The Most Promising Cryptocurrencies To Buy In 2017

  

Ethereum:

Ethereum is a unique cryptocurrency that presents a distributed computing platform that features the “smart contract” functionality. Many crypto-enthusiasts think that ethereum is undervalued at the moment and others believe that its real value is even greater than that of bitcoin. Ethereum is by far the most promising coin to invest in this year. During the past couple of months, ethereum has been witnessing a bullish wave that led to more than %300 rise in its price in March. Even more, ethereum has recorded last March its all-time high of $54. In my opinion, ethereum has the potential to be worth more than $100 by the end of this year.

Monero:

Monero is one of the most promising altcoins that will definitely witness enormous gains in 2017. Apart from most other cryptocurrencies, Monero’s transactions are anonymous, thanks to its CryptoNote protocol that relies on ring signatures. Similarly to ethereum, monero’s price spiked, recording more than 100% gains during the past few weeks. Interestingly enough, monero has also recorded, in the later half of last March, its all-time high of $25. Monero has the potential to grow to over $50, especially after AlphaBay, one of the major darknet marketplace, has chosen to add monero as a payment method late in 2016. Oasis, another darknet marketplace, also started to accept monero payments, and more markets are expected to do so too, during 2017, which will take the price of monero to the moon.

DASH:

DASH currently represents the third biggest cryptocurrency by market capitalization. Similarly to monero, DASH’s transactions are anonymous via a unique coin mixing service known as “PrivateSend”. The year started with a bullish wave that has been controlling DASH’s market since then.  The bullish wave climaxed later in March by scoring DASH’s price all time high of around $116. DASH was the second cryptocurrency to be added as an accepted payment method on darknet’s marketplaces. It has the potential to grow to over $200 this year, especially that DASH is by far the cryptocurrency with highest anonymity levels.

Other Coins:

There are other coins that hold great potential for growth in 2017. Augur is a promising altcoin as it is presenting a new concept for decentralized market predictions. STEEM also holds enormous potential as it is by far the most successful decentralized social network. MaidSafeCoin’s price can also skyrocket during the upcoming months as it is supporting a new concept of crowd-sourced internet. GameCredits also hold great potential for growth during 2017, especially that it is introducing a new concept for online gaming markets.

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

80% of all Bitcoins Will Have Been Mined In a year From now

is in for quite a reality shock in about a year from now. As most people are well aware of, the amount of bitcoins being mined every day is much compared to a few years ago. What is even more intriguing is how the vast majority of BTC has been mined already. In January of 2018, 80% of all 21 million BTC will be mined and brought into circulation. A significant milestone that should not be overlooked by any means.

Inching Closer To 80% Of All Bitcoins

It is quite interesting to think about how far bitcoin has come since its inception. With a  hard limit of 21 million BTC to be generated by 2140, a lot of people assume there are still a lot of coins to be mined for the next few years. While that is true up to a certain extent, we are getting closer to 80% of the finite supply being brought into circulation already. Said milestone will take place roughly 365 days from now.

It remains a bit unclear as to what this will mean for the price per individual BTC, though. Asa mining becomes more difficult and less profitable unless continuous new investments take place, the price per existing bitcoin should go up in value. Moreover, with “only” 4.2 million coins to be generated after January 2018 = over the course of nearly 122 years – the demand for bitcoin should increase as well. However, neither of these factors are a given, as the cryptocurrency market does not operate like more traditional models.

At the same time, the 80% milestone could force some miners to shut down their operations. We have seen some major mining difficulty spikes over the past few weeks, and that trend will continue for quite some time. A higher mining difficulty requires more hash power and electricity to mine the same amount of bitcoin. For a lot of miners, January 2018 may become a good time to call it quits once and for all.

Should that happen, however, things will become even more intriguing. If there were fewer miners, it is expected the mining hardware manufacturers will take an even larger stake in the bitcoin mining process. Companies such as Bitmain and Bitfury have brought a lot of mining hardware online over the past few years. With more energy-efficient hardware still being developed, it is not unlikely a certain degree of centralization will occur in the mining world.

One of the lingering questions being asked aloud is whether or not we will ever see 100% of bitcoin’s entire supply be mined, to begin with. The final 5% could prove to be challenging, as the trade-off between costs and earnings will make it seem far less attractive to do so. It will take a very long time to mine the 21st million BTC, that much is already a given at this point. In fact, most people alive today in the bitcoin world will never that happen.

The coming year could become a very important one for Bitcoin as a whole. Albeit there are no guarantees or certainties, once 80% of the supply is mined, things will change eventually. Whether that will be in positive or negative fashion, remains unknown at this point. We live in very exciting times, especially when one has grown fond of the concept of bitcoin and cryptocurrency.

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

Cryptocurrency Versatility Creates New Opportunities

Over the last few years, the Cryptocurrency industry has been gaining popularity, and for a good reason. With the complexity that goes into making physical dollars, it’s clear now why people are opting to print a new form of currency. Making a digital currency is quite easier for someone with basic coding skills. Most are turning to the internet to gain ground and understand its use and value. Before, the concept was unfamiliar and scary just like the credit card some years back.

You might have come across the terms Bitcoin, Litecoin, and Ether. These are cryptocurrencies that use the Blockchain Technology to ensure this currency and technology is safe. Here we look at the some of the new opportunities created by cryptocurrency versatility in different fields. But before that, let’s look at the basics.

What is Cryptocurrency?

A cryptocurrency is an encrypted digital currency that is created using advanced encryption techniques commonly known as cryptography. The concept became a reality upon the creation of Bitcoin in 2009. It captured the attention of significant investors in April 2013 when it recorded a price of $266 per bitcoin. So, will the currency eventually unseat the ruling currencies such as dollars and euros? The answer lies with the Bitcoin. That said, what are the new opportunities being created by the cryptocurrency? Find out.

Improvement in education

According to Gigaom reports, university students can now receive bitcoin once they enroll in school, and some universities are even accepting the currency as a form of payment for tuition. Dan Elitzer, the President of the MIT Bitcoin Club, and Jeremy Rubin, a computer scientist at MIT, successfully raised about half a million dollars for the enrollment of more than four thousand students worldwide in tech institutions.

The team together with the bitcoin community managed to provide students a chance to develop their own bitcoin wallets. This seems like a clever plan judging from the recent advancements in Bitcoin where they have developed the new Xapo Wallet. Today technology has enabled students to access different services including essay services and now cryptocurrency. Providing college students with access to bitcoin is a great step in cryptocurrency especially since universities are now accepting alternative currencies such as Bitcoin as payment for tuition.

Entrepreneurial innovation

The improved growth in the use of cryptocurrency leads to entrepreneurial innovation and it is said to foster growth in traditional banking infrastructure. Once the infrastructure is built and there is mass distribution of the currency, new businesses can build financial services without having to invest in expensive infrastructure. They just have to build applications and supportive services aside from the cryptocurrency system and they conduct their business without building a data center, huge hardware, and an IT department. The ability of an entrepreneur to access a source of payment method has fueled innovations in the financial services. These services are beneficial to the constituencies and areas that are underserved by the traditional banking providers.

Facilitates establishment of custom designed currencies

Cryptocurrencies are the latest technological advancements that have enabled groups to create custom designed currencies. Today we see banks and other institutions working hard to establish their digital currencies and this is a new chance to experiment new technology. Bitcoin has already set ground and proven to be quite dynamic and resilient amongst other currencies. It has undergone massive criticism but it has proven it’s powerful on the global perspective. Being an example of a successful digital currency, it is completely public and can be used in peer-to-peer transactions. It is a global financial utility that is accessible to anyone provided you’re connected to the internet.

Those who say that Bitcoin and Ethereum may become irrelevant may be surprised. Cryptocurrencies are high-grade financial tools that are made for legitimate and exciting function with a sense of global financial services that bypasses the infrastructure of traditional banking. Some experts even suggest that blockchain payment systems may beat the mighty U.S. Automated House financial transactions system come 2020.

With the technological advancement that is being experienced now, it is not a surprise to find that the cryptocurrency usage may accelerate to greater heights. The blockchain technology is expected to form a great part of the coming internet generation with massive transformation in commerce and overall structure of corporations and many other institutions across the globe. Be ready for this radical transformation. It’s worth checking out.

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

What is Bitcoin mining?

Bitcoin miners use computing power to add transaction records to the blockchain, which is a public ledger of transactions. Miners earn a certain number of Bitcoins for the work they contribute to this process and are paid a transaction fee by users sending transactions. The process of mining and adding a new block to the blockchain comprises the following steps:

1. Verify that the transaction is valid.
2. Compile valid transactions in a block.
3. Insert the header of the most recent block into the new block as a hash.
4. Solve the proof of work problem.
5. When a solution is discovered, the new block is added to the blockchain.

The proof of work is designed to require a large amount of computational power, as this prevents the public ledger of transactions from being tampered with and controls the rate of new Bitcoins being introduced. The proof of work difficulty is updated regularly in order to maintain a controlled flow of new Bitcoins and improve the security of the system.

  

Mining Hardware

During the infancy of Bitcoin mining, many people used desktop processors to mine Bitcoin. However, as the difficulty continued to rise with the popularity of the cryptocurrency, specialized mining hardware was developed in order for miners to remain competitive. These days, mining Bitcoin requires a large amount of investment and work to make a profit, as there are many mining farms around the world.

While this increases the security of the system, it means that using your graphics card to mine Bitcoins in your spare time is no longer a viable solution for most miners. Most serious Bitcoin miners use hardware designed to mine Bitcoin. The efficiency of these devices is measured in hashes per second and their price can vary depending on performance levels.High-end hardware also draws a large amount of power and can be prohibitively expensive for casual Bitcoin miners.

Below are several Bitcoin mining hardware solutions available in South Africa.

  

Software and Bitcoin Wallet

After purchasing the required mining hardware, you will need to download Bitcoin mining software. This software connects you to the blockchain and ensures you are in consensus with the official Bitcoin network. If you are mining in a pool with other miners, data requirements are relatively small. If you are mining by yourself, you will need to download the official Bitcore client to synchronize with the blockchain. Bitcoin mining software is freely available online, with the most popular using a simple command line interface.

Below are a few popular Bitcoin mining programs:

• EasyMiner
• MinePeon
• CG Miner
• BFG Miner

Miners also need a Bitcoin wallet to store their earnings. There are a number of Bitcoin wallets available online, but it is generally recommended that users download a wallet which allows them to hold their own security keys instead of an online hosting solution.

  

Saving keyboard money

Additional options

Instead of purchasing physical hardware and using your own resources to mine Bitcoin, some miners opt to purchase cloud mining contracts. Cloud mining involves renting an amount of processing power from a service provider and earning Bitcoin relative to the amount of processing power purchased. There have been many scams involving cloud mining contracts, and there is no guarantee of security when using these services.

Miners can also choose to mine different cryptocurrencies using different blockchains, such as Ethereum. Each of these currencies has its own advantages and disadvantages, with some catering more to individual miners or offering reduced block time.

  

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member