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PBoC official says high bitcoin price increases the demand for China’s CBDC.

The People’s Bank of China has said that the interest in the innovative initiative is surging, but bitcoin could also have a vital role in that. In a recent interview, Wang Xin, a research bureau director at PBoC, noted that the Chinese population is increasingly more interested in the digital yuan, and “everyone is paying close […]

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The People’s Bank of China has said that the interest in the innovative initiative is surging, but bitcoin could also have a vital role in that. In a recent interview, Wang Xin, a research bureau director at PBoC, noted that the Chinese population is increasingly more interested in the digital yuan, and “everyone is paying close attention.” China’s central bank has been working on its CBDC for a long time and has conducted several successful trials. 

Xin also believes that bitcoin could also have a role.

Part of the reason for that could be attributed to the fact that “more and more central banks in the world are participating in the development of domestic digital currencies.” However, Xin also believes that bitcoin could also have a role. More specifically, he asserted that the demand is surging because of bitcoin’s massive price increase from $10,000 in October 2020 to roughly $60,000 today. Bitcoin’s value surge garnered the attention of numerous retail and institutional investors towards the entire crypto industry. 

Bitcoin’s rise brings more exposure to the crypto industry. 

The recent surge in the price of bitcoin has garnered the attention of numerous retail and institutional investors towards the entire crypto industry. Although BTC might indeed be increasing the interest in the crypto space, it’s worth highlighting that, unlike the primary cryptocurrency, China’s digital yuan would be highly centralized and operated by local authorities. As reported earlier, the PBoC gave away millions of dollars worth of the digital yuan to citizens in various regions and implored them to spend the funds on different merchandise, foods, or any other goods. Earlier, PBoC said that there would be “controlled anonymity” in digital yuan transactions. Several from the industry have said that the digital yuan could be a competition for the world’s reserve currency US dollar. 

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Source: https://chaintimes.com/pboc-official-says-high-bitcoin-price-increases-the-demand-for-chinas-cbdc/

Blockchain

Mining Bitcoin: How to Mine Bitcoin

Introduction to Bitcoin Mining Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was … Continued

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Introduction to Bitcoin Mining

Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was launched in 2009. Today, in 2019, there are at least a million bitcoin miners around the world. A single bitcoin (or “1 BTC”) is worth almost $10,000, give or take a few hundred dollars, and there are around 1,800 new bitcoins mined every day, meaning there’s a whopping $18,000,000 being ‘created’ every day.

Not bad for ten years. No wonder everyone wants to learn how to mine bitcoin.

A Brief History on Money

Cryptocurrency is math that can be used as money.

Money is, fundamentally, an accounting of debt; you owe someone for a good or service, and giving them money erases that debt. Banks are giant ledgers, accounting for every transaction – when you paid for your coffee, this “ledger” sees that you lost $2 and the coffee shop gained $2.

Paper dollar bills do not record this specific transaction – who lost and who gained those $2 – but they act as evidence of a transaction having taken place at some point. In fiat currency, a state is the ultimate arbiter or holder of all the debts – and the one that mints, or makes, the currency in the first place. They account for how much currency they put out, and approximately how much is present now; the only road bump being that they do not know every transaction in between.

In cryptocurrency, no one person or entity controls a central ledger, because this “ledger” is effectively on every computer connected to the network of that currency; everyone has it. Since each unit of the cryptocurrency is composed of math, as opposed to physical substances like paper or gold, this math effectively records every transaction

So Where Does it Come From?

Fiat currencies are “made” (or rather, minted) by states, and accounted for by banks, but these currencies are often directly or indirectly made from precious metals that are mined from the Earth – which is why so many people flooded California in the mid-19th century. Minting is a middle step between the mining and the currency.

Cryptocurrency cuts out that middle step; bitcoin is “minted” and made from BTC mining.

If bitcoin is commercialized math, then mining is the process of solving all its equations. A common, yet accurate, joke explanation is, “imagine if you could solve puzzles, then use those solved puzzles as money”. Bitcoin is that, but on a much larger and astronomically more complex scale; bitcoin mining is both the process of solving puzzles, and the process of verifying other solves puzzles.

That said, these “puzzles” (called “blocks” in BTC mining) are operating on a very complicated scale. BTC mining is basically the process of racing to correctly the correct number out of 115,792,090,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 possible options – and doing so hundreds, thousands, maybe even millions of times a day. This takes some pretty hefty computing power.

How to Mine Bitcoin

Despite a lot of chatter about bitcoin mining software, it is really a matter of hardware; software is just the most accessible way to access this hardware.

“Winning” or solving – and receiving payout for – is a combination of computational power and a bit of luck. If you accomplish this, you can get about 12.5 bitcoins, though starting in 2020, that will become 6.25. The number of bitcoins you receive for solving a block cuts in half every 210,000 blocks – which is roughly every four years, since the blocks get more and more complicated over time. This will keep going until 21 million bitcoins have been mined, a cap built into the system. There are currently only 3.17 million bitcoin left to be mined.

How to Mine Bitcoin in the Hard(ware) Way

There are two types of “miners” you can buy: application-specific integrated circuit (ASIC) or graphics processing unit (GPU). These are not only very expensive to buy, but they also take up a lot of electricity and require a powerful network connection. This is why mining calculators exist – these are various apps and sites into which you can input details on your miner, your power cost, and your network cost, to figure out how much profit (if any, even) you will turn.

It is usually pretty low, and these days, mining with your own hardware is only really advised for people who already happen to have lots of hardware and great network on hand, and would not need to go out of their way to get those.

That just leaves…

How to Mine Bitcoin With Bitcoin Mining Software

At 12.5 BTC per block, when bitcoins are worth $10,000 each, that’s $1,250,000 on the line every time you are competing with other miners to “guess the right number” first. This takes far more computer power than most people can afford on their own.

As such, the most common way to get in on BTC mining is to join a collective of miners and “rent” the mining tools – known predominantly as cloud mining.

The biggest advantage is that there is a much lower barrier to entry when you cloud mine bitcoins. The biggest disadvantage is that instead of getting the reward all to yourself, you are splitting those bitcoins with other people, and typically a lot of them. Winning a million dollars doesn’t mean as much when you’re splitting it with a million people.

Step 1: Choose Your Wallet

Before you start working for a job, you want to know how you will be getting your pay. By the same token, before you start mining for bitcoins, you should know where you will keep your bitcoins once you earn them.

Online wallets are typically the most convenient, and easiest to use. They are also typically the most efficient for actually using your bitcoins to purchase goods and services, and you will have your bitcoins even if you lose all your devices. That said, this does put you in a similar position with a bank. If the host is experiencing heavy traffic or DDOS attacks, you may not be able to access your funds, and if they are hacked, you can lose your bitcoins entirely.

Hardware wallets are the opposite extreme. As physical objects, are completely offline, and thus cannot be hacked or otherwise remotely attacked. As long as you have your hardware wallet and a device to access it with, you will be able to access your funds. But what you gain in remote security is lost in personal security; if you lose your device or it’s physically stolen from you, you lose your bitcoins.
The middle-ground between these is “software wallets” or “desktop wallets” (though these can also be mobile apps). These are on your local device, so even if exchanges go down or are attacked, you still have your bitcoins, and the only way you can lose them to remote exploitation is if you, the specific individual, are targeted and hacked, which is very unlikely. But, it can still be used to conduct transactions and otherwise go online as necessary. That said, this is also vulnerable to loss if you lose your physical device (i.e. if someone steals your computer).

Step 2: Find Your Cloud

Mining companies are the computing clouds or collectives of miners. While joining such a company might be couched in terms of renting the hardware, another way to look at it might be that you are investing.

The amount you invest, or the rate at which you rent, is known as a “mining package”, which you pick once you join a mining company. You can also invest ahead of time in new technology that will be coming out at a later date. That said, investing in something that doesn’t exist yet is always a heavy risk.

There are many sites in which you can find comparisons between companies, including user ratings and reviews. Be careful with the
reviews – while they can be insightful, many are also full of people attempting to get new ‘recruits’ specifically with referral codes, which will net the refer-er a small bonus or profit.

Step 3: Pick Your Pool

A “pool” is basically the team of miners that you choose to join up with, and contribute your invest or computing power. If you are just starting out mining bitcoins, you should start by joining an “older” (or rather, more established and vouched-for) pool, and perhaps one with lower fees. The payout or profit from these will usually be on the low side, but they are also less risky.

As you get the hang of bitcoin mining and learn how pools work, you can start venturing out to other pools that aren’t as established and carry higher risks, but also higher rewards.

Buy Bitcoin, Ethereum, XRP, and other cryptocurrencies on Coinsquare, the world’s home for cryptocurrency.


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Source: Coinsquare: Mining Bitcoin: How to Mine Bitcoin

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Source: https://cryptocanucks.com/mining-bitcoin-how-to-mine-bitcoin/

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Musk Puts Bitcoin on Pause, Tesla Suspends BTC Payments

Elon Musk revealed that Tesla would pause accepting bitcoin as payment for its product as a consequence of its high energy consumption.

The post Musk Puts Bitcoin on Pause, Tesla Suspends BTC Payments appeared first on BeInCrypto.

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Elon Musk revealed on Twitter that Tesla would pause accepting bitcoin as payment for its product as a consequence of its high energy consumption.

Tesla CEO Elon Musk has roiled the crypto markets after announcing that Tesla would stop accepting bitcoin as payment for its vehicles. The reason cited was that bitcoin mining consumed far too much energy and was damaging the environment. The market responded by turning red, with bitcoin dropping around 16% in just a few hours.

Specifically, the tweet states that Tesla is concerned about the increasing use of fossil fuel, especially coal. While the note does state the benefits of cryptocurrencies, Musk stated that it should not come at the cost of the environment.

Tesla will continue to keep its bitcoin holdings and resume bitcoin transactions once mining transitions to renewable energy. The company will also look for cryptocurrencies that consume less than <1% of bitcoin’s energy/transaction.

The news is a quick change of heart from one of the market’s strongest high-profile supporters. Musk has offered support for cryptocurrencies as assets several times and is most well-known for his thoughts on Dogecoin.

Some in the market have complained about how Musk’s influence has a seismic effect on the market, whether good or bad. His comments on Dogecoin have greatly bumped the price up, while the recent bitcoin news has tanked the market as a whole. The complaint is that Musk has enough clout to influence the market, which is a questionable matter on the whole.

However, while bitcoin does require a high amount of energy for mining, an increasing number of entities are moving towards renewable sources of energy. Furthermore, the data on how badly bitcoin is affecting the environment isn’t entirely conclusive.

Reports on bitcoin’s renewable energy usage vary, with some saying it is as high as 70%, while others say it is 39%. The point is, the industry is making note of these concerns and working towards going green.

BTC crashes below $50k

Naturally, the market has taken a huge beating from the change of face from one of the most prominent market entrants in recent times. In total, the market lost about $365 billion following the announcement, though it has recovered slightly since.

Tesla only began accepting bitcoin payments about two months ago and the decision to stop is a quick U-turn that has tanked the market. For the first time in months, the price of bitcoin had crashed to below $50,000, and it currently sits at roughly $51,000.

Several figures in the cryptocurrency space chimed in with their thoughts, and some of them seemed to chide Musk for being seemingly ignorant. The argument about bitcoin’s energy consumption has been a thorn in the market’s side for a while now.

Blockstream CSO and Pixelmatic CEO Samson Mow called the comments “uneducated,” even going so far as to say that he would never buy another Tesla product. Cameron Winklevoss was far more friendly with his response, simply saying that bitcoin is pushing the renewable energy industry forward and expecting Musk to refresh his position.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Ever since, he’s been an active member of the community. He has a Masters degree in Finance.

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Source: https://beincrypto.com/musk-puts-bitcoin-on-pause-tesla-suspends-btc-payments/

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Blockchain

How to Choose a Prospective Cryptocurrency

Cryptocurrencies are developing rapidly. Today, these digital assets are used for everything. You can even make a deposit with crypto and get the best live casino offers. These tips will help you choose the right coin. Function To identify a prospective cryptocurrency, you need to pay attention to its function. The function of a project […]

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Cryptocurrencies are developing rapidly. Today, these digital assets are used for everything. You can even make a deposit with crypto and get the best live casino offers. These tips will help you choose the right coin.

Function

To identify a prospective cryptocurrency, you need to pay attention to its function. The function of a project must be clear and understandable, even if it is a complex technology or a system that is difficult to develop. The technology or system must have a real application and solve real problems both in the crypto market and in other areas.

Development Team

Another important attribute is the team behind the project. Sometimes among the representatives you can see former employees of companies like Microsoft, Google, Goldman Sachs, or JPMorgan Chase. But work experience varies – you can work as a senior assistant to a junior janitor or develop complex products, the expert explained. So check exactly what positions project members have held and what products they have developed before.

Known and proven specialists, as in any other field, are not many. So, projects with big plans usually try to attract famous developers because they know that this will draw the attention of the crypto community.

Software Code

In order to define a successful cryptocurrency, it is advisable to understand programming. At the same time, it is important to follow what the project team publishes on GitHub. This is a kind of social network for developers, where they publish created solutions and share the results of the project development.

Many projects have open source code. By studying it, as well as the activity of the developers, it is possible to understand whether there is dynamics in the development of the project and how positive it is.

The peculiarity of the crypto market is that an analyst must be more than just a financial expert. Here it is not enough to be able to understand the financial market, valuation methodologies, the possible value and liquidity of the asset. Cryptocurrencies often include different components written in different languages. An expert must be immersed in both areas to correctly evaluate new projects.

How Much to Invest

Any project can seem extremely promising. But this does not guarantee its success in the future. The idea may be poorly implemented, fail to find application, fade out against the competition or even turn out to be a product of fraud. So, such investments are of a high-risk nature.

10-20% may be set aside in an investment portfolio for venture capital investments. It is possible to invest a few percent in each interesting project, thus assembling a portfolio of a dozen altcoins or other high-risk instruments.

You can allocate up to 25% of your investment portfolio to buy the tokens of projects that were launched during the ICO and continue to operate and develop to this day. They have survived all the ups and downs of the industry in recent years. Such projects are more reliable and have real potential for development and growth, the expert believes.

Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: https://www.cryptopolitan.com/how-to-choose-a-prospective-cryptocurrency/

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How Is Trustworthiness Measured In A Crypto Exchange?

Trust is crucial in any financial system. While Cryptocurrency is taking the world to the moon, it is very easy for some of the fake crypto exchanges to make a fool of beginners as well as experienced users all around the globe. Opting for an exchange system that is not secure and dodgy is becoming […]

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Trust is crucial in any financial system. While Cryptocurrency is taking the world to the moon, it is very easy for some of the fake crypto exchanges to make a fool of beginners as well as experienced users all around the globe. Opting for an exchange system that is not secure and dodgy is becoming a widespread mistake. For trust building, the most important thing is how safe and transparent a crypto exchange is. It is crucial to look into the various factors to check the trustworthiness of a crypto exchange before opting for it.

Trustworthiness: The most crucial characteristic of a good crypto exchange

A research paper published recently called “Characterizing cryptocurrency exchange scams” used typosquatting generation technique and existing data to identify over 1500 scam domains with 300 plus fake crypto exchange apps. After exploring the relationship between fake apps and scam domains, it identified 30 fake app families and 94 scam domain families.

The researchers revealed that these scams and fake crypto exchanges have resulted in a financial loss of a minimum of $520,000. Along with this, they found that these phony crypto exchange apps have sneaked to big app stores like Google Playstore, to defraud unaffected users. This shows an urgent need to identify and avoid such untrusted crypto exchange scams.

These days, hundreds of crypto exchange and trading platforms are floating in to the market, making promises of transparency and security. But before opting for a crypto exchange platform, you should look at these four factors to judge the trustworthiness:

  1. Security: The platform should implement high-security measures in all exchange functions such as user authentication, user verification, sessions management, trading and withdrawal policies. 
  2. Data Transparency: Trading volume, average liquidity, user activity, and other on-chain and off-chain data should be transparent and also, available to the public.
  3. Ease of use: A user friendly platform will attract more users and earns their trust. 
  4. Founders and Team: The founders and developers behind any successful project have long experience and a strong record of past projects in similar niche. 

Why is Aurix becoming the star of all eyes?

A popular and successful crypto exchange system should excel in all four factors mentioned above. With experienced developers and superior blockchain technology, Aurix aims to be one of the most trusted platforms worldwide. 

The Aurix chain ensures seamless payments and top-notch security. Aurix CEO, Majed Mohsen, has said that they pay their most attention to its integrity and adherence to the best international security standards.

The Aurix chain offers financial services that are fast, transparent and secure. Decentralized finance enables carrying out transactions without the company’s operations and permissions. This means that even if, because of any reason, Aurix ceases to exist, the chain will continue doing its task of transferring the users’ cashback properly.

It has a user-friendly design with the ability to trade multiple coins with a customized interface. It allows tons of trade orders and transactions to process in a couple of seconds. The platform provides trading charts and analysis tools. This simplicity of the system helps users to understand the system quickly.

Along with all the fantastic things, Aurix’s team is highly reputed and have worked for years in the field. They have ensured the building of a highly ethical system.

Change your crypto exchange before it’s too late

The facts mentioned above make it necessary to realize the importance of using trustworthy and secure crypto exchange platforms, to avoid financial suffering and losses. It is evident from the technologies it uses that Aurix is passing all the mentioned parameters to become one of the most trustworthy crypto exchange platforms. The complete ecosystem of Aurix ensures a transparent, trusted, and resilient service. Aurix CEO, Majed Mohsen, promises the utmost care and security to its users. It is a self-reliant ecosystem of financial services which are fully designed on the technology of decentralized finance, maining that all the transactions will be executed in any case. Aurix will never disappoint you, no matter what happens.

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Source: https://www.cryptopolitan.com/how-is-trustworthiness-measured-in-a-crypto-exchange/

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