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Cryptocurrency Exchanges

These are exchanges that are similiar to traditional stock exchanges where buyers and sellers trade based on the current market price of cryptocurrencies exchange, these type of trading platforms generally charge a fee for each transaction. Some of these types of exchanges deal only in cryptocurrency, others allow users to trade fiat currencies like the U.S. dollar for cryptocurrencies like Bitcoin. There are website-based exchanges that are like the currency exchanges at an airport.

They allow customers to buy and sell cryptocurrencies at a price set by the broker. Coinbase is an example of this type of exchange. Shapeshift provides a similar service as well This is the simplest solution for new users, since it is simple and easy, you’ll pay slightly higher prices than you do on the exchanges. Cryptocurrency Funds: Funds are pools of professionally managed cryptocurrency assets which allows public buy and hold cryptocurrency via the fund. Using a fund, you can invest in cryptocurrency without having to purchase or store it directly. In almost every case a person will want to use an exchange or broker. One will generally only want to use a direct trading platform when their options are limited. Meanwhile, while funds might be ideal to some, they tend to have a range of restrictions.

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Cryptocurrency wallets

The main purpose of the creation of Bitcoin as a decentralized currency was to give the masses the power to control and manage their own money. You might ask “Well, do I not have full control of my money?”. Since the money you deposit in the bank is usually used to lend it out to others, you technically do not have full control over it. What you own is simply an IOU, or a promise by the bank to pay you. Bitcoin offers you the power to have absolute and total control over your money. And given the fact that Bitcoin and other cryptocurrencies have been increasing in value, it is vital to have your own crypto wallet to store and manage your coins.

What is a Crypto Wallet? It’s a software program that stores your coins / It’s a software program that stores your private and public keys (they come in pairs), enabling you to send and receive coins through the blockchain, as well as monitoring your balance.

How does it work??? First off, digital wallets are quite different as compared to your physical wallet. Instead of storing money, digital wallets store private and public keys. Private keys are like your PIN number to access your bank account, while public keys are similar to your bank account number. When you send Bitcoin, you’re sending VALUE in the form of a transaction, transferring the ownership of your coin to the recipient. In order for the recipient to spend the newly-transferred Bitcoin, his private keys must match the public address that you sent the Bitcoins to.

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Crypto News ….

The cryptocurrency market is barely a decade old yet it has presented one of the most amazing ecosystems to study. The intrigues include an anonymous found and surge in value to several thousand percentages in a single day. Here are exciting facts that will blow your mind about the cryptocurrency market. In 2009, one Bitcoin was worth $0.003 which is another interesting fact about cryptocurrency. People had not taken note of the currency and were not even interested in its value. By 2017 Dec, the value amazingly increased and as rising it also translates to shedding 2/3 of its value in just two months. This is an indication of the strength of cryptocurrency.

 

The value can swing dramatically causing both huge gains. The value is pegged on perception and is not controlled by any central bank or monetary regulator. The value of currencies lies in the technology that is used during storage and transactions. This is a digital platform that is also decentralized. A ledger record is known to have all transactions and gives a history of all activity on a coin. This technology makes the coins safe and efficient to use. This technology has made investors so excited about the currencies. This is a growing ecosystem with unique offerings for investors and the financial market. As new coins are born, the market will get more interesting to watch.

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More About Cryptocurrency!

Cryptocurrency has become one of the biggest topics in social media due to the sudden rise in cryptography’s popularity many people have crafted theories about it causing engineers to be keener to start streaming cryptocurrency related projects. Bitcoin mining / cryptocurrency mining is the process of gathering the cryptocurrency from the market which requires great monetary investment or commitment when it comes to mining cryptocurrencies. Anyone with a decent understanding of computer can get started with Bitcoin mining.

Early adaptation has made Bitcoin the strongest cryptocurrency in the market. There has already been speculation that the value of Bitcoin will only increase from here on also confirming ups and downs are part of the game, and eventually, it will reach more value in the upcoming years, even with a finite supply in the market.

Cryptocurrency is 100% legal, many countries don’t have a ban on cryptocurrency, but rather some regulations on how they should be distributed. The future of cryptocurrency is looking extremely bright as the market is growing with new cryptocurrencies. Startups are also focusing on taking the advantage and making the most out of it. The fact that cryptocurrencies are universal makes it a part of the bigger picture.

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Crypto currency mining to rise in 2018

Trends help analyse any given sample of data. Using trends of the last few years, we can analyse the crypto currency market in 2018. This will help us decide what the future of currencies are in 2018, and what you should mine. Let’s see the predictions one by one

Ethereum

Bitcoin’s market share in the crypto currency economy just dipped below 33 percent for the first time in history. 2018 is looking like it’s going to be the “Year of the Altcoins.” Ethereum is now contesting with Litecoin for the title of the top “altcoin” this year. We’ve already seen the ether price surge early on, and this might be par for the course for what’s to come. Ether co-founder is extremely bullish about his currency. He believes this might be the year where Ether flips Bitcoin to become the most mined and most valuable currency. If you’re going to mine something, get a GPU and mine for Ethereum

Bitcoin

Originally, the dominant Bitcoin price prediction was that Bitcoin would reach the $14,000 mark by mid-2018. Optimists are hoping that Bitcoin will break through the $100,000 barrier within the next year now. In fact, some people, including CNBC’s Jim Cramer, predict that Bitcoin will go as far as shatter the million dollar threshold one day.

As far-fetched as these forecasts may seem when you first hear them, they aren’t completely impossible. Seeing as Bitcoin’s price has been doing the impossible for the past few months, anything can happen.

Additionally, upon taking a closer look, you will come to realize that these optimistic Bitcoin price predictions for 2018 may have some ground. For one thing, the growth of the amount of daily transactions using Bitcoin has grown 100 times faster than the price of the currency. Considering the value has increased by about 20 times over the past year, the amount of trades have increased about 2000 times. This means that the current price hike might be just the start.

While Bitcoin mining is now harder than at any point, mining pools means that it is still possible. A profit is there to be made, it just needs to be done with more effort now

Litecoin

Litecoin will likely remains stable among this turmoil. With more people switching to Ethereum, and Bitcoins being the most popular crypto currency, there is no real chance of a great hike. However, mining Litecoins might be easier in the next year than Ether and Bitcoin because of the reduced interest. If people do return to Litecoins in the future, this could be a great investment

Conclusion

Mining is here to stay and is as bright as ever. There’s no need to panic about the future of Crypto Currency, as it looks as bright as it ever has. 2018 might be the year where mining and its profit rises faster than in any preceding year.

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Can you profit off Bitcoin Mining in 2018?

Lots of people are asking the question, “Is Bitcoin Mining Profitable in 2018?“ The answer is a complex one, because it depends on various factors. If you wonder whether it can be profitable, the answer is yes. However, it requires careful research, painstaking investment, and a great amount of effort. Let’s look into a few latest processors and check how profitable they are in 2018

Antminer S9

Let’s take a look at a the Antminer S9 mining rig. We previously looked at this ASIC mining rig.  It has a mining rate of 14 TH/s, and 1372W in power. As we previously saw, with this processing rate, you will be looking at mining around Ƀ 0.001070 per day. This would be around 120.47 South African Rand per day, at current exchange rates. The power cost for this would be around 32.91 Rand per day, and could be even lower, depending on your tariff.

This would net you around 2632 Rand per month. In an year, you’re looking at a profit of 31,584, once you factor in the electricity payments you would have to make. If you get a cheap Antminer at around 43000 Rand, you’d break even in around 16 months, which is about a little more than an year.

However, with the value of Bitcoin rising 20 times in the past year, you’re looking at closer to 6 months, rather than 18 months

NVIDIA P-106 GPU

You can use these to mine Ethereum. This is slightly different from Bitcoin Mining.  The hashrate of these cards, when tested by our team, came out to about 20 MegaHash/s, and each card only took about 75W. If you use a rig consisting of eight of these, then the total Hashrate will be around 160 MegaHash/s for only 600W.

We calculated that we will have mined 0.01189 Ethereum per day and 0.3567 ethereum per month. That comes up to around 2900 Rand per month. The cost of the power to run this is around 400 Rand per month.

So we are left with a net profit of around 2500 Rand per month. If we add a few extra cards, we can easily increase our profit margin even more

Again, with Ethereum, rising in value, this is an excellent profit

Altcoins

Mining Altcoins in an alternative to mining Bitcoin in 2018. Today there are hundreds of Altcoins available on the market and some of them are still real easy to mine. The problem is that because there are so many Altcoins it’s hard to tell which ones are worth investing your time in. Some good examples for Altcoins are Litecoin, Dogecoin and Peercoin.

Conclusion

Bitcoin Mining is still profitable in 2018 in South Africa, and will continue to be. If you have money to invest, then the future of Crypto Currency is bright.

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Trading Crypto Currency you mined in 2018

Once you’ve mined your Crypto Currency, you can either hold on it in the same form it is in. Or you could exchange it for a newer currency. Here is a strategy that will help you trade whatever you mine. This will help increase your profit.

Strategy

Before you develop your investing strategy, you need to learn how to evaluate a given Coin.

When buying cryptocurrencies, specifically altcoins, it is important to know a few details about them. A major thing to note when deciding whether to buy a coin, are it’s functional use cases. Most coins will have a mission statement on their homepage. By understanding what purpose a coin serves in the real world, we will have a better idea of how to evaluate it further. For example,  Litecoin has the same goal as Bitcoin. In this case, it would be a good idea to compare its market capitalization with Bitcoin.

If you notice a large shift in market cap on a certain date, it may be worth it to check for any news that day to see what may have caused it. This can be extremely useful as positive and negative press can really affect Crypto Currency.

On the other hand, some coins serve a very unique function in the real world. For example, Power Ledger is a fairly new and interesting cryptocurrency. The goal of this project is to provide a system for consumers to trade electricity with one another. If you believe in this idea and the technology around it, invest in it. If you feel it’s a far fetched idea, avoid it. The second thing you can do is read news surrounding the project. All of that information, along with a look at the coin’s market cap, is going to ultimately determine whether you think the technology might reach mainstream adoption, thus making an investment worth your while.

Different Exchanges

After some time using exchanges to buy and sell currency that you’ve mined, you’ll notice something huge. You will  notice that the price of a crypto currency is often not the exact same on each exchange. That means, you can buy a crypto currency on one exchange for a cheap rate, and sell it on another for a higher rate.  This is called Arbitage.

You need to be careful here though. It needs to be as close to real-time as possible. This is possibly one of the hardest things to get right, and also the most underestimated aspect of arbitrage in crypto currency. The markets, compared to ForEx trading, are ridiculously slow – at busy exchanges, there may be a couple of dozen trades executed. The difference of a few seconds can be the difference between a profit and a loss

Summary

In 2018, you need to not only mine Coins, but also trade them to maximise your profit and increase your own holdings. With this guide, you are well on your way to learning to do so

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Mining or Trading in 2018?

In 2018, the major decision that many people will have to make is whether to mine Bitcoins or to trade them. Both mining and trading have their advantages and disadvantages, and we’ve already covered them in an article. However, this article is about just one thing. In this year, which of the two will be the best route to success?

Mining

Let’s recap what mining really is. Mining is a process of validating cryptocurrency transactions. This creates new currency that is added to the record, and this is what creates the wealth you later own

Trading

Trading is buying one currency, then switching to another at the right time to get maximum profit.

Pros and Cons of Each

To be a miner, one must have a mining rig. This is a  GPU set-up that is powerful enough to solve blocks using a mining software. To solve a block, several miners work together have to crack hash values and the first one to do so would get coins as reward. This means that mining requires a starting investment and also requires a lot of patience and hard work.

Trading is performed on an online exchange site where other traders purchase coins of their interest. You will want to buy coins that will rise in value. However,  the more favored a token gets, the more it is susceptible to market vulnerability.

Mining versus Trading

Mining is proven to be best when investing in long-term. The average mining rig costs around 40000 Rand and can generate a few thousand Rand a month, depending on which network it is mining from. In most cases, miners will gather up with their mining rigs to do pool mining. This is where they combine their computing power to solve blocks. Miners are then rewarded based on what they have agreed upon. This means that the rewards are distributed but they are also gained a lot, lot faster.

On the flip-side, trading is much more cheaper. Opening a crypto wallet won’t be as difficult and as expensive as building a mining rig. There is also more support material and help dedicated to crypto trading. Joining online communities on Bitcointalk, Reddit, and Cryptocurrencytalk can help teach someone who likes to start trading. Nevertheless, investing in cryptocurrency through trading would require a lot of guts. Cryptocoin prices fluctuate like crazy, making it very difficult to predict, so timing is very crucial in this one.

Conclusion

The issue comes down to knowledge. Even the most seasoned traders can not always accurately predict the rise and fall of a currency. In mining, you rely on creation of new coins for your wealth, and the steady increase in value of the currency is just an added bonus. In trading, you can lose a lot just by buying the wrong currency.

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AMD’s Radeon RX Vega for Mining

We’ve been looking at different GPU’s for mining Crypto Currencies. Now we’ll look at the AMD Radeon RX Vega, recently released, and extremely good for mining. It is not easily available in South Africa, however, it can be ordered online from different stores.

Features

  • Shatter the limitations of traditional GPU memory for more intense visual capabilities.
  • IP5X-Certified Fans for dust resistant and longer fan lifespan.

Advantages

This AMD Radeon is not an ASIC. It is a GPU. This means that not only can it mine Bitcoins, Ethereum and Altcoins. This means we will be able to mine any currency we want, including newer ones like Ethereum that are rising in value much more quicker than Bitcoins. After all, the greatest profit is to be made of Altcoins, not already established giants such as Bitcoins.

The dual bearing fans mean that this GPU is better secured against the hazards of heat and dust. It is resistant to heat

The price of this GPU is a bit on the high side, and it is hard to acquire in South Africa.

Potential Profit

The hashrate of these cards, when tested by our team, came out to about 30 MegaHash/s, and each card only took about 130W. If you use a rig consisting of eight of these, then the total Hashrate will be around 240 MegaHash/s for only 1040W.

So let’s assume we turn on our mining operation and leave it on for a month. We will have mined 0.01813 Ethereum per day and 0.5438 ethereum per month. That comes up to around 4,450 Rand per month. The cost of the power to run this is around 450 Rand per month.

So we are left with a net profit of around 4000 Rand per month. If we add a few extra cards, we can easily increase our profit margin even more

When you consider that the lifetime of the processor is double that of other GPU’s, and the power consumption is much lower, it seems like a good deal, despite the price.

Conclusion

The Antminer is the perfect card for mining Bitcoins. It seems the NVIDIA  P-106 is the card of choice to mine Altcoins. This is the GPU you should get if you have experience of mining, and have a lot of money. High Hash Rate, and a greater durability, combined with a very high starting investment means this is only for those who know what they’re doing.

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Crypto Currency success stories

We’ve talked about Mining and how money can be made of it. Now let’s talk about those who have already earned success. Today, we’ll bring you the stories of miners from South Africa who’ve made their money out of Ether.

Miners from Pools

We’ve looked a few miners from Pools. Pools are a group of miners who work together to earn money. Estimated earnings per day are calculated based on average block time, average difficulty, difficulty change tendency, and the average hash rate of the miner. We entered this into our crypto Currency calculator to find out the earnings.

Earnings are shown in Ethereum per day, which were converted to rand using the price of Ethereum.

The hash rates, pools, number of workers, and estimated earnings per day of the top miners are shown below.

Pool NanoPool

This particular person contributed  a combined Hash rate of 239.0GH/s to this pool to mine Ethereum. That’s a ridiculously high Hash Rate. The estimated earnings per day of this miner would be around R156,841. We got this data from his own wallet information.

Another person has contributed  a combined Hash rate of 233.8GH/s to this pool to mine Ethereum. That’s a great Hash Rate. The estimated earnings per day of this miner would be around R155,266. We got this data from his own wallet information.

Pool Ethermine

This particular person contributed  a combined Hash rate of 154.3GH/s to this pool to mine Ethereum. That’s a ridiculously high Hash Rate, especially if you consider it comes from only 8 worker systems. The estimated earnings per day of this miner would be around R95,357We got this data from his own wallet information.

Another person has contributed  a combined Hash rate of 113 GH/s to this pool to mine Ethereum. He’s earned around 82,000 Rand

Individual Miners

Here’s one person’s report of how he earns around 50,000 Rand every month from Crypto Currency.

Mr. Gareth says:

This year I decided to initially buy a Baikal 1.2 Gh Dash mine (price is now $2 200 but it previously cost $5 800). Cryptocurrency Dash was at $94 and the Rand exchange rate $13. Dash hit $300 in the last week so my 6 month projected Return on Investment (RoI) is now considerably shorter. At 300 watts the electricity is less than R300 pm for this Baikal processor. In a world where a share with a PE of 14 and dividend yield of 4% is good this RoI seems too good to be true. Last week I also took delivery of 5 Antminer L3+ mines. Again the projected payouts are beating projections and these should earn me $3,780 this month (R50,000). My costs are R5,250 pm. I’m earning in $ and paying costs in Rands.

Summary

Crypto Currency is still a very profitable venture and people should look to invest in it. There’s still time to make money mining, and to get into this currency.