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What are the Most Effective Ways to Get Bitcoins Nowadays?

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Most Effective Ways to Get Bitcoins

Back in 2010 and 2011, it was easy to mine bitcoin and many people did so with a spare computer sitting around in their homes. At the start of 2010 miners were getting 100’s of bitcoin in a single day of mining. Throughout the year as the amount of hashing power increased progressively that number dwindled down and miners struggled to effectively gather bitcoin through mining with just a basic CPU.

In October of 2010 code was released that allowed miners to mine for bitcoin using their GPUs to generate decent bitcoin returns once again. As time went by and 2010 turned to 2011 many miners were finding ways to affordably attach multiple GPUs to a cheap motherboard to mine at higher and higher hash rates. Halfway through 2011 FPGA or field programmable gate array mining was introduced and began to take the place of GPU mining. FPGAs weren’t much more powerful than GPUs, but they were much more efficient, allowing miners to reduce the amount of energy they used for the task. A single FPGA used about 1/3 the power that a similarly powered GPU used at the time, making them the much better solution for bitcoin mining at the time.

In 2013 the first ASIC machines were shipped out to consumers, offers amazing mining performance compared to the energy used. They’re still in use today, though they aren’t nearly as effective or profitable as they once were.

Even with top-grade ASIC miners in place, like the AntMiner S9, it’s still very difficult to mine bitcoin at a profit with bitcoin prices at such low levels. Miners need to run their machines in locations where energy prices are at $0.06 per KWH or lower just in order to break even based on how many bitcoin they are mining per month compared to the energy consumed and the cost of replacing equipment. The only people still profiting from bitcoin mining at this time are those mining coin with power costs of around $0.04 per KWH or less, like miners in China using hydroelectric power. It’s incredibly difficult to mine at a profitable level today, and that’s why people have turned to other methods to mine bitcoin. We’ve outlined some of the most effective ways to generate bitcoin in 2018. Keep reading to find out if one of them will work for you.

Lend Bitcoin for More Bitcoin

Most Effective Ways to Get BitcoinsIf you’re already holding some bitcoin, or you don’t mind putting money into an exchange to load bitcoin into a wallet for the first time, you can make money by lending out your coin. This works best at bitcoin trading sites like BitMEX and Bitfinex. Currency traders that want to short bitcoin need a supply of bitcoin to hold while waiting for the value to drop, and during these times excellent interest rates are offered to lenders holding bitcoin that don’t mind handing them out for a short period.

There is always a risk when lending bitcoin out, but many investors are building up their stockpile of coin by doing just that. To make the most of this method it’s helpful to have a few $100 or even a few $1,000 in bitcoin to lend out at a time.

Buy and Sell Cryptocurrency

Another way to effectively generate more bitcoin is by buying and selling cryptocurrencies. That can mean buying and selling bitcoin specifically or buying and selling another cryptocurrency such as Litecoin that can be exchanged for bitcoin easily.

To make this method work, an investor must purchase the cryptocurrency at a low price and then sell it off at a higher price. This requires luck, market knowledge or just good timing, but it carries plenty of risks, especially if you buy and hold large amounts of cryptocurrency at once.

Offer Services in Exchange for Bitcoin

There are online freelance sites today that make it possible to offer services in exchange for a bitcoin payment. Online professionals can offer something like website design or writing services in exchange for a payment in bitcoin that they can hold onto or exchange for the currency of their choosing.

While these methods don’t generate bitcoin in the same way that mining it does, each gives you a way to earn additional bitcoin that you can save and reinvest, or that you can sell off later on. Bitcoin is a powerful tool that allows you to complete purchases rapidly from anywhere in the world. It also makes it easy to gamble online, and some of the best sports betting sites today operate exclusively in bitcoin.

The casinos make gambling simpler and speed up money transfers as well. To be able to enjoy all of those perks you still need to get your hands on bitcoin though. You can purchase them directly from an exchange, or use any one of the methods above to get your hand on the coin as well.

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Factors Affecting Online Gaming In Lockdown

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Gaming in Lockdown
  • Mental health experts have seen a rise in video-game addiction during the Covid-19 lockdown
  • A solution is needed for gambling and online gaming to prevent long-term addiction

With much of the country and the world in lockdown, the number of people playing online games has exploded. It has become the normal way to pass time when locked in quarantine, and health officials have lauded it as a smart way to keep off the street. But has anybody looked into the real effects of online gaming and gambling?   

1. Gaming Addiction Increased During the Lockdown

Online video game addicts show the same signs as problem gamblers, with the usual characteristics like stress, anxiety, mood problems, isolation, and even depression. The risk of gaming addiction is at an all-time high, thanks to the Covid-19 lockdown that has got tens of millions of people stuck in the house with nothing to do – and plenty of bandwidth.

There are dozens of call centers run by the National Council on Problem Gambling, and they’ve all registered an increase in calls from people addicted to online games. Support groups have also had a higher number of patients relapsing – and this is happening all across the globe. But while gambling is presenting a public health emergency for the health sector, much of the focus is on tackling Covid-19, so that means staying at home.

2. Gamers in the U.S., Japan, And Italy Are Playing More During Lockdown

The World Health Organization has been pushing the same message- to stay at home and interact using the internet to prevent the spread of Covid-19. This has played a part in the growth of online gaming, as well as online casino gambling, which has become another problem in the current internet addictions. Having the option to go online and play games against people from all over the country (and the globe) is a good thing because it makes individuals feel that they don’t have to leave the house to meet people. However, it is likely that the current lockdown will cause more people to become addicted to games like StarCraft and Counter-Strike.

At normal times, one out of a hundred people struggle with severe gaming addiction. But that figure could possibly double during the ongoing pandemic, and it’s not clear how many of these people will drop the habit once the lockdown ends. We are likely to see changes in social dynamics even after the Coronavirus has been handled, and since people now want to impress each other online instead of in real life, gaming will become more normal (and problematic). 

3. People Bet on Online Gambling To Kill Boredom

Online Gaming In Lockdown

There’s only so much that one can do around the house. It’s also worth mentioning that we are social creatures, so if physical contact won’t do, then the next thing is to have fun online. Gaming platforms like Steam and Microsoft’s Xbox have had record numbers these past few weeks. Verizon registered 75% growth in gaming usage on its communication network. For people who are prone to gaming and gambling addiction, this is the most anxious time. Games like Warcraft and others that don’t have a structured end can suck you in and make it extremely difficult to disengage and go back to normal life.

The biggest reason given for the increase in online gaming and gambling has been boredom. People just don’t have anything else to do, and it doesn’t help that health experts are actively encouraging online gaming as a way to get through the lockdown.   

4. Online Gambling Risks During Covid-19 Lockdown

The world is very upsetting at the moment, and it’s likely that we won’t have immediate solutions for the economic effects of this lockdown, nor the mental health effects that come from the changes to our social lives and personal lives. Online gambling presents just one more problem that will come out of the Covid-19 era, and it’s not yet clear what the outcome may be.

In the meantime, it is wise to avoid spending too much time on any one thing online, whether it’s gaming or gambling on online casinos, which in itself may be worse than online gaming because you could end up broke. Here are a few tips for identifying a gaming addiction and seeking solutions:

  • Ask help from friends and family
  • Don’t quit cold turkey
  • Count and record your total weekly playing hours
  • Don’t encourage a negative mindset
  • Identify how severe your problem is
  • Accept responsibility for your addiction

Stay alert during this lockdown and pay attention to how you spend your time online. Gaming may be a cool way to spend time online, but there are many more things you can do that won’t cause addiction – or disconnect you from the real world. Keep safe! 

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Bitcoin Africa’s Weekly News Roundup – April 10, 2020

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In Bitcoin Africa’s Weekly News Roundup, we look at the biggest blockchain and cryptocurrency stories from Africa in the week leading up to April 10, 2020.

Here are our top picks!

Paxful Continues to See Growth in Africa

Paxful saw a 116 percent increase in trading volume compared to the same time last year, amidst the current COVID-19 crises.

This is particularly interesting not just because of the pandemic but also considering the current market conditions. In March, bitcoin experienced high volatility, which resulted in the sharpest 24-hour price drop since 2011.

Nigeria recorded a 15 percent increase, with Kenya following with a 7 percent rise in trading volume on Paxful. South Africa and Ghana recorded 2 percent and 1 percent growth in volume, respectively.

Data from P2P data platform UsefulTips shows Paxful is also seeing growth in French-speaking countries in Sub Saharan Africa. The seven-day volume chart indicates that the Central African Franc (used in the Central African Republic) and West African Franc are in the top seven currencies from Africa.

Paxful

LocalCryptos Stakes A Claim in African Market

Continuing with developments from P2P platforms, LocalCryptos has also recorded strong growth on the continent in March.

According to data from LocalCryptos, Kenya recorded the biggest growth in Africa. At the beginning of 2020, the daily average of trades created from Kenya was 15. In March, the numbers increased by 300%, with an average of 60 trades per day.

Speaking to Bitcoin Africa, Micheal Foster, CEO of LocalCryptos, mentioned that majority of the transactions from Kenya are done through MPESA.

“On LocalCryptos, peer-to-peer crypto trading is growing faster in Africa compared to any other continent. In recent months, LocalCryptos trading activity across all of Africa has doubled. In the same time period, Asia and Europe grew by 30%. We’re predicting that LocalCryptos’ African numbers are going to double again soon as more Africans embrace blockchain technology.”

“M-Pesa is driving LocalCryptos’ growth in Kenya today. More than half of peer-to-peer crypto transactions in Kenya use M-Pesa,” he added.

The second-fastest-growing market in Africa for LocalCryptos is Nigeria. Peer-to-peer trading volume has more than doubled in Nigeria since December 2019. South Africa and Ghana follow as African countries with high trade volumes on LocalCryptos.

No Physical Bitcoin Exchange – Ebitcoinics 

Local Ghanaian cryptocurrency startup Ebitcoinics has suspended physical exchange services in Ghana. Before this change, eBitcoinics ran a physical cryptocurrency exchange where anyone could walk in to make trades.

However, due to the COVID-19 pandemic that has hit several African countries, including Ghana, the exchange has closed its physical shops to traders.

Finally, the price of bitcoin (BTC) is roughly flat week-on-week, trading at around $6,800 per coin at the time of writing. 

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4 Things You Should Know About Investing in Cryptocurrencies

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investing in cryptocurrencies

If you go through any blog or information platform related to finance and investments, you would have certainly come across the word ‘cryptocurrency.’ In recent years, cryptoassets like bitcoin have been dominating the headlines as more and more people are developing an interest in this sphere. Prices have skyrocketed and are projected to increase further in the next few years.

Despite the influx of new investors, you might be a bit skeptical as to what investing in cryptocurrency actually entails and how suitable it will be for you to do so. Here are a few points you should go through to understand if investing in cryptocurrencies is a good idea:

1. Blockchain technology is the future

Almost all cryptocurrencies rely on blockchain technology to function. The blockchain enables trustless, peer-to-peer transactions that are (generally) recorded on a public ledger. 

Here’s how it works: the financial details of all the transactions ever made are recorded in the blockchain and can be viewed by anyone who wants to. Due to its success in the cryptocurrency industry, blockchain technology is now being adopted by various financial institutions to keep track of transactions. Blockchain technology is poised to dominate systems in the future and it will be good to become acquainted with the technology early on.

2. Improved regulations

As it has developed, the rise of Bitcoin has brought in several regulations. Governments of various countries, where crypto is used widely, have taken several steps to put regulations in place that would ensure that investors’ money is secured and that they are protected from crypto scammers.

In the initial years of Bitcoin, many people were skeptical of investing because they believed that there was too much of a free reign and it needed some regulations in place to ensure investors’ safety. With actions by financial regulators, most of their doubts have been removed as there is now lesser uncertainty in investing in crypto. 

3. The investing process is quite simple

As cryptocurrencies are now becoming increasingly popular, with more and more people investing in it, startups are simplifying the process of investing even further to attract more people. Much of these simplifications can be owed to cryptocurrency exchanges that have been set up over the past few years.

Cryptocurrency wallets have also eased the process as you can simply purchase the services of one with your credit/debit card and then use it to store all of your cryptocurrency in a secure manner. All you need to do is to find a suitable platform to trade cryptocurrency.

Make sure that you spend time to go through the conditions of different platforms and select the ones you feel the most secure about. When you make a purchase via the platform, the crypto will be transferred to your virtual wallet where it will be kept securely until you sell it off or use it for transactions.

You can find a broad explanation of the investing process at the top10cryptobots website to solidify your knowledge about digital asset market trends.

4. Investors don’t have to go through dozens of metrics

There is a set of metrics established for assigning value to any tradable asset. If you take the example of the most common investing platforms – the stock exchanges – you’ll see that investors look for different variables of stocks like their income statements and balance sheets. Investors usually look at fundamentals before assigning value to any asset and then deciding whether or not to invest in it.

In cryptocurrency, this set of predetermined metrics does not exist (yet). You have to look for various trends in the crypto market and decide for yourself when the time is right to invest. 

What is crypto’s future?

how to short bitcoinThis is perhaps the most important question that you would have as a potential investor in bitcoin. Ever since its inception, the cryptocurrency industry has achieved one milestone after another. Prices have been soaring, and more and more investors are trying to get a piece of the pie.

And it’s not just the major assets, like bitcoin, that have seen a positive trend, even the newer ones are witnessing it.

At a time like this, when financial institutions across the world are struggling, and when there have been so many upheavals in the global economy, looking for alternative investments makes sense. 

Up until now, banks were considered the safest place for keeping your money. But in the past several years, we have seen how major banks have sunk overnight and have failed to repay account holders. Investing in stocks has also become very risky. Cryptocurrencies have shown an overall increase in prices even after so many crises all across the globe. Further, these prices are expected to soar even more within the next five years. In fact, it is being predicted that Bitcoin would surpass its all-time high of $19,783.

Making a decision of investing in something you haven’t done before can seem like a bit of a gamble. But keeping all these points in mind, it would be safe to say that if you get a proper understanding of how crypto world works, you could do well with your digital asset investments.

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