Turkey crypto mining

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You can use your Bitcoins for online purchases or you can transfer them to other electronic wallets. Each day more websites accepts Bitcoins as a currency to make online transactions. Mining: What Is It? We can describe mining by with an example; imagine a pin hidden somewhere random in a room with full of straws and you are trying to find this pin. The reality is similar to this situation. Instead of looking for a pin, you start a search inside a room of numbers for Bitcoin and this action is called mining.

Stronger your processing power and graphics card in your hardware, easier to mine a Bitcoin. Finding a pin means getting a block reward. At the time the Bitcoin became active, although one could earn 50 BTC after getting a block reward, today that number is 12,5 BTC and eventually, once reaching the 64 block halving, Bitcoin system will come to an end.

And the reason for that is a security measure created by Satoshi Nakamoto. Such security protocol exists in order to prevent everyone from mine as many as they can and manipulate Bitcoins. This is a big difference compared to other currencies, since it is counteracting the endless printing of paper currencies. One of the main reasons of inflation is the increase in the demand for the real currency in the circulation.

That simple economic rule, does not apply to Bitcoins. The Bitcoin has minimum risk of inflation. The afore-mentioned technical design allows this since the total amount of Bitcoins that could be created is pre-determined. Mining Farms Individual Bitcoin users who would like to mine used to obtain computers with better hardware and were successful. But nowadays there are mining farms offered by some companies to the investors, which can mine lot faster than the individual computers.

This progress made it difficult for the individual users to mine, since the cost of electricity spent by these computers made the individual mining activity a disadvantaged investment.

So it is possible to admit the fact that the Bitcoin now became more of an investment strategy for bigger players. Is It Safe to Invest? Since it is an online currency, Bitcoin is vulnerable against all digital and online threats as well. Due to its digital structure, although its market value is around USD But this does not mean that Bitcoin is not safe to invest.

All the security warnings which are applicable to all your online transactions apply to your Bitcoin transactions as well. Also, the users must bear in mind that the Bitcoin transactions cannot be taken back and shall use known and secure platforms to do their transactions.

How about Legal Implementations? Some restrict, or even ban the public use of Bitcoin. The Nepalese government has even jailed almost a dozen cryptocurrency enthusiasts, for operating a small-scale bitcoin exchange platform. Other countries have been taking different measures.

Many countries have issued statements indicating that bitcoin and other digital currencies are not regulated and do not exist as officially sanctioned currencies, which means that Bitcoin users and miners are not violating, but also not protected by any law. Cryptocurrencies exist in a legal grey area in Turkey. The government banned their use to pay for goods and services in April last year, while trading them is still permitted.

But for some, the sense that others are getting rich outweighs their own sense of risk. BG owns a digital media agency, and began investing in cryptocurrencies in The true size of the cryptocurrency market in Turkey is hard to estimate as many of the figures are produced by the industry itself. An estimated 5 million people in Turkey currently operate cryptocurrency trading accounts, according to politicians seeking to regulate the trade. Viswanath-Natraj pointed to the appeal of cryptocurrency in countries such as Turkey or Venezuela where inflation is high, but added that consumers are more likely to benefit if they choose so-called stablecoins, whose value is pegged to external factors such as the dollar.

He said he declined to participate, as the programme requires long-term investments. Others, he said, felt it was simply too risky to trust the government. Some fear undue regulation in an industry where freedom is prized. Others say that limited regulation is necessary to protect consumers from predatory exchanges. Tales from the crypto: lira crisis fuels Bitcoin boom in Turkey. A cryptocurrency exchange kiosk in Istanbul.

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