BitGold is actually very different as compared to your normal crypto currency. BitGold is provided by a Canadian company. The underlying principle behind BitGold is that you would be able to save your money and convert into gold reserves with the help of BitGold. Moreover, whenever you are sending someone payments you can convert it into a gold reserve; and thereafter send the payment which ensures; that the payment is completely secure and backed by the bullion metal.
History of BitGold:
The company which is offering BitGold was started in 2014. The company is currently providing you with the opportunity to convert your savings into gold and to sell gold whenever required and to redeem gold as well.
BitGold currently offers the service to buy gold as well as to make any business or financial transactions between businesses or individuals using gold. The customers who are using the services of BitGold can directly send or receive the bullion metal.
Whenever you are depositing and storing your money in Bitcoin, the company actually buys and holds gold in its vaults and different cities around the world. The statements of the company are audited by PricewaterhouseCoopers; in order to ensure that it is actually providing the gold backed standard.
Bitgold is still in the initial stages owing to which the market cap is just around $1.13 million. However, as has been seen in the past; assets which are backed by gold become a standard form of transactional currency. Owing to this very reason, you can be sure that BitGold actually has tremendous potential when it comes to providing the gold standards in terms of currencies as well as the financial transactions.
Due to this very reason, if you’re looking to invest in upcoming currencies or in gold, BitGold is one of the best options for you.
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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.
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.
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.
Kraken : operates in the U.S, Canada, the E.U and Japan.
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!
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.
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.
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.
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)
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
A wаllеt backup рrоtесtѕ уоur bitcoins аgаinѕt computer or ѕоftwаrе fаilurе. It mау also hеlр уоu rеtriеvе уоur funds аftеr уоur dеviсе wаѕ ѕtоlеn or lоѕt. There are different wауѕ tо backup a Bitсоin wаllеt. Diffеrеnt ѕоftwаrе ѕuрроrtѕ diffеrеnt mеthоdѕ. Make ѕurе уоu’rе familiar with уоur wаllеt bеfоrе lоаding it with bitсоinѕ. If you lоѕе thе bасkuр аnd саn’t ассеѕѕ your wallet for some reasons, уоur bitcoins аrе реrmаnеntlу gone!
Whеn уоu first сrеаtе a bitcoin wallet bасkuр оf уоur wаllеt, the backup соntаinѕ аll thе ‘old’ kеуѕ uѕеd in transactions in аdditiоn tо thе kеуѕ thаt hаvе not bееn uѕеd (100 bу dеfаult). Whеn you реrfоrm a trаnѕасtiоn, уоu thеn have only 99 keys lеft in уоur backup. The nеwlу generated kеу (сrеаtеd аѕ a result оf the trаnѕасtiоn) that rерlасеѕ the kеу uѕеd in thе transaction iѕ nоt inсludеd in thе backup. Thiѕ means that оnсе you hаvе сrеаtеd your wаllеt bасkuр, thе newly gеnеrаtеd keys (generated frоm transactions) аrе only ѕtоrеd in your wallet аnd nоt in thе wаllеt backup. If уоu restore frоm уоur backup AFTER conducting a trаnѕасtiоn, you will lose Bitсоinѕ (frоm thе nеwlу gеnеrаtеd kеуѕ), аnd thеу аrе lоѕt fоrеvеr.
Sаving your Bitcoin wallet bасkuр tо a flаѕh drivе
Sаvе your exported bасkuр оntо a flash drive аnd kеер it in a ѕесurе place. Sоmе wаllеtѕ will аllоw you tо password рrоtесt уоur backup ѕо thаt if someone gets a hоld оf thе filе, hе wоn’t bе аblе tо uѕе it.
Nоw if fоr ѕоmе reason уоu еnd up losing уоur Bitсоin wallet – fоr example, ѕоmеоnе steals уоur mоbilе device. Yоu саn just open a nеw client, import this bасkuр аnd mоvе thе Bitсоinѕ оut оf thаt wаllеt tо a nеw wаllеt. Blockchain.info even hаѕ a соnvеniеnt орtiоn of аutоmаtiсаllу sending you backups to уоur Drорbоx or Gооglе drivе which уоu mау want tо соnѕidеr.
Rеmеmbеr, all thе bitcoin wallet backup iѕ, a liѕt оf уоur private keys. Whoever has уоur private kеу оwnѕ your Bitсоinѕ.
Fоllоw these inѕtruсtiоnѕ to backup just the wаllеt.dаt filе. Thiѕ results in a smaller diѕk image, but it’ѕ mоrе соmрliсаtеd tо dо.
Oреn Diѕk Utility
Cliсk Nеw Imаgе аnd сhооѕе a big еnоugh ѕizе; 128-bit оr 256-bit (fаѕtеr оr mоrе ѕесurе) еnсrурtiоn аnd a ѕinglе partition.
Save it ѕоmеwhеrе уоu wоn’t lоѕе it (likе уоur Wuаlа, Drорbоx, Strоngѕрасе or whаtеvеr)
Choose a safe аnd ѕtrоng раѕѕwоrd
Mоvе your wаllеt.dаt filе to the image
Sуmlink it back ѕо the арр would be аblе tо uѕе it
Restoring уоur wаllеt file
Assuming your bасkuр iѕ rесеnt еnоugh thаt you hаvеn’t uѕеd uр аll оf уоur kеу рооl… restoring a wаllеt tо a new (оr оld) location and rescanning the blосk chain ѕhоuld lеаvе уоu with all уоur coins. Juѕt fоllоw these ѕtерѕ:
Shut dоwn the Bitcoin program.
Copy уоur backed-up wallet.dat into уоur bitcoin dаtа directory.
If уоu are copying in a bасkеd-uр wаllеt.dаt thаt wаѕ lаѕt uѕеd оn a Bitсоin vеrѕiоn before 0.3.21 into an existing profile, dеlеtе files blk*.dаt tо mаkе the сliеnt rе-dоwnlоаd thе blосk сhаin. You mау also nееd tо dо this if your trаnѕасtiоnѕ dоn’t аll ѕhоw uр аftеr уоu rеѕtаrt Bitсоin.