Tue, 23 Apr 2019 10:41

General Bytes ATM machines supports Coingi!

Batmtwo Bitcoin ATM

General Bytes is currently the biggest producer of bitcoin ATMs. With over 2000 machines sold in 54 countries, these guys from the Czech Republic successfully manage to dominate this competitive market.

Anyone familiar with crypto knows these typically orange ATMs, which are making their way into daily use of cryptocurrencies. General Bytes ATM machines are able to distribute coins from wallet or crypto exchange. And Coingi was just added as a supported exchange to their system!

Coingi exchange on General Bytes

The Czech Republic overall is very strong in the crypto area. A first mining pool, Slushpool, was set up right in this country and still working. Every crypto hodler owns a wallet similar to Trezor, which also has its roots in Czech and then there are General Bytes. These guys are currently on the top in crypto ATMs sales and now holding over 30% of all installed machines all over the world:

Crypto ATM growth by manufacturer

This year is positive for bitcoin growth overll. So far bitcoin reached the price of $4,100 by March 2019, and despite all the ups and downs of the crypto market, the community is very stable by now, which makes it easier for crypto ATMs to gain popularity.

And since European banks are closing their ATMs, bitcoin withdraw machines doubled their amount twice last year (2018). They found their way into shopping centres, subway stations or grocery stores (https://coinatmradar.com):

Bitcoin ATM by country

First bitcoin machine ever, was installed in 2013 in coffee shop in Vancouver by Robocoin machine, and the same year later first ATM in Europe was installed in Bratislava. In 2014, General Bytes sold their first ATM. The same year a several new companies were launched like for example Genesis Coin or Lamassu, which remain in the business and now competing for the first place in crypto ATM machines sales.

Robocoin does not operate anymore, but General Bytes offers a Robocoin Hardware Kit, helping those who already owns the machine to move forward with new software (https://www.generalbytes.com/robocoin/)

Bitcoin ATM machines are meant to exchange cash for crypto and the other way. They are connected to the Internet, which allows putting in cash or credit card in exchange for cryptocurrencies for a small fee. There are already a regulations for a ATM machines owners to prevent money laundering, but vary from country to country!

Create Bitcoin ATM by General Bytes

By 2019, there are several big player on crypto ATM machines field:

Genesis Coin, total ATMs installed 1 459 (https://bitcoinatm.com/)
Founded by Evan Rose, this 6 year old US based company is one of the strongest competitor to Czech General Bytes.

Lamassu, total ATMs installed 448
Founded in 2013 by Zach and Josh Harvey, the company released a new ATM model last year and moved to Switzerland at the beginning of 2019.

lamasu Bitcoin ATM

BitAccess, ATMs installed 299
Canadian company has already installed their machines in more than 10 countries with 70 cryptocurrencies offered to buy or sell on their ATMs.

Coinsource, ATMs installed 196
Texas based company is focusing their production mainly on marketing in USA and is known for providing transaction for lowest fee.

And above all those all: General Bytes.

Their machines are all Android-based. One of the advantages of Android platform General Bytes team appreciate is the fact, that its built on Linux, which is open source. It has a developer community of millions providing thousands of software libraries which allow for rapid software development. Plus Android being based on ARM architecture allows to create custom cost-effective PCB hardware designs and providing users with the best touch-optimized interface.

"We are now able to develop new features a lot faster. Every few weeks we bring out a new software version." (https://www.generalbytes.com/)

General Bytes factory shots

General Bytes ATMs are able to identify the customer by:

  • SMS Scan
  • ID document
  • Fingerprint scan
  • Print out bitcoin paper wallet

A number of clients who wants to provide crypto payments to their customers increasing and huge ATM machines are not the only way to go, as you can see below a General Bytes device for small business (https://www.generalbytes.com/pos/).

This little machine can accept:

  • Bitcoin payments
  • Dash payments
  • Litecoin payments

It can scan the QR code, paper wallet or Contactless payment via NFC wallet cards.

CortexPay General Bytes

All machines require the owner to install their own software because, as the General Bytes team stated: ¨Everything about out machines must be decentralized¨. Having own system in machines is creating less dependency to a General Bytes company.
The software itself contains no wallets, no exchange software or anything. It’s the ATM server that will communicate to the client and their wallets. So, if the owner runs their version of Bitcoin or Ethereum wallet the software will be able to connect to it. It is the same thing with the exchange. General Bytes support many exchanges, but it is up to users which one they will prefer.

Features of General Bytes ATMs:

A useful feature for business owners is the plugin creating option. For example, an easy way to connect bookkeeping software: to set up automatic trigger an entry every time a transaction is posted online in ATM.

Added cameras on ATM can do a scan of the identity card and once they pass the identity check the machine gets unlocked for them. It can also be unlocked for the entire network, so if the operator has a hundred machines people only have to pass this AML KYC procedure once.

Those little things are what makes General Bytes one of the fastest-growing networks at this very moment.

Lightning Network payments

And a new feature is coming in. This year the first payment via ATM by Lightning Network was made in Hong Kong (https://bitcoinist.com/bitcoin-atm-lightning-network/). The crypto community welcomes Lightning Network because it offers much lower BTC’s transaction fees and General Bytes is going to offer this payment option soon.

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Fri, 05 Apr 2019 09:39

What are mining pools and how to join in 2019

With Bitcoin price falling down, miners were the ones affected most. Even though mining got difficult lately, there was still money to make as a solo miner. Not in 2019 though, unless you are living in a country with super cheap electricity. As in-home mining in Venezuela and Iran is at the rise, others started to gather into mining pools.

Crypto coins

How mining pools work:

As a solo miner, you are covering all the expenses, but once Bitcoin is mined, the whole coin and fees are yours. Unfortunately, with current Bitcoin value together with the price for energy used while mining one coin, the final reward is not that interesting as it used to be.

However, if you join mining pool, energy expenses on mining are shared. Bitcoin and fees are then shared as well, but still, mining pools currently represent an easier and quite stable income from crypto mining.

Miners get a reward based on contributed processing power they 've put into crypto mining pool. Every pool is basically a node's network with admin or company in charge, which is trying to attempt as many hashes per second as possible. Miners themselves cant produce such a hashing power, together in pool they are increasing a possibility to unlock blocks.

What is cost you:

Most of the mining pools will charge you for a fee. It could be nothing but can go up to 4%. This is taken from your final reward, so nothing paid upfront.

Be careful about projects offering 0% of fees. Even this could be just a new company trying to attract early bird customers, it could be a scam as well

Be careful about projects offering 0% of fees. Even this could be just a new company trying to attract early bird customers, it could be a scam as well


Another thing mining pools vary in is their payout rules. Whether you want regular daily payments or get paid whenever a block is solved by the pool, make sure to find out details before you join

Rewards for miners in mining pools:

Mining pool rewards

There is around twenty different reward system used by mining pools in 2019. Each mining pool has different rules and system. These are some of the most common ones:

  • Pay-per share (PPS):
    The most common way to pay miners. You get an average of the number of shares that you contributed to the pool when finding blocks. PPS is considered as one of the safest ways to get paid.
  • Pay Per Last N Shares (PPLNS):
    Also a popular payment method. PPLNS offers payment to miners as a % of shares they contribute to the total shares.
  • Proportional (PROP):
    Works as PPS, but additionally to the mined BTC, miners also get transaction fees in the reward

Not all mining pools are mining Bitcoin. Many of them will be mining the currency with higher value at that time, and pay out their miners in BTC.

Who mines the most:

Currently a leader in Mining pool is China and Czech Republic,then Island with Japan follows. Chinese F2P Pool and Antpool are taking the biggest part of a wheel, together with BTC.com owned by Bitmain. The oldest pool, created in 2010 by Czech Satoshi Labs has currently 10% of this market.

Actual data here: https://coin.dance

Mining pool graph 2019

How to join mining pool in 2019:

Mining pools work for all crypto coins, not just for Bitcoin. You can also change mining pools whenever you want to, just by routing your hash power to another pool.

Each mining pools has its own registration process, usually, 2F registration is required. When choosing a mining pool to join, check not only fees but also localization and reputation. As everything in a crypto world, research reviews and ask for recommendations.

What you will need to connect:

  1. Wallet address - to get your reward
  2. Bitcoin mining hardware - to determine the size of your contribution to the pool’s hash rate (ASIC Bitcoin Miner)
  3. Mining software - connects your hardware to the net - to the pool you prefer (EasyMiner, CGMiner .. )

Always check preferred tools for a pool you want to join. A whole list of mining pools is here: https://www.cryptocompare.com/mining/#/pools

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Tue, 19 Feb 2019 14:36

Gekko - reliable and easy to use trading bot

Crypto market never sleeps and never closes. So if you are serious about your investments and want to keep an eye on them, then you 've probably come across some bots already. There are the expensive ones, then the ''only for advanced'' ones, and then there is Gekko.
This bot is perfect for beginners, easy to use and constantly adding new features. Plus, here in Coingi, we do support Gekko bot!

Why is Gekko reliable and great for beginners

For all those who are just testing the waters of automated trading, a Gekko is an ideal bot to start with (https://github.com/askmike/gekko/pull/2018).
It is pretty straightforward an entry-level Bitcoin trading bot.
Written in javascript and runs on nodejs, works as an open source and more than 180 developers already contributed to it.
The bot is still evolving and soon going to launch a new version without the need to install on a computer.
Its creator, Mike Van Rossum, is an enthusiastic developer, keeping bot free to use and working on the project in his spare time. That's what makes this one so cool - no scammy tricks, no fees, possibility to add development suggestions…

Mike is very active on GitHub, where Gekko was released 5 years ago and gained over 7,400 stars (https://github.com/askmike/gekko). And you can also reach him on Gekko community forum ( gekko.wizb.it/).
That creates the possibility to ask questions the designer directly.
Another sign of a good project!

Yet, keep in mind that this is not a high-frequency tool and does not support arbitrage (making money between exchanges).

Gekko Charts

Gekko can be used for three different purposes:

Backtesting: Possibility to backtest any strategy that you have over a period of time in the past.
Paper Trader: You can test the strategy in real time with current data but only to make “phantom trades” with fake money.
Trade Bot: Here you can run the bot with real funds in an account with the strategies that you have developed.

How to install Gekko?

Since Gekko installation is a bit difficult, we've created a little installation sources guide. Installation differs from operating systems, but for all of them, you 'll need nodejs and git downloaded first plus some coding knowledge to continue, at least javascript basics.
Follow in the documentation links:

Installing on Windows well explained in this video:

Installation for Mac is doable through Docker, follow instructions here:

Installing Gekko bot using VPS:

Once installed, recommendations are to run Backtesting first, since Gekko does support it with historical data. Coingi exchange does support import of historical data. More about simulations
here: https://gekko.wizb.it/docs/features/backtesting.html


New Gekko will not require installation!

With new projects entering the market routinely, it is important even for Gekko to keep adding new features. The best one for now will be GekkoPlus, version of Gekko bot which does not need any installation! (https://gekkoplus.com/) It is currently in a development process, but the page is updating frequently with new informations. Right now mainly about adding new strategies.

Gekko strategy

Strategies created for you on GekkoPlus

Sure you can create your own strategies, use some created already (https://gekko.wizb.it/docs/strategies/creating_a_strategy.html) or wait for new strategies currently in GekkoPlus contest: GekkoPlus web is running a strategy contest (https://app.gekkoplus.com/contest) right between 24 strategies who made it through submission. The contest is running till 10th December and you can watch the Leaderboard here: https://app.gekkoplus.com
Strategies will be available to use after the contest is over.
What it means for future usage of Gekko, we 'll be able to choose from different strategies, customize them and run them on backtest same as live trading later.

Follow here: https://app.gekkoplus.com/ Gekko plus

Gekko sends notifications on Telegram and email

Once you start trading live, notifications about trades comes handy. Gekko sends signals on your Telegram and mail, once a move is made. When you have Gekko installed, you ll need to create bot on Telegram by Bot Father
(https://core.telegram.org/bots) and connect it with Gekko: https://steemit.com/gekko/@crypto49er/gekko-trading-bot-send-signals-to-telegram.
For setting up an email notification, go through documentation and find Plugins -> Mailer. Follow the whole process here: https://www.youtube.com/watch?v=lcsKzyJaJkg

Gekko trading tool

If you are looking for a simple Bitcoin trading tool, Gekko is a way to go. It is 5th most popular Bitcoin related project on Github. Try it with Coingi exchange!

What to read next:

Gekko info:
Nice interview with Mike Rossum, creator of Gekko:
All Mikes videos:
Bot vs Human:
This guy is having many Gekko bot related videos:

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