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In the field of technology, cryptocurrency is more like an emerging star. It is steadily gaining a lot of popularity and limelight. There is no second thought on the fact that it is going to play a very important role in the future. Because of the popularity a lot of people are showing interest to learn more about them.
One of the important aspects of cryptocurrency is crypto mining. In this article, we will see the different methods of cryptocurrency mining. Even though there are a lot of methods to mine cryptocurrency, there are four methods that are popularly used. They are
Cloud mining is one of the most popular and simple mining methods. In this method, there is not much of an effort involved. What you will be doing is that you will pay someone who will be a big company or a corporate a particular amount of money to rent their rigs, which are the mining machines. The income that is generated by the mining machines will be transferred to the individual’s cryptocurrency wallet. Cloud mining has become very popular as it has given the possibility to participate in the mining process easily.
CPU mining is a method that makes use of the processor to do the mining process. Even though it was popular a few years back, now people are not opting for it. The main reason for people not opting for it because the process is very slow and it would take months to make even small revenue. The money that you will be making out this method is actually not worth it because you will be spending more on electricity and cooling. The main reason why it still exists is that it is cheap and anyone with a desktop can do it.
GPU mining is one of the most popular cryptocurrency mining methods. There are good possibilities that you will find GPU as the first answer if you Google how to mine cryptocurrency. The reason for the popularity of GPU is that it is comparatively cheap and is very efficient. Considering the factors like harsh speed and workforce GPU mining rigs are really great. The GPU rig makes use of a graphics card for the mining process. It requires two to eight graphics cards, a processor, a motherboard, and a cooling rig frame.
ASIC refers to Application Specific Integrated Circuits. These are very special devices which are designed to take care of a very specific task. ASICs are more profitable as they mine more amount of cryptocurrency in comparison with GPU or CPU. At the same time, there is a huge controversy that is going on. It is because many people consider that ASICs are very powerful and they are capable of robbing GPU and CPU rigs. There are possibilities that the major part of the earning could go to just one miner when it comes to ASIC.
There are always two sides to the coins – and the same rule applies to cryptocurrencies. While the whole world is gushing over how fantastic the returns of cryptocurrencies are, there’s a downside to it too. Not many really talk about it, as the world of cryptocurrencies is super glitzy. Here we have listed a few cons of cryptocurrencies which you should keep in mind before taking a step ahead and investing in them:
No government control:
While the crypto world considers being a significant benefit, no government control means no one really knows what’s happening in the crypto world. This leaves people to do whatever they wish with no ruling authority to question their actions. This is a major drawback as the privacy of the transactions, which is super guarded in cryptocurrency transactions, can be misused for clandestine activities too.
Not acceptable everywhere:
You may wish to use cryptocurrency to carry out multiple transactions whenever you step out to shop – but it isn’t possible as many vendors don’t accept payments in cryptocurrencies. This means that the accessibility of cryptocurrencies is not yet widespread and is limited- at least as of now.
You cannot see, feel or touch the cryptocurrency – it is entirely virtual and software-based, which makes it vulnerable to the bugs that are a common feature in software. Although such an incident hasn’t really occurred in the world of cryptocurrencies, the possibility of such a thing happening cannot be denied entirely. And the fact that cryptocurrencies aren’t covered under any law makes the investors even more vulnerable in case of any untoward happening.
Lose your key, lose your coins:
There is no way at all to recover the cryptocurrency coins you have purchased if you happen to lose them in any way. Also, most o the cryptocurrencies don’t really offer any copies of transactions made and investments held (it’s all virtual) makes it difficult for you to prove that you actually owned some cryptocurrencies which are now gone. If you lose the private key to your crypto wallet, it’s money gone – forever.
Although cryptocurrencies have fetched many people tremendous returns, it cannot be denied that the currency values waver like no one’s business. Take an example – in the year 2014, the value of Bitcoin ranged from between $30 to $1000! Imagine the gravity of fluctuation. This also means that one who is well versed with investing in cryptocurrencies is better off understanding the tricks of this trade.
It is a fact that we need to accept that there are a lot of people who are aware of this concept of cryptocurrency. But there are only a very few who have a proper understanding of it. The number of people who are using it is very low. Considering the fact that cryptocurrency is going to have a huge impact on our lives in the future, we cannot afford to lethargic about it. In this article, we will discuss in detail about crypto mining.
What is cryptocurrency mining?
Cryptocurrency mining or crypto mining is the process that involves the transaction of various cryptocurrency that is verified and added to the digital blockchain ledger.
In the mining process, it is the responsibility of the miner to ensure the authenticity of the information and update the blockchain ledger with transactions.
Is it worth mining cryptocurrency?
It just sounds like a very casual question. But there is a lot that goes into it. But the answer to that question is that yes it can be done. If you are doing it casually, it can generate a few dollars every day. Even though some of the cryptocurrencies are easily accessible the hardware to mine, these currencies will cost around a thousand dollars. If you are considering doing this for the second income, then it is not possible, and it is not advisable. It is because you need to invest at least 3000 dollars to 5000 dollars in hardware to have a significant income.
Working of crypto mining
The important aspects of mining are to accomplish three things. They are to provide the service of bookkeeping to the coin network. The transactions need to be verified which is more like 24/7 computer accounting. For the account services that you render you will be paid which is a small part of the value of the coins that are transacted. Make sure that you use good quality hardware that can provide the needed support.
Things that you need for crypto mining
There are some mandatory things that you need for mining cryptocurrency.
- A coin wallet which refers to a free private database. It is more like a container that stores the earnings and maintains the perfect ledger for all the transactions. It is password protected, and no one can access it without your permission.
- A reliable mining software package that is made of ogminer and stratum.
- A mining pool membership. A mining pool is an online community that consists of many miners. By becoming their member, you will able to integrate your computer with them to increase your profit.
- A good and reliable internet connection that has a minimum speed of two Mbps.
- A computer with adequate specifications that will meet the requirements of mining. It will be better if you can use a separate computer because you won’t be able to use it when there is a mining process is done.
- The hardware needs to be set up in a proper air-conditioned space.
- An ATI GPU or some special device called as the ASICS chip. It will cost around 1000 to 3000 dollars.
- Constantly updating yourself about the developments in the field of cryptocurrency to that you can make the required changes.
When one thinks of the term coin, their mind immediately goes to the physical object coin, which is made of metal. Coins are employed as a currency and a very insignificant amount at that. One of the greatest problems when it comes to the cutting-edge sector is that some problems actually arise from the roots and some regulations tend to lag a bit because of the advancements in technology. The same can be applied when it comes to knowledge. Some terms which are created actually tend to start evolving because of the influence of technology.
There are just two terms which are used to describe the units of blockchain value are tokens and coins. These are the two terms which are used. The usage and the meaning overlaps a lot, and it is also important to know that they are interchangeable and also when we are, strictly speaking, there are a lot of differences between the two. If we are speaking in a broad sense, a crypto coin is actually a coin, and that is considered a means of payment. That is what it is. You can keep it and wait for it to appreciate in value, or you can actually go ahead and use it as currency to purchase something that you want.
When we are talking about it in a very broad sense, a crypto coin can be considered a means of payment and a token has been deemed to have a wider functionality. The express and main purpose of a coin is to act exactly like money. It would be considered as a unit of a stored value, and you can also consider them as a medium of transfer. These coins actually tend to take the form of things like Bitcoin, Litecoin, Monero and some other coins. They have been given a lot of names, and there are many kinds indeed. They all actually share the same kind of principle and the same kind uses. All of the cryptocurrency coins share the same kind of functionalities, and it does indeed matter which one you use, because bitcoin and litecoin, for example, some different rules and regulations that we as users have to follow.
Tokens have been known to offer a great functionality when you compare it to digital cash. They will undoubtedly deliver immense value top investors, and that would be way beyond some speculative returns. Tokens have been known to be very useful, and people do indeed prefer this, rather than coins. When in practice, the line between tokens and coins is not even clear or sharp at all. Both are used to transfer the value as a means of payment.
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An anonymous individual invented cryptocurrency on the cusp of the financial crisis, on 31st October in the year 2008. This was the first that the world had ever seen, meaning the world has never seen anything like it before. Bitcoin was deemed a peer to peer electronic cash system which can be used to properly send money or pay for transactions. You should also know that not a lot of people took notice of these advancements in cryptography and even blockchain technology was not noticed. A lot of people did not believe in the feasibility of a world-wide but decentralized system for the transactions.
A very important thing to know is that Bitcoin is a great and amazing decentralized digital currency which can be sent and paid from user to user on a network that is peer to peer. It can be used as a medium of exchange of value without actually needing the intermediaries or even a central authority for regulations. All cryptocurrencies have been known to make use of cryptography in order to verify and also secure transactions. Bitcoin is actually the first-ever cryptocurrency which was designed In order to create an independent and also a decentralized electronic payment system. Here are some key features of cryptocurrency that one should note.
– Cryptocurrency is decentralized and also does not have a central authority. When it comes to traditional currencies, central banks and authorities, they will not have any jurisdiction or power over cryptocurrency. The transactions can be processed and also validated by a network which is open and distributed. All transactions are actually verified by network nodes through cryptography, and it is also recorded in order to make it secure.
– The payments can be completely anonymous. There is no possible way for you to actually get identified if you want your payment to be anonymous and that is one of the best things about it. There is total anonymity, and you will have complete privacy.
– It is irreversible and also immutable. Cryptocurrency transactions have been known to be irreversible. It is actually impossible to modify the transaction because it requires you to alter all the nodes when it comes to blockchain.
– There is also limited supply, and there is scarcity as well.
– What makes it special is that it is very efficient because it has a peer to peer database, which means that there is no need for some central authority to be poking their nose into your business.
– It is amazingly secure. In the history of Bitcoin or any cryptocurrencies, there have been very less break-ins or any issues. The thing is, since it is based digitally, we need to be more vigilant.
There has undoubtedly been a lot of talks when it comes to cryptocurrency, both online and offline. It is a very widely talked about thing that has gained a lot of fame and I don’t think it shows signs of slowing down anytime soon. If you are wondering if it is the right time to break into the cryptocurrency market, it certainly is a great time. You will obviously never get the perfect moment, and therefore you need to get in whenever you feel like it is doing well.
The owners of cryptocurrency have indeed been on a long and bumpy journey and especially the ones that have actually been there since the birth and inception of cryptocurrency. Like I said before the road has been rocky, to say the least. There are so many ups and downs that no one can actually predict successfully what and all are going to happen next. I am sure that you would have heard of Bitcoin. Bitcoin is actually a kind of cryptocurrency. It stagnated for a couple of years, but then it skyrocketed in the year 2017 to $20,000. It has indeed fallen down after that, but a clear statement was made that it can go up or down in a very unpredictable fashion. Some of it was actually considered a joke a few years ago, but now it has been taken much more seriously by people since it is obvious that it can hold immense value at any time of the day.
The very notion of cryptocurrency has actually been known to turn away some people because they don’t take it seriously and some people actually seemed baffled by it all, but actually in my opinion, if something is so unpredictable, a person who is very vigilant would certainly sign it off saying it is not valid, but for someone who is adventurous, they would certainly pay heed towards something that could potentially make them a lot of money, but in an unpredictable fashion. There are certainly a group of people who believe that the technology behind cryptocurrency can change the world and mould it for the better, and there are some others who believe that it is actually just a waste of resources and energy as well.
In my opinion, I don’t see the problem in it being an actual real thing that people are concerned about. It is actually a very neat idea because it is actually independent and no bank or any kinds of financial organizations have any sort of jurisdiction over it. It has also proven to be a very safe and secure way of paying for things as there is no possibility of you getting cheated.
Cryptocurrency has been one of the most successful forms of digital currency that has escalated to greater heights through the passage of time. It has emerged to be a successful grab in many aspects and has people falling for it on a daily basis. But if you are still wondering about investing in this currency, then here are some reasons that might change your mind.
Everyone makes investments, considering the situation of returns. They are one of the most important reasons why people look forward to investments and continue to do. Well, in terms of returns, cryptocurrency is a significant player that you cannot ignore. Bitcoin is the biggest cryptocurrency that has given people with massive returns, which is quite evident in their faces. Once you examine facts and figures, you will be amazed to find the kind of returns that the currency has been offering. Since fluctuations are minimum in the world of cryptocurrency, it is a bit safer than the stock market.
The Huge Market
The digital world of cryptocurrency is not small and consists of more currencies than the hugely popular Bitcoin. Apart from Bitcoin, there are plenty of other currencies like Ethereum, Ripple, EOS, Bitcoin Cash and a lot more. The concept of return varies, and different currencies have a different story to tell. But there are aspects that you need to keep in mind like the volatility and infancy.
The Potential for Growth
Countries around the world have opened their eyes towards cryptocurrency, and the market has the potential for further growth. Unlike other forms, they are a safe mode of transaction due to its digital manner of functioning, and they are secure as ever. Since decoding might seem like a hard task, all your information remains safe with them and there is nothing that you need to worry about. Hence such steps help to increase its rate of growth and potential.
The most interesting part of cryptocurrency is that they are not monitored by the government and you can enjoy power at your own hands. Cryptocurrency is not subject to any rules and regulations formed by the government, and you need not worry about terms and conditions. The market is independent, and the rules are flexible. These reasons also make the market stable, and control remains at the tip of your hands. Unlike your usual mode of transferring that involves a set of fees, cryptocurrency demands nothing of that sort. Hence when you sum up all these points, it holds a viable argument against people who have been calling it a scam. So learn more about the market and consult a specialist before investing.
The digital world of cryptocurrency is one which has taken the world by storm in many aspects. People were quick to invest their money in this system as they felt that it would give them returns and benefit them in the future. Due to these reasons, the market is relevant and has made progress in terms of creating more currencies. So, we have made a list of the top cryptocurrencies that have ruled the market in 2019.
There was no doubt in the fact that Bitcoin still manages to remain at the top regardless of the various things that might happen to slow down its growth. After its introduction in 2008, the currency did not create a significant impact on the minds of people for the first five years. But through time, it picked up, and in terms of value, the currency has been at the top as of 2019. It has the biggest community of developers and investors whose involvement has proven to be its main success. Once the impact became bigger, companies such as Microsoft, Bloomberg and Overstock.com began accepting payment in terms of Bitcoin.
Ripple was formed for one purpose, and the currency has done a remarkable job in satisfying its primary objective. It was introduced for the sole purpose of solving problems faced by International Payment Transfers. Unlike other companies in the market, around 50 billion XRP (Ripple Currency) is owned by the makers itself. This strategy turned out to be a great strategy that made them churn out a significant amount of profits.
EOS was launched as a direct competitor to NEO and Ethereum. Over time they have proved to be an advanced mechanism when compared to Ethereum. They achieved this unique feet by changing their set of functioning. EOS supports numerous languages, and one can also use C++ to further get a grasp over things.
5. Bitcoin Cash
Agreements and deals end up facing critical problems, and that is precisely what happened with Bitcoin Cash when the makers could not come to terms with the rest of the panel. But that did not keep Bitcoin cash from falling because their mode of transactions is faster than Bitcoin.