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The first and most popular cryptocurrency, Bitcoin, has always been criticized and speculated about for various reasons. Though speculations and myths are far less now, and Bitcoin is accepted widely, some common misconceptions remain. Bitcoin’s anonymity and complex technical features may make it difficult for people to understand its capabilities, features, and applications. Bursting the myths and understanding the possibilities, benefits, and advantages of Bitcoin will help users make better use of Bitcoin.
Let’s explore the top 7 common myths about Bitcoin that need to be clarified.
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Blockchain is the revolutionary technology behind cryptocurrencies. Thus, all cryptocurrencies are decentralized, backed by blockchain technology, and not governed by centralized authorities. The distributed ledger of the blockchain makes the entire crypto transaction transparent and immutable, ensuring security.
However, like every other technology, blockchain is prone to vulnerabilities. A 51% attack is one such risk that happens when an individual or a group controls more than 50% of the network. If a specific group gains that much access to the network, they can alter the blockchain according to them.
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Cryptocurrencies are digital currencies backed up by blockchain technology. It operates on a decentralized network of computers called nodes. Since cryptocurrencies are decentralized and are not managed by centralized authorities like banks or financial institutions, they undergo a process called crypto mining.
Crypto mining involves validating every crypto transaction before adding it to the blockchain ledger. Let’s drill deeper into the concept of crypto mining with relevant images and descriptions in detail in this blog.
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Decentralized Finance (DeFi) has revolutionized the way how digital assets are transferred across the globe. The emergence of a decentralized and permissionless money market has allowed anyone to take a loan seamlessly, unlike the tedious process of the traditional banking system.Radiant (RXD), a peer-to-peer electronic cash system, leverages blockchain to distribute its ledger over a network of independent nodes to avoid a single point of failure. Moreover, Radiant uses a Proof-of-Work (PoW) mechanism that enables nodes to validate transactions appropriately while rejecting fraudulent and malicious ones.
Let’s dive deeper into Radiant, what exactly it is, how it is used, and how you can store Radiant.
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Alephium is the first operational sharded blockchain focusing on scalability and smart contracts while delivering enhanced performance and energy efficiency. Just like Bitcoin, designed with a maximum cap of 21 million, Alephium is created with a maximum supply of 1 billion.
While Bitcoin undergoes halving every four years to create scarcity and maintain its value, Alephium undergoes emission. Alephium emission is similar to other cryptocurrency’s halving events. However, unlike halving events scheduled at a particular time, Alephium’s emission schedule depends on the network hash rate and time stamp. Thus, Alephium mining rewards are adjusted with each block.
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Kaspa’s emission refers to how the new Kaspa coins are mined and circulated. Kaspa has a dedicated schedule for its emission rate, similar to Bitcoin, which has a predetermined halving schedule. However, unlike Bitcoin’s halving event, which happens every four years, Kaspa follows a gradual monthly reduction.
The logic behind Kaspa emission is the same as Bitcoin halving, which is to prevent inflation and maintain Kaspa value. Thus, the emission schedule determines how much mining rewards are distributed to miners for validating transactions and securing the network.
Let’s dive deep into Kaspa emissions and their impact on mining rewards and more.
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Bitcoin mining has evolved significantly over the years with technological advancements. Earlier in 2009, people were able to mine Bitcoin using their personal computers. However, over the years, Bitcoin has emerged as a large-scale mining operation with robust mining hardware and technological innovation.
With increased popularity and competition, Bitcoin mining has become tedious for individuals. It is nearly impossible to mine Bitcoin without joining a mining pool in 2024. Thus, joining a mining pool is ideal for successful Bitcoin mining.
If you’re into Bitcoin mining and are confused about which mining pool to join, we have listed the best Bitcoin mining pools of 2024.
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Alephium and Kaspa are emerging altcoins preferred by many crypto miners and modern investors as they address most of the problems faced by conventional cryptocurrencies like Bitcoin and Ethereum.
Alephium and Kaspa are unique and have innovative characteristics that set them apart from each other and other cryptocurrencies. Kaspa says that it is the fastest, open-source, decentralized, and fully scalable layer-1, whereas Alephium says that it is the first operational sharded blockchain that aids scalability and smart contracts.
This blog sheds light on Alephium and Kaspa, from their origins to their differences and analysis.
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Crypto miners worldwide rely on ASIC miners to mine their preferred cryptocurrencies. With the increasing number of cryptocurrencies, numerous ASICs programmed for various cryptocurrencies are launched periodically to meet the evolving needs of crypto miners.
The ASIC miner market is expected to grow by USD 125.57 million with a CAGR of 6.74% from 2021 to 2026. So, as a crypto mining enthusiast, what can you expect from ASICs, and what is the future of ASIC mining? Let’s unravel it in this blog.
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Cryptocurrency or digital currency is seemingly popular among investors worldwide for its decentralized nature. Backed up by blockchain technology and distributed ledgers, the distinct feature of cryptocurrency is that any centralized authority, such as banks or government, does not control it.
Cryptocurrencies are often seen as potential alternatives to fiat currencies, and people use them to diversify their portfolios. The global cryptocurrency market size is expected to grow from $910.3 million in 2021 to $1,902.5 million in 2028 at a CAGR (Compound Annual Growth Rate) of 11.1%
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ASIC (Application-Specific Integrated Circuit) mining attracted many users to crypto mining because of its exceptional efficiency. Since ASICs are specifically designed for the particular cryptocurrency’s mining algorithm, they enable miners to mine their preferred cryptocurrencies successfully despite the network competition.
Conversely, ASIC mining has its challenges like significant upfront costs, risk of centralized mining power in the hands of large entities like corporations, restricted entry for newbies, etc. So, is it worth investing in ASIC mining in 2024? Let’s discover.
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Cryptocurrencies are digital currencies that one can convert to fiat currency anytime. Hence, any cryptocurrency in the form of mining rewards is taxable as you can exchange them as fiat currencies.
Besides mining rewards, any income or profits you make from cryptocurrency are also taxable. However, crypto taxes work differently than regular fiat currencies. Hence, if you are into crypto mining or holding cryptocurrencies, you should be aware of its tax implications. This blog could be a good start.
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Blockchain technology is a decentralized and distributed digital ledger for recording transactions across multiple computers rather than being governed by a single authority. It differs from traditional ledgers in how it stores and manages data. For instance, a blockchain is a chain of blocks linked to the previous block in chronological order, creating a chain of blocks. Hence, the name blockchain.
Let’s delve deeper into blockchain technology, its features, how it works and its applications in detail with his comprehensive blog.
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Kaspa is unique and a step ahead of other traditional cryptocurrencies by solving thetrilemma faced by traditional cryptocurrencies — security, scalability, anddecentralization. Kaspa achieves that by utilizing a revolutionary blockDAG,unlike blockchain.
Since Kaspa enables the fastest, most scalable, most secure, andmost decentralized transactions, Kaspa has the potential to revolutionize theblockchain space. Let’s uncover more about Kaspa, its characteristics, and howit works in detail with this blog.
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Merged mining is an innovative method of mining two or more cryptocurrencies simultaneously without compromising the mining performance. Thus, a miner can utilize computational power to mine multiple blockchains. However, all the involved cryptocurrencies must follow the same algorithm to perform merged mining.
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Dogecoin is a cryptocurrency that was started as a meme and fun alternative to traditional cryptocurrencies like Bitcoin, Ethereum, etc. Developed by Billy Markus and Jackson Palmer, Dogecoin got its name from the Shiba Inu dog from the Doge meme as its logo and mascot. That gave instant popularity and a unique identity to Dogecoin.
Dogecoin functions on a decentralized network and follows the Proof-of-Work (PoW) algorithm like Bitcoin. Though it started as a meme, Dogecoin gained attention over the years and gained a dedicated community.
Let’s delve deeper into Dogecoin, its features, and how it works.
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A hard fork is a software upgrade that has to be implemented by a blockchain. The enhancements that come with the hard fork’s new protocol are often incompatible with the existing blockchain protocol, resulting in two parts — one that follows the previous protocol and the other that follows the new one.
Forks are often initiated by crypto community members or developers who want advanced functionalities that the current network protocol failed to meet. At times, users leverage hard forks as a way to crowdsource for building new technology projects.
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Kadena is a scalable Layer-1 on the Proof-of-Work (PoW) blockchain, designed to address the existing challenges of traditional blockchain networks — scalability, security, and decentralization.
Developed by Stuart Popejoy and William Martino, Kadena surpasses the limitations of conventional blockchain layers. Kadena’s mining algorithm, Chainweb, is a multi-braided, scalable blockchain technology that connects multiple chains, encouraging parallel processing and increased throughput. Additionally, Kadena’s native smart contract language, Pact, facilitates users to build secure blockchain applications.
Let’s explore the Kadena algorithm, its characteristics, use cases, and more in detail in this blog.
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Blake2b is a cryptographic hash function based on the Blake algorithm. To be precise, Blake2b is a modified version of Blake. Designed by Jean-Philippe Aumasson, Luca Henzen, Willi Meier, and Raphael C.-W. Phan, Blake2 was considered a potential alternative to MD5 and the SHA series algorithms as it aims to provide enhanced security and improved efficiency.
Blake2b depends on the algorithm borrowed from the ChaCha stream cipher, which was designed by Daniel J. Bernstein. Let’s explore the Blake2b algorithm more, its characteristics, and the top Blake2b mineable coins in detail.
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Alephium (ALPH) is a layer one blockchain addressing the drawbacks of traditional blockchains like scalability, programmability, decentralization, and security. Alephium uses an innovative algorithm, Proof-of-Less-Work (PoLW), and sharding techniques to increase throughput and scalability while ensuring faster transactions and reduced network congestion. Let’s explore Alephium, how it works, and how it is unique from traditional blockchains.
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