Bitcoin and many cryptocurrencies are limited currencies. That means, there is just a finite number of the same available. Bitcoin, for instance, has set a cap of 21 Million Bitcoins. Analysts note that this scarcity feature of Bitcoin increases its desirability over other assets including gold. A sudden influx of supply will crash prices and may hurt overall markets. Keeping in mind the cashless mode and a few other factors which make up a fiat currency, let us think about Bitcoin and other cryptocurrencies.
It is purely digital in nature. It automatically brings all the benefits of Digital mode of transactions, in addition to that, the time taken to complete the transaction is far less. Bitcoin comes with the security of Blockchain which makes it difficult to counterfeit or to play around with. Another point here is that Bitcoin has a cap of 21 million units out of which The program used to create or mine bitcoin will simply stop once the set number is achieved. This makes Bitcoin accountable in itself.
As mentioned above BitCoin has a value in itself. It is free from the worry of finding an appropriate store of the value that is there inherently in Fiat money. Adding to this, Today a cryptocurrency gets its utility as a mode of payment due to two key factors — Transaction Costs and Transaction Time. Cost to transfer a cryptocurrency like Bitcoin is near minimal as the number of parties involved is technically only two.
This reduces the overall cost of transactions significantly. With the added security layer provided by Blockchain, this is perhaps the safest way to transfer value digitally. Compare this with days with traditional fiat currencies. A global e-commerce major like Amazon, which has millions of transactions in a day globally cannot afford such high costs as well as cash-flow challenges.
Our current global system is pretty crap, but I submit that Bitcoin is worst. For starters, BtC is inherently deflationary. There is an upper limit on the number of bitcoins that can ever be created 'mined', in the jargon: new bitcoins are created by carrying out mathematical operations which become progressively harder as the bitcoin space is explored—like calculating ever-larger prime numbers, they get further apart. This means the the cost of generating new Bitcoins rises over time, so that the value of Bitcoins rise relative to the available goods and services in the market.
Less money chasing stuff; less cash for everybody to spend as the supply of stuff out-grows the supply of money. Hint: Deflation and Inflation are two very different things; in particular, deflation is not the opposite of inflation although you can't have both deflation and inflation simultaneously—you get one disease or the other.
Bitcoin is designed to be verifiable forgery-resistant but pretty much untraceable, and very easy to hide. Easier than a bunch of gold coins, anyway. And easier to ship to the opposite side of the planet at the push of a button. Libertarians love it because it pushes the same buttons as their gold fetish and it doesn't look like a "Fiat currency". You can visualize it as some kind of scarce precious data resource, sort of a digital equivalent of gold.
Nation-states don't control the supply of it, so it promises to bypass central banks. But there are a number of huge down-sides. Here's a link-farm to the high points: Mining BtC has a carbon footprint from hell as they get more computationally expensive to generate, electricity consumption soars. This essay has some questionable numbers, but the underlying principle is sound.
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I encourage most Bitcoiners to use a dedicated malware-free computer with internet access for making Bitcoin transactions. One obstacle that people come across is installing a new operating system on such computers. This guide is to help with that. There are many varieties of Linux and I have tried several. My recommendation for Bitcoiners is Linux Mint, because it is easy to install, very fast particularly on bootup and shutdown , not bloated every extra piece of software is a risk , and has rarely crashed on me or behaved weirdly compared to other versions like Ubuntu and Debian.
Some may be very resistant to a new operating system, preferring Windows or Mac OS. So much information is available online. Here is an excellent short video introducing the basics of the command line that I highly recommend. Ideal option: My recommendation, if you can afford it, and if the size of your bitcoin stack justifies it, is to get a brand new entry-level laptop.
The processor and RAM specs are not relevant, because they will all be good enough. I searched on amazon. The specs are good enough. Other options — Tails Tails is an operating system that boots from a USB thumb drive, and temporarily takes over the hardware of any computer.
None of the data that you write to memory during your session is saved to the drive it starts fresh every time unless you tweak the settings and create a permanent storage option on the USB thumb drive — which you lock with a password. Installing new software on it is not a breeze. Make sure the USB drive you use is at least 8Gb. Your flexibility is reduced if you use Tails.
You may not be able to follow various guides to set up what you need and get it working properly. For example, if you follow my guide to installing Bitcoin Core, there are modifications needed to make it work. I also am not sure how well hardware wallets will interact with this OS. Having said all this, a Tails computer for Bitcoin transactions is a nice additional option, and will certainly help your overall privacy skills to learn to use Tails. The basic way to use this is to flash a USB drive with the Linux operating system of your choice and make the computer boot from that instead of the internal drive.
How to do this is explained later. The advantage is that you are less restricted and things will work without advanced tweaks. I am not sure how well such a system isolates malware on the existing computer from the USB boot drive you use that holds the new operating system. It probably does a fine job and is probably not as good as Tails. Other options — Your own used laptop or desktop computer Using a used computer is not ideal, mainly because I am unaware of the inner workings of sophisticated malware, nor if wiping a drive is sufficient to get rid of it.
Whereas with a laptop, you can just put it away, and even hide it for extra security. Installing Linux Mint on any computer These are instructions to wipe any operating system from your new laptop and install Linux Mint, but you can adapt it to install just about any Linux version on just about any computer. We are going to use any computer to flash the operating system to a memory stick of some sort. Get one of these things: Or you can use something like this: Next, navigate to linuxmint.
Click the Download button. Also unlike some other Miners, it supports obsolete CPU systems as well to make it compatible with older systems. ASIC stands for Application Specific Integrated Circuit designed especially for a particular purpose, and FPGA stands for Field Programmable Gate Arrays which is another circuitry system consists of semiconductor devices based on a matrix of CLBs configuration logic blocks connected through a serious of interconnects which are programmable to fit with a wide variety of functions.
Nowadays professional miners use ASIC systems as its quite efficient at mining Bitcoins much faster, so being supported to legacy system is not much use for professional miners, but for those who are new to bitcoin mining legacy support in BFG Miner may come handy. And other supporting parameters are following. The following command lines demonstrate how to install BFG Miner.
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Mining Bitcoin / Ethereum with RTX 3080 on a laptop #shortsPrev Next 1 of This is exactly where Bitcoin is gaining its value.
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