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Is the Bitcoin Block Generation Time Reasonable?

Bitcoin is a decentralized cryptocurrency that does not require any central authority. Instead, the distribution of Bitcoins is based on a peer-to-peer networking system. Here, the bitcoin generation time is of the essence as it gives an idea about how the Bitcoins will be produced and when. It is also crucial for tracking any malicious user that fails to follow the protocol, and as a result, the Bitcoins generated by the malicious user will be deemed null and void.

Bitcoins are created every time a miner comes across a new block in the network. It takes the use of pretty expensive equipment.

The Logic Behind Bitcoin Block Generation Interval

A peculiar calculation works behind the block generation interval of Bitcoin. For 2016 blocks on the network, the number of blocks created is constant for about fourteen days. It roughly means that one block is generated every six hours.

Now, there is a gradual nonrandom decrease in the number of bitcoins produced in each block. There is a 50% reduction in this value every four years, referred to as the Bitcoin halving event. As a result, the number of bitcoins mined is unlikely to exceed 21 million any time soon. It is proper mathematics behind then timing as this schedule is at par with the bitcoin reward halving that occurs every four years. The creator of Bitcoin, Satoshi, has not explained it clear as to why he has chosen the decreasing supply-chain algorithm. There are speculations that he has possibly chosen this because it has a close approximation with the mining of other things such as gold. It is the reason why people who discover a block are called miners.

The time required for the discovery of a new block depends on the user’s mining ability and the difficulty of the network. There are also variations for the time taken for different block rewards to halve.

What if the Bitcoin Mining Power were Constant?

If the mining power of Bitcoin were kept a constant since its inception in 2009, then the last Bitcoin would get mined on 8th October 2140. What is difficult is to predict how the mining power of Bitcoin is likely to change in the future and how exactly it will affect the block generation time.

The Bitcoin Halving Event: Explained

The value of Bitcoin halves every four years as per the sequence, and inMay 2020, the latest Bitcoin halving event has happened. Now, many people are still unaware of what Bitcoin halving is and how it affects the cryptocurrency market. In case you have the same questions, keep reading to know more about what happens when Bitcoin is halved.

The halving event of Bitcoin remains one of the most anticipated occurrences in the entire cryptocurrency community. Bitcoins are released in each block every ten minutes. In May 2020, the BTC was halved from 12.5 to 6.25. What draws so much attention to Bitcoin and the associated halving event is the possibility of unlocking riches. Many people have different speculations concerning the periodic decline that continues to occur in the mining rate of Bitcoin.

Why is Bitcoin Halving a Point of Attention?

One of Bitcoin’s essential components is the availability of block rewards, which are of high importance to miners. As the Bitcoin blockchain is leaderless, it is the block rewards that ensure security and safety.

The matter of concern is that the halving event of Bitcoin every four years will essentially bring the value to zero in about a decade. It is likely to be the entire security layer of Bitcoin as there will not be any economic incentives for the miners.

What Exactly is the Bitcoin Halving Event?

Every ten minutes, new Bitcoins enter blocks in the form of block rewards. When miners use expensive computational movement for mining, it means that they are producing these Bitcoins. The value of BTC or bitcoin reward is exactly halved after every four years when about 2,10,000 Bitcoins have been mined. Bitcoin started in the year 2009 when the cost of BTC was 50. The first having event took place in 2012 when the value decreased to 25. The following halving event occurred in 2016 when the price halved from 25 to 12.5. The latest halving event was from 12.5 to 6.25 in May 2020.

Bitcoin’s monetary policy is drastically different from that of the state-issued policies. Unlike the state-issued policies. Bitcoin is shared across a network, and its monetary policy has been written with the help of codes.

It is yet a matter of speculation whether BTC will soon be halved to zero or there will be an increase in the supply chain. One thing is clear: Bitcoin as a cryptocurrency will continue to be mined.

How To Use Bitcoin ATM

A surgency of a new form of investment surfaced in the last five years, that of the cryptocurrency. Soon it became quite a hit especially, among the young investors. From the traditional maturing assets, the cryptocurrencies seemed like a great option. When a major chunk of the crowd wafted to a new spree of buying and selling cryptocurrencies, what arose as a question is which cryptocurrency is to be mined?

Like every other investment venture on assets and otherwise what is required is an education. First of what the bucks are parked in. Bitcoin is a form of cryptocurrency which has gained the maximum popularity. Once the investment is on a roll what then matters is the encashment on perusal. Bitcoin ATMs are one of the ways through which the currencies can be in the trade flow. Now, how does this work? Even before understanding that it is crucial to know what Bitcoin ATMs are.

A Bitcoin is much like a traditional ATM that can be used to avail fiat currencies upon the usage of debit cards. The many advantages of Bitcoin ATMs are that one can withdraw bitcoins from the ATMs, transform the bitcoins into fiat currencies, buying and selling of bitcoins in full discretion and much more. It, however, charges a small portion for buying and selling of the bitcoins.

Coming to the aspect of using one such ATM involves a few notable points-

  • Locating an ATM can be tricky

There are only a few such ATMs that are available and accessible. Using a live worldwide Bitcoin ATM map can be a great help to spot one. Just key in your location and all details of nearby ATMs will be at your disposal which is also powered by the Google maps.

  • Choose the most convenient ATM

There are many such bitcoin ATMs available. This can be overwhelming and exhausting. However, whichever ATM is chosen the basic process is the same. It is important to be aware of what the steps are-

  • Choose the purpose (buying bitcoins/ cash options)
  • Choose the coin (Bitcoin)
  • Choose the amount
  • QR code scanning from the wallet
  • Select the option to finish the transaction
  • Check the receipt

Always ensure to get a receipt printed. Bitcoin involves high risk especially with amounts on the higher side. Thus, taking these notables into consideration it is imperative that a written command is issued.

Coinomi vs Exodus

There are various wallets that dispose of an array of cryptocurrencies to invest in. Choosing the right sort of wallet is extremely crucial in such matters. Not only is it a guarantee of a flawless transaction but an assured warranty against any fraudulent activity. There are various such wallets depending on its impending features available for investing.

Two top-level wallets that are considered to be absolute favorites among the crypto circuits are those of Coinomi and Exodus. While the basic functionalities are similar, what sets them apart are the intricate yet significant services that they have at disposal. If we are to make a comparative understanding of the same, then the following can be chalked out-

  • Coinomi is a mobile supported application. This makes it very much resistant to any sort of ethical breach like hacking. Exodus, on the contrary, is a desktop application. Due to the nature of the desktop being less more personalized, there is a wide chance of anomalies.
  • Coinomi has a built-in exchange for fast and easy trading. This means that all sort of buying or selling can be done via one single app and does not require additional assistance on this matter. Exodus boasts off its huge collection of currency. Its shot to fame is because of the massive user-friendly interface. The added advantage also being that the whole blockchain doesn’t have to be downloaded again on the computer.
  • Coinomi’s biggest pro is its zero fees which Exodus does charge. Depending on the asset type that is dealt with, there is an incurring cost. This can typically range between 2-3%.
  • Both the wallets, however, have no private keys of their own. There is complete privacy on the individual who chooses to trade via these wallets.
  • Coinomi hits a big stroke with its 24X7 customer support which Exodus lacks. This customer support service is extremely necessary especially for fairly new trading and investment practice like that of investing in cryptocurrency.
  • Coinomi also has SegWit support so a range of coins to deal with and transactions to indulge in. Exodus does not have that support and usually has a hard time with seed backup as well.
  • Both of them are not open source. It may leave the system attackable. However, the security plugged has proven to be fruitful until now.

Exodus is quite useful with its feature of encryption for private keys of the wallet.

Best Cryptocurrency To Invest In 2020

In simple words, cryptocurrency is a digital asset or exchange medium by which virtual transactions take place. There are many such currencies available at the market. The main variant is Bitcoin which holds around 63% of the market share, singularly.

In this article, we will talk about the best cryptocurrencies of 2020 where you can invest your earnings.

#Rank 1: Bitcoin (BTC):

Created in the year 2009, it is the fastest-growing cryptocurrency. The name of the developer is Satoshi Nakamoto who also discovered today’s blockchain concept. It is a digital currency and unlike fiat money, gold and silver, it is non-tangible. It has shown a new way to grow financially utilizing the global financial market. Also, it has an immense benefit for transferring the fund into different countries without complexities of forex conversion. The concept of cryptocurrency came into light due to the popularisation of Bitcoin. People don’t have in-depth knowledge about this and often consider Bitcoin and Cryptocurrency as synonymous. Thus Bitcoin has grown to be a brand name in the industry. It is one of the most secure and stable among all cryptocurrencies.

#Rank 2: Ethereum (ETH):

Ethereum is the best & popular Altcoin available in the market. After Bitcoin, it is the 2nd most widely known name. Prepared by Vitalik Butlin and team, the main motto of this currency is to develop a simple & universal trading experience. It captured around 25% of the global cryptocurrency market single-handedly.

#Rank 3: LiteCoin (LTC):

Litecoin has started its journey in 2011 as an Altcoin. It is made using a peer-to-peer network and open-source (cryptographic) rules. It is done by forking the concept of Bitcoin by Charlie Lee. This currency is quite stable in terms of performance and 2012 onwards, it has been a constant name in the top 10 best cryptocurrency list. It enjoys around 2-3% of the market share of the global cryptocurrency market.

#Rank 4: Ripple (XRP):

Ripple Labs Inc. is a US-based technology company which created the cryptocurrency Ripple to facilitate real-time financial settlement system by currency exchange. It has a current market capitalization of $27.41 billion. The founder of Ripple is Mr. Chris Larsen who introduced the type in the year 2012.

Well, there are 5000 variants of cryptocurrencies available in the market amongst which the above-mentioned ones are top-ranked in terms of their market cap and stability. So, where would you like to invest your money? Don’t forget to let us know in the comments section.

Is Crypto Trader A Con?

Crypto Trader can be defined as a trading platform dedicated to cryptocurrency investments. It was developed by a group headed by Edward Clark and Freddie Parker along with some software designers and crypto market experts. It is a dependable trading platform that works on the best algorithms and provides the expected result.

Characteristics of Crypto Trader:

  1. The trading terminal recorded a success rate of 95%. This implies that, if an investor uses this platform to trade, the possibility to earn a profit is very high. Hence, it promises a profit.
  2. They offer this service with a money-back guarantee also. If any user isn’t satisfied using this media, then he can ask his money back within 60 days of joining.
  3. Anyone can start trading using Crypto Trader as the minimum deposit amount is as low as $250.
  4. Account opening is free- no registration or account opening charges are applicable.
  5. The transaction is protected by SSL encryption. Thus chances of hacking and duplicate transaction are nearly none.
  6. The redemption /withdrawal process is executed within 24 hours.
  7. Bitcoin, Ethereum, Dash, Litecoin are some types of cryptocurrency that can be traded using this platform. These are one of the best cryptocurrencies to trade-in.
  8. This platform is available throughout 100 countries.

How to Trade using Crypto Trader:

To register a new account on the crypto trader you need to click on Get Started Now option available at the bottom of the homepage of Crypto Trader. There, you have to pay a token amount of $37 against the signup fee. After that, you would be redirected to the page where you can download the account opening form. You will see a list of countries where the service is available. You have to choose your country from the list for further steps.

You have to mention your name, user name, email address, contact number, and a strong password. The next step is to make the deposit. You can deposit from $250 (minimum deposit) to $15,000 (maximum deposit allowed). Now you are all set to trade.

Crypto Trader- Scam or Not?

From the above discussion, we can conclude that it is not a scam. The trading is 100% scientific and controlled by bots and programmed by algorithms. This platform is designed using high-end tools to make sure you invest in the right manner. Apart from that, 60 days money-back guarantee and a 95% success rate provide additional courage & assurance to invest through this platform.

Confidential Transactions in Bitcoin

Confidential transactions (CT) is a cryptographic protocol which results in the amount value of a transaction being encrypted. The encryption is special because it is still possible to verify that no bitcoins have been created or destroyed within a transaction but without revealing the exact transaction amount.

However, confidential transactions require a soft fork consensus change to be added to bitcoin, although they could be added to a sidechain too.

The basic essence of a Confidential Transaction is that information is open to only the sender and the receiver. The outside observer is not privy to any information pertaining to the amount being transferred.

However, the network must also be able to determine the validity of a confidential transaction. This is achieved by ensuring that the number of inputs at the beginning of a transaction is equal to the number of outputs at the end of the transaction.

So how does Confidential Transaction benefit?

In the current structure, the Bitcoin protocol suffers from a few lacunae.

  • Lack of anonymity
  • Lack of fungibility

Lack of anonymity

When it first appeared on the fintech scene, Bitcoin was marked as a truly decentralized anonymous digital currency. However, this is not the case. Because each user on the Bitcoin network is represented by a public address, their transaction history can be traced using a block explorer. If a link between a public address and a real-life user were ever to be established, other users would be able to know exactly who it was they were transacting with. At best, the Bitcoin protocol can only be described as pseudonymous.

Lack of fungibility – Fungibility means the ability for one unit of a good or currency to be interchangeable for another unit, e.g. the US dollar is fungible because 1 dollar can be exchanged for another one without loss of value. Conversely, because Bitcoins can be tracked through an open and accessible blockchain, if those Bitcoins were ever used for, or gained by, illicit activity, they may be labeled as “tainted”. Merchants may refuse to accept these tainted Bitcoins, and thus, they may become less valuable when compared to other Bitcoins. Exchange without loss of value is no longer possible, i.e. these Bitcoins are said to be non-fungible.

To overcome these pitfalls the process of Confidential Transactions was created by Adam Back, a Bitcoin developer. With the advent of cryptocurrencies, this will hold in good stead.

The Bitcoin Lightning Network

Scalability has always been an issue with Bitcoin. When it was first created, the promise was that of a system which would overcome all the issues the modern banking system faced. Tech bottlenecks, bureaucracy and high transaction fees. Bitcoin started with a capacity of seven transactions a second. Those were early days and it was perfectly standard for the system to be able to process that rate. The tragedy is that the rate has not done up ever since. This has led to slow transaction speeds, delays, and a slowly rising fees. The entire premise of ease of usage is slowly getting hampered due to the limitations arising out of this issue.

To put things into perspective, Bitcoin intends to become an alternative to the current payment systems. Visa handles a normal rate of 24000 transactions a second. Peak hour rates go as high as 50000 per second. Now compare this with the measly 7 transactions per second Bitcoin handles currently. Get the drift. It still has a long way to go before it can really challenge the current contenders.

Over a period in time, several proposals have popped up from different quarters to improve the Bitcoin mess. The resultant being, numerous different systems have come up based on the Bitcoin model, with none of them being able to provide a lasting solution.

But like every proverbial tunnel, there is light here too.

The Lightning network is what it’s being called. Currently being tested, the Lightning network seems to be the answer to all our woes pertaining to Bitcoin.

The model is simple. It does away with recording each and every transaction in the appended ledger. Instead, it adds another layer to the Bitcoin blockchain and lets users create payment channels instead. What this does is increases the speed of transactions manifold.

And the best part is, at no extra cost. The financials if such transactions automatically come down. With greater demand and more hits to the system, it would finally stabilize and become a near costless exchange.

These personal channels can exist for as long as necessary and required.

However, the concern here could be that of security. The Lightning Network would use the Bitcoin protocol but not the security. Hence, to begin with, the transaction amount would be limited to smaller degrees. Large transactions would still require the usage of the decentralized system.

Systematic Investment in Cryptocurrencies

The systematic investment plan or popularly known as SIP is not just limited to banking but cryptocurrencies too have plans where one can invest in them as per this plan.

What is SIP?

A Systematic Investment Plan or SIP is a process where the institution invests a fixed amount in a mutual fund each month. It averages out your purchase price and protects you from catching a market high, as we explain here. It also protects you from panic if markets crashed because your money is being invested gradually rather than in one go.

SIP being a strictly banking process was, till now foreign to cryptocurrencies. However, with the emergence of newer exchanges, these services are being incorporated, albeit, gradually.

Why SIPs?

When Bitcoin first appeared on the horizon, the entire concept was alien and abhorrent. Any transaction which did not have a physical existence and exchanged hands only on the basis of tokens could never be relied upon. However, that changed in December 2017, when the coin value of BTC touched $20000. That it crashed the following quarter and went down under did not deter early investors from pouring in more. Despite the initial mayhem, it stabilized at around $10000. Despite the market volatility, it regained enough confidence to carve out enormous clout for itself.

One of the other reasons why big investors usually kept away from Bitcoin, was regulations. Cryptocurrency is hardly a decade-year-old phenomenon. It is still in a trial and error mode. Different countries have different regulations and it becomes a challenge for anyone investing to singlehandedly overcome these challenges.

However, the growing popularity of cryptos, especially Bitcoin has ensured that this fear is allayed. Investing in BTC through SIP is yet another indication that the cloud of uncertainty is lifting and investors are less wary of the challenges.

Funnily, one of the reasons that were given behind the reluctance of investing big on BTC was its exact nature or the lack of it. Bitcoin is neither a commodity, even though it’s mined, nor a currency.

One thing that you ought to know while investing in cryptos is that knowledge is the king. You have to get a hang of the charts otherwise it might get risky. Also, cryptos fluctuate, so timing is of great importance. As final advice do not pour in the entire capital into a single token but expand the portfolio.

Ex Paypal guys and the world of Crypto

So while the world has been already battling a disruptive transformation in the financial world through the arrival of the cryptocurrency, the guys from their estranged company Paypal went ahead and announced a new arrival called the Initiative Q.

So what is it that’s making this new venture from the Ex Paypal guys a treat to watch?

To entice people to join what has been dubbed the next bitcoin – even though it is not a cryptocurrency – the developers are claiming they are giving away significant sums of the currency.

In turn, they state it could be worth $2trillion in the future too early users.

Sign-up is free, but you’d need an invite from an existing user to do so. You’re also required to submit your name and email address.

It may be, but more than two million people have already registered to the initiative, it revealed yesterday – and that figure is increasing. Certainly.

However, a quick caveat to those who are in a hurry to sign up. Q, in its the present form is virtually worthless. Even it’s promoters have said that it would take years before it can become a worthwhile venture. And hence the urgency to sign up more people. The marketing moot point is earlier the registration, higher the number of allocations. The company website to has created a built-in ticker to showcase the decreasing number of allocations.

So what is Q?

It is not a cryptocurrency.

It is a private currency which the developers hope will become the standard in payments and the go-to global currency.

So, instead of using pounds, dollars or euros, there is Q

Initiative Q says it will use a professional monetary policy (like governments do) rather than a predetermined one (like bitcoin does).

According to Initiative Q’s website hype, it is the payment system of the future.

It says: ‘The Q payment network will integrate the best technological improvements that have been made in the payment industry over the last few decades to create a flexible, easy-to-use and inexpensive payment network.’

Now, this may seem far fetched in the current moment, but a few years back even cryptocurrencies were a mirage in the distant financial horizon. With the arrival of Bitcoin and the successive tsunami of Alt Coins, that scenario has changed.

Initiative Q and developers/promoters are currently keeping their fingers crossed. Their premise is, if Bitcoin can, Q can too.