How Cryptocurrencies Will Change the World

 

Digital Currencies are Changing the World of Finance

Cryptocurrencies have been making waves ever since they were introduced to members of the online trading community. Digital currencies aren’t just a promise; they are currently being applied to various uses. Along with blockchain technology, they continue to take businesses to areas that were previously untapped. Nowadays, it’s hard to go a single day without the mention of cryptocurrency in the news. Goes to tell just how far they have come in a very short while.

What Are Cryptocurrencies?

Cryptocurrency refers to electronic money that is used in online transactions. This money is stored in electronic wallets or computer files. Some common cryptocurrencies include Bitcoin, Ethereum, Ripple, Litecoin, etc. The blockchain technology is used in transferring and monitoring cryptocurrency transactions.

How Will Cryptocurrencies Change the World?

Much has been said about how cryptocurrency will revolutionize future payments, services, businesses, and by so doing, change the world. Some of these much talked about changes include:

  • Strengthen e-commerce: It appears that more and more people now shop online most of the time. Cryptocurrency gives individuals even more reasons to become used to the convenience of online shopping, as it mitigates the risk of fraud for both vendors, sellers, and shoppers and eases consumer concerns regarding the safety of their personal information. It is also expected that cryptocurrency will facilitate online shopping more efficiently than fiat currency since it does not have to observe international rules or comply with trade restrictions.
  • Ease cross-border transactions: Cryptocurrencies keep challenging conventional monetary systems in many regards. One of these areas is money transfers. Digital currencies such as bitcoin are as much of freely convertible money as there can be. More so, their fast execution times and meager transaction cost makes them the ideal resources for cross-border money transfer. It is no wonder currencies like Ripple are taking over with cross-border transactions.
  • Help increase global remittances: Older money transfer firms like MoneyGram and Western Union are not cost-effective. Typically, foreigners are charged a high percentage as commission when they send money to their home country. Asides the high commissions, funds transfers made through money transfer operators like Western Union are not processed on time. Cryptocurrency transfers, on the other hand, are highly cost-effective and occur in real time. Such advantages are expected to enable digital currencies to drive growth in foreign remittances. The fact that users could also process transfers directly from their mobile devices from any location will also help encourage participation.
  • Faster transfers: As already mentioned, cryptocurrency transactions are processed instantly. This means that market participants need not wait for days or weeks for transfers to be confirmed.
  • Beyond these, cryptocurrencies may also help bring stability to unstable fiat currencies, phase out the currency exchange system, give people more control over their own funds, and provide scalability, among others.

 

The Push is on for Cryptocurrencies

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Are Millennials and Cryptocurrency the Future?

We live in an age of disruption fueled by millennials, the blockchain, and cryptocurrency. The relationship between millennials and technology is easy to understand. They are the first generation to grow up with computers. As a result, they have become accustomed to working in virtual teams and are used to today’s fast-paced life.

From the internet to emails and everything in-between, there’s not a thing that they do not understand about technological innovations. They have often led older generations in the adoption and use of new technology. They are reshaping business models and still lead the way in digital future. In many ways, it appears that they have all it takes to mold the future.

Cryptocurrency is another issue that industry leaders continue to follow with a great deal of interest in the immediate future. Just like the millennials, digital currencies have the potential to change the world by ushering in a new financial order. There are lots of reasons to be optimistic about the future of cryptocurrencies and how they may change our world, especially traditional finance, as we know it.

Why Are Millennials and Cryptocurrency the Future?

Millennials are a different breed. They view the world differently and possess the right tools to bring about change: knowledge and technology. On top of that, they are the biggest generation ever born and constitute the largest generation in the US labor force. Besides, older millennials are entering their peak spending years.

And, because we live in a market that panders to those with means and resources, millennials are expected to cause significant shifts in the marketplace, as businesses look to develop products and practices that cater to their preferences, trends, and buying habits.

What’s more, millennials know technology, applications, social media, and market trends. Growing in an information age also enables them to understand the issues and needs around them and create solutions to such problems. For so long as their size and spending power matter, millennials will continue to rule the market and dictate trends.

The impacts of cryptocurrencies on future transactions is also clear as day, as they appear to be nudging us in a new direction where people might not require traditional financial organizations such as banks and payment companies. Every day, millions of people around the world use the internet to conduct financial transactions. However, privacy and security concerns deter some consumers from making purchases online.

Cryptocurrency is expected to change all of that by enabling shoppers to conduct secure, peer-to-peer cryptocurrency transactions. The secure nature of cryptocurrency transactions will help inspire trust and make people more willing to transact online. When this happens, the mass public will become more willing to adopt cryptocurrency. Such increased adoption of digital currencies could lead to a fall in demand for fiat currency.

This, coupled with the emergence of Generation Y, which seeks convenience and is adept at technology, could see peer-to-peer electronic payment replace traditional payment systems as the standard. Further, the potential increase in digitization makes it even harder to imagine a future without digital currencies.

There Are Still Hurdles to Clear for Cryptocurrency

Despite holding so much promise, cryptos still have a long way to go before they are more widely accepted as a standard means of payment. This is because prices of cryptocurrencies change so much that it becomes hard for the mass public to use them as a trusted medium of exchange.

As with any currency, cryptos need to be stable before they are widely adopted for everyday transactions. Nevertheless, it is hoped that with advances in technology and behavioral changes, digital currencies will become stable enough to be used as means of payment.

 

 

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Age of Cryptocurrencies – What are the Measures to Keep them Secure

If anything can go wrong, it will most likely go wrong! Murphy’s Law sounds like an overly pessimistic philosophy, coated with a good layer of doom and gloom. Yet, for folks who lost all their Bitcoin in the infamous Mt. Gox hack, there’s not much that can be done when your cryptocurrencies become vulnerable to malicious intent.

If hackers steal your cryptocurrencies – you’ll probably never find them – even if you find them; the police, the government, courts can’t force them give it back to you – unless they choose to give it back. If they trick you into sending your cryptocurrencies to them, you can’t reverse or cancel the transaction. We are still living in the Wild West of cryptocurrencies and the onus falls on you to proactively take precautionary measures to protect your cryptocurrency funds. This piece provides a general overview of some security measures you can take to keep crypto coins safe.

Image Source: Business Insider

· Online wallets

For newbies stepping into the world of cryptocurrencies, online wallets are usually the first type of wallet that they encounter and use. If you buy your cryptocurrencies through an exchange, the wallet address they generate for you into which your tokens are deposited, is an online wallet. Some third-party non-exchanges also offer online wallet services. An online wallet allows you to access your coins from any internet enabled device because the data to your account is essentially stored on the cloud.

The danger with online wallets is that you are trusting someone else with the public and private keys to your tokens. If they are unscrupulous, they could corner your coins and use it for their own purposes. The fact that online wallets are internet-facing also makes them vulnerable to hacks – in the Mt. Gox hack, more than 500,000 BTC were stolen, more than $70M worth of Bitcoin was lost in the Bitfinex hack of 2016.

· Mobile Wallets

Mobile wallets are fundamentally more secure than online wallets, but they require a bit more involvement on your part than getting an auto-generated wallet address from an exchange. Mobile wallets are simple apps that run on your phone. Your cryptocurrencies are technically stored in the app as opposed to the centralized cloud storage that you get with an online wallet; hence, they are more protected from hacks. However, if you lose your phone or if the phone becomes inoperable, you can kiss your cryptocurrencies goodbye. If you download mobile wallets from untested sources, you could end up with a fake wallet with a backdoor breach.

· Desktop Wallets

Desktop wallets are a more robust version of mobile wallets – they have more space because computers tend to have more storage than mobile devices. Desktop wallets run on client applications on your computer; hence, you can only access your tokens from the computer. If the computer is not infected with malware or connected to the internet, it is practically impossible to steal your cryptocurrencies from a desktop wallet.

· Hardware Wallets

Hardware wallets are probably the best tool in the market for storing and keeping your cryptocurrencies safe from hackers. Hardware wallets lets you store the private keys to your cryptocurrencies on a hardware device different from your computer. You’ll need to connect the wallet to a computer to access your cryptocurrencies and send coins to counterparties; however, the wallet doesn’t need to be connected to a computer before you receive cryptocurrencies.

Trezor wallet for example, uses a combination of pin codes and a 24-word seed security mechanism. The most important thing about using a Trezor wallet is to write down the seed and keep it somewhere safe offline—don’t be tempted to store it in your mailbox or a notepad on your computer. The seed words come in handy for rebuilding your wallet even if your Trezor is lost, stolen, or damaged.

Source: Coindesk

 

· Paper Wallets

Paper wallets are designed to be a hacker- proof and secure method of cold storage. Paper wallets, when properly set up will give a lot of grief to anybody that wants to take on the practically impossible task of stealing your cryptocurrencies – the challenge however is that you will go through similar grief to access your cryptocurrencies. To set up a paper wallet, you’ll need to print your private keys or create QR codes of your keys and keep them in a safe, probably in a bank or similar location.

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Future of Blockchain – Wall Street

 

Future Finance Dominated by Blockchain

The main thing to know about Blockchain for someone to know is that at this time it is the next Gen of the internet. We’re still trying out where this technology is able to go, and precisely what it can perform, but there are a lot of great benefits of being on the Blockchain, and having applications on the Blockchain. However it is more than just a distributed database. Blockchain is here to stay, and the growth is exponential every day

The continuing future of finance might be dominated by Blockchain technologies. A traceable global currency complete with an excellent infrastructure can not only end in massive cost reduction for all market participants, it’ll change international banking. Bitcoin will do for payments what email did for interaction.

What are the futures?

  • Blockchain will be implemented by central banking institutions as well as cryptographically protected currencies will become reliable.
  • Nasdaq is going to launch Blockchain enable digital ledger-technology which can used to grow and increase the money control capability provided on its Nasdaq-private-Market-platform.
  • The settlement of currency, equity and fixed income trades easily through permission dispensed ledgers creates an opportunity that is significant banking institutions to push efficiency as well as possibly create newer asset classes.

Control

  • Latest technologies like Blockchain can possible decrease cyber-risks by providing identity verification thru a visible record.
  • There is absolutely no good reason why needs for numbering; preserving and indexing records as well as communicating information supplied in records cannot be met via an electronic ledger system.
  • Automobile rental agencies may make use of smart-contracts that simply permit rentals when payment’s received as well as insurance information is confirmed thru a Blockchain record.
  • A refrigerator built with sensors as well as connected to the Internet might use Blockchain to handle automated interactions with the world-anything that is external purchasing as well as investing in food to organizing for its very own software upgrades and tracking its warranty.
  • Small organizations can use Blockchain to produce reliable trading platforms among themselves.
  • Blockchain may potentially help bring robustness and transparency to the post-trade environment.
  • newer technologies like Blockchain have the prospective to reduce cyber risks by providing identity verification through a noticeable ledger.
  • A bank might pay the supplier instantly over the Internet.
  • Blockchain technology will alter timing on risk.

Crime

  • A new Blockchain startup has claimed its software might help track straight down crooks faster as well as cheaper than ever.
  • Connecticut are warning parents that newer called Bitcoin could be the culprit for helping underage drinkers to obtain buzzed Effects

Banks

  • Blockchain can be implemented by central banks as well as cryptographically protected currencies will be trusted.
  • Blockchain might replace central banks.
  • Real risks stay for banks that choose to find you in Cryptocurrency firms.
  • Blockchain technology could reduce steadily the UBS’s infrastructure expenses in cross-border payments, securities trading and compliance that is regulatory the maximum amount of as $30 billion a year by 2022.
  • The number of apps within and beyond your banking institutions might be reduced due to the fact Blockchain deal contains all information that is relevant the successful transfer of assets and/or related contracts.
  • Deutsche bank’s economist sees Blockchain as a hazard due to the insufficient the IT infrastructure to support the technology involved.
  • Ethereum is much more general purpose than bitcoin and could be useful for banks.
  • The future of finance in several countries might be dominated by Bitcoin as well as cryptocurrencies.
  • a Blockchain that is private by banks might find yourself as an extra cartel and work as poorly as the payments syndicate.
  • Banks could be the custodians of cryptographic keys.
  • The Blockchain could conserve lenders as much as $20 billion yearly in settlement.
  • Blockchain technology could possibly be used to bypass today’s centralized financial infrastructure totally.

Industries

  • Time as well as education can have to play a role as other companies are just recognizing one of the core inventions of the Blockchain is its ability to reduce or eliminate trusted counterparties within the transaction process.
  • Blockchain has the possible to create newer as well as disrupt existing technologies and processes.
  • Blockchain-technology can make the globe smaller as it does raise the speed and efficiency of transactional activities.

Governments

  • The future of finance in many countries might be dominated by Bitcoin as well as cryptocurrencies.
  • Blockchain technology could be used to distribute welfare that is social developing nations.
  • Elections are a pricey and arduous. Many Thanks to Blockchain tech they will soon be instantaneous.

 

 

 

 

 

 

 

 

 

 

 

 

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Regulating Virtual Currencies and ICOs

Cryptocurrency Patterns

THE pattern is familiar. Computer-geeks development technologies which make threats to turn over establish markets and practice. Regulator then mix up to recognize and reclaimed the monster. It’s this that’s happening in the financial world in the wake of an increase of crypto-currencies. Within the past year the pool of virtual currencies has both deepened, from $40bn – $500bn, and widened, because of the spread of “initial coin offerings ICOs, a type of fundraising in which investors in young organizations are given with digital tokens. Minimize funds, college students and pensioners have all been over-involved in the crypto craze.

This worries Authority, since the crypto-sphere is far from risk-free. Values could leap and dive: following a giddy rise, between December and Feb. the price tag on bitcoin fell from almost $20,000 to lower than $7,000. It is now around $9,000. Many ICOs have proved to be scams. Legitimate tokens are in danger to be stolen. Some crypto-currency exchanges have been hacked.

National Authorities

Responding, national authorities are beginning to think seriously about an appropriate platform for finance’s frontier that is unruly. Authority fret about how to classify ICOs as well as tokens are they securities, or even not and how exactly to tax them. They want to stop their use for these evils as money laundering and financing terrorism. And also they bother about how to protect investors that are retail the risk of giving up their shirts.

Certainly, hardly per day passes without a supervisor somewhere calling for tighter regulations, or taking action. On April 6th the Financial-Conduct-Authority in Great Britain cautions company services that are connect to crypto derivatives that they had been subject to its guidelines. On 10th April Taiwan’s finance ministry said it absolutely was planning crypto regulation aimed at money launderers. On 17th April New York State’s attorney general requested thirteen crypto exchanges for information regarding their operations, disputes of interest as well as safeguards for customers.

Authority are planning together because well as separately. Once the governors associated with the G20 countries’ main banking institutions met in Buenos Aires in March, crypto was high on their agenda. They consented that at present these assets are extremely tiny to get of systemic value, but they committed themselves to extending criteria to which financial institutions currently stay such as know-your-customer KYC rules and procedures for monitoring unusual transactions to the crypto-world, to be able to thwart the use that is illicit of currencies.

Public Awareness of Bitcoin

When bitcoin joined general public awareness it was mainly being a facilitator of anonymous, illegal product sales on the “dark web” and as the currency of choice for online ransoms. Many in police thought its anonymity would make it well suited for criminals of all of the stripes. But until recently evidence of this was scarce. The overwhelming view had been that crypto-currencies had great utility to cyber-criminals but restricted use to other criminals, claims David Carlisle regarding the Royal United Services Institute, a think-tank. Instability as well as illiquidity incomplete their use for money launders. However evidence that offender are making more use of these is rising

Nearly all countries have since decided that the website’s profit offset its costs. It’s too early to say whether this can be true of crypto assets or even the Blockchain technology that under-pins them. However it will be wrong to prohibit them before knowing the answer.

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IS BITCOIN THE NEW EVERYDAY MONEY

Bitcoin has created a whole industry and a new way of doing business that one could doubt even its maker never thought possible. From its days of obscurity to its fame and notoriety, Bitcoin today is among the most hotly sought commodities in the world. But is it the alternative every day currency that Satoshi Nakamoto hoped it will be? Let’s find out…

The Economics

Bitcoin in its present form faces serious challenges as it has retracted from being the cheap means of transaction to one that has become completely uneconomical for everyday transactions when it comes to micropayments. Bitcoin miners are allowed to set their own fees for verifying transactions and as such transactions with small fees attached to them often go for days without being verified as the miners don’t find them lucrative. It is estimated that it costs up to $24 to send about $10 in Bitcoin which is just not a feasible number for businesses and customers who wish to pay in Bitcoin

Speed or Lack Of In Transaction

A perfect everyday transaction money is one that moves fluidly and very swiftly from the paying party to the recipient in the least possible time. What makes credit card payments popular is the little time it takes to process them, and this is something Bitcoin in its present state cannot just compete with. Bitcoin is only able to process a maximum of 4 transactions per second which is just not enough for a currency that could potential have millions of people trying to conduct their transactions all at the same time.

Usability

One of the other indices for the use of Bitcoin as an every currency is the safety that comes with its payment. Bitcoin transactions are completely irreversible once initiated and as such it stands at a disadvantage when compared to Ethereum and other cryptocurrencies that allow for the use of Smart Contracts which protect both buyer and seller.

Value

When it comes to actual value Bitcoin stands heads and shoulders above any other blockchain product as it is several times the value of its closest rival on the market. The hike in Bitcoin’s value has seen the increase in the reluctance of its holders to spend it on their day to day transactions, preferring to hoard it, which is why a lot of people tag it as the digital equivalent of bullion gold.

Conclusion

With a very cumbersome transaction process and high fees, Bitcoin stands at a great disadvantage to fiat as well as other cryptocurrencies that offer more efficient service, but its high value makes it the best option for storing value as far as cryptocurrencies are concerned. Therefore if you are looking for a currency to pay for your pizza and ice cream Bitcoin might not be your best choice.

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The Benefits of Online Trading Platforms

These past few years have been very important for the development of cryptocurrencies. Many have even come to crown 2017 as the year of the Bitcoin as this topic has been at the forefront of discussions worldwide be it on the news, online, in magazines, among friends & family etc. Naturally, with the increased interest that this topic has been sparking many have decided to jump on the bandwagon and learn how to trade and invest online. There are many things that beginners must be aware of when it comes to trading cryptocurrencies such as the use of an online trading platform.

Essentially, this trading platform is a software that brings traders and investors together in one place and allows them to buy and sell their currencies and other financial instruments. There are many different trading platforms available and are predominantly offered by brokers either for free or for a minimum amount of trades per month.

These online trading platforms offer many benefits when compared to traditional brokers and financial dealers. For one, it’s quick and easy to use and secondly, they offer a number of educational opportunities to help investors learn more about dealing and trading a number of commodities, shares and currencies.

The added convenience of being able to access your online broker whenever you wish, be it day or night, is also another great feature allowing for more flexibility. Further advantages of online trading platforms include:

1. Ease of dealing

Gone are the days when trading involved calling a broker to arrange for purchases or sales. With online trading it’s all done in just a few clicks and it’s rare that traders need to speak directly with their broker.

2. Affordability

Online trading is very affordable, as more and more brokers are offering online trading, the costs of dealing has decreased considerably, thus allowing traders to benefit from greater income when successful trades are made.

3. Greater control

As previously mentioned, online trades can be conducted at any time day or night, allowing traders to choose when they choose to trade. Additionally, trading can take place via mobile device or laptop, allowing for even more flexibility and freedom and trading on the go.

4. Real time trading

Online brokers offer real time prices and an advanced interface, so traders can keep an eye on their deals at any time and get the most up-to-the-minute prices.

5. Faster transactions

Online trading is extremely fast. As soon as an account has been set up with an online broker, trading can take place immediately as long as sufficient capital is in the account. There are numerous online trading platforms out there, trading with IG offers all the above, plus the knowledge that you’re trading with one of the most popular and trusted online brokers on the internet. Make sure to spend enough doing due diligence and familiarizing yourself with online trading in general including the different trading strategies that are available to help make the most of your trades and have a better overall knowledge of the industry.

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Bitcoin Investment Worse Than Gambling Russian Minister Says

 

The Russian Opinion

Opinion is widely divided the world over on what to do with Bitcoin and its cohorts of cryptocurrencies. Just a few days when it was widely reported that the Russian government was intending some form of licensing and taxation on the cryptocurrency industry, the Russian Minister for the economy has come out with an attack on Bitcoin specifically.

The Minister in an interview expressed the view that Bitcoin investments is as unsafe they come, saying that its risks are greater than playing the roulette with your money at the casino.

Bitcoin The Extreme Volatility

Makshim Orekshin expressed the view that the extreme volatility of the cryptocoin makes it paramount that government must only allow its access to qualified investors who can read the risks involved. Mr. Orekshin at the World Youth and Students Festival in Sochi said that “Bitcoin as an asset is wildly unstable; one minute it goes tens of percents up then the next it goes tens of percents down. As an asset that is available to the layman it must not have such wild characteristics. Because you can earn big one minute and then lose everything you have the next minute”

“Those who are not familiar with the risks of such assets must not have access to it” He added further, “because in almost every instant the result will be disastrous for such people”

The Economic Minister’s comment hints that even within Russia, there is no consensus on what form of regulation the cryptocurrency industry should be placed under. Only a few days back, the Minister of Finance proposed a licensing exercise for bitcoin mines and exchanges, while the President Vladimir Putin has been reported in the past to be leaning towards creating a National Cryptocurrency controlled by the government which will be known as the CryptoRouble.

While governments continue to bicker with one another, Bitcoin and other cryptocurrencies continue their wild gains this year.      That’s a Fact Jack !

 

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CLOUD MINING SERVICES AS SOLUTIONS TO SMALL SCALE MINING

The Crypto World

The cryptocurrency has taken the world by storm, as it has finally shaded its fringe idea reputation and is now among the most hotly sought-after commodities in the world. Due to the industry’s wild successes this year, which has seen the industry multiply over 10 times in value this year, people are trooping into the industry in their millions seeking to be part of this gold rush.

And although the ways of acquiring cryptocurrencies has become exceptionally simpler over the years with most exchanges now accepting credit card payments, there are a significant section of investors who don’t wish to pay the astronomical amounts cryptocurrencies such as Bitcoin are currently priced at. This naturally sends these groups of investors into the only other way of acquiring cryptocurrencies which is mining. And true to its rise, mining some of the more valuable cryptocurrencies is become more and more out of the reach private individuals, due to their capital and energy intensive nature.

But like every other obstacles there are solutions that have been made to circumvent them. Investor’s and cryptocurrency enthusiasts around the world now use what is known as cloud mining in order to still participate in the mining of their desired cryptocurrencies without having to make investments in the hundreds of thousands of dollars to set up industrial  scale mining operations. Although there are a lot of cloud mining operations that are labeled as Ponzi schemes, but the industry is rapidly maturing and has some reputable and innovative ones like Miner Gate which seeks to take the cloud mining to new heights. Some of the great benefits that cloud mining offers the user include:

Simultaneous Mining

Most people who take on the mining industry by themselves do so by concentrating on a single cryptocurrency at a time to maximize the usability of their computing power (also known s hashing power). This is quite limiting as cloud mining operations offer the user the chance to maximize the use of their hashing power by mining for several cryptocurrencies at the same time which is also beneficial as far as spreading the miner’s risks are concerned.

Smart Mining Operations

To take this great innovation to another level, cloud mining service providers such as Miner Gate have another cool feature up their sleeve where by the users’ mining rig automatically focuses on mining the cryptocurrency with the most value among the multiple mining options offered. This is done by calculating the value of the cryptocurrency against the power needed to mine it. Users are of course not forced to use this feature as they can switch it off at any time of their choosing.

Small Scale Profitability

Cryptocurrency mining operations especially that of Bitcoin have the reputation of being too expensive and often small scale mining operations tend to make heavy losses as the cost of maintaining the mine is significantly higher than the reward obtained at the end of the day. And this is where Cloud Mining pools work their magic for potential miners, as they allow multiple small scale mining operations to pool their resources and mine as a single entity. Any reward gotten at the end of the day is distributed among the participating miners according to the amount of hashing power they contributed to the operation.

 

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THE FUTURE OF CREDIT WITH BLOCKCHAIN TECHNOLOGY

 

 

Crypto Credit Cards

The cryptocurrency has taken the world by storm, as it has finally shaded its fringe idea reputation and is now among the most hotly sought-after commodities in the world. Due to the industry’s wild successes this year, which has seen the industry multiply over 10 times in value this year, people are trooping into the industry in their millions seeking to be part of this gold rush.

And although the ways of acquiring cryptocurrencies has become exceptionally simpler over the years with most exchanges now accepting credit card payments, there are a significant section of investors who don’t wish to pay the astronomical amounts cryptocurrencies such as Bitcoin are currently priced at. This naturally sends these groups of investors into the only other way of acquiring cryptocurrencies which is mining. And true to its rise, mining some of the more valuable cryptocurrencies is become more and more out of the reach private individuals, due to their capital and energy intensive nature.

But like every other obstacles there are solutions that have been made to circumvent them. Investor’s and cryptocurrency enthusiasts around the world now use what is known as cloud mining in order to still participate in the mining of their desired cryptocurrencies without having to make investments in the hundreds of thousands of dollars to set up industrial  scale mining operations. Although there are a lot of cloud mining operations that are labeled as Ponzi schemes, but the industry is rapidly maturing and has some reputable and innovative ones like Miner Gate which seeks to take the cloud mining to new heights. Some of the great benefits that cloud mining offers the user include:

Simultaneous Mining

Most people who take on the mining industry by themselves do so by concentrating on a single cryptocurrency at a time to maximize the usability of their computing power (also known s hashing power). This is quite limiting as cloud mining operations offer the user the chance to maximize the use of their hashing power by mining for several cryptocurrencies at the same time which is also beneficial as far as spreading the miner’s risks are concerned.

Smart Mining Operations

To take this great innovation to another level, cloud mining service providers such as Miner Gate have another cool feature up their sleeve where by the users’ mining rig automatically focuses on mining the cryptocurrency with the most value among the multiple mining options offered. This is done by calculating the value of the cryptocurrency against the power needed to mine it. Users are of course not forced to use this feature as they can switch it off at any time of their choosing.

Small Scale Profitability

Cryptocurrency mining operations especially that of Bitcoin have the reputation of being too expensive and often small scale mining operations tend to make heavy losses as the cost of maintaining the mine is significantly higher than the reward obtained at the end of the day. And this is where Cloud Mining pools work their magic for potential miners, as they allow multiple small scale mining operations to pool their resources and mine as a single entity. Any reward gotten at the end of the day is distributed among the participating miners according to the amount of hashing power they contributed to the operation.

 

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