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Frederik Nielsen - page 3

Frederik Nielsen has 212 articles published.

Frederik Nielsen
I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

The Most Popular Bitcoin Mining Pools

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popular bitcoin mining pools

How to sign up with a Bitcoin mining pool

Each mining pool will have their requirements for you to join. The huge majority will require you to do the following:

  1. Register an account with the mining pool.
  2. Configure your mining software application to link with the mining pool.
  3. Offer the mining pool with a Bitcoin address for your payments.
  4. Keep in mind that not all Bitcoin mining pools are public, which suggests you can’t join them. Some pools, like BitFury, are private and can not be joined with a mining setup in the house.

popular bitcoin mining pools

Mining pool benefits

These Bitcoins are shared amongst the miners contributing to the pool. Some mining swimming pools share these transaction costs with their miners, whereas others keep them to themselves.

Mining pool charges

Some mining swimming pools need their miners to pay a portion of their earnings for the opportunity of utilizing the pool. It’s worth going shopping to find a mining pool that costs less, or nothing at all.

Taxes on your Bitcoin

Whether or not you need to pay taxes on your revenues depend on where you live. It’s probably best to assume that your mining yields will be dealt with as a gross income. Do some research or seek advice from an expert accounting professional to ensure you’re playing it safe.

popular bitcoin mining pools

The Most Popular Bitcoin Mining Pools

Although it’s getting significantly tougher to mine Bitcoin on your own, there are numerous Bitcoin mining pools you can join. The huge bulk of Bitcoin mining pools are in China, but that is seldom a barrier keeping others from getting involved. Here are the leading 10 most significant Bitcoin mining swimming pools:.

1. BTC.com

Country: China.

Established: 2015.

Share: 17.93% of all blocks.

Can you sign up with: Yes.

2. AntPool

Country: China.

Established: 2015.

Share: 14.40% of all blocks.

Can you join: Yes.

3. SlushPool

Country: Czech Republic.

Established: 2010.

Share: 11.96% of all blocks.

Can you join: Yes.

4. BTC.top

Nation: China.

Established: 2014.

Share: 9.24% of all blocks.

Can you sign up with: Yes.

5. F2pool

Country: China.

Established: 2013.

Share: 9.24% of all blocks.

Can you sign up with: Yes.

6. ViaBTC

Country: China.

Established: 2016.

Share: 8.97% of all blocks.

Can you join: Yes.

7. Poolin

Nation: China.

Established: 2014.

Share: 5.71% of all blocks.

Can you join: Yes.

8. BitFury

Country: Georgia.

Established: 2014.

Share: 3.53% of all blocks.

Can you join: Yes.

9. BitClub

Nation: China.

Established: 2014.

Share: 2.72% of all blocks.

Can you join: Yes.

10. DPOOL

Nation: China.

Established: 2014.

Share: 2.45% of all blocks.

Can you sign up with: Yes.

What is Bitcoin: Understanding The Basics

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what is bitcoin

What is Bitcoin? Bitcoin is the first, most valuable, and most well-known cryptocurrency. Some would claim that Bitcoin is the only cryptocurrency and that all other tokens are ‘altcoins.’ Bitcoin is not so much an alternative currency, but rather a record of a transaction between two parties.

what is bitcoin

Who created Bitcoin?

The creator of Bitcoin is a programmer (or team of programmers) known as Satoshi Nakamoto. The true identity of Satoshi Nakamoto has never been discovered. There has been a lot of speculation as to who could be the founder, but no one has found the answer.

How does Bitcoin work?

Bitcoin uses blockchain technology, which is a digital ledger of transaction records. Individual transactions are stored in a block of data, which in turn forms a chain of blocks. Hence the name blockchain. The blockchain is a completely decentralized system governed by no single person or institution.

How do you store Bitcoin?

To store Bitcoin requires a Bitcoin wallet. Although it is called a wallet, it works very differently from a conventional wallet for your cash. Rather than storing the Bitcoin tokens themselves, the wallet stores what is called a private key. The private key allows accessing your Bitcoins, which are stored on the Bitcoin blockchain. You can receive Bitcoins to your wallet via a public key, which is also known as a Bitcoin wallet address.

How do you buy Bitcoin?

There are several ways in which you can acquire Bitcoin tokens. The most popular method is to purchase them via cryptocurrency exchanges. The exchanges allow you to trade fiat money (such as USD or EUR) and other cryptocurrencies in exchange for Bitcoin. Another option is to purchase directly with buyers and sellers on a peer-to-peer exchange platform such as LocalBitcoins. Larger cities will also have some Bitcoin ATMs that allow you to buy and sell Bitcoin. Finally, you can meet people in person and trade Bitcoin for cash.

How do you mine Bitcoin?

Bitcoin mining is the practice of verifying Bitcoin transactions using a powerful computer. Such a machine is referred to as a ‘node’ and is the driving force behind the Bitcoin network. Once a Bitcoin transaction is made, Bitcoin miners will compete to crunch the transaction data down into a ‘hash.’ A hash is a string of code that contains all the information relating to the transaction. Once a miner generates a hash, he or she is rewarded with Bitcoin for their efforts.

what is bitcoin

Advantages of Bitcoin

Bitcoin has been praised for how safe it is to store, and how cheap it is to transfer. The decentralized nature of the cryptocurrency makes it extremely difficult to hack. All transactions are verified using a consensus from the various nodes on the network. If one node is corrupted or manipulated, the mistake will be rectified by the rest of the system.

Disadvantages of Bitcoin

The single biggest issue facing the Bitcoin network is the lack of scalability. Although Bitcoin works fine for most users, there is a massive gap between Bitcoin and the likes of Visa and MasterCard. The Bitcoin network can handle seven transactions per second, compared to Visa’s 40,000 transactions per second. Scalability and decentralization are at odds with each other, which has led the community to scramble for a solution.

Where Can You Spend Bitcoin? Here Are The Places

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spend bitcoin

Where to spend Bitcoin

Where can you go shopping with Bitcoin? Who accepts Bitcoin? There are rather a couple of locations, both online and offline, that accept Bitcoin. No requirement for a debit card or ID. Just transfer the cash and off you go. One solution is to sign up for among the lots of Bitcoin debit cards. That will enable you to spend your Bitcoin anywhere that accepts Visa or Mastercard.

We’ve assembled a list here to get you started. It will be upgraded as more organizations begin to accept Bitcoin. You may be amazed what’s already available– inspect it out! Have a look at our list to discover out where to patronize Bitcoin!

spend bitcoin

Legal services

Cryptocurrency is still a new principle in the legal world. Thankfully, several law firms accept Bitcoins to fight your corner.

Luxury products

Purchase a mansion, a private yacht, or that Lambo, as soon as you’ve made it as a Bitcoin billionaire.

Music

Musicians have actually fasted to leap on the Bitcoin bandwagon. You can buy tunes and albums with digital tokens.

Online sellers

Overstock was one of the first online retailers to accept Bitcoin, and considering that then more have actually followed.

Online services

Whether you’re looking to sign up a domain, host a website, or protect yourself with a VPN, you can do so with Bitcoin.

Online subscriptions

From news to adult-themed outlets, there are lots of memberships you can spend Bitcoin on.

Physical stores

Keep track of all the physical stores that accept Bitcoin by inspecting the interactive Bitcoin maps.

Realty

Those of us not prepared to buy a mansion with cash can still purchase property with Bitcoin.

Dining

Dining establishments accepting Bitcoin now have a site where you can look up the closest one.

Space travel

The first commercial space travel agency accepts Bitcoin for your custom. To infinity and beyond!

Sports

Whether you wish to catch the next Mavericks game in Dallas or shoot some rifles at a range, the choice is yours.

TV

The Dish Network is leading the way when it pertains to paying your TV expense with Bitcoin.

Travel and accommodation

Numerous travel firms have begun taking Bitcoin payments. New travel firms focusing entirely on Bitcoin have actually likewise appeared.

Computer game

It’s obvious that a lot of crypto-enthusiasts are gamers. Naturally, lots of video gaming platforms accept Bitcoin.

Accountancy services

Due to the monetary nature of Bitcoins, it would just refer time before accounting professionals jumped the bandwagon.

Charity contributions

Numerous established charities have started accepting Bitcoin. Other charities specifically accepting Bitcoin have likewise been founded.

Dating sites

Want to meet that special someone with the help of Bitcoin?

Education

Bitcoin can get you through the education system from pre-school to post-graduate.

Junk food

Bitcoin payments fast and simple to make, much like the pizza you can buy with them. Huge names like Subway even allow you to patronize Bitcoin.

Gambling

You can find both casinos and gentlemen’s clubs accepting Bitcoin in Las Vegas

Present cards are one of the most popular ways to patronize Bitcoin. Many websites let you trade your tokens for vouchers.

Gift cards

spend bitcoin

Gold

Among the significant properties that will never ever go away as a financial investment chance is gold bullions. For the traders who choose to invest, rather than store, with Bitcoin.

As you can see, there are more than a few places, both online and offline, that accept Bitcoin. Our list will be updated as more businesses start to accept Bitcoin.

Bitcoin Forums: Where To Discuss Bitcoin

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discuss bitcoin

Bitcoin is a hectic space where you can quickly lose track if you’re out of the loop for a brief time period. If you’re serious about using or trading Bitcoin then it’s an excellent idea to sign up with at least one online forum. We’ve put together a list for you so you can easily discover a suitable group to speak with. New platforms appear all the time, so we’ll make certain to keep you in the loop as we find them.

discuss bitcoin

Where to discuss Bitcoin online

The web is clearly the easiest place to discover Bitcoin lovers. Although there is no single best place to find interesting conversations, there are whole forums devoted to Bitcoin. Whether you’re a developer, entrepreneur, or simply a fan, there is a place to discuss your preferred Bitcoin subject.

Discuss Bitcoin on devoted online forums

If you’re major about using or trading Bitcoin then it’s an excellent idea to sign up with at least one forum.

  1. Bitcointalk – This online forum was begun by none besides Satoshi Nakamoto– the Bitcoin creator.
  2. Bitcoin.com – The site for Bitcoin Cash is also an excellent place to discover Bitcoin in basic.
  3. Bitcoin Garden – A devoted forum for designers in the Bitcoin area.
  4. Bitcoinforum – The site for Bitcoin Core is likewise an excellent location to discover Bitcoin in basic.
  5. Bitco.in Forum – Academics, entrepreneurs, and designers all come together here to go over the future of Bitcoin.
  6. CryptoCompare Bitcoin page – CryptoCompare’s forums hosts conversations about the most recent trends in Bitcoin.
  7. Investing.com Bitcoin page – Investing.com also have their own corner dedicated to Bitcoin conversations
  8. StackExchange Bitcoin page – Finally, StackExchange supplies an online forum where you can ask and address concerns connecting to Bitcoin.

Talk About Bitcoin on Reddit

Reddit is one of the most popular online forums where you can talk about basically anything including Bitcoin.

  1. r/Bitcoin – This is the primary Bitcoin subreddit.
  2. r/BitcoinMarkets – A channel that concentrates on trading Bitcoin tokens.
  3. r/BitcoinStocks – A channel that focuses on trading Bitcoin stocks.
  4. r/Jobs4Bitcoins – A location where you can offer your abilities for Bitcoin.
  5. r/BitcoinMining – The go-to place on Reddit for Bitcoin miners.
  6. r/BitMarket – A peer-to-peer option to trading on exchanges.
  7. r/BitcoinSerious – An online forum for the more serious Bitcoin users.
  8. r/BitcoinBeginners – This is an excellent location to start if you’re a newbie.
  9. r/LocalCommunities – A fantastic location to discover bitcoin enthusiasts near you.

Talk About Bitcoin on Telegram

Anybody who’s anybody in the cryptocurrency area exists on Telegram. Every ICO must definitely have their own Telegram group, and naturally, you can find out a lot from forums like these:

  1. Bitcoin Chat
  2. Whale Team
  3. Bitcoin Core Community
  4. Bitcoin Earnings

Discuss Bitcoin on social networks

You’ll also find lots of Bitcoin discussions on the usual social networks channels you already have an account on:

  1. Google+
  2. Facebook
  3. LinkedIn
  4. Twitter

discuss bitcoin

Where to discuss Bitcoin offline

Most of the conversations surrounding Bitcoin take location online, but there are still face-to-face interactions to be had in the local neighborhood. A number of the sites focused on Bitcoin and other cryptocurrencies host meetups and conferences. Have a look at these site’s community pages to find out where you can meet fellow Bitcoin enthusiasts:

  1. Meetup.com
  2. BitcoinWiki
  3. Bitcoin.org
  4. CoinDesk
  5. Bitcointalk

 

Who Created Bitcoin? An Overview of Satoshi Nakamoto

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satoshi nakamoto

Who created Bitcoin?

The enigmatic developer of Bitcoin has become an urban myth in blockchain circles. Very little has been learned about Satoshi Nakamoto‘s true identity — or if he’s one or more people. It could be a lone programmer, but it might also be a collective. What is understood, however, is that Satoshi Nakamoto composed the protocol for Bitcoin in 2007. The official white paper for Bitcoin was released a year later, and the very first Bitcoin block was mined in early 2009.

Nakamoto was significantly involved in the Bitcoin community for the next two years. Then, suddenly, Nakamoto announced that he would withdraw from the Bitcoin community in December 2010. The reins were turned over to Gavin Andresen, with whom Nakamoto had a close relationship. A few months later on, in the spring of 2011, Nakamoto further mentioned that he had moved on to other things and would not be involved any longer.

satoshi nakamoto

Satoshi Nakamoto nationality

Numerous people have hypothesized on the national identity of Satoshi Nakamoto. His P2P profile specified that he was a Japanese male born on April 5th, 1975. Several Bitcoin-enthusiasts, nevertheless, have claimed this to be unlikely given the fluency of Nakamoto’s English in the white paper. A Swiss coder by the name of Stefan Thomas went through over 500 of Nakamoto’s posts on Bitcoin. Thomas discovered the possibility of Nakamoto being a Japanese man living in the GMT zone.

Satoshi Nakamoto prospects

Some prominent people in the Bitcoin area have been believed to be using the pseudonym.

Dorian Prentice

A Japanese-American man called Dorian Prentice living in California is the most popular prospect. Prentice is a  likely choice, seeing as his birth name was Satoshi Nakamoto. His background as a physicist and systems engineer likewise led people to think he was the Bitcoin founder.

Nick Szabo

He has repeatedly denied being Nakamoto; Nick Szabo is considered one of the candidates. Szabo wrote a white paper on something that looked like cryptocurrency before Bitcoin was a truth. A researcher by the name of Skye Grey linked Szabo’s composing style to that of Nakamoto.

Hal Finney

Finney was a cryptographic pioneer, and one of the first individuals to utilize the Bitcoin software. As with Szabo, Finney’s writing style carefully matched that of Nakamoto.

Craig Wright

People have also linked an Australian academic by the name of Craig Wright to the Bitcoin creator. The reason for that was because Wright was in cahoots with some interesting Bitcoin experts. These included  David Kleiman, Jon Matonis, Ian Grigg, and Gavin Andresen.

satoshi nakamoto

Conclusion

What is known is that Satoshi Nakamoto wrote the code for Bitcoin in 2007. Nakamoto was heavily immersed in the Bitcoin neighborhood for the next two years. A Swiss coder by the name of Stefan Thomas went through over 500 of Nakamoto’s posts on Bitcoin to report these findings. Different reports declare that Nakamoto holds Bitcoin worth $7 billion. If that’s true, then the probability is that Nakamoto, whoever he is, probably does not require another slice of the Bitcoin pie.

Bitcoin Mining Pools: Collective Mining Power

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bitcoin mining pool

What Is A Bitcoin Mining Pool?

Bitcoin mining can be costly, and in many cases not even lucrative due to the energy expenses. Bitcoin mining pools are the essential practice of pooling the processing power of several computer systems to solve Bitcoin transaction blocks.

bitcoin mining pool

Benefits and fees

The benefit of joining a mining pool is obvious: lots of hands make light work. Your mining pool will have a much higher possibility of winning Bitcoins with more processing power. You can make great stable earnings from signing up with a pool.

You ought to keep an eye out for the various benefits available when searching for a mining pool. Most of pools award tokens according to just how much processing power you contribute.

It’s likewise worth focusing on any fees the mining pools might deduct from your reward. Fees can generally vary from 1-10% if your share. It is, nevertheless, possible to discover pools that do not deduct anything.

Disadvantages of Bitcoin mining pools

There is likewise a downside of signing up with a pool: all benefits will have to be shared between the members. That means the yields are far lower than if you were mining solo. Whether it’s a feasible solution for you depends on what your objectives are.

Mining difficulty

It’s worth keeping in mind that cryptocurrency mining comes at different levels of difficulty. The number of Bitcoins is capped at 21 million, of which 80% has already been mined. It becomes progressively more robust to mine Bitcoin the more detailed we get to reach the cap.

That implies it’s nigh but impossible for a solo Bitcoin miner to take on the big mining business. That makes mining pools such an appealing alternative for Bitcoin miners in particular. With that stated, there are lots of other tokens you can mine apart from Bitcoin.

What cryptocurrency token should you mine?

It’s worth looking at cryptocurrencies other than Bitcoin if you’re a beginner. After all, you can trade the altcoins you mine on the exchanges to get Bitcoin.

Merged mining

Bitcoin is not the only cryptocurrency that utilizes the proof-of-work algorithm to award tokens. NameCoin and DevCoin are two examples of tokens that use the very same verification system. Merged mining is the practice of fixing deal obstructs that can be used for some cryptocurrencies.

What is SHA256?

The proof-of-work algorithm Bitcoin uses called SHA256. While there is nothing wrong with SHA256, it does make it difficult to mine Bitcoin without some devoted ASIC mining rigs.

What is Scrypt?

Scrypt is an algorithm used by other cryptocurrencies like Litecoin and needs less processing power to mine tokens.

Multipool mining

Smart miners have figured out a system that permits you regularly to mine the most profitable cryptocurrency. Multipool mining is the practice of changing in between mining various tokens according to their price fluctuations.

bitcoin mining pool

How to begin

Your mining pool will have a much higher likelihood of winning Bitcoins with more processing power. That makes mining pools such an attractive alternative for Bitcoin miners in particular.  

You should keep an eye out for the different benefits on a deal when shopping around for a mining pool. There are numerous sites with lists of different mining pools you can sign up with.

 

The Best Bitcoin POS Terminals For Your Business

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bitcoin pos

Bitcoin POS terminals are a fast way to accept Bitcoin payments. If you’re a small company considering whether to accept Bitcoin, then this is for you. We’ve had a look at the best Bitcoin POS terminals so you can find out which one is the best one for your company.

bitcoin pos

BitXATM

BitXATM is, as their name suggests, best known for their Bitcoin ATMs. Now they’re branching out and have incorporated POS functions for their ATMs. It can accept any fiat currency and can dispense any cryptocurrency.

Coinify

Coinify uses POS terminals for both online and physical stores. You can receive your payments in the initial Bitcoin format, or transformed into fiat cash. You’re also able to mix and match cryptocurrency and fiat payments if you want to. The terminal features an app for iOS and Android.

Revel Systems

Revel Systems is already a popular name in the POS market. Their POS terminals come bundled with an iPad, a scanner, and a cash register. Revel Systems have recently included the option of accepting Bitcoin payments.

XBTerminal

XBTerminal is a more flexible POS terminal than the others. Clients can pay by scanning a QR code, however, can likewise pay using NFC or Bluetooth. Bitcoin can be converted into fiat cash instantly when a sale is made.

BitPay

BitPay is a well-known name when it concerns processing payments for organizations and charities. In addition to using POS terminals for merchants, BitPay likewise has an API that can deal with any other terminal. You can also integrate it with QuickBooks for simple accounting.

bitcoin pos

CoinBox

If you’re not comfortable investing in a POS system, you can also experiment with CoinBox. It’s a Bitcoin wallet app explicitly created for merchants. CoinBox works very similar to regular mobile apps that can receive payments, like the PayPal Business app. Merely key in quantity to be paid, and the app creates a distinct QR code the client can scan to pay in Bitcoin.

Blockchain Merchant

Blockchain Merchant is an essential and user-friendly app for merchants who wish to accept Bitcoin. Their selling points include 0% transaction fees and immediate payments.

CoinKite

CoinKite provides a Bitcoin POS terminal that looks like the ones you’re used to. Their POS terminals look precisely like the credit card terminals you see in the shops. The terminal comes with a Bitcoin debit card (also by CoinKite), and doubles as a Bitcoin and Litecoin ATM. You can get your payments in the original Bitcoin format, or converted into fiat money.

Coin of Sale

Coin of Sale, taking their name from Point-of-Sale, is a new start-up that brings new technology. Merchants can register and get an Electrum wallet. The app creates distinct QR codes the customer scans and sends payments to your wallet address.

PayStand

PayStand is another US-centric POS terminal provider that covers cards, cheques, and Bitcoin payments. The company likewise boasts a 0% transaction fee for merchants.

CoinBase

The cryptocurrency exchange likewise offers POS terminals for merchants in the United States. CoinBase is particularly proficient at working with e-commerce shops. They offer HTML codes for custom sites and incorporates with WordPress, WooCommerce, and similar apps.

What is Ethereum?

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what is ethereum

What is Ethereum?

Ethereum is a platform based on blockchain technology. The system was inspired by the Bitcoin protocol but aims to be much more the means of transferring funds. The Ethereum team has created a network that facilitates the creation of decentralized apps (also known as ‘dapps’). Dapps are apps like any other, except for the fact that they live on a decentralized network. What also sets dapps apart from regular apps is the use of smart contracts.

what is ethereum

Who created Ethereum?

Ethereum was created by a young writer and programmer by the name of Vitalik Buterin. He started writing articles on Bitcoin, and would later go on to co-found Bitcoin Magazine. After building a global network of blockchain and Bitcoin enthusiasts, Buterin came up with the idea for Ethereum.

How does Ethereum work?

The fuel of Ethereum is the native cryptocurrency Ether (ETH). Like Bitcoin, Ether is a record of transactions between two parties. Unlike Bitcoin, Ether has multiple functions. Developers use Ether tokens to create dapps, and others spend Ether tokens to use the dapps.

How do you store Ethereum?

You will need an Ether wallet to store your tokens. There are some options available for you, including desktop, mobile, online, hardware, and paper wallets. The different wallets come with varying degrees of accessibility and security.

what is ethereum

How do you buy Ethereum?

You can buy Ethereum on one of the many cryptocurrency exchanges. You will be able to purchase Ether tokens for fiat money or other cryptocurrency tokens depending on the exchange. You also have the option to acquire Ether tokens directly from holders via peer-to-peer exchanges like LocalEthereum. Although not as commonplace as Bitcoin ATMs, you may also be able to find Ethereum ATMs scattered around mainly big cities. Finally, you can also buy Ether directly from people you meet in person if you feel more comfortable doing so.

How do you mine Ethereum?

If you have a powerful computer, you might be able to mine Ether tokens. The process requires you to help verify Ethereum transactions made by other users on the network. Processing a block of transactions will earn you 5 ETH. This method is called proof-of-work because you earn Ether tokens once you prove you’ve done the work. Ethereum will soon move on to a new system called proof-of-stake. This system will see the verification method be carried out by holders of Ether tokens (those who have a ‘stake’) rather than miners.

What are smart contracts?

Despite the name, smart contracts are not legally binding contracts between two parties. Instead, they are contracts between two programs on the Ethereum blockchain. They have been compared to vending machines, in that they self-execute when a specific condition is met. A vending machine will only dispense an item if you insert the correct amount of coins. That is how smart contracts work.

Advantages of Ethereum

Ethereum has some advantages over Bitcoin. The most obvious one is that Ethereum is much more versatile, considering that it facilitates the creation of dapps. The second is that Ether transactions happen about twice as fast as Bitcoin transactions. Like Bitcoin, it is very cheap to make an Ether transfer.

Disadvantages of Ethereum

Unlike Bitcoin, Ethereum has no total supply of Ether tokens. The lack of a ceiling would generally make it susceptible to inflation. The Ethereum team has worked on a solution to prevent this, however. Like Bitcoin, Ethereum is facing an issue of scalability due to its decentralized nature.

What is Ethereum Classic?

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what is ethereum classic

What is Ethereum Classic?

If you’ve been going into the literature on Ethereum, then you’ve no question discovered something called Ethereum Classic. Instead of being the initial Ethereum, as the name indicates, Ethereum Classic is an off-shoot from the initial Ethereum.

Simply put, Ethereum Classic is a different cryptocurrency from Ethereum. It ‘s similar to the distinction in between Bitcoin and Bitcoin Cash. To understand just how Ethereum Classic happened, we first need to take a look at what a soft fork is.

Decentralization vs. scalability

One of the main concerns dealing with the blockchain as well as cryptocurrency is also among its USPs: decentralization. A decentralized network is not under any one person or organization’s control. Furthermore, the method of network agreement additionally makes it tough to corrupt or control financial deals.

The significant downside of such a network, however, is that it’s not always easy getting everyone on the same side. Scalability is another of the significant problems to be resolved in cryptocurrency. In reality, decentralization, as well as scalability, seem to be opposed to each other. Programmers have tried various options to solve this issue. A couple of these solutions are soft and hard forks.

what is ethereum classic

What are soft and hard forks?

The primary issue with ETC is the absence of reverse compatibility with the Ethereum Hard Fork. All the heavyweights of the Ethereum team have relocated on to the brand-new blockchain.

That implies that anyone that belongs to the ETC won’t have the ability to access any of the updates done by the ETH. The best instance is ETH’s move from Proof Of Work (PoW) To Proof of Stake (PoS).

ETC won’t have the ability to carry out that because their software application does not allow the usage of updates.

So, what is Ethereum Classic?

Forks in a blockchain take place when it requires to be updated. To make use of an example, soft forks resemble software updates, while hard prongs resemble equipment updates.

When you upgrade Microsoft Word, as an example, you can still open up files produced in previous versions. You could not have as much good luck opening up records provided with a more recent variation if you run an older one.

That’s precisely how a soft fork in a blockchain works. Hard forks, on the other hand, is more comparable to altering from Windows to Mac OS. The team behind Ethereum wished to develop a soft fork to not leave any person on the network behind.

what is ethereum classic

Conclusion

Ethereum Classic (abbreviated ETC) is, as pointed out, a new cryptocurrency. Although there is a great deal of interest surrounding the new token, there are likewise some troubles in advance. The original group behind Ethereum, you see, developed a hard fork after the creation of Ethereum Classic.

That implies anybody working on the Ethereum Classic network will certainly not have the ability to utilize any one of the updates on the Ethereum blockchain. This difference has currently resulted in massive trouble for the Ethereum Classic team.

Ethereum has gone on from Proof-of-Work to Proof-of-Stake as a method of confirming changes to wise agreements. Ethereum Classic, nevertheless, will certainly not have the ability to relocate onto this new verification technique.

Bitcoin Casino Top 10

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BTC Casino Top 10 Review

Online casinos have been around since the 90’s, when bookmakers discovered the wonders of the Internet. The introduction of online casinos was revolutionary in the world of betting. Today, cryptocurrency casinos are the next natural step. Here, we take a look at the top 10 best Bitcoin casinos out there.

Bitcoin Casino US Review

Bitcoin Casino US is relatively new casino of its kind, having only been launched in 2015. It has quickly gained steam, and offers a large number of games to play. Due to the wide variety betting options, it has quickly become popular. Bitcoin Casino US creates a smooth experience of its users by letting them withdraw their money almost instantly.

bitcoincasinous

Their customer support is also very responsive and helpful. Live chat is also an option. As with other online casinos, new users receive a bonus on their first three deposits — up to 2 BTC the second and third time.

Fortune Jack Review

Fortune Jack offers a variety of games supplied to the platform by nine different game developers. As opposed to other sites, the games are here sorted by developer rather than genre. The site focuses a lot on traditional casino games such as blackjack, poker, and roulette. That said, there are also a host of slot machine games available. In addition to a welcome bonus and deposit bonus, Fortune Jack offers users weekly rake race bonuses as well. Worth noting is that all prices and prizes on Fortune Jack are listed in Bitcoin, as the site focuses exclusively on this cryptocurrency.

7BitCasino Review

7BitCasino is aware that not all BTC casinos are created equal, which is why its very reassuring as a player that they have a Certificate of Trust. The games they provide are very diverse, and are delivered by well-known developers such as SoftSwiss, Microgaming Quickfire, and Betsoft. Ezugi has also provided 7BitCasino with a live dealer room, which is quite exciting.

Bitcoin-Gaming

All games can be played in an instant-play interface, which makes it a much more enjoyable experience. One of the reasons the game quality is so high here is that they are regularly tested by third parties. Both BTC and fiat money are accepted.

mBit Casino Review

As with 7BitCasino, mBit Casino also has an instant play feature, as well as a live dealer room. But this is far from everything this casino has to offer. Users will be free to choose between over a thousand different games to play. One of the convenient features of mBit Casino is that they also offer mobile games. This means you can always have the casino with you in your pocket. The games have all undergone rigorous testing to ensure the fairness. Their customer service has received a lot of praise from users, and it is easy to see why. They stand at the ready 24/7 should you experience any difficulties.

Bitcoin Penguin Review

Bitcoin Penguin has been around for quite along time, considering that Bitcoin was only launched just under a decade ago. Having been in the game for a while (pardon the pun), Bitcoin Penguin has positioned themselves as one of the best BTC casinos around. Their poker games are particularly popular, due to the variety. Their gaming library also include everything from lottery to slot machines. The developers supplying Bitcoin Penguin include Booming Games, Betsoft Gaming, SoftSwiss, Endorphina, and Belatra. In addition to Bitcoin, you can also use Litecoin and Dogecoin here as well.

Betcoin.ag Review

Another BTC casino that has been around for a while is Betcoin.ag, having been established in 2013. One of the striking features of Betcoin.ag is the simplicity of the site. This is particularly good if you are new to Bitcoin casinos, or online casinos in general. Their games library is huge, and they have worked with the likes of Betsoft Gaming, Aristocrat, Novomatic, and Xin Gaming to deliver a range of excellent games. Poker players will be thrilled to find out that their poker room is part of the rapidly growing Winning Poker Network (WPN).

BetChain Review

For players who are serious about making a profit and then withdraw their winnings, BetChain is a good casino to use. Flexibility is one of the words that define BetChain. In terms of deposits, players are able to deposit less than 20 Euros. You can make a deposit using your cryptocurrency wallet, whether it is in Euros or cryptocurrency. In addition to Bitcoin, BetChain also allows for other cryptocurrencies to be used. Winners are able to withdraw their money within an hour after the pending period is over. A very serious casino!

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BitCasino Review

BitCasino is, as the name implies, a casino that focuses exclusively on Bitcoin as a method of payment. Launched in 2014, BitCasino is a bit younger than the other casinos on our list, but this has not stopped them from gaining serious popularity. With game developers such as Betgames, Endorphiona, Takisto, Betsoft, Ezugi, and Play’n’Go, players will not be limited in terms of gaming options. As with other casinos, newcomers are offered a 100% welcome bonus to get them off to a good start.

Cloudbet Review

When it comes to sportsbooks, there are few that can rival that of Cloudbet. It could easily rival that of more mainstream bookmakers, and so can the website’s design. Cloudbet has been around since 2013, and have nicely settled into their sports niche. They offer the higher number of betting markets of any sportsbook on the market. On top of the many sports games you can bet on, there is also a hefty welcome bonus to be made. There is also a huge selection of live betting options.

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Das Ist Casino Review

Das Ist Casino is potentially the BTC casino with the most game developers in their library. It includes games from Microgaming, GameArt, Endorphina, Belatra, NextGen Gaming, Betsoft, NetEnt, Habanero, and the list goes on. In other words, you will never have to leave. The site has an open live casino, and you can also access the games on your mobile phone. Das Ist Casino also has one of the highest maximum cash out limits, so you can withdraw several thousands every week.

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