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Bitcoin’s Blockchain: Advantages Of A Decentralized System

Tuvuti Editorial Team
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Bitcoin’s Blockchain: Advantages Of A Decentralized System

The most talked about topics in the context of bitcoin as well as cryptocurrency are Blockchain and decentralization. The whole internet is full of articles that express ideas about these two things. However, for newbies to the bitcoin market, easily understandable theories about them are necessary to make real understanding. Only a clear idea can make your interest more toward the great innovation, cryptocurrency, or bitcoin. For more details visit at http://bitcoin-formula.org

Bitcoin Blockchain and decentralization may sound difficult to newcomers who want to understand their fundamentals but, they are the easiest basic knowledge or technologies that have been adopted in the making of bitcoin. Everything about these two topics is given below in this article in the easiest way.

Overview of Bitcoin’s Blockchain technology:

Blockchain is a distributed ledger that records transactional data that happens in the network. It is an online shared networking system where all the users are connected. Each user serves as a node or block of the distributed ledger. When a transaction is initiated, the duplicated version of that transaction is broadcasted in every block. Here verification is done by the process called mining. Once the transaction is verified, the data is saved in the date of the block and timestamped.  A new block is also created in this process. That is how the Blockchain network is spread.

Advantages of Blockchain technology:

 Blockchain technology in bitcoin has so many advantages. They are-

  • Because of the Blockchain model the network is open-sourced. Anyone can enter the network and use it from any part of the world.
  • The network is open at any time 24*7. Here there is no timing regulations in time traditional banking system. So, you can use the network to transfer bitcoin in an emergency immediately.
  • The network is very secure. As it is a shared network, all the blocks share the same data so they can’t be deleted or changed.
  • The data also gets verified all the time a transaction happens and it adds an extra security layer to the network.
  • Moreover, the data of the blocks are encoded with cryptographic encryption which again is an extra shield of security.
  • Blockchain technology also makes the network the same for the whole world. If you want to carry fiat currency from one country to another you have to go through some territorial legal procedure. But, the bitcoin network doesn’t come under any territorial guidelines.

Decentralized system:

Decentralization means no centralized control. In the bitcoin network no centralized authority, bank, or government is controlling the network. It is completely free to transfer direct funds as there is no central via point.

Advantages of decentralization in bitcoin: Advantages of decentralization in the bitcoin network are-

  • The decentralized network provides the facility of direct fund transfer. It is the main benefit of a decentralized network. The centralized traditional banking system has so many regulations over their transactions due to a centralized guideline but in decentralization, people can have control over their own money so they prefer it more.
  • Decentralization also results in fast economic transactions. In the traditional banking system, international transactions take almost 2 to3 business days, and also many hidden charges over the transactional charge are also taken. But, in the bitcoin network, cross-border transactions happen in just 10 minutes, and in comparison to the value of the bitcoin, the transactional charges are almost negligible.

Conclusion:

These technologies have made bitcoin convenient and so popular with the people. Investors are investing in cryptocurrency like mad. It has just become a trend now. You just have to find a reliable platform like bitcoins-era.nl and you can start your bitcoin trading journey. These platforms are good enough to make your bitcoin trading easy with various trading tools.

Don’t Be Intimidated By Mining Bitcoin, All You Need Is A Little Math

Tuvuti Editorial Team
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Don’t Be Intimidated By Mining Bitcoin, All You Need Is A Little Math

Bitcoin mining plays the most important role in validating the huge transactions of its decentralized system which no governing body is authorized to take the responsibility. Bitcoin shares an open-sourced network that is not regulated by the government or any organization. Transactions here are direct and no central point of authorization is technically added making the whole network and the system a bit-iq.io suspicious for unusual transactions.

The process is not that simple but includes a lot of phrases and mathematical calculations. To know this interesting process in detail, read the complete article. It also covers the various aspects of bitcoin mining and how you can make a profit from it too.

Overview of Bitcoin Mining:

Bitcoin mining was first started in the year 2009 when Satoshi Nakamoto, the creator of bitcoin mined the first block of bitcoin, the genesis block (block no- 0), and initiated the bitcoin network. Bitcoin mining serves two purposes. One is to verify transactions and another is to bring new bitcoins into circulation. That is how the whole bitcoin network is run.

Deconstructing The Verification Process: How Blocks Get Verified By Mining

Firstly, you should note that the Bitcoin network runs on a distributed Blockchain that is known to record every single transactional data in the blocks. Once a transaction is initiated the data is duplicated and stored in every block as the network is evenly distributed. Now, the role of the blocks is to store different amounts of data based on the number of transactions made by the users.

Each time, the miner can verify one block that has 1 megabyte worth of transactional data.

While mining, the miner downloads a block in his or her mining computer and gets access to all the transactional history of that block. Then with the computational power, the transactions get verified. The verification process includes solving a complicated mathematical hash puzzle. However, when the transactions are verified, the data get stored in the blocks permanently and a new block is opened. Thus, the verification process is done.

The BIG Reward of Bitcoin Mining: Why It’s Worth Your Time!

After successfully mining a block, the miners get the reward of new bitcoins. But, the amount of reward is not the same as the bitcoin protocol has set a limit on bitcoin supply. After every four years, that is after mining 210,000 blocks, the reward gets halved. The first block of bitcoin had a reward of 50 that was at the time of Nakamoto. After that, in 2013, the reward came to 25, and now, it is 6.25.

Bitcoin Mining: The Math Behind It

Bitcoin mining doesn’t involve the whole block but a part of it that stores the transactional data and is known as the blockhead. The mining process comprises six components or phrases.

  1. Version: For mining, you need the mining software and the version is the version of software you have downloaded.
  2. Timestamp: The timestamp indicates the time of the creation of every newblock. Within the block all the transactions are timestamped.
  3. Previous block hash: This component contains all the transactional data of the previous block that has to be mined with a hash number after that.
  4. Markle root: Here all single transactional data are hashed together and form a tree-like structure that is called Markle root.
  5. Difficulty target: It is a hash number and the main focal point or target point of the miners. The number is a 64digit hexadecimal number that has the same string length as the largest hash number of the PoW algorithm, SHA256. The number contains letters and a bunch of zeros after them. Here the targets of the miners are to get a similar number or the closest smaller number of the difficulty target by applying computational power. Also, the miner who will come first with the number needed here will be the winner and get the reward.
  6. Nonce: When miners fail to come up with the result, in this section, they get another difficult target and thus they continue with their efforts.

Conclusion

Mining is considered a great way to receive income from bitcoin. However, it also requires a huge setup and investment. An easier way is to trade bitcoin which is the main trend now with bitcoin. You can start trading bitcoin with reliable platforms like bitcoinsup.org.

Here is how much you`ll be charged on Fuliza facility after Safaricom, NCBA and KCB Restructure

Tuvuti Editorial Team
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Here is how much you`ll be charged on Fuliza facility after Safaricom, NCBA and KCB Restructure

Kenya`s largest mobile service provider – Safaricom which offers the Fuliza overdraft facility in conjunction with financial institutions; NCBA and KCB have announced a reduction in the fees charged on the facility by up to 50%. Customers will also access the facility without daily charges on transactions that are less than Ksh. 1,000 for the first three days. Fuliza overdraft facility is enjoyed by more than 80 percent of MPESA users, making it one of the most important loan facilities in the country.

And while the facility has generally enjoyed a cordial acceptance amongst Kenyans, the interest and other fees charged have been categorized as opaque and is regarded as one of the most expensive facilities in the country. This is however expected to change after the recent move by Safaricom and its partners, lowering fees by 10 to 20 percent for customers who borrow more than Ksh. 1,000.

The 1 percent one-off Access fee levied when customers access Fuliza remains unchanged, but customers should enjoy the fees reduction starting from October 1, 2022. Additionally, the institutions announced commitments to support the government in restructuring the credit reference bureaus that most lenders base their decisions when awarding loans. To this end, Safaricom and NCBA will execute a credit repair mechanism that will see customers who have defaulted on M-Shwari and Fuliza enroll into a credit repair scheme, hopefully resulting in the delisting of over four million digital loan defaulters who are negatively listed on CRBs.

Speaking on the event, Safaricom`s CEO Peter Ndegwa said the company introduced a free daily maintenance fee period for Fuliza transactions that are less than Ksh. 1,000 which was inline with its mission of transforming lives through the spirit of Tuinuane.

New Fuliza overdraft facility rates (2022)

Tariff BandOld Daily Maintenance FeeNew Daily Maintenance Fee
1 – 1000.000.00
101 – 5005.00Free for first 3 days 2.50 after
501 – 1,00010.00Free for first 3 days 5.00 after
1,001 – 150020.0018.00
1,501 – 2,50025.0020.00
2,501 – 70,00030.0025.00

Vivo set to launch vivo V25 5G in Kenya, features a Color-Changing Design and Advanced Photography Features

Tuvuti Editorial Team
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1
Vivo set to launch vivo V25 5G in Kenya, features a Color-Changing Design and Advanced Photography Features

Kenyans will be spoilt with choice in the 5G smartphone segment once Vivo smartphone goes ahead with its plans to unveil the V25 5G in the country. It`ll be among the few smartphone manufacturers that have thus far ventured in the 5G connectivity segment after the leading mobile service provider in Kenya – Safaricom upgraded its infrastructure in various parts of the country. The device offers some unique features that are expected to excite many Kenyans looking for a feature-rich budget device that has capabilities to connect using 5G networks.

Besides featuring the latest technology in mobile broadband, Vivo V25 5G comes with a trendy design that can swap colors in certain conditions including some cool photography features that will see many creatives out there able to express themselves using photos and videos. The smartphone maker is looking at cementing the V-series lineup as the preferred camera with interesting technology here in Kenya.

The main sensor features a 64MP optically stabilized sensor that is said to support long exposed photos, thereby minimizing chances of blurry images. V25 5G also features what the manufacturer calls a 2.5D body making it more comfortable to hold in the hand. The handset utilizes a Color Changing Fluorite AG Glass that changes when exposed to UV light. The Aquamarine Blue edition of the handset switches from ocean blue to bluish green.

Under the hood, users will also enjoy a decently clocked processor that features the latest cooling technology as well as fast charge and a high efficiency ratio to operate for a longer period without requiring a charge.

Kenya launches digital vehicle number plates to curb related criminal activities

Tuvuti Editorial Team
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Kenya launches digital vehicle number plates to curb related criminal activities

Kenyan government through the internal cabinet secretary Fred Matiangi has officially unveiled modern vehicle number plates that will aid law enforcement agencies in curbing crime in the country. The new plates will be equipped with additional security features which will allow among other things, tracing of vehicles owners incases where need arises.

The new number plates will effectively comply with the amended Traffic Act of 2016 which requires additional features to be both visible physically as well as additional hidden security measures that will only be accessible to law enforcement agencies. According to the Cabinet Secretary, the new number plates will be fixed to vehicles at the point of entry. Additionally, the information contained therein will be synchronized with the Kenya Revenue Authority (KRA) to eliminate cases of tax evasion – a major concern in the car selling business.

Matiangi was speaking at the Recce unit Headquarters in Ruiru, Nairobi where the new number plates are being made. He also mentioned that the work was as a result of a multi-agency unit from the security sector which was part of the reforms initiated earlier on by President Uhuru Kenyatta.

Vehicle owners are expected to change from their old numbers plates to the new ones within the coming 18months. Speaking at the event, Transport CS James Macharia said the new plates will cover 12 category of vehicles in line with the legal notice 62 of 2016 as well as allow ease of monitoring vehicles coming into the country that ranks as a major transit hub in the region

How much new digital number plates cost

To replace old plates, users will part with Ksh 3,000.

Uber Kenya introduces UberXL in Nairobi, which can accommodate up to 6 riders in a single ride

Tuvuti Editorial Team
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Uber Kenya introduces UberXL in Nairobi, which can accommodate up to 6 riders in a single ride

Taxi hailing company – Uber has introduced UberXL in Nairobi, a service that is able to carry up to 6 riders at a go. Current Uber services include UberX and Uber ChapChap that can only have between 3 to 4 riders depending on the type of car. The new addition will basically mean, 6 riders can now choose a single ride, rather than ordering more cars for the same number of people.

According to a message send to customers earlier on Monday, people travelling in groups will now an option to choose Uber XL with a seating capacity of up to 6 riders, a clear upgrade over regular services that can have a maximum of 4 riders seated. This is specially expected to benefit various groups such as road trips, office meetings or even just travelling for leisure activities such as tourism.

And as expected, rates are a little higher than regular services with the company saying that customers will be charged from KES 390.  Uber is the most popular taxi hailing company in the country followed by Bolt and Little. We expect Uber to increase in popularity especially by tapping in the high-capacity taxi services segment.  

How to request UberXL for a group of 6 riders

The process is similar to requesting normal rides except, users will instead choose UberXL rather than regular services.  

Key tea farming services at Kipkebe Ltd to be done by drones, thanks to Kenya Airway’s Fahari Aviation

Tuvuti Editorial Team
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Key tea farming services at Kipkebe Ltd to be done by drones, thanks to Kenya Airway’s Fahari Aviation

There have been several controversies when it comes to drone ownership in the country, more so resulting from unclear legislation that is supposed to guide regulations in these sectors. However, this has not prevented firms like the Kenya Airways from exploring areas on how they can benefit from it. We’ve previously seen the responsible authority (KCAA) indulge various stakeholders in coming up with guidelines on using drone technology in Kenya.

Kenya’s biggest airline carrier – Kenya Airways though its subsidiary; Fahari Aviation has announced partnership with Sasini’s subsidiary – Kipkebe to introduce drone technology in major tea farming services. In the deal, Sasini is aiming at improving its precision agricultural services through use of drones in areas such as chemical spraying as well as fertilizer application.

Considering this would be one of the major areas that drone technology will be used, the move is specifically touted to benchmark the effectiveness of using drones in various activities within the tea farming industry. In case the deal is successful, we expect Sasini to roll out similar services in various tea farms that are within its umbrella, and possibly motivate other players in the industry to adapt the same.

As of today, high-capacity drones can be used to handle various farming activities in plantations that occupy more than 3000 acres of land. And while it would have taken several weeks for several works to complete these activities, the two companies are confident that a drone would easily handle the same within a week. Additionally, the two firms have indicated that this would in turn save on costs in fertilizer application to the tune of 50 percent.

Other advantages include better accountability of product supply as well as improved accessibility of tough terrains. The Airliner is keen on unveiling and implementing future aviation technologies and is part of the Fahari’s strategy of contributing to the sustainable development of Africa by championing new dimensions within the industry with the use of drones and unmanned aircraft.

How to start forex trading Kenya

Tuvuti Editorial Team
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How to start forex trading Kenya

Are you interested in learning about forex trading in Kenya? If your answer is positive then you come to the right place. Kenya has regulations in place to protect customers involved in Forex trading. This means that your actions will be safe from fraudulent traders. The Capital Markets Authority of Kenya (CMA) is responsible for regulating brokers and ensuring customer protection. This makes Kenya a safe place to trade Forex.

In this article, we are going to tell you some simple steps on how to start your trading activity in such a developing country as Kenya. So let’s get acquainted with them now.

Start from market concepts

When starting out in the Forex market, you should do your research and understand the environment you’re trading in. Without this knowledge, your chances for profit are greatly reduced. Start learning the concepts, terminology, and the basics of the trading processes as the collision with them during making deals is inevitable.

Choose the brokerage company 

Picking a broker is an important first step to trading. There are many factors to consider, but 2 of the most important are regulation and leverage. 

Make sure your broker is regulated by a reputable authority to ensure that your money is safe. Additionally, be aware of the level of leverage offered by the broker. Leverage allows you to trade with more money than you have in your account, but it also increases your risk of loss. Use caution when choosing a broker and make sure you understand the risks involved.

Open the trading account

Make sure you choose a broker with a free demo account so that you can practice and get comfortable with their platform. Learn about the various order types, how to open and close positions, use technical indicators, etc. before investing any real money. 

Choose a trading platform

You need a trading platform to trade currency pairs and make profitable deals. There are different types of them, each with its own unique features. The most popular ones include Metatrader 4 and 5, as well as NinjaTrader. In addition, you can always do your research before choosing a platform and starting the trading process.

Manage the risks

When trading, you should practice risk management principles to ensure you can continue trading another day, even after sustaining a losing streak. There are rules for protecting your downside, ensuring profits are realized, and determining an appropriate size for your position. By following them, you can trade more confidently and successfully.

Place trades

Right after picking a broker and a platform to trade, you can start the process by placing your first trade. Make sure the risks are under control and start things.

Conclusion

Forex trading can be a profitable business for those who are willing to learn the ropes and put in the time and effort to practice.

The article has given you a good starting point for learning how to trade forex in Kenya. Remember to start small and use a demo account to practice before investing any real money. With some patience and perseverance, you should be on your way to becoming a successful forex trader in Kenya.

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