Today’s installment of The Daily is all about dirty tricks. The sort of tricks designed to convince the world that bitcoin is bad. Spending bitcoin, mining it, or allowing the Chinese to mine it ahead of the U.S. — all bad, according to American Express, the White House (allegedly) and a handful of other haters. Needless to say, we’ll set the record straight on all counts.
Also read:
American Express Fuels Anti-bitcoin FUD
American Express’ decision to promote a tweet emphasizing the energy consumption of Proof-of-Work cryptocurrencies has been met with astonishment, with r/bitcoin the act as “anti-crypto propaganda.” As one Redditor quipped: “Ah we’ve moved into the ‘then they fight you’ with shitty marketing phase.” Mining is the most widely misunderstood component of bitcoin, and one which the media and corporations consistently get wrong, be it through ignorance or ulterior motives.
As news.bitcoin.com , “You’ll often hear from mainstream media and uninformed economists that bitcoin burns more energy than a whole country. And while that accusation is far from the truth, as we’ve before, you’ll be surprised to hear something you are not being told — it’s way better to burn excess energy than waste it.” Readers can reach their own conclusions as to why American Express might be interested in playing up bitcoin’s energy consumption, but it’s safe to say that environmental concerns have nothing to do with it.
No, the White House Doesn’t Care
About bitcoin Mining
How much thought does the White House give to bitcoin mining? “Not a lot,” would be most people’s response, but then most people don’t work for Ripple. A clickbait piece in yesterday (Oct. 16) titled “China’s bitcoin Dominance Is Worrying Trump’s White House — And Pushing It Toward Ripple” provoked derision in most quarters of the cryptocurrency space. Few, outside of XRP acolytes, took the article seriously, but there was one notable exception — Nouriel Roubini.
The fervent bitcoin-hater shared the Forbes article, that the White House was “waking up” to the risks of Chinese mining pools, and credited his U.S. Senate testimony with highlighting the “national security risks” of enabling China to control 80 percent of bitcoin mining. As by news.bitcoin.com, the location of cryptocurrency mining has no bearing on the network’s security, and Bitmain’s dominance is unlikely to feature in President Trump’s daily briefings. Nor, for that matter, is the mining-free alternative offered by Ripple’s native cryptocurrency, no matter how desperately its marketing team tries to insinuate such. Preston Byrne, predictably, was none of it:
The Case for Post-bitcoin Maximalism
You’ve heard of bitcoin maximalism. Now say hello to post-bitcoin maximalism, the next level of wokeness. While thought pieces generally aren’t the preserve of The Daily, which is more news-oriented, Ferdous Bhai’s treatise on post-bitcoin maximalism warrants a mention. The , published on Oct. 15, takes aim at those who wish to define what bitcoin is and how it should be used. By way of example, the post includes Giacomo Zucco’s much-maligned slide that professes to share four universal truths about bitcoin.
Dismissing these notions, and others expressed by maximalists, Bhai writes: “One of the major reasons I believe we haven’t seen a war on bitcoin is the existence of altcoins. Altcoins are insurance against state-level attacks on bitcoin … From a game theory perspective, state-wide attacks on bitcoin is a dumb idea, as long as the threat of one or more altcoins to replace bitcoin’s role exists … bitcoin is not the end-goal; it’s a means to our goal of censorship-resistant, permissionless, denationalized money that we can opt in and out voluntarily, not by coercion, social engineering or threats of violence.”
As bitcoin grows stronger, attacks against it from governments, from legacy payment providers, and from concern trolls will only increase. It’s a dirty war.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
Images courtesy of Shutterstock, Twitter, and Medium.
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Although, many people have heard about how profitable the blockchain and crypto industry can be. One of such news spread like wildfire when bitcoin of $20,000 in 2017. However, only few people actually have more than a general knowledge about cryptos and how to make money through them.
A lot of people don’t know that blockchain and crypto spheres go beyond just what they see and hear every day. This is the exact reason why you should start your earning through cryptocurrencies and blockchain.
As usual, we have done the “digging” for you. So, here are 12 ways through which you can monetize your talents in Crypto and Blockchain spheres.
Crypto-Trading
Like exchanging currencies like or even precious stones and gold, cryptocurrencies can also be exchanged. However, exchanging cryptocurrency requires consistency because, although profitable, it can be very dangerous regardless of the stage you use to exchange.
If you don’t want to trade by yourself, you can put your resources into exchanging firms which speculate on digital currency and are similar to stock-broking firms. An example of such firm is . They can help you make profitable exchange transactions.
Although, you have to be very careful because there are many fake exchanging organizations, and you have to be careful not to buy into any of them.
Affiliate Marketing and Cryptocurrencies
Some companies will compensate you with cryptocurrencies for advancing their products and services. For example, Miners entryway can pay up to 0.75% to referrers and HashCoins pay 10% upwards of income gotten from clients you invite.
Exchange your services for cryptocurrencies
If you’re a writer, developer, designer, etc. you can start earning cryptocurrencies by exchanging your services for cryptocurrencies.
Platforms such as XBTFreelancer, Coinality, bitWAGE, Coinworker can pay you , , or in exchange for your skills or talents.
Some cryptocurrency communities will even give you bounties if you help them out as a contributor.
Arbitrage
Buy low and sell high. Different exchange companies have different prices. You can take advantage by buying cryptocurrency from an exchange company at a low price and sell it at a higher price to another exchange company.
Trading with bots
There are free and paid bots, but undeniably, you can do automated trading with these bots. However, you should check if the trading bot will be profitable to you and if its real before you invest your money on it.
Staking
You can earn crypto dividends for connecting to a blockchain network as a reward for securing and making the network more decentralized. It is basically a price appreciation reward for holding cryptocoins such as Neblio and NAV coin in a live wallet such as Neo, Pivx or OKCash.
Blogging
Many people out there are making money writing and blogging on sites such as Y’alls and Steemit. On these sites, you get paid based on the value of your content, that is, if your content is liked by readers or if you monetize your written content by restricting full access for readers. If you are talented in the IT sphere, and you want to help others know more about Bitcoins, blockchain and crypto, this is your best shot.
Buy and Hold Cryptos
You can buy cryptocurrencies and hold them for some time till they appreciate and obtain a fair market share against currencies like Dollars and Pounds.
You can also buy and hold cryptocurrencies such as Neo, KuCoin and CEFS that pay you dividends even without staking.
Microtasks
You can do microtasks in exchange for cryptocurrency on sites like Bituro and Coinbucks. Most times, the tasks aren’t complicated and if you have some time, you can download new applications for testing, watch videos and do online surveys in exchange for cryptocurrencies.
Mining Cryptos
Mining is the process used to create coins by solving mathematical calculations on high-end computers or devices. It is actually the traditional method of earning cryptocurrency.
This is another good way to monetize your talents in Crypto, however, you have to make some initial investment of buying mining equipment (ASIC or GPU-Mining equipment) and you need access to cheap electricity to run mining equipment and the technical knowledge for the hardware and software involved in mining.
You may not want to go into mining yourself but you can sell your technical knowledge of mining and the management and maintenance of its hardware and equipment.
You can also try disk-space mining. This type of mining is done using empty spaces of hard drives.
Work at a cryptocurrency-related company
If you have the right skills, many companies, organizations and even individuals will pay you for working on cryptocurrency-related projects. They can reward you with cryptocurrencies or regular fiat currency or bounties.
Start your own cryptocurrency-related project
A word of warning first, although, you can make money doing this, you should not just start a cryptocurrency-related project to earn money but also to solve a problem.
You’re probably wondering what kind of projects, here’s a list of cryptocurrency-related projects to explore: you can create a coin or altcoin for a purpose or to solve a real problem. Avoid creating a coin without purpose so you don’t create a useless coin that will bring you no money.
You can build a hard fork
You can run an Initial Coin offering that can be listed in exchanges when it becomes successful, however, it must also serve a purpose and solve a problem.
Conclusion
Although, there are a lot of ways to make money in the Crypto and Blockchain Spheres, one reason why few people venture into it is because there are a lot of and fraudulent schemes revolving around cryptocurrency that are used to steal from the innocent. Therefore, as you explore the different ways through which you can monetize your talents in the cryptocurrency and blockchain industry, we advise you to be wary and very careful.
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Until now there are fierce debates revolving around the capacity of bitcoin and the rest of cryptocurrency wagon to serve as a route for multi-million transactions and ultimately replace conventional banking system with the seamless blockchain.
Some people remain skeptical about a star-folding future of and digital currencies described by their supporters, citing scalability issues and hefty fees per transaction in a row of technology bugs.
False Allegations
According to a famous cryptocurrency critic and oppositionist, Nouriel Roubini, the price for a transaction being processed within the blockchain network is such a rip-off that the regular cup of Starbucks coffee bought with bitcoin would cost about $63, when $3 stands for coffee and the remainder will be commision levied by bitcoin network.
As a result of these calculations, the professor at Stern School has claimed the new technology that are said to bypass overheads and increase transparency of financial systems to be a fraud.
bitcoin Reputation Being Recovered
However, these allegations turn out to be a Big Fat Lie, since the other day the transaction fee of processing about 30,000 of bitcoin that at the moment equals roughly $194 million has estimated only 0.1% or $19,400 in dollar equivalent.
Moreover, statistics reveals that an average fee per bitcoin transaction has stayed pretty stable for the past few months on the network. It has been below a dollar since June with an exception of a few days.
It is worth to mention that in case an anonymous whale has decided to transfer $194 million with the help of traditional banking services the commission for such a transaction would largely exceed 0.1%.
The research based on data provided by a UK-based multi-billion dollar firm for low-fee banking transfers revealed that even on a platform like Transferwise, to send over $1 million, it costs over $7,500 in transaction fees. That means, through wire transfers and conventional banking methods, tens of thousands of dollars are required to clear a transaction that is larger than $1 million.
A Bright Future Indeed
As soon as the news of such a large-scale bitcoin transaction has leaked into the web, the crypto-community was splashed with a new wave of bitcoin hype. The cryptocurrency admires from all over the globe did not lose their chance to express their admiration for the king of digital altcoins while many Twitter users felt the need to tag anti-crypto protagonist Nouriel Roubini.
However, one has to be impressed with the ability to send a huge BTC transaction anywhere in the world in roughly 30 minutes at a cost of $0.10. Banks have a long way to go to offer that sort of service to anyone, that is for sure.
With that in mind, it is highly likely that cryptocurrencies will gain wide acceptance by investors and firms in the offshore banking sector that are in possession of a $30 trillion fortune relying on financial institutions to clear large transactions.
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