What is Mining & How Does it Work part 1

The topic that is hot on people’s lips in and around Cryptocurrency right now is MINING.

There is a lot of confusion on what is it, how does it work & is it profitable?

There are 2 different types of mining;

1- Bitcoin Mining (which is run on an ASIC S9 Machine http://whatis.techtarget.com/definition/ASIC-application-specific-integrated-circuit )

2 -GPU Mining (http://searchvirtualdesktop.techtarget.com/definition/GPU-graphics-processing-unit. -Most alt coins like Ethereum, Dash,Monero, Zcash and many more Cryptocurrency coins can be mined on this machine, which I will cover in part two.)

I will go through bitcoin mining for you in this blog so read to the end to get the full understanding of this concept.

Mining = The Creation of coins & the Verification of Transactions.

Let me explain from the begging..

In late 2008 after the great economic crash diminished the banking system, an anonymous called Satoshi Nakamoto released a white paper, saying he found a way to encrypt digital money with the highest possible cryptography available.

Bitcoin was born & this new encrypted money allows us to now conduct and transact money instantly, anywhere in the world just like sending an email.

This i designed through a secured Decentralised network and not a centralised body like the banking system, western union for example.

We can now eliminate the middle man entirely!!

This new technology and Cryptocurrency solves the double spend problem that cryptographers have never been able to solve until now.

Here is an example of how this works:

If I were to send you a picture, an email, a PDF you are actually receiving a copy not the original.

If I were to send you Money across a digital network, you need to know that I have not sent that copy to 100 other people and that you have the original copy: I.e the Money or anything we can send of a value digitally.

Transparency

The main key to this concept you need to understand is that the Money is safe and secure, upon sending and receiving the money & the store of value assets.

Cryptocurrency is verified across a whole network of data centres called the Miners that record & process the data & transactions every ten minutes.

This new digital economy is born.

We can now conduct transactions outside of the Banking institutions, Government issued currencies and third party authorities.

You can now become your own bank that operates 24 hrs a day, everyday with much more efficiency, security & trust that we have never seen before. Peer to Peer banking and one of the greatest disruptions we may ever see in our lifetime.

The birth of Bitcoin is a day in history that will be monumental for generations to come.

The Bitcoin journey began in January 2009 Releasing the Technology Genie once again out of its bottle upon the world.

Experts are saying this will be a bigger invention than the internet.

How do we have trust that by not using the banking system to record transactions (which is a simple a plus or a minus into the ledger or record books) that the sender has sent the money and the receiver has received the Money?

How on earth do we keep records of what has occurred?

Satoshi Nakamoto released the software in January 2009 with an underline technology called the Blockchain, which is a public ledger run on a Distributed Network or a DLT – Distributed Ledger Technology –

This is designed to give 100% !transparency, safety, security which is now run across millions of computers that achieve a consensus every 10 minutes by recording and verifying transactions. More about this In a minute.

The Blockchain is the serious part of this and one of the most important cogs in the wheel of this system. So it is essential you understand how this works as it is so important to our economic future.

The Blockchain is a public ledger that will record and verify every transaction. Just like a Banking ledger that records plus and minuses in a ledger book that records in the same way. Then when a recorded digital transfer of ownership that is input into the network. So any computer or miner in the network have a verified document of the digital transfer that took place. The data or transactions will be verified accordingly and we know who has what through the transfer of ownership.

Then each Miner in the network will have a copy of that verified time-stamped transactions. Each Block contains a piece of the last block’s data attached forming a chain of the transactions or the data that was entered.

The Miners are in a big game and race & who ever verifies the most transactions in a ten minute period are then rewarded for their work .Upon each block that they win, the miner will receive 12.5 coins at today’s value plus the transaction fees that are recorded in that block.

The way the Bitcoin algorithm was deigned by mathematical laws will take until the year 2140 to complete & mine all 21 million bitcoins available. So we have some time,but the most profitable stage is right now!!

BITCOIN MINING

When bitcoin was first released back in 2009 the block reward for miners was 50 coins, then four years later it halved to 25 then it halved again and is now 12.5, & In 2020 it will be halved again to 6.25 coins per block reward for the miners.

The interesting part is that the miners get also rewarded the transaction fees that are recorded in the 10 min block of data and verified by the Blockchain.

You can see all bitcoin transactions on the Bitcoin Blockchain here.

http://www.blockchain.info

When I first started my journey into Bitcoin there were only a a couple of hundred transactions every 24 hrs. Now we are recording over 300,000 every 24hrs.

This picture was taken just a few weeks after the first one so you can see the magnitude of what has happened the bitcoin market with Billions in Market cap being added and hundred thousand transactions more on average every 24hrs.

The Miners are the ones who are getting rewarded from these transactions!!

Can you imagine when there are 1 million,- 10 million transactions every 24 hrs?

Bitcoin is only designed to only ever have 21 Million coins available. It can never have any more, unlike a Government issued currency where they can print as much as they like which actually devalues your wealth every time they do this.

Cryptocurrency offers a much more secure financial model that can increase in value, because of supply and demand rules.

When you have a finite product and such high demand can only push the value up. It’s just 101 economics.

Bitcoin price started at just 0.01 cents and at today’s value has now climbed to around the $ 15000 dollars mark and is only just getting started.

When every single miner has a copy of that data that was recorded in the Block, you know 100% that the transfer has been recorded and the receiver will have their money, contract, loan, school results, and votes what ever it may be.

The internet was about information, this is about value.

You cannot lie, cheat or manipulate the Blockchain in anyway. Once the transaction has been verified it is irreversible.The Miners job is to secure the network and verify the transactions.

SECURITY

If you tried to attack the Blockchain you would have to attack every single miner in the network at the same time within a ten-minute window. This is physically impossible!!

The effect of creating a chain of blocks from the very first Genesis Block to the current block is simply huge. Each block is guaranteed to come after the previous block chronologically because the previous block’s data would otherwise not be known.

This means we cannot double spend money as the Blockchain would recognise the serial number on the coin and see that the coin has already been used and would reject that transaction.

It is also possible to use the Blockchain algorithm for non-financial purposes. The Blockchain is broadcast to all of the Miners on the network that anything recorded there can be kept for safekeeping on the public ledger. This is now the safest and most secure way you could ever transact money, legal documents, loans, personal ID and much much more.

OPPORTUNITY

There are many Miners around the world and competition is now very tough. It’s a big game and a race to who has the most power to try and win as many blocks in a 24 hr period as you can.

There are only 1800 new coins at today’s value that can be released every 24 hrs. With competition like this makes it harder to mine coins, but it’s the transaction fees that will just continue to grow, the more bitcoin is used and accepted across the world.

Whom ever has the most power wins!!

Here is a recent chart that shows the top Miners in the world running on PETA Hash with is Trillions of hashes per second computing transactions.

Here is a chart that shows what the power means so you can get a visual of how much this actually is because some Miners out there are mining on much smaller power like Mega & Giga Hash per second. So you can see the difference here and magnitude of the Miners who are on this chart above.

Hash rate denominations

• 1 kH/s is 1,000 (one thousand) hashes per second

• 1 MH/s is 1,000,000 (one million) hashes per second.

• 1 GH/s is 1,000,000,000 (one billion) hashes per second.

• 1 TH/s is 1,000,000,000,000 (one trillion) hashes per second.

• 1 PH/s is 1,000,000,000,000,000 (one quadrillion) hashes per second.

• 1 EH/s is 1,000,000,000,000,000,000 (one quintillion) hashes per second

In 2009 you could mine bitcoin just on your PC but now you need a warehouse the size of a football field Full of millions of dollars worth of equipment to be profitable. The warehouses I am talking about have electricity costs of millions per month to run the data centres. It’s a very big project.

There are only a handful of Miners out there that really are mining & producing coins on a big scale and actually show their results on the Blockchain. For me if a company say they are mining and can not show you any block trail & the evidence of what they have produced & mined, please stay well away. Mining is 100% transparent there is nothing to hide. If it’s not shown on the Blockchain it’s not mining in my opinion.

There are many companies that offer cloud mining & you are just purchase some hash power, which for me is just rubbish as they can not document or prove what they are mining. They can easily be ripping you off. As they can not prove anything.

Please be careful.

If you are partnered with the right mining facility you can be very profitable.

Please do not worry nothing technical is needed here either.

Mining is one of the hottest topics out in the Cryptocurrency space right now and you can get paid in bitcoin every 24hrs?

You can also mine Ethereum, Monero, Zcash just for an example it is up to you what you want to choose to do.

Please take this seriously though as you are putting up the capital for the hardware & the energy needed to help produce the coins and you can actually produce your bitcoin at a much deeper discount than if you was to purchase it on one of the many exchanges available.

I have partnered with one of the most established, credible mining facilities that have proved them self over the last 3 years. The platform have now mined well over $900Million Dollars worth of bitcoin in the last 2 years alone. The company is about to add another $200Million Dollars worth of new equipment in the next month or so and will put them in the top 3 mining pools with the most power in the world. I truly believe they will be the Number 1 mining facility within the next year due to the professional outtake they have and the 100% transparency they offer as well.

Demand is high & If you you would like to know more about this then please get in touch and I can guide you in the right direction.

CONCLUSION

Mining can offer you one of the greatest opportunities within Cryptocurrency today.

The safest and most secure way to partake within the industry is mining

Mining is the creation of the coins and securing the Network by verifying the transactions that are recorded every ten minutes.

Remember nothing technicall is needed here the mining company I am partnered with will do all of that for you.

You will be putting up the capital for the equipment and hardware needed to produce more bitcoins or other coins available, which we have one of the best companies in the world to do this all for you.

The movements can be volatile in the markets and you never know what the price will be or do. So mining allows you to hedge against the price and you get your coins at a deep discount for putting up the capital for the equipment & energy needed to produce and partake in the mining process.

So no matter what happens in the market place you are always safe and your coins are making coins every 24hrs. The price can fall dramatically and it does not effect the Miners. If the price does drop that means we can mine more coins.

It’s Win Win being a miner so start your journey today and be part of the hottest opportunity in the world right now!!

Many thanks

The Crypto Pro’s

P.S

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Mining

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China can not ban Bitcoin

The Chinese Government caused a huge stir in the Bitcoin world over the last few weeks. Uncertainty was in the air and people did not know what was going to happen in the Cryptocurrency world over in the Chinese community.

In this blog I want to show you why China can not ban Bitcoin!!

People in China love a money game and love investing into projects with big money,. They really do get excited from gambling and earning fast returns.

So my question is did the criminal world play on the fact that they know so many people would invest into “So called ICO’s “?

So many people were joining these fake ICO’s and getting scammed the government stepped in and put a stop to the all of the fake shenanigans that were accoutring on a regular basis.

I actually think this was a good step by them to stop all the fake money games that were created just to cheap people.

Then in another bombshell that caused major panic & was announced that the Bitcoin exchanges could be banned and stopped, this news crashed the market for a period of time, but bitcoin community stood strong & is far to powerful to ever be shut down and you can not stop something that can’t be stopped!!

Bitcoin is a decentralised peer to peer network that is run by millions of computers all over the world.

The only way you can stop it is by turning off the internet!!

China may be playing a game too, have you ever thought what if they did this on purpose, what if they are a big player in this too?

Did they cause a panic in the market on purpose?

Do they have their hand in the market too?

This question is yet to be answered and only time can tell??

Bitcoin can not be banned though as it is a totally decentralised network, so there is no office to shut down, central body to attack, power chord to pull out of the wall, it is powered by the network all over the world..

This is what makes this such a powerful concept, the people have the power back

China actually tried to ban Bitcoin back in 2012 and failed, now this attempt which really just looks all about control in my opinion.

No matter what happens they can not ban Bitcoin!!

The biggest mining farms in the world are based in China & it was never mentioned that they would be shut down as well. Which is odd considering most of the volume comes from there!!

Here is a great interview with the Dollar Vigilante -Jeff Berwick explaining why Bitcoin can not be banned.

What are your thoughts on this situation in China?

Please leave us your comments below.

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What are the best exchanges to purchase Bitcoin-Ethereum-Litecoin Ripple – pt1

As the Cryptocurrency industry evolves many exchanges are now popping up every day all over the world. So in this blog I want to show you what are the best ones for you to purchase your Bitcoins,Ethereum,Litecoin & Ripple and many other coins from?

I know it can be a midfield of information out there especially when you start diving down the rabbit holes of The Crypto world. So the first question you are probably asking yourself is where do I start ?

Here are six of my favourite exchanges that are easy to use, safe and secure and a great way to start purchasing your coins.

(This is part 1 and the more advanced exchanges will be in part 2)

1. COINBASE-

For ease and one of the most established platforms is – http://www.coinbase.com

Coinbase is the world’s largest Bitcoin broker, available in the United States, UK, Canada, Singapore, and most of Europe.

Customers can buy bitcoin with a connected bank account, credit/debit card, SEPA transfer, Interac Online, iDEAL, and many more payment methods depending on location.

PROS

• High liquidity and buying limits

• Easy way for new users to buy bitcoin

• Instant buy available with credit card as backup

CONS

• Limited payment methods

• May track how its users spend bitcoin

• Slow processing times due to high demand

• High fees

Is Coinbase safe?

Coinbase is the world’s largest Bitcoin exchange, so this is a common question.

Yes, Coinbase is a Bitcoin company based in San Francisco, and backed by trusted investors.

Coinbase is the world’s largest Bitcoin broker, and also offers an exchange, wallet, and developer API.

On this page we’ll review Coinbase and its brokerage, exchange, and wallet.

How Does Coinbase Work?

Coinbase’s simple interface aims to make it easy for first-time buyers to purchase bitcoins.

The most popular payment methods for Coinbase customers are buying with a credit card or debit card, and also using a bank transfer.

There’s a full guide at the bottom of this post that shows you how to buy on Coinbase using a credit card.

You can read more about it here – https://thecryptoproezine.com/2017/05/29/how-to-purchase-cryptocurrecy-bitcoin-or-ethereum-on-coinbase/

2. BITPANDA-

BitPanda is a Bitcoin broker based in Austria. It offers a wide range of payment methods and has good prices.Credit card is the most popular payment method on Bitpanda.

Bitpanda offers high security with strict KNOW YOUR CUSTOMER POLICIES. I really like this it is easy to use and offers a wide range of payment methods;

Payment Methods Accepted

BitPanda has a large selection of payment methods:

• SOFORT Transfer

• Visa/Mastercard Debit or Credit Card

• NETELLER

• Skrill

• GIROPAY / EPS

• SEPA Transfer

• OBT

Supported Countries

BitPanda supports all European countries. Customers from the USA cannot use BitPanda.

Limits & Liquidity

BitPanda offers different levels of verification based on how much information you give them.

Verified Email: With a verified email you cannot buy bitcoins, but can sell up to 1,000 EUR worth of bitcoins per day, and up to 7,500 EUR per month.

Verified Phone Number:

With a verified mobile phone number you can buy bitcoins with any payment methods besides credit card. Using the other payment methods, you can buy up to 50 EUR per day.

Verified ID: By verifying your ID you can buy bitcoins with a credit card, up to 350 EUR per day and up to 10,000 per month. For other payment methods, you can buy up to 5,000 EUR worth of bitcoins per day, and up to 75,000 EUR per month.

Speed

Most of BitPanda’s payment methods are instant so your bitcoins will also be delivered near instantly.

Credit/debit card buys, plus SOFORT, NETELLER, EPS or OBT buys will deliver bitcoins to your wallet almost right away. SEPA transfers take about a day to complete which means it will take about that long for the bitcoins to arrive to your wallet.

Reputation

BitPanda was previously named Coinimal and was founded in October 2014. The company won a startup award in October 2016 and has been a trusted company in the Bitcoin space since its launch.

Fees.

BitPanda has low fees although they are not displayed publically on the website. The fees are instead included in your buy price when you checkout to buy or sell bitcoins.

3. LOCAL BITCOINS

LocalBitcoins is a peer-to-peer Bitcoin exchange. Buyers and sellers agree on trade terms, and LocalBitcoins makes sure the trade goes through with no problems for both parties. LocalBitcoins is considered a good way to buy bitcoins privately or with cash.

LocalBitcoins is a global Bitcoin exchange that gives a lot of options to its users.

Before getting into the details, here are some good and bad things to know about LocalBitcoins:

PROS

• LocalBitcoins is one of the most private ways to purchase bitcoins

• In some countries it is the only way to buy bitcoins

• It allows you to buy bitcoins with many payment methods

CONS

• There are many scams and you need to use caution

• Fees can be slightly high when buying with cash, since many people are willing to pay extra for the privacy LocalBitcoins offers

The difference between Local Bitcoins and most exchanges is that LocalBitcoins does not require personal information when making good trades.

Unlike other exchanges, which require ID verification and personal information, Local Bitcoins allows you to buy bitcoin without connecting your name to the bitcoin you’re buying.

LocalBitcoins vs Other Cash Exchanges

Although LocalBitcoins allows for ANY payment method, cash deposit is the most popular method. This table compares it so some other cash exchanges.

4. CEX.io

CEX.IO allows for the buying of bitcoins for low fees via credit card. Customers can also purchase for free with bank transfers. CEX.io is available for use in most countries.

PROS

• Enables buying bitcoins with credit card for low fees

CONS

• Extensive verification process to increase buying limits

CEX.IO also offers users the ability to sell bitcoins to credit or debit cards. The fees for this are as follows:

• 2.9% + $4.99 for USD

• 2.9% + €4.99 for EUR

• 2.9% + 499 RUB for RUB

Bank transfers are not charged fees by CEX.io, but your bank may charge conversion fees on your deposit.

Supported Countries

CEX.IO supports all countries, unless noted below.

The following countries are restricted for credit card purchases: Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.

The following countries are restricted from buying with bank transfer: Afghanistan, Democratic Republic of the Congo, Côte d’Ivoire, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, São Tomé and Príncipe, Somalia, Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, Zimbabwe.

US States NOT Supported

Limits & Liquidity

CEX.IO offers four different account levels based on verification provided. Each account type has different buying limits.

Basic: Basic accounts can buy up to $400 worth of bitcoins per day, and up to $2,000 per month. Basic accounts are not able to purchase via bank transfer.

Verified: Verified accounts can purchase up to $10,000 worth of bitcoins per day, or up to $100,000 per month via both credit card and bank transfer.

Individual Business & Corporate: Individual Business and Corporate accounts can purchase an unlimited amount of bitcoins.

Privacy

CEX.IO requires very little information for its first tier of verification. In order to increase limits, however, a number of personal details and document scans are required.

To increase your daily limits to CEX.IO’s “Verified” level, scans of a passport, driver’s license, or ID are required. In addition, a picture of you holding your ID, a picture holding your credit card, and a document for proof of residency are required.

Speed

After initial verification, CEX.IO processes most credit card purchases instantly. Upgrading your account to CEX.IO’s “Verified” account type can be a long process, but subsequent purchases are quick.

Reputation

CEX.IO is a registered company and/or money transmitter in all districts in which it operates. In the USA, it is registered with FinCEN, and registered with ICO in the UK and EU.

Fees

Fees for buying with a credit card are 3.9% + $0.25 per purchase. Purchases made via bank transfer are free.

5. Itbit

itBit is a global Bitcoin exchange licensed with the New York State Department of Financial Services. It also operates a global OTC trading desk.

PROS

• OTC trading desk is ideal for buying or selling large blocks of BTC

• Licensed Bitcoin exchange in New York, operates legally in all 50 states

CONS

• Limited payment options

Payment Methods Accepted

Payment Method

Funds Available

Currencies

Fees

Wire Transfer

1 day

USD

None

Traders can funds accounts via wire transfer. itBit charges no deposit fees. Fees charged by your bank may apply.

Supported Countries

itBit supports customers around the globe in most countries. Texas is the only U.S. state not supported.

• Payment Methods Accepted

• Supported Countries

• Limits & Liquidity

• Privacy

• Speed

• Reputation

• Fees

• Customer Support

Limits & Liquidity

itBit provides two services: a global Bitcoin exchange and an OTC trading desk. Neither service limits the amount of bitcoins that can be traded assuming proper verification has been submitted.

itBit’s OTC trading desk trades between 15,000 – 25,000 XBT per month. The average OTC trade size is around ~350 bitcoins and made at or below spot price.

More information on itBit’s OTC trading can be found here.

Privacy

U.S. residents can complete identity verification using itBit’s Knowledge Based Authentication, which does not require ID scans.

Users outside the United States must provide ID scans and proof of residence documents.

Speed

International accounts may take 1-3 days to become verified. US customers may be able to verify faster using itBit’s knowledge-based authentication system.

Deposits made via wire transfer can take anywhere from 1-3 days to arrive depending on your bank.

Purchases can be made instantly once an account has been verified and successfully funded.

Reputation

itBit was the first Bitcoin exchange to receive a charter from the New York State Department of Financial Services. The charter gives it the ability to operate legally in all 50 U.S. states. As a licensed exchange, itBit is audited regularly and follows all consumer protection laws.

Fees

itBit charges just a 0.2% taker fee on its global exchange.

A flat 0.1% fee is charged on the OTC trading desk, but trades are often executed at or below spot price.

6. BITQUICK

BitQuick is a Bitcoin exchange that lets customers buy bitcoins with cash via cash deposit.

PROS

• Fast way to purchase bitcoins with cash

CONS

• Markup on Bitcoin price can by high at times

Payment Methods Accepted

Buyers using BitQuick can use just one payment method to purchase bitcoins:

Cash deposit.

This means you will go to the bank of a Bitcoin seller and make a cash deposit into their account.

Once the seller sees the deposit in their account they release the bitcoins to you on BitQuick.

Supported Countries

BitQuick operates in 49 US states.

New York is the only state not supported because BitQuick stopped service in New York due to the BitLicense.

• Payment Methods Accepted

• Supported Countries

• BitQuick vs Other Cash Exchanges

• Privacy

• Limits & Liquidity

• Speed

• Reputation

• Fees

• Customer support

Payment Methods Accepted

Buyers using BitQuick can use just one payment method to purchase bitcoins:

Cash deposit.

This means you will go to the bank of a Bitcoin seller and make a cash deposit into their account.

Once the seller sees the deposit in their account they release the bitcoins to you on BitQuick.

Supported Countries

BitQuick operates in 49 US states.

New York is the only state not supported because BitQuick stopped service in New York due to the BitLicense.

Privacy

BitQuick is not as private as other cash methods like Wall of Coins or LocalBitcoins.

BitQuick requires ID verification for purchases of bitcoin.

Limits & Liquidity

BitQuick lets buyers and sellers agree on trades and enforces no limits.

BitQuick’s buy and sell offers are publically available. You can check the orderbook at anytime.

There are usually many offers for different sized purchases and at many different bank branches.

Speed

BitQuick’s goal is to deliver bitcoins to buyers fast. In most cases you can receive your bitcoins within one hour of payment.

Reputation

BitQuick has established itself as a trusted Bitcoin exchange although it was hacked in March 2016.

The fact that BitQuick shut down until it fully understood the cause of the hack shows that it does care about the security of its customers’ personal information and funds. No customer funds were lost in the hack.

Fees

Buyers fees are 2% for cash deposit purchases.

This is somewhat high for cash purchases of bitcoin, but the speed and reliability of BitQuick makes this fee worth paying for some.

If you plan on selling bitcoins, BitQuick is a great platform. You can often sell your coins for higher than market rate, and on top of that BitQuick does not charge sellers any fees.

We hope you find this valuable and helps you purchase bitcoin, Ethereum, litecoin, dash, Ripple with more ease.

What exchange do you like to use ? Please tell us in the comments.

Many thanks

The Crypto Pro’s

P.s

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Monaco launch their app and registration for their cards.

So a few months ago I wrote a post announcing that the company Monaco are about to launch a very advanced Cryptocurrency card for Bitcoin and Ethereum, You can read that here – https://thecryptoproezine.com/2017/06/21/monaco-visa-card-launched-for-bitcoin-ethereum/

Well we are getting closer to that stage now as Monaco announce that you can now download the app and start ordering your cards which you can do here ORDER YOUR MONACO CARD HERE

Here is what the company have to say about this launch that millions of people are eagerly waiting for –

Monaco Launches Mobile App to Bring Cryptocurrencies to Every Wallet…

The Monaco app allows users to spend bitcoin and ether conveniently in Monaco, the pioneering payments and cryptocurrency platform, today announced the launch of the Monaco app, giving consumers a radically simplified way to buy, spend, and earn cryptocurrency cashback on all transactions. Together with the Monaco card that will be rolling out later in September, the platform is based on perfect interbank exchange rates, and enables users to save up to 8 percent on all foreign currency transactions.

“We are pleased to launch the Monaco app in the Apple App Store and Google Play Store. There was a tremendous amount of work put in by the team into every detail of the app and cards. We hope users will love it as much as we do,” said Kris Marszalek, co-founder and CEO of Monaco.- Monaco is now perfectly positioned to increase the global cryptocurrency user number from its current 5-6 million to 500-600 million. We are revolutionizing the industry and setting the bar incredibly high.”

The cryptocurrency industry is in its nascent stages with up to 6 million unique active users of cryptocurrency wallets, according to a report conducted by Cambridge University. The Monaco platform aims to use this opportunity to address the industry’s reputation for being an opaque, niche market by presenting a simple cryptocurrency financial product with mass market appeal.

About Monaco

Founded in June 2016, Monaco is the pioneering payments and cryptocurrency platform allowing users to spend bitcoin and ethereum at perfect interbank exchange rates, saving US$30-40 on every US$500 equivalent spent on foreign currency transactions. Monaco raised over US$26.7 million through one of the most successful Token Sale events to date. The company is headquartered in Switzerland with operations in Hong Kong and Singapore. For more information, please visit www.mona.co.

For press enquiries, please contact:

MonacoPR@hoffman.com

Monaco Dev Update – Cryptocurrency in Every Wallet, Part 1

Today, Monaco takes a significant step towards its vision of making cryptocurrency available in every wallet as we begin taking reservations for the Monaco card.

Here’s what you need to know:

1. Monaco unveiled a full portfolio of five cards today: Midnight Blue (Classic plastic card), Ruby Steel, Space Gray, Rose Gold (Platinum metal cards) and Black (Limited Edition Platinum metal card)
 

2. All Monaco cards, including Platinum cards will be free: no monthly fees, no annual fees, no shipping fees
 

3. Monaco Platinum cards come with industry leading 0.75% cryptocurrency cashback on all purchases and US$500,000 travel insurance
 

4. Monaco Platinum cards will only be available to MCO token holders, who purchase 50 MCO (Ruby Steel card), 500 MCO (Space Gray, Rose Gold cards) and 50,000 MCO (Limited Edition Obsidian Black card) respectively; MCO tokens will be held for a 6 months period, after which users can deposit their tokens back into their Monaco account and continue to use their card fee-free, no strings attached
 

5. Users can download Monaco app on both iOS & Android to go through a simple three-minute onboarding process and reserve their card starting today
 

6. Monaco is going for maximum platform growth strategy with no fees for users; that means that even the 1% contributions to asset contract will be paid by Monaco from the interchange revenue and not by the users as it was described in our whitepaper
 

7. Monaco will be rolled out globally in stages, as each region requires separate issuing capabilities; we remain fully committed to be 100% compliant with local regulations in every market we are targeting – we begin with Asia, followed by Europe (Q4 2017) and North America (2018); first cards are expected to ship end of September, with weekly card shipments gradually increasing from October till the end of the year; we expect demand to massively outpace supply in the first 12 months, so users are encouraged to reserve their cards early
 

8. Further announcements will be made regarding approvals from card schemes in each of the regions & markets
 

9. MCO token is going to be spendable at 40m+ merchant locations globally with the Monaco card from day 1; you will be able to convert MCO token to BTC and ETH right from the Monaco app
 

10. Monaco has a very small quantity of Obsidian Black cards on hand from the original 999 pool and is making those available for contributors who decide to hold 50,000 MCO for 6 months – if you missed out on one during the token sales, this is your last chance to get one.

Finally, a few words regarding what’s next. In early communications during our token sale, we have listed several key milestones to look for as those that will drive value creation for MCO token holders. These were:

• Announcements regarding MCO getting listed on exchanges (particularly in China)

• Monaco app launch

• Card scheme program approvals

• Users receiving & reviewing first cards

From this initial milestone list, we have now delivered on 2 out of 4. We’re looking forward to delivering on the rest. It’s also a good moment to share our thoughts on what will continue driving the growth for Monaco in Q4.

• Europe mass rollout to ~30 countries

• Two new and previously unannounced product features critical to user growth

• Q4 users & transaction numbers

We’d like to thank the community for the overwhelming support we have received so far. We take your feedback and ideas seriously as we continue to build Monaco into a product you’ll love to use and a global brand you trust.

“Cryptocurrency in Every Wallet” – let’s make it happen together!

ORDER YOUR MONACO CARD HERE

The Crypto Pro’s look for ward to receiving our card and will keep you updated if any other news comes along.

What are your thoughts on the Monaco card?

Please leave a comment below and like and share if you get value from this post.

Many thanks

The Crypto Pro’s

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What is Ripple and is it the next big Cryptocurrency

The Cryptocurrency world is In a crazy frenzy right now everyone is going nuts for Bitcoin and Ethereum which you are probably seeing everywhere right now,!!

Deep in the background though not far behind Bitcoin and Ethereum there is a dark horse gearing up to go on one almighty gallop and break into the biggest race the world has ever seen to become the best global payment system.

The coin I am talking about is Ripple, which is designed to help financial institutions transact money between one another in seconds. Ripple will dramatically change the way we transact money across he world.

Ripple has been sitting under the radar at pennies on the dollar for some time now, yet it sits fourth in the marketplace with the largest market cap at nearly $9bln and the price only 0.23c right now.

When I discovered and joined Ripple a few years ago the price was 0.04c so seeing it mature and gaining vast credibility and such a strong following is just incredible.

I truly believe Ripple has the power to be one of the biggest coins in the marketplace. (which is just my opinion)

Ripple has the potential to go head-to-head against digital currencies like Bitcoin and Ethereum. Why?

XRP the currency tag for Ripple has a clear use case,

“It is one of the largest digital assets by market capitalization and is designed for use by financial institutions as an on-demand liquidity solution for cross-border payments.

For example, payments into emerging markets can require multiple currency traders — added costs — or pre-funded local currency accounts — which often results in trapped capital. Instead, payment providers and banks can use XRP to fund these payments on demand, without intermediaries, at up to 60% less cost to settle.”

Speed is another factor which comes into play. XRP is also the fastest, most scalable and secure digital asset.

“XRP today can process up to 1,500 transactions per second on the XRP Ledger, which is supported by a community of trusted validators and a team of full-time engineers that actively develops and maintains the ledger,”

Ripple CTO Stefan Thomas said. “Unlike other public blockchains that select validators via mining, XRP Ledger’s validators are chosen by users and hosted using enterprise-grade infrastructure, making it the only enterprise-ready blockchain today.”

So what are the benefits of Ripple and what sets this currency apart?

“Ripple is the only blockchain network with real customers – who have signed deals with over 90 customers globally and over 75 customers are in various stages of deploying Ripple for commercial use,” said Thomas.

Ripple also recently announced it is growing its product suite, including xCurrent, xRapid and xVia.

“We are growing to serve our global customer base and now have offices in San Francisco, New York, London and Sydney – and a joint venture with SBI Ripple Asia to serve Asia,” said Thomas.

Mathew Pulickel, Senior Vice President, Emerging Technology at WorldLink, said: “We believe Ripple’s network will revolutionize commerce in the future and the way our customers do business, and that’s why we have chosen to run a validator node on the XRP Ledger”

The fact that 60 banks are now in the process of commercially deploying Ripple’s enterprise software—among them Bank of England,Santander, Royal Bank of Canada and Mitsubishi UFJ Financial Group just to name a few —reflects the company’s drive to,become one of the biggest Cryptocurrencies in the market place.

Here are just some of their customers already…

The company’s larger vision is to build an “internet of value,” a global internetworking system for money—would be tremendously disruptive to the status quo of international banking. In this system, monetary value could flow seamlessly from a bank ledger to a public blockchain to a mobile money system—all interoperable and working together to move money from one side of the globe to the other.

In other words, Ripple doesn’t just want to help banks make cross-border payments. It wants to make the world’s assets liquid. If Ripple has its way, it will do more than knock out Swift; it will have found a way to make money move like information.

In April, the Spanish bank BBVA completed a series of international money transfers between Spain and Mexico using Ripple’s distributed ledger technology. The transfers took mere seconds, BBVA said, as opposed to the four days it normally takes for such international transfers to clear.

But there are signs of progress. In March, Ripple announced that a consortium of 47 Japanese banks had successfully completed a pilot with its enterprise software. Twelve more banks have since joined the consortium, and they are planning to deploy a commercial version of the blockchain solution at scale in October 2017. Ripple’s software is now touching 40% of customer banking accounts in Japan,

Ripple’s Inter-Ledger Protocol (ILP)

With Ripple and ILP, banks can leverage unlimited scalability and complete transaction privacy. This comes in addition to all of the existing advantages of Ripple’s distributed financial technology.

Ripple is thrilled to introduce the Interledger Protocol (ILP) for efficient payments across payment networks.

Time and again, we’ve heard from banks that Ripple changes the game—providing banks the ability to transact directly, instantly and with certainty.

Ripple ILP completed a test in which the company sent ether—the native coin of the Ethereum network—to the Ripple consensus ledger; the ether was received as XRP in a Ripple wallet. It was therefore “both a cross-ledger and a cross-currency transfer,”

Ripple’s Cryptocurrency XRP is today the world’s fourth largest digital currency by market capitalisation. Ripple’s big idea is to use XRP—once its market cap gets high enough and it is being traded heavily enough—to provide banks with liquidity on demand. During a transaction, a fiat currency like the U.S. dollar would be converted by market makers into XRP and almost instantly swapped back into another fiat currency, like British pounds, on the other side.

So as you can see the technology behind Ripple is just incredible and I truly believe this is one to watch. The only problem I do see is that they have far to much supply already in circulation with 38 Billion coins on the market at present & the price is still extremely low does that harness the future price?

Or is the Technology so good that it will push through and become the giant it deserves to be?

Only time can tell….,,

Conclusion

Ripple is a technology that could change the banking infrastructure and the way we send payments around the world with the Most scaleable and fastest payment system in the market today.

Ripple is being tested with some of the biggest financial institutions in the world and passing with flying colours.

There is LOTS of potential for further growth with Ripple especially once this comes into full flow and the banks are using this on a daily basis the sky is the limit.

I know I am adding more Ripple to my Portfolio if you choose to do the same that is up to you.

Disclaimer – This is not financial advise in any way it is just my opinion. And no one else’s.

The future is certainly bright for Ripple & I believe we will be hearing lots more about this coin very soon.

What are your thoughts on Ripple?

Leave us a comment below and share and like if you got value from this post.

Many thanks

The Crypto Pro’s

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Bitfinex exits the USA after tough new regulations

The USA government regulations are getting worse and worse towards Cryptocurrency & making it harder for anyone to partake, it's becoming a joke now as Bitfinex trading platform gets shut down from USA members.

More sad news for USA Cryptocurrency trading fans which really makes me angry to hear such a good platform like Bitfinex is now not allowed to operate in the USA because of these new regulations that are being implemented.

I swear they just make up rules as they go along.

Members have 90 days to clear all their portfolios and if you have and US holders of ethereum ERC20 tokens have only 5 days to stop trading them on the exchange.

Leading bitcoin exchange by USD volume, Bitfinex, announced on Friday that it is exiting the U.S. retail marketplace. Effective immediately, the exchange no longer accepts verification requests for U.S. Individuals.

Now with a current backlog of verification requests and ongoing difficulties in providing USD deposit and withdrawals for U.S. individuals, we feel that the time has come to begin disengaging from U.S. retail customers.

The bankers are a running scared to what Cryptocurrency is going to achieve & do them and are doing everything they can to try and keep their power.

This is a clear sign of what is going within the industry inside of the US right now!!

” Bitfinex admitted that “compliant banking solutions for U.S. individuals remain elusive.” Consequently, the exchange stated.

Bitfinex expects the U.S. Regulatory landscape to be even more challenging in the future. “Exchanges based in the U.S. are better positioned to properly service retail U.S. Customers,” it wrote.

In addition, the exchange also announced that U.S. customers will no longer be able to trade ERC20 tokens issued through initial coin offerings (ICOs) on the exchange. This part of the changes will commence at noon UTC on August 16.

The U.S. regulatory agency, the Securities and Exchange Commission (SEC), announced in a report the organization conducted research on the current state of Initial Coin Offerings (ICO) which reported the days of all these token sales and the “Wild West” ICO period is likely coming to an end.

The report conveyed a few key statements that established that U.S. federal securities laws would apply to ICOs and digital token sales. Due to the past six months of ICO excitement, raising millions of dollars in crowdsales based off of the Ethereum protocol.

Any Organization Failing to Comply With U.S. Securities Laws Will Be Held Responsible..

"The SEC’s decision reinforces what the blockchain industry already knew: Federal securities laws apply to all new types of technologies,” Nerayoff told Bitcoin.com.  

If anything sold has the characteristics of a security, one must follow U.S. securities laws. This is the case for all technologies. And it should be expected that any organization that fails to comply with the requirements of U.S. securities laws will be held responsible.

It is now clear that some digital currencies will be viewed as securities, depending on how the tokens or coins are structured. Now we’ll see what happens as companies attempt to fit within the SEC’s guidelines.

CONCLUSION

It seems we can not even breathe without the SEC wanting a slice of the pie in today's Crypto world. The US is shooting themselves in the foot with all these regulations and rules that they just keep making up & spoiling what could be so beneficial for millions of people.

Will they look back and regret these decisions in the future as they fight the Crypto world now, but will only have one choice in the future to join and praise the Crypto concept.

What are your thoughts on Bitfinex getting shut down and all these rules the US have to play by?

The Crypto Pro's

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Bitcoin moves into new realms and Bitcoin cash is born

The day has finally come that has been on the cards for so long, which sees Bitcoin moves into new realms and Bitcoin Cash (BCH) is born.

In this blog post I will cover what all this means and works for you. So do not worry by the end of this you will get a better understanding and will learn about the future of Bitcoin.

Earlier today a subset of bitcoin's miners began operating a different software in order to create a competing cryptocurrency called Bitcoin Cash. The move would effectively find a minority of users forging ahead with their own blockchain, one that shares a transaction history with bitcoin.

As previously reported, Bitcoin Cash – which raises the size of the network's transaction blocks while doing away with other capacity upgrades – is being advanced as an alternative to existing scaling efforts. Some of those who backed prior efforts aimed at raising the block size have since moved to support Bitcoin Cash.
Yet the split is far from complete.

Thus far, that hasn't happened, and some observers believe that it could take hours or more for that block to be created. In the meantime, the original bitcoin chain has continued.

So the fork has begun and the chain has split in two, this means we now have the original Bitcoin – BTC which price still sits around $2700 a coin. Considering that everyone thought the price would drop dramatically it holds tight for now.

Only time will tell how this will be effected.

Bitcoin Cash has started trading around $200 a coin and hopefully it will grow just like its daddy BTC. As normal for now you can see a slight decline in price, but that is normal on first day of trading so no need to panic. just yet.

Many of the Bitcoin community are selling coins to get into Bitcoin cash such as Roger Ver who is liquidating thousands to partake into the new realm of Bitcoin Cash.

What is Bitcoin cash & does it offer more?

Bitcoin was designed back in 2009 & I don't quite think anyone could have expected what has happened and the success it has gained since, but there was some major processing problems and the System could not handle and process transactions fast enough to handle the community demands.

So a solution was needed and the core developers, miners, investors come up with Bitcoin Cash and the platform was born.
Bitcoin has now split into two different platforms.

Here are some FAQ from the Bitcoin Cash website
https://www.bitcoincash.org/

What is Bitcoin Cash?
Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate.

Is Bitcoin Cash different from 'Bitcoin'?
Yes.  Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash.  It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.

If I own Bitcoin, do I automatically own Bitcoin Cash too?
Yes.  Because Bitcoin Cash is a fork of the ledger, that means you own the same amount of Bitcoin Cash as you did Bitcoin at the time of the forking block.  However, if your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your cash.

How is transaction replay being handled between the new and the old blockchain?
Bitcoin Cash transactions use a new flag SIGHASH_FORKID, which is non standard to the legacy blockchain.  This prevents Bitcoin Cash transactions from being replayed on the Bitcoin blockchain and vice versa.

Why was a fork necessary to create Bitcoin Cash?
The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second.  Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.
 
Was the 1 MB blocksize causing problems for Bitcoin?
Yes, In 2017, capacity hit the 'invisible wall'.  Fees skyrocketed, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting.

Bitcoin stopped growing.  Many users, merchants, businesses and investors abandoned Bitcoin. Its marketshare among other cryptocurrencies  quickly plummeted from 95% to 40%. 

Does Bitcoin Cash fix these problems?
Yes.  Bitcoin Cash immediately raises the blocksize limit to 8MB as part of a massive on-chain scaling approach.  There will be ample capacity for everyone's transactions.

Low fees and fast confirmations will resume with Bitcoin Cash.  The network will be allowed to grow again.  Users, merchants, businesses, and investors will return.

Why didn't Bitcoin raise the blocksize if it was easy?
Some of the developers did not understand and agree with the original vision of peer-to-peer electronic cash that Satoshi Nakamoto had created. Instead, they preferred Bitcoin become a settlement layer.

Many miners and users trusted these developers, while others recognized that they were leading the community down a different road than expected. 

These two very different visions for Bitcoin are largely incompatible, which led to the community divide.

Which Development Team is In Charge of Bitcoin Cash?
Unlike the previous situation in Bitcoin, there is no one single development team for Bitcoin Cash.  There are now multiple independent teams of developers. 

This decentralization of development (and decentralization of software implementations) is a much needed and important step forward.

There are a few exchanges and wallets accepting the new technology where you will be able to attain your new BCH.

(If you would like any help understanding this move, please feel free to reach out and we will be happy to help you any way you can.)

Conclusion
Bitcoin Cash offers a new solution to speed up transactions that was needed to enhance this technology and concept of Bitcoin.

Another huge Crypto went through the same process with a hard fork last year and created two platforms which was Ethereum creating the classic and Ethereum platforms.

This has not stopped them creating success and moving forward.

I think that both Bitcoin communities will now continue to grow, but only time can tell what will happen.

No matter what the outcome Cryptocurrency will change the world as we know itAs time goes on technology evolves and becomes better so I think that Bitcoin maybe the time was right for an upgrade/ update to a system that was limited on what it could achieve.

Now we have to see if the community have made the right choice?

What are you thoughts on this move?

Please leave a comment and let us know.

Many thanks
The Crypto Pro's

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