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What is the CryptoCurrency and how can it be earned?

What is the CryptoCurrency and how can it be earned?

Blockchain

The blockchain can be thought of as an accounting office that records all the activities, transfers, ownerships, and valuations of Cryptocurrencies. Blockchain has a limited number of transfers that increase over time. The blockchain has many uses beyond the  cryptocurrency  . But blockchain technology is usually known for its bitcoin, and from the very beginning bitcoin was able to attract a lot of people. Because it was both a revolutionary innovation and open to the public. In fact, it was a decentralized, standalone network in which ordinary users were responsible for guaranteeing and approving transactions.

Blockchain

however  For Bitcoin it is like the Internet for email. A large electronic system on which applications can be built and currency is just one of them. In fact, Blockchain is a platform that, with the special capabilities it offers, provides the potential for professionals to provide some of the services and technologies. Currency cryptography,  including Atrium, is one of these functions. Cryptocurrencies such as Atrium and Bitcoin, although software based on blockchain, have differences in usage and capability.


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What is the currency code?

Currency cryptocurrencies use highly complex cryptographic protocols or codes to encrypt and transmit sensitive data to secure transactions. Currency code developers have built these protocols on the complex principles of mathematics and computer engineering that make them impenetrable. These protocols also conceal the identities of individuals using the currency code, making it difficult for anyone and any government to trace and trace them. Currency ciphers are also known for their decentralized control. This means that all the activities and values ​​of this market are controlled and evaluated by the same complex codes and are not controlled by banks or government officials. Cryptocurrencies can also be traded in real currencies, and you can replace your Cryptocurrencies with dollars, pounds, euros, etc. in some specific markets and well-known exchanges, such as Binance. The main danger occurs at this stage where hackers and malware can block your money during this transfer.

Currency codes have 7 key features:

 1- Being digital: Crypto Currency are only available digitally on computers. There are no coins or banknotes. There is no money as support in different banks like the central bank for cryptocurrencies!

2- Decentralized:  Currencies do not have a central server. They are typically distributed across a network of thousands of computers. Networks that do not have a central server are called decentralized networks.

3- Peer to peer:  Currency codes are transferred online from one person to another.Cryptocurrency  users do not communicate with each other through the bank, PayPal or Facebook. They trade with each other without intermediaries. In the world of Fiat money, banks, PayPal and Facebook are recognized as trusted third parties. But in the world of currency cryptocurrencies, there is no trusted third party!

4- Alias:  This means that you do not need to provide your personal information to use or acquire the Cryptocurrency. You can trade cryptocurrencies anonymously under a pseudonym.

5. No need for trust: The  absence of trusted third parties means that you do not have to trust another person or organization to monitor and control your assets to use the system. Users have complete control over their money and information at all times.

6- Encrypted:  Each user has a special code that prevents other users from accessing his information. This is called encryption and is almost impossible to hack. This is where the Crypto section of the term Cryptocurrency comes into play. Crypto means encrypted and hidden. When information is hidden through encryption, it is said that the information is encrypted.

7- Global:  Each country has its own currency, which is called Fiat currency. Transferring Fiat currencies globally is difficult. Cryptocurrencys can be easily sent worldwide. Encrypted currencies are called borderless currencies!

cryptocurrency history

Cryptocurrencies existed long before the first virtual currency emerged as a theoretical structure to replace the current model of exchanges and currencies. In the early 1980s, an American cryptographer named David Chaum designed an algorithm called “blinding” that is still used as the core of modern web coding. The algorithm provided a secure and untraceable space for money transfers between the two parties to the transaction, and an electronic currency called blinded money was used for transfers. In the late 1980s, Chaum moved to the Netherlands to try to commercialize blinded money, where he founded a company called DigiCash, using currencies based on his own algorithm.

Unlike bitcoin and most Crypto currencies today, blinding money and this company had no decentralized control and acted just like banks. Maybe that was one of the reasons we don’t hear about it and the company right now. DigiCash gradually went bankrupt in the late 1990s after pressure from the Dutch central bank to restrict DigiCash transactions to official banks only and failed to work with Microsoft on in-Windows payments using the e-money. At the same time, one of Chaum’s assistants, Nick Szabo, invented a currency called Bit Gold, which used the blockchain system and was the basis of today’s cryptocurrencies, but just like DigiCash, it was never known and widely used. .

After DigiCash, studies on this type of money spread and one of the most important and significant Internet currencies used in the United States at that time was called e-gold. e-gold was developed by a Florida-based technology company of the same name and provided services to electronic gold buyers. Users could buy and sell this money and receive real gold or dollars in return. Gold had millions of active accounts during its heyday in 2005 and 2006, which led hackers to find a great place to make and steal money. The loss of millions of assets and legal problems that plagued the company every second eventually put too much pressure on e-gold to do its job, and the virtual currency was finally shut down in 2009. .

Bitcoin was recognized as the first modern Cryptocurrency to have decentralized control and was used for financial transactions. Bitcoin was first born in an article written by Satoshi Nakamoto. In early 2009, Nakamoto launched Bitcoin, and a group of enthusiasts and developers began exchanging and mining bitcoins. In late 2010, a number of other cryptocurrencies such as Litecoin were introduced. In late 2012, WordPress was the first large company to recognize and use Bitcoin payments. Other companies, such as Microsoft, Expedia, and Bitcoin, have entered into transactions, and hundreds of companies, large and small, now use the world’s most important and valid currency code for their payments. With the advent of bitcoin, many other Cryptocurrencies entered the global market.

Currency code profitability

It should be borne in mind that many people promise wealth overnight through the currency code. You have to be careful not to be fooled by profiteers. True, investing in a cryptocurrency may generate more revenue than a stock exchange or an investment fund. You can make more than 300% profit in one year by investing $ 1,000 in Bitcoin, Atrium and.. However, it must be acknowledged that when it comes to cryptocurrencies, there are many doubts that their return is only for one year and there is no prospect of its future. But evidence so far has shown that cryptocurrencies are real and are increasingly being produced to survive.

Therefore, it is recommended that you make a small investment in this category if you are in the speculation stage as you can earn a lot of money. If you can make a lot of money this way with a little money, you will win, and if you lose your capital, you will not lose much. If you are familiar with the reputable resources in the field of training to earn money through cryptocurrency, everyone agrees that investing in cryptocurrency is not a fortune overnight and requires time and money to acquire skills and trade in it.

In the following, we will deal with mining and Cryptocurrency trading, which are two of the most important ways to earn money from currency cryptocurrencies.


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What is a Miner?

Miner device or Asic is a term used for cryptocurrency extraction devices and currently these devices are very diverse. All over the world, people who extract cryptocurrencies, whether bitcoin or other cryptocurrencies, say Miner, and they try to use a variety of mining tools to gain more extracted cryptocurrencies and sell them to make a profit. Find. In general, mining is the process of verifying cryptocurrency transactions and registering them in the General Office of Extraction Distribution. This process helps to decentralize the network of cryptocurrencies and increase network security, and ultimately creates new cryptocurrencies. Verified transactions are aggregated in blocks quite simply, and to add these new blocks to the existing blockchain, there is a coding puzzle that is highly complex and needs to be solved.

What do I need to do the mining process?

If the difficulty of mining and the cost of bitcoin mining are not a problem for you, there are three steps to enter the world of miners:

  • Buy an extraction machine
  • Use a safe and convenient wallet
  • Join a pool to perform the extraction process

In the following, we will deal with mining and  Crypto currency trading,   which are two of the most important ways to  earn money from currency  cryptocurrencies.

How to do mining


Step # 1- Discovering Your Purpose Mining is profitable.

Before you start mining bitcoins, you need to be careful. The best way to do this is to use a  bitcoin mining calculator  .

Remember that mining costs money! If you do not have the money to buy  a  good mining machine , and if you do not have access to cheap electricity, bitcoin mining may not be economically viable for you.

Step 2: Have your own miner.

After doing your calculations, it’s time to have your miner! In fact, at this stage , examine the bitcoin mining hardware  to make sure which miner is right for you, if you have not already done so in step 1.

Step 3: Create a Bitcoin wallet.

You   need a bitcoin wallet in which to keep your mined bitcoins. When you have a wallet, make sure your wallet address. This address will be a long sequence of letters and numbers. Each wallet has a different way of getting the public address of Bitcoin, but most wallets are quite simple about it. Note that you need your public bitcoin address, not your private key, which is like the secret password of your wallet.

Step 4: Find a Mining Pool.

You can join a mining pool to solve problems more easily. The pool can solve the main problem and calculate the bitcoin reward and transaction cost. Eventually the profit will be distributed based on the share of mining in the whole pool.

Step 5: Get a mining program or software.

Controlling and monitoring your mining requires dedicated software. Depending on your mining equipment, you may need to find the right software. Many mining pools have their own software, but some do not. If you are not sure which mining software you need, you can make a list of bitcoin mining software and compare it with each other.

Step 6: Start Mining.

Plug the miner into a power outlet and turn it on. Be sure to connect it to your computer  (usually via USB)  and open your mining software. The first thing you need to do is enter the address, username and password of the mining pool.

After this configuration, you have a subscription to the collections, which is part of your job to find the next block. Depending on the pool you choose, you pay for it. Just be sure to enter your address in the required fields when entering the pool.


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