Tag: #Block

ASICs vs. SuperComputers

Asics
SuperComputers

ASICs vs Supercomputers

Assigning the most powerful supercomputer to mine bitcoin would be comparable to hiring a grandmaster chess player to move a pile of bricks by hand.

The job would get done eventually but the chess player is much better at thinking and playing chess than exerting energy to repetitively move bricks. 

Likewise, combining the computing power of the most powerful supercomputers in the world and using them to mine bitcoin would essentially be pointless when compared to the ASIC machines used today.

ASICs are designed to do one thing as quickly and efficiently as possible, whereas a supercomputer is designed to do complicated tasks or math problems.

Since Bitcoin mining is a lottery based on random trial and error rather than complex math, specialization (ASICs) beats general excellence (supercomputers) everytime.

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Welcome…

To the rabbit hole…

Why this crazyness with rabbits ?!? And their holes, you would ask ?!? Why is the rabbit hole so deep ?¿

And what does the rabbit hole has to do with that BitCorn thing  I keep hearing about all over the place ?¿

I like to start from the begining, as I think so I am 😋😂

Rabbit Hole is a play written by David Lindsay-Abaire. It was the recipient of the 2007 Pulitzer Prize for Drama. The play premiered on Broadway in 2006, and it has also been produced by regional theatres in cities such as Los Angeles, Philadelphia and Pittsburgh. The play had its Spanish language premiere in San Juan, Puerto Rico in Autumn of 2010.

The play deals with the ways family members survive a major loss, and includes comedy as well as tragedy. Cynthia Nixon won the 2006 Tony Award for Best Performance by a Leading Actress in a Play for her performance as Becca in the New York production, and the play was nominated for several other Tony awards.

Rabbit Hole

A situation, journey, or process that is particularly strange, problematic, difficult, complex, or chaotic, especially one that becomes increasingly so as it develops or unfolds.

An allusion to “Alice’s Adventures in Wonderland” by Lewis Carroll, it is used especially in the phrase “(go) down the rabbit hole.”

Overhauling the current tax legislation is a rabbit hole I don’t think this administration should go down at this point.I’ve stayed away from drugs and alcohol since coming to college. I have an addictive personality, so I decided to just avoid that rabbit hole altogether.

What does rabbit hole mean?

Used especially in the phrase going down the rabbit hole or falling down the rabbit hole, a rabbit hole is a metaphor for something that transports someone into a wonderfully (or troublingly) surreal state or situation.

On the internet, a rabbit hole frequently refers to an extremely engrossing and time-consuming topic.

Where does rabbit hole come from?

Alice falling down a hole with a jar in hand
Alice’s Adventures in WonderLand

Literally, a rabbit hole is what the animal digs for its home. The earliest written record of the phrase dates back to the 17th century. But the figurative rabbit hole begins with Lewis Carroll’s 1865 classic, Alice’s Adventures in Wonderland.

In its opening chapter, “Down the Rabbit-Hole,” Alice follows the White Rabbit into his burrow, which transports her to the strange, surreal, and nonsensical world of Wonderland.

Since then, Carroll’s rabbit hole has proved a popular and useful reference. The Oxford English Dictionary finds the first allusive rabbit hole in a 1938 edition of The Yale Law Journal: “It is the Rabbit-Hole down which we fell into the Law, and to him who has gone down it, no queer performance is strange.”

Over much of the 20th century, rabbit hole has been used to characterize bizarre and irrational experiences. It’s especially used to reference magical, challenging, and even dangerous places or positions, similar to Carroll’s topsy-turvy Wonderland.

Rabbit hole has many metaphorical applications—from frustrating red tape to the mind-bending complexity of science to hallucinations during altered states—all united by a common sense of passing into some labyrinthine, logic-defying realm that, once entered, is hard to get out of.

One can fall down the rabbit hole of government bureaucracy, healthcare, obtaining a green card, tax law, the political economy of modern Japan, puberty, college admissions, or quantum mechanics.

If you’re Neo in the hit film The Matrix, you can take the red pill—a pill that shows you the truth, as opposed to the blue pill, which keeps you in ignorance—and “see how deep the rabbit hole goes.”

In a related note, some people literally take pills and go down the rabbit hole of a psychedelic drug trip.

But as Kathryn Schulz observed for The New Yorker in 2015, rabbit hole has further evolved in the information age: “These days…when we say that we fell down the rabbit hole, we seldom mean that we wound up somewhere psychedelically strange. We mean that we got interested in something to the point of distraction—usually by accident, and usually to a degree that the subject in question might not seem to merit.”

Thanks to the abundance, variety, and instant access of content online, many fall down internet rabbit holes which are often spectacularly, and addictively, niche: scary stories, obscure conspiracy theories, or famous last meals, for instance.

Other rabbit holes tend to be opened up by specific services or social media, which serve users item after item, link after link: Wikipedia, Netflix, Amazon, Facebook, YouTube, and so forth.

These rabbit holes have become so common that people sometimes swap out rabbit for the name of the particular site, e.g. “I’ve fallen down an Instragram hole” or “I’m falling down a wikihole.”

Who uses rabbit hole?

From formal documents to internet status updates, rabbit hole is a very popular and widespread expression. Unlike earlier iterations of the metaphor, internet rabbit holes convey less a sense of weirdness, disorientation, or difficulty than they do of an intensely captivating diversion.

Rabbit hole is also showing increasing use as a modifier, e.g. a rabbit-hole question or phenomenon.

Now… that we have a basic and broader understanding about this Hole and it’s rabbit that digged it 😋😂

Let me show you a journey that I took to get to know, understand, admire, be amazed and support the BitCorn everybody is so crazy about …

Bitcoin Glossary

Block

Blocks are found in the Bitcoin blockchain. Blocks connect all transactions together. Transactions are combined into single blocks and are verified every ten minutes through mining. Each subsequent block strengthens the verification of the previous blocks, making it impossible to double spend bitcoin transactions (see double spend below).

BIP

Bitcoin Improvement Proposal or BIP, is a technical design document providing information to the bitcoin community, or describing a new feature for bitcoin or its processes or environment which affect the Bitcoin protocol. New features, suggestions, and design changes to the protocol should be submitted as a BIP. The BIP author is responsible for building consensus within the community and documenting dissenting opinions.

Blockchain

The Bitcoin blockchain is a public record of all Bitcoin transactions. You might also hear the term used as a “public ledger.” The blockchain shows every single record of bitcoin transactions in order, dating back to the very first one. The entire blockchain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the blockchain online.

Block Height

The block height is just the number of blocks connected together in the block chain. Height 0 for example refers to the very first block, called the “genesis block.”

Block Reward

When a block is successfully mined on the bitcoin network, there is a block reward that helps incentivize miners to secure the network. The block reward is part of a “coinbase” transaction which may also include transaction fees. The block rewards halves roughly every four years; see also “halving.”

Change

Let’s say you are spending $1.90 in your local supermarket, and you give the cashier $2.00. You will get back .10 cents in change. The same logic applies to bitcoin transactions. Bitcoin transactions are made up of inputs and outputs. When you send bitcoins, you can only send them in a whole “output.” The change is then sent back to the sender.

Cold Storage

The term cold storage is a general term for different ways of securing your bitcoins offline (disconnected from the internet). This would be the opposite of a hot wallet or hosted wallet, which is connected to the web for day-to-day transactions. The purpose of using cold storage is to minimize the chances of your bitcoins being stolen from a malicious hacker and is commonly used for larger sums of bitcoins.

Confirmation

A confirmation means that the bitcoin transaction has been verified by the network, through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks.

Cryptography

Cryptography is used in multiple places to provide security for the Bitcoin network. Cryptography, which is essentially mathematical and computer science algorithms used to encrypt and decrypt information, is used in bitcoin addresses, hash functions, and the blockchain.

Decentralized

Having a decentralized bitcoin network is a critical aspect. The network is “decentralized,” meaning that it’s void of a centralized company or entity that governs the network. Bitcoin is a peer-to-peer protocol, where all users within the network work and communicate directly with each other, instead of having their funds handled by a middleman, such as a bank or credit card company.

Difficulty

Difficulty is directly related to Bitcoin mining (see mining below), and how hard it is to verify blocks in the Bitcoin network. Bitcoin adjusts the mining difficulty of verifying blocks every 2016 blocks. Difficulty is automatically adjusted to keep block verification times at ten minutes.

Double Spend

If someone tries to send a bitcoin transaction to two different recipients at the same time, this is double spending. Once a bitcoin transaction is confirmed, it makes it nearly impossible to double spend it. The more confirmations that a transaction has, the harder it is to double spend the bitcoins.

Full Node

A full node is when you download the entire blockchain using a bitcoin client, and you relay, validate, and secure the data within the blockchain. The data is bitcoin transactions and blocks, which is validated across the entire network of users.

Halving

Bitcoins have a finite supply, which makes them scarce. The total amount that will ever be issued is 21 million. The number of bitcoins generated per block is decreased 50% every four years. This is called “halving.” The final halving will take place in the year 2140.

Hash Rate

The hash rate is how the Bitcoin mining network processing power is measured. In order for miners to confirm transactions and secure the blockchain, the hardware they use must perform intensive computational operations which is output in hashes per second.

Hash (txid)

A transaction hash (sometimes referred to as a transaction ID or txid) is a unique identifier that can be used on any block explorer to look up all of the public details of a particular transaction. Every on-chain transaction has a unique hash made up of a long string of alphanumeric characters.

Mining

Bitcoin mining is the process of using computer hardware to do mathematical calculations for the Bitcoin network in order to confirm transactions. Miners collect transaction fees for the transactions they confirm and are awarded bitcoins for each block they verify.

Pool

As part of bitcoin mining, mining “pools” are a network of miners that work together to mine a block, then split the block reward among the pool miners. Mining pools are a good way for miners to combine their resources to increase the probability of mining a block, and also contribute to the overall health and decentralization of the bitcoin network.

Private Key

A private key is a string of data that shows you have access to bitcoins in a specific wallet. Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.

Proof of Work

Proof of work refers to the hash of a block header (blocks of bitcoin transactions). A block is considered valid only if its hash is lower than the current target. Each block refers to a previous block adding to previous proofs of work, which forms a chain of blocks, known as a blockchain. Once a chain is formed, it confirms all previous Bitcoin transactions and secures the network.

Public Address

A public bitcoin address is cryptographic hash of a public key. A public address typically starts with the number “1.” Think of a public address like an email address. It can be published anywhere and bitcoins can be sent to it, just like an email can be sent to an email address.

RBF

RBF stands for Replace By Fee, and refers to a method that allows a sender to replace a “stuck” or unconfirmed transaction with a new one that uses a higher fee. This is done to make sure a transaction confirms as quickly as possible. The “replacement” transaction uses the same inputs as the original one. This is not considered a double spend, as the receiving address(es) typically remain the same.

Satoshi Nakamoto

Bitcoin’s existence began with an academic paper written in 2008 by a developer under the name of Satoshi Nakamoto. Satoshi is the name used as the original inventor of Bitcoin.

Transaction

A transaction is when data is sent to and from one bitcoin address to another. Just like financial transactions where you send money from one person to another, in bitcoin you do the same thing by sending data (bitcoins) to each other. Bitcoins have value because it’s based on the properties of mathematics, rather than relying on physical properties (like gold and silver) or trust in central authorities, like fiat currencies. 

Wallet

Just like with paper dollars you hold in your physical wallet, a bitcoin wallet is a digital wallet where you can store, send, and receive bitcoins securely. There are many varieties of wallets available, whether you’re looking for a web or mobile solution. Ideally, a bitcoin wallet will give you access to your public and private keys. This means that only you have rightful access to spend these bitcoins, whenever you choose to.

Sources:

https://dictionary.com/

https://wikipedia.com/

https://blockchain.com/

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Bitcoin Mining – Where the Profitable Future Lies

The Times – January 3, 2009
Bitcoin Genesis Block
Mined 03 January 2009
Cypherpunks Write Code
CODE IS LAW
THE SOONER HUMANKIND ACCEPTS IT,
THE SOONER IT CAN BUILD AROUND IT
Yeah.. I wonder Why 😂
Bitcoin made easy
How a Bitcoin transaction works
A humble Miner
How Bitcoin Mining Works
Mining Difficulty
Bitcoin Halving
Bitcoin Previous Halvings
Pools
Bitcoin Wallets
Bitcoin Stakeholders
Bitcoin Facts
Power to the People
Totalitarian Governments can kiss my 256-bit key
Bitcoin – People’s Money
Bitcoin cannot be Shut Down
The power of the long tail…
Central Bank’s 3 Strategies
F**k them, Enough !!!
Upcoming Smart Contracts Networks
Bitcoin Yearly Candles
Bitcoin Price History – Log Scale
Bitcoin Mining Ecosystem Map
Defi Ecosystem in Ethereum
DeFi Stack: Product& Application View
Syscoin Ecosystem
Syscoin
BSC Ecosystem
Popular Cryptocurrency
Crpto Ecosystem
Public Companies that own Bitcoin
Top Banks investing in Crypto
Bitcoin Inflation vs. Time
When you’re Ready…
Choose Wisely
Make bitcoin thrive, let fiat become humus…
Veritas non Auctoritas
Facit Legem

Most people misunderstand what bitcoin miners actually do, and as a result they don’t fully grasp the level of security provided by bitcoin’s hashrate.

In this article, we’ll explain proof of work in a non-technical way so that you’ll be able to counter the misinformation about supercomputers and quantum computers attacking the Bitcoin network in the future. 

Simply put, mining is a lottery to create new blocks in the Bitcoin blockchain. There are two main purposes for mining:

  1. To permanently add transactions to the blockchain without the permission of any entity.
  2. To fairly distribute the 21 million bitcoin supply by rewarding new coins to miners who spend real world resources (i.e. electricity) to secure the network.

To understand what is actually happening in this lottery system, let’s look at a simple analogy where every Bitcoin hash is equivalent to a dice roll.

Luck, Gambling, and SHA-256

Imagine that miners in the Bitcoin Network are all individuals gambling at a casino. In this example, each of these gamblers have a 1000 sided dice. They roll their die as quickly as possible, trying to get a number less than 10. Statistically, this may take a very long time, but as more gamblers join the game, the time it takes to hit a number less than 10 gets reduced. In short, more gamblers equals quicker rounds.

Once somebody successfully rolls a number less than 10, all gamblers at the table can look down and verify the number. This lucky gambler takes the prize money and the next round begins.

Ultimately, the process of mining bitcoin is very similar. All miners on the network are using Application Specific Integrated Circuits (ASICs), which are specialized computers designed to compute hashes as quickly as possible.

To “compute a hash” simply means plugging any random input into a mathematical function and producing an output.

More hashes per second (i.e. higher hashrate) is equivalent to more dice rolls per second, and thus a greater probability of success.

Miners propose a potential Bitcoin block of transactions, and use this for an input. The block is plugged into the SHA256 hash function which yields a fixed-sized output, known as a hash. A single hash can be computed in less than a millisecond, as it involves no complex math.

If the hash value is lower than the Bitcoin Network difficulty, then the miner who proposed the block wins. If not, then the miner continues trying by computing more hashes.

The successful miner’s block is then added to the blockchain, the miner is rewarded with newly issued bitcoin for their work, and the “next round” begins.

Sources :

https://wikipedia.com/

https://braiins.com/

https://blockdata.com/

https://coin98analytics.com/

https://scoopwhoop.com/

https://stakingrewards.com/

https://syscoin.org/

https://galaxydigitalresearch.com/

https://surveycrest.com/

The Times

The Economist

"Internet of Money" - Andreas Antonopoulus

Hal Finney Quotes

Timothy C. May Quote

Free Spirit Digital Art

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Bitcoin (BTC) :

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LiteCoin(LTC) :

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Ethereum(ETH) :

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EthereumClassic(ETC) :

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Cardano(ADA) :

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BinanceCoin(BNB) :

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BitcoinCash (BCH)

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Bitcoin SV (BSV)

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ZCash(ZEC) :

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Dash(DASH) :

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Shiba(SHIB) :

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Tron(TRX) :

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Stellar(XLM) :

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Totalitarian Governments..

Totalitarianism is a form of government and political system that prohibits all opposition parties, outlaws individual opposition to the state and its claims, and exercises an extremely high degree of control and regulation over public and private life.

It is regarded as the most extreme and complete form of authoritarianism.

In totalitarian states, political power is often held by autocrats, such as  dictators  and absolute monarchs, who employ all-encompassing campaigns in which propaganda is broadcast by state-controlled mass media in order to control the citizenry.

It remains a useful word but the old 1950s theory was considered to be outdated by the 1980s,and is defunct among scholars.

The proposed concept gained prominent influence in Western anti-communist and McCarthyist political discourse during the Cold War era as a tool to convert pre-World War IIanti-fascism into post-war anti-communism.

Leaders who have been described as totalitarian rulers, from left to right and top to bottom in picture, include Joseph Stalin, former General Secretary of the Communist Party of the Soviet Union; Adolf Hitler, former Führer of Nazi Germany; Augusto Pinochet, former President of Chile; Mao Zedong, former Chairman of the Communist Party of China; Benito Mussolini, former Duce of Fascist Italy; and Kim Il-sung, the Eternal President of the Republic of North Korea

As a political ideology in itself, totalitarianism is a distinctly modernist  phenomenon, and it has very complex historical roots. Philosopher Karl Popper traced its roots to Plato, Georg Wilhelm Friedrich Hegel‘s conception of the state, and the political philosophy of Karl Marx, although Popper’s conception of totalitarianism has been criticized in academia, and remains highly controversial.

Other philosophers and historians such as Theodor W. Adorno and Max Horkheimer trace the origin of totalitarian doctrines to the Age of Enlightenment, especially to the anthropocentrist idea that:

“Man has become the master of the world, a master unbound by any links to nature, society, and history.”

In the 20th century, the idea of absolute state power was first developed by Italian Fascists, and concurrently in Germany by a jurist and Nazi academic named Carl Schmitt during the Weimar Republic in the 1920s.

Benito Mussolini, the founder of Italian Fascism, defined fascism as such: “Everything within the state, nothing outside the state, nothing against the state.”

Schmitt used the term Totalstaat (lit. ’Total state’) in his influential 1927 work titled The Concept of the Political, which described the legal basis of an all-powerful state.

Totalitarian regimes are different from other authoritarian regimes, as the latter denotes a state in which the single power holder, usually an individual dictator, a committee, a military junta, or an otherwise small group of political elites, monopolizes political power.

A totalitarian regime may attempt to control virtually all aspects of social life, including the economy, the education system, arts, science, and the private lives and morals of citizens through the use of an elaborate ideology. It can also mobilize the whole population in pursuit of its goals.

Definition

Totalitarian regimes are often characterized by extreme political repression, to a greater extent than those of authoritarian regimes, under an undemocratic government, widespread personality cultism around the person or the group which is in power, absolute control over the economy, large-scale censorship and mass surveillance systems, limited or non-existent freedom of movement (the freedom to leave the country), and the widespread usage of state terrorism.

Other aspects of a totalitarian regime include the extensive use of internment camps, an omnipresent secret police, practices of religious persecution or racism, the imposition of theocratic rule or state atheism, the common use of death penalties and show trials, fraudulent elections (if they took place), the possible possession of weapons of mass destruction, a potential for state-sponsored mass murders and genocides, and the possibility of engaging in a war, or colonialism against other countries, which is often followed by annexation of their territories.

Historian Robert Conquest describes a totalitarian state as a state which recognizes no limit on its authority in any sphere of public or private life and extends that authority to whatever length it considers feasible.

Totalitarianism is contrasted with authoritarianism. According to Radu Cinpoes, an authoritarian state is “only concerned with political power, and as long as it is not contested it gives society a certain degree of liberty.”

Cinpoes writes that authoritarianism “does not attempt to change the world and human nature.”

In contrast, Richard Pipes stated that the officially proclaimed ideology “penetrating into the deepest reaches of societal structure, and the totalitarian government seeks to completely control the thoughts and actions of its citizens.”

Carl Joachim Friedrich wrote that “[a] totalist ideology, a party reinforced by a secret police, and monopolistic control of industrial mass society are the three features of totalitarian regimes that distinguish them from other autocracies.”

Visualization of the AES round function

Advanced Encryption Standard

The Advanced Encryption Standard (AES), also known by its original name Rijndael (Dutch pronunciation: [ˈrɛindaːl]), is a specification for the encryption of electronic data established by the U.S. National Institute of Standards and Technology (NIST) in 2001.

AES is a variant of the Rijndael block cipher developed by two  Belgian  cryptographers, Vincent Rijmen and Joan Daemen, who submitted a proposalto NIST during the AES selection process.

Rijndael is a family of ciphers with different key and block sizes. For AES, NIST selected three members of the Rijndael family, each with a block size of 128 bits, but three different key lengths: 128, 192 and 256 bits.

AES has been adopted by the U.S. government. It supersedes the Data Encryption Standard (DES), which was published in 1977.

The algorithm described by AES is a symmetric-key algorithm, meaning the same key is used for both encrypting and decrypting the data.

In the United States, AES was announced by the NIST as U.S. FIPS PUB 197 (FIPS 197) on November 26, 2001.

This announcement followed a five-year standardization process in which fifteen competing designs were presented and evaluated, before the Rijndael cipher was selected as the most suitable.

AES is included in the ISO/IEC 18033-3  standard. AES became effective as a U.S. federal government standard on May 26, 2002, after approval by the U.S. Secretary of Commerce.

AES is available in many different encryption packages, and is the first (and only) publicly accessible cipher approved by the U.S. National Security Agency (NSA) for top secret information when used in an NSA approved cryptographic module.

Andreas M. Antonopoulos (born 1972 in London) is a British-Greek Bitcoin advocate, tech entrepreneur, and author.

He is a host on the Speaking of Bitcoin podcast (formerly called Let’s Talk Bitcoin!) and a teaching fellow for the M.Sc. Digital Currencies at the University of Nicosia.

Antonopoulos was born in 1972 in London, UK, and moved to Athens, Greece during the Greek Junta.

He spent his childhood there, and at the age of 17 returned to the UK.

Antonopoulos obtained his degrees in Computer science and Data Communications, Networks and Distributed Systems from University College London.

Books

All Credit goes to Andreas M. Antonopoulos

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Bitcoin – Power to the People by BitHouse-Co

Redbubble Shop BitHouse

For the first time in human history there is at the disposal of the masses a tool that eliminates the middlemen and takes trust from the hands of humans and beautifully makes it a mathematics code that cannot be breaken, hacked or tricked…

https://www.redbubble.com/shop/ap/99847715?asc=u

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Why bitcoin matters

Why Bitcoin Matters ?

“A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense
research and development by nearly anonymous researchers.

Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it.

On the other hand, technologists – nerds – are transfixed by it.

They see within it enormous potential and spend their nights and weekends tinkering with it.

Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people

wonder why its powerful promise wasn’t more obvious from the start.

What technology am I talking about?

Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014….

The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.

The consequences of this breakthrough are hard to overstate.

What kinds of digital property might be transferred in this way?

Think about digital signatures, digital contracts, digital keys (to physical locks, or to online lockers), digital ownership of physical assets such as cars and houses, digital stocks and bonds …

and digital money”.

– Marc Andreessen, Founder of Netscape & well-known venture capitalist, 2014

Marc Lowell Andreessen

(/ænˈdriːsən/ann-DREE-sən;

born July 9, 1971) is an American entrepreneur, investor, and software engineer.

He is the co-author of Mosaic, the first widely used web browser; co-founder of Netscape; and co-founder and general partner of Silicon Valleyventure capital firm Andreessen Horowitz.

He co-founded and later sold the software company Opsware to Hewlett-Packard.

Andreessen is also a co-founder of Ning, a company that provides a platform for social networking websites.

He sits on the board of directors of Meta Platforms.

Andreessen was one of six inductees in the World Wide Web Hall of Fame announced at the First International Conference on the World-Wide Web in 1994.

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Happy 13th BirthDay bitcoin

bitcoin – People’s Money

Brief history of Bitcoin

On January 3rd, 2009 Satoshi Nakamoto published the Genesis Block with the first 50 Bitcoins on Sourceforge. He also left a message on the blockchain at the time, quoting the headline in the British newspaper Times:

On January 3, 2009, the minister was on the verge of bailing out the banks.

Nakamoto started writing the white paper in 2008 and published it in October of that year.

The concept of a decentralized, anonymous, trusted currency emerged after the 2008 financial crisis, which left responsibility for the banks.

Satoshi neither supports the modern banking system nor does he like partial reserve banks.

A partial reserve bank is a bank that takes deposits and issues loans or investments, but only has to reserve a fraction of its liabilities for deposits. Basically, the bank is using money that it doesn’t own.

Satoshi wants to get rid of banks and seedy middlemen whom he believes are corrupt and unreliable. As such, he created a more community-centric digital currency.

13 years later, Bitcoin is still going strong with a market cap of nearly $ 900 billion. It is currently held by billionaires, banks, celebrities, governments, and corporations. This is evidence of how far BTC has come in its brief existence.

The precarious banking situation and economic uncertainty are also in crisis again.

The price of Bitcoin on its birthday 🎂

13 years: $ 47,310
12 years: $ 33,400
11 years: $ 7,319
10 years: $ 3,783
9 years: $ 14,764
8 years: $ 1,084
7 years: $ 432
6 years: $ 275
5 years: $ 816
4 years: $ 13
3 years: $ 5
2 years: $ 0.29
1 year: $ 0.05

Happpy Birthday bitcoin !!!

Thanks for all the teachings and wealth of Knowledge I do now have thanks to you !!!

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Merry X-Mass – Crypto Style

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AltCoin Stores

ALT Coin Stores and Services List

This page is to promote actual stores and people who sell services for ALTcoins.

What is most important, is to spread the word and make people aware of the widespread adoption of the cryptocurrencies all around the globe and in all layers of life !!!

*Not Updated… Work in Progress...

Stores selling goods NexWave – http://www.nexwave.ca

Coin payments processed Coaex – Buy custom gold bars, gold bullion, silver and jewelry – http://www.coaex.com/ – BTC, LTC, DOGE, BC, NOBL, FTC   

CoinCable Mining Supplies    – https://coincable.com    – BTC, LTC, PPC, NVC, XPM, YAC, PayPal

Crypto Coin Wallet Cards    – http://www.cryptocoinwalletcards.com    – LTC

Register domain using Bitcoin and Litecoin    – http://www.lovingdomains.com    – BTC, LTC, NMC, PPC, NVC

Pay hosting with Bitcoin and Litecoin    – http://www.lovinghosting.com    – BTC, LTC, NMC, PPC,

NVC Amazonia Imports    – http://btcpipeshop.com    – 42, ANC, BTC, BC, BQC, CAT, CGB, DGC, DMD, DOGE, DVC, FRC, FRK, FST, FTC, GLD, LTC, MAX, MZC, MEC, NET, NMC, NVC, NXT, PPC, QRK, RED, SBC, SPT, STR, SXC, TRC, UNO, WDC, XPM, & ZET

WROL.INFO – Survival Supplies    – http://wrol.info    – BTC, LTC, FTC, NMC, NVC, TRC, XPM, KGC, RED, ORB, BQC, CGB, DVC, CAP, DGC, GLD, YAC, QRK, ZET

NewsBam Usenet Services    – http://www.newsbam.com    – BTC, LTC, STR, FTC, NMC, PPC, NVC, WDC, TRC, XPM, IFC, KGC, RED, ORB, BQC, CGB, DVC, CAP, DGC, GLD, YAC,

SXC Cryptobooks – Buy eBooks with with cryptocurrency    – http://www.cryptobooks.com    – BTC, LTC, FTC, PPC, DVC, SXC

Bitezze – Buy precious metals with cryptocurrency    – http://bitezze.com    – BTC, LTC, STR, FTC, NMC, PPC, NVC, WDC, TRC, XPM, IFC, KGC, RED, BQC, CGB, DVC, CAP, DGC, GLD, YAC, SXC, ADT, MEC, ANC, ZET, NET, PayPal Passthru

CryptoDirect    – http://www.cryptodirect.cf    – BTC, LTC, FTC, PPC, NVC, WDC, XPM, IFC, DGC, ANC, QRK, ZET, NET, FRC

Cheap Miners – Cheap ASIC miners and accessories    – http://www.cheapminers.com    – BTC, LTC, XPM

Dahms Weinversand – German Wine Home Delivery    – http://www.dahms-weinversand.de   

4:19 Store    – http://www.419store.com    Crypto Game Keys    – http://www.cryptogamekeys.com    – BTC, LTC, NMC, PPC, NVC, WDC, XPM, IFC, KGC, RED, ORB, BQC, CGB, DVC, CAP, DGC, GLD, SXC, ADT, MEC, QRK, ZET, NET, FRK, COL, SBC

VPS City    – http://www.vps-city.com    – LTC, PayPal Passthru

Thermostats, actuators and controllers    – http://www.thermostatenshop.nl    – BTC

Electric heating appliances    – http://www.budgetheat.eu    – BTC

Romer and 2HEAT far infrared panels    – http://www.infraroodpanelen.eu    – BTC

Outdoor- and ramp heating    – http://www.opritverwarmingen.eu    – BTC

Ceramic heating elements    – http://www.keraheat.com    – BTC Distinguished

Imports    – https://distinguishedimports.com    – BTC, LTC, PPC

GameCardVN    – http://gamecardsvn.com   

Verbena Products – Family owned online store specializing in bringing our customers high end Health and Beauty products at very competitive prices.    – https://www.verbenaproducts.com    – BTC, LTC, PPC

Cryptocoin Stuff!    – http://www.cryptocoinstuff.com    – BTC, LTC, FTC, NMC, PPC, NVC, WDC, TRC, XPM, IFC, KGC, RED, ORB, BQC, CGB, DVC, CAP, DGC, GLD, YAC, SXC, ADT, MEC, ANC, QRK, ZET, NET, FRK, COL, SBC, FRC

Retro Towers    – http://www.retrotowers.co.uk    – BTC, LTC, FTC, NMC, PPC, NVC, WDC, TRC, XPM, IFC, KGC, RED, ORB, BQC, CGB, DVC, CAP, DGC, GLD, YAC, ADT, MEC, ANC, QRK, ZET, NET, FRK, COL, SBC, FRC

VPS4ME    – http://vps4.me    – BTC, LTC, FTC, NMC, NVC, WDC, TRC, XPM, IFC, KGC, RED, BQC, CGB, DVC, CAP, DGC, GLD, YAC, SXC, ADT, MEC, ANC, QRK, ZET, NET, FRK

HostClub    – http://hostclub.me

WaterIdo – Healthy Water Revitalizer    – http://waterido.com    – BTC, LTC, FTC, NMC, PPC, NVC, WDC, TRC, XPM, IFC, KGC, RED, BQC, CGB, DVC, CAP, DGC, GLD, YAC, ADT, MEC, ANC, QRK, ZET, NET, FRK, COL   

Sarasota Slot Machines    – http://sarasotaslotmachines.com    – BTC, LTC, IFC, MEC, PayPal Passthru

GRKreations Direct    – http://grkreationsdirect.com    – BTC, LTC, FTC, NMC, PPC, NVC, WDC, TRC, XPM, IFC, KGC, RED, BQC, CGB, DVC, CAP, DGC, GLD, YAC, SXC, ADT, MEC, ANC, QRK, ZET, NET, FRK, COL, SBC, FRC, PayPal Passthru

Mining Hardware    – http://www.mininghardware.co.uk    – BTC, LTC

DuinoBits – Arduino kits (UK & Europe)    http://www.duinobits.com    – BTC, LTC

Johnsbay Flooring Co. – Flooring Material including Carpeting, Wood flooring, Laminate, Tiles.    – http://www.johnsbay.com    – BTC

Hash Rate Store    – https://www.hashratestore.com    – BTC, LTC

Coin Gas – Steam game codes for alt coins    – http://www.coingas.com    – BTC, CAP, DGC, FTC, GIL, LTC, NVC, PPC, WDC, CGB

sauce4coins    – http://sauce4coins.com    – BQC, BTC, LTC, BTB, CGB, FTC, CAP, VNC, DGC, XPM (and others if you email them)

BottleCaps Store – Itunes cards and World of tanks tokens    – http://bottlecapstore.weebly.com    – CAP’s and LTC – Canadian Orders for Itunes only

cryptosextoys    – http://www.cryptosextoys.com    – BTC, CAP, DGC, FTC, LTC, NVC, PPC, CGB, SXC

dailybit – Daily special something new everyday – http://dailybit.net    – BTC, LTC, XPM, FTC,CAP, IFC, WDC, NVC, NMC, TRC, KGC, PPC, RED, STR, WDC, Peercoins and Paypal

REDCOINSHOP – Herbal pills remedies    – http://REDCOINSHOP.com    – RED

pythonpills- Male enhancement pill    – http://pythonpills.com/red    – RED

bitcoinprbuzz – Press Release services for crypto projects – Copy Writing and content creation – Business consulting    – http://bitcoinprbuzz.com    – BTC, DVC,BTC, CGB, LTC and FST

finite by design – Coins, Pendants etc    – http://www.finitebydesign.com    – CGB

cryptothrift – Online Thrift Shop    – https://cryptothrift.com    – BTC, LTC

Litehosting- Web Hosting    – http://Litehosting.org    – BTC, LTC, NMC, XPM

ltcasics – All kinds of gift cards    – http://ltcasics.com    – LTC AltcoinTIP    – http://reddit.com/r/ALTcointip    – BTC, LTC, PPC, NMC, FTC, and XPM

DirectVoltage – alternative energy retailer    – http://DirectVoltage.com    – BTC, LTC, FTC, PPC

Sex Stories    – http://erotica4sxc.tk/about-2    – SXC

Porn Database    – http://www.porndatabase.co.uk    – SXC

3D Porn    – http://www.lynortis.com/alt-coins.php    – SXC

coinaxis    – https://coinaxis.com/    – LTC

dvc4giftcards – Giftcards    – http://dvc4giftcards.us    – DEV

Bitcora – Bitcoin templates and themes – https://bitorca.com   

Epawnatl- Pawn Shop    – http://Epawnatl.com    – FRK, BTC

Etsyshop    – http://www.etsy.com/shop/InnovoDesign    – DOGE, IFC, COL,LTC

Open Source Solutions    – http://www.iquidus.co.nz    – BTC, MEC, LTC, Earthcoins

LEALANA PHYSICAL LITECOINS…and BITCOINS – http://www.lealana.com – LTC

Evonym – http://evonym.us/ -BTC, LTC, TRC, PPC.

Minecraft Server – https://alt-co.in/minecraft/ – GME

Sexslam – http://sexslam.com – RED

All Things Luxury – http://www.allthingsluxury.biz/ – BTC, LTC

7 Pay In – Pay for mobile and ISP services/ecash/WoT/Steam/whatever – https://7pay.in/ – BTC, LTC, CL and NVC

CryptFolio – CryptFolio lets you keep track of your cryptocurrencies – http://CryptFolio.com – BTC, LTC

Bananalizard.com – Video game store – http://bananalizard.com – BTC, LTC, CGB, XPM, paypal

Tagbond.com – Merchant site hosting – http://tagbond.com – BTC, TAG

Cleverpuffin – Web Hosting – http://www.cleverpuffin.com – LTC

Bitroad – Electronics from China including tablet, phones, surveillance, security and gadgets delivered worldwide in 3-6 days (express). – http://bitroad.co.uk/ – BTC, LTC

Get More Customers – San Francisco Marketing/SEO Company – http://get-more-customers.com and http://sanfranciscoseoagency.com/cryptocurrency/ – EAC

BitCoinPINS!! – http://www.bitcoinpins.com/ – EAC

Polish SEO company – http://dodawanie.com/ – EAC

FlightSchool! Commercial pilot and flying instructor – http://www.paul-bradley.com – EAC ribbit.me – http://ribbit.me https://coinpayments.net/

Tagbond.com https://bitcointalk.org/index.php?topic=317408

This is a list of services and games that support LottoCoin (LOT): Services:

CyberSticker service: http://www.cryptostickers.com/

Reload Creative (app/web development service): http://reloadcreative.com.au/

Advertising pixels http://www.qugetser.com/lot-map

SEO Service http://sanfranciscoseoagency.com/cryptocurrency/

Games: CoinBomb: http://coinbomb.biz/lottocoin/

Lotto Game: http://lottocoin.org/lottogame/

Another Lotto Game: http://www.keezi.com/lotto/index.php

Lotto Dice Game: http://www.lottodice.tk/

Here is a list of shops/services/games that accept EarthCoin Iquidus Technology –

Open Source Solutions – 

http://www.iquidus.co.nz/

Get More Customers – San Francisco Marketing/SEO Company – http://get-more-customers.com

http://sanfranciscoseoagency.com/cryptocurrency/

BitCoinPINS!! http://www.bitcoinpins.com/

Polish SEO company http://dodawanie.com/

FlightSchool! Commercial pilot and flying instructor http://www.paul-bradley.com

Beautiful EarthCoin Paper Wallet Generator http://earthaddress.org/

EarthCoin Gaia Game http://gaia.l8.lv/

Logo Design http://logodynamic.blogspot.ca/p/sold-logos.html

Dice Game http://earthdice.tk/

LixNez Games http://www.lixnez.com/eacgames.html

EarthRoll Game http://earthroll.l8.lv/

Kissmyweb.com – We Build Websites – Simple! http://www.kissmyweb.com BTC and DVC accepted

http://scryptstore.com Gold & Silver – Paypal direct deposits and gift cards

Healthiverse – http://healthiverse.net

TuffWraps – Athletic Wrist Wraps   – http://tuffwraps.com

Crypto Alley – The Online Digital Currency Marketplace – http://www.cryptoalley.com

Cryptmint – Precious Metal Bitcoin Wallets & Physical Coins – http://www.cryptmint.com/

Devcoin Store – http://devcoinstore.com

Crypto Store – http://cryptostore.io

Armonie Sonore – http://www.armoniesonore.com

StickerzLab – http://www.stickerzlab.com   

Trade4Bitcoin – Comics and Collectibles   http://www.trade4bitcoin.com

Scryptcoin Store – http://www.scryptstore.com 

Fine Art Source – http://out-of-court-settlement.com

NitroBacku – http://www.nitrobackup.com

Cardz4Cash – Gift, Prepaid, Game, and VoIP Cards + more – http://cardz4cash.com

Vapeur Canada – http://www.vapeurcanada.com

DOGMA Portraits – http://dogmaportraits.com

Heat4Feet – http://www.heat4feet.net

BitcoinMetals – http://www.bitcoinmetals.us

DDoS Cover – http://ddoscover.com

Doge Host – http://dogehost.co.uk

Bit Electronics – http://bitelectronics.net/

http://quickbomb.com   RED https://dicenow.com

PXL COIN – http://www.pxlcoin.com/

Here is a list of sites that accept QRK:

http://www.petscoin.com/ – Animal/Pet store, Donations to Shelters

http://www.51attack.com/ – T-Shirt makers that currently accept 31 cryptocurrencies

http://www.chasinho.org/shop/ – Tea shop in Berlin

http://www.keepitwooden.com – Custom Wooden Shot Glasses (Accepts Coinpayments)

http://www.appsforcoins.com/?currency=QRK – Apple iOS Apps

143VPN – http://143vpn.com

SimRai Game Servers – http://www.simrai.com

CryptoHosted.com – http://cryptohosted.com

The Staking Machine – TSM – http://www.thestakingmachine.com

Vox – http://www.vox-game.com/buy-with-crypto-coins/

Upchurch Design – http://upchur.ch

BTC Headshop – http://btcheadshop.com

Bitcoin Sportscards – http://bitcoinsportscards.com

ThanksBitcoin.com – http://www.thanksbitcoin.com

Those shops/services accept payment using Graincoin (GRA), many of which through CoinPayments that support Graincoin:

Wood Shot Glass http://woodshotglass.com/

Tuff Wraps http://tuffwraps.com/

Computer hardware and consumer electronics   http://brownboxtech.net

WaterIdo – Healthy Water Revitalizer http://waterido.com

Xbox Gold 48 Hour Codes – 2 for $1 http://xbox48.bugs3.com

Iquidus Technology – OpenSource Software, Hi-Performance Hardware http://www.iquidus.co.nz/

Retro Towers – Gaming Hardware http://www.retrotowers.co.uk/

Stickerz Lab – French Sticker Decorations http://stickerzlab.com/

Pixcoin – Stickers for Crypto Coins http://pixcoin.com/

Crypto GameKeys – Buy CD Keys, PSN cards, PS3/4/Vita games http://www.cryptogamekeys.com ThanksBitcoin – a Bitcoin shop http://www.thanksbitcoin.com

Advertise Service http://cryptotiler.com/

Graincoin main thread at: https://bitcointalk.org/index.php?topic=361503.0

143VPN – http://143vpn.com

SimRai Game Servers – http://www.simrai.com

CryptoHosted.com – http://cryptohosted.com

The Staking Machine – TSM – http://www.thestakingmachine.com

Vox – http://www.vox-game.com/buy-with-crypto-coins/

Upchurch Design – http://upchur.ch

BTC Headshop – http://btcheadshop.com

Bitcoin Sportscards – http://bitcoinsportscards.com

ThanksBitcoin.com – http://www.thanksbitcoin.com

Wood Shot Glass : http://woodshotglass.com/

Tuff Wraps http://tuffwraps.com/

Computer hardware and consumer electronics   http://brownboxtech.net

WaterIdo – Healthy Water Revitalizer http://waterido.com

Xbox Gold 48 Hour Codes – 2 for $1 http://xbox48.bugs3.com

Iquidus Technology – OpenSource Software, Hi-Performance Hardware http://www.iquidus.co.nz/

Retro Towers – Gaming Hardware http://www.retrotowers.co.uk/

Stickerz Lab – French Sticker Decorations http://stickerzlab.com/

Pixcoin – Stickers for Crypto Coins http://pixcoin.com/

Crypto GameKeys – Buy CD Keys, PSN cards, PS3/4/Vita games http://www.cryptogamekeys.com ThanksBitcoin – a Bitcoin shop http://www.thanksbitcoin.com

Advertise Service http://cryptotiler.com/

Gamble with Altcoins http://www.coincasino.cc – Casino that takes many coins

http://www.litecointogox.com – Bet on LTC when it comes to GOX or coinbase – BTC, LTC, FTC,IFC ,KGC, NMC, NVC, WDC, XPM, STR, RED, TRC, Peercoin

http://cryptoblackjack.kicks-ass.net – BlackJack style game – GME, DBL, MNC, LKY, WDC, DGC, BQC, PXC, PPC, GLD, MEM, DMD, EZC, FRK, CAP, IFC, KGC, CSC, CGB, HBN

http://alt-co.in/slots.php – A Slot machine – FTC, WDC, DGC, CHN, LTC, BBQ, GMC

http://REDCOINCASINO.com – Various unique gambling games – RED

http://redcoinlotto.com – Lotto – RED

http://coinjack.com/ – BlackJack – RED

http://lotto.coinworld.us/ – Multiple coin lotteries – DGC, FLC, RED, MEC, EMD, ALF, CAP, CGB, IFC, ARG, LTC, CRC

http://litecoinkamikaze.com – LTC

http://fckamikaze.com – FTC

http://minikaze.com – MNC

http://bit-loot.com – LTC

http://www.litecoinlottery.com/ – LTC

http://rapidballs.eu   – 5 Minute Lotto site – WDC, XPM, TIX, DVC

http://litecoinkamikaze.com – LTC

http://fckamikaze.com – FTC

http://minikaze.com – MNC

Provably fair Litecoin Roulette – http://www.l8.lv/ – Single Zero European Style Litecoin Roulette.

Provably Fair! DogeCoin Provably fair DogeCoin Roulette – http://dogespin.l8.lv/ –

Single Zero European Style Dogecoin Roulette. Provably Fair! BlackJack style game http://cryptoblackjack.kicks-ass.net/

A Slot machine http://alt-co.in/slots.php

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Bitcoin (BTC) :

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


LiteCoin(LTC) :

LYAdiSpsTJ36EWCJ5HF9EGy9iWGCwoLhed


Ethereum(ETH) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


EthereumClassic(ETC) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


Cardano(ADA) :

addr1q88c5cccnrqy6xesszzvf7rd4tcz87klt0m0h6uvltywqe8txwmsrrqdnpq27594tyn9vz59zv0n8367lvyc2atvrzvqlvdm9d


BinanceCoin(BNB) :

bnb1wwfnkzs34knsrv2g026t458l0mwp5a3tykeylx


BitcoinCash (BCH)

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


Bitcoin SV (BSV)

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


ZCash(ZEC) :

t1fSSQX4gEhove9ngcvFafQaMPq5dtNNsNF


Dash(DASH) :

XcWmbFw1VmxEPxvF9CWdjzKXwPyDTrbMwj


Shiba(SHIB) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


Tron(TRX) :

TCsJJkqt9xk1QZWQ8HqZHnqexR15TEowk8


Stellar(XLM) :

GBL4UKPHP2SXZ6Y3PRF3VRI5TLBL6XFUABZCZC7S7KWNSBKCIBGQ2Y54

Starting a Bitcoin Mining Business – A Complete Guide

Why Start a Bitcoin Mining Business?

If you love working from home, then you should consider starting an internet based business.

One of the businesses that you can easily start at home with a computer and mining rigs is bitcoin mining.

Simply put, bitcoin is a digital currency that operates independently of any country’s central bank. In order to get an updated value of the worth of a bitcoin, you can make use of Google’s currency converter; it is a reliable platform to know the value of bitcoin each time.

If you are interested in mining bitcoin, then you have two options to follow.

You can choose to mine a block of bitcoins from the computer or you can choose to pool.

If you want quick returns on your investment, then joining a pool is your best option because mining a block of bitcoins from your computer may take you a month or more before you get any return on your investment.

Please note that if you join a pool, you will only get smaller payments, but you can be rest assured that you will get them at a regular basis.

Starting a bitcoin mining business can be rewarding but you would have to compete with other well established bitcoin miners on the World Wide Web. The fact that you will be competing with people from all over the globe is enough reason for you to be result oriented and at the same be creative with your bitcoin mining business.

So, if you have done the required online or offline bitcoin mining related courses, then you might want to venture into this business.

Starting a Bitcoin Mining Business – A Complete Guide

Industry Overview

Bitcoin mining in its simplest term is the practice of adding transaction records to Bitcoin’s public ledger of previous transactions or block chain.

This ledger of previous transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

As a matter of fact, Bitcoin miners help keep the Bitcoin network secure by approving transactions.

Mining is indeed an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and highly secured.

Bitcoin mining as the name implies is similar to the mining of other commodities: it requires deliberate and calculated effort and it slowly makes new currency available at a rate that looks like the rate at which commodities like gold and copper et al are mined from the ground. Mining is also a mechanism used to introduce Bitcoins into the system.

Bitcoin is a type of digital currency that is created and held electronically; it is a cryptocurrency and a digital payment system that is invented by an unknown programmer, or perhaps a group of programmers. No one controls it.

Unlike Dollars, Euros, Pounds and other currencies, bitcoins are not printed, they are produced by people and businesses running computers all around the world, using software that solves mathematical problems.

If you want to start mining bitcoin, you would need an online wallet where your bitcoins will be stored.

There are several wallet options available online for bitcoin mining. The rule of thumb to follow before choosing an online wallet for your bitcoin mining is to choose a wallet that will allow you save bitcoins, buy bitcoins, use bitcoins and also accept bitcoins as a means of payment.

The Bitcoin (cryptocurrency and a digital payment system) industry is indeed a large internet based industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Nigeria, Sweden, Australia, Japan, China, Germany, and Canada et al.

Despite the fact that the bitcoin mining business is still much of a green business, the business will continue to blossom because more and more users will embrace the use of bitcoins in the nearest future.

So, if you have an entrepreneurial mentality and you wish to join a massive technological revolution, you can start your own bitcoin mining business.

The truth is that you can build a bitcoin mining business even if you are not too ICT savvy and have limited capital to invest in software development and infrastructure, as long as you have internet access and you know how to use the internet.

Some of the factors that encourage entrepreneurs to start their own bitcoin mining business could be that the business is easy to set up and the startup capital is indeed affordable; you can actually start your own bitcoin mining business from the comfort of your house.

All you need to do is to create an office somewhere in your house. You don’t necessarily need to see the people you are doing business with since you can transact bitcoin mining business with clients from any part of the world.

Lastly, starting a bitcoin mining business requires professionalism, advanced mathematics skills and a good grasp of how cryptocurrency and the digital payment system works on a global platform.

Besides, you would need to get the required certifications and license and also meet the required standard for such business before you can be allowed to start a bitcoin mining business in the United States.

Starting a Bitcoin Mining Business – Market Research and Feasibility Studies

Demographics and Psychographics

The demographic and psychographic composition of those who require the services of bitcoin miners are not restricted to bitcoin exchange and trading companies and bitcoin traders, people and organizations that make online transactions in your immediate community or state, but it cuts across people on the cyber space who make use of bitcoins from all over the world.

This is so because bitcoin is a cryptocurrency and a digital payment system used basically on the internet hence the leverage to work for people and organization all across the globe.

So, if you are looking towards defining the demographics of your bitcoin mining business, you should make it all encompassing. It should include bitcoin exchange and trading companies and bitcoin traders, programmers, investors, and internet – business oriented people and organizations within and outside the United States.

List of Niche ideas Within the Bitcoin Mining Business That You Can Specialize in

Most bitcoin mining companies tend to operate the general bitcoin mining business that a standard bitcoin mining poll/company is expected to offer, that is why it seems like there are no niche areas in the industry.

But on the other hand, some bitcoin mining company may decide to major in some key areas such as:

  • Bitcoin cloud mining
  • Bitcoin cloud hashing
  • Providing other related bitcoin, cryptocurrency and digital payment system consulting and advisory services

The Level of Competition in the Bitcoin Mining Services Industry

The level of competition in the cryptocurrency and a digital payment system industry does not in any way depend on the location of the business since most people that mine bitcoin can operate from any part of the world and still effectively compete in the bitcoin mining line of business cum cryptocurrency and a digital payment system industry.

When it comes to bitcoin mining, distance is never a barrier when competing for clients especially international clients.

What most clients want is result, hence they are ready to make use of bitcoin miners or bitcoin mining platforms no matter the part of the world they operate from as long as they have good track record and can deliver excellent results when it comes to mining and selling bitcoins to them.

There are several bitcoin miners and bitcoin mining pools scattered all around the United States and in the cyber space.

So, if you choose to start your own bitcoin mining company in the United States, you will definitely meet stiffer competitions not only amongst bitcoin mining companies in the United States, but also all over the globe especially if you choose to specialize in cryptocurrency and digital payment system.

List of Well – Known Brands in the Bitcoin Mining Business

In every industry, there are always brands that perform better or are better regarded by customers and the general public than others. Some of these brands are those that have been in the industry for a long time, while others are best known for the results they deliver.

These are some of the leading bitcoin mining companies (bitcoin mining pools) in the United States of America and also in the globe:

Economic Analysis

As an ICT aspiring entrepreneur who is looking for a business that requires programming and mathematics skills and perhaps minimal startup capital to start, then you can consider starting a bitcoin mining pool.

The cost of running a standard bitcoin mining pool when compared to the turnover you get can be poles apart (this is applicable when you have been able to establish your feet in the industry).

One thing is certain when it comes to the bitcoin mining business and most internet based businesses, you are sure of making profits when you successfully produce results that are measurable.

As a matter of fact, the cost of running the business from start to finish could be restricted to the cost of making phone calls, transportation and internet subscriptions, PR and of course bitcoin mining and hashing hardware and software et al.

Starting Your Bitcoin Mining Company from Scratch vs Buying a Franchise

When it comes to starting a business of this nature, it will pay you to start from the scratch as against buying a franchise.

First and foremost, it is your ability to mine or hash bitcoin that matters not a brand name.

Except you want to join a well-established bitcoin mining pool that fits into your business ideology.

Unfortunately, you can hardly find a franchise of a bitcoin mining pool – company to purchase meaning that if you want to own a bitcoin mining (pool) business, then you must be ready to start from the scratch.

This is so because the business is easy to start if you have the required expertise and it is still pretty much thriving and there are loads of opportunities available to aspiring entrepreneurs that are interested in the industry.

The truth is that it will pay you to start your bitcoin mining company from the scratch. Starting from the scratch will afford you the opportunity to conduct thorough market survey and feasibility studies before choosing a location to launch the business.

Please note that most of the big and successful bitcoin mining companies around started from the scratch and they were able to build a solid business brand.

Possible Threats and Challenges You Will Face When Starting a Bitcoin Mining Business

If you decide to start your own bitcoin mining business today, one of the major challenges you are likely going to face is the presence of well – established bitcoin mining companies who are offering same services that you intend offering. The only way to avoid this challenge is to create your own market.

Some other threats that you are likely going to face as a bitcoin mining company operating in the United States are hosting issues, installation or upkeep troubles, heat, unfavorable government policies, and global economic downturn which usually affects purchasing/spending power. There is hardly anything you can do as regards these threats other than to be optimistic that things will continue to work for your good.

Starting a Bitcoin Mining Business – Legal Matters

Best legal entity to use for this type of business

Generally, you have the options of either choosing a general partnership, limited liability company which is commonly called an LLC, or a sole proprietorship for a business such as a bitcoin mining company.

Ordinarily, general partnership should have been the ideal business structure for a small – scale bitcoin mining business especially if you are just starting out with moderate startup capital.

But people prefer limited liability Company for obvious reasons. As a matter of fact, if your intention is to grow the business and have clients both corporate and individual from all across the United States of America and other countries of the world, then choosing general partnership is not an option for you. Limited Liability Company, LLC will be highly suitable for you.

Setting up an LLC protects you from personal liability. If anything goes wrong in the business, it is only the money that you invested into the limited liability company that will be at risk. It is not so for sole proprietorships and general partnerships. Limited liability companies are simpler and more flexible to operate and you don’t need a board of directors, shareholders meetings and other managerial formalities.

These are some of the factors you should consider before choosing a legal entity for your bitcoin mining (pool) business; limitation of personal liability, ease of transferability, admission of new owners, investors’ expectation and of course taxes.

If you take your time to critically study the various legal entities to use for your bitcoin mining business, you will agree that limited liability company; an LLC is most suitable. You can start this type of business as limited liability company (LLC) and in future convert it to a ‘C’ corporation or an ‘S’ corporation especially when you have the plans of going public.

Catchy Business Name ideas Suitable for a Bitcoin Mining Company

Generally, when it comes to choosing a name for a business, it is expected that you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents. Usually it is the norm for people to follow the trend in the industry they intend operating from when naming their business.

Insurance Policies

In the United States and in most countries of the world, you can’t operate a business without having some of the basic insurance policy covers that are required by the industry you want to operate from. So, it is imperative to create a budget for insurance policy covers and perhaps consult an insurance broker to guide you in choosing the best and most appropriate insurance policies for your bitcoin mining business.

Here are some of the basic insurance policy covers that you should consider purchasing if you want to start your own bitcoin mining business in the United States of America:

  • General insurance
  • Health insurance
  • Liability insurance
  • Workers compensation
  • Overhead expense disability insurance
  • Business owner’s policy group insurance
  • Payment protection insurance
  • Intellectual Property Protection/Trademark

If you are considering starting your own bitcoin mining business, usually you may not have any need to file for intellectual property protection/trademark. This is so because the nature of the business makes it possible for you to successfully run the business without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.

Is Professional Certification Needed to Run a Bitcoin Mining Business?

Apart from the results you produce, professional certification is one of the main reasons why most bitcoin mining companies stand out.

If you want to make an impact in the Bitcoin industry, you should work towards acquiring all the needed certifications in your area of specialization.

Certification validates your competency and shows that you are highly skilled, committed to your career, and up-to-date in this competitive market.

These are some of the certifications you can work towards achieving if you want to run your own bitcoin mining company:

  • Certified Bitcoin Professional (CBP) | Crypto Currency Certification
  • Blockcerts Certification
  • Cryptocurrency certification
  • Ethereum certification
  • Blockchain professional certification

List of Legal Documents You Need to Run a Bitcoin Mining Company

These are some of the basic legal documents that you are expected to have in place if you want to legally run your own bitcoin mining business in the United States of America:

  • Certificate of Incorporation
  • Business License and Certification
  • Business Plan
  • Non – disclosure Agreement
  • Employment Agreement (offer letters)
  • Operating Agreement for LLCs
  • Insurance Policy
  • Contract documents
  • Online Privacy Policy Document (basically   for online payment portal)
  • Company Bylaws
  • Memorandum of Understanding (MoU)
  • Apostille (for those who intend operating beyond the United States of America) 

Financing Your Bitcoin Mining Company

Aside from the amount required to purchase bitcoin mining software and hardware, bitcoins and of course cryptocurrency and other forms of digital payment required to trade with, starting a bitcoin mining business can be cost effective especially if you choose to run the business from your home, share office space with a friend or make use of a virtual office.

Securing a standard office is part of what will consume a large chunk of your startup capital, but if you choose to start the business on a small scale, you may not have the need to go source for fund to finance the business.

When it comes to financing a business, one of the major factors that you should consider is to write a good business plan.

If you have a good and workable business plan document in place, you may not have to labor yourself before convincing your bank, investors and your friends to invest in your business.

Here are some of the options you can explore when sourcing for start – up capital for your bitcoin mining/trading business:

  • Raising money from personal savings and sale of personal stocks and properties
  • Sell of shares to interested investors
  • Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
  • Source for soft loans from your family members and your friends

Choosing a Suitable Location for your Bitcoin Mining Business

Bitcoin mining business and most internet service based type of businesses do not require that you see physically with your clients, hence the location you chose does not necessarily need to be top-notch.

But the fact that you can operate your bitcoin mining business from your home does not mean that location has little influence on the success of a bitcoin mining company.

If you have taken your time to study the bitcoin mining and other internet based businesses, you will realize that they are willing to pay expensive rents in order to stay in an ICT hub; a place with pretty strong internet network and of course a place where ICT activities are at its peak.

It is important to note that a business facility in a good location does not come cheap hence you should be able to allocate enough fund for leasing/renting in your budget.

If you are new to the dynamics of choosing a location for a business such as bitcoin mining business, then you should feel free to talk to a business consultant or a realtor who has a full grasp of the city and perhaps country you intend starting your company.

So, if you are looking for a location for your bitcoin mining company, ensure that it is a place that is located in an ICT hub; a place with pretty strong internet network and of course a place where ICT activities are at its peak.

Of course, you would not want to locate this type of business in the outskirts of town or a place without strong internet network. Your clients should be able to drive down and locate your office with little or no difficulty.

Starting a Bitcoin Mining Business – Technical and Manpower Details

In order to successfully launch a bitcoin mining business, you will definitely need bitcoin mining software apps and hardware such as Application-specific integrated circuit (ASIC) machines and other cryptocurrency and digital payment system related software apps and wallet.

So also, you will need computers, internet facility, telephone, fax machine and office furniture (chairs, tables, and shelves).

When it comes to choosing between renting and leasing an office space, the size of the bitcoin mining company you want to build, and your entire budget for the business should influence your choice.

If you have enough capital to run a standard bitcoin mining company, then you should consider the option of leasing a facility for your office.

As regards the number of employees that you are expected to kick start the business with, you would need to consider your finance before making the decision.

Averagely, you would need a Chief Executive Officer or President (you can occupy this role), an Admin and Human Resource Manager, Bitcoin Miners and Hashers, Programmers and Software Developers, Business Development Executive/marketing Executive, Customer Service Officer or Front Desk Officer, and Accountant.

Over and above, you would need a minimum of 8 key staff to effectively run a medium scale but standard bitcoin mining company.

Please note that there will be times when you are expected to go out of your way to hire experts to help you handle some high – profile internet based currency consultancy contracts especially from big corporations.

If you are just starting out, you may not have the financial capacity or required business structure to retain all the professionals that are expected to work with you which is why you should make plans to partner with other programmers and software app developers and computer engineers that operates as freelancers.

The Service Delivery Process of a Bitcoin Mining Company

It is the tradition in the cryptocurrency industry for bitcoin miners to help keep the Bitcoin network secure by approving transactions.

The truth is that mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure.

In the cryptocurrency and other forms of digital payment system industry, bitcoin miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart process of issuing the currency and also creates an incentive for more people to mine.

For instance, when a block is discovered, the miners are rewarded a certain number of bitcoins, which is agreed-upon by everyone in the network.

Currently the reward is 6.25 bitcoins and this value will halve every 210,000 blocks.

Additionally, the bitcoin miner is awarded the fees paid by users sending transactions. The fee is an incentive for the bitcoin miner to include the transaction in their block.

It is important to state that a bitcoin mining (pool) company may decide to improvise or adopt any business process and structure that will guarantee them efficiency and flexibility; the above stated business cum services process is not cast on stone.

Starting a Bitcoin Mining Business – The Marketing Plan

Marketing ideas and strategies

As a bitcoin mining company, you would have to prove your worth over and over again before you can be awarded any bitcoin mining and hashing contracts from corporate clients.

So, if you have plans to start your own bitcoin mining company, it will pay you to first build a successful career in the digital payment system industry.

People and organizations will hire your services to help them handle all their bitcoin mining and hashing needs if they know that they are going to get good returns on their investment.

So, when you are drafting your marketing plans and strategies for your bitcoin mining company, make sure that you create a compelling personal and company profile.

Aside from your qualifications and experience, it is important to clearly state in practical terms what you have been able to achieve in time past as it relates to the cryptocurrency industry and the organizations you have worked for in time past.

This will help boost your chances in the market place when sourcing for bitcoin mining and hashing contracts.

Businesses these days are aware of the power of the internet and which is why they will do all they can to maximize the internet to market their services.

In other words, a larger percentage of your marketing efforts should be directed to internet users.

Here are some of the platforms you can utilize to market your bitcoin mining company:

  • Introduce your business by sending introductory letters alongside your brochure to all the bitcoin exchange and trading companies and bitcoin traders, programmers, investors, and internet – business oriented people and organizations within and outside the United States
  • Promptness in bidding for bitcoin mining and hashing contracts from bitcoin exchange and trading companies cum bitcoin traders, programmers, investors, and internet – business oriented people and organizations within and outside the United States
  • Advertise your business in relevant programming magazines, radio and TV stations (make yourself available for bitcoin mining and cryptocurrency related talk shows and interactive sessions on TV and Radio)
  • List your business on local directories
  • Attend international bitcoin mining and cryptocurrency related seminars and business fairs
  • Create different packages for different category of clients in order to work with their budgets
  • Join related associations around you with the main aim of networking and marketing your services; you are likely going to get referrals from such networks
  • Engage the services of online marketing executives and business developers to carry out direct marketing

Factors That Will Help You Get the Right Product Pricing

Some of the key factors that will help you mine or hash bitcoin in a profitable pricing system is to ensure that you work with highly talented programmers and mathematicians in your bitcoin mining pool.

You should also ensure that you get your bitcoin mining software and hardware at good deal not forgetting to run your maintenance as at when due.

Another strategy that will help you offer your bitcoin mining and hashing services at the right price is to ensure that you cut operational and maintenance cost to the barest minimum, and channel your efforts towards marketing and promoting your brand name.

Aside from the fact that this strategy will help you save cost, it will also help you get the right pricing for your products.

Strategies to Boost Your Bitcoin Mining Brand Awareness and Create Your Corporate Identity

If your intention of starting a bitcoin mining company is to grow the business beyond the city where you are going to be operating from to become a national and international brand, then you must be ready to spend money on promotion and advertisement of your brand.

In promoting your brand and corporate identity, you should leverage on both print and electronic media and also social media (the internet).

As a matter of fact, it is cost effective to use the internet and social media platforms to promote your brands, besides it is pretty much effective and wide reaching.

Another strategy is to sponsor relevant programmer/ICT based programs, TV and radio programs, advertise your business in relevant magazines and newspapers. Below are the platforms you can leverage on to boost your brand and to promote and advertise your business.

Place adverts on ICT magazines and related newspapers, radio and TV stations

Encourage the use of word of mouth publicity from your loyal customers

Leverage on the internet and social media platforms like YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote your business

Ensure that you position your banners and billboards in strategic positions all around your city

Distribute your fliers and handbills in target areas in and around our neighborhood

Contact bitcoin exchange and trading companies cum bitcoin traders, programmers, investors, and internet – business oriented people and organization within and outside the United States by calling them up and informing them of your organization and the bitcoin mining and hashing services you offer

Advertise your business in your official website and employ strategies that will help you pull traffic to the site

Brand all your official cars and ensure that all your staff members wear your branded shirt or cap at regular intervals.

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BitcoinCash (BCH)

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Satoshi Nakamoto Quotes

CODE IS LAW

“ It might make sense just to get some in case it catches on.

If enough people think the same way, that becomes a self fulfilling prophecy.

Once it gets bootstrapped, there are so many appli­ca­tions if you could effort­lessly pay a few cents to a website as easily as dropping coins in a vending machine. ”

Get some in case it catches on

“ In this sense, it’s more typical of a precious metal.

Instead of the supply changing to keep the value the same, the supply is prede­ter­mined and the value changes.

As the number of users grows, the value per coin increases.

It has the poten­tial for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advan­tage of the increasing value. ”

Potential for a positive feedback loop

“ Maybe it could get an initial value circu­larly as you’ve suggested, by people foreseeing its poten­tial useful­ness for exchange. (I would definitely want some)

Maybe collec­tors, any random reason could spark it.

I think the tradi­tional quali­fi­ca­tions for money were written with the assump­tion that there are so many competing objects in the world that are scarce, an object with the automatic bootstrap of intrinsic value will surely win out over those without intrinsic value.

But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something. (I’m using the word scarce here to only mean limited poten­tial supply) ”

“ A rational market price for something that is expected to increase in value will already reflect the present value of the expected future increases. “

Rational market price

” In your head, you do a proba­bility estimate balancing the odds that it keeps increasing. ”

Probability

“ I’m sure that in 20 years there will either be very large trans­ac­tion volume or no volume. ”

In 20 Years

“ Bitcoins have no dividend or poten­tial future dividend, there­fore not like a stock.

More like a collectible or commodity.“

Collectible vs Commodity

” [Lengthy exposition of vulnerability of a systm to use-of-force monopolies ellided.]

You will not find a solution to political problems in cryptography.

Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own. “

Pure P2P networks

” It’s very attractive to the libertarian viewpoint if we can explain it properly.

I’m better with code than with words though. “

Libertarian Viewpoint

” The proof-of-work is a Hashcash style SHA-256 collision finding.

It’s a memoryless process where you do millions of hashes a second, with a small chance of finding one each time.

The 3 or 4 fastest nodes’ dominance would only be proportional to their share of the total CPU power.

Anyone’s chance of finding a solution at any time is proportional to their CPU power.

There will be transaction fees, so nodes will have an incentive to receive and include all the transactions they can.

Nodes will eventually be compensated by transaction fees alone when the total coins created hits the pre-determined ceiling. “

Transactions Fees

” Right, it’s ECC digital signatures.

A new key pair is used for every transaction.

It’s not pseudonymous in the sense of nyms identifying people, but it is at least a little pseudonymous in that the next action on a coin can be identified as being from the owner of that coin.”

Pseudonymous

Bitcoin is a new electronic cash system that uses a peer-to-peer network to prevent double-spending.

It’s completely decentralized
with no server or central authority

New electronic cash system

Total circulation will be 21,000,000 coins.

It’ll be distributed to network nodes when they make blocks, with the amount cut in half every 4 years

first 4 years: 10,500,000 coins

next 4 years: 5,250,000 coins

next 4 years: 2,625,000 coins

next 4 years: 1,312,500 coins
etc…

When that runs out, the system can support transaction fees if needed.

It’s based on open market competition, and there will probably always be nodes willing to process transactions for free.

Open Market Competition

” I would be surprised if 10 years from now we’re not using electronic currency in some way, now that we know a way to do it that won’t inevitably get dumbed down when the trusted third party gets cold feet.

It could get started in a narrow niche like reward points, donation tokens, currency for a game or micropayments for adult sites.

Initially it can be used in proof-of-work applications for services that could almost be free but not quite.

POW applications

It can already be used for pay-to-send e-mail.

The send dialog is resizeable and you can enter as long of a message as you like.

It’s sent directly when it connects.

The recipient doubleclicks on the transaction to see the full message.

If someone famous is getting more e-mail than they can read, but would still like to have a way for fans to contact them, they could set up Bitcoin and give out the IP address on their website. “

Pay-to-Send Email

“Send X bitcoins to my priority hotline at this IP and I’ll read the message personally.”

Send bitcoin

You can securely control neither your land nor your digitally centralized financial assets without the help of government. Thus the locality & importance of legal ownership in these things. You can securely control your globally seamless Bitcoin without the help of government.

Nick Szabo

From the People For the People !!! Be your Own Bank !!! REVOLUTIONARY IMMUTABLE PUBLIC COLLABORATIVE OPEN RESISTANT DECENTRALIZED

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Did you find this article helpful?

If so, please consider a donation to help the evolution and development of more helpful articles in the future, and show your support for alternative articles.

Your generosity is 💚 ly appreciated

You can donate in any crypto your 💚 desires 😊

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Bitcoin (BTC) :

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


LiteCoin(LTC) :

LYAdiSpsTJ36EWCJ5HF9EGy9iWGCwoLhed


Ethereum(ETH) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


EthereumClassic(ETC) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


Cardano(ADA) :

addr1q88c5cccnrqy6xesszzvf7rd4tcz87klt0m0h6uvltywqe8txwmsrrqdnpq27594tyn9vz59zv0n8367lvyc2atvrzvqlvdm9d


BinanceCoin(BNB) :

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BitcoinCash (BCH)

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Bitcoin SV (BSV)

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ZCash(ZEC) :

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Dash(DASH) :

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Shiba(SHIB) :

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Tron(TRX) :

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Stellar(XLM) :

GBL4UKPHP2SXZ6Y3PRF3VRI5TLBL6XFUABZCZC7S7KWNSBKCIBGQ2Y54