Virtual currency games

The dream of every little boy (and many adult men) to make a living playing video games is getting closer to reality. The recent release of HunterCoin and the development of VoidSpace, games that reward players in digital currency rather than in virtual princesses or gold stars, point to a future when the scoreboard can be rewarded in dollars as well as in pounds sterling, euros and yen.

The story of the millionth (virtual) real estate agent …

Digital currencies are slowly gaining maturity both in terms of their functionality and financial infrastructure, which allows them to be used as a reliable alternative to a non-virtual fiat currency. Although bitcoin, the first and most famous of the cryptocurrencies, was created in 2009, in virtual games there have been forms of virtual currencies for over 15 years. Ultima Online 1997 was the first notable attempt to incorporate a large-scale virtual economy into the game. Players could collect gold coins by conducting quests, fighting monsters and finding treasure, and spend them on armor, weapons or real estate. It was an early embodiment of virtual currency, as it existed exclusively in gaming, although it reflected the real world economy to the extent that Ultima’s currency experienced inflation as a result of gaming mechanics that ensured a constant supply of monsters to kill and thus collect gold coins.

Released in 1999, EverQuest made gaming games with virtual currency a step further, allowing players to trade virtual goods with each other in the game, and although the game designer also banned the sale of virtual items to each other on eBay. In a real-world phenomenon that was entertainingly explored in Neil Stevenson’s 2011 novel “Reamde,” Chinese gamers or “gold farms” were busy playing EverQuest and other similar games in order to score experience points to level their characters thereby making them more powerful and in demand. These characters will then be sold on eBay to Western gamers who were unwilling or unable to invest hours to raise the level of their own characters. Based on EverQuest’s exchange rate, Edward Castronov, a professor of telecommunications at Indiana University and an expert in virtual currencies, estimated that in 2002 EverQuest was the 77th richest country in the world, somewhere between Russia and Russia. and its GDP per capita was greater than that of the People’s Republic of China and India.

Launched in 2003 and reaching 1 million regular users by 2014, Second Life is perhaps the most complete example of a virtual economy to date, when it is a virtual currency – a fake dollar that can be used to buy or sell gaming goods and services. . exchange for real currencies through market exchanges. In the 10 years between 2002-13, $ 3.9 billion was recorded in virtual goods gaming transactions. Second life became a market where players and businesses could develop, promote and sell the content they created. Real estate was a particularly lucrative commodity to trade, in 2006 Eileen Graf became the second millionaire of Second Life when she turned an initial investment of $ 9.95 into more than $ 1 million over 2.5 years through the purchase, sale and trading of virtual real estate other players. Examples like Eileen are an exception to the rule, however only 233 users earned more than $ 5,000 in 2009 on Second Life activities.

How to pay in dollars for asteroid mining …

To date, the ability to generate non-virtual cash in video games has been secondary because the player has to go through unauthorized channels to share his virtual booty or he has to have some creativity or business acumen. which could be traded for cash. This may change with the advent of video games that are built from scratch around the “plumbing” of recognized digital currency platforms. The approach used by HunterCoin is “gamification,” which is usually a fairly technical and automated process of creating digital currency. Unlike real-world currencies, which emerge when printed by the Central Bank, digital currencies are created by “mining” by users. The basic source code of a particular digital currency that allows it to function is called blockchain, an Internet-decentralized government book that records all transactions and currency exchanges between individuals. Because digital currency is nothing more than intangible data, it is more prone to fraud than physical currency, because you can duplicate a unit of currency by causing inflation or changing the value of a transaction after it is done for personal purposes. To prevent this, the blockchain is “guarded” by volunteers or “miners” who verify the authenticity of each transaction, so that with the help of special hardware and software they ensure that the data will not be tampered with. This is an automated process for Miner software, albeit extremely time consuming, that involves a lot of computing power from their computer. To reward Miner for verifying the transaction, the blockchain releases a new unit of digital currency and rewards them with it as an incentive to continue to maintain the network, thus creating a digital currency. Because a person can successfully mine coins from a few days to a few years, user groups pool their resources into a mining pool, using the combined computing power of their computers to extract coins faster.

The game HunterCoin is in such a blockchain for digital currency, which is also called HunterCoin. The act of the game replaces the automated process of extracting digital currency and for the first time makes it manual and without the need for expensive equipment. Using strategy, time and teamwork, players are selected on the map in search of coins, and if they find them and return safely to their base (other teams there try to stop them and steal their coins), they can cash their coins by depositing them in their A digital wallet is usually an app designed to receive and receive digital payments. 10% of the value of any coins deposited by players is sent to miners who support the HunterCoin blockchain, as well as a small percentage of any coins lost when a player is killed and their coins are dropped. While game graphics are basic, and significant rewards take time to accumulate HunterCoin – this is an experiment that can be seen as the first video game with a cash prize built as a main feature.

Although VoidSpace is still under development, it is a more appropriate approach to gaming in the current economy. A massively multiplayer online gaming game (MMORPG), VoidSpace is located in a space where players explore an ever-growing universe, extract natural resources such as asteroids, and trade them for goods along with other players in order to create their own galactic empire. Players will be rewarded for mining in DogeCoin, a more established form of digital currency that is now widely used for micropayments on various sites on social media. DogeCoin will also be an in-game currency between players and a means to buy in-game. Like HunterCoin, DogeCoin is a legitimate and fully functioning digital currency, and like HunterCoin, exchanges such as Poloniex can trade in both digital and real currency.

The future of video games?

Although in terms of quality early days, the release of HunterCoin and VoidSpace is an interesting testament to what could be the next development of the games. MMORPGs are now seen as a way to simulate outbreaks of epidemics as a result of a player’s reaction to an unintentional plague reflecting recorded hard-to-simulate aspects of human behavior on outbreaks in the real world. It can be assumed that ultimately gaming virtual economies can be used as models to test economic theories and develop responses to massive failures based on observations of how players use digital currency with real value. It is also a good test of the functionality and potential application of digital currencies that promise to go beyond simple vehicles and, for example, move into the exciting realms of personal digital ownership. At the same time, players now have the ability to convert hours in front of the screen into digital currency and then into dollars, sterling, euros or yen.

But before you quit your day job …

… it is worth mentioning the current exchange rates. It is assumed that the player can comfortably reimburse their down payment of 1,005 HunterCoin (HUC) for joining the HunterCoin game for 1 day of play. Currently, HUC cannot be exchanged directly for USD, it needs to be converted into a more established digital currency such as Bitcoin. At the time of writing, the exchange rate of HUC to bitcoin (BC) is 0.00001900, and the exchange rate BC to USD is 384.24 dollars. 1 HUC traded in BC and then in US dollars, before taking into account the transaction fee, it would have been … 0.01 US dollars. This is not to say that as a player becomes more aware that he cannot grow his team of virtual CoinHunters and may use multiple “bot” programs that will automatically play the game under the guise of another player and earn coins for them . but I think it is safe to say that at the moment even such efforts can really only lead to a change in the number of daily McDonald’s. If players don’t want to be subjected to intrusive game advertising, share personal information, or join a game like CoinHunter that is built on a bitcoin blockchain, it’s unlikely that the rewards can be more than micropayments for the average gamer. And maybe that’s a good thing, because maybe if you get paid for something, it will stop being a game?

Public organization of gold mining

The organization of mining varies depending on the type of gold deposit. While alluvial (placer) gold it could work individually or in small groups, washing, penetrating or on the surface mining of shallow pits, ice (reef) gold requires deep shaft mining. When a gold deposit forms an underground “mat,” the surface above the deposit is punctured by narrow tubular trunks that can branch into underground galleries. When a gold deposit takes the form of a linear vein, tubular or rectangular shafts along the vein eventually merge and form one large open pit. In some gold mines of Burkina the vertical shafts reach depths over 100 m.

Claims in non-industrial gold mines are not usually established in writing. The claim is simply calculated on a first-come, first-served basis. If someone wants to claim a certain place right after opening, he or she may have to literally sit on it until a friend or partner brings the tools for his or her work. Once individual parcels are excavated by about one meter, ownership is usually recognized. If there is a dispute over one pit, the case is brought before any authority – the police or gendarmerie, elected representative of gold diggers or those who are recognized as mediators of both parties, such as a senior, experienced gold digger. At first the individual pits are separated by a wall; later conflicts often arise when someone begins to remove this wall from their side of the pit and encroaches on what the neighbor considers their part. Outbreaks of violence can occur at all stages of the production cycle, but if the mine stays there for several weeks, institutions or mechanisms for conflict resolution will be adopted.

The owner of the mine can manage it himself, or, if he does not have enough funds, rent it to a friend for a while. This may be a one-week interim agreement, called a tour only, which confirms the links between the mining entrepreneurs. The landlord or landlord hires a team of workers who work on the claim during day and night shifts. Depending on the type of field and the size of the pit, the crew can be up to thirty or more workers. Each crew consists of unskilled and skilled workers. There is no formal training, but one who eventually becomes a professional gold miner usually starts with unskilled work. If he is very young and not yet physically ready for harder work, this may include bringing food to the workplace.

It can then move up the stairs in time, performing different actions on the same mines: digging groundwater out of the mine containers, cutting wood for support beams, removing earth and gravel outside the pit or working in the pit with a sledgehammer, pickaxe or chisel. If he is ultimately both skilled and reliable, he can become one of the few team members tasked with mining the most valuable pieces of ore. With the rare exception of some women who dress and behave like men, women do not usually work in mines.

In Burkina Faso, French terms are used for team members, including deputy pit owner, tenant tenant, group chef, service commissioner, skilled taper miners, unskilled mine miners, woodcutters, pit garden guards. and a place to store ore, and one who brings food porteur de repas (usually a boy or a woman). In addition to the core team there are blast workers or blacksmiths and others who provide on-site services.

The employer is responsible for food, clothing, housing and, in the event of an accident, illness – treatment. It can also provide alcoholic beverages and cigarettes. Until the gold of hearing is reached, which can take weeks or even months, gold diggers do not receive a salary. Once the pit starts “mining,” they will get a share of the ore. After accumulating a certain amount of ore the employer gets half, and the crew is left to share the other half. Most of their pit owners claim for themselves the most valuable pieces of ore, citing the overhead of operating the mine to justify their larger share.

Gold miners can sell their share of ore on site to professional ore buyers, or allow it to process and sell the resulting amount of gold. Most gold miners store neither ore nor gold. This is partly due to the need for cash, partly to avoid theft. People from neighboring villages, who work in mining camps as part-time workers, grind, grind and wash ore in the fenced area, complete. Although it is ethically prohibited, mercury is used to fuse gold dust. The resulting gold is sold to licensed gold traders, who in turn sell it to CBMP or another marketing company. In order to attract and retain customers, gold traders give out mercury free of charge or give credit to newcomers to the mine, who are then obliged to sell them their gold. However, part of the gold is also sold to black market traders. These black market traders either come from outside or are the same official gold traders who engage in this illegal activity at night. Black market traders acquire customers either directly to the prospector or through third parties who introduce them to potential customers. Often these third parties are the women who run the kiosks where the ore is processed. Usually these women are very well informed about the production of individual mines and they are familiar with both gold diggers and gold traders.

What are the top 5 cryptocurrencies other than bitcoins?

Bitcoin has been leading the crypto world for so long, and so preferentially, that the terms crypto and bitcoin are often used interchangeably. However, the truth is that digital currency is not just about bitcoins. There are many other cryptocurrencies that are part of the crypto world. The purpose of this post is to teach our readers about cryptocurrencies other than bitcoins to give them a wide choice of options – if they intend to make cryptocurrencies.

So let’s start with the first name on our list, that is:

Litecoin:

Launched in 2011, Litecoin is often referred to as “silver to bitcoin gold”. Charlie Lee is an MIT graduate and a former Google engineer is the founder of Litecoin.

Like Bitcoin, Litecoin is an decentralized, open source payment network that operates without a central authority.

Litecoin is a lot like Bitcoin and often makes people think, “Why not go with Bitcoin? Both are similar!”. There is a catch here: the generation of Litecoin blocks is much faster than Bitcoin! and this is the main reason why traders around the world are becoming more open to accepting Litecoin.

Ethereum:

Another decentralized open source software platform. Currency was launched in 2015 and allows you to create and run smart contracts and distributed applications without downtime.

Applications on the Ethereum platform require a specific cryptographic token – Ether. According to major Ethereum developers, the token can be used to trade, supply and decentralize just about anything.

Ethereum survived the attack in 2016 when the currency split into two parts: Ethereum and Ethereum Classic.

In the race of leading cryptocurrencies Ethereum ranks second in popularity and just behind bitcoins.

Zcash:

Zcash came out in late 2016. The currency defines itself as: “if Bitcoin is like http for money, Zcash is https”.

Zcash promises to ensure transparency, security and privacy of transactions. Currency also offers the option of a “shielded” transaction so that users can transmit data in the form of encrypted code.

Dash:

Dash is an originally closed version of bitcoin. It is also known as “Darkcoin” due to its closed nature.

Dash is popular in that it offers extended anonymity, which allows users to make transactions impossible to trace.

The currency first appeared on the canvas of the digital market in 2014. Since then, she has gained a big fan in a very short period of time.

Ripple:

With a market capitalization of more than $ 1 billion, Ripple is the last name on our list. Currency was launched in 2012 and offers instant, secure and inexpensive payments.

The Ripple Consensus Logbook does not require mining – a feature that is different from bitcoins and other major cryptocurrencies.

Lack of mining reduces computing power, which ultimately minimizes latency and makes transactions faster.

Hustle:

Although bitcoin continues to lead the cryptocurrency, rivals are gaining momentum. Currencies like Ethereum and Ripple have outperformed bitcoin in corporate solutions and are increasing in popularity day by day. Following the trend, other cryptocurrencies will stay here and will soon give Bitcoin a very difficult time to maintain its growth.

Stop the panic when selling gold reserves

Gold goes to the monsters as early as 2016, gaining nearly 20%, and the rest of the market remains deeply in the red.

But many of you are sitting on the sidelines, fearing that you missed the turn of gold.

Don’t worry: you didn’t miss it. In fact, this is only the market’s first supply of bull monsters for gold mining. And it will allow you to buy gold at 50% of its current price and you can earn 100% to 200% over the next 12 months.

And just to make you realize what a phenomenal opportunity this is … these benefits can happen even if the price of gold remains the same or even decreases slightly.

First, let’s take a look at trading so you understand why this should happen …

What makes gold mining stocks so compelling that you just don’t buy right now?

The easiest way to understand the possibility is to focus on what has happened to gold reserves over the last three months.

You know, from mid-October to early January, production stocks fell by 30%. If you see that stocks have fallen in price by so much, you might think that their business has been destroyed.

That’s the thing … gold miners have been there for the last three months manufacture money. Hobbes him.

How do we know that? We know this because most gold companies are willing to report fourth-quarter results. We see what was going on in their business when their stocks fell sharply.

If you look at the elite – gold-mining stocks of blue chips – companies like Newmont Mining, Barrick Gold and Goldcorp, you’ll see that they earned an average of $ 215 per ounce of gold mined from mines in the last three months of 2015.

Their total cost of mining an ounce of gold was just $ 836, while gold sold for at least $ 1,051. As long as gold traded above its costs, mining companies made profits.

And now … everything is even better. Since the beginning of the year, gold has risen more than 17%, trading at about $ 1,250 an ounce. These companies are now doing profit from $ 414 an ounce.

Shutdown on Wall Street

Why did the gold miner’s shares crash in late 2015? Fear. The pure panic you often see at the end of the worst bear markets.

Panicked investors sold their extractive shares as if these companies were on the verge of bankruptcy. This is even though these companies were making money. Big money.

The result: The sale of gold mining shares was driven by pure emotion – in other words, a panicked sale. People watched as gold prices fell, panicked, and unloaded their mining stocks out of fear, not out of any logic or reason.

With 25 years of investing I can tell you that the best time to invest is after panic.

Panic destroys dumb money or so-called weak hands. Now smart money is gaining gold reserves with two fists. This is why, despite the fact that gold reserves are now growing, they are still very cheap.

Currently, mining stocks are at prices that correspond when the yellow metal traded below $ 600. The share of gold mining is at a minimum of 12 years.

Gold is now trading at about $ 1,250. This is more than 50% difference. It doesn’t make sense.

The bear market for gold stocks has taken these companies to ridiculous levels.

You know, it’s not that unusual. This is what happens during panic, which means the end of bear markets. Investors go down the stock blindly, not caring about the price at which they will come out, just that they no longer hold the stock. Stock prices fall to an extreme that is no longer related to reality, such as the fundamentals of the company.

Just remember that this new bull market is based on solid foundations – low costs and profits.

This is because we know that gold mining companies can get an ounce of gold from the ground for $ 836. At current prices, gold mining companies earn $ 414 an ounce. Even if the gold went from here, these companies make money.

Beat big money

Gold reserves are the perfect investment to buy right now. This is because as the bull market rises, stocks will start to rise. And they will continue to grow for a long time.

Here is an opportunity for you in a nutshell. Now you buy gold mining stocks as if the gold is less than $ 600 – more than 50% lower than the current price of $ 1,250.

It’s that simple. You buy gold at a 50% discount plus if you are now buying shares of gold mining companies.

You should know that from my experience such opportunities do not continue. Soon hedge funds and big money investors are going to raise prices for gold mining companies. The easiest profit will happen quickly.

If that happens, you will want to own gold stocks … because their prices will rise rapidly.

Now is your chance to make big money on gold mining.

Collect bitcoins for use in transactions

The big question is how to get bitcoin.

After gaining a basic knowledge of what bitcoin is and how a wallet actually works, you may want to get into the world of digital currency and get some bitcoins for yourself. So you have a big question: how do I get bitcoin?

It’s getting hard.

Once you gain knowledge about the origins of each bitcoin that is based on the mining process, you will believe that the best way to get them is to join this mining process. The fact is that it has become very difficult because of the rapid growth in popularity of cryptocurrencies.

Sell ​​goods or services.

Each bitcoin comes as a result of a previous transaction. So, the way to get them if you don’t have them is to get a transaction from someone else, buy them using cash, or get new bitcoins.

If you know a person who uses bitcoin, you can ask him to get bitcoin. In case you don’t know anyone who owns them, you can get bitcoin by offering a different type of transaction only with another bitcoin user, resulting in you getting money in bitcoins. An alternative is to extract them yourself.

Mining.

In case you can’t purchase bitcoin from someone else, you can get them by extracting them. The term mining here means: the solution of a complex mathematical problem, the purpose of which is to verify the transactions of others. In return you are rewarded with bitcoins. Receiving bitcoins is sometimes free, but a fee may be included for sending them, depending on the online platform you use. Before you engage in bitcoin mining, you need to understand that this is not an easy way to get bitcoin, it requires certain technical knowledge that may not be practical for you.

Buy.

In case you don’t know anyone who owns bitcoins, you have nothing to sell to exchange for bitcoin, there is a way to buy bitcoin. There are several online platforms, they sell bitcoin through a process called trading / exchanging. Here are some ways to buy bitcoins:

Buy bitcoin from a person.

On the Internet there are trading platforms where you can buy bitcoin on a “person to person” basis. You can pay these individuals in cash or otherwise. A good idea is that you and the seller can arrange a payment method: cash, cash on deposit, bank transfer, PayPal, etc. The main element is to find someone you can trust. Good advice – use an online deposit service, so you can protect yourself from any scams. The good thing about this online deposit platform is that everyone has to upload their scanned ID, which ensures security during transactions.

Buy bitcoin on the exchange and in the outlet.

Bitcoin exchanges or outlets are mainly online services that make it easier for buyers and sellers to trade with bitcoins. To become part of one of them, you just need to create an account and get an identity card before you can buy or sell bitcoin.

Buy bitcoin through an ATM.

Some cities around the world offer physical bitcoin ATMs. You just get your bitcoins through them using local fiat currency. Governments regulate the use of these ATMs for security purposes. Sometimes finding a bitcoin ATM near your location can be difficult, as even where they are installed is regulated.

Fear not, China does not ban cryptocurrency

In 2008, after the financial crisis, the article “Bitcoin: peer-to-peer electronic monetary system” was published, which describes in detail the concepts of the payment system. Bitcoin was born. Bitcoin has attracted worldwide attention using blockchain technology and an alternative to fiat currencies and commodities. Named the next best technology after the Internet, the blockchain offered solutions to problems we hadn’t been able to solve or ignored over the past few decades. I won’t delve into its technical aspect, but here are a few articles and videos I recommend:

How bitcoin works under the hood

Gentle introduction to blockchain technology

Have you ever wondered how bitcoin (and other cryptocurrencies) actually work?

True, today, February 5, the Chinese authorities have just introduced a new set of rules banning cryptocurrencies. The Chinese government already did this last year, but many have bypassed foreign exchanges. It has now enlisted the almighty “Great Firewall of China” to block access to foreign exchanges to stop its citizens from conducting any cryptocurrency transactions.

To learn more about the position of the Chinese government, let’s go back to a few years ago, in 2013, when bitcoin was gaining popularity among Chinese citizens and prices were rising rapidly. Concerned about price fluctuations and speculation, the People’s Bank of China and five other government ministries issued an official statement in December 2013 entitled “Bitcoin Financial Risk Prevention Notice” (link to Mandarin). Several points were highlighted:

1. Due to various factors such as limited supply, anonymity and the absence of a centralized issuer, bitcoin is not an official currency but a virtual commodity that cannot be used on the open market.

2. All banks and financial institutions are prohibited from offering bitcoin-related financial services or engaging in bitcoin-related trading activities.

3. All companies and websites that offer bitcoin-related services must register with the required government ministries.

4. Due to the anonymity and cross-border nature of bitcoin, organizations providing bitcoin-related services should take preventive measures, such as KYC, to prevent money laundering. Any suspicious activity, including fraud, gambling and money laundering, should be reported to the authorities.

5. Organizations that provide services related to bitcoins should inform the public about bitcoins and the technologies that underlie them, and not mislead the public with misinformation.

Simply put, bitcoin is classified as a virtual commodity (such as gaming credits) that can be bought or sold in its original form rather than exchanged for fiat currency. It cannot be defined as money – that which serves as a medium of exchange, a unit of account and a stock of value.

Despite the report, dated 2013, it is still relevant to the Chinese government’s position on bitcoins, and, as mentioned, there is no information on a ban on bitcoins and cryptocurrencies. Most likely, regulation and education about bitcoin and blockchains will play a role in the Chinese crypto market.

A similar message was published in January 2017, which again emphasizes that bitcoin is a virtual commodity, not a currency. In September 2017, the initial coin offer (ICO) boom led to the publication of a separate notice entitled “Financial Risk Warning Notice for Issued Tokens”. Soon ICOs were banned, and Chinese stock exchanges were investigated and eventually closed. (Looking back 20/20, they made the right decision to ban ICOs and stop pointless gambling). Another blow was dealt to China’s cryptocurrency communities in January 2018, when mining faced serious overclocking, citing excessive electricity consumption.

Although there is no official explanation for the repression against cryptocurrencies, control over capital, illegal activities and protection of citizens from financial risk are among the main reasons cited by experts. Indeed, Chinese regulators have introduced tighter controls, such as restrictions on foreign withdrawals and regulation of foreign direct investment, to limit capital outflows and secure domestic investment. The anonymity and ease of cross-border transactions have also made cryptocurrency a favorite means of money laundering and fraud.

Since 2011, China has played a crucial role in the meteorite rise and fall of bitcoin. At its peak, China accounted for more than 95% of global bitcoin trade and three-quarters of mining operations. With regulators overseeing trade and mining operations, China’s dominance has declined significantly in exchange for stability.

Countries like Korea and India are following suit and are now casting a shadow over the future of cryptocurrencies. (Here I will repeat my opinion: countries regulate cryptocurrency, not ban it). Undoubtedly, we will see that in the coming months new countries will join, which will restrain the turbulent crypto market. Indeed, some order is long overdue. Over the past year, cryptocurrencies have experienced unprecedented price volatility, and ICOs occur literally every other day. In 2017, total market capitalization rose from $ 18 billion in January to a record $ 828 billion.

However, the Chinese community is surprisingly well-disposed, despite the dispersal. Online and offline communities are thriving (I have personally attended many events and visited some firms), and blockchain startups are growing all over China.

Large firms operating on the blockchain, such as NEO, QTUM and VeChain, are attracting huge attention in the country. Startups such as Nebulas, High Performance Blockchain (HPB) and Bibox are also gaining considerable strength. Even giants like Alibaba and Tencent are also exploring blockchain capabilities to enhance their platform. The list goes on and on, but you understand me; it will be HUGGEE!

The Chinese government has also adopted blockchain technology and in recent years has stepped up efforts to support the creation of a blockchain ecosystem.

In China’s 13th Five-Year Plan (2016-2020), he called for the development of advanced technologies, including blockchain and artificial intelligence. It also plans to step up research into the application of fintech in regulation, cloud computing and big data. Even the People’s Bank of China is also testing a prototype digital currency based on the blockchain; however, since it is likely to be a centralized digital currency that has been slapped by some encryption technology, its adoption by Chinese citizens will still have to wait.

The launch by the Ministry of Industry and Information Technology of the Trusted Blockchain Open Lab, as well as the China Technology and Industry Development Forum in China – are some other Chinese government initiatives to support the development of the blockchain in China.

A recent report titled “China Blockchain Development Report 2018” (English version at link) of the China Blockchain Research Center details the development of the blockchain industry in China in 2017, including various measures to regulate the cryptocurrency on the mainland. In a separate section, the report highlighted the optimistic prospects of the blockchain industry and the much attention it received from venture companies and the Chinese government in 2017.

In general, the Chinese government has demonstrated a positive attitude towards blockchain technology, despite the fact that it applies to cryptocurrencies and mining operations. China wants to control the cryptocurrency, and China will get control. Repeated coercive measures by regulators were to protect their citizens from the financial risk of cryptocurrencies and limit the outflow of capital. Today, Chinese citizens legally have cryptocurrencies, but they are not allowed to make any transactions; hence the ban on sharing. As the market stabilizes in the coming months (or years) we will undoubtedly see a revival of the Chinese crypto market. Blockchain and cryptocurrency go hand in hand (except for a private network where a token is not needed). Therefore, countries cannot ban cryptocurrency without banning amazing technology blockchain!

In one we can all agree: the blockchain is still in its infancy. We have a lot of exciting events ahead of us, and right now is probably the best time to lay the groundwork for a world involving a blockchain.

Last but not least HODL!

As bitcoin processing units are used to extract digital currency

It is a well-known fact that recently the hardware for bitcoin mining has changed dramatically due to the development of new CPUs in the market. New machines can process bitcoins at a faster rate than computers of the past. What’s more, they consume less energy and last a very long time. Gateway array processors for field programming are connected to processors to increase their computing power. When choosing bitcoin processing equipment, make sure it has a high hashing rate that will give impressive results for users. According to experts, data processing speed is measured by megahash speed per second or hash rate GIGA per second.

Another parameter for choosing the best bitcoin mining equipment is the analysis of the power consumption of the various machines available in the market. If the CPU requires a lot of power, it can adversely affect output and business operations. Therefore, the equipment must be high quality and cost effective to attract people’s attention. The cost of the electricity bill must be synchronized with the bitcoins earned through the app. Keep in mind that the processor consumes its own power for its operation and also requires more power to power bitcoin mining equipment. The total cost must be compared with the benefits accruing to the machine.

One of the most important components of the hardware is the graphics processing unit, which can easily process complex landfill calculations. As a result, it is very useful in solving the problem with bitcoin transaction blocks. According to experts, GPUs have a clear advantage over CPU hashing technology because of their higher processing power. In addition to working with bitcoins, GPUs can also control the transfer of cryptocurrency data without problems, making them compatible with other programs.

The ASIC variant has been introduced to the market for bitcoin mining because it has much more power than a video card. It is built into the computer motherboard along with other ports designed to achieve processing purposes. The programmable shutter array located on the board is capable of producing a capacity of 750 megahash per second. With the help of powerful machines you can extract bitcoin with amazing speed. Although individual chips are expensive and require some time to fabricate, the data rates they provide are tremendous.

The cryptocurrencies of the Wild West continue

This often raises the question: how do I choose which cryptocurrency to invest in – are they not all the same?

There is no doubt that bitcoin has captured the lion’s share of the cryptocurrency (CC) market, and this is largely due to its FAME. This phenomenon is similar to what is happening in national politics around the world, where a candidate is gaining a majority of votes based on FAME, rather than any proven ability and qualifications to run a nation. Bitcoin is a pioneer in this market space and continues to collect almost all the headlines in the market. This FAME doesn’t mean it’s perfect for work, and it’s pretty well known that bitcoin has limitations and problems that need to be addressed, however in the world of bitcoins there is disagreement about how best to solve the problems. As problems arise, developers have a constant opportunity to initiate new coins that solve certain situations, and thus distinguish themselves from the approximately 1,300 other coins in this market space. Let’s look at two Bitcoin competitors and find out how they differ from Bitcoin and from each other:

Ethereum (ETH) – The Ethereum coin is known as ETHER. The main difference from bitcoins is that Ethereum uses “smart contracts” that are objects for an account in the Ethereum blockchain. Smart contracts are defined by their creators, and they can interact with other contracts, make decisions, store data, and send ETHER to others. The performance and services they offer are provided by the Ethereum network, and all of the above is what Bitcoin or any other blockchain network can do. Smart contracts can act as your standalone agent, following your currency spending instructions and initiating other transactions. in the Ethereum network.

Ripple (XRP) – This coin and Ripple network also have unique features that make it much more than just a digital currency such as bitcoin. Ripple has developed the Ripple Transaction Protocol (RTXP), a powerful financial tool that allows exchanges in the Ripple network to transfer funds quickly and efficiently. The main idea is to place money in “gateways”, where only those who know the password can unlock the funds. For financial institutions, this opens up huge opportunities as it simplifies cross-border payments, reduces costs and provides transparency and security. All this is done with creative and clever use of blockchain technology.

The mainstream media covers the market with fresh news almost every day, but there is little depth in their stories … mostly just dramatic headlines.

The Wild West show continues …

5 crypto shares / blockchain choices on average 109% are 11/17 December. Wild swings continue daily. Yesterday we had the last attempt to bring down the cryptocurrency boom in South Korea and China.

On Thursday, South Korean Justice Minister Park Sang-ki sent global prices for bitcoin temporarily falling and virtual coin markets when regulators reportedly were preparing legislation to ban cryptocurrency trading. Later that day, South Korea’s Ministry of Strategy and Finance, one of the main agencies of the South Korean government’s cryptocurrency regulatory task force, came out and reported that their department disagree with a premature statement by the Ministry of Justice on a potential ban on cryptocurrency trading.

While the South Korean government says cryptocurrency trading is nothing more than gambling, and they are worried that the industry will leave many people in poor housing, their real problem is the loss of tax revenue. This is the same problem that worries every government.

China has grown into one of the world’s largest sources of cryptocurrency mining, but now, according to rumors, the government is regulating the electricity used by mining computers. More than 80% of electricity for bitcoin mining today comes from China. By closing the miner, the government will make it difficult for bitcoin users to verify transactions. Mining will be relocated, but China is particularly attractive due to very low electricity and land costs. If China carries out this threat, there will be a temporary loss of mining capacity, which will cause bitcoin users to see longer timers and increase transaction verification costs.

This wild journey will continue, and like the boom online, we will see big winners and, ultimately, big losers. Also, like the online boom, or the uranium storm, those who come early will thrive, while massive investors always show up at the end, buying upstairs.

Stay tuned!

Cryptocurrency: The Destroyer of Fintech

Blockchains, sidechains, mining – terminology in the underground world of cryptocurrency accumulates minutes. While introducing new financial conditions into an already quirky financial world sounds unreasonable, cryptocurrencies offer a much-needed solution to one of the biggest annoyances in today’s money market – transaction security in the digital world. Cryptocurrency is a defining and destructive innovation in the rapidly evolving world of financial technology, an appropriate response to the need for a secure exchange environment in the days of virtual transactions. At a time when trades are just numbers and figures, cryptocurrency offers to do just that!

In its most basic form, the term cryptocurrency is the concept of proving an alternative virtual currency that promises secured anonymous transactions through peer-to-peer network networks. The erroneous name is property rather than actual currency. Unlike everyday money, cryptocurrency models operate without a central body as a decentralized digital mechanism. In a distributed cryptocurrency mechanism, money is issued, managed and maintained by a network of colleagues in the collective community, whose ongoing activities are known as mining by car peer. Successful miners also earn coins by estimating their time and resources used. After use, transaction information is transmitted to the blockchain in the public network, not allowing to spend each coin twice from the same user. The blockchain can be considered as a cash register. The coins are secured behind a password-protected digital wallet that represents the user.

Deliveries of coins in the world of digital currencies are decided in advance, without manipulation, by any persons, organizations, government agencies and financial institutions. The cryptocurrency system is known for its speed, as transaction transactions through digital wallets can materialize funds in minutes compared to the traditional banking system. It is also largely irreversible in design, further reinforcing the idea of ​​anonymity and eliminating further chances of finding the money back to the original owner. Unfortunately, notable features – speed, security and anonymity – have also made cryptocurrencies a way to trade for many illegal transactions.

Just like in the real world money market, exchange rates fluctuate in the ecosystem of digital coins. Due to the finite number of coins, as the demand for the currency increases, the value of the coins increases. Bitcoin is the largest and most successful cryptocurrency to date, with a market capitalization of $ 15.3 billion, occupying 37.6% of the market and currently priced at $ 8,997.31. Bitcoin entered the foreign exchange market in December 2017, when it was traded at a price of $ 19,783.21 per coin, before a sudden drop in 2018. The decline is partly due to the rise of alternative digital coins such as Ethereum, NPCcoin, Ripple, EOS, Litecoin and MintChip.

Because of the rigid supply constraints, cryptocurrencies are considered to be the same economic principles as gold – the price is determined by supply constraints and fluctuations in demand. In the conditions of constant fluctuations of exchange rates their stability still needs to be found out. Thus, investments in virtual currencies at this point are more speculative than the daily money market.

After the Industrial Revolution, this digital currency is an indispensable part of technological breakdowns. From the point of view of the casual observer, this rise can look at once exciting, threatening and mysterious. While some economists are still skeptical, others see it as a lightning revolution in the monetary industry. Conservatively, digital coins are going to displace about a quarter of national currencies in developed countries by 2030. This has already created a new asset class alongside the traditional global economy, and a new set of investment funds will come from cryptocurrency in the coming years. Recently, bitcoin may have plunged to focus on other cryptocurrencies. But this does not indicate any failure of the cryptocurrency itself. While some financial advisors emphasize the role of governments in fighting the underground world to regulate the central governance mechanism, others insist on the current free flow. The more popular cryptocurrencies are, the more attention and regulation they attract – a common paradox that violates the digital note and blurs the main purpose of its existence. Either way, the lack of intermediaries and control makes it extremely attractive to investors and daily trading changes dramatically. Even the International Monetary Fund (IMF) fears that cryptocurrencies will displace central banks and international banks in the near future. After 2030, regular trade will be dominated by the crypto supply chain, which offers less friction and greater economic value between buyers and sellers who own the technology.

If a cryptocurrency seeks to become an important part of the existing financial system, it will have to meet very different financial, regulatory and societal criteria. It should be protected from hackers, user-friendly and strictly protected to offer its main benefits to the core monetary system. It must maintain the anonymity of users without being a channel for money laundering, tax evasion and online fraud. Since this is necessary for the digital system, it will take a few more years to understand whether cryptocurrency will be able to compete with the real world currency. Although this may happen, the success of cryptocurrency (or lack thereof) in solving problems will determine the state of the financial system in the coming days.

Why is cloud bitcoin mining moving forward?

Cloud mining allows you to access the processing power of the data center and get the cryptocurrency without having to purchase the necessary equipment, software, spend money on electricity, maintenance and so on. The essence of cloud mining is that it allows users to acquire the computing power of remote data centers.

The entire cryptocoin production process is carried out in the cloud, which makes cloud mining very useful for those who do not understand all the technical aspects of the process and do not want to run their own software and hardware. If where you live, electricity is quite expensive, for example, in Germany, then outsource the extraction process in a country where electricity is cheaper, such as the United States.

Types of cloud bitcoin mining:

There are currently three ways to conduct cloud mining:

1. Leased mining. Rent a mining machine located by the supplier.

2. Practically located mining. Creating a virtual private server and installing mining software.

3. Hash capacity rental. Rent a certain amount of hash capacity without having special physical or virtual equipment. (This is definitely the most popular way of cloud mining).

What are the benefits of cloud bitcoin mining?

– Does not deal with excess heat generated by machines.

– Avoid the constant noise of fans.

– No need to pay for electricity.

– Do not sell mining equipment if it is no longer profitable.

– No problems with ventilation of equipment, which is usually very heated.

– Avoid possible delays in the delivery of equipment.

What are the disadvantages of cloud bitcoin mining?

– Possibility of fraud,

– Bitcoin transactions cannot be verified

– If you don’t like creating your own Bitcoin hash systems, it can be boring.

– Decreased profits – cloud bitcoin mining services incur costs.

– Bitcoin mining contracts may allow the termination of transactions or payments if the price of bitcoin is too low.

– Unable to change mining software.

Cloud mining risk:

The risk of fraud and mismanagement is prevalent in the world of cloud mining. Investors should only invest if they like those risks – as they say, “never invest more than what you are willing to lose”. Explore social media, talk to old customers and ask any questions you think are necessary before investing.

Is cloud mining profitable?

The answer to this question depends on some factors that affect the return on investment. Cost is the most obvious factor. The service fee covers the cost of electricity, accommodation and equipment. On the other hand, a company’s reputation and reliability is a determining factor due to the prevalence of fraud and bankruptcy.

Finally, profitability depends on factors that no company can predict and control: just remember the high volatility of bitcoins over the past three years. If you are buying a mining contract, it is better to consider a constant price for bitcoin, as your other alternative is to buy bitcoins and expect a price increase. Another important factor is the capacity of the entire network, which depends on the number of operations per second. Over the past few years, power has increased exponentially. Its growth will continue to build on the value of bitcoin and innovation in the development of integrated circuits for specific applications.