Bitcoin’s Price Surge is Making Hobby Mining Profitable Again

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Roque Solis never imagined the bitcoin mining equipment he bought in February would have already paid for itself. And on top of that, made him money. Solis is the president of SoliSYSTEMS Corp, a company that developed an EMV smart card for electronic benefit transfer for the federal assistance program, Women, Infants, and Children (WIC). While attending several conferences last year, Solis was unable to ignore bitcoin. So, he decided to experiment with the technology via mining to get a better handle on whether the technology could be used within his company. Solis bought a Bitmain Antminer S9 on eBay for $2,400. As of this weekend, Solis has mined 1.01 BTC, worth a little more than $2,584 in his bitcoin wallet. Solis said: “When I bought the miner, the price per bitcoin was around $1,200. I thought I’d break even in one year, but actually it’s been about five months.” These gains, though, are particularly interesting in that, even last year, individual hobby mining wasn’t profitable anymore. Individuals with just one or two miners couldn’t compete with the companies mining bitcoin using large warehouses full of servers dedicated to the task (and seeing lucrative returns as the price rose). But …

Quantum Computing Key to Secure Blockchain: Carnegie Mellon Chief Scientist

Quantum Computing Key to Secure Blockchain: Carnegie Mellon Chief Scientist

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While Blockchain technology is a relatively new innovation, it has been steadily gaining recognition recently. According to Gregory Shannon, Chief Scientist of Carnegie Mellon University, Blockchain is a technology that has now found its way out of the encryption community and into other sectors as well. He states that it will be ideal for the economic systems around the world and also the healthcare and medical industry. Quantum computing effects Although encryption of data is a rather safe mode of transferring data through several networks, quantum computing could allow a third party to break through the encryption which can be an actual threat to encryption technology such as Blockchain technology. However, Shannon believes that by the time quantum computing can be used for breaking encryptions, they would have already made a quantum-resistant protocol. To do this, they must also make use of quantum computing.  As long as the encryption is kept secure by the development of these security measures, data can be transferred without much risk of a breach. With Blockchain technology impacting so many parts of the globe, it is essential to make sure that the technology is very secure and safe because it contains information and important data of many people from around the world.

Five Reasons Why Bitcoin-is Here-to Stay

Five Reasons Why Bitcoin-is Here-to Stay

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A major issue hindering Bitcoin is uncertainty about its future. The debate is over whether Bitcoin will be a successful long run innovation or fizzle out like so many prior innovations. It is possible to make a relatively accurate prediction about the future of Bitcoin by analyzing five factors successfully used by technology adoption experts for decades: relative advantage, compatibility with other innovations, experience through trialability, complexity and observability. These factors, derived from the classic work of innovation diffusion theorist Everett Rogers, when combined with features unique to Bitcoin, suggest that Bitcoin is here to stay.. Relative advantage Relative advantage in the field of innovation is defined as the improvements of a product as compared to its predecessors. Improvements include, but are not limited to, economic or social advantages measured in time, convenience, satisfaction or monetary benefits. Specific examples could be better service, consolidation of multiple functions into one tool, empowerment of users, improved interface, increased productivity, reduced user effort, saving money, saving space or storage and saving time. A major advantage Bitcoin has over other payment systems is that Bitcoin has a decentralized ledger. A decentralized ledger means that a single party is no longer in control of the records of previous transactions. …

Why Ethereum May Grow Higher in Value Than Bitcoin

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In May 2017, investors and spectators alike saw Bitcoin price pass the value of $2,300. This figure marks the highest peak of Bitcoin’s value in its entire lifetime. Due to the success of Bitcoin over the years, many investors have been attracted to it and other cryptocurrencies as well. However, Bitcoin is not the only cryptocurrency that has risen in value. Another leading cryptocurrency known as Ethereum has also ascended in value since January 2017. From its original value of $8.24, it has recently gone on to attain a figure of $203, which represents a rise of 2,367 percent. Investors worried It has been within the last few years that cryptocurrencies have gained much favor among investors who are looking for alternative means of investing other than the traditional investment mediums. While most investors still have their money invested in traditional financial markets, such as the stock market and the forex market, a lot of these investors have become worried about the economic climate of the world economy. With recent events pointing to its inherent instability, many investors have been looking to other means of investment where they can put their money. With the creation and popularization of cryptocurrency, as well as its sharp rise in value, many …

Insufficient Understanding of Cryptocurrencies Results in Their Volatility

Insufficient Understanding of Crypto Currencies Results in Their Volatility

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Bitcoin made the news in May when it passed the all-time high of $2,700 per unit, before swallowing a sharp correction and losing almost 30 percent of its value in 48 hours. Along the way, many other cryptocurrencies such as Ethereum, Litecoin, Dash, Ripple and Monero have followed Bitcoin in its correction. This scenario naturally leads us to think about the last quarter of 2013, when Bitcoin price jumped from $130 to over $1100. After this boom, we didn’t see a sharp correction, but a long and steady decline to the unit price of $200, followed by a long and steady increase period. Will the same steady decline happen in 2017? The main difference between 2013 and 2017 is that the ecosystem of Blockchain and cryptocurrencies is widely more developed. We went from theories and white papers to proof-of-concept, real world applications and significant investments. Nonetheless, little are those who truly understand the underlying technology powering this ecosystem. An insufficient understanding of the market Investors have been pouring capital into the market, betting that consumer demand will propel future growth. Cryptocurrencies are therefore subject to significant speculation backed by very little analysis, which makes this asset class particularly volatile. David Z. Morris, a contributor …

Ethereum Classic Becomes Fifth Largest Cryptocurrency, Briefly Beats NEM, Litecoin

Ethereum Classic Becomes Fifth Largest Cryptocurrency, Briefly Beats NEM, Litecoin

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Ethereum Classic has become the fifth largest cryptocurrency in the world after surpassing the market cap of Litecoin. Briefly, Ethereum Classic also overtook NEM, the fourth largest cryptocurrency with a significantly high daily trading volume. The daily trading volume of Ethereum Classic remains larger than Ripple and NEM, the third and fourth largest cryptocurrencies behind Bitcoin and Ethereum, at $326 mln. In fact, Ethereum Classic’s daily trading volume is 17 times larger than that of NEM. Simply Classic Over the past few months, Ethereum Classic has enjoyed an explosive growth in demand and daily trading volume primarily due to two major driving factors: the debut of the Ethereum Classic Trust and the integration of ETC by leading digital currencies. On April 24, Barry Silbert-led Digital Currency Group, arguably the most prominent investment firm within the Bitcoin and Blockchain industries, launched the Ethereum Classic Trust to provide a platform for accredited and institutional investors to invest in ETC via a regulated channel. Since then, Ethereum Classic has experienced an overall increase in demand, price, market cap and trading volume. By April 1, Ethereum Classic’s market cap was around $200 mln. In less than two months, the market cap of Ethereum surged …