Have you ever heard of the CryptoTab bitcoin mining plug-in? If you are curious to know more about it, then read our review of this Chrome web store app.
What Is CryptoTab?
The principle is to ‘earn bitcoins while using Google Chrome web browser’. That is the hook CryptoTab uses to try to and position themselves to you – great concept right?
The idea is that you download a plug-in extention for Chrome and then you will be able to mine Bitcoin while you use your browser and surb the web, which will make you earn Bitcoin for doing so with the app activated. You can also invite friends and earn more Bitcoin. The company states that you will be able to earn more than 1 BTC in a single month (which is actually pretty hard to believe) but does not say how many people it requires for that earning potential. As long as Chrome is open and you have the plug-in you will be able to mine cryptocurrency.
Click here to try CryptoTab, a bitcoin-earning idle internet web browser power leverage play if you will that says it will start earning bitcoin passively for you by downloading & installing for free. Whether that sounds like a fantasy slogan from fairyland or actually is a simple plug and play logically-leveraged concept that uses your web browser/computer for mining purposes..in which the profits are spread for those who use and share. Let’s review below.
How Does CryptoTab Work?
The idea is that CryptoTab is a huge mining pool which uses the collective power of many computers to earn Bitcoin. This is known as a mining pool.
You will be able to log in your account by using your Facebook or Google account. This is a good idea because your Bitcoin balance will be always safe. If you accidentally delete your app, you will lose all the Bitcoin that you already have mined if you do not create an account.
So here is the problem: the company states that you should withdraw your money when you have at least 0.0004 BTC, which can take “a few months” to gather. The BTC price is actually around 10,000 USD, then 0.0004 BTC is no more than 4 USD. The company promises that you can earn up to 1 BTC, but the only way to do that is by inviting as many people as you can to use the app.
Have you ever heard of a Ponzi Scheme? That is exactly what this is. You will get money from the people that you invite but you have to invite more people, which will also have to do this. This is not a sustainable model of business, which means that this company is basically doomed. You will only be able to get any money by basically scamming people into calling other people to be scammed.
At the moment, you can only use this platform via your desktop computer. The smartphone version is still not online at the moment.
It is very easy to use the app. You have to download it and then install it on Google Chrome. It is important to perceive that this is not an official app sanctioned by Google and nor it is a very good investment, so be warned that it might not be a good idea to use this program at all.
You can also increase the speed of mining by using the settings of the CryptoTab plug-in, but this will make you spend more processing power than you would be if you just left the settings on Normal, so it might not be a good idea if your computer does not have a high speed processor.
Payments are made twice a day and the company has proof that it pays, so you can be at least somewhat secure that they will really pay you for using the app.
The CryptoTab Verdict
As we stated above, if you want to try to passively earn Bitcoin (BTC) this is virtually a risk free venture. The only downside risk you might face, assuming in fact you will earn Bitcoin by using this cryptocurrency web browser tab extension, it will probably make Google Chrome noticeably slower. It will be up to you to decide the pros and cons of using a slower computer when surfing the internet or can pick and choose when to use the Crypto Tab app to see if you will earn enough profits to justify all of the mining power contribution.
One thing is for sure – there are not many applications like CryptoTab to choose from that allow you the legit possibility and opportunity to earn bitcoin passively. Especially if you take into consideration and compare the faucets or HYIP programs promoted all over the Internet. While we tend to favor the fact that everything that sounds too good to be true (in real life and especially cryptocurrency space), it likely is but this one might just find a sweet spot that allows users to monetize their internet computer power in exchange for mining bitcoins by just making a decision to try it out – you can download CryptoTab here.
In the Bitcoin system, the production of all the new money is done on a stable base. This money is equally paid to those who operate the Bitcoin network by doing Bitcoin mining.
Making money with your computer
So yes, Bitcoin mining allows to make money by letting a computer work. However! Bitcoin mining is a free and open market. It is not a easy way to make money out of thin air.
Gains with Bitcoin mining are proportional to the power of computer hardware to solve the mathematical calculations. The whole network is powered by these calculations, which rewards you for your services. To be profitable, Bitcoin mining have to generate profits despite the cost of equipment and the electrical cost to operate at full capacity. That may be difficult.
Technologies used for Bitcoin mining
At the dawn of Bitcoin, classic computers were enough to run the network. However, competition has intensified gradually as the use Bitcoin increased as a dynamic market. In order of effectiveness, CPU processors, ATI graphics cards and FPGA chips succeeded to each other. Today, all these technologies are outdated and are no longer profitable.
Due to strong competition, ASIC is the only technology that can now offer potential income. An ASIC chip is a chip specialized to perform specific calculations. Some companies such as Avalon and ButterflyLabs faced the challenge of producing ASICs for Bitcoin network. ASIC chips can produce up to 40 times more calculations per second than a graphic card for the same price with a much lower power consumption. However, unlike graphics cards, ASICs have no resale value outside of a use with Bitcoin.
Pool have more stable incomes
When starting with Bitcoin mining, it is important to understand that a computer has very little chance of solving a mathematical problem aired by Bitcoin. It is a matter of chance. The more powerful is the equipment used, the more it can make attempts per second, increasing the chances of success. However, without buying a fleet of very expensive ATI cards, Bitcoin mining alone can take weeks, months or years before touching any gain.
The pools are small cooperation of bitcoins miners who wish to combine their strength in order to share Bitcoins earned fairly. Being part of a pool is the best way to raise Bitcoins stably when you don’t wish to invest heavily in computer parts. Many free open pools exists, such as bitminter.
the evolution of incomes with Bitcoin mining over time
Bitcoin mining is not a guaranteed investment. Indeed, the income can be earned with Bitcoin mining depend on several things. The value of the BTC (Bitcoin) is the first of all, because the value of Bitcoin fluctuates according to supply and demand. Since the creation of new BTC is stable and limited, an increase in demand for Bitcoin also means an increase in its value, and vice versa.
Competition and the difficulty are also important factors. The more there is people mining, the more the mathematical difficulty factor to generate Bitcoins increases, because the network Bitcoin is designed so that the same amount of money is created each month, regardless of the number of people working to generate this amount. This way, Bitcoin mining is a perfect market. If Bitcoin mining is too profitable, new investors arrives and dilute earnings. When Bitcoin mining is not profitable enough, some investors abandon, increasing the gains of subborn investors.
It is also interesting to note that the creation of new BTC is designed to gradually stop. Deprived of this source of income in the coming years, then Bitcoin miners will increasingly perceive optional transaction fees. Since transactions with fees are likely to be processed more quickly by the Bitcoin miners, banks and network users will be likely to add a tiny fee like a fraction of a cent for certain transactions.
The bitminter pool probably offers the easiest way to start without having computer knowledge. You can simply register with bitminter and click to start their software. The software immediately displays the calculation speed your computer gets to reach and earnings are displayed consistently and rapidly inside the bitminter account. It is then possible to transfer the obtained Bitcoins Bitcoin to an address that belongs to you.
In contrast, if you want to make Bitcoin mining alone, the procedure is generally more complicated. It requires to install the bitcoin software on a computer and change its configuration to start in server mode. Then, it requires to use a specialized command line software such as poclbm or cgminer on each computer used to generate Bitcoins. This software must connect to the server to receive Bitcoin calculations to be done and transmit the results.
There is also a possibility to avoid centralized pools and take good sides of both world with p2pool, which is a decentralized pool. It is still more complicate to setup than just using bitminter. However, you don’t rely on a pool that is vulnerable to DDoS attacks or dishonnest pool owners practises and you get paid directly on your Bitcoin wallet without intermediate.
Bitcoin mining is a way to participate in the Bitcoin network operation. Some only sees Bitcoin mining as an investment since it is designed to be an open and competitive market. Still, some people involved in Bitcoin mining also do it for the interest of helping the network to function. Each computer used for Bitcoin mining allows the system to verify the validity of each transaction and protects the network from any form of attack.