Before the rise of the blockchain, miners specifically referred to workers who dig coal mines. The group impression was that people were covered with coal dust, and their skin was dark outside their clothes.

After the birth of the blockchain, miners are no longer just short for coal miners, but have a new meaning: people engaged in virtual currency mining.

Unlike the traditional "miners", miners in the blockchain industry have more scientific and technological colors. The main job of a miner is transaction confirmation and data packaging. If you want to become a miner, it is actually relatively simple. Buy a dedicated computing device and download the mining software to start mining. Mining does not require the miners to do it themselves. In fact, the computer performs specific operations. Miners only need to ensure the power supply and the network connection of the computer.

Bitcoin is generated through mining. Every 10 minutes, miners over the entire network calculate an arithmetic problem. Whoever gets the answer first equals to digging out this block, and the miner can get the system's newly generated Bitcoin reward.

When Bitcoin was first born, mining was possible through the computer's CPU. As more and more miners are mining, currently it is impossible to mine Bitcoin with the CPU, and everyone starts mining with miners.
If you want to mine, you first need to prepare a miner, Bitcoin address, mining software, etc. However, the current Bitcoin network has too much computing power, and it is difficult for individuals to buy a small number of miner to dig out blocks. Many miners join the mining pool to mine together. The mine is only responsible for calculation, and the mining pool is responsible for information packaging.

After the mining pool dig out Bitcoin, the income is distributed according to the mine's computing power ratio to ensure more stable input and output.

Bitcoin is a peer-to-peer electronic cash system, more directly, node-to-node. Each transaction is broadcast to the surrounding nodes by the initiating party. After receiving the broadcast, the node broadcasts it to the surrounding nodes, and eventually spreads to the entire network.

Every Bitcoin wallet is a node, and the node with the complete blockchain ledger is called a full node. In October 2017, there were approximately 9,300 full nodes on the Bitcoin network, responsible for broadcasting and verifying Bitcoin transfer transactions.

After the transfer transaction occurs, it is broadcasted by all nodes to the entire network. The mining node verifies that the transaction is correct and records it in the blockchain ledger.

The United States, Germany, and France have the largest number of Bitcoin full nodes, and the number of full nodes in China accounts for about 5% of the world (data source: bitnodes.21.co). Running Bitcoin nodes does not provide any rewards, and Bitcoin transfer can be performed without a full node, so the total number of Bitcoin full nodes only accounts for a small portion of the total number of nodes.

We often make transfers between banks, and interbank transfer fees are generally charged according to a certain percentage of the transfer amount.

For example, the inter-bank transfer fee is about 5 ‰, and the inter-region transfer fee is 1 ‰ -1%. In addition to the above-mentioned transaction fee, cross-border transfers also need to pay 50-200 yuan  telegram fee per transfer.

The transfer fee between blockchain assets has nothing to do with the amount of the transfer, and it is charged by byte. Taking bitcoin transfer as an example, a common transaction occupies about 250 bytes, and the handling fee is about 0.001-0.0015 Bitcoin (about 20-30 yuan). If you need to transfer to multiple Bitcoin addresses at the same time in a transaction, the exchange will occupy a larger number of bytes, so you need to pay a few extra fees before there are miners to package your transactions in time.

Even so, from the perspect of transfer costs, there is still a great advantage in using the blockchain for cross-border transfers.

We all have our own bank accounts in life, and transfers are made between bank accounts. Similarly, Bitcoin transfer is the process of transferring Bitcoin from one Bitcoin address to another.

If you want to transfer bitcoins to others, you need to enter your bitcoin address, recipient address, transfer amount, and commission amount in the bitcoin trading platform, bitcoin wallet, or bitcoin client.

After the payment is confirmed, the transaction information will be broadcasted on the entire Bitcoin network after payment. Miners will pack unaccounted transactions in the Bitcoin network into a block every 10 minutes, which completes a confirmation, Bitcoin has been transferred to the other party's account at the time.

It usually takes 6 confirmations to ensure that the transaction records cannot be tampered with by anyone before the transfer is truly completed.

From a global perspective, governments of different countries have different attitudes towards blockchain and blockchain assets, but overall they are still in the exploratory period.

European and American countries actively regulate them. Germany was the first country to recognize digital assets such as Bitcoin as private property. The US CFTC ( U.S. Commodity Futures Trading Commission) characterizes Bitcoin as a commodity. New York State currently has issued 3 BitLicenses.
The situation in Asia is different. Japan actively supports it. In April of this year, Japan implemented the Payment Services Act, officially recognizing Bitcoin as a legal payment method.

South Korea actively regulates it. In July 17th, South Korea launched the "Bitcoin Regulation Act", setting a threshold of 500 million won for investors.

China's strictly supervises it. In September 2017, the People 's Bank of China and other seven ministries and commissions jointly issued the “Announcement on Preventing the Risk of Token Issuance Financing,” stating that in China, trading platforms must not engage in the exchange business between fiat currencies and “virtual currencies”.

The Bitcoin system relies on adjusting the difficulty factor to ensure that Bitcoin will not be mined too quickly.
Every 10 minutes, miners across the network calculate one problem together, competing for bookkeeping rights and Bitcoin rewards. If the computing power of the entire network continues to grow, Bitcoin will be completely mined soon.
​
In order to ensure the mining of one block in about 10 minutes, Satoshi Nakamoto designed the difficulty for miners to obtain bitcoin through mining is dynamically adjusted every 2016 blocks (about every 2 weeks). The expected time to generate a block after adjustment is 10 minutes.
​
The current difficulty coefficient is about 480PH/s, which is about 68 billion times that of the genesis block. In other words, with the current computing power, miners across the network need to go through about 300 trillion trillion hash operations to find a qualified answer and generate a new block.

【行情】Bitrabbit 比特兔 K 线分析，由 BitRabbit 比特兔交易所风控部撰写，每日更新，旨在帮助币友。

BTC/USDT预测
日内价格将以空头为主，日内需关注7318远端支撑位，若跌破7318，行情将继续延续空头行情。若日内未跌破7318-7548震荡区间，行情将在这个区间形成一个短期振幅区间。

ETH/ USDT预测
日内价格以空头为主，下方支撑位需关注400整数关口，若日价格未未跌破400整数关口，行情有望出现企稳。上方压力位为440，若突破440，有望终止空头行情。

BCH/USDT预测
日内价格将以空头为主，下方支撑需关注728，上方压力776，日内需关注能否在717-728企稳。

EOS/USDT预测
日内价格以底部震荡为主，日内首先关注支撑位7整数关口，若日内未跌破7，有望出现底部震荡，上方压力位需关注7.3，若突破7.3，能够有效终止下跌行情。

LTC/USDT预测
日内价格以底部多头为主，若未跌破76，行情偏于底部震荡为主，上方压力位为79。

日内操作建议：主流币种以空头为主，建议以日内交易为主。

声明：该分析由 BitRabbit 比特兔交易所（www.bitrabbit.com）风控部撰写，文中内容仅代表分析师个人立场及观点，该内容及观点仅供参考，不构成投资建议。投资者应自行决策与交易，对投资者交易形成的直接间接损失我们将不承担任何责任。

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BitRabbit K-line Analysis is written and updated daily by BitRabbit risk managers in order to help aid investment decisions.

BTC/USDT predictions:
Prices today will mainly be short. Pay attention to if prices break below the support floor at 7318 where prices will continue to be short if so.  If prices can’t breakout from 7318 to 7548, there will be a short fluctuation in that area.

ETH/ USDT predictions:
Prices today are trending short. If prices break below the support level at 400, there is a chance for prices to stabilize. Pressure is at 440. If prices breakout from the pressure ceiling there is a chance to put an end to the bear market.

BCH/USDT predictions:
Prices today are mainly short. Support is at 728, while pressure is at 776. Today attention should be paid to if prices can stabilize around 717 to 728.

EOS/USDT predictions:
Prices today will mainly be fluctuating at a low level. Keep note of support at 7. If prices don’t break below 7, there is a chance for fluctuation at a low level to form. Pressure is at 7.3. If prices breakout from the pressure ceiling, it will effectively end the market slump.

LTC/USDT predictions:
Prices today are bullish at the bottom. If prices don’t break below support at 76, prices will tend to fluctuate at a low level. Pressure is at 79.

Daily investment suggestions: Major tokens are bearish. It is recommended to day trade.

Disclaimer: This analysis was made by a BitRabbit analyst, the opinions in this article only represent the personal opinions of said analyst. This article should only be used as a reference, and not be taken for investment advice. Investors should make decisions and trades independently. BitRabbit does not take responsibility for all direct or indirect losses incurred by the investor. 
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Thank you for ur support.Cryptocurrency has great potential,hope you can achieve it this time.
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The scorching summer not only brings high heats, but also tests one’s resolve. The blazing weather breeds impatience and unconsciously affects our thinking and judgement. It would be better to set aside the job on hand and to find a cool place to relax, or to find a way to let off steam and calm down.
The token market is still the same with many public chains vying for the top position in the industry, but looking back one becomes nostalgic for the originals. Some tokens boast of how advanced their technology is and how they have created many new concepts, but their price when they hit the market is a whole other matter. I have always stood by the Dow Theory, where market prices encompass everything and a good market price can reflect the trust put in the token and the maturity of the technology. The longer a token stays on the market and be able to keep its position at the top half of the market, the more investors should pay attention to the token. Tokens that are able to hold their own in the market either have a broad base of supporters or a stable foundation. Tokens also need mature applied blockchain technology that has been approved by the masses to be able to stay in the market. This is different from the token projects that rely on hiring a market team to boost their prices in the short-term and then swiftly drop back down, returning to the release prices or even breaking below that point. These token projects can be said to be one-hit wonders, this wouldn’t fly for a real token project. Only the test of time can the value of a token project be established.

CryptoKitties was once the latest craze in the token circles. The first exchange center that implemented the “trading is mining” mechanism also caused a sensation in the token circle. The first airdrop was able to raise its prices immediately, and the first blockchain game F3D was a major hit. Why is it always the first movers that change the market, while followers imitate predecessors? CryptoKitties is one example, nobody remembers the other blockchain animals that came after. That is the pattern of the market, and also that of any industry. Only by climbing on top of others will you be able to succeed. It is also important to be calm in your decisions in order for you to be able to predict future trends.
Weekly market analysis (up to time of publication)

BTC
In continuation of last week, this week also sees a white candlestick showing a strong bull market. Prices broke through pressure at 7400, but met resistance and rebounded when attempting to breakout from pressure at 8500. From a chart view, prices haven’t broken out from the 7-day moving average, and the bull market still requires testing to be certain. From Bollinger Bands, there is a greater chance of prices rebounding in the top angle. From a RSI point of view, it is oversold and a more bearish market.

ETH
Prices are trending horizontally this week. There is pressure from the 60-day moving average, fluctuating between 452 and 478. The market is mainly bearish. Paying attention to which direction prices breakout from near the support can confirm the real direction the market is heading in.

BCH
This week the token was able to be an independent market, with the largest stock amplitude of all major tokens. From a daily moving average in accordance with the relationship between volume and price, there is a chance of being a double tops. Fluctuation is between 774 and 865. There is a need to wait for a breakthrough in the market.

EOS
Synchronous with BCH, with fluctuations between 7.8 and 8.75. There is continuous pressure from the 60-day moving average, and prices are oscillating while waiting for future trends.

Next week’s trend
1.       Continuous shock after short retracing
2.       Information will provoke a pull in prices

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Ururk, the center of ancient human civilization, with over 5000 years of history is the earliest city-state in human history. It is the second city founded by Nimrod in Shinar.

The city had city walls, palaces, temples, the hero Gilgamesh, Ptolemy’s astronomical and astrological treatises, and the earliest cuneiform script that all proclaimed the former glory of Uruk.

“It is the first true large city of human civilization.” Yet, only the city walls still remain in the barren desert.

Now, modern civilization with blockchain technology strives to build an utopian “blockchain nation”.


Recently there have been countless news about exchange tokens, no matter if it was about early platform mining or latter about Fomo3D, they have caused much discussion within the cryptocurrency circle. Yet, what we are most interested in is none other than the recently released Huobi exchange token HT and Bibox exchange token BIX. This is the first time there were transactions between two major exchange platforms. You could see this as an exchange of tokens between platforms, but you could also view this as a cooperation that could shake the industry.

What is an exchange token?

For people that are new to cryptocurrency, they may believe that it is a simple form of transaction and you can also participate in platform promotions.

Yet from a different perspective, exchange tokens originated around June to July last year. Some platforms created icoshares, or buying one’s own stocks, and traded them. Due to the recent market craze, many people chose to enter at that point. While waiting to be verified by the market, the Chinese government banned digital platforms and ICOs, and as a result the exchange platforms all went abroad.

Many exchanges crowdfunded icoshares in the early stages, but exchanges in the later stages were unable to crowdfund in the original time period, and as a result exchange tokens of some exchanges were traded for other tokens and disappeared without further results.   

In November of last year, exchange tokens gained popularity once again. Binance’s exchange token BNB prices showed growth greater than major tokens. In just one month, BNB grew to over 100 times the original price, and caused quite a stir in the cryptocurrency circle. The concept of exchange tokens really took off at that time.

In addition, some major exchange centers also followed suite in developing exchange tokens. We can see that from zero transaction fees to stock dividends, exchange tokens are now quite similar to traditional stock exchanges markets. The competition between platforms and icoshares of the early stages have brought prosperity to the market once again.   

The various exchange platforms accumulated many users and brought a lot of traffic. Yet, this was only the beginning of the market. When Huobi entered the exchange token market, it brought a lot of different ideas. The most influential and eye-catching being the HADAX listings. HADAX allowed many project teams to easily and efficiently enter large exchanges. The popularity of HADAX wouldn’t lose to the current mainstream, Fomo3D.

In order to participate, many project teams and voting users bought HT fervently. Many incidents that happened later on can be traced to when HADAX first started trading. This may have delayed the bear market, but has put Huobi in a great position in the market with possible strategic positioning. Many exchanges strived to copy Huobi, including the exchange tokens of newly listed exchanges. Exchange tokens took action before mainstream tokens, but the effectiveness is questionable. First mover advantage is something that followers can’t easily catch up to. When your position in the market has been solidified, there isn’t a need to come up with new innovative ideas. That is why many people in the industry like to say, one day in the industry is like 100 days outside.

The development of new functions can be said to be just new tricks, but what is the true meaning for exchange tokens? Buying an exchange token is like buying a future expectation of the exchange. Many people have forgotten this original meaning, and that is why the trading between the exchange tokens of the two major exchange centers is worthy of attention. 

What will the future bring?
The cooperation between the two exchanges has become an unicorn in the industry. Who knows if they will work together to pull away from followers, provide inspiration for future markets, or establish an exchange center just for the trading of exchange tokens. No matter which direction later developments take, being beneficial to users should be the first priority. Only time will tell which path is successful.

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With the emergence and development of blockchain technology, decentralization is gradually becoming more prominent. Following the success of Uber and sharing economies, the boost to the market from decentralization is phenomenal. After brainstorming the core principles of sharing economies and blockchain technology, the BitRabbit team believes that great success can only be brought about through a business model that efficiently provides resources and facilitates transactions.

The team charter is to turn BitRabbit Exchange into an asset transaction platform that is supported by decentralization technology.

Assets that are currently supported by decentralization technology are mainly Bitcoin and other cryptocurrency. Yet with the continuous appearance of blockchain projects, the team believes that there will be different modes of services and assets migrated to the blockchain technology, for instance, services such as anonymous internet access and distributed storage. As a result, BitRabbit Exchange strives to become the next generation digital asset transaction platform.

In addition, the team believes that future digital asset transaction platforms must have a decentralized decision making team supporting it. The current ICO system is unable to keep up with the transformation and development of projects. Hence, the team has proposed a decentralized decision making system. The decentralized decision making system will ensure that there is a two-way communication between investors and the team. This regulation will encourage the team to keep improving in the early stages.      

Supporting the diversity of digital assets and a decentralized decision making system is BitRabbit's primary innovation and advantage.


For more information, please check the white paperhttps://support.bitrabbit.com/hc/en-us/articles/360001778551

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