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Explaining Bitcoin Cash Hard Fork 2018

If you have a subscription to Coindesk, Coinmarketcap or Bitcoin.com newsletters, then you might already know the news about Bitcoin Cash’s hard fork. Your inbox is probably full of reminders, articles and news announcements that mention a software update of BCH.

It took place on November 15th at 16:40 pm UTC and divided the blockchain and the token in two. As a result, we have a new, upgraded and past risk-free blockchain and a new cryptocurrency. They are known as Bitcoin Cash ABC and Bitcoin Cash SV.

The history repeats itself. Remember 1 August 2017? That’s when the first hard fork splitting of Bitcoin happened that created Bitcoin Cash. Bitcoin had two more hard fork splits, but it was time for Bitcoin Cash to repeat the same.

Why does Hard Fork Happen?

Hard fork means splitting/separating, and it’s the gem of the Blockchain terminology. A hard fork happens to create a better version of the previously known blockchain. It means that there’s going to be a second blockchain with more functionality and fixed security risks found in the previous system.

So here’s how the possible outcome looks like:

• Only one blockchain becomes dominant. The other one loses its value and community adoption.

• Community adopts both blockchains. They will co-exist together and function like separate blockchains.

• Community embraces both blockchains, but one is dominant.

In the case of August 2017, the crypto community adopted both Blockchains, and they are still co-existing. The users did not support the decision to split BCH. It looks like only one blockchain is going to be dominant, or favored. And it seems like Bitcoin Cash ABC is already winning the war, according to Investinblockchain.com.

How it affected the current Crypto market state?

The announcement about BCH hard fork was quite a shock for the cryptocurrency community. Several experts issued their opinions around the subject. Everyone is discussing their perspective on the event, and how it will affect the future crypto market. A few days before, Coinbase announced terms and guidelines to follow while the fork happens. Everyone was quite ready for the event.

But before the fork could even start, the Crypto market experienced a massive price drop of most of the cryptocurrencies. We witnessed the lowest price of Bitcoin in 2018. In just a few hours, Bitcoin went from 6 300 USD to 5 471 USD. Followed by Ethereum, XRP, and others.

Today, Bitcoin’s price is hovering around $4700 and 3800. Every altcoin was affected by the fork and the crypto market is experiencing some hard times.

We have seen altcoins following in Bitcoin’s footsteps. Bitcoin, as the first cryptocurrency and the influencer of the crypto market, tends to affect the price of altcoins. But we have never seen a shadowy altcoin like Bitcoin Cash influence the whole market.

Coinbase has stopped all trading on the BCH wallets on November 13, followed by other cryptocurrency wallets. They advises users to follow the guidelines and feel safe while Coinbase takes care of their funds’ security. Today all the transactions are working and crypto enthusiasts are adapting to the changes.

We already have the result of the split. If you are not already prepared to take the action, learn more about from Crypto and Blockchain news distributors. Which one is the best for you? Are you a Bitcoin Cash ABC follower? Or do you prefer to stay on the Bitcoin Cash SV’s side? Keep in touch with the latest crypto news and prepare yourself for further news announcements.


Source: https://medium.com/@bitforx/explaining-bitcoin-cash-hard-fork-2018-a9e9eb37df19[/list][/list][/list]

We tried not to be too radical when describing our opinions and thoughts from experts in this article. This question is kinda rhetorical. We can't say "most likely". Like previous comments stated, blockchain won't be able to substitute the Banks. The banks will always be there, that's why we pointed out a section where we describe current adaptation levels.

It's not even an informational article, it just states the fact that there are freelancers getting paid in Crypto. I was hoping to see some great Crypto Freelance platforms. I'm not loosing my hopes yet, maybe some of you would know anything about such platforms?

Bitcoin ETFs disrupt the actual reason and thought behind a decentralized cryptocurrency. We are always happy to see Bitcoin grow and adopt traditional financial instruments, but ETFs are not the way to go. How can VanEck guarantee the stability in price? How can investors be sure that the price won't be manipulated?

Exactly my opinion. Out author tries not to be radical about the statements, and I think this article really shows it. The future is fogy, but we also think that maybe banks and decentralized networks will combine the strengths and create something better together.

A lot of Crypto enthusiasts and Crypto radical lovers say that the Blockchain will disrupt the banks and they will cease to exist. But, that's unlikely.

Great point.Thanks for the comment and for sharing your opinion.

Will decentralized network such as Blockchain overthrow monopoly of banks?

Decentralized networks are disrupting traditional industries. With further development of Blockchain, questions arise. Will decentralized networks, such as blockchain, overthrow banks? The discussion around this subject creates several schools of thought.

The first steps

Since the launch of Bitcoin, IT world has been thinking of new ways to disrupt the processes we knew before. 2009 was the year when it all started. Now, in 2018, we have more than 1900 cryptocurrencies.

We found a new way to operate financial activities. We discovered the possibilities of Blockchain in different industries and managed to improve the crowdfunding process by ICOs and many more. The blockchain is disrupting not only the banking industry but the whole perception of operating markets.

People put their trust in Bitcoin and Blockchain. They believe that we will build the future on blockchain-based technologies. Startups are rising around the crypto world. Governments are implementing blockchain technologies and regulations. Seems like, the whole world is adapting to this astounding decentralized network.

What’s there to disrupt?

The first reason to think that Blockchain is going to disrupt the banking system is the transaction making process. Due to the high transaction fees and long intervals between money transfers, our banking system is losing efficiency.

Money transfers are not free. Every country and every bank has its’ own regulations and taxation system. Transactions that operate in country limits are simple. As for the international transactions, there’s more to know. Two most known ways of international money transfer are SWIFT and SEPA.

SWIFT is a financial messaging system, allowing banks all over the system to safely transfer the money. SWIFT sends the messages between banks. This requires human intervention, making transfers too long to process. Due to these processes, SWIFT transaction is too low. In addition to time, these transfers are costly, and the fee passes on to a customer.

The SEPA zone includes 34 countries. The only currency that SEPA supports is the Euro. SEPA is somehow similar to domestic money transfer. Banks that use SEPA system have a direct relation or intermediary banks. Both processes are slow and require human intervention. The transfer fee is about as same as for SWIFT system.

We see how Blockchain can contribute to the banking system. The discussion is around the subject, whether the banks will adopt the Blockchain technologies, or the Blockchain will completely substitute the banks.

Attempts to modify the banking system by Blockchain

Back in 2012, a new-born company named Ripple aimed to make transactions safer, faster and reliable with the help of Blockchain technologies. Ripple turned out to be attractive to many financial entities. Today, as we already mentioned, international transfers take days and are costly. Ripple’s mission states that their technology can reduce operating costs and help money move faster. This means that Ripple could completely substitute the SWIFT and SEPA systems.

Right now, several global banks are adapting to Ripple ledger. We have entered the age of battle between Ripple and Swift.

Some say that Ripple isn't quite a cryptocurrency. Cryptocurrencies act like disruptor and fiat overthrowers. Ripple is acting more like an additional help to the modern banking system. Instead of ousting banks, Ripple tries to improve the traditional system.

No one can certainly say what the next move is. After conducting tests, it’s obvious that Blockchain technologies are difficult to scale and we are still adapting to them. Our current level of adaptation is far from completely developing Blockchain infrastructure. But we can safely say that we are doing something right. We do not ignore the potential of Blockchain technologies and try to embrace the whole world to adapt to the technology of the future.

Source: https://medium.com/@bitforx/will-decentralized-network-such-as-blockchain-overthrow-monopoly-of-banks-e58da9fb60c1

Haha, I like your observation and predictions about current "investors". There's only one thing I want you to ask now, do you think that Bitcoin and cryptocurrencies will outlive fiat and eventually replace all the currencies and we'll use cryptocurrencies in everyday financial activities? And if so, why?

Don't you think that people often think about Bitcoin as an investment and not a currency? I have seen many people (hodlers mostly) who believe that cryptocurrency is for an investment, they hope for the future rise and profit. But originally, Bitcoin was created as a currency, as an everyday use tool. By looking at this situation, I think lots of people will be excited to have Bitcoin ETFs, just for the investment plans.

I know it's an arguable subject, whether it's necessary for Bitcoin to have an ETF or not, but this thing is demanded all over the world. Changing or maybe transforming the Bitcoin infrastructure.

It's nice to know your opinion about this.

Yes, Bitcoin was created as a currency, but many markets have opened the doors for Bitcoin. The crypto infrastructure is still forming and people are trying out different fields that Bitcoin can affect. One of those field is ETF. It's not necessarily the best thing to happen to Bitcoin, but it's something that people think should be tried. You can't deny that Bitcoin ETFs have big demand. It's different if Bitcoin needs ETF or not (I think it doesn't need ETF to be great, but it's something that will probably happen).

So, as I understand, you don't believe that Bitcoin ETF will be accepted?

By the way, of course Bitcoin doesn't need ETF to be popular and useful. It's the first cryptocurrency and it's popular enough already. I can see many different ways it can be developed, and ETF is one of them. It's a subject of conversation whether it's a good idea or not, but I'm interested in what you think?

I agree 100%. We try to keep the neutral way while discussing this subject, but lately Bitcoin ETF has been the number one subject for discussion. Considering everything that you said, what do you think? Will Bitcoin ETF be accepted 100%? (like Andreas says) or is it more doubtful?

Thank you for your feedback. In our opinion, this is simply the Bitcoin infrastructure's way of growing. It needs to touch every field and every market until it finds the best suit. ETF may or may not be the best thing for Bitcoin, who knows?!

Is the Future of Bitcoin in ETF?

We live in a blockchain technology development era. But even years after the creation of Bitcoin, we still blaze our trails like a mole. New technologies are always scary, but there’s no escaping them. The smart and practical way of dealing with changes is to adapt to them.

The crypto and blockchain world has a lot to offer us. Every day we come across new ideas and new approaches related to crypto. Some people thought that the invention of Bitcoin and Etherium was the best it could get. But today it’s all improving Bitcoin and Blockchain technologies. Almost every day, we hear about a new project idea, new ICO, or new technology working with blockchain. Almost every day we hear about an idea proposed to implement blockchain in a technology that has been around for a while. These ideas help to improve the infrastructure we have, our financial and banking systems.

One of the ideas I want to talk about today is implementing Bitcoin in ETF.

What is ETF?

ETF stands for Exchange Traded Fund. To put it simply, ETF is a security measure tracing an index, a commodity, bonds or a basket of assets. In other words, it’s a collection of different securities. ETF’s price depends on the index, commodity, or assets that it traces. Its’ price can vary through the day, as it is being sold and bought.

What’s the difference between ETF and a regular Futures and shares?

- ETF is a fund. It’s not just a singular share, it’s a portfolio of shares.It is being created by the professional members of the market.
- Investors don’t have to pay for the administration of a Portfolio.
- ETFs are high in liquidity.
- ETFs have lower fees than mutual fund shared

All this, and some more, serves to make ETF an attractive alternative for individual investors.

Some people say that a bitcoin ETF is practically the antithesis of what bitcoin’s main idea is supposed to be. Some people (mainly investors) hold their breaths to hear the news about Bitcoin ETF being approved. But meanwhile, we have only seen few denied Bitcoin ETFs and opinions from several Crypto experts.

What are the thoughts of experts on Bitcoin ETF?

Bitcoin ETF has gained popularity, because of the high expectations from the Crypto community. Legend says that Bitcoin ETF has the potential to attract a massive exposure of large capitals in the Crypto world.

Some say that history will repeat itself. We have seen how the Gold ETF has transformed the market and now we’re hoping to see Bitcoin do the same magic. Once ETF becomes available for a market, the price of a Commodity (in this case Bitcoin) rises up enormously. On  March 28, 2003, the first Gold ETF was launched and the interest in gold started rising. But the thing is, these markets are controlled and manipulated, that crosses out the idea of Bitcoin and the independence of our financial possibilities.

Many experts argue whether Bitcoin ETFs are a good idea or not. On  Aug 14, 2018, Andreas Antonopoulos published a Video about it on his Youtube Channel. In this video, he answers several questions regarding Bitcoin ETF and voices his opinion on the changes in the Bitcoin environment.

Andreas says in his video, that he thinks the Bitcoin ETF will be approved by the SEC (The U.S. Securities and Exchange Commission), but – according to him – it’s a terrible idea.

“The idea here is to take a reserve of Bitcoin and then make them tradable instruments that can be traded on markets like stocks,” says Andreas. But, in this situation “Custodial holds the actual Bitcoin in and what you’re getting is a share in their funds – not Bitcoin”. This way, traditional investors will be able to influence the price of Bitcoin. Andreas says that these markets are heavily manipulated and that Bitcoin ETF will damage its ecosystem.

“ETFs fundamentally violate the underlying principle of P2P money, where each user is not operating through a custodian, but has direct control of their money, because they have a direct control of their keys,” says Andreas. To summarize the whole video “Your keys? Your BTC! Not your keys? Not your BTC” this is what Andreas has to say about Bitcoin ETF.

Another opinion about Bitcoin ETF comes from the founder of Netcoin, Michael Vogel. He thinks that Bitcoin ETF is an interesting idea, but not crucial and obligatory for Bitcoin’s long-term success.

Experts and non-experts have been talking about it and there are several different opinions and different point of views. Some say that Bitcoin and the crypto markets do not need an ETF to be great. Agreeing on Andreas’ opinion, saying ETF to be an antithesis of Bitcoin’s original purpose. Like every coin has two sides, this matter has supporters and opposing sides. Stating that crypto really (really) wants a Bitcoin ETF, this article concentrates on the demand and adaptation of Bitcoin to ETF.

Now, it turns out that Bitcoin ETFs has many supporters. Some say that it’s how life works. “Adapt or die. Approve Bitcoin ETF and take the leading step for advancing the human race through the revolutionary technology we have been gifted” is one of the sought comments on the SEC for the latest effort to get an exchange-traded fund tied to bitcoin.

Alena Vranova, the founder of Trezor and business strategy advisor for crypto companies, also speaks about Bitcoin ETF with speculation, stating that Bitcoin ETF is definitely not a necessary tool for Bitcoin development. On the other hand, it could be a possibility to open the door of the Crypto world for so many new investors. She thinks that Bitcoin ETF predictions are a signal for holders. She states that implementing Bitcoin ETFs can help the price of BTC to become more stable and skyrocket in a very short time.

Mostly, experts agree that Bitcoin ETF is not necessary for Bitcoin’s future. Some of them talk about the negative side effects of Bitcoin ETF, some experts believe that ETF can actually save or benefit Bitcoin and its investors.

Vitalik Buterin, on the other hand, talks about how much emphasis is placed on Bitcoin ETF. On July 29, 2018, he posted a tweet, saying “I think there’s too much emphasis on BTC/ETH/whatever ETFs and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption”. I think that Vitalik is a Bitcoin ETF supporter, more or less. He thinks that ETF could help BTC balance the price (and grow it), plus, helping first-time investors and newbie crypto lovers to make small time investments.

In the end, all we can do is wait and see how things turn out. As several experts have pointed out, there’s probably no escaping from Bitcoin ETFs. Things are changing and they’re changing fast. What was an unimaginable technology a few years ago, today is the number one discussed subject. We see innovations every day and we hope they’ll be prosperous for us. It seems like the future holds a place for Bitcoin ETFs, all we have to do is to kick back, relax and wait for future events to occur.

Source: https://blog.bitforx.com/2018/09/04/future-of-bitcoin-etf/

Fantastic 4 of Blockchain

Some people say that we are unlucky to be born in this time. It seems like the middle of the development process. It’s too late to discover new places and territories and It’s too early to explore the Cosmos. I think it’s the perfect time to explore the new possibilities given to us by great minds in the Blockchain and Crypto sphere.

We are living in the time when everything undergoes through some changes. We are about to change our financial systems, our voting systems, supply chain management, KYC storage principles and lots of different spheres where new technological solutions can be successfully implemented. We are truly stepping into a new era and we can safely say that we are not in the middle of something. We are lucky to be born today because we get to see the beginnings of Blockchain and Cryptocurrency.


These changes wouldn’t be possible if not for The Brightest minds of Blockchain field. The first introduction of such technology was in 2009. Satoshi Nakamoto introduced the first Cryptocurrency – Bitcoin. There have been reports stating that attempts of creating such a currency were spotted in the Netherlands and few other countries, before the introduction to Bitcoin. Unfortunately, all of those attempts failed. Fortunately, the trail of bad events was at the end.

Since then, Crypto and Blockchain field has been developing. New bright minds have joined the game and as the result, Today, we have 2090 Cryptocurrencies. It’s amazing, how fast the number of Cryptocurrencies is growing. According to investing.com, we had 1658 cryptocurrencies on March 16, 2018. Today (August 9, 2018) this number has grown to 2090.

All of these currencies have the project behind their backs. Every single one of them serves a purpose. You will be able to find so many interesting Blockchain projects behind all these Cryptocurrencies. You will also be able to find great minds, blockchain geniuses and crypto experts. That’s actually what we are going to talk about in this article.

There are regular names and there are names recognized all over the crypto field. I want to talk about the Four most recognized names in Blockchain and Crypto sphere. People who influenced today’s technologies and changed the way we see our future. People who truly are a Fantastic 4 of Blockchain.

Vitalik Buterin

24-year-old Blockchain master who introduced to us Ethereum. Ethereum, as we all know, is the second largest and most valuable cryptocurrency.

Vitalik is a Russian born co-founder of Ethereum. His entire family migrated to Canada when he was just a little child and now he lives in Singapore. Vitalik’s interest in Blockchain and Cryptocurrency started with his father introducing him to Bitcoin. Vitalik, now a famous Chief Scientist of the Ethereum Foundation, was once a writer for Bitcoin Magazine. That’s how it all started with him.

For two years, Vitalik has been studying Bitcoin’s Blockchain and the possibilities it held. As a result of such tireless work, the White Paper of Ethereum was published in late 2013.

Vitalik’s actions influenced and changed a newborn technology called Blockchain. People used to correlate and directly link Bitcoin to Blockchain. Till this day, some people think that Blockchain and Bitcoin are the same things. For a long time, Blockchain was perceived as a digital ledger, writing down all the Bitcoin transactions. However, through two years of research and studies of Blockchain technologies and the applications they had to offer, Vitalik changed the way Blockchain was discerned.

In Forbes’ 30 under 30 2018 Finance section, you can see Vitalik, among all the other young Financial influencers. He has made into a lot of lists and this list, not an exception.

Charlie Lee

Charlie Lee, another early adopter of Bitcoin and a Cryptocurrency creator. Charlie created one of the most famous Currency- Litecoin.

His interest in Cryptocurrency emerged from Bitcoin mining. At the time he decided to work on his own Currency, he was working as a software engineer at Google. Since 2011 he has been working on creating Litecoin and after years of failure, he practically abandoned the project. Until the year 2016. He finally realized the purpose of his desired project. He understood what his currency would serve as and the project was finalized. Lee simply copied the code of Bitcoin with some slight modifications and corrections for the merchants.

Lee understood that Litecoin would be the best suit for smaller transactions. He could see his currency being used as a payment in online shops. In his point of view, Bitcoin was for more bigger transactions and Litecoin could be used in everyday situations.

Litecoin has been following Bitcoin side-by-side. Today, it’s one of the most recognized cryptocurrencies in the world. But not only Lee’s project gained publicity. Charlie himself became very popular, and what’s more, he appeared in numerous articles and shows as The Most Influential in Blockchain 2017. Lee truly inspired others to create something similar and grow Crypto field.

Brian Armstrong

Former Airbnb Software Engineer is now widely known influencer in Crypto world. Armstrong is a Сo-founder & CEO of Coinbase. In 2011-2012, Armstrong had a front row seat into global payment systems, as Airbnb was moving capital in more than 190 countries.

Besides his engagement in Airbnb project, he was oriented to new technologies known as Blockchain and Bitcoin. In June 2012, Armstrong launched a Coinbase website and since then, he has been introducing the world to news, innovations and other information in Crypto sphere.

Coinbase was portrayed as a platform that would simplify the process of buying, transferring and spending Bitcoin. In other words, make it accessible to the Global Public. Since 2012, Armstrong has been managing a company with approximately 200 employees. He is still introducing people to new possibilities of Cryptocurrency and Blockchain technologies. He has the different view of future financial system, which he loves to talk about on his Blog on Medium.

Years ago Armstrong was a Software Engineer at Airbnb and a former developer for IBM and Consultant at Deloitte. Nowadays, he is a person, whose words can influence people to buy, sell or hold on to a Cryptocurrency. He has made into Fortune’s 40 under 40, taking the 20th place.

Charles Hoskinson

Another Altcoin Co-founder, Charles Hoskinson has joined our list. Charles is the Co-founder of a Cardano platform, which hosts ADA coin. He was a Co-founder of Ethereum back in 2013.

Cardano is currently ranked as number 8, according to Coinmarketcap. Cardano project is the youngest one of the above-listed Cryptocurrencies, its’ official launch date is September 2017. By advanced features and functionality, It’s named as a third Generation Blockchain. It was believed that Cardano would displace Ethereum platform, because of its’ superior possibilities over ETH blockchain. Till this day, Cardano is being improved and it’s one of the most recognized cryptocurrencies all over the world. They are still in the development process and are planning to finish the platform in 2019.

2013 was a crucial year for Hoskinson. He actually quit his job as a consultant to open an online school called the Bitcoin Education Project. That’s when he met co-founder of Ethereum, Vitalik Buterin and they started working on creating the second largest Cryptocurrency together. Because of certain events, Hoskinson left Ethereum in June 2014.

Nowadays, Hoskinson is mostly known for being a Co-founder of Cardano platform and a Crypto veteran who anticipated in two of the most successful Blockchain projects. As a computational science expert, he is deeply aware of the main challenges, the architecture of different protocols and always gives a brilliant, comprehensive speech. His ideas are always interesting and worth to think about. Cardano has one of the best academic research centers located in the several continents.

Honorable Mentions

This article wouldn’t be able to contain all the bright minds that thrive in Crypto and Blockchain sphere. That’s why we decided to mention the four most recognizable and influential people in this field.

Of course, there are names worth mentioning, and that’s what we are going to do now. 

Talking about Bitcoin and Blockchain would be unimaginable without mentioning Andreas M. Antonopoulos, Bitcoin Evangelist & Author of ‘Mastering Bitcoin‘. I bet you have at least listened to his speech on youtube, or heard his name while discussing Bitcoin. He has gained a great success over the years. Charming and interesting person he is, Antonopoulos is a widely published author of books. His famous ‘Mastering Bitcoin’ is one of the bestsellers. He is known for his articles, and blog posts on cryptocurrencies. Nowadays, he travels all around the world, speaks at conferences, advises and consults a small number of cryptocurrency companies.

I also want to mention someone who is not considered to be one of the most popular people in Crypto field, but his influence is truly great in amount and size and I think he’s worth mentioning. We’re talking about John McAfee. British-American computer programmer and businessman announced his candidacy of 2020 US Presidential Elections this year. He promises to be a mentor of Crypto and Blockchain technologies in the US.

This is just a short list of influential people in the Blockchain world.

Source: https://blog.bitforx.com/2018/08/16/fantastic-4-of-blockchain/

What to Expect from Mining Crypto 2018


The first time Bitcoin was Introduced, we were simply careless. We were alarmed by its’ complexity and innovation. People thought Bitcoin would be just a flight of fancy. Bitcoin is all over the news and all over our minds, but until this day people tend to avoid it. People avoid engaging in Bitcoin Economy because of their insufficient knowledge of this field and the current market downtrend.

Day by day, the interest in Cryptocurrency is rising. Everyone knows something about Bitcoin, altcoins, Blockchain, mining operations and so on. The terminology is widespread and theoretical knowledge is growing its’ borderlines.

Bitcoin mining gained its’ popularity over the years. Even today, people are looking for a way to mine their own Bitcoin. For this, different ways were introduced to us. We will be talking about mining Bitcoin and altcoins. We will mention miners that mine Bitcoin, litecoin and several other cryptocurrencies.

There are also cryptocurrencies that you can’t mine. For example, Ripple. You can obtain Ripple by buying the currency from various exchanges. There is no option to generate XRP by mining.  When the coin first launched, founders created 100 Billion XRP. Nowadays, making a transaction means destroying few coins. Coins like NXT, WAVES, FACTOM, and MAIDSAFE continue this list.

Options of mining cryptocurrency include mining with ASIC miner (for example, Antminer  S9, Antminer R4), GPU and a CPU.

Starting from these forms of mining, I want to give you an approximate view of what your income might be if you really get into Cryptocurrency mining.

ASIC Mining

As for the ASIC miners. I think I can safely say that ASIC miners, to this day, are the most popular way of mining Bitcoin.

There’s two option for using ASIC miners.

1) You buy an ASIC miner(s) for yourself, put it in your house, garage, balcony. Or, find a company that rents some space for personal mining rig. Start mining bitcoin yourself.
2) You find a reliable Cloud Mining company. Buy a mining contract (hash rates) from the Company and start mining bitcoin with them.

Both have their benefits and drawbacks. But today, we are talking about the estimated earnings. Payouts can differ by countries. This is because of the Electricity costs. Due to the downtrend of the current Market, in the Countries where Electricity cost is 0.15 $/kwh, mining is not profitable. On the other hand, countries where electricity costs 0.10 $/kwh, for example, Georgia, are still profitable in Cryptocurrency mining. So be sure to do a little bit of research. I want to underline the fact that, if the cloud mining service provider is chosen correctly, both personal and cloud mining will get you about the same amount of Bitcoin.

The Internet is an amazing tool for research. The Internet is also a place where you can look for mining calculators. But be cautious. Not every calculator is accurate. Some of them, tend to show the optimistic image and serve as a promotion for the services the website is providing. Best way to calculate your earnings is to calculate it yourself.

How to calculate your daily, weekly, monthly or yearly payouts
There is an amazing platform, called WhatToMine. This is what we will be using to calculate our earnings. This Calculation method works for both, personal and cloud mining. The difference that you might get in the results depends on the cost of Electricity.

First, we need to learn about the specifications of the miner itself. I will explain this with one specific miner, Antminer S9 (13.5Th). This is the miner, Bitforx uses to mine Bitcoin. The specifications that we use, according to WhatToMine’s Bitcoin mining Calculator, are the Hash rate, Power (W), Cost of Electricity ($/kWh), Pool fee and Hardware cost. All the information provided in this article is based on Georgian prices and data.

First, we type in the Hash rate of Antminer S9 (13.5Th). The hash rate is 13 500 Gh/s (13.5 Th). The power, according to specifications, is 1323W, although this figure is subject to about 7% of variance.

Now, this is the part, where you need to conduct a little research. And if you already know the exact cost of the Electricity you pay, then feel free to fill in the blank called cost. That goes for the fee of the Mining Pool (Group of Cryptocurrency miners, who join their computational resources over a network, in order to achieve a better result) you choose to connect to, and the Hardware cost. BTC value is filled in automatically. If you wish to calculate your earnings in case the price goes up or down you can click the disable button and type in the value you want.

After filling all the blanks and typing the information we possess, we can click the calculate button and see the results down below. I used 13 500 for Hashrate, 1323 W for the power and 0.115 for the Electricity cost. The current value of BTC is 7353 USD (Aug 1, 2018).

According to the results, Antminer S9 (13.5 Th) will produce $3.65 daily. Our weekly payouts are going be $25.56. We are going to get $109.54 Monthly. And finally, after a whole year has passed we are going to have $1,332.79 to ourselves. This is how Bitforx Calculates its’ earnings for Bitcoin mining for every Customer.

For Litecoin lovers, Bitforx uses AntMiner L3 + for litecoin mining. You can repeat the steps given earlier. Remember to research the specifications for AntMiner L3. For Bitcoin Cash mining, we use AntMiner S9 (same as for Bitcoin). 

But the most important strategy of getting involved in Cryptocurrency Economy is that, you shouldn’t sell your valuable coins like BTC, LTC, or other. Selling the coin means converting it to the fiat (for example, US dollar). This way, having a cryptocurrency loses its’ charm. If you want to see the real gain in the future, try holding on to your coin and investing it in something that will guarantee a regular income. Mining is one of the best solutions for this issue.

Note that these calculations are based on mean values, and the results may vary.

GPU Mining

GPU mining has been used in the mining process for many years now. Experts say that mining Bitcoin with GPU is losing its’ profitability. Still, it’s the second most popular way to mine a cryptocurrency. And there is still hope for altcoins. GPU stands for Graphics Processing Unit. GPU is responsible for handling display functions and video rendering system. Graphics card mining (easy way to say it) was popular in the early years of bitcoin mining adoption.

We will be using WhatToMine’s calculator for this one too. The principles are the same. You need to fill in the information, specification of your GPU (Graphics Processing Unit) and press the button called calculate.

The results are based on mean values. Best results will come if you fill in your hash rate and power consumption. There are also auto-filled boxes too, so you won’t have to research that too.

So let’s say we have a 1080 Ti GPU and we want to know what our earnings will be. Our coin of choosing will be Monero. In the first row, pick the 1080Ti. Type in the quantity of GPU (in this case 1) and Insert hash rates and powers. After that, press the button Calculate to see the results.

The results will show your earnings for several coins, compared to ETH. Scroll down to find Monero. Estimated rewards in 24h are 0.0055. You can see other data. Including Block time, Block rewards, etc. But for now, we want to know what our daily earnings will be.

CPU Mining

CPU mining, as you may already know, means mining a Cryptocurrency using a Processor (Central Processing Unit). CPU mining is actually how Bitcoin mining started. It was one of the easiest and cheapest ways to mine Bitcoin for a long time. Unfortunately, considering the Bitcoin difficulty, the CPU mining is not considered as profitable anymore. Bitcoin difficulty has grown monumentally since 2015 and it’s up to 5,949,437,371,610 GH/s from 520,569,941GH/s. It’s predicted that the Difficulty will grow by 9.23% and reach 6,498,428,244,757 at the end of 2018. You can still take your time to calculate your income by using CPU mining. The result will be a loss. Your electricity bills will outweigh the earnings and you will be losing money.

Bitcoin awareness is rising day-by-day, and no one wants to miss out on the fun. Mining is an easy way to be involved in the Bitcoin Economy. And this article was written to help you decide on how do you want to join this field. Now you know how to calculate your approximate earnings and what to expect while mining cryptocurrency.

Follow this outlines and instructions if you want to know what to expect from mining your favorite cryptocurrency.

Source: https://blog.bitforx.com/2018/08/07/what-to-expect-from-mining-crypto-2018/

Great news guys! We finally updated the Price for our Bitcoin Mining contracts!

Maintenance fee is given for 1GH/s with no Withdrawal Limits!

Smart vs Dumb Networks



Bitcoin is a network. It is also a currency and a technology. It’s all these things, you can’t separate them. You can’t just build a blockchain without a valuable currency behind it and currency doesn’t work without the network either.

The Networks

Bitcoin is a dumb network. It really doesn’t do much. It processes transactions. It’s a dumb network for verifying a very simple scripting language. Bitcoin network doesn’t offer any other services. The network doesn’t have automation or any other feature built in. However, this dumb network supports very smart devices.


In contrast, phone networks are smart networks. But it supports dumb devices. Early phones were incredibly simple and dumb devices. Every feature of the phone was, in reality, a feature of the network. Call waiting, caller ID and everything else is a feature of the phone network.

So when you architect network systems, one of the most important issue is to choose: do you make a dumb network for smart devices or a smart network that supports dumb devices?

Dumb vs Smart

It’s easy to see the appeal of the smart network – if you want to improve the experience, just upgrade the network. However, this means that change and innovation occur at the centre, by one player and it needs permission. So innovation only happens when the new feature is needed by all of the subscribers of the network.

To innovate on a dumb network, all you have to do is add innovation at the edge. Because a dumb network supports smart devices, there is no need to change the whole network. There is no need for permission to innovate. It’s also much easier to implement. Unlike the smart network, an upgrade doesn’t disrupt the whole network. If a new application has only five users, all they need to do is upgrade their devices.

Internet, for example, is a very dumb network. It can only move data from point A to point B. It doesn’t know what the data is. Internet network can’t tell a difference between Skype call or a webpage, a vacuum cleaner or a smartphone. It just moves data.

The phone network essentially stayed the same with minimal innovation. The internet, however, allowed limitless innovation possibilities. It has made the dumb network essential to our everyday lives, while the relevance of the smartphone network is declining fast.

The same principle applies with regards to the bitcoin network. It is a dumb network. It moves money from point A to Point B. if you want to build a new application on top of bitcoin, you can do it without asking for permission – Write the app, launch it on your endpoint, and bitcoin will route it because it is a dumb network. Bitcoin, much like the internet, allows endless improvements and innovation.

The modern day banking and financial systems are supported by very smart networks. They are designed to deliver very specific applications to very dumb endpoints, in an absolutely and tightly controlled fashion. Sounds familiar?

Keeping in mind the internet and phone networks, which network do you think will eventually prevail – the dumb Bitcoin network or the smart banking network? Food for thought.

Source: https://blog.bitforx.com/2018/06/05/smartvsdumbnetwork/

Hello,

It is unfortunate that our Blog post sounds plagiarized, but trust me it is just a summarized information from different sources and it may sound familiar to you if you are educated in this field.

If you check out our Blog https://blog.bitforx.com , at least read the titles or the introductions you will see that our Content is oriented on Newbies in this field and it contains a lot of material that could not be made up by us, it is of course digested and summarized material from different speakers and professionals.