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Best Cryptocurrencies to Mine on Your Home Computer

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Best Cryptocurrencies to Mine

Cryptocurrency mining entails using computer processing power to verify transactions and securing the blockchain network by solving specific and complex mathematical equations. For this, a set amount of digital tokens or coins is awarded to miners.

When mining on the Bitcoin network first started, users were able to mine bitcoin using their laptops and home computers. However, as the Bitcoin network grew and its mining difficulty increased, mining using simply a PC was no longer profitable as specialised bitcoin mining hardware was developed. These machines are called Application Specific Integrated Circuits (ASICs) and came to be used by large-scale mining operations, which ended up dominating the bitcoin mining market and, in turn, pushed out the individual home miner.

Fortunately, for cryptocurrency users who still want to get involved in mining, there are still cryptocurrencies out there that can be mined on a PC. In this guide, you will discover the best cryptocurrencies to mine using your home computer.

Monero (XMR)

MoneroMonero (XMR) is considered to be the top among anonymous digital currencies, designed to provide financial privacy and transactional anonymity to its users. Moreover, Monero is relatively easy to mine on your PC. All you need to do is download a Monero mining software application, such as MultiMiner and Guiminer, join a Monero mining pool, and you are ready to start mining.

Monero is based on the CryptoNight proof-of-work algorithm. The CryptoNight protocol is specifically designed to resist the development of Monero-specific ASICs. Additionally, the team behind the altcoin is committed to ensuring the network stays up to date with ASIC development to prevent its coin from being “hijacked” and subsequently centralised by large-scale mining operations. For example, in April 2017, the Monero developer team initiated a hard fork in response to Bitmain’s Monero-specific ASIC to keep the anonymous digital currency ASIC-resistant. These factors mean that large mining operations cannot take over the ecosystem as it has been the case with bitcoin.

If you wish to increase your Monero mining earnings, you will need to purchase and install graphics cards to boost your processing power. For Monero GPU mining, AMD graphics cards are considered most suitable.

Vertcoin (VTC)

VertcoinVertcoin (VTC) is well suited for small home mining operations. Like Monero, Vertcoin is also resistant to the development of ASICs, which is one of its key features as “the people’s coin”.

The highly user-friendly Vertcoin mining software, One-Click Miner, is available for download from Vertcoin’s website, and supports both CPU and GPU mining.

The process to mine Vertcoin using the One-Click Miner is uncomplicated and easy to start. After downloading the software, you simply need to choose a mining pool that suits your computer’s processing power and you are ready to start mining Vertcoin from home.

It is important to note you can only use AMD and Nvidia graphics cards to mine Vertcoin. The team also publishes additional information to help you calculate the profitability of your mining operation based on the metrics relevant to you.

Dogecoin (DOGE)

DogecoinThe meme culture has expanded significantly in the last few years, so much so that a digital currency that was based on a meme was launched. That digital currency is Dogecoin (DOGE). While initially considered somewhat of a joke, the altcoin has managed to establish itself with a significant and committed community and boasts one of the highest transaction volumes in the crypto asset market.

Dogecoin employs the Scrypt proof-of-work algorithm, which enables the Dogecoin network to use less energy in its mining process than, for example, bitcoin, and its block time is only one minute to miners gain new coins as rewards faster than in other networks.

To start mining DOGE from home, you will first need to download a Dogecoin wallet in which you can store your mined coins.

Then, you will need to decide between the two possible ways to mine Dogecoin at home, via CPU or GPU. While using your CPU, the mining software, CPU miner, runs in the background. It is designed such that when you are not using your PC, it will not slow down your device.

Using AMD or Nvidia graphics cards can increase the speed at which your computer engages in the mining process. For GPU mining, you will need to use either cgminer or cudaminer as they are compatible with the graphics cards. However, to maximise the chances of acquiring a block reward, it is advisable to join a mining pool, such as CoinEx and MultiPool. This allows you to leverage the greater collective processing power and speed for higher returns from mining Dogecoin.

Things to Consider When Mining Cryptocurrencies

Best Cryptocurrencies to mine at homeWhichever coin you choose to mine, it is advisable that you research the pros and cons of each digital currency’s ecosystem before you launch your home mining operation. For example, you do not want to get involved in mining a coin that is easily susceptible to a 51 percent attack or one that shows little potential to increase in value in the future.

In addition, you need to bear in mind that you will need to protect your computer from overheating while you are mining, ideally by purchasing extra fans for cooling. It is also vital to keep up to date with the latest software updates as not being on the latest version could mean an interruption to your mining operation, which will affect profitability. Moreover, updating your ledger means that you are able to reap the benefits of any security patches included in the new versions of the software. This is an especially important consideration.

Furthermore, you need to keep an eye on local regulation covering cryptocurrency mining and on any potential new taxes that may require you to pay income tax on your mining profits. Lastly, consider the costs of electricity in your area. If energy is expensive then your mining operation may not be as profitable as you had originally estimated it to be.

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How to Bet with Bitcoin on Football

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With the new football season having started, it’s time to learn how you can bet with bitcoin on your favorite football club. The good news is that many online betting companies now accept bitcoin.

Read on to learn why betting companies love bitcoin and how to bet with BTC on your football team.

Why Betting Companies Support Bitcoin

Since its establishment in 2009, Bitcoin (BTC) has been and continues to be the most popular cryptocurrency, and with good reason. Some of Bitcoin’s most impactful features include:

1. Fast and inexpensive

With bitcoin, it takes a few minutes to send and receive any amount of money. And if you are using the Bitcoin Lightning Network to make payments, transaction costs are a few cents.

2. No third-party interference

Because of its decentralized nature, which makes it impossible for anyone (including governments) to control, you can feel safe to make any payments you want (including to online betting platforms). This also comes with the added advantage of not having to disclose your personal information when making a payment.

3. Supports borderless payments

With Bitcoin’s decentralized nature comes its borderless characteristics. This makes it possible for anyone in the world to be able to send and receive bitcoin payments wherever they are.

Betting companies were among the first adopters of bitcoin because it enables them to reach a broader audience and provide an innovative digital payment option to bettors. From playing a bitcoin slot to betting on any sport imaginable, bitcoin casinos and online betting companies have truly embraced bitcoin.

The credibility of bitcoin as a financial and payment solution is also being felt in the world of football. For example, in April 2021, Southhampton F.C began paying its players bonuses in bitcoin, opening up a whole world of possibility for other clubs to start doing the same.

How to Bet With Bitcoin on Football

Bet with Bitcoin on Football

Betting with bitcoin has proved to be an efficient process for bettors, and betting companies who have embraced cryptocurrency as an efficient payment system.

One of the leading sports betting companies that enables you to bet with bitcoin is Sportsbet.io. So let’s dive in and show you how you can bet with bitcoin on this popular platform.

Betting with Bitcoin on Sportsbet.io

Sportsbet.io is a user-friendly and highly modern betting platform. It has a functional live betting service and is one of the few betting companies that will allow you to bet in bitcoin through a few easy steps.

  1. Register for Sportsbet.io by clicking on the ‘Create an Account’ tab on the top right of the homepage.
  2. Access your wallet by logging into Sportsbet.io. On the top right of the page, next to your balance, click your balance or the ‘Deposit’ button.
  3. Next, you click on ‘Use Currency’ and on ‘Deposit.’
  4. A QR code will appear.
  5. Open your bitcoin wallet, scan the QR code, and choose how much BTC you want to send to your betting account.
  6. You will have to wait for three confirmations on the Bitcoin blockchain for your funds to settle in your SportsBet.io account.
  7. Start betting on your team(s).

Now that we have started you off on your journey, happy betting, and may the odds be ever in your favour!

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How to Cash Out Bitcoin to Naira Using Cryptofully

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Bitcoin to Naira

Over the past few months, Nigeria’s central bank has made it difficult for traders to cash out bitcoin to naira, restricting crypto companies from having a Nigerian bank account. But there is now a cheap and efficient way to cash out your bitcoin to naira.

In this guide, you will learn how to convert your BTC to NGN and receive the money in your bank account within minutes using Cryptofully.

Getting Started on Cryptofully 

Cryptofully is a peer-to-peer payments app that allows you to easily convert bitcoin to naira and automatically settles into your Naira bank account.

Using Cryptofully, you can cash out your bitcoin from anywhere in the world into any Nigerian bank account. The platform also supports US dollars and payment options, including Visa, Mastercard, Google Pay, and Apple Pay.

Cryptofully leverages a local network of peer-to-peer (P2P) traders, enabling it to convert BTC to NGN within minutes. With this P2P system, you are not looking for a peer to buy your bitcoin. Cryptofully automatically matches your trade to the best peer and makes it seamless for the user.  

All that’s needed to cash out bitcoin to naira using Cryptofully is to sign up, complete the KYC, add a bank account and convert your bitcoin to cash.

How to Cash Out Bitcoin to Nigerian Naira

You can cash out your bitcoin to your Nigerian bank account using either the Cryptofully website or mobile app. 

Download the Cryptofully App

mobile app

Step 1: Create an account

  1. Get the app on iOS or Android.
  2. Open the app and register with your email address and verify the email address.
  3. Start the KYC process. Visit Profile, click to Add bank, and add your BVN. You can also add your bank account in this section.

Step 2: Cash Out Your Bitcoin to Naira

  1. Type in the amount you want to cash out.
  2. Then choose to send via bitcoin.
  3. On the following page, you can add your bank account details in the recipient field.
  4. On the last page, you can see a Bitcoin wallet address. Send your bitcoin to that wallet address and within a few minutes, the equivalent amount in naira will settle in your bank account. 
  5. Cryptofully matches you to a peer instantly who sends the money to your naira bank account.

Visit the Cryptofully Website

Cryptofully Platform

You don’t need to sign up or log in with any details on the website to start using it

  1. Go to the Cryptofully website at www.cryptofully.com.
  2. Specify the amount of bitcoin you want to cash out to naira. You can use either the Floating Rate or Fixed Rate. The Floating Rate means the exchange rate can change based on changes in bitcoin prices, and the Fixed Rate means you can lock in an exchange rate for your transaction.
  3. The naira amount equivalent you will get in your bank account will appear below.
  4. On the following page, you will see a space to fill in the preferred bank account you want to receive your money.
  5. Then, you will be shown a Bitcoin wallet address. 
  6. Copy the wallet address and do a transfer to the address. The Cryptofully system matches you immediately to a peer.
  7. The peer sends the money and the money settles in your naira bank account.

Since the Central Bank of Nigeria enacted draconian measures against crypto companies, preventing them from having banking relationships, the peer-to-peer bitcoin trade has flourished in the West African country.

Peer-to-peer payment apps, like Cryptofully, are enabling Nigerians to continue using bitcoin for remittances, payments, and as an investment.

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Guides

How to Trade Cryptocurrency on Sikix.io

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Sikix Dashboard

Sikix is a decentralized exchange that allows users to have full control over their funds while trading digital assets. In this guide, you will learn how to trade cryptocurrency on Sikix.

Opening an Account on Sikix

To start trading on Sikix, you have to create an account.

Here are the steps you will take:

  • Visit the Sikix website
  • Click “Register Account”

Sikix

  • Enter an account name and password
  • Hit “Confirm”
  • Save the seed file to your computer and click “I’ve Backed It Up.” You should store your seed phrase safely because the platform cannot restore it for you.
  • Click the settings icon to verify your email address and phone number

Sikix.io

  • Next, go to “Balance” to deposit crypto or fiat into your account. For instance, if you want to deposit BTC, go to bitcoin on the list, click “Deposit” and copy the address provided. Transfer bitcoin to the address and click “Confirm.” Note that the minimum amount of BTC that you can deposit is 0.01.

Sikix Dashboard

  • Once the bitcoin hits your account, you should see the total balance and the USD equivalent displayed on the balance page.

On Sikix, the most common base currencies are USDT and the Nigerian naira (NGN). You can deposit both of them before you start trading. But that does not prevent you from depositing any of the other supported cryptocurrencies.

Depositing Local Currency to Your Account

To deposit naira, follow these instructions:

  • Go to “Balance”
  • Search for NGN on the list and click “Deposit”
  • Enter the amount you want to deposit. The platform will display the fees and the amount you will deposit.

Sikix Exchange

  • The platform will redirect you to a new page where you will enter your card details. Alternatively, you can use any of the other payment methods listed.

Sikix Trading

  • Once the transaction is complete, you should see your newly deposited funds on the balance page.

How to Trade Cryptocurrency on Sikix

Assuming that you deposited USDT in your account, here is how you can trade on Sikix:

  • Go to “Trade”
  • On the left-hand side of the screen, select a trading pair from the drop-down menu. For instance, you can choose the ETH/USDT trading pair. That means that you can buy ether with USDT. Note that the graph shows how the price of ETH is changing against USDT. You can view this change over different periods.

SIKIX DEX

  • On the right-hand side of the screen, select the green box. This box represents the bidding price, which is the maximum amount that you are willing to pay for ETH. The red box represents the asking price, the minimum price that a seller is willing to accept. You can choose to trade at these levels.
  • Alternatively, you can make your purchase through a limit or market order. The limit order allows you to buy ETH at a fixed price. Conversely, a market order enables you to buy ETH at the best market price.
  • Once you have entered the amounts, click “Buy ETH” to open your order. If you placed a market order, your purchase will take place immediately. However, you will have to wait to get a match if you placed a limit order.
  • When your order goes through, an ETH balance should reflect in your account.

Presently, the exchange supports BTC, USDT, ETH, BCH, XLM, XRP, NGN, and CMT with a plan to add more digital currencies in the future.

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