because BTC continues to emerge I think that banks will soon offer bitcoin deposits, cryptourrency, especially Bitcoin continues to become more known and used for years, and it is not impossible this happened.
there are already banks offering the custody of cryptocurrencies. It's not like they're offering deposits, slightly different service, but it's a start that is showing it's coming |
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After Segwit, the fees have been becoming very low. But expect it to be high again once the bull market returns or someone floods the mempool again. The good news is that it will be expensive for the spammers to flood the network. Let's dare them to do it again to show the whole community that Bitcoin's blocks can reach 2mb because Segwit.   yeah it's really great, but as it's tied to the bear market and lower interest in crypto, it still need to get tested under the more difficult circumstance. Anyway, it's a great start  |
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There is this widespread notion that Bitcoin mining is detrimental to the environment, because of all the electricity it consumes. At a quick superficial glance, it seems logical. But in reality, it is not exactly the case.
Who mines Bitcoin and what kind of electricity is used for Bitcoin mining?
Currently, China accounts for about 71% of the mining hash power in the world. The mining farms are based in Western China. But why there?
Hydro power plants have been created in the past for the production of aluminium. Electricity is 60% of the cost to aluminium production through smelting. The aluminium market is oversaturated for years now and China, being a top producer, has cut the production. So they have a huge surplus of hydro energy that is not utilized. For simplicity, imagine a hydro power plant in the fields, surrounded by nothing else. And hydro energy is clean energy. It doesn’t kill trees.
However, the technological infrastructure for transporting the energy to regions that actually need it, is lacking. This overcapacity of energy can’t just be sent to China’s bustling urban centers. Actually it can, but electricity will have to travel long distances, which equals huge losses. Therefore, it would be more economical for a power consumer to be closer to the source of the power. This is where the mining farms and their warehouses have been built. Right next to the close-to-useless hydro power plants. So the majority of miners are using failed energy projects and not investing in new ones.
In order to mine Bitcoin, all you need is mining hardware, internet connection and a simple software and now the unutilized energy is used towards creating a decentralized blockchain system. Unused clean hydro energy is entering the global economy. This is the real mining! At the core of it, we have a Chinese river allowing a rural farmer in Africa get paid for the cotton he produces through the Bitcoin network. The Chinese rivers help a Filipino immigrant in USA to send his payroll to his relatives in the Philippines for cents of a dollar, rather than for a 40% commission fee via Western Union.
But Bitmain and the other pools are making so much money out of it. Is it fair?
Well, gold diggers and oil rigs are also making tons of money. Is it fair? Traditionally, the resource mining business has always been one of the most lucrative. It is at the top of the supply chain. In order for us to go to a gas station and fuel our car tank, someone had to drill that oil first. Gas has value for us as end users. We travel faster than on horses. In order for the gas station to make profit on retail prices, they need to buy that gas from someone first and so on. There is value for everyone in the chain, provided that the product or resource is actually needed.
The value exchange is pretty simple
Unutilized clean energy coming from rivers that doesn’t pollute the air on one hand. And the maintaining of a global decentralized payment system on the other.
So the real question is: “Is a decentralized, open, alternative, state-free monetary system needed?” For the average citizen in a developed country, it may still not be. But for billions underbanked that is life-changing.
A system that allows for 24/7 payments with no borders and close to zero fees. An alternative system to fiat money, that allows people in countries like Venezuela to protect their money and assets in rough times. A system that provides banking for billions in regions where there is no banks.
Conclusion
Unutilized clean hydro energy is being transformed into a global, borderless, open, decentralized, alternative financial system. The air is not being polluted. But the annual profits of banks are! And they will keep pondering how detrimental Bitcoin mining for humanity is. Is this the truth? Decide for yourself.
I would be happy to hear your thoughts on the subject...
It's hard to tell whether this is the truth. I mean if really 70% of bitcoin mining energy comes from hydro plants, then it would be surely more ecological than traditional banking. |
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I saw 70-80% ico are scam which are not reliable .they do smart work and making projects by invester and advisers and after not giving token ,making scami .what to do with them. Have you ever fallen in scams ? I am fallen some time .
yes it's natural that some projects are scams. The ratio in ICOs are quite high because of too many gullible uneducated investors who would send the money to anyone, then no wonder |
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Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto
The path to a cryptocurrency revolution might just run through a sleepy Austin, Texas industrial park, home to offices of Cody Wilson and his company, Defense Distributed in the United States. Parallels exist between downloadable files from a website, allowing users access to 3D printable firearms, and a permissionless, decentralized, censorship-resistant medium of exchange. If the world’s most powerful government succeeds in preventing Mr. Wilson from engaging in basic speech, hold on to your electronic wallet because it could be next.
I don't see arms as something that should benefit decentralized systems based on blockchain. We can focus and do lot of good thanks to this, let's not discuss weapons... |
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Yes, I agree with you. That's what "whales" do every time. They manipulate small investors and take millions of profits. That's why people who can't hold long lose in cryptocurrency trading.
yes, either they can't hold long or they can't short Either option is usually pretty difficult for emotional investors we see in this community. They don't really do many educated choices |
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Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?
I don't understand your question. What do you mean by 80% of the country separate electricity? It's really energy consuming, that is true, but nowehere near reaching 80% of any country's consumption. |
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i created a wallet form web wallet
and an keeping safe 12 words and a bitcoin address public key and private key
and that single public address has all bitcoin now i m never going to use that wallet as i m going to hold bitcoin till 2025
my question is what if community tries to upgrade bitcoin and is it possible that that private key wont work because of upgrade.....as i see back in 2011 people use to keep bitcoins on a hard drive ....
i just want to know would i be able to recover my funds as long a i have my private key whatever happens to technology....
that would be a huge interception to bitcoin if the devs would change the principle of how private keys. I don't see this happening under any circumstances to be frank |
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When will the youtube and other websites start to pay us with bitcoin?
there already are companies paying their employees in bitcoin. Also some platforms already reward the users in cryptocurrencies. so sooner or later,it should come to youtube either |
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Are you one of those who think that BITCOIN will not rise this year?
Some may think like that because of it's performance. But according to experts and analysts, BITCOIN is not for the weak hands.
If you do crypto as a source of living then this is not the best place for you, but if you are here because you believe that BITCOIN is a revolutionary kind of money then you're on the right track... You know bitcoin will rise ;-)
you're totally right. Not for a weak hands at all. Also with the second point, it will grow for sure. Maybe next year, maybe this year, but it will attract weak hands after next rise again |
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Can you please tell me what is the current price of BCA? And is the bitcoin atom on the stock exchanges?
it's not really difficult to open coinmarketcap.com and browse the prices of any coins you wish to know the prices of. I'm wodnering whether you really mean this question |
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certainly hope and pray for bitcoin recover soon to jump. do not run away in despair or sadness, because it will not change the situation to compassion and pity. but this kind of situation, I don't think it will be for a long time. trust and think positively about bitcoin again in a stable performance on the market.
you people are taking yourselves too seriously. Just chill and see what happens, don't bet your whole life on the prices growing and do something that benefits other people too |
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I like to know your stand against the current market price falls down that relatively almost in the danger zone for the crypto holders if they still hold their crypto it might be one day that they will going to lose all their money. My ideals is different i had to sell it though it means that i had to lose some of my money. Anyway i could invest again when market price recovers but not for now seeing crypto market looks so bad. Will you still hold?
For me i would still hold on my investment despite the fact that right now is the bear market because i do still believe that everything happening now is just temporary and the market wil recover soon. Of course all conditions will survive temporarily due to fluctuations. not always the price is in a low position. so don't be afraid of the bear trend dude. instead you have to use it by buying as much as possible because it's your chance to buy at a cheap price people who manage to buy with current prices will be the ones ending up as winners once the bulls start ruling again. No matter what SEC says on ETF, the price will still grow |
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I think the price will rise. But what you are talking about is not what causes that. 4 million coins left to be mined. But the circulation supply is still rising.
More supply ----> Lower price
your logic is broken. There is certain hashpower generated by miners. Once they will be mining lower amounts of bitcoin, eventually only from transaction confirmations, the price needs to increase in order to make the mining profitable with the same hashpower. |
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bitcoin gold crashed 97% it was once traded at 500 usd and now its just 17 usd,
this is the first bitcoin fork, out there and it is basically gone. when bitcoins forks collapse the next will be bitcoin, you guys then will stand like a sect in a ocean of cryptocurrencies
it's not the first bitcoin fork. The first one is bitcoin cash, infamously represented by roger ver. This fork offers nothing extraordinary to community in my opinion, just hyped bitcoin code |
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experienced traders who manage to get the cheap coins of the hands of noobs who panic and spread even more fud and emotional griefs on this forum and elsewhere on crypto social media |
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he combination of falling prices and a rising hash rate -- which measures computing power -- shows how complex the economics of cryptocurrency mining are. An increasing hash rate means Bitcoin mining is still profitable enough for many players to stay put, defying speculation that prices have fallen past break-even points. That may be a reflection of how sophisticated Bitcoin mining has become after last year’s 1,400 percent price rally. While that drew a fair share of amateurs mining from their basements, the lucrative rewards also drove major miners to up their game by snatching up increasingly speedy chips and setting up shop in places with cheap power. That’s helped them squeeze out smaller players as prices fall to the $6,000 level. “There are still major expansions happening, especially from more efficient miners,” Marco Streng, chief executive officer of Genesis Mining, said by phone from London. “The expansion is so big that it compensated for the drop-out of not-so-efficient miners.” New Bitcoins are created when computers compete to process transactions by solving complex puzzles in exchange for tokens. As mining power increases, the calculations needed to generate new digital coins become harder -- a mechanism designed to limit supply and dominance in the hands of few miners. The race to get ahead with top-notch technology has intensified so much that miners became key customers for semiconductor giants such as Nvidia Corp. and Taiwan Semiconductor Manufacturing Co. And because of such advantages, the business became increasingly institutionalized and concentrated in the hands of companies like Bitmain or Bitfury. Read more: Bitcoin Miners Facing Shakeout as Profitability Wanes While faster gains in the hash rate have coincided with price rallies in the past, the relationship between the two isn’t so straightforward. Theoretically, a climbing hash rate should lift the price because it means the cost of each token is higher. But computing power may be rising now because of past expansions in capacity, which are a sunk cost to miners and reflect higher prices earlier. It’s also possible that miners will sell more of their holdings as margins get squeezed. “The increased hash rate means people are here for the long-term because they’re happy to just accumulate what they have, potentially even run at a loss,” said David Sapper, chief operating officer at cryptocurrency exchange Blockbid Pty Ltd. in Melbourne. At the same time, “they do sometimes have to clear house and dump.” Various analysts have have tried to calculate the break-even price for miners, which may offer support for prices. Bullish research firm Fundstrat Global Advisors has estimated $8,000. Morgan Stanley has said that large mining farms make money only with Bitcoin trading above $8,600, according to a CNBC report. Researchers at CoinShares, which offers cryptocurrency investment products, estimated in a May report the average marginal cost of a Bitcoin is $6,400. The digital currency traded at about $6,500 on Friday. The number varies depending on the miner’s efficiency. Genesis Mining, for instance, is still expanding capacity, Streng said. Miners that also manufacture equipment have the benefit of immediate and cheaper access to their hardware and can adjust prices of their products to maximize profits, according to the CoinShares report. Read more: Crypto’s Millennial Mining Tycoon Is Said to Plan $3 Billion IPO Yet it’s clear the heydey of cryptocurrency mining is over for now. Genesis Mining said Thursday it will terminate contracts that are mining too little to cover the daily maintenance fee. Semiconductor companies are also seeing a slowdown in demand from miners. Increasingly, cryptocurrency mining seems dominated by large, competitive companies. “The efficiency of the hardware is rapidly increasing and costs are coming down,” the CoinShares researchers Christopher Bendiksen and Samuel Gibbons wrote. “Miners are securing access to highly competitive sources of electricity, often ones that would otherwise lie idle, and show high degrees of mobility.” — With assistance by Todd White https://www.bloomberg.com/news/articles/2018-08-16/with-bitcoin-sinking-cryptocurrency-miners-just-dig-deeperbitcoin mining gives good margins mainly to professional companies who are able to purchase the miners in bulk and save also expenses on the equipment and energies, simple as that |
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I think the market will take the time up to 3 months more to recover the market cap. We know SEC postpones two months to take their decision. So the market will follow this time (only my opinion). I hope after that market will go to the owner's way whatever comes to the decision from SEC.
I don't see a reason why we should be waiting for SEC to do anything. It's not even about the regulating crypto, it's about the ETF. Just ridicuoous to see decentralized economy relying on sec... |
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as per governments view, they never accept decentralized bitcoin. the major reason is they unable to track the sender and receiver. smuggling and black money can send anywhere without third party knowledge.
so do you all think bitcoin can be centralized ? can be do ?
you got it completely wrong. There are already governments regulating cryptocurrencies as they're, making them totally legal. Please triple check before posting this kind of posts. Thanks |
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Blockchain Technology is a Great Technology We all know about it We know that in which field it can work What do you all think about it for a student Technology will prove to be a good career
blockchain specialists are highly sought for at the moment, given the amount of companies implementing blockchain. That number is expected to grow further, I'm sure the carrier in blockchain is highly worth it |
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