A Look at Bitcoin Mining in 2020

by Leonard Barnes

Bitcoin is rising fast, and no one can stop it in 2020. Bitcoin’s valuation of being a currency is invaluable, a very important attribute, especially in countries like Argentina and others where the adoption of cryptocurrency is currently growing.

Tony Weiss, a former Wall Street trader, says he’s optimistic about the future of bitcoin and thinks it’s important for people to “finally understand how important it is to the global financial system.” The derivatives trader, who has been a broker for almost a decade, adds that bitcoin is significantly superior to gold.

– You cannot stop people from using bitcoin – he says, adding: – This tool is “priceless”, while for gold you can no longer claim it –

He explains that gold is difficult to transport, to carry, and easy to steal. Bitcoin is confident that it will reach new highs.

The year 2019 ended in a conciliatory note for Bitcoin investors, despite falling prices since the summer. On Sunday, it was $ 7,551, cyber currency temporarily costing 3.9 percent more than the previous day and almost twice as much as at the end of 2018. The Bitcoin exchange rate dropped 75 percent in 2018. However, 2019 was turbulent. In the summer, cyber currency temporarily peaked at over $ 12,000.

img source: wp.com

In the US, Facebook has particularly caused a sensation with its plans for its cyber currency, Libra. Many of the Facebook users are interested to learn how to make a Libra Profit. However, Libra should become one of the most important topics on the market in 2020.

Still, the total market capitalization of all cryptocurrencies has risen to just under $ 200 billion from just under $ 130 billion a year ago, one of the industry services reported. Bitcoin has grown lightly this year, at a rate of 200 percent since the beginning of the year. There are several theories as to why this is so, but one is especially important.

To understand what this means, it is important to know how bitcoin technology, or blockchain, works. Miners, with strong computers, solve complex mathematical problems and thus participate in the chain. Whoever wins that race gets rewarded in the form of bitcoins.

Each year, the “reward” is halved to prevent inflation. The miners currently earn 12.5 BTC for each block excavated. By May 2020, experts say, the “reward” will be 6, 25 new BTC. The current bitcoin inflation rate is about 3, 76 percent. It is planned to decrease to 1.8 percent in May next year.

img source: wp.com

Although it is known that the number of bitcoins excavated is increasing every day, the rate of “excavation” does not decline. Of the total 21 million bitcoins, more than 80 percent have been dug.

The BTC cryptocurrency has a total of 21 million units, but as you know, the number of bitcoins in circulation is increasing; excavation or mining. Since bitcoin fever rules, there is an increasing number of bitcoins in circulation, and hence its impact on financial markets is increasing.

In 2020, support for bitcoin payments will be launched at over 25,000 outlets of 30 French companies. The list of companies that will accept bitcoins next year also includes sportswear giant Decathlon and the Sephora cosmetics store. The new cryptocurrency payment system is being launched through a partnership between Global POS point-of-sale technology providers.

While payments will be made in bitcoin, the funds will automatically be sold in euros at the time of sale. In addition to Decathlon and Sephora, well-known retailers who have signed up for the initiative include Foot Locker, Intersport, Culture, Maison du Mond, and Norauto.

img source: coindesk.com

“This is an important symbolic step in the evolution of payment methods in France. However, what we bring to 25,000 outlets is the ability to enter the world of Economy 3.0 safely,” said Stephane Djiane, CEO and founder of Global POS.

While bitcoin is still the only cryptocurrency on the cards, Diane has announced that the platform intends to receive altcoin support in the future.

In January this year, several tobacco-selling Paris kiosks began selling bitcoin, despite mixed messages from local regulators and the central bank.

If you want to learn more and understand what is the bitcoin just continue reading this article.

A system that would allow two willing parties to trade directly without the need for an intermediary to approve the transaction. For the cryptographic system to know at any time whether a transaction is valid, the simplest solution is to be aware at any time of every transaction that has ever taken place. For more information visit Bitcoin Talk Show.

img source: gep.com

Bitcoin uses a decentralized system where the replacement for central authority is the concession of all network participants who follow the central protocol, that is, the general ledger of the balance. They decide which transaction came first on the charge. For everyone to know at any time the order of transactions, they are logged and publicly transmitted to the network through open source software called “Blockchain.”

Blockchain, or blockchain, as we might call it, is a major innovation of Bitcoin. Namely, it starts with a server with time verification of the so-called “TimeStamp” server. This server allows you to set digital time information in any document or computer data. The most famous is Microsoft’s TimeStamp server, which serves as protection against hackers. No one, not even the creator of the document, can modify the information about when the document was created online. These time stamps ensure that transaction history data is permanently written to the Bitcoin network through the files we call blocks. One block is a confirmation of one or all of the most recent Bitcoin transactions not recorded in the previous blocks. New blocks are added to the last block, thus forming a chain.

Each block ‘remembers’ and refers to transactions that existed immediately before its creation so that they are arranged according to the timeline of their occurrence. Each new block confirms the continuation of this series. Once created, the block cannot be deleted, and it exists forever in the chain.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.