A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography and blockchain technology to secure and verify transactions with the use of miners as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.
There are a lot of online webshops and booths in cities that accept cryptocurrencies like Bitcoin that accept Bitcoin as the form of payment. They range from massive online retailers like Overstock and Newegg to small local shops, bars and restaurants. Bitcoins can be used to pay for hotels, flights, jewelery, apps, computer parts and even a college degree and the more people use it and accept it, the faster it will go.
This is the most frequent questions i get as long as i am in this sector. You mainly have to view it from a different perspective, is the current inflation of normal fiat currencies going to last any longer? If you see the history of the US Dollar, you can see how long it took to create 1 Billion dollars with the use of Gold to be set equal to every dollar printed.
Right now we produce 1 Billion USD every 4 months, before you know it will be 4 weeks, 4 hours and 4 seconds... to create that.
So yes, if you want to give your children a nice future, i recommend buying a single Bitcoin and storing it very safe for a couple of years. Thank the 22 Year old Rory later that told you this.
First of all, you dont have to buy an entire Bitcoin. You can also buy a part of it, 0.01 Bitcoin is already worth a few USD.
Actually Bitcoin can get down to 0.00000001 they call this a Satoshi.
So now that you know that you dont have to buy an entire Bitcoin, you should be very careful where you buy your Bitcoin. There are a lot of people that abuse this as a lot of people dont know how to buy their own Bitcoins.
I would recommend one of these 5 very secure Exchanges that accept Fiat to be traded for cryptocurrencies: Coinbase, Kraken, Gemini, Coinmama or Bitstamp.
As cryptocurrencies are becoming more and more mainstream, law enforcement agencies, tax authorities and legal regulators worldwide are trying to understand the very concept of crypto coins and where exactly do they fit in existing regulations and legal frameworks.
With the introduction of Bitcoin, the first ever cryptocurrency, a completely new paradigm was created. Decentralized, self-sustained digital currencies that don’t exist in any physical shape or form and are not controlled by any singular entity were always set to cause an uproar among the regulators.
Graphics cards are mainly made to render 3D polygons, shadows and textures to play games. These are very beautiful inventions, as they are actually parrallel computational devices. For coins like Ethereum you require Graphics Cards to mine the coin as it is so called ASIC resistant to distribute the coins in a more Decentralized way.
Mining with Graphics Cards has the benefit of mining different currencies with the same machine. Using ASIC miners is for a specific coin and can not be switched to a different algorithm.
Very simple, you can already use your own computer at home to mine cryptocurrencies with. At least you will probably need one of the latest gaming graphics cards from Amazon in your system to get a decent amount of profit using simple setup miners as Cudo Miner.
If you scale up to a mining rig you will also scale up your mining profits.
If you are interested in building one of these systems, make sure to check out Nvidia and AMD builds.
Yes you can, the bull market of 2017 made a lot of companies to experiment and develop ready made gpu mining rigs. These are one of the most optimized and cost efficient machines on the market and give you not too much trouble on setting them up. They are very loud as they require more cooling than open air mining rigs but they will do the job just as fine and maybe even a bit better.
You can check out some AMD ready-made miners and NVidia ready-made miners.
You can go as crazy as you want, starting from a low $500 setup and you can go beyond $30.000 on a single system.
I have build many custom GPU mining rigs for customers, some focus on efficiency, some on the highest possible hashrate and some others a bit of both.
In theory you could use any budget to set up a GPU mining rig, as a 10 year old computer with the correct requirements is even useable.
Just in case you want to sell off your mining rig in the future, from my experience i recommend choosing for High-End Graphics cards. The High-End seem to be maintaining their value the most on the long run, as new graphics cards come into the market the previous generations get less powerfull.
ASIC Mining simply means, someone developed a very efficient machine to do one thing, run the algorithm of a specific coin far more powerfull than any other kind of GPU or CPU. The reason why ASIC miners are developed is mainly because it secures the network very much and they get more and more efficient. Recently Bitmain released a new ASIC miner for Bitcoin mining and doubled the efficiency, but the cost is three times as high. Due to scalability the efficiency and price keep going up, making it very stable and decentralized on the network.
Unless an alien passes by with a optical compute Bitcoin ASIC Miner and kills the network ofcourse.
Yes, after having an angry wife, earplugs at night, and earmuffs to walk into your living room. ASIC Miners are one of the loudest machines to use for mining, so most of the time they are hosted in remote sheds or warehouses. Also ASIC Miners like the S15 Antminer consume a whopping 1500 Watts of power each in such a tiny space. In order to cool that down, you can see where the sound comes from.
They are the easiest to setup, you need internet and power and you should almost be fine. You would need some basic knowledge about Pools, Wallets and Exchanges to get a decent setup on any type of mining hardware, but they are probably the best way to get started.
If you dont want to setup all of this yourself, there are large facilities like Elevate group that do that for you at their hosting facility managing your ASIC Miner and no need to worry about your Electricity costs.
ASIC Resistant cryptocurrencies are coins that dont want to be part of this extremely powerfull technology. Most of the time the risk of getting dedicated ASIC miners in their network can centralize the distribution of the coins to the miners. The ASIC miners could potentially steal the biggest chunk of the pie and perform 51% attacks so that they can double spend on the network.
If the network has enough miners where the ASIC miners are not making a big impact, they can slowly adapt to ASIC miners and gain efficiency over a period of time, as these ASIC miners are cheap that is mainly not the cause becuase people will put down much more.
If you know that it takes about 60.000Kwh of power to generate a single bitcoin a day. I would say, you should just simply buy the bitcoin. It would take so long to mine a single bitcoin with a few 1,5Kwh Antminers...
By that time it may already be 600.000kwh to generate one Bitcoin with the same miners.
BuriedONE is a GPU Mining based crypto mining YouTube channel that started making videos about how to mine Ethereum back in 2015. As i have a great passion for graphics cards and their massive potential in the future, i finally found a way to get other people involved into my passion along with crypto. My cousin introduced me into Bitcoin mining back in 2012 where i was only 16 years old and tried my best to understand the way it all worked. In December 2016 i went to my first Blockchain meeting and learned myself most of what i know today to help others share my knowledge and opinion about crypto related projects and technologies.
Back in highschool i was always trying to outperform and challenge myself, i was always working hidden on features and ideas that were total overkill. I got my name permanently after i had to finish off my endwork to graduate from highschool. We had to build a very simple concept website about a product, and at the final review of my work one of the teachers said "Hey. Here we have the buried one, he always comes up with something unexpected."
So yes, after showing off a complete webshop with complete background management of customers and sales of specific products and graphs i probably deserved my name to outperorm and even teach the teachers some of my creations.
I already made a video about Blockchains in Space, cryptocurrencies would work on different planets and for sure within our solar system all the way till the asteroid belt for Chinas Space mining program in 2038. Employees could be payed loans on the moon for mining Helium-3 for Fusion reactors, and Chinese space miners can build spaceships straight next to non gravity asteroids in the asteroid belt and they can be payed by crypto.
Elon musk will provide internet in space at high bandwidth and low latency with Starlink to connect all the final dots and will colonize mars. My own goal in this mad future would be to create a one of a kind system that i would call "The One".
Personally i created about 50 Different ones, but as time runs short when running a YouTube channel i decided to make a few examples for some farms so they can do it themselves by copying the example i created. But at the end if i take everything together that i know of, i sold over 10.000 Mining rigs in the past two years with my YouTube channel. This number is fairly small considering there are over 7 Million GPUs on Ethereums network not counting all the other GPU mined coins.
Actually not, on Gamescom 2018 in August when it all started to collapse i fought my way into the NVidia business suite. After i told them it would be over soon they were staring at me as if i was joking. I warned them for overstock and possible breakdown of the GPU Bull market, but they did not listen untill now. I met a lot of awesome people with great stories, most of them do hear my advice about crypto and love the feedback they get, it is just a handfull of people that look over it blindly and verdict themselves without research.