utilidad para los residentes de países fuertemente azotados por debacles económicos y políticos, como fue en su momento EE.UU y ahora ocurre en Venezuela y Argentina.

Tras compartir estos datos, Mendes mostró a los asistentes el dispositivo XPOS e hizo una demostración de su funcionamiento mediante la utilización de la tarjeta XPASS. El punto de venta opera con varias criptomonedas (Bitcoin, Ethereum, XEM, Litecoin, Binance… entre otras) y admite distintas modalidades de pago, como el uso de tarjetas de débito/crédito con chip y transferencias vía escaneo de códigos QR. El Hardware genera un comprobante físico de la operación y está protegido en contra de modificaciones de hardware así prácticas que puedan ser consideradas ilícitas.

Mendes indicó que el producto emplea tecnología de capas de NEM para agilizar los pagos, por lo que a la hora de recibir transferencias con Bitcoin o Ethereum no es necesario esperar tanto tiempo por la verificación de las transacciones. A su vez indicó que próximamente lanzarán actualizaciones y operarán en su propia red Blockchain, por lo que los creadores interesados podrán desarrollar soluciones que involucren el uso del dispositivo XPOS.

Como punto final el representante de PundiX indicó que la compañía acaba de lanzar su red en Hong Kong y que próximamente lo hará en Japón y Corea del Sur, teniendo como meta el próximo año expandir esta posibilidad para el territorio colombiano.

Antes de culminar Mendes anunció oficialmente que habían cerrado un acuerdo comercial con Manticora Capital, compañía que llevaría a cabo la distribución oficial de los equipos en territorio colombiano. Los nuevos socios comerciales indicaron que ven gran potencial en este producto, ya que la tecnología con la que este ha sido desarrollado puede aplicar para implementar incluso un sistema de puntos respaldados por la moneda de curso legal en el país.


Si deseas saber más sobre el evento realizado en los espacios de la Cámara de Comercio de Bogotá, te invitamos a leer nuestra reseña de la participación de los representantes de U.Community, a la cual podrás acceder haciendo clic aquí.

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What is Cryptocurrency Arbitrage? Ultimate Guide to How Arbitrage Works

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There are good opportunities in cryptocurrency arbitrage if you know what you are doing
What is Cryptocurrency Arbitrage? Ultimate Guide to How Arbitrage Works

As cryptocurrency becomes more mainstream, we are eager to apply conventional trading principles to the decentralized system of finance. Even though these new techniques might face stiff resistance at first, with time, we will realize the importance of being amenable to the new developments. As at now, one of the most important concepts in crypto-market is cryptocurrency arbitrage and how it works.

What is arbitrage?

First, let’s seek to understand what arbitrage is and the applications. Arbitrage is the term which

explains the phenomenon when an investor buys an asset and then quickly sells the particular asset so as to benefit from a change in price. While this definition might not do justice to the topic, an example will suffice.

Assuming you purchase shares of your preferred company for $100 in New York Stock Exchange and then you sell this same asset on the London Stock Exchange platform for $110, you have had the chance to earn a $10 profit on this particular trade.

What is cryptocurrency arbitrage?

Now that you’ve learned the simple and important process which helps acute investors make a profit on the irregularity of the market, we can easily understand how to arbitrage cryptocurrency. It is important that you note, however, that cryptocurrency arbitrage opportunities are found on different digital exchanges. For instance, if Bitcoin is selling for $6,000 on one exchange and $6,250 on another, this is a perfect opportunity to arbitrage Bitcoin.

Finding cryptocurrency arbitrage opportunities

For now, the greatest challenge is finding opportunities to arbitrage cryptocurrencies and it seems as though a cryptocurrency arbitrage bot would be ideal for such task. Combing through exchanges manually would be a very laborious mission and it is very unlikely that you will get the best deal or the highest profit margin without the help of a cryptocurrency arbitrage software.

Steps to take when executing a cryptocurrency arbitrage

The process of executing a cryptocurrency arbitrage is, no doubt, a very difficult one. However, you’re lucky to have this guide readily available. You will learn the different steps you need to adhere to which will make the process seamless.

1. Find a suitable opportunity to arbitrage cryptocurrency

While we have mentioned how you can benefit from arbitrage bots for cryptocurrency, there’s little for you to do here if you follow due process. If you remember, the cryptocurrency market is unregulated, diffused, and, honestly, an easy target for arbitrage bots. For example, one time, CEX, a South Korean exchange, had Bitcoins at $10,026 while it was selling for $9,748 on Kraken- a US exchange platform.

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Similar events occurred in the past when the difference between Japanese and US exchanges was as high as $400. An arbitrage bot for cryptocurrency will definitely make your job easier here, simple.

When you can identify the exchanges with the highest disparities, calculate the spread (highest bid – lowest ask) and then take action.

2. Execute the trade

After you find the perfect exchange for your arbitrage deal, delay can be dangerous. There’s every possibility that others also saw the same deal and will swoop in before you. Provided that you have enough funding to cater for the purchase, place a bid and ask for bid accordingly. For example, if on Kraken, Bitcoin is going for $30 (just an example, don’t panic yet), and on Coinbase, it is available for $50, you can place a bid for one BTC on Kraken and request for a bid on Coinbase. The rest, as they say, is history.

3. Rebalance your account

Now that you’ve made a hypothetical profit of $20 (or so you think), you will need to send one BTC back to the account where you withdrew from (Coinbase in this instance) to balance it out. Keep in mind that cryptocurrency arbitrage can only be done once in a day. Although, nothing stops your cryptocurrency arbitrage software from gathering information as at when due.

Trading fees for cryptocurrency arbitrage

Why are arbitrage cryptocurrency bots important? If the price discrepancy is not sufficient, you might eventually lose more than you earn due to trading fees. Consider a trading fee of one percent. At first, it might appear small and insignificant. However, consider the real-life scenario where Bitcoin actually costs $9,240. Buying one BTC will incur $92 in trading fees. On the sale, you will spend another $92, coming up to $184. When you consider the time and effort spent on scouting for cryptocurrency arbitrage opportunities, you might begin to wonder if it really is worth it

Why aren’t we all partaking in cryptocurrency arbitrage?

Even if we made cryptocurrency arbitrage software readily available to everyone, some people will still pass up on the offer. Here are some reasons for that.

1. Cryptocurrency arbitrage needs real-time devotion

When we compare the arbitrage of cryptocurrency to Forex trading, we realize that there’s more to the system than we realize. The cryptocurrency market is ridiculously slow and this does not allow for any form of delay. Even with the most sophisticated arbitrage cryptocurrency bots, the exchange might have a couple of pending trades and this will amount to increased risk.

2. API integration is a Herculean task

The first issue is that there’s no universal definition for what an exchange API is able to do. We also have very vague details on what kind of data it returns. Actually, this shouldn’t have posed a challenge if documentation was exacting. Those that aren’t will prove difficult to understand, especially when it comes to the rates, how different data types are handled, the different rates, authentication, etc.

3. Exchanges are a cause for concern

It might interest you to know that you can easily set up a digital cryptocurrency exchange from the comfort of your home. With a Raspberry Pi and Ethereum, you can get started immediately. Also, prevalent DDOS attacks and matching engines which operate above their threshold threaten the success of cryptocurrency arbitrage.

There’s obviously a large market for cryptocurrency and it keeps expanding by the day. As cryptocurrency arbitrage bots become more sophisticated, the opportunities can be leveraged more and this will eventually lead to a more buoyant crypto market.

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Bitcoin Cash Price Prediction 2018\20\25: BCH Forecast

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Is this altcoin promising enough to invest in it?
Bitcoin Cash Price Prediction 2018\20\25: BCH Forecast

Bitcoin Cash is gaining its value not only due to its parent Bitcoin cryptocurrency. Investors start realizing that it's one of the most convenient ways to pay with crypto and withdraw the virtual assets. Is this altcoin promising enough to invest in it? Let's read Bitcoin Cash prediction to find this out.

Is Bitcoin Cash much different from Bitcoin?

Although Bitcoin continues its reigning on the cryptocurrency market, it’s far not the best coin from the technological standpoint. The number of transactions it can process is only seven per second– this is too slow. For reference: Visa processes transactions at the rate of 1,700 per second having the capability to process over 24,000 transactions per second.

Due to an increasing popularity of Bitcoin, people started mining it hardly and the mining pools gave about 80-90 percent of their power for BTC mining. That required a lot of energy and room for storing data.

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Advantages of Bitcoin Cash

In July 2017, the Bitcoin community voted for the introduction of SegWit2x technology– it minifies the volume of blocks to be mined by removing signature data. However, the size of the blocks still continues increasing, and now the blocks can weigh even one GB and more. Of course, that slows down the mining process and makes it less efficient.

Understanding that, miners and developers have introduced a hard fork of Bitcoin– Bitcoin Cash.

It has optimal block sizes (eight MB against one MB in BTC which boosts safety) and ensures a great speed of the verification process.

How has Bitcoin been improved?

In other words, Bitcoin Cash is a better version of Bitcoin. So what’s changed?

                            Bitcoin

                                        Bitcoin Cash

A standard block is one MB maximum.

Uses power blocks of eight MB maximum.

Uses SegWit– the signatures can be discarded from the Blockchain.

SecureSigns– signatures must be secured and validated on the Blockchain.

It has been developed by one centralized team. Bitcoin Core is the only implementation.

Has been developed by several teams and features several client implementations (Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited, etc).

Off-chain payment channels.

On-chain transactions and increasing for block size.

About Bitcoin Cash price prediction 2017

Just like its parent coin, Bitcoin Cash experienced an exponential boost in growth in 2017. Justifying the major community’s prediction Bitcoin Cash has started quickly making its way to the top and managed to reach important cost milestones. The coin was launched at the price of $250, and the next day, it already cost $651 per coin! In the middle of the month, it already cost $900.

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How Bitcoin Cash price changed in 2017

Of course, its development has been accompanied by hot debates over what’s better– the original of the ‘affiliate’ coin. The value of Bitcoin cash started falling when people realized that the fork is not a versatile answer to the problem of BTC scaling. Although it gained the maximum of $2,442, Bitcoin Cash price prediction for further months wasn’t justified– like all other coins, it started falling at the beginning of 2018.

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Bitcoin Cash prediction 2018

Different sources provide us with different Bitcoin Cash 2018 prediction:

  • According to technical analysis (cost estimated is done by software based on the price trends and trade volume), within a year, the coin can raise to $2,363.42 doubling in its value. So if you invest $100 in Bitcoin Cash, you can earn $211 within a year. That’s what Walletinvestor.com claims.

  • Alternatively, tradingbeasts.com says that Bitcoin cash can grow to $1,930–$2,838 in December 2018. That’s almost the same Bitcoin cash price prediction 2018.

  • Roger Ver, one of Bitcoin millionaires, says that the currency will continue its growth, and Bitcoin Cash will double its price in the coming months due to simplicity and convenience of use.

  • A less reliable but popular smartereum.com predicts 500 percent growth of BCH cash– the cost can grow to $6,700 within less than a year!

  • Similarly, profitconfidential.com claims that Bitcoin Cash will reach the price of $7,000 by the end of 2018.

As we see, most Bitcoin Cash 2018 price predictions are optimistic, and traders see it as a better Bitcoin alternative that brings about a lot of benefits, including fast transactions and low fees.

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Bitcoin Cash prediction 2020

When looking for 2020 Bitcoin Cash price prediction today, we can see that most sources provide almost the same information:

  • Tradingbeasts.com predicts that Bitcoin cash will cost from $4,037 to $5,937 by the end of 2020.

  • Brian Kelly, a cryptocurrency expert, didn’t mention any certain numbers but said that this is one of the most promising coins that every smart trader should buy.

  • priceprediction.co claims that by the end of 2020, Bitcoin Cash price will grow to $9,562.28.

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Bitcoin Cash long term prediction

When it comes to Bitcoin Cash five-year prediction, there are not so many opinions regarding it. According to Walletinvestor.com, the price of Bitcoin Cash will rise to $7520.50, which means the growth of 572 percent- that seems to make sense.

If we look in smartereum.com Bitcoin Cash price chart prediction, we’ll see that Bitcoin Cash can raise to  $24,600 within five years. That seems to be too optimistic. With such a high volatility, it’s hard to make any predictions– price movements are sudden.

What can affect the coin value?

There’s a myriad of factors influencing the Bitcoin Cash prediction: Reddit users have shared their opinions and claimed that the development of Bitcoin cash can be affected by the following things.

  • The dominance of Bitcoin.

  • Other advanced altcoins.

  • Poor adoption of technology.

  • Centralization of mining.

Should I invest in Bitcoin Cash?

Bitcoin Cash prediction today is not just optimistic– it seems to be close to reality. Besides, considering the current Bitcoin Cash prediction flip, the forecasts are expected to be justified pretty soon. Therefore, if you’re still in the dark about Bitcoin Cash and want to make your first investment, it’s high time to do it now– you can surely double the sum within a year.

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WikiCoin: How to Get Started With Bitcoin Mining

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Bitcoin mining requires quite a bit of computing power and energy, but there are a couple of options to choose from when starting out
WikiCoin: How to Get Started With Bitcoin Mining

After learning about how Bitcoin is mined and the way Blockchains are maintained by networks of users, you may decide to join the community and give mining a try. But where to begin? All Bitcoin mining requires considerable computing power, which in turn consumes significant amounts of energy. Keeping that in mind, there is a number of hardware options to choose from, depending on how much you are willing to invest.

Hash rate and energy consumption

The main consideration for mining hardware is its hash rate- the number of calculations it is capable of performing every second. Measured in megahashes (MH/sec), gigahashes (GH/sec) and terahashes (TH/sec) per second, a higher hash rate means a greater likelihood of solving a new block and receiving the reward. It’s also important to calculate the ratio of hashes to the amount of electricity used, by dividing the hash count by the number of watts consumed.

Hardware options

It is possible to just use your own computer’s CPU for Bitcoin mining, though it is also the least powerful option. In fact, in the context of today’s mining industry, it is nearly pointless, unless you improve the hash rate by installing an advanced graphics card with a graphical processing unit (GPU). For comparison, a CPU by itself will achieve less than 10 MH/sec, while the addition of a graphics card delivers over 800 MH/sec.

A step above CPU/GPU mining is the Field Programmable Gate Array, which is an integrated circuit that can be configured for Bitcoin mining with one or more chips. This setup can generate up to 750 MH/sec with a single chip.

The most powerful Bitcoin mining machines are Application Specific Integrated Circuits (ASICs), designed especially for this purpose. This option is the most sophisticated and, therefore, expensive, but it produces incredible speeds, up to 600 GH/sec. Even so, mining complexity is constantly increasing, leading manufacturers to develop ever more powerful ASICs, promising up to two TH/sec in the near future.

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How To Protect Your Bitcoin From Hacking - Guide For Saving Your Money

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This guide shares some of the most secure options you can rely on for keeping all your Bitcoin safe at all times
How To Protect Your Bitcoin From Hacking - Guide For Saving Your Money

How to protect my Bitcoin is probably the hottest question today. With cryptocurrencies becoming ever more valuable, a significant increase in hacking attempts has been observed of late. And, with Bitcoin being the most popular crypto coin available today, there are serious concerns in investors on how secure Bitcoin is.

Remember, once your accounts have been compromised and hackers manage to claim their control, it’s just a matter of seconds for them to rob you of all your Bitcoin. So, that’s probably why you should be proactive and must know how to protect your Bitcoins and other cryptocurrencies you own. In addition, you need to keep a regular check on your Bitcoin wealth to make sure it is where it should be.

With that being said, it’s not too difficult, however, to keep your Bitcoin away from the reach of hackers. All you have to do is to implement some simple Bitcoin security tips and you can easily ensure the safety of every single Bitcoin you own. However, before we get into that, let’s first try to find out the working mechanism of Bitcoin wallets.

How Bitcoin wallets actually work

First and foremost, Bitcoin isn’t some physical commodity that you have to store somewhere safe. Bitcoin isn’t some object; rather it is an address on Blockchain that is stored after encryption.

When you are in possession of a Bitcoin, you actually have a particular unique key which can be used for unlocking a certain Bitcoin location. So, you have to protect that key by keeping it in a reliable wallet so that someone can’t steal it away.

Now, coming back to Bitcoin security, there are several ways of storing your cryptocoin and ensuring that hackers stay away from it at all times. Let’s check out what options do you have.

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Bitcoin security guide for keeping your wealth safe

This Bitcoin security guide shares some of the most secure options you can rely on for keeping all your Bitcoin safe at all times. You can even use these options in combination to ensure maximum protection.

1.     Always have a backup

Regular backups of your Bitcoin wallet will ensure that you have your Bitcoin keys safe with you in a second location should something goes wrong. With a regular history of your backups, your currency can easily be recovered from your digital wallet. You should backup each and every wallet.dat file and keep it somewhere safe. For added security, keep the backup in multiple locations and guard it with some solid passwords.

2.     Keep software updated

If you’re concerned about Bitcoin security, make sure that your wallet software is updated. But if it’s not, your Bitcoin would potentially be a very soft target for the hackers. Wondering how latest software can protect your Bitcoin?

Well, it comes equipped with better overall security system and can offer better security against latest hacking techniques being implemented. Besides, any security glitches are also patched in the latest security protocols and it can certainly help keep the most seasoned hackers away from your Bitcoin.

3.     Have 2-factor authentication in place

Activating 2-factor authentication on your Bitcoin wallet is, probably, among the very first steps you should take for ensuring better safety of your Bitcoin. With 2-factor authentication activated, you’re sure there’s an added layer of security that hackers would have to bypass in order to access your Bitcoin.

Also, no one would be able to access your cryptocurrency unless they have access to your phone as well. It’s, probably, among the initial advice when someone asks how to protect my Bitcoin and the option is available with almost all major cryptocurrencies.

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4.     Use multi-signature

Multi-signature is quickly getting popular as a source of added security for Bitcoin. It requires several people to approve a transaction before it is actually carried out. As a result, the treat of Bitcoin being stolen is minimized as there’s not a single server or controller that can carry out Bitcoin transactions. You’re required to specify the people authorized to transact at early stages of the process and when a transaction is initiated by one of them, other authorized individuals must approve it before it can actually happen.

5.     Encrypt the Bitcoin wallet

Encrypting your Bitcoin wallet is also a source of enjoying added security. When you are dealing with encrypted files, folders or messages, you must have right key for unlocking it and accessing everything inside. So, when you encrypt your Bitcoin wallet, it means that anyone trying to access it would need the right key or password to be able to do so. When you are using mobile, hardware or desktop wallets, encryption becomes imperative for protecting your Bitcoin.

6.     Use secure devices to access your Bitcoin accounts

Probably one of the most important Bitcoin security tips, you really need to understand the importance of accessing your Bitcoin accounts only from the most secure devices. Never use public Wi-Fi networks or public computers to use your Bitcoin accounts or to make any transactions. Doing so will ensure that nobody can ever know your password and use it for stealing away from you.

Furthermore, rather than downloading different applications directly, you should only be using official sources for moving your Bitcoin or checking your account. Doing so will ensure that your Bitcoin, and other cryptocurrencies for that matter, remain protected.

7.     Rely on cold storage

When we talk about Bitcoin, cold storage actually refers to keeping your Bitcoin stored in a safe location offline. There can be different options that you can try in this regard and they include:

·       USB drives or any other offline storage media

·       Bearer items like physical Bitcoin

·       Paper Wallet

·       Offline Bitcoin hardware wallets

If you’re concerned about how to store Bitcoin on any of these offline storage options, you’ll have to explore them further. However, rest assured that there’s nothing too difficult about it and you’d be able to do without much of a hassle.

So, hopefully, this Bitcoin security guide will help you in keeping your Bitcoin safe and away from the access of hackers. Just make sure you implement the above security ideas to perfection. In fact, using a few of them in combination would turn out to be an even better idea.

And, once you do that, you can easily focus on your Bitcoin trading and making more money than ever without having to worry at all about those hackers and other such elements who are always on the verge of robbing you of your Bitcoin and other wealth you may have in the form of different cryptocurrencies.

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Is Mining Ethereum Worth It in the End of 2018?

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Is mining Ethereum worth it? Find out what ETH mining profitability is, and what the best cryptocurrency alternatives to Ethereum mining are.
Is Mining Ethereum Worth It in the End of 2018?

Mining is still considered to be one of the fastest and cheapest ways to become a proud owner of cryptocurrency riches. It seems to be easy-breezy: you install a mining rig, maintain its 24/7 functioning, and reap the profit.

However, not all cryptocurrencies are equally simple in mining. Is Ethereum worth hunting for at the end of 2018? It’s time to debug the myths.

What is Ethereum mining?

The process of Ethereum mining is pretty much the same a Bitcoin’s. For every block of the transaction, miners their computational power to solve mathematical puzzles until one of them wins. The first miner to process the data is rewarded with coins.

As explained by BTC manager:

“For the uninitiated, mining involves running the computer continuously as all the systems on a network compete among each other to solve complex numerical problems. The first system to crack the problem earns a set amount of ether or Bitcoin.”

Technically, miners run the block’s unique metadata (such as timestamp and software version) through a hash function and change the ‘nonce value’ that influences the hash value. If one miner finds the hash, other miners stop working on the current block and are automatically redirected to process the next block. This approach is called ‘proof of work’. In the nearest future, Ethereum team plans to make the switch to ‘proof of stake’ protocol.

image

Typically, a miner finds a block every 12-15 seconds. If miners start solving the puzzle too quickly or too slowly, the algorithm automatically changes the difficulty of the problem so that miners would get back to the 12-second solution period.

Does it mean that the chance to get a block depends on luck?

Both yes and no. With Ethereum mining, luck and the amount of devoted computing power are important.

ETH mining profitability: What it depends on?

Every crypto enthusiast should decide for oneself whether mining Ethereum worth it in their personal case. There are a few factors you should consider before buying hardware or a cloud mining contract.

  • Hash rate. This is the rate at which a mathematical problem is being solved to verify a transaction. The higher the hash rate, the better will be Ethereum mining power.

  • Difficulty level. As we’ve mentioned, Ethereum algorithm adjusts the difficulty of mathematical puzzles according to the speed miners resolve them to keep the 12-second mining time. Therefore, the more miners join the game, the higher will be the difficulty level.

  • Electricity consumption. Buying mining hardware isn’t enough: you have to keep it running by providing a continuous power source and cooling. That means enormous electricity bills. Is it worth to mine Ethereum when your earnings don’t cover electricity expenses? Definitely, not.

Add to that the cost of mining hardware, and you will understand that mining for Ethereum is a bit more complicated than most people think.

Look at the picture: the recent price falling has caused recession of users, and, consequently, lower difficulty. However, it is still enormous compared to other cryptocurrencies and initial condition.

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Cloud vs hardware mining

If you don’t want to spend thousands of bucks on mining equipment, there’s always a chance to buy a contract for cloud mining – in this case, you won’t have to do anything at all. However, the most profitable contracts are typically concluded for at least a year or two. The hash rate stays the same while the difficulty level continues growing. That means that the contract that was once profitable may become totally useless within a few months.

Besides, it’s highly important to find a reliable cloud mining website – there’s a huge amount of scams and frauds.

Is mining Ethereum worth it?

Let’s face the truth: the biggest profits have already been gained. During 2017-2018, Ethereum raised in price considerably, and that attracted a lot of people. Millions of miners became suddenly interested in this way of making profit, so the difficulty of mining has risen enormously.

To top it off, the current situation on the market has made things only worse: Ethereum fell in price from $1,300 to $88. That totally devalues the process of mining.

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What do experts say?

According to the recent report from CNBC, cryptocurrency market will soon be filed as a history – this activity is no longer profitable.

A recent study by Susquehanna proves that it’s not worth mining Ethereum anymore: the profits per month have fallen from $150/month in summer 2017 to almost zero today.

This situation mostly takes place due to Ethereum price nosedive: it has caused a domino effect on the entire mining industry. The process becomes unattractive to miners and that affects the hardware producers. For example, Nvidia GPU and chip manufacturer has lost about $100 mln because of that.

Here’s what the company’s representative said:

“We estimate very little revenue from crypto-related GPU sales in the quarter, consistent with management’s prior commentary that they were including no contribution from crypto in their C3Q18 outlook.”

Such mining giants as Bitmain have managed to create a monopoly in the digital mining market: recently, Bitmain’s hashrate already exceeded 40% on the Bitcoin network, and it is going to reach the threshold of 50%. But with Ethereum, things are different.

What’s the trick?

Here’s another hidden pitfall: the specific proof-of-work algorithm used by Ethereum (it’s called ‘ethlash’) is made so that mining would be harder with expensive ASICs – special mining chips.

That means that dedicated ASICs aren’t suitable for mining Ethereum. Besides, since Ethereum will move from proof-of-work to proof-of-stake protocol, buying an ASIC might be a bad idea because it won’t serve long.

Is Ethereum worth mining with a PC or a smartphone? Again, not – they won’t provide enough calculating power. Before you select any hardware or cloud mining plan, make thorough calculations – it will give you the understanding of perspectives and risks.

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So, I stand no chance?

If you build a mining rig in hope for Ethereum difficulty to decrease with the number of miners subsiding, that won’t make any sense. However, you can switch to another cryptocurrency – this might be a great chance to compensate for hardware and electricity expenses.

The worthiest cryptocurrencies with optimal difficulty are:

  1. Monero. This is a digital currency for anonymous transactions. Its network was specifically tailored to resist implementation of Monero ASICs, that’s why this coin can be mined on your home computer. The mining process is simple: download a wallet to store coins (the official Monero GUI is recommended). Now download the software that supports Monero, for instance, guiminer or MultiMiner. Once you install it, the software will use the processing power to generate profit for you. If you want to get maximum coins, use AMD graphic cards – they’re in short supply, but you can still find some. For example, Nvidia graphic cards are still available.

  2. Dogecoin. Opposite to Bitcoin, Dogecoin cryptocurrency was made to add new coins annually. That’s added incentive for all miners participating in the process. The process of mining is the same: create a wallet, use your personal computer to install mining software. AMD and Nvidia cards can be used to boost the process. If you choose GPU mining, then install cudaminer or the cgminer software. Note that mining Dogecoin doesn’t impact your device because the process is running on the background.

  3. Vertcoin was created specifically for minor mining operations: it uses proof-of-work consensus, but is protected against mining by ASICs. Therefore, huge mining operations cannot dominate the Vertcoin Blockchain as it happened to Bitcoin. Implementing its philosophy of developing “the people’s coin’, the team created a special miner for generating VTC. This software can be downloaded for free from the official website, and supports CPU and GPU mining. Once you install and download the software, you will need to select a mining pool depending on the amount of available computing power. At the moment, Vertcoin can be mined with AMD and Nvidia graphic cards.

  4. Bytecoin. This is another cryptocurrency that can be mined on a home computer. Bytecoin puts an emphasis on solo mining – it’s designed to be an easy process for Bytecoin users. They only need to download a wallet and run software on their computer: when the program synchronizes with Bytecoin’s Blockchain, the wallet should be specified. To boost earnings, it’s better to join a mining pool that supports CPU mining. bytecoin.party is a good case in point – it doesn’t charge fees. Alternatively, you can download compatible mining software, for example, xmrig. GPU mining is also available.

If you doubt whether Ethereum mining worth it, try altcoins – there are still many decent variants around. Considering the volatility of coins, you can still benefit from price fluctuations. There’s no need to own a huge mining rig – even your PC can generate you a small income. Just keep an eye on electricity costs.

Bottom Line

So if you still ask yourself “Should I mine Ethereum?’’, change your mind. The difficulty is too high to handle it. The cruel truth is that mining cryptocurrency is not a ‘get-rich-quick’ scheme anymore. This is a business in which people invest a lot of money and time before they enjoy a substantial passive income.

While mining solo is still available, it’s highly recommended to join a mining pool because you will reap benefits from a larger supply of processing power and speed which will result in better returns. MultiPool, CoinEx are among the most well-established mining pools.

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