Bitcoin mining went from just a hobby to a whole industry that required you to have a cooled warehouse that’s filled with specialized rigs within just months. ASIC miner, the Chinese company, designed a circuit meant for nothing but bitcoin mining and turned mining into a specialist task. Several other companies followed with their own hardware versions as the price of bitcoins began climbing and progressively more people became interested in mining them. Bitcoins are now truly lucrative, but can beginners join in the action? The answer is yes and the solution is cloud mining. A complete novice can begin mining within hours without the need to buy a specialized hardware. Here are steps for mining bitcoins using cloud computing.
Get a Wallet There are many web-based free wallets that enable you to buy some bitcoins by using your credit card or linking to your traditional bank account. This enables you to bypass the complete process of going through an exchange. Registering an account with such wallets is easy. This is the very step for mining bitcoins with cloud computing.
Purchase Some Bitcoins You need this to begin mining bitcoins in the cloud. Theoretically, you can start off mining as small as you are comfortable with, but it’s suggested that you buy a minimum of 0.1 BTC. This means an initial investment of about $150 at current BTC rates. This is a very nice low entry point for bitcoin investments. But it could take some days for your payment to be verified and the Bitcoins deposited into your wallet.
Register For Cloud Mining
This is where you go to reliable mining services like USI-Tech. UTI is a reliable service that mines bitcoins and even offer 1% return to users. You will be required to use a valid email address, choose a username and a strong password to register. For maximum security, please select a combination of password and username you don’t currently use anywhere else. USI is the best service if you desire to easily and quickly mine bitcoins. It offers mining at its possible best for all beginners.
Credit Your Bitcoins to Online Mining Account
Immediately your coins land in your wallet, you should send them to your USI-Tech account or the account of any cloud mining platform you are using. You bitcoin address, which resembles a random string of letters that are medium length, is then displayed in the appropriate space when you sign into your account. Highlight and copy this address and store it somewhere safe and secure. It’s the address you will use to receive, store and pay when performing transactions.
Purchase Cloud Mining Power
This is where you go to the cloud mining platform’s trade section to follow instructions concerning how to buy cloud mining power using your bitcoins. Hashing power which is dominated in GH/s can be bought in various ways in the trading section which, is designed like any regular digital trading floor. If you think it’s currently too costly, you can place a lower priced-order and wait for it to be filled.
The hashing power you purchase instantly goes to work to begin mining Bitcoins for you. You just need to keep watching the screen waiting for something to happen, especially if you joined USIwhich does all the mathematical calculations on your behalf.
Whether experts or beginners, all enthusiasts encounter the same terms that are common to Bitcoins. Some people already know what all of the terms mean. But others always hardly understand or know some terms that are always commonly used in relation to bitcoin mining. This article has been written to explain some of the most used and common terms in a language that is simple to understand.
A bitcoin address is like an email or a physical address. It’s the single information required to be paid with the crypto-currency. Nevertheless, a vital difference though is that each address must only be used for a single transaction.
This is any record in a blockchain that contains and validates several waiting transactions. On average, a new block comprising transactions is added to the blockchain via mining roughly every ten minutes.
This is a chronologically ordered record of Bitcoins transactions that is always available to the public. It is shared among all users. It’s utilized in verifying the performance of bitcoin transactions and to safeguard against double spending.
This is the number of blocks in a blockchain that is connected. For example, height0 will mean a first block which is also called the genesis block sometimes.
This means that the network has validated a bitcoins transaction, through the process that’s called mining. A transaction can never be double-spent or reversed once it has been validated. Transactions are contained in blocks.
This relates directly to mining, and how hard validating any networks blocks can be. The mining difficulty involved in verifying blocks is adjusted after every 2016 bitcoin blocks. It is also automatically adjusted to maintain block validation times at ten minutes.
Double Spend Bitcoins Transaction
Double spend is when any malicious user attempts to spend bitcoins to two varying recipients simultaneously. Mining and blockchains are there to generate a consensus across the network concerning which among the two transactions will be confirmed and taken to be valid.
Having a finite supply makes bitcoins scarce. 21 million is the total amount that will get issued ever. The number created per block is reduced by fifty percent every four years. This is what is referred to as ’halving’. 2140 is the year in which the last halving will occur.
This is a network’s processing power’s unit of measurement. Networks must execute intensive mathematical operations for the purpose of security. When a network reaches a hashrate of 10 TH/s, it can execute ten trillion calculations every second.
This is the process of utilizing computer hardware to execute the network’s mathematical calculations so transactions can be confirmed. Miners take fees for any transactions they confirm and they are given bitcoins for every block that they verify.
This is a data string which verifies that a user can access bitcoins contained in a particular wallet. Think of it as a strong password; they mustn’t be known by anybody else but you, since they via a cryptographic signature, enable you to spend from your bitcoin wallet.
There are many other terms that didn’t make this list. But if you know even these ones only, you will surely understand what bitcoins mining is all about a lot more.
Bitcoin mining is a computer process that is peer-to-peer and is utilized to protect and validate transactions (one user paying another through a decentralized network). It concerns adding bitcoin transactions data to its global ledger of former transactions. A transaction group is called a block. Miners secure blocks and build them atop one another to form a chain. A past transactions ledger is known as a blockchain. The blockchain functions to validate transactions to the remainder of the network as having taken place. Nodes then utilize the blockchains in separating legit transactions from attempts to re-spend bitcoins that have been spent somewhere already. Here are facts you must about bitcoin mining.
Bitcoin mining is purposely patterned to be resource-intensive and challenging so the number of blocks to be found by miners daily stays steady through time. This will produce a regulated fixed monetary supply. Individual blocks must have proof-of-work (POW) before they are deemed valid. The POW is validated by other nodes every time they receive another block. Bitcoin utilizes the POW function to safeguard against double spending, which makes its ledger quite immutable.
How Mining Generates New Bitcoins
The basic reason for mining is to enable bitcoin nodes to reach a protected, tamper-resistant agreement. It is also the instrument used when introducing bitcoins into the system. Miners get paid their transaction fees and a part of newly created coins. This is known as block rewards. This serves both the purpose of disseminating new coins in a manner that’s decentralized and motivates individuals to offer security for the system via mining. UTI-Tech is quite amazing when it comes to this listed point. It’s a service that mines bitcoins and even offer 1% returns.
During several years of the recent past, an astonishing amount of hashrate – bitcoin mining power – has been taken online. This has certainly made it much harder for people to be in possession of sufficient hashrate to solve a bitcoin block and earn the resultant payout reward. Pool mining was introduced into the system as an adequate compensation for this hardness. Pooled mining is an approach to bitcoin mining in which group or individual miners contribute to a block’s generation. They then, afterward, split the block in accordance with the processing power every individual miner contributed.
A simple illustration of the bitcoin mining process is to imagine what will occur should a very large bank be built on the largest global transaction processing system in the whole world: the bank will certainly spend some billions of dollars on the system. It will then charge all individuals sufficient transaction fees to recoup its spent money. With the mining of bitcoins, the cost of this massive global system which the bank used gets shared by thousands or even probably millions of computers, and the bank recoups the money it has spent through all of the newly minted coins. In short, it’s simply a form s democratization of the global financial infrastructure.
Even though the rewards that accrue to miners get to fluctuate, with 2016 when they decreased so much that they even halved as an example, the mining of bitcoins has continued to was stronger and become even more secure than it formerly was.
The reason why everybody including cyber crooks are showing interest in bitcoins nowadays is very obvious. Their value went as high as $2900+ this year. Hackers try their best possible to get their own share whether by outright wallet looting or asking BTCs in ransomware attacks. Considering this, securing your crypto-currency becomes quite vital. You must take varying precautions and adopt several processes to ensure the safety of your bitcoins. This is because they can be compromised just as any other digital asset since they also lie within digital boundaries. Here are some effective tips for securing your bitcoins from thefts and hacks.
Using Powerful Passwords
Though popular, most people disregard this. A powerful password is a very strong shield that prevents attackers from accessing your encrypted data. A powerful password should comprise letters, symbols, numbers, and should have a minimum of 16 characters (actually, the longer the better). It’s wise to write your passwords down and keep them somewhere safe as you could forget them.
Since bitcoin wallets are sensitive apps that store details regarding your funds, you should encrypt them with a strong password to prevent dubious individuals from accessing your funds. This is something UTI-Tech does very efficiently. It’s a service that mines bitcoins and offers 15 returns. While all wallets feature some security features, research them thoroughly before choosing the one to use.
Your wallet is similar to your bank account or locker. It’s only safe when no one can tamper with it. Proper backup enables you to recover your wallet even when it gets corrupted, crashed or lost. A bitcoin wallet backup safeguards your funds against system failures and various similar blunders. For the best possible safety, back up the whole wallet including private keys and bitcoin addresses.
Using Multi-Signatures with Your Bitcoin Wallet
Some wallets offer multi-signature options that enable multiple individuals to own one address or one wallet, unlike the famous single-person wallets. The signature of the whole group is then needed to initiate a transaction whenever you need to transact your bitcoins. This offers much better security than one-person wallets.
Using Hardware Wallets
All digital things are security threats, while all internet-connected things are greater security threats. What this means is that software wallets you use aren’t as secure as you are made to believe (that’s by design). For example, hackers can leverage any bug they’ve come to know in a wallet to crack it open and steal people’s coins. Nevertheless, in such instances, a hardware wallet offers way more security. This is as they aren’t internet-connected like software wallets on your PC.
Using Paper Wallets
Paper wallets are among the cheapest means of securing your coins. That private keys don’t get stored anywhere digital is among the major advantages of paper wallets. Paper wallets are un-attackable and so keep your coins safe, since, private keys are what prove BTCs’ authority. This is why they are the most popular option for long-term large amount storage.
Though crypto-currencies and their wallets are designed to be certain to safeguard your funds, one can’t say the same concerning your PC, especially when it concerns third-party programs you are using in transacting your bitcoins. It is better that you take control since any breach of your computer can end in a breach to your wallet.
To give an answer to the What Is Blockchain question in general terms, a blockchain lists records (also called blocks) that grow continuously. The blocks of a blockchain are normally secured and linked using cryptography. Every block normally features a harsh pointer that serves as a link to a preceding block, its own timestamp, and a transaction data. Objectively, the data in them is inherently resistant to any kind of modification.
A blockchain is similar to ‘a distributed, open ledger’ which efficiently records transactions between two parties veritably and permanently. That is why it is widely employed in bitcoins and other crypto-currency transactions. This article shall explain the question ‘what is blockchain’ in relation to bitcoins.
How It Works For Bitcoins
A blockchain acts as a basic public ledger on the network of bitcoin miners and other participants. Bitcoin transactions are gathered in blocks, which are gotten at approximately ten minutes intervals through a random process called bitcoin mining. Check out the UTI-Tech interface to further understand this. It’s a service that mines bitcoins and offers a 1% return.
As bitcoin transactions transfer ownership balances, every block signifies an update of the owner’s balances on the used network. You can, therefore, arrive at the latest status quo by following the owner’s blockchain from the origin block and applying every single transaction that was validated. So, this is the most basic answer to the What Is Blockchain question and how it functions.
Block Header Contents
The header for any block features certain contents that make keeping bitcoin transaction records easy and consistent. They include;
Timestamp: The exact time the block was established.
Reference to parent: The harsh of preceding block which ties every block to its parent, and through induction to all former blocks.
Merkle Root: This is a decreased representation of any transactions set that’s confirmed using a block. The transactions are themselves featured independently to form the block’s body. A block must have at least one transaction.
Target: This signifies the difficulty of establishing a new block. It gets updated after every 2016 blocks when the reset of the difficulty takes place.
Nonce: This is the number that’s arbitrarily picked to conveniently add entropy to any block’s header with no need to rebuild the Merkle tree.
The Block’s Specific Harsh: All mentioned header items except transaction data are hashed into the blocks harsh, which is specific proof that other aspects of the header haven’t been altered. It’s then utilized as a reference by the next block.
These are the elements that are found in all block headers. These blocks are then gathered to form blockchains.
The Rising Popularity of the ‘What Is Blockchain’ Question
The exploding interest in blockchain technology comes from its 4 basic properties, all of which attract several industries. Blockchains can be shared, are truly auditable, can be authenticated and are certainly tamper-proof.
In short, a blockchain offers a distributed and authenticated system of messaging which tracks every single event, can never be tampered with, and can also maintain all aspect of transactions history.
A lot of major players in varying industries are now beginning to search for answers to the ‘What is Blockchain’ question. This is not unconnected to the fact that the underlying code and conceptual framework is quite useful for various financial processes due to its potential for offering firms a secure, digital option for banking processes that are normally time-consuming, costly, bureaucratic and heavily paper-dependent.
This article is intended to answer the ‘What Is Bitcoin’ question in very simple language. It is intended to simplify the topic so even a layman can understand. A bitcoin is an electronic currency (also called cryptocurrency). It is another form of online public money that is developed by meticulous mathematical calculations and monitored by millions of computer users (also called miners) around the globe. In simple terms, therefore, bitcoins are an electronic currency or electronic money that can be converted into long code strings which have monetary value.
How It Works
In addition to What Is Bitcoin, how it works is the next question most people ask. Bitcoins are full virtual coins that are created as ‘self-contained’ for any monetary value they represent, without the need for banks to store or move any physical cash. Bitcoins you own, act like physical gold coins; they have value and can be traded like gold nuggets from your pocket. You can use them for buying goods and services online, or you can save them and take a chance concerning their value rising through the years.
They are traded from the personal wallet of one miner to that of another. Wallets represent minor databases that are stored on Smartphones, computer drives, Tablets or anywhere in the cloud. For all intent, they are resistant to forgeries.
The currency is so computationally-intensive to create that it is it is never financially worth the hassle for counterfeiters to try manipulating the system. So, you can see how interesting the answer to the ‘What Is Bitcoin’ question can get. But you should still read on to learn more.
Regulation and Value
A bitcoin’s value varies daily; bitcoins exchange websites display their exchange prices or ‘offers’ in tickers featured on their homepage. Bitcoins worth billions of dollars are currently in existence. The crypto-currency is completely decentralized and unregulated. It has no national mint or bank and does not feature a depositor insurance coverage. It has no collateral and is fully self-contained.
This means there’s no precious metal backing it; its value lies within the bitcoin itself.
Bitcoins are managed by ‘miners’, the network of individuals that contribute their PCs to the digital currency’s network. UTI-Tech, which is a service that mines bitcoins and offers a 1% return, is a good example. The miners function as the swarm of auditors and ledger keepers for all bitcoin transactions. They are remunerated for their accounting efforts via earning new bitcoins for every single week that they devote to the network.
What Is Bitcoin: Usage Fees
Fees for using bitcoins are quite negligible. Nevertheless, as no banks are involved, bitcoins and other digital currencies have no ongoing fees. Instead, you pay negligible fees to three bitcoins services groups; the nodes (servers) that support miner’s network, online exchanges that change bitcoins into money currencies and the mining pools you subscribe to so you can deal in bitcoins.
Some server owners charge one-time transactions fees of just a few dollars when you send money using their nodes. Online exchanges similarly charge whenever you cash bitcoins in Dollars, Euros or any other money banking currency. In addition, most pools either charge a tiny percentage as support fee or ask their pool members for little donations.
These are the simple bitcoin facts this article can bring. It is hoped that the article has answered the ‘What Is Bitcoin’ question in its most basic form. Subsequent articles will certainly show you that using and dealing in bitcoins can be great fun and very lucrative.
Thank you for taking interest in this post. Not so long ago i came across a company called USI Tech. I was actually introduced to the whole concept and of course became wary thinking it was yet another scam just like many other “opportunities” online.
WHY DO I SAY THIS?
Well let me tell you a little bit about myself. I graduated with a Business Degree and shortly after with a Masters Degree in eCommerce so i am naturally drawn to everything “SHINY” within the world of Internet Business. I have launched two very successful online companies and of course invested in a few others which turned out to be a disaster. On top of that invested in online courses which was just a waste of time and money.
I am now online for 10+ years and have seen everything and anything so my introduction to USI Tech created more alarm bells just because its an online offering. BUT let me tell you the more i looked into this company i thought to myself OK lets give this a go. So i signed up for free.
WITHIN THIS POST
Within this post i am going to outline my experience with USI Tech to date and give my honest review from DAY 1. I will update my findings and results weekly by simply adding to this post.
MY USI TECH REVIEW DAY – 1 After signing up to USI Tech i entered into the system. Everything was well presented. The dashboard was very easy to navigate and i felt comfortable. I found some instructions for my next steps within the resources section. For me everything looked professional.
As a member of USI Tech i got access to two facebook groups so i then spent the rest of the day reading every post from the groups to see if everything added to to what i was expecting. From reading the posts i quickly realized USI Tech was one serious company with thousands of happy customers generating massive results for simply doing nothing. This is where i got excited and dove right in.
MY USI TECH REVIEW DAY – 2 On Day 2 i decided to send my $900 worth of bitcoin into USI-Tech from my coinbase account. I was able to purchase 15 packets. Each packet is $60. The minimum investment is 1 packet worth $60 and on a daily basis you receive between 1-2% return paid in bitcoin. From here i wanted to see if USI-Tech would pay me out daily so i waited until day 3 and the following week.
One of my concerns with this company was that the only way i could make a return would be to get others to sign up under me and invest BUT this is not the case. You simply buy packets and let them start mining. Of course if you dont have any money to buy packets of $60 you can encourage others to sign up and you make a 10% commission as a bonus to get you started. Many people are making a fantastic living just by signing other people up but i dont have the time for that so i just simply buy packets.
MY USI TECH REVIEW DAY – 3 On day 3 i found a very interesting video from Mike Hobbs who started much earlier than me. He shoes the ins and outs of his account and discusses the legitimacy of the USI Tech company. Feel free to watch the video below.
MY USI TECH REVIEW – Dec 4th 2017
Ok, i am going to change things up a little here and start to give a weekly update instead of daily as daily might just get a little boring.
I am going to speed up to current time in relation to my progress with USI Tech. I am almost 4 weeks into my new experience and wealth generating system. Every day i read every post from the private closed groups and i am delighted to see so many happy people growing their fortune with USI Tech.
So let me show you my progress.
As you know i started with 15 packets inside USI Tech and on a daily basis i was earning 0.0009 BTC which was about $9. Not much but it is 1% of whatever i invested. So as these $9’s built up on a daily basis i had the choice to WITHDRAW OR reinvest. Obviously the smart thing to do was Reinvest.
So when i had earned enough to purchase another packet ($60) i clicked the rebuy button. This brought me up to 16 packets automatically and meant that my daily pay would increase slowly.
MOVE FORWARD A FEW WEEKS to Dec 4th
I am now at 26 packets and getting paid DAILY 0.0015 BTC which is in today’s value is over $18 per day.
Let me now show you the dashboard inside my USI Tech Account.
As you can see i have a total of 26 packets. Those packets grew all the way from 15 AUTOMATICALLY via compounding and went from generating a daily payment of $9 to a daily payment of $18.
Now let me show you something…
The image above shows a total of 17 BTC Packages which is a good bit less than my 26. If you just left your account compound with 17 packages/packets your small investment of 1k would be worth over 4.5k within 1 year and 3/4 of a million within 5 years from simply doing NOTHING at all.
My plan is to grow my packets weekly and purchase 1 extra packet out of my own pocket per week to speed up the process.
If anyone would like some advice feel free to comment below.
MY USI TECH REVIEW – Dec 11th 2017 All going well here with USI-Tech. Remember i will discuss the positives and negatives of USI Tech within my review. I will not be bias as i simply invested in this company as i was curious at the time and could see the potential. For the skeptics out there USI is going to show its mining results live next week. Many people were stating that USI is a Ponzi but if they are actually mining and generating results they have a physical asset.
Next week i will show the live mining charts of USI Tech as well as a video explaining how USI Tech is not a Ponzi so stay tuned.
My current progress with USI Tech
So one week later my account has grown to 29 packages automatically with a daily payout in BITCOIN of 0.0019.
How nice is that. I am going to keep reinvesting my packages until i am happy with my daily returns.
Note: Because this is such a fantastic opportunity you can see that i have 9 members direct under me and if any of them purchase packets i will get a bonus payment. Out of the 9 members just 1 is active so i am not generating much. My earnings is 99.9% from my daily 1% payouts in BTC.
The 111 registered members you can see from above is in fact other members who have registered under my 9 friends and if they purchase any packets i will also get a share. The registered members is really just a bonus as i am not actively looking for anyone as i do not have any time. NOTE: you do not need to search for members in order for you to generate your returns. ALL YOU DO is simply purchase your BTC packets within USI Tech and you get your daily return. THATS WHAT I LOVE ABOUT THIS SYSTEM, the rest is just a bonus.
MY USI TECH REVIEW – Dec 18th 2017
Is USI Tech a Ponzi?
So far from what i can see it is not because they would have gone bust by now. USI Tech pays out in BITCOIN. It pays out 1% per day on the amount of Bitcoin you put in. So here is the interesting part. Those who invested months ago when bitcoin was $3,000 bought packets at that value. Today USI Tech must pay out those members who invested at that price so that 1% is extremely high right now as bitcoin is up at the 20k mark.
If USI Tech was simply taking money from new members it would not be able to sustain itself. Other companies who started before USI Tech and after USI Tech who were setup as a ponzi have already gone under. USI is still expanding rapidly.
A ponzi is only based on a company paying off other members from new members income. A ponzi does not have a physical product. USI Tech has a physical product. It is actually mining and generating huge results.
Many people were stating that the mining bit was a lie and a cover. This is not possible because USI Tech have shown proof that they are mining. PROOF showing that they are on the BLOCK CHAIN. Their own branded mining pool. You will see USI Tech 6th down on the list.
So as we can see all is looking great. Everyone is getting paid out including myself.
If you are interested in something like this its free to register and easy to get started.
Sign up to USI Tech below…
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As a member of USI-Tech, you benefit by being able to leverage return on capital software build by experts and decades of experience. You have complete control of the operation. We provide you with a unique and highly complex system built with algorithms optimal for minimizing risk and providing steady rewards. You will also be eligible to participate in our newly announced The Coin Token Packages for the USI Tech ICO.
The Forex and Bitcoin markets have the highest capital turnover in the world and operates 24 hours 7 days a week. (6 days/week for Forex).
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