1Ths solo mining. worth it? - Bitcoin Forum Bitcoin 1ths

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This is a cloud mining contract by, a reference source for everything Bitcoin related. The contract is for 2TH/s with a lifetime duration. When buying a mining contract, you're contributing to the activation of Bitcoin Unlimited's Emergent Consensus. charges a maintenance fee as long as the contract is profitable. The fee is deducted from profits. The contract will end if daily fee exceeds revenue for 60 consecutive days.

There is no extra charge. 

Contracts start with daily payouts.

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Bitcoin - 2THs - Lifetime- Bitcoin Cloud .

19 Jan

We have compiled a short table showing how much Bitcoin you could mine with 1 THS hashrate starting November 1st up until the estimate for February 1st this year. This period covers 3 months and as you can see the coins mined for just these 3 months pretty much halved due to the rapid increase in the network hashrate and thus the network difficulty. The table shows the numbers of coins you could expect to have mined without any cost for electricity for own hosted mining hardware or maintenance fees for cloud mining. The end result is pretty much the same however – the profit for miners has declined significantly, especially for the ones using older hardware with more electricity being used.

What some of you might not remember that well already is that prior to November last year the exchange rate of Bitcoin was in the $200-230 USD range and around November 1st it was already in the three hundreds, briefly peaking up to about $500 USD. For the last three months the price of BTC has essentially almost doubled, so considering that the difficulty has also doubled miners should still be getting roughly the same amount of USD when they convert the mined BTC, even though the coins mined are half of what they were before.

Later this year another important event for Bitcoin is going to take place, in about 6 months we are expecting to see the second halving of BTC block reward from from 25 to 12.5 coins. This essentially means that the coins mined will yet again drop in half with many expecting that the price of Bitcoin will compensate by increasing further from the level it is now. If this happens we might as well see 1 BTC traded for about $1000 USD as early as this summer…

To keep track of the remaining time you can check the Bitcoin Block Reward Halving countdown here…

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4 Blade Bitminer

[dropcap size=small]I[/dropcap] was able to get a sample 1 th/s Bitmine SHA-256 Bitcoin miner to review. I got the miner from They are a new company on the Bitcoin mining scene and active on BitcoinTalk.

The new CoinCraft A1 chips are powering the miner. They have been popping up in several different 1 th/s miners the last few months.

These are the specs on the Bitmine:

CASE SIZE: 43.5*44.1*16.2cm WEIGHT: 33.1 lbs POWER: 1300 watt PSU – 1TH off the wall 1080watt QUANTITY: 32 CoinCraft Chips /4 Blade Modules Typical: 25-26 GH/s Ethernet: Tp-Link Controler Unit: Raspberry Pi Model B w/ 8gb SD Card

*This unit has a 1100 watt Gamezone PSU 80 Gold Rated. It had been purchased before the upgrade to a 1300 watt PSU.

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Update April 13, 2017: Now 2071 TH/s for 1 BTC/day. Updated graph.

Update June 17, 2017: Now 2830 TH/s for 1 BTC/day. Switched graph to an exponential scale, the network has grown in power so fast that linear graphs just go vertical.

Update October 12, 2017: Now 4469 TH/s for 1 BTC/day. Updated graph.

Right now you can earn bitcoins by mining, exchange with Cex or LakeBTC or get free bicoins every hour. Also you can get free Bitcoin Debit Card:

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  1. Genesis Mining is a well-established X11, Ethereum and Bitcoin cloud mining provider. They are the largest Bitcoin cloud mining provider and furthermore are now offering Ethereum/X11 mining contracts as well. All their bitcoin contracts are lifetime contracts, which is a big plus! Currently, they have 3 undisclosed locations in Europe, America and Asia. They represent their service on all the important Bitcoin conferences / events and are more transparent than any cloud mining service out there! Genesis Mining aims at the average Joe and as well at the bigger investor. They aim to be one of the most competitive cloud mining providers out there. You can start off with a 100 GHS (Gold) Bitcoin mining contract for 26$ to get a nice overview of the service they provide. If you look for something bigger you can purchase 2000 GHS (Platinum) for 499$ or 10000 GHS (Diamond) for 2400$. Their website is very clean and has a very appealing design. We really like how easy it is to set up an account with them and start mining. When you signed up, just fund your account with some Bitcoin and choose a mining plan that suits your needs. If you don’t want to pay with your precious Bitcoin you can pay by bank transfer, Litecoin, Dogecoin and Darkcoin or Credit Card.

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To manage your account information, wallets for the different coins and to add two-factor authentification simply click my account. Their support is outstanding and they will address any questions or issues very fast! Genesis Mining is a very customer orientated company and does everything to make you happy. We highly recommend them and we are sure that they will remain growing bigger and bigger in the cloud mining business.

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No option to trade or sell your KHS/MHS


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LakeBanker is a spinoff of cryptocurrency exchange, LakeBTC. Its operations began in 2013 and LakeBTC now has 10 million user accounts created from 162 countries. We support 42 currencies and 52 payment methods with hundreds more to come. LakeBTC is probably the only major platform without stolen coins, security scandals or flash crashes. As one of the most valuable brand names in the industry, LakeBTC is proven to be robust, reliable, and trustworthy. LakeBanker inherits its core team, expertise, technology and culture. Our CEO is Thomas Xie, co-founder of LakeBTC, cryptocurrency veteran and serial entrepreneur.

LakeBTC project was started in early 2013 as a virtual bitcoin exchange initially for traders and other financial professionals interested in cryptocurrencies and blockchain technology. Later that year, the exchange was incorporated and operated under the current domain name. Today, LakeBTC stands for Lake Banking Technology Company.

With years of experience trading treasuries, agency bonds, currencies, commodities, interest rates, volatilities and all types of derivatives and structured products, LakeBTC is dedicated to building a bitcoin platform for pricing, liquidity, security, derivatives and indexes. On LakeBTC, individuals, merchants and institutions can easily trade bitcoins, lock down the prices, manage their exposures, and hedge their risks.

Today, as cryptocurrencies gained more and more exposures to the general public, LakeBTC is becoming one of the best bitcoin platforms around the globe. Our years of risk management and internal control experience in financial industries build the most solid foundation for ensuring customers' fund and privacy being safe and secure. LakeBTC is one of the Big Four exchanges in the world that determines CoinDesk Bitcoin Price Index (BPI).

High availability and fast trade matches, even under enormouse amount of load, are two attributes that are critical to high liquidity and make us stand out in the crowd. Besides, we also provide highly-secure market data and trading API's for advanced users who prefer arbitrages, market making, or alogrithm trading.

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We have been striving for an exceptional user experience of every single visit of every single customer around the globe. Our support team will be happy to assist you with any questions you may have in registration, login, password recovery, deposits, trading, and withdrawals. You can reach us by email, SMS, instant-messaging, social networks, and telephone.

The price of bitcoin in 10 years is nearly impossible to predict but the future will be subject to 2 main source of drivers as I see it :

  • Bitcoin has been one of most profitable assets to date since 2009 and one of the best investments some could argue. Early adopters have been generously rewarded with gains upwards of over 3,000-5,000% on the dollar invested if you invested in the early years of its inception. Some could argue that the Bitcoin glory days are over and that it has already had its prime.
  • However Bitcoin is an uncommon investment and should not be compared to traditional investments such as stocks, bonds, or even gold. Bitcoin has several purposes not only as a store of value and investment for some but also as a security to protect against inflation. Some people even use Bitcoin to transfer currency from one country to another country without having to pay traditional banking fees. And even for e-commerce and buying things online. Bitcoin has the chance of a lifetime to be the new Gold Standard for everyday use. If every company worldwide and country worldwide switches from wanting to be paid in USD to be paid in BTC we should see the currency skyrocket past every barrier and have even more value then today.
  • Bitcoin is a once every 20 years type of invention that you see to be able to have the opportunity to invest into is amazing. This is like watching the Dot Com boom in the 1980-1990's sky rocket and a tremendous opportunity for everyone.
  • A lot of people say that there is no room for gain in Bitcoin because they have not studied the currency or do not understand how it works so come to the conclusion that since it started at nearly .05 cents and today trades at just over $669.50 per coin as I write that it has no more room for growth or there is no more opportunity to gain anything on it. This conclusion is far from true and has no understanding how it works.
  • First Bitcoin can only have a maximum of 24,000,000 coins ever that there will ever be in existence. Knowing that this is the maximum coins that will ever be gives this practically a zero inflation rate so there will never be any inflation of the coins like traditional Fiat currency. And every 4 years the production rate at which miners can mine coins will half every 4 years, so every 4 years basically miners will have to sell
  • coins for nearly twice the price per each coin mined to be able to have the same exact amount of profit coming in as was before.
  • Bitcoin is ripe to bring profits to more investors. Even though the price per coin is nearly $670 per coin as of today there is still far more room for growth. If you took every coin in existence and sold them all at today's rate of $670 it would be just over $10,500,000,000 for all coins in existence this is a relatively small market cap as compared to other Technology companies like Facebook, Google, Microsoft, Apple etc. All Tech giants mentioned have market caps well over $300,000,000,000 Billion Dollars and Apple boasts a market cap well over $500 Billion. So even if Bitcoin is only worth 1/2 as much as Apple all together this still represents nearly a 2,000% gain in its market capitalization from where it sits today at just over $10.5 Billion.
  • Bitcoin is still in the beginning of its gold rush. Just like California had a gold rush in 1850 this is the modern day goldrush for the internet age. Early adopters will profit the most on Bitcoin but late adopters still have a lot of room for growth if this is going to be the new Gold Standard of today! This could even be compared to having the chanc
  • e to invest in the Dow back in the 1970-1980's when the Dow was in its infancy and trading at nearly 900 points.
  • I predict that with each halving we will see a nearly double in the price per coin as miners realize that they need to sell coins for more to keep up with the costs of production. So by 2020 when the next halving is set to occur we should see the price per coin around $2,500-$3,000 Per coin. By 2024 that puts the price per coin at nearly $5,000-$6,000 per coin. By 2028 that puts the price at nearly $12,000 per coin and this could also go up even more with other trigger events such as recessions or global economic turmoil or instability. So by 2032 we could easily see each coin well over $24,000 with trigger events that can occur that put the price even higher. I only hope my writing will help some people have a better understanding of the potential value of Bitcoin and my writing should not be relied upon for making any investment decisions. Please do not use this reading as investment advice. Good luck to everyone invested and long BTC!!!!

What fascinates many people is not what Bitcoin is today. Instead, the future possibilities of Bitcoin are seriously validating the idea of crypto-currencies eventually coming into the mainstream, alongside fiat currencies.

Off the bat, the main advantages of this type of digital currency are easy to identify. It is simple to trace Bitcoins, it can be more easily transferred than paper money since it exists in virtual space, and it cannot be stolen easily, unlike paper money.

If what is believed to be the future of Bitcoin comes to pass, the governments of the world and their associated financial institutions will have no choice but to create, support and circulate crypto-currency, such as Bitcoin, as legal currency alternatives at some point in the future. Here are some of the reasons why many people believe that Bitcoin is the future of money and why this digital currency has such a bright future.

Cut Out the Middleman and Transact Peer-To-Peer

In the future, there will be no need to have a government or central bank to make decisions on currencies. Bitcoin will revolutionize the 21st Century economy and how financial transactions are carried out. Bitcoin is money that is produced by people, to be used by the people and it originates from agreements between the same people. Just as local currencies came to the forefront of finance as the natural next step in the evolution from barter trade, in the future, we can expect to trade in digital money without having to worry about banks, interest rates, the printing or minting process, and any other fees and processes which have become a general part of today’s banking systems.

Bitcoin’s Block Chain: The Transaction Ledger of the Future

Everyone the world over, including the biggest players in the financial industry, have praised the Bitcoin Blockchain’s revolutionary capabilities. The blockchain is a virtual shared and public ledger that is at the core of Bitcoin’s protocol. It provides procedures for keeping track of any BTC transactions and in this way, Bitcoin wallets are able to calculate their spendable balance while new transactions can also be verified to confirm that the Bitcoins being spent are actually owned by the spender. In the future and as the technology evolves, it will be used to dealing with common challenges that are currently experienced within the fiat monetary system.

Future transactions will be conducted without the need for lawyers and paper trails since there is a record of all Bitcoin transactions in history. The Blockchain is definitely the 21st Century’s financial record keeping technology that all central banks wish they had.

People, Not Governments, Control Money

Because governments around the world hold on to and control fiat currency as they wish, they are able to abuse it in different ways, with their citizens ending up paying the price. For political and economic reasons, many governments may deliberately tinker with the monetary system in order to artificially create inflation. On the flipside, if governments created more and more cash, the fiat monetary system would become useless.

Meanwhile, the total amount of Bitcoins is set at 21 million coins, which cannot be inflated. As a result, the flaws in the Keynesian economic theory, developed by the British economist John Maynard Keynes, are non-existent in Bitcoin. Since governments do not have control over the money, they cannot steal it, fix rates, or manipulate the volumes of money available.

Faster Completion of Transactions

Paper currency transactions and bank transfers simply cannot match the speed of Bitcoin-based trading. Transferring a large amount of money from a country to another or from one bank to another is inefficient because of all the moving parts that are needed to make it happen.

Typically, to transfer an amount such as $100,000, you have to go to the bank, be patient as you are interrogated by the bank staff, pay the necessary fees and wait for paperwork and approvals before the cash is finally transferred. The recipient on the other side of this transaction also has to undergo a similar ordeal. All of this may take as long as a day or more to complete.

On the other hand, it is now common to transfer thousands of dollars over Bitcoin in a matter of seconds and the applicable fees are negligible. In the future, transferring crypto-currencies in a flash will be the norm, rather than the exception.

In addition, we have seen many companies adopt payments using Bitcoins. In the trading arena, investors are also able to trade Bitcoins in binary currency trading and this enables them to access lucrative investments based simply on the fluctuations in the value of the Bitcoin, irrespective of whether this value is increasing or declining.

Bitcoin Will Revolutionize Micropayments

One of the areas that Bitcoin will revolutionize business is in the area of micropayments. Because of all the steps and ‘middlemen’ needed for online transactions, small payments under $5 attract very high fees, making them impractical for both the buyer and seller.

When it comes to Bitcoin, there are no intermediaries as it is a peer-to-peer transaction. The cost per transaction is less than a penny, and payments are approved and delivered in a flash. In the future, Bitcoin will ensure that traders and buyers involved in micropayment transactions completely forget about the cost of doing business as they make high profits.

International Finance Will Be Made More Accessible To the Third World

Billions of people around the world live in developing or underdeveloped countries. For example, if you grew up in a remote region of Africa, where there is no 4G coverage or cable television, you are probably not fortunate enough to live near a major town or have the means to get there except for a muddy track that is miles away. As a result, how would you conduct your global or local business effectively?

By using Bitcoin for transactions and payments, a text message could be all that you need to send from your basic feature phone in order to conduct global business. Your cheap cell phone becomes a bank where you do business globally without incurring the hefty charges levied by traditional banks.

Bitcoin Holders Will Enjoy the Benefits of a Capped Currency

As stated above, it was decided that the volume of Bitcoin is to be maintained at 21 million coins to be produced up to the year 2140. This can only be changed in the unlikely event that the entire block chain agreed to change this arbitrary value. The result is an appreciation of the currency’s value on a continuous basis, forever.

A New Way to Combat Identity Theft

You don’t send any personal information when transacting in Bitcoin. On the other hand, when dealing with paper money, your account number along with your ID number, social security information, balance, and address are transferred between banks and systems. You can only HOPE that your information remains safe. The transactions pass through a clearing house where several people have access to your most sensitive data. For this reason, approximately 5% of US residents have had their identity stolen at least once in their lives. In a Bitcoin-driven future, identity theft will be consigned to history.

Low-Cost Money Transfer

Western Union continues to rake in billions of dollars from the money transfer business as it has no close competitor anywhere in the world. You have to part with up to 15% of the transaction value in order to transfer your cash through the service. You can transfer much more money, much faster while paying pennies using Bitcoin, regardless of where you are sending the cash to. Forward looking businesses will see space for growth in this area, as money is sent to the rightful people and organizations which then enables them to invest in their communities and organizations.

The Final Word

There are many more benefits of Bitcoin than can fit into a single article. While it is not the perfect solution to all the world’s monetary problems, its benefits far outweigh the challenges this currency has to overcome. The convenience and security it offers will mean that more and more individuals, businesses and governments will have little choice but to adopt Bitcoin in one form or another.

Bitcoin’s price versus the US dollar is the most searched keyword for Bitcoin, along with “What is Bitcoin?” The Bitcoin price is important under many circumstances, primarily exchange rates with any fiat currency, which are based on US dollar rates to some extent.

Now that Bitcoin’s price has more than doubled since January, the Bitcoin trolls and haters are noticeably silent this holiday season (funny how that works). Now that the good times are rolling, again–for Bitcoin as a global currency and an exchange of value–how far can this go? What is the ceiling for “the future of money”?

Some in the mainstream have actually been beating the drum in favor of Bitcoin as a long-term investment. Henry Blodget of Business Insider used Bitcoin’s peaking value (back during the Mt. Gox bubble in the fall of 2013), to pontificate a $1 million value down the road. That article received over 100k views, at a time when Bitcoin couldn’t have been more exciting to the mainstream, leaping from $125 USD to over $1000 USD in one fiscal quarter.

Recently, The Street took Bitcoin blogger Datavetaren’s word in a recent interview that not only will Bitcoin reach $1 million USD in value, but it will replace gold as the economic “safe haven” of choice. In a Bitcoin bull market, are we just taking a trip to Fantasy Island, or is there real digital gold in these economic graphs, long-term?

If you look at Bitcoin from all sides, it is hard to come up with a failing conclusion, if you go out far enough. As Nick Cary tweeted this morning, Bitcoin daily transactions are setting records this holiday season, passing 100k per day, so demand and usage are at all-time highs. As Bitcoin price continues to increase, the mainstream media struggles to castigate the digital currency.

Bitcoin will undergo a halving next July, dropping production to 12.5 BTC every ten minutes, which certainly won’t hurt Bitcoin’s price in the long run. This may cause miners to sell more Bitcoin holdings to maintain operations in the short-term, so there will be attrition at play. This can act as a counterbalance to the natural appreciation, at least for awhile–don’t expect BTC values to double by next fall, but I would be bullish over time on Bitcoin values. When demand, which is increasing steadily, swamps supply, prices rise over time.

A factor no one talks about is the long-term value of the “global reserve currency,” the dollar itself. The US government will tell you inflation is a mere 2% at worst, and many times, they’ll even say there is no inflation at all if you let them. Anyone who has bought a car, a pound of beef, or a bitcoin for that matter will tell you otherwise. Real-world inflation–not the contrived and manipulated CPI–is more like 5% per annum, not 2% or less.

Many experts are also forecasting the end of the U.S. dollar’s run as the global reserve currency by the end this decade. Superpowers like Russia and China are working night and day to upset the global economic dollar-based shopping cart. The AIIB (Asian Infrastructure Investment Bank) and the BRICS (Brazil/Russia/India/China/South Africa) have created a we-hate-the-dollar investment bank, and new Silk Road construction from China, through Russia, into Eastern Europe are all signs of a geopolitical economic shift for the ages.

In an environment where the U.S. is $18 trillion in debt, where non-dollar denominated bilateral trade agreements are the norm and countries worldwide are using the Chinese yuan for global exchange, the US dollar is on the clock. It’s not a matter of if, but when there is a changing of the guard. The dollar has lost over 97% of its value over the last century, and why wouldn’t that model of consistent economic debasement continue?

Bitcoin’s value is being rated against a depreciating paper asset with a bad heart. We all do this by default, but I could write 3000 words on why a bitcoin is more valuable than a dollar, and the market agrees, obviously. In the end, the question may not be how many dollars a bitcoin is worth–every fiat currency known to man has collapsed, and the U.S. Dollar will be no different. Its final destination will change the future of money even more than Bitcoin will.

I have no doubt a Bitcoin will be worth $1 million USD, not so much because of the strength of Bitcoin as a global currency, but because of the inherent weaknesses in the US dollar going forward. Global support and confidence in the dollar is fading while Bitcoin continues to rise. “The Third World” hasn’t even grasped the value of Bitcoin yet.

The billions of dollars invested is still 1-2 years from bearing fruit, making Bitcoin easier and more capable to use, worldwide. Bitcoin has proven its mettle, and it’s still in the foundation-building stage of its development arc. It may take a decade, but Bitcoin value is not something worth worrying about, over the long run.

Many people jump into Bitcoin for its investment value. Like my Mom, for example. She seemed to ignore the 2 years of work I’ve put into the Bitcoin community, but when some mainstream media talking head said Bitcoin was a good investment she demanded I return to Brooklyn to get her waist deep into the digital currency, ASAP. That’s fine and dandy and is probably the number one reason why the mainstream will notice and begin investing in Bitcoin going forward. When my Mom is on board, you’re doing something right.

Bitcoin’s continuously price is but the tip of the iceberg when it comes to reasons to invest in “The Future of Money.” However, since that is the case, here are five great reasons why Bitcoin’s price will continue to rise in the future, and draw continue to draw novice investors from the mainstream to the world of digital currency. If you are a regular CoinTelegraph reader, you may know some or all of these, but a refresher in the summer isn’t a bad idea. If this helps one person see the Bitcoin’s shine through this piece, my job is done.

1. Bitcoin value increases over time by design

With Bitcoin’s transactional volume increasing worldwide every day, a cap on production in the future, and a reduction in Bitcoins produced every 10 minutes just implemented July 10th, Bitcoin values will continue to climb for the foreseeable future.

U.S. Dollars and pretty much any fiat (paper) currency you can think of are losing value every year due to inflation, which is the increase of supply of said currency. Bitcoin is deflationary, by design. Bitcoin supply falls from now on, in four-year increments known as Bitcoin “halvings,” reducing the number of Bitcoins produced every ten minutes. Right now, this is 12.5 BTC per block.

A dollar has no production limit on the amount it can be inflated by decree of government or the centralized banking syndicate. Paper currency is generally inflated to try to outspend debts, or pay for unholy wars. So no debt, no inflation, and no blood on Bitcoin’s hands. I’d say we’re off to a good ideological start…..

2. Fiat currency fatigue

With global access to the Internet, and so many recent economic collapses of paper currency (Greece, Cyprus, Venezuela, Argentina, Zimbabwe, and more on the horizon), there is more interest than ever in a flat-out better economic system that is not so prone to failure after failure.

Mexico and Ecuador have been in discussions to mimic the Bitcoin blockchain and create their own digital currencies. China has had these discussions with Citibank and Deloitte to do the same. Tunisia, a North African nation, has already started its own national economic blockchain, and Japan has accepted Bitcoin as a national currency, on par with the Yen itself.

3. Wall Street/Big Business hasn’t jumped onto the Bitcoin bandwagon…..yet

Blockchain technology has been the darling of Wall Street, not Bitcoin. This is not without some good reason. Bitcoin has been embroiled in scandals and regulatory purgatory in many global locales, so it can be seen as a financial wild card to place big bets with.

PayPal has caressed the exterior of the Bitcoin concept, but it still is not a part of their core business. Microsoft and Dell are the other major players, but until a mass adoption event happens, or is forced to happen by some greater economic meltdown, Bitcoin will be seen as an outlier, not the best bet.

4. Cash is leaving the scene and will be replaced by digital payments anyway

Nations around the world are funneling the mainstream into the digital payment system and away from cash through soft bans. They may be doing it for economic control over all transactions, and the ability to record and tax every transaction in the future, but consumers will get closer and closer to the realization that Bitcoin is really their digital currency of choice.

Bitcoin has not gone viral yet, and is still developing the apps, upgrades, and protocols that will make it truly ready for prime time, so the upside potential is still huge. We’ve only scratched the surface of what a Bitcoin is really worth to the world. It’s quite a bit more than $670, or at least it will be in the future. Five year’s ago, it was worth $0.30 USD cents.

5. The Global Reserve Currency keeps losing value, which inflates Bitcoin value

As the U.S. Dollar keeps accelerating its inflation through ‘QE Infinity,’ which increases supply and erodes its value every year, global interest in it continues to wane, and a Bitcoin will cost more and more to buy on the weakening dollar. China has already begun to call for a new global reserve currency.

As the dollar loses 5-10% a year in real value, not the government’s alleged 1-2% per annum, Bitcoin’s value in dollars will grow in proportion. When, not if, the dollar loses its “Global Reserve Currency” status, people will flood the Bitcoin market looking to get in.

Since Bitcoin is not beholden to any country or economic paradigm run by the banking system, it can sit on the sidelines and collect value, like Gold and Silver will, while the legacy financial system continues to burn down around them. ‘Digital Gold’ has treated Bitcoin owners very, very well over the years, making incredible returns in six out the last seven years.

I wouldn’t worry about Bitcoin values going forward. More and more talking heads in the mainstream, if they have any credibility, will be singing the praises of Bitcoin’s value proposition. Maybe even some of them will be speaking from experience?

The real question is, will you? Not if you don’t see the forest through the trees and get started.

I hope this helps.

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According to the Liteshack, the Litecoin network hash rate reached 1TH/s, the equivalent of 1PH/s in Bitcoin (on GPUs), which was a milestone heralded as the arrival of Bitcoin. This comes on the heels of the merge mining of Dogecoin and Litecoin.

In an effort to survive, Dogecoin has switched to an auxiliary proof-of-work. The merger alone signals a positive attitude towards the future of Litecoin, and this new milestone is icing on the cake.


A Milestone

Almost exactly a year ago today, September 15, 2013, the Bitcoin network reached 1 PH/s which was marked as a historical milestone. Litecoin’s network reached 1TH/s on September 14, 2014 – which is the equivalent of Bitcoins 1PH/s. The network hash rate was followed by 16.62% change in the network difficulty – jumping from 28,323 to 33,030. While this is one of the largest jumps single jumps for Litecoin, it’s only a %12.76 change since last month.

Not All Good News

Despite the good news, the value of this cryptocurrency has not only stagnated but worse, it’s been in a steady decline. The Litecoin price continues to move further away from its 6-month high of $16.30. And the bad news doesn’t stop there. There was even talk of Litecoin being removed from exchanges and being replaced with Blackcoin. While many hoped the merge mining with Dogecoin would bolster both currencies, it appears Dogecoin has benefited the most, seeing an 18% rise in price on September 4th and again seeing a 40% increase the next week.

But it’s not all gloom and doom for Litecoin. 1TH/s is no small feat, and Litecoin remains the coin with the second largest market cap according to CoinMarketCap, and is the second largest network hash rate. While we haven’t seen any immediate benefit from the merger of Dogecoin and Litecoin, the merger most certainly helped strengthen the back of Litecoin.

Second Place Isn’t Good Enough.

Other coins have grown in leaps and bounds on news half as good as this, so why is Litecoin dragging behind? Perhaps being second place isn’t good enough. Litecoin was created to address concerns with ASIC machines and allow for faster and more energy efficient block solving by using scrypt rather than SHA-256. It was the first successful cryptocurrency to use scrypt as its hash function and gave the general public the ability to mine without the purchase of specific hardware. But the developers haven’t done much since then.

Other coins have come to existence, many being created in answer to questions or concerns from the community. Litecoin’s developers haven’t really done anything to promote Litecoin, much less improve it, and seem to be still trying to ride the success of being the first successful coin after Bitcoin. Litecoin has been second place for a long time, but their position keeps weakening. It’s time to stop riding that wave and start improving or else see the continued demise of Litecoin.

Images from Shutterstock.

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