HOW TO MAKE FORTUNE USING CRYPTOCURRENCY : THE GOLD RUSH IS REAL
What is crypto currency?
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/central banking systems. The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger.
Source Wikipedia
How Cryptocurrencies Work?
A cryptocurrency runs on a blockchain, which is a shared ledger or document duplicated several times across a network of computers. The updated document is distributed and made available to all holders of the cryptocurrency.
Every single transaction made and the ownership of every single cryptocurrency in circulation is recorded in the blockchain. The blockchain is run by miners, who use powerful computers that tally the transactions. Their function is to update each time a transaction is made and also ensure the authenticity of information, thereby ascertaining that each transaction is secure and is processed properly and safely.
As payment for their services, miners are paid physically minted cryptocurrency as fees by vendors or merchants of each transaction.
The value of the cryptocurrency fluctuates based on demand and supply, although there is no fixed value for it. Buyers and sellers agree on a value, which is fair and is based on the value of the cryptocurrency trading elsewhere.
Since there is no intermediary like bank involved in the transaction, as it is a peer-to-peer transaction, the transaction fee that is associated with credit cards is eliminated. The identity of the buyer and seller are not revealed. However, each and every transaction is made public to all the people in the blockchain network.
One can acquire a cryptocurrency through exchanges found online or trade it for traditional currencies.
Assume X wants to buy an item valued at $10,000 and he realizes that the seller Y accepts cryptocurrency, say bitcoin, as a form of payment. X scouts around to find the prevailing exchange rate, say $1,000 per currency. X gets Y's public Bitcoin address from Y's website, although both parties remain anonymous to each other.
X can now instruct his Bitcoin client or the software installed on his computer to transfer 10 bitcoins from his wallet to Y's address. X's Bitcoin client will electronically sign the transaction request with his private key known only to him. X's public key, which is a public information, can be used for verifying the information.
When X's transaction is broadcast to the Bitcoin network, it would be verified in a few minutes by miners. The 10 bitcoins will now be transferred to Y's address.
Source - www.benzinga.com
What is Cyptocurrency mining?
Cryptocurrency mining includes two functions, namely: adding transactions to the blockchain (securing and verifying) and also releasing new currency. Individual blocks added by miners should contain a proof-of-work or PoW.
Mining needs a computer and a special program, which helps miners compete with their peers in solving complicated mathematical problems. This would need huge computer resources. In regular intervals, miners would attempt to solve a block having the transaction data using cryptographic hash functions.
The hash value is a numeric value of fixed length that uniquely identifies data. Miners use their computer to zero in on a hash value less than the target and whoever is the first to crack it would be considered as the one who mined the block and is eligible to get a rewarded.
The reward for mining a block is now 12.5 bitcoins.
Earlier, only cryptography enthusiasts served as miners. However, as cryptocurrencies gained in popularity and increased in value, mining is now considered a lucrative business. Consequently, several people and enterprises have started investing in warehouses and hardware.
As enterprises jumped into the fray, unable to compete, bitcoin miners have begun to join open pools, combining resources to effectively compete.
Source - www.benzinga.com
How to start mining?
1) Using your computer’s CPU or Graphic Card
STEPS
a) Choose a mining pool i.e. Go to minergate.com or nicehash.com
b) Download the software for respective OS
c) Sign up and create a wallet there
d) Install the software and start earning
Mining from your own PC is not much profitable unless you have a gaming PC.
2) Using a setup of GPU’s
a) Buy a piece of suitable hardware after research i.e. an AMD/NVIDIA GPU with good hash rate and low power consumption.
b) Select a profitable coin to mine.
c) Check for profitability here-
cryptocompare.com/mining/calculator/btc
d) Choose a pool to mine like nicehash or antpool
e) Assemble your machine
f) Setup an account and start earning
3) Using ASIC Miners
As the difficulty of mining has increased over the years, the hardware has also become more specific and application specific. These are the machines to make some real money.
THE MOST POPULAR MINERS ARE-
1) BITMAIN’S ANTMINER S9
Specifications
The most efficient Bitcoin Miner which can generate up to Rs 35k+ per month.
Currently, it is not available for shipping in India. You can check Amazon or eBay for purchase though.
2) CANAAN’S AVALON 741
The most affordable and ROI paying Bitcoin Miner.
Specifications
3) BITMAIN’S ANTMINER L3+
The most Powerful Litecoin miner.
Specification
Litecoin mining is also very profitable and can easily generate up to Rs 30k+ per month.
How to choose right hardware?
You have to first consider few questions,
a) How serious you are about mining?
b) How much you can spend?
c) Which coin you want to mine?
Based on these question here are some suggestions-
a) If you just want to hobby mine or do it for fun, then your own computer is a good bet. You don’t have to spend big.
b) If you want to mine Altcoins (other than Bitcoins) and don’t want to spend much, then go for some good GPU. GPU’s are easily available and can generate profit easily.
c) If you want to mine Bitcoins and have a budget of 2-2.5 laks+ , then go for ANTMINER S9 [ASAP].
d) If you are unable to find/buy/ship antminer for reasonable price in INDIA then you can mail us here- cascadedpictures@gmail.com
Which coins to mine?
As the difficulty of Bitcoin has risen and many dedicated farms have been setup, Mining it individually is not much profitable if you don’t have a good piece of hardware. The alternative coins to mine are-
a) ETHEREUM
Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
It is the second only to Bitcoin.
Value(02/12/17)- $472.4638
b) MONERO
Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on privacy, decentralization, and scalability that runs on Windows, MacOS, Linux, Android, and FreeBSD. Monero uses a public ledger to record transactions while new units are created through a process called mining. Monero aims to improve on existing cryptocurrency design by obscuring sender, recipient and amount of every transaction made as well as making the mining process more egalitarian.
Value(02/12/17)- $190
c) ZCASH
Zcash is a cryptocurrency that grew out of the Zerocoin project, aimed at improving anonymity for Bitcoin users. The Zerocoin protocol was initially improved and transformed into Zerocash, which thus yielded the Zcash cryptocurrency in 2016.
Value(02/12/17)- $336.34
The Check List: What You Will Need to Mine Cryptocoins
You will need ten things to mine Litecoins, Dogecoins, and/or Feathercoins.
- A free private database called a coin wallet. This is a password-protected container that stores your earnings and keeps a network-wide ledger of transactions.
- A free mining software package, like this one from AMD, typically made up of cgminer and stratum.
- A membership in an online mining pool, which is a community of miners who combine their computers to increase profitability and income stability.
- Membership in an online currency exchange, where you can exchange your virtual coins for conventional cash, and vice versa.
- A reliable full-time internet connection, ideally 2 megabits per second or faster speed.
- A hardware setup location in your basement or other cool and air-conditioned space.
- A desktop or custom-built computer designed for mining. Yes, you may use your current computer to start, but you won't be able to use the computer while the miner is running. A separate dedicated computer is ideal. Tip: Do not use a laptop, gaming console or handheld device to mine. These devices just are not effective enough to generate income.
- An ATI graphics processing unit (GPU) or a specialized processing device called a mining ASIC chip. The cost will be anywhere from $90 used to $3000 new for each GPU or ASIC chip. The GPU or ASIC will be the workhorse of providing the accounting services and mining work.
- A house fan to blow cool air across your mining computer. Mining generates substantial heat, and cooling the hardware is critical to your success.
- Personal curiosity. You absolutely need a strong appetite for reading and constant learning, as there are ongoing technology changes and new techniques for optimizing coin mining results. The most successful coin miners spend hours every week studying the best ways to adjust and improve their coin mining performance.
IF YOU NEED ANY HELP OR ASSISTANCE OR NEED TO BUY OR INSTALL ANYTHING, PLEASE MAIL US - cascadedpictures@gmail.com
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