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The Beginner’s Guide to Bitcoin and the World of Cryptocurrencies

What is Cryptocurrency

What is Cryptocurrency

First things first, what is a Cryptocurrency?

Cryptocurrency is a digital electronic that’s not issued by a government, unlike traditional currencies; but rather created electronically as the generation of cryptocurrency units. The verification of transaction processes is controlled by complex encryption techniques performed by computers instead of a Central authority.

Bitcoin, the first cryptocurrency in the world, was lanuched in 2009 by an anonymous programmer (or group of software developers) who goes by the pseudonym ‘Satoshi Nakamoto’.

In this article we will be talking about Bitcoin; specifically as it is the first cryptocurrency created and #1 in the world of cryptocurrencies.

But first of all, we need to understand what distinguishes bitcoins; (or Cryptocurrencies generally) from conventional currencies and what are their distinctive properties.

So what makes Bitcoin or Cryptocurrency so unique?

Bitcoin is characterized mainly by being digital as it is produced by computers through a process that’s called “Mining”; which involves complex encryption techniques and has no physical properties.

“Bitcoin Mining” is the definition given to the process through which bitcoins are generated and the transactions are added and verified. ”Mining” is performed by special fast computers solving complex mathematical problems; using the appropriate software in order to create or “mine” bitcoins and get rewarded with bitcoins in return.

For each block that is generated the miner is rewarded with 25 bitcoins. This value is halved every four years until all bitcoins are mined (yes the total number of bitcoins to be ever mined is limited).

In the current financial system, central banks along with other political institutions are responsible for controlling and regulating the processes of monetary units generation.

On the other hand, Bitcoin is a decentralized cryptocurrency as the process of its generation is not controlled by any government or central authority. The supply of bitcoins depends solely on the efforts exerted by the miners.

Bitcoin is a virtual currency, as the private keys for your bitcoin addresses (which are used to access your bitcoins) are stored in digital wallets.

So a Digital Wallet is the first thing you need to have in case you want to buy bitcoin. There’s a variety of digital wallets to choose from.

You can have your digital wallet on your desktop or on your mobile or have an online digital wallet, or you can have it as a physical device (which is considered by many to be the safest and most secure storage option.

Another options for bitcoins storage include storing at an Exchange (which offers several services as well like exchanging, sending and receiving bitcoins) and there are many competing Exchanges and wallet providers at the moment so it won’t be difficult to find one nearby.

Bitcoin is a peer to peer currency, meaning Bitcoin operates on a network of user based computers, and the bitcoins are transferred from one party to another across the internet with no 3rd party needed for the transfer process to be completed but the whole network nodes are responsible for monitoring and verifying the transaction process and that is the main idea of the Bitcoin mechanism.

But how does Bitcoin work?

We mentioned before that miners and the connected nodes of the network are responsible for monitoring and digitally regulating the transaction processes that take place between senders and receivers.

And as we know now, bitcoins are stored in digital wallets. Each of these wallets has a unique private key used and known only by the user and a public key which is considered to be the user’s payment address.

In order to understand how transactions work, there are 3 main parameters that are needed to be known and specified for a transaction process to be initiated

  • The address of the bitcoins sender
  • The address of the bitcoins receiver
  • The amount of bitcoins to be transferred from the sender to the receiver

The transaction carries a digital signature that is produced when the private key of the user is mixed with the data he wishes to send in a mathematical algorithm and each transaction has its own digital signature.

When sender “A” decides to send an amount of bitcoins games to receiver ”B” through Internet, the transaction with its data is combined with other requested transactions that are requested at the same time to be recorded in what’s called a “Block”.

Each block has its unique ID, time of the process and a reference to prior block.
The block is then broadcasted to each node in the network.

For a transaction process to take place, all the nodes of the network have to confirm the validity of the process and the authenticity of the digital signature using the public key of the user. This process also prevents
double-spending from taking place making Bitcoin a safe middle of exchange.

Once verified by the nodes of the network, the “Block” representing the transaction is then added to what’s known as the “Blockchain” which is a distributed public ledger shared by all the nodes of the network and functions as a database where all the transactions process are stored.

We can think of a blockchain as a giant ledge containing all the transactions that ever happened. Once a block is added to the blockchain, it cannot be modified nor can it be removed.

“We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.” – Satoshi Nakamoto

How to acquire bitcoins?

Currently there are two methods to get bitcoins:

1 – Become a “Miner”: which is not recommended if you are a beginner as it requires expensive efficient mining hardware (like FPGAs and GPUs) for the mining process to be profitable because using slow CPUs is not a practical solution at all considering its poor output with respect to time.

Also Read: How to mine Bitcoin?

2 – Buy them: You can buy bitcoins through an Exchange or online by yourself using your fiat money or credit card, but, as we mentioned earlier, you will need a wallet in which your bitcoins can be stored.

At the Exchange, things work the same way they work at Stock Exchange, a buyer offers to purchase an amount of bitcoins with the price that he wants to pay for each bitcoin, and a seller offers to sell an amount of bitcoins with the price at which he wants to sell each bitcoin.

When the price placed by a buyer matches the price placed by a seller a trade takes place automatically.

And this how the price of a bitcoin is determined (At least for now because the number of bitcoins generated is still increasing and will continue to increase till all bitcoins are mined, after that the value of the bitcoin won’t rely really on its Supply but might rely on its Scarcity or on other variables) with the exchanges being responsible for organizing the trades between buyers and sellers and fixing the price of bitcoin according to the supply and demand of the cryptocurrency.

Here’s a list of some famous Bitcoin Exchanges by country:

The United States

  • Bitstamp: recommended because of the low trading fees it imposes on Bitcoin trades
  • Coinbase: one of the top Bitcoin exchanges that offers wide variety of services including: storing, exchange, buying and selling bitcoins and other cryptocurrencies like Litecoin and Ethereum as well. It operates in 32 countries.
  • Cryptsy: platform that offers its services for different cryptocurrencies and not just Bitcoin.
  • Gemini
  • Kraken : operates in the U.S, Canada, the E.U and Japan.

India

  • Zebpay : has applications for Apple devices and Android users
  • Unocoin: India’s leading Bitcoin Exchange which is known for being backed by investors in the United States and Indian investors as well.
  • Coinsecure: an Indian Bitcoin Exchange that is known for its extremely low fees.

China

  • BTCC : the Chinese bitcoin exchange is the world’s second largest bitcoin exchange
  • LakeBTC
  • GateCoin
  • Huobi : enabled Etherium trading recently .
  • OKCoin : operates in many countries worldwide.

Australia

  • CoinJar
  • BuyaBitcoin
  • Coin Loft

To summarize, in order to buy bitcoins you need to:

  • Open an account with the bitcoin exchange you choose. (Make sure you know how much fees the exchange charges for purchases)
  • Fund your account with fiat money or link it with your bank account
  • Place an order

Once your order is fulfilled , you can use your bitcoins

Is there anything else I can do with my bitcoins?

Besides shopping and using them as a long-term investment , Yes! There is!

Peer to Peer Bitcoin lending platforms

Peer to peer bitcoin lending platforms are places for the borrowers to borrow bitcoins and the lenders to lend bitcoins to borrowers at specific interest rates. As the name suggests, these are peer to peer networks; where the files and data are sent to and from nodes; without the need of a central server which provides security to the clients.

Peer to peer bitcoin lending platforms offer lenders relatively high monthly interest rates that range from 3% to 8%.Though Lenders don’t pay fees, however borrowers do (but they are considerably low).

And in case you’re looking for low-risk options, you can open a bitcoin saving account, deposit any amount of bitcoins into your account and earn interests.

Here the three current best peer-to-peer bitcoin lending platforms:

1-Loanbase : Based in San Francisco and launched in 2013; Loanbase is considered to be one of the world’s largest peer to peer bitcoin lending platform. Borrowers and lenders from all over the world meet there to borrow and lend bitcoins.

2- Bitbond : founded by  CEO Radoslav Albrecht, Bitbond is one of the safest peer to peer bitcoin lending platforms. It has facilitated bitcoin loans for more than 1,500,000 USD and has over 80,000 registered users. It has the AutoInvest tool which makes auto-investing easier.

3- BTCPop : Based in the UK, BTCPop is the world’s largest peer-to-peer bitcoin lending platform , it operates in over 60 countries and it is the first Bitcoin bank in the world!

Bitcoin Games

Bitcoins can be used in games and they can be mined too by playing games. There are two types of games that involve the cryptocurrency: Mining games, where you play mobile games, solve puzzles ,  and answer questions to get bitcoins in return,however you don’t really earn that much from mining games but in the end of the day you play games and get bitcoins in return so it doesn’t sound bad!

Here’s a list of the best Bitcoin Faucets

And there are Gambling games and Casino games like Poker,  where you use bitcoins instead of traditional money.

Challenges facing the fast-growing cryptocurrency

Bitcoin and cryptocurrencies  face a number of massive challenges due to their unique characterstics.

Energy Consumption

The biggest challenge with Bitcoin is the extensive energy consumption of Bitcoin mining process. According to Digiconomist, the  amount of energy consumed in Bitcoin mining process combined with the amount of energy consumed in Ethereum mining process exceeds the amount of electricity used by Jordan , Syria, and Iceland all combined. However ,according to researchers, modifications to the PoW systems is one way to reduce high-energy consumption.

Renewable energy sources can be used in the future for the Bitcoin mining process to be more efficient and sustainable.

Limited Supply

Since the mathematics behind  the Bitcoin system limit the number of the bitcoins to be created; the maximum  number of bitcoins to be ever  generated  is fixed (It is said to be around 21 million); which consequently means that the value of bitcoin will eventually rely solely on its demand which in turn depends on several factors  like the trust in the Bitcoin system , the utility  and flexibility of Bitcoin as a currency, the investors , the governments, and the energy needed to keep the system going (which one of the major challenges facing the fast-growing digital currency at the moment ).

By the end of 2009, the year in which the bitcoin was launched, over  1.6 million bitcoins have been generated. The number of generated bitcoins increased dramatically to reach 5 million by 2010. And by 2012 the total number of bitcoins that have been mined reached 10 million.

As of April 2014, the total number of Bitcoin users surpassed 2.5 million with a monthly average growth of  5.46%

The number of merchants,  businesses and retailers who accept bitcoins as payment is increasing as well. According to Overstock.com Inc. board member Jonathan Johnson , the cryptocurrency transactions processed had tripled since the Internet retailer decided to recognize Bitcoin as a method of payment.

Legal Status of Bitcoin

Many governments have serious concerns regarding the anonymity aspect of bitcoin. Despite the fact that each of the transactions that happen in the Bitcoin system  is recorded in a public ledger; the identities and names of buyers and sellers remain secret (except their wallet IDs of course) . While that protects bitcoin users’ privacy, officials are concerned about the possibility that Bitcoin makes money laundry and the transactions in underground economies easier . And unfortunately Bitcoin ,since its creation, has been used widely by criminals to trade illicit goods and fund their illegal activities.

Some  governments are working toward imposing regulations on Bitcoin and the other cryptocurrencies, which in turn strengthen the legitimacy of digital currencies.  While some others adopted an unfriendly attitude towards the fast-growing digital currency. Russia has taken an action against Bitcoin banning the digital currency and the government prohibited individuals and entities from using cryptocurrencies.

The E.U recognizes the cryptocurrency as a convertible currency.  A few days ago, the government of Australia has introduced a bill that would impose regulations on the decentralized global digital currency in an effort to counter money laundering and terrorism funding.  And earlier this year,  Japan recognized Bitcoin as a legal method of payment.

In China ,the country whose mining pools control about 70% of the Bitcoin network’s hashrate, possession and trading of bitcoins by individuals is totally legal, however the government did not impose regulations in favor of  Bitcoin, yet.

For more information about Bitcoin mining in China , check this link.                                                                                     https://www.buybitcoinworldwide.com/mining/china/

In the United States, a congressional hearing was held in November 2013 to discuss the legitimacy of cryptocurrencies including Bitcoin. At the hearing, a federal  judge representing the Department of Justice described the virtual digital currency as a “legal means of exchange”.

In March 2014, the IRS (Internal Revenue Service) which is responsible for collecting taxes released guidance regarding possession of virtual currencies, and the guidance recognized “Bitcoin” as “property”. In July of the same year, the New York State Department of Financial Services imposed regulations in favor of Bitcoin. Bitcoin is accepted as a method of payment by many U.S based retailers and companies; such as: Dell Inc, Overstock.com, WordPress , GYFT and Amazon.

In India, there are many Bitcoin exchanges that operate in the country and Indian authorities are researching  Bitcoins and holding hearings to discuss the future of the legal status of the virtual currency in the country.

According to Sandeep Goenka , the CEO of Zebpay, the number of Indians interested in investing in Bitcoin is increasing rapidly.

The Future of Bitcoin

The 7 years following the creation of Bitcoin proved that cryptocurrencies have the potential to replace traditional currencies; and could be the next big thing of the 21st century. With their values  skyrocketing and rising up after each drop they experience. 2017 was a great year for cryptocurrencies and Bitcoin specifically, as Australia and Japan recognized Bitcoin officially as a method of payment; to impose regulations on the digital currency and the value of promising currency hit an all-time record high climbing above $4500 just a recently.

Bitcoin is still in its infancy and still has a long way to go before it can replace traditional currencies but it did prove that it has the potential to become the future of the financial world.

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Bitcoin Earn Bitcoins Guide

How to Earn Bitcoins Playing Games?

how-to-earn-bitcoin-playing-games

Interested in bitcoin? Looking for ways to easily earn free bitcoin? Love playing games? How to earn bitcoins playing games? Look no further, because all you have to do to earn free bitcoin is to play a few games online!

It may come as a surprise, but there are tons of websites out there featuring free games that you can play to win bitcoin as a prize. If you’re already playing games in your free time, why not make some virtual cash while doing it?

In this article, we list several different types of games, from quiz to mobile, in which you can play for free bitcoin. If we’ve missed any on this list that you know of, feel free to send us a message or suggestion.

Note: As always, remember that playing games for bitcoin isn’t a way to get rich off of bitcoin. It is, however, a great way to earn a bit of money with a little bit of fun. 

How to earn bitcoins playing financial games?

Maybe you majored in finance in college or you have an interest in money. Either way, there are some financial games out there that you can use to earn your first bitcoin. One of the most prominent financial games here is SparkProfit.

SparkProfit is a financial simulation game in which you try your hand at making predictions about real financial markets. Imagine trading stock, but without losses and only bitcoins to be gained. And, you can trade in digital currency markets too! In this game, the better you do, the more you earn. Unlock more currencies as your predictions are more successful and build up points. If you manage to become a top trader, you could be earning up to $100 in bitcoins per month!

How to earn bitcoins playing business investment games?

If you’re looking for more money related games, but more on the business side, look into FarmSatoshi. If you’ve ever played Farmville on Facebook, this game might ring some bells. In FarmSatoshi, you grow a farm and look after the animals on your farm. It’s simple to get started – get the game and just follow the on screen instructions to easily gain levels in the beginning.

However, to excel in this game, your dedication and time management skills must be delicately honed. You must constantly be upgrading, completing levels, and keeping your hungry farm animals satisfied by keeping their water, corn, hay, carrots, and grain supply filled. Once you’ve built up a healthy thriving farm, the bitcoins easily follow after.

Also Read: Bitcoin Investment

How to earn bitcoins playing mobile games?

If you love mobile games for their flexibility and ease of use with your smart phone, then look into these mobile games. The first game we want to talk about is SaruTobi, a game reminiscent of Flappy Bird, back in its day. In this mobile game, you’re an 8-bit monkey called SaruTobi that swings around vines in a jungle, collecting bananas and coins along the way. With the bananas, you can upgrade various tools to propel you and help you get around. Any coins you collect are free bitcoins! Get it in the iTunes store for Free and start making free bitcoins today!

The second mobile game is for you Android owners out there – Oh Crop! This game pits you against a plant uprising in an apocalyptic future. Plants come from all sides to bombard you with seeds, vines, and various other plan-related parts. To earn bitcoin from this game, you’ve got to get a top score and appear on the leaderboard.

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Bitcoin Cash Wallet – A Beginner’s Guide to Bitcoin Cash

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Bitcoin vs Bitcoin Cash

After Bitcoin hard fork that divide the bitcoin network into two – BTC and BCH; all Bitcoin holders on Freewallet obtained their Bitcoin Cash (BCH) coins. IOS users needed to wait until fresh altcoin is accepted by Apple Inc; while Android mobile users had an opportunity to set up their Bitcoin Cash wallet well before the user triggered fork. For most people, the Bitcoin Cash wallet is the address; offered by a few of those exchanges that offer alternative variant of Bitcoin.

Even though there’s some merit to that means the user is not in control of her or his funds. For those people who wish to support Bitcoin Cash rather than be reliant on a market to keep their funds protected, alternative pocket solutions are in demand. The solution would use the upgraded Bitcoin ABC binaries that were released. The upgraded client offers powerful replay protection, which was among the facets in which some exchanges felt Bitcoin Cash has been lacking. Furthermore, other modifications have been introduced; including updated ABC logos.

It appears most of the binaries were predicated; on the Bitcoin Unlimited client, which is not entirely surprising. We could only hope this software does not cause error nodes and any issues offline.

Get your Bitcoin Cash Wallet

A developer of user-friendly cryptowallets, Freewallet, has released first-ever Portable Bitcoin Cash wallet for iOS. Having a heart-felt sympathy for iOS users who continue suffering from Apple’s verification policies on crypto currencies, the Freewallet team was doing everything they can. Finally, they happily announced that Apple had finally approved the iOS version of Bitcoin Cash wallet and published in App Store.

“It’s a major honor for us to be the first company to supply Apple users with a mobile version of Bitcoin Cash (BCH) wallet they deserve. You’ll certainly love Bitcoin Cash, one if you prefer wallet by Freewallet. It’s literally the app; and it’s already credited with the number of coins; you’d in Bitcoin wallet at the moment of fork. It is time to check your balance and get acquainted with the newly created coin; that price rose above $600 mark” – said Alvin Hagg, the co-founder of Freewallet.

About the Company

Freewallet is a team of programmers, whose aim is to solve the “last-mile” issue for cryptocurrencies by making mobile-first cryptocurrency wallets. The people at Freewallet have developed and successfully released several mobile based crypto wallets for major digital currencies: Bitcoin, Ethereum, Monero, Dash, Dogecoin, Lisk, FantomCoin, DECENT, Zcash, NXT, Ardor, Steem, Bancor, DiginalNote, Bytecoin, Tether, along with Bitcoin Cash. All these are mobile wallets that enable users to familiarize themselves with popular cryptocurrencies in existence and to the settings that are complex along with special technical features.

bitcoin-cash-wallet-by-freewallet-android-ios

Other Bitcoin Cash Wallet Providers

Additional wallet service suppliers for Bitcoin Cash really are difficult these days to come across. On the other hand, the project has obtained significant assistance from Trezor; as the hardware wallet maker is trying to make itself compatible with the new Bitcoin Cash (BCH). Since hardware based wallets are still the good option when it has to do with safe keeping crypto currencies; that is cryptocurrency stored on a hardware wallet provides security that is significant.

There’ll also be a Ethereum based wallet solution to Bitcoin Cash. This project was not, although unlike what some people think Endorsed by the Ethereum group in a formal capacity. Instead, its source code was taken by an individual from GitHub; and flashed the Bitcoin Cash to be encouraged by it. Because its legitimacy is as yet unknown, a fork of a Bitcoin Cash requires some scrutiny.

It’s still best to wait and watch the attempt will be appreciated by community. As it stands, there will probably be a desktop client, a version of Ethereum (ETH); three crypto wallet options behind Bitcoin Cash in the future, plus a hardware based wallet. That is not a bad place to begin. The one thing missing now is a wallet; even though there are rumors Jaxx may appear to integrate support for Bitcoin Cash granted community demand that is sufficient. A whole lot of people will just leave their tokens; through the first few weeks of next month in an exchange wallet.

How to Create a Bitcoin Cash Wallet

Image Credits: Flickr
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What is Ethereum? A definitive guide to Ethereum

Ethereum (ETH) is a cryptocurrency along with also a block-chain platform using intelligent contract performance.

  

  

  

What is Ether?

Well, Ether is the money of this Ethereum platform. Ether is going to be needed by anyone; wanting to build upon or utilize the Ethereum platform. Exactly like Bitcoin, Ether could be traded round the net and mined. In another few minutes we will show you precisely where you’re able to purchase it. Many individuals use the expression Ethereum to refer to the money rather than Ether and that is why it can become so confusing.

The entire source of ether and its speed of issuance was determined by the contributions accumulated on the 2014 presale of this money. The results were approximately:

  • 60 million Ether made to subscribers of their presale
  • 12 Million (20 percent of the above) were made into the growth finance, the majority of it likely to early subscribers and developers along with the remaining to the Ethereum Foundation
  • 5 Ethers were made every block (approximately 15-17 seconds) into the miner of this chain
  • 2-3 Ethers were sometimes delivered to a different miner whenever they were also able to discover a solution however his block-chain wasn’t included (known as uncle/aunt reward)

Ether-What-is-Ethereum

History

The creators of Ethereum say that Ether isn’t a money as far as its “crypto-fuel; meaning it is a token which has one major usage — to cover the Ethereum platform. This usually means that you likely won’t have the ability to get things with Ether online. However you are still able to exchange it and invest in it in hopes its cost goes up.

Since Ether is significantly less “older” than Bitcoin in the present time, it is less appropriate for non-technical men and women. As an instance, you may download Ether’s official pocket program from github, however there is no “user friendly” version of it. There is also MyEtherWallet and EthereumWallet accessible using a very simple interface.

The simplest way to purchase ETH (i.e. Ether) is via a few of the favorite Bitcoin exchanges which also provide Ethereum.

Purchase Ethereum via Coinbase

The most convenient and most economical way to Purchase Ethereum is Coinbase (if it is available in your state):

Coinbase will market you ETH for a charge of 1.49 percent-3.99 percent based upon your payment method (credit cards have a greater commission than cable transfers).

Purchase Ethereum via Cex.io

CEX.io is a Bitcoin exchange which also sells ETH by means of a charge card. The prices for Ether on CEX.io are already calculated to the market rate; which is why it’ll look higher than other trades. But, CEX.io functions with nations globally (unlike Coinbase).

Purchase ETH on Coinmama

Coinmama is a global vendor of ETH. The website enables you to purchase Ethereum with your credit card and swap rates are rather fair considering the choices. Coinmama is a really reputable exchange that’s been operating from the cryptospace because 2014.

Purchase ETH via Coinhouse

If you reside in the EU (Eurozone) another fantastic alternative may be buying ETH out of Coinhouse. The provider is a Bitcoin and Ethereum agent that started out providing service only to individuals from France and slowly expanded to the remainder of Europe.

Purchase ETH with Hot Cash

Right now there’s not any website like LocalBitcoins to get Ethereum at which you can meet people face to face and purchase Ethereum with Money. But you can purchase BTC with money and then swap it to ETH via Shapeshift or even Poloniex.

Do not need to purchase? You are able to perform day trading also

The concept is that rather than actually purchasing Ethereum that you can just trade it on-line with the current market rate. The CFDs are generally suited to the seasoned traders; and your cash is at risk if doing so. In the minute, Plus500 are the sole firm that provides ETH CFDs.

You can additionally mining them

Mining Ethereum utilizes proof-of-work. It is comparable to Bitcoin mining at a feeling that there’s a diminishing block payoff for each and every block mined.

In case you’ve got a dedicated GPU setup for the job then it’s possible to find some actual rewards. For advice on just how to mine Ether see Ethereum’s official website or on our official website article about it.

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What is Dash? A Definitive Guide on Dash and Dash Wallet

What is dash?

The simplest explanation is that it is an altcoin. To understand altcoin, you need to know what cryptocurrency is. Cryptocurrency is an electronic cash/ asset transferred over a secured network to the receiver. If you have been reading our blog post you can skip this part, to those who didn’t, here is a link Bitcoin for Beginners and Dummies.

As stated earlier, a cryptocurrency is transferred over a secured network and this is what is known as Peer to Peer transfer. You must have come across the word Altcoin. What is Altcoin? This is the word used to mean alternative coin. It is used to refer to the other cryptocurrency coins that part them with Bitcoin. Bitcoin is the pioneer of online currency, others have come in to try and deliver unique talents that are set to target specific customers. This is in terms of transaction speeds, privacy, guaranteed return on investment, and automation. So far there are around 600 Altcoins in the market. The most recognized ones are Bitcoin, Ethereum, and Moreno.

What-is-Dash-Dash-Wallets

So, what is Dash?

Enough with the lengthy introduction. What is Dash? Dash is an altcoin that is now becoming a global phenomenon. Since its introduction in 2014 by its developer Evans Duffield, this Altcoin has gained ground and is now becoming one of the fastest growing cryptocurrency. The reason for this relies on its simplicity and security. Its interface is friendly and easy to use, unlike most altcoins. In fact, they say it is so easy to use that your grandmother can use it. you can check their website if you don’t believe me.

Dash has some very interesting background. You see, it first started off as Xcoin before becoming dark coin and then finally being renamed as Dash coin. The reason for this is because of some mistakes committed by its creators that have now become some of its greatest strengths. The first mistake was that in the first two days, around 2 million coins were mined. This is what was then referred to as Instamine. Although riddled with problems, this altcoin has come out of the woods stronger and better than ever before. It has gained traction than any other in the market. It has been rated as one of the fasted growing altcoins in the market. We are going to look keenly exactly why is this.

Reasons for the rise of Dash

Dash has in the recent past grown to expand exponentially. Just like Bitcoin in 2013 and 2014, it has experienced price spikes that have made people millionaires overnight. the price of Dash has moved from an average of around $6 to over $50 at the time of writing this article. This is much higher than most altcoins in the market. In fact, it can only be rivaled by the second most popular altcoin, the Ethereum.

So what are the reasons for this spikes and interest in the coin? This is as a result of various combinations. Most logical ones will be the speculative activity of the traders, sponsors and its unique blend of applications. You see, Dash was in fact designed to resemble the Bitcoin. They use the same block chain and network. However, during the development, they saw it better to make the network as secure as possible. This has resulted in an all new and better version.

Dash Coin Growth – Partners

Also, the altcoin has gained partners that allow the users to pay with Dash coin other than the dollar. The most recent of these is Blockpay. This one deals with the construction business. It might seem less spectacular but construction is a driving force in the United States. Its profits run into the billions per year.
By partnering with Blockpay and the others, it has resulted in spreading of positive reviews of the network together with gaining new users.

Dash Coin Growth – Traders

The other reason we saw was as a result of the speculative nature of the altcoin traders. Before gaining coverage, this coin was trading at $1 or $2. As a result, speculators were gaining a tradition of shorting the stakes. Shorting means borrowing assets at a high price speculating a fall in the price. Speculators borrow when the asset is at a high price, sell it and waiting for a fall in price. When it falls in price, they buy it at the low price and return the asset to the lender. The profit is the difference between the high and the low minus the trading costs.

However, with the recent news of partners, the price started to increase and these speculators saw it best to sell in order to avoid further losses. This increase in selling volume attracted attention. And in any asset market, anything that sells attracts the attention of buyers which result in an increase in the price.

Also Read: How to Buy Bitcoins with Credit Card

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Why is Dash gaining market attention?

Bitcoin took the world by surprise. The first decentralized cash in which the government had no control. This was received with both relief and criticism. This altcoin tried to make itself as decentralized as possible. However, it had its flaws which some of the people didn’t like.it didn’t have complete anonymity. With the modern advances in Blockchain forensics, most Bitcoin transactions are not an anonymous as they used to be.

Enter the Dash Coin. This cryptocurrency has made some bad ass moves that are geared towards complete anonymity. Currently, this altcoin is one of the most secure networks in the world. The reason for this relies on three distinctive technologies that Dash uses above the other Bitcoin alternatives.

These are the following.

Anonymity

While Bitcoin majorly focuses on the decentralization aspects of the currency, Dash came to work on the security. Dash is built on the core code of Bitcoin but with major improvements. Its inventor saw it wise for the Altcoin to be anonymous so as to be a true cryptocurrency. The reason for this anonymity majorly focuses on the hiding of the transaction records as will be explained in Private Send. The reason for hiding the transaction record is simply to hide the identity of the owner as many can use this for manipulation.

The other reason I have come to understand is that of what most people call Fungibility. In economics, it means the property of a good or a commodity whose units are essentially interchangeable. In cryptocurrency, it would simply mean that the coins or Dash are of the same value. When there is anonymity, no one will be able to devalue the coin for whichever reason especially while purchasing in the Dark Web.

Private send

Sending your stash using the most common altcoins or even Bitcoin can be traced. This is what made Dash go beyond the market standards to come up with a private means. Private send is so far the best in the business. Using this, anyone trying to track you will eventually be limited and frustrated. One trick is when you send your stash, it is broken down into tens and ones which are sent to different miners who in turn send the amount to the right receiver. Another one is which they employ Coinjoin. This mixes different altcoins to the value of the Dash coins sent. However, it has a limit of 1000 Dash. Also, this process is optional to the user and tends to be a bit slower.

Instant send

Initially, it was known as InstantX. This was however rebranded in 2016 to be called Instant Send. This feature allows you to send the Dash almost instantaneously, for 1.5 seconds to be accurate. Bitcoin does the transaction for 10 minutes. However, the is a small fee to be charged when using masternodes.

Masternodes

From the above mentioned Instant Send, you came across masternodes. I bet your first question was why are masternodes charged Higher than usual? You see, unlike Bitcoin where each coin/note is equal, for Dash altcoin, there is a special note, the Masternode. You can hold this for 1000 Dash which acts as a collateral. Masternodes are designed to fulfill a specific function and for Dash, it is for use in private send and Instant Send. Also, it earns a block reward of about 45%. Apart from the collateral, these masternodes do not cost money or effort as they are designed for a specific purpose.

Many altcoins have followed suit and adopted Dash use of masternodes in their networks. There are over 15 altcoins that have adopted this trend. This is because the masternodes act as a means of generating passive income. The common users are Crown, Block, BItsend, Neutron, Pivx, and Renos.

Dash is planning to expand its market share by not only aggressive marketing and but also developing new products. so far this seems to work at least with the introduction of private send and Instant Send. They also have the following products.

Evolution

Dash has come up with a new interface they call Evolution. This they say is for easing up operation for the less technical users. Using evolution, the holder can connect to merchants to make purchases without the technical coding and script writing. Also, people will be able to rate the merchants for future customers to distinguish the good from the bad. This is because they have integrated these merchants with Dash on the Blockchain and there is the need to keep a positive review. Late this year, the Dash altcoin developers want to release the alpha version of Dash Evolution.

Dash Debit Cards

From polls that have been conducted, many people would prefer to use debit cards for daily use. Also, the hindrance of the cryptocurrency adoption to the mainstream market is seen to be the as a result of not being used in the in credit and debit cards. That’s the end of the bad news. Some companies have come forward and offered Dash Acceptable Debit cards that use the most widely recognized trademarks, Visa and MasterCard. These seem to be rising in use since they make fewer cuts and also because the conversion fees to fiat money are usually much lower for travelers who visit different countries.

Self-governance

Dash, unlike the Bitcoin, has self-governance. You see, Bitcoin is funded by parties that might be having self- interests which would go contrary to the main objectives, a good example is any major company where a bunch of millionaires hold the voting rights. In Dash, however, it governs itself. They do this using Dash coins as rewards. By mining new coins, 45% go into the Masternodes (people who have invested 1000 Dash coins), another 45% to the miners and the 10% to the Treasury. By doing this, everybody’s interests are in line with the company’s objectives.

Also, Dash has the program in which they get new ideas from the public. Anyone with an idea of how to improve the cryptocurrency can submit their ideas to the Dash committee who will, in turn, implement them. So far they have been able to implement the idea of opening a You Tube channel that gives you Briefings about the altcoin on a weekly basis. To submit your idea, visit a Dash forum on the website.

Mining Dash

Dash altcoin being new in the industry is relatively easier to mine. This is so because it has an estimated fixed point of 18 million coins while only 7 million have been mined. To get started, you need to know a few basics. First is that Dash mining, unlike Bitcoin, is easier for individuals than for the companies to mine. How is this so especially because Dash uses the Bitcoin core program? Dash uses x11 algorithm which is easier to mine using GPU than CPU. That is, if you have a gaming rig at home, you are in luck. What you need is a wallet and a mining software to get started.

This coupled with the fact that manufacturers haven’t made an x11 hardware to mine Dash makes it relatively profitable. So far from what I have learnt is that this works well while using windows operating system. Also, Dash pays you a basic rate if you are a miner daily. The only thing you need to worry about is the mining software sgminer.exe. when downloaded from dubious sources, it can contain malware which isn’t the best thing you want for your computer.

How to earn Dash online?

Mining is power and labor intensive work. How do else can you make Dash coins? There is a range of answers to choose from but we will concentrate on the proven methods here. If you have a reliable internet connection, you can make free Dash. This you can do by purchasing online wallets and engaging in their affiliate programs. Most of these offer at least 10% of the referral. The other way to earn passive income is by having a Masternode. This, however, requires an investment of about 1000 Dash. The return on this is 45% of the new coins mined which to me seems like a good deal. There is also a less know method that requires little investment of about $50.

Hardware

Purchasing and running a Raspberry Pi. This is a skeleton of a computer that houses a Dash Masternode. The return on investment for this is estimated to be 17% per year. You only need to set it up and connect it to the internet. for power consumption, it can run on the power you use to charge a phone.

 

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