Bitcoin Proved to be one of the most popular cryptocurrency and in 2017, it’s value is increasing at a very high pace. Here we came to know about:-
- What is bitcoin?
- Are bitcoins secured?
- Is it make sense to invest in bitcoins in 2017?
- How to get started with bitcoins?
- Best and secured bitcoin wallets
- Transactions with Bitcoins
- what is Software Mining Bitcoin?
What Is Bitcoin ?
Bitcoin is a worldwide cryptocurrency and digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for software mining bitcoin, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
In short term:-
Basically a bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Why are bitcoins popular?
Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next. Transactions can be made anonymously, making the currency popular with libertarians as well as tech enthusiasts, speculators and criminals.
Is Investing in Bitcoin secured? How are bitcoins kept secure?
The bitcoin network works by harnessing individuals’ greed for the collective good. A network of tech-savvy users called miners keep the system honest by pouring their computing power into a blockchain, a global running tally of every bitcoin transaction.
The blockchain prevents rogues from spending the same bitcoin twice, and the miners are rewarded for their efforts by being gifted with the occasional bitcoin. As long as Software Mining Bitcoin miners ..
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Does it make sense to invest in Bitcoins in 2017 ?
Yes it is completely makes sense to invest in Bitcoin.
Let’s have a look at Bitcoin Prices in 3 time-periods since it started:
- Jan 2011 – Jan 2012 – The price went from few cents to 30 USD and again back to 5 USD.
2. Jan 2013 – Jan 2015 – Again something similar happened in this time period and the price reached 1100 USD
3. Jan 2015 – Present (08-Jul-2017) – The Bitcoin Prices reached all time high of around 2900 USD.
Looking at the previous history of prices, I think bitcoin prices will go down to around 2000 USD by August 2017 and will start rallying again. I am expecting this time it will touch around 5000 – 6000 USD by 2018.
What’s he exact Current Value of Bitcoin?
One bitcoin recently traded for $1,734.65, according to Coinbase, a company that helps users exchange bitcoins. That makes it more valuable than an ounce of gold, which trades at less than $1,230.
The value of bitcoins can swing sharply, though. A year ago, one was worth $457.04, which means that it’s nearly quadrupled in the last 12 months. But its price doesn’t always go up.
A bitcoin’s value plunged by 23 percent against the dollar in just a week this past January. I ..
Get Started with Bitcoin
Ready to start using Bitcoin? Let’s go over the necessary steps under the assumption that you have a basic understanding of what Bitcoin is and how it works.
The first step is getting a Bitcoin wallet so you can receive and send bitcoins.
Step 1 —> Get Started With Bitcoin
Before you start using Bitcoin, which is still experimental but has been operational without any interruptions for over eight years, there are a few things that you need to know in order to use it securely and avoid common pitfalls.
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First, Bitcoins are impossible to counterfeit or inflate.
Second, you can use them to send or receive any amount of money, with anyone, anywhere in the world, at very low cost. Bitcoin payments are impossible to block, and bitcoin wallets can’t be frozen.
Third, with Bitcoin you can directly control the money yourself without going through a third party like a bank or Paypal.
Fourth, Bitcoin transactions cannot be reversed or refunded. You should only deal with businesses or people you trust.
FifthTo be valid, a Bitcoin transactions must be confirmed at least once but preferrably 6+ times before it has happened and becomes irreversible.
Sixth, Bitcoin is not anonymous but there is tumbling. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address.
Seventh, you can get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. You can also buy them directly from an exchange with your bank account.
Eighth, there is a growing number of services and merchants accepting Bitcoin all over the world. You can use Bitcoin to pay them and rate your experience to help honest businesses to gain more visibility.
Ninth, the Bitcoin industry is always changing and there are many Bitcoin news services to stay up to date.
Tenth, beware of the confusingly similar Bcash, BCH, Bitcoin Cash project.
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Step 2 —> How To Get A Bitcoin Wallet
Setting up your first Bitcoin wallet is simple. There are several quality mobile, desktop, and hybrid wallets available. If you want to do thorough research then you can read our comprehensive guide on how to find the best Bitcoin wallet.
A great path would be:
(1) a mobile wallet like Airbitz (iPhone, Android), CoPay (iPhone, Android) or Mycelium (Android).
(2) acquire bitcoins from a friend, as payment for a good or service or buy bitcoins from one of the many exchanges.
(3) if you decide to store large amounts of bitcoins and want to know they are absolutely safe then use Armory.
Step 3 —> How To Get Bitcoins
How to buy Bitcoins
With the Bitcoin price so volatile many people seem curious about getting some. Below we have listed some of the best exchanges.
If you want to do your own research then check our guide on how to buy bitcoins in any country. Here are our recommendations:
Coinbase is one of the world’s largest Bitcoin exchanges. Users in the United States, Canada, most of Europe, and Singapore can buy bitcoins with a connected bank account or SEPA transfer.
European users can purchase bitcoins with 3D secure credit or debit cards.
Indacoin is a global platform enabling the quickest bitcoin purchases in more than 200 countires with a credit or debit card and no registration.If it’s the first time you use the card, you will receive a call from Indacoin with a 4-digit code, which should be entered on your order page. After that, you will have to enter a 3-digit code, which can be found on your online card statement next to the charge amount.
You will have the limit of $50 for the first transaction, $100 for the second transaction available after four days of the initial purchase and $500 after eight days of the first buy. The total limit for the first month will be $5,000 and then no limits at all.
Since your card is verified, cryptocurrency is sent automatically within ten minutes after the payment.
SpectroCoin is an all-in-one solution for Bitcoin offering an exchange, debit card and ability to buy bitcoins with credit cards.
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How To Earn Bitcoins
Many people find that the best way to get bitcoins is to accept them as payment for the products or services they already sell. Just give your customers the option to pay in bitcoin.
To make it easy, you may want to sign up for a bitcoin merchant account which allows you to send invoices and integrate bitcoin payments into your order pages for the most popular online shopping cart systems.
- WeUseCoins Bitcoin Faucet – Get free bitcoins that are provided by sponsors
- BitPay – (Highly Recommended) – Merchant tools and account services
- Jobs 4 Bitcoin – Subreddit where you can find jobs
Here Are some of the most secured and handpicked Bitcoin wallets:-
Best Mobile Bitcoin Wallets
iPhone and Android apps are available with popular choices including:
Copay is a Bitcoin wallet by Bitpay and available on iOS, Android, Windows Phone, Linux, Max OS X, and Windows. Because Copay is available on multiple platforms, it’s easy to use the same wallet or accounts across multiple devices.
Copay’s simple, clean user interface makes it a good choice for new Bitcoin users. Copay is also a good option for businesses due to a shared account feature, which requires a certain number of users to sign each transaction. Two co-founders, for example, could create a 2 of 2 wallet where both will be required to sign each transaction.
Breadwallet started out as the most popular wallet for iPhone, and now it is also available for Adroid devices running Android 6.0 or higher. The simplicity and easy-to-use security makes it a great place to start for users who are new to bitcoin.
AirBitz is another Bitcoin wallet that’s great for everyday use. It’s integrated with Fold, meaning you can get 20% discounts at Starbucks from within the wallet.
Airbitz manages accounts with usernames and passwords, but doesn’t have access to your funds. This type of account creation is easier for less technical users who may have trouble backing up or understanding HD seeds.
Breadwallet’s combination of simplicity and security has made it the most popular iOS wallet. iPhone users in search of their first Bitcoin wallet should find Breadwallet easy to understand.
Best Bitcoin Web Wallets
Bitcoin web wallets are the easiest and most convenient to use but are potentially less secure than the above options because the private keys to your bitcoins are usually held by a third-party.
Due to the large number of security breaches where people have lost bitcoins, we do not recommend any of the current Bitcoin web wallets. A wallet like Copay can be used on mobile & desktop. It provides the benefits of a software wallet and is easy to use across many devices. Copay also helps you securely share wallets with other people.
Congratulations! If you’ve made it this far, you should now have a Bitcoin wallet of your own, and it’s ready to hold some bitcoins.
To receive bitcoins from someone, they need to know your Bitcoin address. Depending on your wallet, you should now have at least 1 Bitcoin address. If you installed a software wallet, or are using a hosted wallet, your address should be shown on a “Receive” tab, or similarly named tab. Your address will be a series of numbers and letters. For example, below is an Electrum wallet’s “Receive” tab showing 5 auto-generated addresses:
Sending your address to other people can be done with a simple copy/paste into an email, instant message, or into the HTML on your website.
If you’re using a paper wallet or a software wallet for a mobile device, your address (a.k.a public key) will probably be shown as a QR-code, like this:
Your QR code can be scanned by a mobile phone using a Bitcoin app to get your address. For instance, Scanbook(Android + iOS) and Blockchain (Android) can both read QR codes on paper wallets, copy addresses to your device’s clipboard, and track their balances.
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How Long a Transaction Takes
Bitcoin transactions normally take only a few seconds to be broadcast across the network. That means if you’re using a software wallet, and it’s running on your device or computer, you should be alerted immediately of an incoming transaction when it’s sent. But it’s not necessary for your software wallet to be up and running to receive the transaction. Even if your wallet software is closed, the incoming bitcoins will still be credited to your address, and they’ll show up the next time you start up your wallet.
On a software wallet, you can view your incoming and outgoing transactions on the “History” or “Transactions” tab interface. This will display information for every transaction of your wallet, such as amount, receiving address, date, running balance, and number of confirmations. For instance, below is a sample of Electrum’s “History” tab:
The number of confirmations can be important. It represents how many blocks have been added to the block chain since the transaction has taken place. The more confirmations that have occurred, the more permanent a transaction is considered to be. Zero confirmations is the initial state of the transaction being broadcast on the network and should be considered unprocessed. One confirmation is considered to be initially processed, and can take about 10 minutes to occur. Six confirmations is generally considered to be permanent and irreversible, and normally takes about an hour.
About Software Mining Bitcoin
While the actual process of Bitcoin mining is handled by the Bitcoin mining hardware itself, special Software Mining Bitcoin is needed to connect your Bitcoin miners to the blockchain and your Bitcoin mining pool as well, if you are part of a Bitcoin mining pool.
The software delivers the work to the miners and receives the completed work from the miners and relays that information back to the blockchain and your mining pool. The best Software Mining Bitcoin can run on almost any operating system, such as OSX, Windows, Linux, and has even been ported to work on a Raspberry Pi with some modifications for drivers depending on your mining setup.
Not only does the Software Mining Bitcoin relay the input and output of your Bitcoin miners to the blockchain, but it also monitors them and displays general statistics such as the temperature, hashrate, fan speed, and average speed of the Bitcoin miner.
There are a few different types of Bitcoin mining software out there and each have their own advantages and disadvantages, so be sure to read up on the various Software Mining Bitcoin out there.
Note about privacy: to help keep your wallet balance private, it’s best to generate and use a new Bitcoin address for every incoming transaction. This makes it much harder for anyone to lookup your total Bitcoin balance as well as software mining bitcoin.
So here we came to end. Today we discussed everything about bitcoin. If you have any query about bitcoin or need to suggest some topics, leave your comment and i will take care of it and reply. Keep cool, keep sharing!