Bitcoin

Home Bitcoin

GBMiners Is Proud To Support ASSOCHAM’s National Summit on Bitcoin & Blockchain

0

I am proud that GBMiners is sponsoring the National Summit on Bitcoin & Blockchain.

It is a great moment of proud to see such an effort to bring all stakeholders including government, authorities, and investors to bring under the same roof to discuss opportunities and challenges associated with Bitcoin and Blockchain.

I will speak there to share my thoughts on what lies ahead in a fast growing ecosystem of virtual currencies. If you are around, do say hi 🙂

In Conversation With Miners Working With GBMiners | Week 1 | GBMiners Success Stories

0

Hello Community,

Ever since I set up GBMiners, I have wanted to talk about the miners who have been constantly working towards making our mining farms with an enormous success. The relationship we share has benefitted both GBMiners and the various members of our mining team.

I have decided that from now on, GBMiners will cover the success story of five of our miners every week. For the next three months — from April to May — we will talk about how GBMiners has changed the lives of the miners.

1. Name/Author: Mukul Gupta

My name is Mukul Gupta and I work as a Senior Economic Analyst with ICRA. Earlier, I had worked as a Currency Strategist at various organizations such as the National Stock Exchange of India Ltd (NSE), IDEA global and the Confederation of Indian Industry (CII). I have always been very optimistic about Bitcoins and a few other cryptocurrencies. When I came to know about GBMiners and the mining contracts the company offered in India, I was both delighted and a bit sceptical. Delighted because it was a wonderful opportunity to be a part of a revolutionary technology called Bitcoin and earn good returns on it. Sceptical because there are a lot of Ponzi schemes in the market and I did not want to end up being duped and lose my hard-earned money. Nonetheless, I decided to delve deeper and attended an event organized by GBMiners in New Delhi where I got to know more about Bitcoin technology and GBMiners. I also met Mr. Amit Bhardwaj during the event and most of my doubts and scepticism about the company vanished after speaking to him.

I started Bitcoin mining with GBMiners in August 2016 (deeply regret that I did not start early) and I have since then been regularly investing my Bitcoins with GBMiners. I am happy to say that my experience in GBMiners has been very enriching both personally and financially. GBMiners has honoured all the commitments of the mining contract and has also been taking steps to improve the returns for its investors. My interactions with other cloud miners at GBMiners have also convinced me that GBMiners is committed to working for the financial well-being of its investors.

I am very bullish about Bitcoins and the future of Bitcoins in India. The government of India has already set up a committee to look in to providing a legal status to Bitcoin in India and I am confident that Bitcoin will soon be accorded a legal status in India. My optimism stems from the recent progress made in some of the advanced countries including Japan in providing legal sanctity to bitcoins. I am also optimistic about a few other crypto currencies including Ethereum, Ripple, XEM. I think they hold great promise in terms of their usage in solving some of the real-world problems and I feel that the time is ripe to go long in some of these alt-coins.

2. Name/Author: Rahul Tungatkar

My name is Rahul Tungatkar and I have been working with GBMiners since July ’16. Prior to getting involved with GBMiners, I completed my MBA and had been working as a Chartered Accountant. I strongly believe that Bitcoin would be as popular as Paytm in the coming future. It is the most refined way of making digital payments and can also become the main currency for online shopping and savings. I believe that other cryptocurrencies can see considerable growth with their popularity but they will never be able to reach the success and level of Bitcoin.

3. Name/Author: Mayank Jain

My name is Mayank Jain and I have been associated with GBMiners for the past five months. Before taking up mining, I had been heading the sales division at the Audi dealership at Okhla, New Delhi. I have a strong feeling that in the coming years, cryptocurrencies will see a boom, which could be compared to the one witnessed by computers in India a few years ago. Talking about other cryptocurrencies, I personally believe that the cryptocurrency mined by GBMiners would start growing. I am strongly looking forward to hearing about the new token launch as I feel that it could act as a great investment opportunity of people who are just getting started with investments in cryptocurrencies.

4. Name/Author: Sukhbir Singh Suri

My name is Sukhbir Singh Suri and I’ve been working with GBMiners for four months. Before being associated with GBMiners, I was running a t-shirt business with the name ‘Joketees’ based out of Mumbai. I believe that Bitcoin has just started witnessing remarkable growth in India and has a long way to go. According to me, the ones who have missed the Bitcoin jump the last year have a chance to invest in other Altcoins now and earn like the people who had invested in Bitcoin last year. As vendors all over the world are starting to accept payments made in Bitcoin, now is probably the best time to start investing in them.

5. Name/Author: Dr. Sandeep. D. Borse

Hey, guys. My name is Dr. Sandeep D Borse and I am relatively new to the whole mining process. I started mining in December last year. My first contract with GBMiners was of 3 Bitcoins, immediately followed by another contract of 6 Bitcoins. These two contracts were followed by multiple top-ups in each pay-out, totalling to an impressive 13.5 Bitcoins till date. The future certainly seems bright for Bitcoin and if the government of India makes Bitcoin legal, it would only add to the achievements of Bitcoin and would attract more customers from the Indian subcontinent. Since I’m still an amateur, I haven’t had much time to read about other cryptocurrencies apart from Bitcoin. But I’m sure that they too might gain a lot of support and popularity, as the advent of cryptocurrencies has been taken well by the general public and people are finally starting to accept them.

Introducing Fixed Deposits on Bitcoins in CoinBank and Future Plans

0

I am super excited to announce a new feature at CoinBank. Now you can grow your Bitcoins by doing Fixed Deposits (FDs) in your CoinBank wallet.

I request the CoinBank community (on Android and iOS) to test our new FD feature with any small amount. We have two plans of 3 months and 6 months Fixed Deposits. On 3 months we are offering 1% rate of interest and on a 6-month deposit, we are offering 1.25%. This is the highest rate of interest offered on bitcoin globally by anybody.

How I see CoinBank in future:

Our Vision at CoinBank is to bring Bitcoins and Other Virtual Currencies in our everyday life.

With Bitcoin becoming the most appreciating asset of the last couple of years, more and more people are looking to save their money in Bitcoins. And now with CoinBank, you can get interests on your Bitcoins. That makes Bitcoin the idealist choice of storing money.

I envision a future, where we all earn our money in Bitcoins. Most of the places where we need to spend money will start accepting Bitcoins in next 10 years. The ratio of money that we will keep in Fiat currencies vs Cryptocurrencies will keep making a shift on the right side.

As a part of our Roadmap of becoming an alternate currency ecosystem in the world, we are working on more features which I will keep unveiling every month as and when we will launch them:

a) We are working to launch CoinBank debit card, using this debit card you will be able to pay at any place that accepts Card. We have written a beautiful piece of code to make this happen

b) You will be able to buy more currencies like Ethereum, Zcash, Litecoin etc from Bitcoins.

c) We are integrating with partners so that you will be able to book a cab, flight, hotel or order food or recharge your phone with Bitcoins.

I would be more than happy to listen to any feedback and suggestions on how can we improve CoinBank. Building a parallel ecosystem with virtual currencies is something very close to my heart.

In Conversation With Miners Working With GBMiners | Week 2| GBMiners Success Stories

0

Hello Community,

Ever since I set up GBMiners, I have wanted to talk about the miners who have been constantly working towards making our mining farms with an enormous success. The relationship we share has benefitted both GBMiners and the various members of our mining team.

Here are the Week 2 Stories:

1. Name/Author: Sominder Kumar

Hello, everyone. My name is Sominder Kumar and I started mining with GBMiners sometime around November last year. I am not a full-time miner. I just offer my services. As far as mining is concerned, GB miners does it for me. I am merely a cloud mining contract holder with GB Miners.

I personally feel that Bitcoin or any other form of virtual currency for that matter has a lot of potential in India as well as all over the world. People are showing an interest and are attracted towards virtual currencies due to the safety, speed and transparency they provide and the low cost involved in transactions. But there is a lot of talk happening about the government stepping in and trying to regulate the virtual currencies. My view is that a clear majority of people will shy away from using Bitcoins or Alt-coins the very moment Government steps in as a regulator. The freedom and fun in Bitcoin is the lack of regulatory control and that is what makes it so popular.
Secondly, it the high percentage of return from Mining contracts that makes Bitcoin so popular. According to rough estimates, a respectable number of people who purchased Bitcoins in the last year and a half year are those who have purchased mining contracts with Bitcoins. Prior to that, the number of people holding Bitcoins for capitals gains was not great.

Every form of virtual currency has an interesting future in India. A few years ago, we had daily lotteries operating in India. Many people in those days used the winning tickets as currency to be used in future for a certain period. The only reason was Lack of regulation.
I do see a good market and future for Alt-coins also but somehow their popularity may be inversely proportional to the popularity of BITCOIN, so to say. Other coins may gain a foothold only in two situations-

(i) Bitcoins are regulated or lose prominence for some reason

(ii) Bitcoins reach a level where it may be difficult for an individual to buy even a few bitcoins due to prohibitive price.

2. Name/Author: Andras Szekely

My name is Andras Szekely and I am from Hungary. I have only been associated with GBMiners for the past six and a half months.I’ve been in the IT industry for over 30 years developing and building IT networks in Hungary and in several countries. I even had the opportunity to participate in Sydney 2000 Olympics Games and build up the whole IT infrastructure for Hungarian National television. I participated in Kairos Technology and became “popular” quickly. I travelled twelve countries on behalf of the company in less than six months and spoke to more than 6,000 people about the need of data storage and backup technologies. In January and February this year, I started dealing with cryptocurrencies and Sanjeev asked me to participate in this big opportunity. Also, we began talking about other projects with a Hungarian inventor about energy systems which could be a gain for Bitcoin mining farms. I built an IT system and the inventor helped the technology get very efficient. We used solar energy — energy from the sun — for bitcoin mining.

As far as I can see, GBMiners is very trustable and thus I decided to stay with this and work big. I got an invitation from Sanjeev and after visiting GBMiners mining farm, I’m sure that a lot of people will trust GBMiners and join the system.

I think, mostly I answered above. But, what I know is that Bitcoin mining, connected with a good economic environment is likely to build up it in India and could be a very powerfully “package”. Also, Bitcoin should not be reduced to only the “money side”. Rather it could be a new way of storing sensitive data around the world.

When dealing with coins and seeing the movement of this technology, we notice a bottleneck of “Bitcoin” and the AltCoins can be a suitable alternative of this technology. But I also think that Bitcoin will evolve in many directions and as for big companies, banks and governments the core coin will be for a longer period the basic interface.

3. Name/Author: Sudhakar Hannda

Hello, guys. My name is Sudhakar Hannda and I have been working with GBMiners since October last year. Before I ventured into mining, I was working as a hospitality consultant.

I am not sure about the future of Bitcoin in India, considering our Finance Ministry’s mysterious ways. We may see heavy taxation or a complete ban on Bitcoin in India for trade purposes.

I strongly believe that Bitcoin will remain Numero Uno. But Ethereum seems like a winning currency too.

4. Name/Author: Ajay Chhabra

My name is Ajay Chhabra and I became involved with GBMiners in January this year. Prior to becoming a miner, I was managing my own business which dealt in industrial gases.

I think that sooner or later, the Indian government will also accept Bitcoin would help in the growth of digital India.
I think nowadays, the entire world is taking keen interest in cryptocurrency and more than 180 countries are accepting this virtual currency. I hope to see a bright future for Ethereum, Ripple, Zcash etc.

5. Name/Author: Ankit Ahlawat

Hi! My name is Ankit Ahlawat. I am new to mining and started working with GBMiners in January this year. Prior to this I worked with IndiaFirst Life Insurance company.
I think that the future of Bitcoin in India is great but I believe it will be greater after legalization.

Talking about other cryptocurrencies, I don’t know much about Alt-coins like Ethereum, Ripple, zCash etc.

Why am I betting big on ‘MCAP Token’

Hello Community,

It’s been long since I have written something. I think when we run a business, there are essentially two parts to the business. One is ‘Running The Business’ (RTB) and the other is ‘Changing The Business’ (CTB). And in this fast changing blockchain world, we have to move fast. Last couple of my months were more dedicated towards CTB.

At Amaze Mining and Research Ltd, we’ve evolved from a Bitcoin Mining Company to a Blockchain Company. If I have to share my learnings of this period of evolution, I would say that there are essentially two Blockchain based assets:

1. Blockchain asset that is created through Mining. Essentially Bitcoin, Litecoin, Zcash falls into this category of being a mining based asset.

2. Blockchain asset that is distributed through ICO. Essentially Storj, Gnosis, MaidSafe fall into this category

The reason why am I betting big on ‘MCAP Token’ is that it opens the window for a long term investor to the whole Blockchain based assets. ‘MCAP Token’ is a Mining and ICO Fund token, where it diversifies the portfolio for a long term investor into the complete Blockchain based ecosystem.

My investment philosophy is very much long-term. I don’t do any small trades, like, “Oh, I’ll buy this for a month.” I invest only in long-term trends. When I started Bitcoin Mining, it was totally a new and random thing and most people said, “No way, this thing is stupid.” I saw it differently.

When I invest, I think, “What is the way the world should be and is this investment part of that end? Is this the right direction if the world moves in this direction?” When I think about Blockchain, that’s the framework in my mind.

Market capitalisation of all Blockchain based assets is roughly around $40 Billion today. What I can say with confidence is that it will go to $600 Billion by 2030. Innovators have figured out many use cases and will figure out more that are tough to even imagine today. You know what Internet and Mobile has changed in last 20 years. Blockchain will change the world in a much bigger way.

Through MCAP Token, having a diversified portfolio of Mining and ICO based Blockchain assets is a very big value proposition for a long term investor who doesn’t want to actively handle it’s portfolio of which asset to buy and sell individually. MCAP Token takes away all that hard work.

If you believe in Blockchain, if you believe it’s part of how you think the world should be, the way the world will eventually evolve and you want to participate in that, then it might be for you.

I am is betting on it. I expect that there will be a big infrastructure built around Blockchain which will now accelerate the journey from here.

Is Bitcoin a Good Investment?

4

As the well-known cryptocurrency is dominating the headlines in financial world in recent years, many people are interested to find out more about this anomaly in order to get the answer on the following question: “Should I invest in Bitcoin too?” Bitcoin (BTC) is beginning to seem like very effective and practical currency, especially since reaching the $2,000 mark in early 2017 (1BTC = $2000). Just to remind you, soon after its release, the price of Bitcoin in 2010 was $0.08, meaning that its value rose almost 2000x in 7 years. The current value of BTC is $2450.76 while I am writing this post.

In recent months, Bitcoin is performing better than ever. Since the beginning of 2017, Bitcoin price hit historic highs twice, surpassing even the value of gold. Since its release, there were numerous attempts of creating new, competitive copycat cryptocurrencies, but few of them succeeded. Only Ripple and Ethereum have proved to be good competitors in the cryptocurrency market so far.

There were also some major setbacks in BTC history, such as the loss of $480 mln due to Mt. Gox’s sudden bankrupcy, which caused some real problems for this cryptocurrency in the past. However, each time it was threatened, this first-ever Blockchain currency has climbed back pretty fast.

In order to get involved in Bitcoin industry, you should get to know this cryptocurrecy’s characteristics and its advantages on the modern market. It’s important to know something about BTC compared to fiat currencies, its massive growth and its capability of climbing back after each downfall.

Comparison to normal currencies

Bitcoins can be used to buy items electronically, meaning that it is just like dollars, euros and yen, which are traded digitally as well. However, the most important characteristic of this cryptocurrency, and the thing that makes it different to “normal” currencies, is that bitcoin is decentralized. There is no institution in the world that controls the bitcoin network. The number of bitcoin holders and the overall popularity is constantly increasing because there is not a single large bank that can control people’s money.

Today, there are more than 16 million Bitcoins in circulation worldwide, which is almost 40 billion USD.

Massive growth of Bitcoin

As the most popular digital currency that uses the Blockchain technology, Bitcoin owns the huge share of the emerging market. The trading volume of BTC is way larger than any other competing currency. Its value is many times bigger than the second cryptocurrency on the market, Ethereum (ETC). The recent global adoption and mainstream coverage have made Bitcoin a possible real-world asset, being officially accepted in countries such as Japan, United States, Canada, Sweden, Germany and many more. You would be also surprised to know that there are some areas in countries like Somalia and Afghanistan, where some poor families don’t have access to commercial banking. As Bitcoin is much safer for them, these people choose to receive remittances in BTC.

After some major cases of theft for both Bitcoin and Ethereum, trust in the digital currency seems to be rebounding very quickly. Some experts believe that the cryptocurrency is a bubble which is about to burst, while others claim that contentious political and economic conditions could push the price up even further in the upcoming years.

The fall and recovery of Bitcoin

On May 25 2017, Bitcoin hit a record high of $2700. Since that moment, this digital currency went into a sharp correction, losing almost 30% of its value in just 48 hours, according to the charts on CoinMarketCap. A large number of cryptocurrencies, including Ethereum, Ripple, Litecoin, Dash, and Monero declined at the same time as well.

On May 27, Cryptocurrency users witnessed the bitcoin price going from $2,500 to $2,700 and then suddenly falling to $1,900 in just several days. During these days, there were intense fears of investors toward a short-term bitcoin bubble. However, as many experts predicted, after that $800 fall in price, Bitcoin has recovered pretty fast, reaching the stability at $2,230.

During the last weekend in May, Bitcoin price has increased by around 10 percent in just 24 hours. It was mainly caused by the increase in the demand toward BTC from major exchange markets. Japan and South Korea have maintained their rates throughout bitcoin’s bizarre rally, and the trading volume of the Chinese bitcoin market has largely increased over the last two weeks in May. In just one week, bitcoin price went from $1,700 to $2,700. As it was the case many times before, these short-term bubbles burst after a huge market correction, but the price always stabilizes at a higher point than the price at the start of the rally.

Ways of trading Bitcoin

Bitcoin trading is very similar to traditional stock market trading. There are various exchanges where people can put both cryptocurrencies and fiat currencies in order to exchange them. The most popular exchanges include names such as LocalBitcoins, Kraken, Bitstamp, Coinbase, OKcoin, BTC-e and many more. It is all about market moves, market predictions and price changes. It is very risky, so it can cost you a lot of money, but it can also get you huge amount of it. If you prefer to trade anonymously, it is good to choose exchanges that you find suitable. In the case of LocalBitcoins, it is slightly different. Here, individual Bitcoin buyers and sellers from all over the world can find each other and trade directly, person to person.

For all those who wish to avoid this traditional BTC trading, and try something different, there are several more ways to earn money on the cryptocurrency market. These include margin trading, lending and investing.

Margin Trading

There are numerous online platforms that offer trading participants to use third-party peer-to-peer financing from other participants on the platform to trade. This means that users can buy or sell in a digital token market, without owning the token itself. Margin Trading is actually borrowing from the broker (trading platform) in order to buy or sell a stock. Some of the most popular choices of BTC holders include platforms such as Bitfinex, Okcoin and Poloniex.

Peer-to-peer financing mechanism on Bitfinex was one of the first to make this type of trading possible. Bitfinex offers 3.3x leverage, which means that for every $1.00 you have in your account, you can margin trade up to a $3.30 across all available markets. When borrowing funds, interest charges are automatically factored in once your position closed.

Bitfinex

– No Margin for U.S. Traders

– Buy or Sell Bitcoin Against USD

– Trade Bitcoin and Altcoins

– Leverage Trade up to 3.3x

Okcoin.com

– Trade Bitcoin with 20x Leverage

– Bitcoin & Litecoin Futures

– Buy Bitcoin & Litecoin w/ CNY

Poloniex

– Up to 2.5 times leverage

– Majority of altcoins against Bitcoin

– Bitcoin & Litecoin futures

Lending (Margin Funding)

Peer-to-peer bitcoin lending enables all individual investors to access some profitable interest rates. All those who borrow money have a chance to get small business loans quickly, in a simple way. The most popular choices for users are to lend via Poloniex and Bitfinex. Bitfinex and Poloniex leverage Bitcoin as a technology and payment network in order to create the global market for business loans. That’s something that is not possible in the conventional banking system because payment transactions in that system still take too long and are quite expensive.

All these BTC lending platforms are places on which people can borrow from someone and lend to someone Bitcoins. Like in the normal banking, the borrower promises a specific interest rate to the lender for getting the BTC.

Investing

Investing can be a very profitable option for all BTC holders. There are some startups that you can invest in, some projects that you can support, or even some companies that are offering you a wide range of projects, according to your interest.

ICO investing

The ICO is an unregulated means by which new cryptocurrency projects can raise funds by selling some newly minted crypto coins on the market. This method is quite common among startups who wish to bypass the complicated and highly regulated capital-raising process. In an ICO campaign, there is a percentage of the cryptocurrency that is sold to the backers of the project. In exchange, they get a legal tender or some other cryptocurrencies. In the majority of cases, it is exchanged for Bitcoins (BTC) or ethers (ETH).

Before starting a campaign, startups generally create a plan which explains what the project is about and what needs the project will fulfill once it’s completed. During the campaign, all interested supporters can buy some amount of the distributed tokens. If the money that is raised doesn’t meet the minimum requirements by the startups, the money has to be returned to the backers. But, you should know that ICOs have offered some huge returns.

On the list below, you can see some of the most successful ICO campaigns that happened recently.

Waves

A decentralized platform called “Waves” uses custom crypto tokens in order to represent value. In July 2016, Waves raised 29,634 BTC (US$16 million) in its ICO for 85,000,000 coins.

Gnosis

Gnosis is a startup that builds a platform for prediction markets on Ethereum. In April 2017, Gnosis raised 250,000 ETH (worth US$12.5 million) in less than 15 minutes.

Golem

Golem is the decentralized global market for computing power. Near the end of 2016, Golem raised 820,000 ETH (more than US$8.6 million) in half of hour for its Golem Network Token.

Other investing methods

BNKToTheFuture is a good example of a company that helps investors in the digital currency world, connecting them to appealing projects that are in the first stage. The global online investment platform “Bnk To The Future” offers qualifying investors to invest in the project with a huge potential, including FinTech companies. This company intends to provide qualifying investors the opportunity to invest in the companies and products that will be the most important part of the future of finance.

So far, there has been invested more than $150 million on this online investment platform.

More than 35,000 professional investors took part in investing.

More than 20 million Bitcoins were invested.

– More than $3,500,000 has already been returned to investors.

Here are some of the most interesting, recent projects that had success in early stage:

Shape Shift “Series A” – Digital asset exchange

The amount raised in this project was €9,551,800 with 39 investors involved.

BitPesa “Series A” – Remittance platform that sends money to East Africa

The amount raised in this project was €2,296,106 with 24 investors involved.

Bitfinex – Trading platform for Bitcoin, Litecoin, and Ether

The amount that was raised in this investment project is €50,067,650 with 97 investors involved.

Should you invest in Bitcoin?

It could be very profitable to invest in a currency that rose up from $0.08 in 2010 to $2400 in 2017. This powerful digital currency can change the world of finances as we know today. It is already enough if we mention that Bitcoin surpassed gold in 2017.

Hello India, My vision for 2017. Bitcoin, Blockchain and Cryptocurrencies

0

I have been a blockchain enthusiast for more than 3 years now. I have seen years end and start and blockchain enthusiasts passionately claiming the coming year to be theirs. And we hear something very similar this year, the ubiquitous roar that 2017 will belong to blockchain, the coming year bitcoin shall rise to so and so price and so on. But from my personal opinion, the voices are louder, more diverse than ever and the enthusiasm fuelling their voices is less of hope and more of jubilation, more like of the song the crowd sings when you’re 3–1 or 2 -0 ahead in a game and your team is defending the last 2 minutes of the champions league.

And the reasons for this pragmatic optimism and not just hope lie in the wonderful year 2016 has been for blockchain enthusiasts. In 2016, price of bitcoin rose from $430 to almost $1000 . And this is an increase that did not happen overnight owing to some change in policy by a major government but a price that has grown slowly and steadily on a trading volume of over $55M weekly. A volume which is about 100 times the trading volume that prevailed when Bitcoin last hit this range. An year that clearly demarcated bitcoin price will no longer be held hostage to small events, +ve or -ve, across the globe, but rather the currency has an inherent fundamental value and will have its value be determined by people’s acceptance and perception of that inherent utility/value. A true reason for celebration for bitcoin investors.

2016 was also the year where the marriage of cryptography and blockchain made another giant leap. This was the year where the couple presented their second child to the world, namely smart contracts. Ethereum, the most popular platform for smart contracts, saw the creation and crowdfunding of a Decentralised autonomous organization (appropriately named the DAO) which would invest money in blockchain projects across the globe, raise over $150M in less than 50 days. Unfortunately, the DAO got hacked, but the ethereum leadership could not have impressed the world more by choosing to act and hard fork the project to save $50M worth of currency from being stolen by hackers. Indeed, the entire ethereum community did not approve of the hard fork, but the dissent was very maturely resolved by the natural creation of two parallel chains/tokens. The entire incident sets precedent of how the ethereum team, lead by Vitalik, combined the best of principles of decentralisation and active central leadership to arrive at a solution where most people were pleased except the hackers. This in my opinion showcased the present world, that blockchain enthusiasts are prepared to provide solutions much better than the world has been witnessing so far.

This was also the year where banks extensively discussed, experimented with and prototyped blockchain solutions in their numerous daily operations. These may be ranging from settling international transfers to trading desks to the royal mint offering gold trading to even running stock markets on blockchain. In fact, 2016 can almost be said as an year where banks stole the limelight of action from cryptocurrencies in the realm of blockchains. It is more than evident that these POCs are likely to fructify in 2017 and maybe start bearing fruits by mid or late 2018.

2016 also saw the biggest corporations across the globe participate in the blockchain industry. All three, namely Microsoft, IBM and AWS saw release of Blockchain as a Service, offerings on their cloud platforms. The biggest technology firms, namely Infosys, TCS, HCL and Accenture, released their blockchain offerings for banking and numerous other industries and actively engaged in POCs with various industry leaders. While on the other front, the big 4, also partnered with numerous technology partners to offer blockchain solutions to their clients across the globe and showcased their blockchain readiness. It was a fabulous year where both immense technological infrastructure was created by tech giants and numerous solutions were built and tested with industry leaders by both technology and management consultants. The next year only beckons to be even more full of opportunities for those who are ready to help the industries benefit from the efficiencies of distributed ledgers.

And to make all of this happen, the governments across the globe and throughout the year, for the first time, welcomed blockchain and bitcoin more than rejecting them. The IRS of the USA, approved a bitcoin individual retirement account, allowing people to directly invest savings for retirement in bitcoins, the government of Japan became the first major government to officially recognise bitcoin and digital currencies as money, the government of Russia softened its stance on usage of bitcoin by abandoning penalties. Also, it is very interesting to note that global financial instability, whether that be induced by Brexit or the bad debts of the European banks or the

Chinese government tightening external capital flow or the demonetisation by the Indian government have all lead the masses towards bitcoin as a safe haven of store of value.

Talking about me personally, we launched GBMiners, which reached about 108 PH/s in about 115 days, averaging about 1 new Petahash added per day, making us the fastest growing bitcoin mining pool in the world, the 2nd largest mining pool outside china and 9th largest globally, operating at almost 5% of the network mining power. We launched CoinBank, a Bitcoin Bank where you can do fixed deposits and we offer 1.5% per month interest rate on a 6 months fix deposit, which is the highest offered by an bitcoin wallet/bank globally.

I have recently also invested in Satoshi Studios, an incubator for South East Asian blockchain startups where the intention is to fund at least 6 startups by 1st of April with $50K each and do a three month intensive program with them while also inviting blockchain experts from across the globe to meet the best of the budding Asia in New Delhi.

We also privately launched BitcoinGrowthFund, a VC fund for blockchain startups in South East Asia. Interestingly, the fund lets investors buy tradable tokens against their investments thus essentially solving the liquidity problem of LPs/investors. The tokens are also stored and traded on blockchain in the form of colored coins, making it the first of its kind Blockchain fund in the region and if the experiment goes well, we will be happy to launch a fund for non blockchain startups also towards the end of the year. Venture Capital is another industry waiting to be disrupted by distributed ledgers.

Earlier in the year, I have invested in 6 other Blockchain startups, all in stealth mode, based out of India, one of them is soon launching an Index Fund for cryptocurrencies, which will help cryptocurrency investors both hedge their investments and also maximise return by carefully choosing a basket of promising alternate currencies to invest in. The team has been busy number crunching for the past six months in pilot phase and so far their chosen basket of alternate currencies has outperformed bitcoin over the matched time period, despite bitcoin’s ominous march in the last few months.

Regarding my vision for 2017, I would love to see many industries getting disrupted by the efficiencies brought in both cost and time by Blockchain, some of them being, namely; Banking & Finance, Healthcare, Supplychain, Insurance, Real estate, Governance/Public sector, Media & content, Anti-counterfeiting. Personally, I am willing to help ([email protected]) startups in any capacity whether that be raising capital, or opening access to connections or lending a hand in technological expertise. Over the past few months, we have built a small but very capable ecosystem of Bitcoin Enthusiasts and Developers in New Delhi, who would be very happy to help anyone dabbling with blockchain or cryptography.

I see a great potential for Blockchain in South East Asia, for it is a region which can gain massively by skipping a technological inefficiency in its journey of digitisation of systems and processes and directly reap the benefits of efficiencies of decentralisation and personally I am really really excited for that revolution to happen in my country, and I am willing to dedicate all I can to the cause for the coming year.

Blockchain - Witnessing The Biggest Revolution By Mankind In My Lifetime

0

Lot of talks and debates have happened in 2016 about various use cases of blockchain in different industries and sectors. Multiple high profile institutions across the globe have been doing R&D of what is possible with blockchain and where it can help industries to save cost, improve efficiency or make more robust systems. In September 2015, after a survey with more than 800 executives, World Economic Forum reported that 10% of world’s GDP will be overseen by blockchain by 2027. That would be trillions of dollars on the blockchain.

My personal belief is that blockchain is one of the biggest revolutions by mankind that I would see in my lifetime. I say that for a lot of reasons and among them, the biggest one is that the blockchain technology has given mankind a solution to a problem which was never solved before. The problem was that how do we make such systems where we do not need to trust the owner, creator or the operator of the system for the system to run (function) in a reliable manner. Now, in our pre-bitcoin world, we relied on banks to take care of our money and we trusted them with our money, and more often than not these institutions have withstood and have done justice to our trust in them. But essentially, whenever we are trusting a bank (whether retail or investment), we are fundamentally assuming: a) they have the capability to do justice to our money/trust and b) that they have the right intentions, to not betray our trust. Now, all of us are well aware of examples where banks either lacked the capability to do justice to our trust in them (Remember the cases of India’s biggest public sector banks lending 1000s or crore rupees to Vijay Mallya, without the appropriate documentation or collateral, and it was indeed a wonderful move by the Indian government to recapitalize the banks by demonetization and essentially improve their Cash Reserve Ratios, and we have no clue, if any of the Indian public sector banks might have collapsed owing to exceptionally high NPAs, and this would have happened not because of their mal-intentions but because of their inability to stand-up to the average man’s trust in their capability to keep his money safe). While on the absolutely other hand, we have seen enough examples of trust being betrayed by financial institutions in the western world owing to mal-intentions of the very men running the institutions.

Hence, for all those matters that really matter, we have learned that humans are inherently unreliable and untrustworthy. Hence any system whose unique selling proposition or critical point of failure is human trust is more than likely to fail today or tomorrow, either owing to lack of capability or due to mal-intention. While we also know that trust is a paramount necessary characteristic of any trade of exchange of value, and this conundrum had kept the most talented brains of humanity busy for years. And it is only recently, in 2008, that this fundamental problem was solved, of how we can remove reliance on human trust for exchange or store of any value and this solution was presented not just theoretically but also demonstrated with a real world application, which we now know as our beloved bitcoin.

This for me, is the most beautiful thing about blockchain technology, that it has been able to remove the need to trust humans, to store, record or even trade anything of value or importance, ranging from a school diploma to the huge amount of wealth. And when trust is placed in computer verifiable mathematical equations, few of very very wonderful things happen, two of them being;

  1. a) it becomes very easy to scale these systems
  2. b) the cost of establishing and proving trust goes down, i.e. creating trustworthy system becomes very affordable.

Now what the above two mean, is that any one, who understands the principals of blockchain is able to create institutions of trust at an exceptionally lower cost both in terms of time (also known as, experience, here) and money. This leads to the creation of, alternate banks or institutions with a bank like trust, in various sectors or industries of human storage/trade of value/importance, by young entrepreneurs, with very little capital or social reputation to show. Ex: anyone with a publicly mathematically verifiable decentralized ledger/database can create a bank for college degrees, land records, public distribution systems, public health records, intellectual property rights and so on and on, as long as it is of value to anyone, ranging from an individual to a private organization to a government.

These banks, devoid of human trust and hence devoid of possibilities of central failures, which are being created every moment by really really smart young entrepreneurs who understand Satoshi Nakamoto’s invention or rather a solution, have the potential to change the world completely the way we see it.

 

Banks that take care of money, wealth, as institutions have been responsible for tremendous growth of mankind in the past three hundred years, it is them because of which the present capital market system exists, it is because of them that we have this huge private equity market, and it is because of these private equity firms that we have absolutely wonderful companies like Facebook, Uber, Airbnb and thousands of others are changing our lives absolutely majestically, and it is also because of them that we have this flourishing spirit of entrepreneurship across the globe, and now imagine if we had banks in all the various sectors/industries ranging from education to healthcare, to insurance to real estate to food to pharmaceuticals, to genomics to intellectual property whether it is of music or scientific innovation and so on and on, how fast would all these industries grow, what how steep would the rate of innovation be in all these industries if they had infallible banks, repositories of information which all individuals, organizations and governments and even judiciaries trusted and agreed on. Such an environment and infrastructure of innovation is being laid down by blockchain companies at this very moment across the globe. And mankind would enter an era of an imaginable rate of innovation when this infrastructure is laid.

And it is for the above reason that I am backing Satoshi Studios, to help young visionaries establish the infrastructure of innovation across various industries in South East Asia and also launching a venture capital fund to help these brave young men and women. If you’re interested in being a part of this journey with me, a post blockchain world, a world where we will take the blockchain infrastructure for granted will be so much more beautiful and efficient, just as the present post-internet world, where we take the internet for granted is so much more beautiful and infinite than the world without internet, please feel free to reach out.

Amit Bhardwaj, Gain Bitcoin CEO, Living His Dream Around Bitcoins

0

For serial entrepreneur Amit Bhardwaj, bitcoins and blockchain held interest while he was still doing a nine-to-five job and he continued to explore these areas even after launching his first venture in 2009. Not many were familiar with bitcoins and blockchain as far back as 2013, when Amit started HighKart.com, an E-commerce platform for accepting payment in bitcoins for products.

A digital currency, bitcoin is not supported by any country’s government or central bank. Also known as cryptocurrency, this money is usually exchanged among users through a network which is called block and the bitcoin miners confirm these transactions.

But Amit shut down HighKart and founded GBMiners in August 2016 to foray into the mining space. He explains: “When I started HighKart in 2013, the bitcoin space was very small and nobody was ready to listen to the concept. That’s when I realised that people were using bitcoins as a commodity for investment and not as a transaction mechanism. We stopped HighKart and we ventured into the mining space.”

Amit by then had a decent exposure to the bitcoin mining mechanism and was fascinated with how transactions were verified. He recalls, “I was convinced enough to buy a miner for myself and set it up at home.”

Delhi-based GBMiners is a bitcoin mining pool where collectives of bitcoin miners pool in resources and share their hashing power to solve a math problem or a block, the reward for which is distributed among users based on the proportion of work done.

A serial entrepreneur

An alumnus of MGM’s College of Engineering in Maharashtra, Amit is building an ecosystem of products based on bitcoins and blockchain and other cryptocurrencies. Having worked with companies like Infosys and Reasoning Global as an IT specialist, he had a fair understanding of various aspects of business and product developmental cycle. The accumulative experience that he had gathered served him well and gave birth to his first venture NexGen Facility Management, which he ran for four years before starting HighKart.com. He exited HighKart.com after operating it for more than three years.

In 2016, he started Amaze Mining & Blockchain Research, CoinBank Wallet, and GBMiners. Amaze Mining & Blockchain Research is the parent company of GBMiners and Coinbank Wallet. Amit is currently operating three ventures, which is a testimony to his passion for the technology of bitcoin and blockchain.

Will bitcoin miner mine real cash flow?

GBMiners currently has 12 employees and more than 1,000 users.  It mines around 80-100 bitcoins everyday. Once the miners mine a block, the coins are distributed amongst them equally with a small fee going to GBMiners for hosting the pool. Amit says that today one bitcoin is worth nearly Rs 1 lakh, which was around Rs 45,000 three months back. They have also mined over 5,400 bitcoins since then.

Bitcoin mining pools are a way for bitcoin miners to pool their resources together and share their hashing power while splitting the reward equally according to the amount of shares they contributed to solving a block. Bitcoin mining in pools began when the difficulty for mining increased to the point where it could take years for slower miners to generate a block.

Amit says that by pooling their resources miners could generate blocks quicker and thus receive a portion of the bitcoin block reward on a consistent basis, rather than randomly once every few years.

Bitcoin witnessed a slow beginning in India. However, banks are now acknowledging its advantages. According to an analyst, Bitcoin trade in the country has grown rapidly, at an estimated Rs 500 crore per year, with 50,000 bitcoin wallets and over 700-800 bitcoins being operated every day.

“India is still getting there, but before the full-fledged acceptance of bitcoins, we will need a policy-level framework to come into existence. People need to know that these transactions hold legal tender before they can start using bitcoins at scale. Once the government or RBI recognises it, then there will be no looking back as the talent pool in India is so huge that within weeks we will have multi-fold adoption of blockchain technology in various fields which will pave the way for cryptocurrency to be integrated seamlessly,” says Amit.

 

Popular Posts