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Introducing Fixed Deposits on Bitcoins in CoinBank and Future Plans

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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

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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.

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

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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 🙂

Best Bitcoin mining companies

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Today, we’re gonna go through some of the most successful bitcoin mining pools, groups of cooperating miners who share block rewards in proportion to their contributed mining hashing power.

Genesis mining

Genesis mining is definitely one of the biggest cloudmining companies and a partner of many famous pools and developers such as MinerEU, Spondoolies Tech, Zeus and many others. They are a cloudmining service that shows their farms openly to the public

GainBitcoin

GainBitcoin is a bitcoin mining pool based in India, and also one of the fastest growing companies. They offer cloud mining options in order to get bitcoins instantly. Users can easily withdraw their funds directly to their wallets. On the official page of Gain Bitcoin, there a detailed mining related information in real-time.

AntPool

AntPool is a mining pool which is based in China. It is known for being maintained by Bitmain. With the current volume, AntPool mines 15% of all blocks. Despite recent controversy, this one stayed the largest bitcoin mining pool, when it comes to BTC network hash rate.

DiscusFish\F2Pool

DiscusFish, also known as F2Pool, is another mining pool which is based in China. In the first half of 2017, this pool mined about 12% of all blocks. According to this volume, it can be seen as one of the fastest developing mining pool.

BitFury

According to some charts, Bitfury is the third largest bitcoin mining pool today. It mines about 11% of all blocks. The main difference between this pool and others is that this one is private.

BTCC

BTCC is a huge Chinese exchange, well-known among BTC holders for its long existence. This company has a bitcoin exchange, wallet and prints physical bitcoins. BTCC mining pool currently mines about 7% of all blocks.

ViaBTC

ViaBTC is one of the newest mining pools on this list, existing for around one year. They offer a real-time and detailed data monitoring on hashrates, users and miners with clear graphical demonstration.

BW Pool

As this country has many mining pools, BW is also a mining company that was established in China, in 2014. It currently mines about 8% of all blocks.

BTC.Top

BTC.Top is one of those new mining pools whose website cannot be found. So, many believe that this is a private pool.

Slush

Slush was the first mining pool ever in BTC world, run by Satoshi Labs. It is quite advanced, but still good for bitcoin mining beginners. It currently mines about 6% of all blocks.

Bitclub.Network

Bitclub Network is a huge mining pool, but most BTC holders still lack proper information about this one. Due this lack of trust, using this pool is your own choice, your own risk.

GBMiners

GBMiners is one of the fastest growing pools today. It is an India-based mining pool which hit a lot of press headlines due to the bitcoin mining pool accounting for around 3% of the network hashrate and supporting Bitcoin Unlimited.

HaoBTC

HaoBTC is a Beijing-based, Chinese mining company that offers a wallet for storing Bitcoins. They also offer a traditional mining service with a mine in Kangding, China. This company pays interest to people who hold their wallets with the bitcoin it mines.

KnCMiner

KnCMiner is a Swedish bitcoin mining company. Many BTC miners have bought the mining hardware from KnCMiner in order to replace the standard consumer computer hardware. It has data centers in Sweden, with plans to expand to Finland and Iceland.

KanoCKPool

This pool was made by the Australian programmer and bitcoin holder “Kano”. It was launched in mid-2014, and for those who love risk, they also offer the solo pool. However, this is still a standard pool.

1hash

1hash is another Chinese bitcoin mining pool. It controls under 1% of total network, which is still a huge thing.

Telco 214

Telco 214 was launched in 1997 as an international voice communications provider in Florida, USA. It is a solo mining operation, rather than a mining pool.

GHash.io

GHash.io was launched in mid-2013, and gained the biggest success in the following year. In June 2014, it controlled around 51% of the entire network, which didn’t last long, but it’s still the biggest record ever.

Eligius

Eligius is a mining pool from North America, launched in mid-2011. In the beginning, its creator, Luke Dashjr, used to write religious messages onto blockchain.

BitMinter

BitMinter is an old pool, launched in 2011 by Geir Harald Hansen. It has servers in Europe and North America.

Eobot

Eobot is a cloud mining option that enables users to mine Bitcoin, Litecoin, Ethereum, Dogecoin and many more. It was launched in Los Angeles, California, in 2013.

Identifying cryptocurrency mining scams

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New industries on the market come with various scams, so Bitcoin and Ethereum are no exceptions to this rule. It goes from scam coins to mining rigs and contracts where a variety of methods to steal your hard earned money is present.

For example, when choosing a particular mining company, you should check if that company’s Bitcoin mining contract appears in some reputable lists of trusted services or other mining platforms. When it comes to the equipment, rules are pretty much the same. If the equipment is not tested yet, or there’s no sufficient evidence of its existence, or maybe a decent track record of the mining company, the equipment will probably be not listed on the most reputable mining services. Forums can be also a good idea to see other people’s experiences, but there’s always a risk that an amount of posts are made by scam users who wish to send potential users to their own websites.

Here’s the list of things you should be aware of. Scammers usually have these problems:

– The domain name is not registered to a real user but it’s hidden instead
– Companies avoid showing proof of their equipment when they’re asked
– Companies are registered in some of the famous world capitals, but their directors are usually foreign nationals, coming from some countries where identity requirements can be easily faked
– Some of them set aside some funds and use funds from clients to make payouts in order to show respectability and honesty, hoping that it will generate more clients. They show you the verifiable Bitcoin address from which the payments are being done, but one day, that address suddenly disappears
– Some of them advertise by making videos of fake representatives and offices, without the proof of equipment

 Avoiding the Ponzi Scheme scams

When investing funds, you will come across some investments that promise some particular market returns. You should be cautious when dealing with these brokers because many clients became victims of a Ponzi Scheme. Thanks to this scheme, many investors lost tens of billions of dollars in last two centuries.

The thing about Ponzi Scheme is that fraudsters usually promise some incredibly reliable returns, which they do, but just for a while. Instead of investing the funds in something, these scammers use client’s funds to pay obligations to some their old promised returns. As there’s not enough money to sustain this system, it usually collapses at some point, leaving people empty-pocketed.

Ponzi Scheme in cryptocurrency world

 The major concern today is the promotion of the Ponzi Scheme using digital currencies, such as Bitcoins. In this case, money from new investors is usually used to pay those who joined the investment in early stages. The operation slowly grows to unsustainable levels which cause the imminent collapse.

Here are some of the ways to protect yourself from scams:

Being very cautious

If someone offers you a huge and immediate return with little or no risk, it probably includes some kind of fraud. There was a case of Bernie Madoff who provided clients with 1% return per month for 10 years before everything collapsed. So, be very cautious about the returns that are being generated by something you never heard of.

Be aware of unsolicited offers

It happens that investors get suddenly invited by the unknown person to attend an investment seminar, which probably means trouble.

 

See if the investment is verified

Ponzi Schemes often offer unverified investments, so it is smart to ask the person who offers it if the investment is verified and to ask why it is not verified if it’s the case.

Get to know the investment

If you don’t fully understand the investment, try to understand how it works from the start to the end, or simply avoid it. There are many online resources which can help you understand how to invest and how to evaluate opportunities for risk and gain.

Most common sources of cryptocurrency scams

 To give you an idea how it usually works, here are some of the most common things that you can come across:

Malware downloads

 There’s a number of fake Bitcoin wallets that contain some malware downloads. It often happens by clicking an URL posted on the social media page. Fake Bitcoin surveys are also a source of malware distribution.

Bitcoin phishing

Bitcoin phishing impersonators are largely present on the social media. Phishing websites offer search service to users who need to enter their private Bitcoin key to see if it’s in their database. Once they entered, the private key is immediately being compromised.

Flipping-scams

People often get caught in this trap, because they’re offered with an instant exchange of bitcoins for money after they pay an initial startup fee. Potential investors are being told that would get a double return, but Bitcoins are actually stolen immediately.

Bitcoin pyramid scams

Even though these scams are harder to recognize than flipping-scams, the result is the same. Users give a low initial fee and try to multiply it by bringing new users using referral links. When there are enough users in the database, scammers just go away and the “pyramid” collapses, leaving the people empty handed.

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