The Problem Bitcoin Mining Creates

The intentional metaphor in the term mining alludes to literal mining gold, disingenuously so. Mining for gold doesn’t grant the ability to alter gold’s nature, wheres Bitcoin mining does offer that capacity.

As Bitcoin establishes itself comfortably in countries like China, Japan and India, and the Bitcoin exchange market becomes a reality among citizens and even among Bitcoin exchange services in India competing to be the best Bitcoin exchange in India, many countries take proactive stances on cryptocurrencies and Bitcoin to take advantage of the best Bitcoin rates in their own way.

The systematic problem in Bitcoin’s structure is that mining is incentivized but controlled. In order to issue Bitcoin, Bitcoin must be mined, but, the more are mined the harder the mining process becomes and the less lucrative it is to do so.

This creates a logistical problem for miners without specialized computers, given that if you have less a capable machine, it might be more costly to pay for the electricity your machine consumes mining for you to the point where it adwares your earnings.

 This makes it so that the demographic of miners will diminish in numbers, leaving the landscape of Bitcoin mining to government subsidized industrial scale operations, since it’s only large scale organizations that can bank-roll this in a cost efficient way. 

As less miners remain a brand new problem is born, the problem of 51%. Bitcoin’s designed decentralization has this problem as an inevitable consequence. If a, let’s say for the sake of the example, that the government of China were to create subsidies for governmental regulated mining, then they would grant themselves the capacity to modify the rules of Bitcoins whimsically.

The collapse in Bitcoin is far from being the only consequence of this risk. Given that the capacity to mine Bitcoin overlaps with Bitcoins intrinsic value, a party having direct influence over Bitcoin, can also influence its intrinsic value as they so please.

 Such a thing has never occurred before in the history of human civilization. Cornering a market has been a possibility before, yes, but the ability of controlling its intrinsic value is unheard of.

Although all we have to worry for the time being is the Bitcoin speculative bubble and when could pop.

Bitcoin & Libertarianism

Bitcoin has become extremely popular in recent years, but the most recent developments have seen in incorporated formally into several economies across the world. In Russia, China, Japan and India (all significantly massive economies) Bitcoin and cryptocurrency has already been validated by their respective governments. In India, cryptocurrency trade, and more specifically Bitcoin has accounted for unbanked members of its society (hundreds of millions) to join dimension of the economy that was previously underperforming severely. Companies that trade in the market of Bitcoin exchange in India, like Bitxoxo, Coinbase and Zebpay have all established themselves definitively as top Bitcoin exchanges options for people looking to buy & sell Bitcoin in India, much to their profitable benefit.

But Bitcoin’s decentralized nature finds itself appealing paradoxically with many people who hold Libertarian points of view. 

In an article for "ToughNickel" Jack Shorebird chimes in on this topic and begins his approach to it with this Ayn Rand quote,“‘Money cannot function as money, i.e., as a medium of exchange, unless it is backed by actual, unconsumed goods.’”

He carries on by stating that the revolutionizing feature cryptocurrency has is that it hasn’t a need for intrinsic value to validate their monetary worth. That they aren’t gold and have need of being gold; he states that crucial point is that Bitcoin (and therefore other cryptocurrencies) are backed by an unconsumed good.

Oddly, what this rabbit hole leads us towards is the inference that Bitcoin might be incapable of functioning as money. Shorebird states that “Cryptocurrency, with a handful of exceptions, isn’t a practical form of money, at least not yet.” And he continues to say “Dollars, euros and British pounds aren’t practical either, as dollars, for example, aren’t really backed by anything at all.”

Not many individuals whose views don’t overlap with those of committed Libertarians would ever say that currencies like dollars or euros are not actually money. They do have backers,  and those would be the countries that issue those currencies, as they are backed by the faith and credit of the nations that issue them, and that’s specifically the type of backing Bitcoin lacks.

Bitcoin and its mysterious value

With the market value of Bitcoin diving down from its mighty record high of over $3,000 to a still seductive $2,500, enthusiasts as well as infidels are pondering if bubble of speculation Bitcoin had been in for the longest of times has finally popped for once and for good, or, if the freshest of downturns is just, yet another gimmick perpetuated by a group trying to influence a market in order to profit from it. 

It must be said that, what the Bitcoin market was stuck in was definitely a speculative bubble; as supply runs that aren’t open for discussion, are stilted to softwares, run away towards a much bigger dunce demand. As dunces much more mighty than the ones that preceded them disrupt and displace their predecessors, all the people involved, dunces or not, hone in on a main thing, a principal question: Why are Bitcoin something valuable?

Adam Smith’s economic theory, his idea of the unobserved influence of supply and demand reason away into the answer for the market value of Bitcoin; a market value is nothing more than what an economic agent deems worthy of paying a specific amount in exchange for something else. So the willingness seems to be the answer this examination leads us down if we present to it the quandary of what gives Bitcoin value.

But, how does Bitcoin become a good parallel to gold or real-estate? Things that possess an inherent value in what they bring to everyday life. Those things are of use in the real world, so to simply attempt to rationalize it all in the same way would seem futile. Unlike land or real-estate-properties, Bitcoin is something we can’t farm on or live in, and unlike gold it can’t be converted or embedded into things for a high end decorative purpose either.

In many countries Bitcoin trade is another natural dimension of the economy now. In India companies like Bitxoxo have established themselves appealing to people who buy Bitcoins in India as a Bitcoin exchange in India offering the best Bitcoin rate, so this impossible question might  be of interest of some people as we head off into the future of cryptocurrency in global economy.

How Hindu People Can Know The Best Bitcoin Exchange?

     Many people in India have invested thousands of rupees in cryptocurrencies but there are still many who do not know the procedures for Buy Bitcoin in India and start interacting with the digital currency.

     Several Bitcoin Exchange has been developed in India. However, only a few are preferred by users. Bitxoxo, UnoCoin, Coinsecure, and ZebPay are the ones found in the Top Bitcoin Exchange in India. Bitxoxo in particular is praised for its simple and striking interface, in addition to the benefits it offers. In Bitxoxo Bitcoin users can Buy Bitcoin in India and perform other operations without having to leave a commission to the platform and can also perform operations to other parts of the world.

     The procedures for investing in Bitcoin are easy and do not require extensive knowledge. Simply with a computer and internet access you can follow programs to know how to invest in cryptocurrency. The platforms mentioned above are the Best Bitcoin Exchange in India. From any of them, you can follow the instructions that they provide to start interacting in the world of digital coins.

     On the Internet, there are several videos tutorials where you can know step by step how to invest in Bitcoin. In addition, the Best Bitcoin Exchange in India offers guidance services on their websites. Most Bitcoin investors in India have managed to connect with cryptocurrency through people who have already invested. However, due to the high demand that has had the digital currency, many users have been forced to look for other learning methods to invest. Bitxoxo also offers a tutorial system on its website. Other Best Bitcoin Exchange does not offer these services but simply a registry and you can start to perform operations with cryptocurrency. In reality, they are very easy to use interfaces and do not require great advice to start operating on them. Top Bitcoin Exchange in India are gaining more and more popularity and are even opening up to other countries where Bitcoin has not become so popular, plus the government of India is already in the process of legalizing the use of cryptocurrency throughout the National territory.

Bitcoin Increases Its Popularity in India

     Since last year when the Minister of Finance ordered the circulation of Rs 500 and Rs 1000 banknotes in order to minimize transactions in the black market, cryptocurrencies, especially Bitcoin have been the solution for thousands of people in India.

     The announcement prompted many people to invest in Bitcoin to secure their savings in a way. Bitcoin Exchanges in India quickly increased their demand, promotions and tariffs. The implementation of the digital currency has been a great opportunity for investors and traders who were already losing hope of economic prosperity in that country.

     Now thousands of people sell Bitcoin in India helping the expansion of the digital coin throughout the national territory. Bitcoin's acceptance in India has been very pleasing to many. Even the programmers have been dedicated to customizing the interfaces and creating Bitcoin Exchange to give users more ease, peace of mind, security and confidence when performing operations. Some of the Best Bitcoin Exchanges in India are Bitxoxo, CoinSecure, UnoCoin and ZebPay. These are also the Top Bitcoin Exchange in India being the most demanded by the users.

     Most people take advantage of all the benefits that Bitcoin Exchange offers. However, Bitxoxo and ZebPay are the most demanded since one does not charge commissions for carrying out the transactions and another is one of the oldest in the country. People take advantage of Sell Bitcoin in India to recover their investment. Many testimonies assure that the profits obtained are extremely large. The Top Bitcoin Exchange is now Bitxoxo. Its popularity and thousands of transactions are valued at more than $ 1 per day. This can be considered as the Best Bitcoin Exchange in India leaving behind all previous ones.

     After demonetization, interest in Bitcoin has definitely gone. More people want to know about Bitcoin. The generation of young people, in particular, is attracted to the cryptocurrency.

     Bitcoin has the potential to thrive in developing countries, but not if transaction rates are higher than living wages. The point of having Bitcoin in the first place is to transfer money quickly from one address to another with the bare minimum fees.

     If bitcoin manages to scale, keeping its basic principles intact, there is nothing that can stop it from thriving in the developing world and beyond.

The Imminent Frenzy of the Bitcoin Market

In the past year, the growth of Bitcoin has undergone a revolution, taking the cryptocurrency’s value from hundreds of dollars to the point of surpassing $3000. And analysts consider it to be in an economic bubble of sorts, that is close to undergo a frenzied hysteria, right before bursting.

Every economic bubble differs from each other, and this applies to all types of assets. And this can be misdiagnosed as a prognosis for never ending growth in Bitcoin valuation. There are several things that you can look out for in order to spot them correctly, as they all go through several phases. Firstly, there’s the beginning of the rush to invest into the newest, emerging financial game changer that forecasts a dramatic global change and will carry people into becoming billionaires in the process.

After that is done with, things carry on, and the good old folks at wall street create the methods for a widespread investor participation significantly easier, these could be mutual funds or ETFs. This all turns the rushing to invest into a financial domino effect, affecting prices amongst other things.

Afterward, central banks facilitate the bubble to develop further. Followed by the array of experts making sensationalist declarations in the media in order to manufacture excitement and force prices to rise rapidly, sometimes growing to twice, and even four times as they were original. Then, all people who withheld until the last moment jump in as to not want to be left out of it all.

Then, it’s pop goes the weasel and the bubble explodes. The early investors that played a part in taking it to this have already capitalized, and there’s nobody else looking to get in on the action because there is none.

The continuous growth of cryptocurrencies like Bitcoin have all the defining characteristics of being inside a ever growing bubble, with people preaching about it as well as selling bitcoin to buy more is a topic that is becoming more and more mainstream. As an asset, bitcoin is very exotic, as well as being extremely convenient and having a supply that’s limited by design.

The New Technology on Bitcoin

     Smart cards have been a very particular invention. Currently, they are implemented in electronic money, membership cards, underground transportation and identification for university students. Sony-creator of the smart cards- bets by Bitcoin and will integrate to the smart cards a hardware that will be able to operate the purses of cryptocurrencies.

     The technology company reported last week that they are developing a system that allows the use of Bitcoins by means of a contactless payment method of smart cards. That is, users will be able to use smart cards to buy Bitcoin or make their use in commercial premises in a faster and easier way. This technology is being studied and tested in Japan. One problem facing smart cards is the slowness of some Bitcoin Exchanges in the country and many stores refuse to accept cryptocurrency as a means of payment.

     Due to this problem, the company has decided to implement, above the decentralized settlements layer of Bitcoin, a centralized system that confirms all the transactions before transmitting them; Allowing in this way all your customers can enjoy truly instant purchases and make Bitcoin Exchange without any difficulty.

     The use of these smart cards is still being studied. Developers must adapt it to the needs of users so that they can feel satisfied with their benefits.

     With this card, you could buy Bitcoin and these would be stored directly to the Bitcoin account of each person. People who Receive Bitcoin can upload them directly to your card.

     The smart card must be linked to the network to update the Bitcoin Price as this could be very variant but definitely, the smart card will be a big step for Sony and Bitcoin.

     So far there is no specific release date, but the company announced that it will be working with other affiliated businesses to vary the hardware of the purses, betting that the Japanese retail stores will accept those devices in their points of sale. This move could have a big impact in a Japan that opens more and more to Bitcoin, with 260,000 convenience stores interested in cryptocurrency, along with increasingly varied services.

Bitcoins ATMs are innovating the world Bitcoin

     Bitcoin ATMs have been a novel system for Bitcoin users around the world. Many people who have been able to use these new devices have been very grateful for their implementation. People who do not have constant access to a computer go to these ATMs to perform Bitcoin Exchange, Sell Bitcoin, Buy Bitcoin or perform any operations you need. Users can access bitcoin easily and reliably through ATMs.

     ATMs update the value of Bitcoin at once and allow Bitcoins to be purchased through US dollars or according to the currency of each country; Offering customers the ability to access the digital currency with the same benefits as a smart computer or cell phone.

     Japan, so far the country with the most Bitcoin ATMs has been the example to follow for other countries. In Europe there are hundreds of ATMs in several countries and in Latin America there are only a few in some countries.

     The creators of the Bitcoin ATMs are innovating in their systems to allow people to make Bitcoin Exchange to any part of the world. People can buy Bitcoin and withdraw the currency for use in places where it is accepted as a means of payment. They can also sell Bitcoin.

     Some Best Bitcoin Exchange are made through Bitcoin ATMs. The transactions are carried out very easily and anyone can approach the ATMs to remove cryptocurrencies or simply confirm a purchase. For many this has been a great advantage, especially for users who do not have a Smartphone with Internet access or a computer where they can make transactions.

     The operations are carried out extremely fast, are a reliable system and provide security to Bitcoin investors. These affirm that it has been a great advance for Bitcoin and they hope that they continue having more and more day around the world.

     Latin America is emerging as an increasingly innovative and promising market in the Bitcoin ecosystem and distributed accounting technologies in general, a context that has begun to attract national and international attention. Countries like Argentina, Brazil and Mexico lead the continental competition with ambitious proposals and well-known companies. However, other nations in the region have also begun to showcase their projects.