MInig of Cryptocurrency

Mining.

Mining Rigs to Mine Cryptocurrency

Now let’s talk about mining. In Digital Currencies mining is usually referred to as bookkeeping, and miners are usually called accountants, and miners are responsible for running the blockchain. If the mining stops, the blockchain stops. Because miners not only create new blocks, they verify transactions and create new coins. These are the 3 basic functions of mining Digital Currencies.
Hash Function
Mining uses the hash function and it serves as a hook to connect the new block to the old one. There are several types of mining when it comes to the technical aspects: Proof of Work, Proof of Stake, Delegate Proof of Stake, and others. The basic ways to mine are (1) Corporate Farms that have huge mining centers the size of factories with thousands of machines to mine the coins, and (2) Private Miners. There are two main types of hardware used to mine Digital Currencies: ASIC and GPU. They are getting more expensive and they consume more and more electricity. Beware of and avoid cloud mining. There is Genesis mining and others that are usually based on reselling you electricity at a much higher price than they are getting it, and it is normally not profitable this way.

Difference Between Centralized and Decentralized Blockchains

There are two basic types of blockchains:

 (1)Centralized Blockchains
 (2)Decentralized Blockchains. 

The most commonare decentralized,but all blockchains are distributed. In the centralized blockchain the distribution is between the nodes of the owner and partners/investors.The main advantage of decentralized blockchains is that it is open source and anyone can join and contribute. Currently approximately 50,000 programmers all over the world are contributing to decentralized blockchains. And they share their knowledge with each other. They are very diverse and distribution is much easier. Regarding centralized blockchains, that is not the case, because the mining is done by the owner of the blockchain and distribution is confined to a much smaller group of people. Centralized blockchains according to some critics are just an upgrade of the centralized banking system more than the progression of the blockchain,which could be considered to be partially true, but not entirely. Both systems have their good sides and their bad sides.It is a huge world, a huge market, and everyone can think for themselves.
What Is The Overall Advantage of The Centralized System? 
The processing or hash power of the network does not need to increase because it can remain constant and the number of transactions can remain constant. But if they wanted to increase the processing or hash power, the number of transactions can also increase with it. So centralized systems can increase the number of transaction far easier and faster than any decentralized system. In the long term, this is far more significant than most people realize.
Transaction Speed the Main Advantage of Centralized Systems
To put this into perspective, for example, OneCoin can support 100,000 transactions per second, VISA 54,000, PayPal 450, Ethereum 25, Bitcoin 5. So if we look at global use, the decentralized systems chances of increasing their transaction speed is very weak. Centralized systems can increase their transaction speed in a matter of days by just increasing their processing power. That is the main advantage of centralized blockchain systems.
Bitcoin Fees Are Increasing With regard to fees, Bitcoin is increasing, and others are following suit. Very few people anticipated that. And the fees will only continue to increase. So it is  not a cheap system to use.
Exchange Monopoly Cartels Hate OneCoin
Unfortunately when people are first introduced to OneCoin, they search the Internet: What is Bitcoin? What is OneCoin? They go through all the hater stuff and they catch themselves on the price. OneCoin is $25 and Bitcoin is $8,000, and nobody asks why. Bitcoin has a monopoly. If you go to the exchange, you must use Bitcoin to buy any other coin, and this is the monopoly cartel (organized agreement to maintain prices at a high level and restrict competition) created by the exchanges.
There are 4 basic steps:
1. You deposit your money on the exchange
2. You buy Bitcoin
3. You exchange Bitcoin for another Digital Currency
4. Then you withdraw those coins into your eWallet
There are 4 fees to be paid and this is a global agreement for every exchange. They all make a lot of money on these exchanges and they do not intend to change that. Any Digital Currency that bypasses this entire global exchange system is their competition and their enemy, and they will do anything and everything to destroy this competition.
Big Advantage of Centralized System.
Regarding technical aspects, and if we look at the long term solution, the centralized system has a big advantage.Why? Consider this old Bitcoin commercial from 2013, and it sends a very good message. Western Union send $50 for $5 fee for pickup in the US. Bitcoin send any amount for only $.01 for pickup anywhere in the world. And that was the initial advantage.
Big Disadvantage of Decentralized System
The entire problem of the decentralized systems is, as people join the mining pool, the processing or hash power of the network is increasing, but the speed or number of transactions per second is staying the same. The mining requires very expensive computer processing power and increasing cost of electricity, so over time the cost of each transaction is becoming more and more expensive. And what they should do is, as the power increases, the speed should also increase, but that is not happening. This increasing cost per transaction is due to the disparity between the increasing power cost and static processing speed. And this is what the normal ordinary Bitcoin enthusiast does not understand. I have had a lot of arguments with them, but they are mostly fascinated by technology, and not anything else. They do not care about usability, they are not interested in the value, they just recognize the systems that are copy and paste systems the same or similar to Bitcoin. And everything else to them is not valid.
The main advantage is diversity and innovation because there are now blockchain systems for almost everything public and private. For example in a recent test, Sweden’s land registry process was reduced from 4 months to only 5 days using blockchain technology. That is how much faster the system works on the blockchain.
Cons of Decentralized Blockchain Systems.
The disadvantages.
The main disadvantage is high risk of abuse, anonymity, and the problem with network consensus. When the network had to increase the blockchain size for Bitcoin, to allow more transactions, their network started almost a civil war. Now we have Bitcoin, BitcoinCash and BitcoinGold; and everybody against everybody. The price doesn’t show it, but the system is in turmoil.
Process of Decentralized Blockchain Systems.
They are usually static and not susceptible to change, usually high competition between them, and while network marketing business model can be an advantage, it can also be a disadvantage. What is the greatest strength of OneCoin? OneLife network marketing. What is the greatest weakness of OneCoin? OneLife network marketing. Because we had leaders who were not good and did bad things and they contributed to the bad reputation, and we had good leaders who made a good reputation. But the press and the general
public always focus on the bad things. So you can do 20 good things and 1 bad thing, and the press always reports on the 1 bad thing, and they will never mention the 20 good things.

What is the Blockchain and How It Works

What is the Blockchain?

Today everyone is talking about the blockchain, but not very many people know what it is. To make it clear, blockchain is a platform and a technology that enables any data base to run on it. So when people think that Bitcoin and blockchain is the same thing, that’s not true. Bitcoin is the first successful application of the blockchain in the world. And others followed suit.
The First Blockchain Principle 500 AD
The first blockchain principle that was used in human history, as early as 500 AD, was the Rai stone of the Island of Yap, an island located in the Caroline Islands of the western Pacific Ocean 1,200 miles east of the Philippines.
Rai Stones, or stone money, are large, circular stone disks carved out of limestone formed from aragonite and calcite crystals. Rai stones were quarried on several of the Micronesian islands, mainly Palau, but briefly on Guam as well, and transported for use as money to the island of Yap. They have been used in trade by the Yapese as a form of currency. The monetary system of Yap relies on an oral history of ownership. Because these stones are too large to move, weighing 4 tons, buying an item with one simply involves agreeing that the ownership has changed. As long as the transaction is recorded in the oral history, it will now be owned by the person it is passed on to and no physical movement of the stone is required. It was only used by tribal chiefs, elders and the wealthy.

Verify Transactions

When the transfer was about to happen, the entire community gathered together to witness the transaction. So the stone was not moved, and the transfer became common knowledge. So nobody could later dispute that the transfer did not happen. All who witnessed the transaction were able to later verify that the transaction took place. And that is exactly how the modern blockchain works today.

Blockchain: Distributed Data Base

Blockchain operates as a distributed data base, and each participant holds the exact same copy of the blockchain, and they are all synchronized, so you cannot compromise it, you cannot delete it, because you could delete all copies, but if only one user has a single copy of the blockchain, he can restore the entire system. That is the basic advantage.

Why Is It Called The Blockchain?

Because all transactions are locked in blocks, and all blocks are chained to each other. All transactions in a block have a limited time frame before they are locked in. For example Bitcoin is 10 minutes, and OneCoin is 1 minute. When the block is open, all transactions in that time period are recorded. After that, the block is closed, and a new one opens. And blocks are connected to each other by a unique hash function. (A hash function is any function that can be used to map data of arbitrary size to data of fixed size. The values returned by a hash function are called hash values, hash codes, digests, or simply hashes.) And each block can only build onto the hash function of the previous block. No blocks can be added in between. They cannot be removed and cannot be changed. Once the block is closed, that’s it. That’s the primary advantage.

How the Blockchain Works?

When someone wants to make a transaction, the block is either created or already existing. When the user makes a transaction, it is broadcast to the entire network. And if the network recognizes the user has enough coins in his account to make the transaction, it is approved and the transaction is sent. If he doesn’t have enough coins, the transaction is automatically declined. After the end of the block time, the block in which the transaction is contained is closed, and the receiver gets the coins. In most cases that takes less than a minute when it comes to newer Digital Currencies. In Bitcoin for example it lasts 60 to 90 minutes. If you want to send money through the banking system to the other side of the world, that will take days. This is what bankers could not understand in the beginning. Now they are catching up.