Is [Bitcoin Prime](https://bitcoinprimeapp.com/) scam or legit? That's the question investors have been asking after promises of huge returns for little work.
Bitcoin Prime is a trading bot that employs sophisticated artificial intelligence (AI) algorithms to make automatic trades on your behalf. It has a claimed 90%winning rate, per its official website, and the software is completely free to use.

All you have to do is to pay a small fee in commission only when you win. Due to the controversies such as scams and hacks miring the crypto finance market, many people ask, is Bitcoin Prime worth your time and money?
This article looks at all the essential details you need to know about this crypto trading robot.

## What is Bitcoin Prime?

Bitcoin Prime is reputed to be a cryptocurrency trading service that detects trading opportunities in the cryptocurrency markets. Once profitable setups are found, Bitcoin Prime automatically places trades on your behalf.

Because it markets itself under its AI algorithm, its success largely depends on it. Although it has been difficult for software engineers to identify the details of Bitcoin Prime's algorithm, many experts believe it sources data from technical analysis patterns that several day traders use to make money.
Despite being accessible to everyone with internet access, you need $250 as an initial deposit before you make real profits using Bitcoin Prime.
The platform’s revenue comes from charging a 2% commission on profitable trades.

You should note that you would not be subject to commission fees if your account does not turn profits.

## How Does Bitcoin Prime Work?

Despite the phrase 'Bitcoin Prime scam' trending online, it appears to be a legitimate project, and this is how it works.
The crypto trading robot tracks the price movements of 14 different digital assets. They are Binance Coin (BNB), Ripple (XRP), NEO, EOS, Miota (IOTA), Cardano (ADA), Ethereum Classic (ETC), DASH, Zcash (ZEC), Bitcoin Gold (BTG), Bitcoin Cash (BCH), and [Bitcoin (BTC)](/coins/btc).

Once the algorithm detects a price pattern in any of the aforementioned assets, a trade will be triggered.
An order will be entered into your account, which will be monitored, and the position will be closed once the trade expires.
Once done, your funds and any profits will be returned to your account.

Like certain exchanges, such as eToro, Bitcoin Prime provides a demo account. This helps you familiarise yourself with its AI algorithm.
Bitcoin Prime does not store your funds in their wallet. For the purposes of credibility, funds are held in the accounts of a third-party broker. As a result, while Bitcoin Prime can issue orders for the execution of trades, it does not have access to your funds.
You can withdraw funds within a few hours if you are not satisfied with your trading activity.

## Pros and Cons of Bitcoin Prime? 

While the crypto robot offers a unique innovation that has made trading highly volatile assets such as cryptocurrencies easy, it is not a perfect system.
One of the pros of Bitcoin Prime is that it lists several cryptocurrencies for trading. Also, it does not take a huge part of potential profits. A 2% commission fee is relatively lower than some of the fees charged on certain cryptocurrency exchanges.

What’s more, Bitcoin Prime’s association with third-party brokers in executing contract-for-differences (CFDs) shows a commitment to staying up to speed with the space.
The trading service's demo account converts novices to experts, resulting in rave reviews by past and active users of the platform.
With that said, Bitcoin Prime does not offer a mobile application. One of the pros of cryptocurrency exchanges is their accessibility on smart devices powered by Android and iOS. This has made it easy for traders to buy and sell cryptocurrencies.

Aside from that, the minimum deposit for being a customer of the trading service is $250. Several cryptocurrency exchanges have minimum deposits that range from $1 to about $50.

Bitcoin Prime's deposit requirement is five, 10, 15, or even 20 times that of some.

When it comes to answering the questions 'Bitcoin Prime Scam or Legit?' you should conduct your own research.
 
 


Bitcoin Prime - Scam or Legit?

It is alt season crypto time, when cryptocurrency investors look to diversify portfolios with altcoin buys.
Bitcoin may get all the headlines, but there are plenty of other coins out there - alternative coins or 'altcoins' - for alt season crypto investing.
Here are considerations when you think about diversifying your crypto portfolio into altcoins.

## Investing in altcoins

[Investing in altcoins](https://solberginvest.com/blog/invest-in-altcoins/#:~:text=The%20Best%20Way%20to%20Invest%20in%20Altcoins%20for,Decide%20where%20you%20want%20to%20buy%20the%20altcoin.) is a great way to diversify your portfolio while still gaining exposure to Bitcoin. While Bitcoin is the dominant coin in the crypto market, altcoins have much less liquidity than Bitcoin.
Therefore, smaller traders can have a larger impact on their direction. Also, you can ride a wave of early investment when an altcoin project is just getting started.

New exchange listings, product releases, partnerships, and tech developments can also drive up the price of an altcoin.
Some consider investing in Bitcoin the safest option because altcoins can have volatile and erratic values. Because altcoins are new to investors, you'll want to do your homework to avoid being scammed or losing money.

## Researching altcoins

Before investing in altcoins, it is necessary to do your research. First, you should analyse the project's feasibility and possible exit scams. Make a mistake and you may end up losing substantial amounts.
Also, you should not invest in altcoins just for the sake of stacking them.

Fundamental analysis: While fundamental analysis requires technical knowledge of crypto and blockchain, it can give you a good idea of what a certain altcoin is worth. This type of analysis looks at the underlying story of a cryptocurrency and its management team.
In addition, it may include factors like competition, tokenomics, and partners. Ultimately, it will help you decide whether a particular altcoin is worth investing in or not.

## Alt Season Crypto Investing

When it comes to investing in altcoins, it's important to diversify your portfolio to minimise your risk of total investment loss.
Investing in one altcoin alone will not protect you from complete loss. It is best to spread your capital across several altcoin projects, as the price of one can spike. Investing in crypto during altcoin season can be a lucrative opportunity, but you should be prepared to sell to realise potential profits.
The reason why investing in altcoins is such a good idea is because these currencies are experiencing a period of extreme volatility. The biggest contributor to this volatility is the emergence of smart contracts and the DeFi boom.

Altcoins have seen significant growth in previous years, but with the way the markets are right now, there is a risk of substantial losses or reduced growth at the very least.
The general rule is that the best time to invest in altcoins is before they reach a major price peak.

## Investing in altcoins to diversify a portfolio

Investing in more than one cryptocurrency is a good way to diversify your portfolio. You can choose a different crypto every time you see a good price and invest a portion of your money in that asset.
To get started, you can invest in several different cryptocurrency projects and choose a handful that has a good reputation.
To diversify your portfolio, you can invest in stablecoins pegged to traditional assets. These coins are often used as a hedge against market volatility. There are other ways to diversify your portfolio, too.

One way is by regional diversification. This means investing in various crypto projects around the world.
Time diversification is another option. In this case, you can invest in several different coins over a long period, or dollar-cost averaging.

## Investing in altcoins to increase [Bitcoin](/coins/btc) holdings

There are many reasons to invest in altcoins. Unlike Bitcoin, these currencies are not intended to be traded for a profit. They are designed to solve various issues that make Bitcoin unsuitable as an investment vehicle.

Experts agree that crypto is here to stay. Indeed, the Biden administration has emphasised the need to regulate this industry.
Moreover, blockchain technology continues to hold massive potential in various industries.

Before investing in any digital currency, do your research. It is crucial to understand the risks and rewards associated with each altcoin.
Some may be scams or are simply not as trustworthy as Bitcoin. If you're not sure about the risks involved in an altcoin, read a white paper or consult with a financial advisor. This way, you'll know which cryptocurrencies will increase in value and which ones will only decrease in value.


Alt Season Crypto Investments

This is the wake-up call the bitcoin market has been waiting for. The next few hours will reveal if this is enough to stabilise the price, but there are still many uncertainties surrounding the financial viability of many crypto projects and businesses.
 
On June 19, one of the world's most influential people, Elon Musk, CEO of Tesla Inc., publicly supported the cryptocurrency business and the meme coin [Dogecoin](/coins/doge) in particular. On June 19, Elon Musk tweeted to his almost 99 million followers, "I will continue to support Dogecoin."
After that, a user on an exchange told Musk that if he truly supported Dogecoin, he should buy it. When asked if he was buying the dip, Musk replied, "I am."

## Prices are on the rise again

In the wake of his tweet, the cryptocurrency market saw an immediate surge in trust in cryptocurrencies and a flurry of inquiries regarding the long-term viability of numerous projects and businesses.

Data firm [CoinGecko](https://www.coingecko.com/) reports that Dogecoin, which was trading at $0.052307 per minute before Musk's post, is now trading at $0.058037 per minute, an 8 percent increase. They were followed closely by other coins' values. At $19,735.89 as of this writing, Bitcoin is up 4.4 percent in the last hour, making it the most popular cryptocurrency.

Shortly before Elon Musk's tweet, Bitcoin had fallen to a low of $17,677.43 before rising to a high of $18,290.75. Market capitalization leader Ether has gained 6.5% in the last hour to $1,058.60. Last week, Ethereum's native token was trading at $881, its lowest since 2021.
Just over 55% of the crypto market value is held by Ether and Bitcoin, and this fluctuates based on pricing. In the last hour, the total cryptocurrency market value increased by 3.7% to $972 billion.

After a spate of losses, crypto investors appear to be taking a break. Bitcoin's value has dropped by 30.1 percent, while Ethereum's value has dropped by 30.8 percent in the last seven days. 

 


Elon Musk claims to be buying the Bitcoin dip

[Celsius Network Ltd](https://support.celsius.network/hc/en-us), one of the major crypto lenders and main players in the world of decentralised finance, confirmed late Sunday that it was halting withdrawals, swaps, and transfers after weeks of speculation about its ability to make good on the increasingly large returns it offered on certain of its products, including yields as high as 17%.

Crypto loan solutions have grown in popularity, with numerous firms launching offerings in the past year. Celsius raised $750 million in the capital last year from investors including Caisse de Dépôt et Placement du Québec, Canada's second-largest pension fund. Celsius was priced at $3.25 billion at the time. Celsius has $11.8 billion in assets as of May 17, a drop of more than half from October.

The decision to stop withdrawals effectively halted a platform with registered entities all over the world and billions of dollars in digital coins under management, ramping up a selloff in the broader market that was already underway due to concerns about the possibilities of tightening monetary policy ahead of a Federal Reserve meeting this week.

While Celsius crypto is a centralised platform with operations and staff that distinguishes it from DeFi, its deep involvement in the space, including investment in Terra and various risky strategies devised to earn high yields that it can then pass on to its users, has raised concerns about its viability.

Celsius crypto is a key player in the market for digital yield products, letting users lend out their tokens as collateral for other crypto initiatives. Traders were able to earn yearly rates of up to 17% in exchange for lending their tokens.

Celsius's crypto withdrawal ban early Monday was a U-turn after the company had spent many days denying claims that consumers couldn't make withdrawals. At the weekend, CEO Alex Mashinsky challenged sceptics to find "even one individual who has an issue withdrawing. Celsius crypto stated that the redemption freeze was implemented for the benefit of our entire community to control liquidity and operations while we take steps to preserve and safeguard assets.

The Celsius crypto move spurred a collapse across cryptocurrencies, with their value falling below $1 trillion on Monday for the first time since January 2021, raising concerns that the meltdown might spread to other assets or firms.

## Bitcoin Crashes

Following Celsius's crypto statement, [bitcoin fell to an 18-month low of $22,725](/news/article/bitcoin-price-crash-celsius) before modestly rebounding to about $23,265. The second-largest cryptocurrency in terms of market capitalisation Ethereum fell as much as 18% to $1,176, its lowest since January 2021. Companies with a stake in cryptocurrencies have previously warned that drops in token values might have repercussions, such as triggering margin calls.

Markets continued to fall on Monday following the release of U.S. inflation figures on Friday, which revealed the highest price increase since 1981, prompting investors to bolster their bets on Federal Reserve rate hikes. According to research, Celsius’s crypto token has dropped 97 per cent in the last year, from $7 to about 20 cents.


Investors Panic as Celsius Crypto Freezes Crypto Withdrawals 

If you have ever wondered how to mine Bitcoin Cash and how long it takes to mine one [BCH, ]https://bitcoincash.org/) this article is for you.
Before blockchain, money transactions were primarily regulated by two bodies: the government-regulated central banks that print the new cash and regular banks that were involved in money transactions on your behalf. Acting as regulatory bodies, they had complete power over your transactions and money.

The Bitcoin blockchain and its native cryptocurrency [BTC](/coins/btc) were created with the concept that a person should have complete control of the money and transactions they make, and that no other authority or regulatory body should have control of the funds.
Mining is the method by which transactions are verified.

Miners have complete documents of ledgers which they update in sets called blocks. These blocks are then added to the network for other miners to update their ledgers.

The blocks are made by cracking cryptographic problems using computing power, a digital equivalent of the physical effort to mine valuable resources, hence the term miners.

Bitcoin miners receive Bitcoin tokens as rewards.
In August 2017, a fork on the Bitcoin blockchain led to the creation of Bitcoin Cash (BCH). It improved scalability and allowed more transactions to be processed by increasing block size.

## How to Mine Bitcoin Cash and How Long it Takes

In broad terms, crypto miners take 10 minutes to mine one block of Bitcoin Cash. To maintain the 10-minute speed to solve the complex mathematical query, the difficulty level of the problems alters automatically.
When more miners and more computing power endeavour to mine, the difficulty level increases, whereas, when there are fewer miners and less computing power, the difficulty level decreases.

## Requirements to Mine Bitcoin Cash

Mining is similar to any other business engagement, where profitability relies on several factors unique to that venture. In Bitcoin Cash mining, these factors represent the requirements you should have before starting the bitcoin cash mining, including the type of hardware and software to pick. Here is what you should know:

### Hardware for Bitcoin Cash

Picking the right hardware is critical whenever you want to mine cryptocurrency. Today, an ASIC miner is what you require to get the hash rate needed to mine BCH. You need to remember that hardware is the major initial investment cost. The price of the ASIC miners has increased, seeing the power it supplies to the mining activity. A new AISC hardware costs anywhere from $2,000 to over $7,000, with older models available at lower costs.
So, when evaluating an ASIC miner, pay attention to the price, which is relative to three other factors:

•	Hashing/Computing power (in hashes/second)

•	Power consumption

•	Efficiency

Hashing power is the count of hashes a hardware machine can generate while solving a block. It's calculated per second, and the higher the figure, the more effective the machine and the more pricey.

Power consumption is related to the electricity (energy) required to run the miner optimally. It is measured in kilowatt-hours and can affect profit if too high. That's when you review the third factor, efficiency.

An ASIC miner is needed, and one with a high hash rate. However, it should not lead to too much power wastage.
Efficiency: This factor reveals how much power must be used to get a single BCH coin. An effective and powerful machine consumes less electricity than others when mining Bitcoin Cash.

If you have chosen your hardware machine, it's worth checking the other related requirements:

•	Electricity: cheap and stable is best. Having a backup is perfect.

•	Internet connectivity: 24/7 internet connection- an inconsistent connection will smash your chances of success.

## Software Requirements

Software is another critical requirement you must consider to look at as you opt to mine Bitcoin Cash. Mining software connects with your hardware machine to process the mining. It will deliver an interface for linking with the network to monitor the process and check profits.

You can get mining software applications for mobile and desktop use.

## Which Software Do People Prefer to Use to Mine Bitcoin Cash?

There are multiple software applications you can pick from to mine Bitcoin Cash. However, the two most widely used in the industry today are CGminer and BFGminer.
Both are command-line programs, which implies you can operate on the interface to get more into the mining process. Don't worry if you find the command-line interface (CLI) a little complex; EasyMiner is a great option that offers computerised functionality and sustains both self-mining (solo) and pool mining.
Note: Most ASIC miners are available with pre-installed software. If it's not, perform research to find one compatible with your hardware.

## Technical knowledge required to mine Bitcoin Cash

Before starting your Bitcoin Cash Mining journey, one of the basic requirements is understanding the technical terms connected with the mining process.

•	Consensus algorithm: 

It is a blockchain technology mechanism that permits agreement between a distributed network of users or machines. For example, a Proof of Work consensus algorithm lets miners agree on verifying blocks before they are updated to the blockchain.

•	Blockchain: 

It is a distributed ledger of all the trades on the network, managed in data blocks that are validated every 10 minutes. Miners get rewarded when they secure the network by updating a verified block to the blockchain.

•	Block time: 

This is a time estimate coded in the protocol: how much time miners take to validate blocks and update them to a distributed ledger. Bitcoin Cash has a block time limit of 10 minutes.

•	Hash rate: 

The measure of hashing power required to crack a complex puzzle and validate a block of trades. It's also called computing power and is calculated in hashes per second. The more per second hashes a machine produces, the more effective it is and the higher its probabilities of finding a block.

•	Mining difficulty: 

This is to calculate and find how difficult it is for a miner to find a new Bitcoin Cash block. It's also called a difficulty adjustment algorithm (DAA) and corresponds to the hashing power a miner requires to mine a single block within the calculated block time. For Bitcoin, the difficulty alters every 2016 block, while BCH introduced an Emergency Difficult Adjustment (EDA) algorithm in November 2017. The latter also leverages a retarget of the last 144 blocks to alter the difficulty.

•	Mining fees: 

A miner fee is a small amount of money users link to the blockchain trade to incentivise miners to process their trades. This amount is in addition to the 6.25 BCH in the block reward.

•	Block rewards: 

This is a reward given to a miner(s) who cracks the complex mathematical cryptographic puzzle on the network. For miners, Bitcoin Cash offers a block reward of 6.25 BCH.

## Pros and Cons of mining Bitcoin Cash

Mining Bitcoin Cash includes both pros and cons aspects. Let's see the pros and cons:

### Pros

1.	Block rewards can be very fruitful and profitable, and as a miner, you can earn good money.
 
2.	The transaction fees also complement rewards for successfully mining. 

3.	A good mining pool selection can raise your chances of block rewards.

4.	Your mining endeavours secure the Bitcoin Cash network.

5.	Old ASIC hardware can still be traded second-hand, as the market exists for other networks.

### Cons

1.	A high hash rate implies you may experience losses if you can't compete.

2.	ASICs need a heavy energy supply, resulting in a high electricity bill.

3.	Pools can reduce your reward as it is distributed among members.

## Is Bitcoin Cash Mining Profitable?

### To determine how beneficial it is to mine BCH, you must consider the factors mentioned below.

•	Hashing power

•	Power consumption

•	Cost of electricity

•	Pool fee

•	Bitcoin Cash price

You can decide if mining Bitcoin Cash will be profitable when you consider the hardware machine's computing power (output in Terahashes per second (TH/s) or Gigahashes per second (GH/s)). Another notable factor is the amount of power the hardware will consume and the expense of electricity per kilowatt-hour (kWh).


How to Mine Bitcoin Cash (BHC) 

A noticeable [Bitcoin](/coins/btc) price crash happened during the weekend, pulling Ethereum, Ripple and other altcoins with it. 

There were two main causes for the Bitcoin price crash; one resides in the announcement of the Celsius Network about halting all of its client withdrawals, while the other is that investors are pretty scared of the Federal Reserves’ next move.

Falling below $24,000 on Monday, Bitcoin found itself at its lowest level since December 2020, as traders are dumping crypto amidst a wider sell-off in risk assets.

The top cryptocurrency went down by 13.72% in the last 24 hours to $23,751.61 at the time of writing. In the last seven days, the Bitcoin price has fallen by 24.44%.

The brutal market downturn seems to have started with fresh inflation concerns about Federal Reserve acting more aggressively to contain soaring inflation. 

## Altcoins Take a Stumble

According to [CoinDesk](https://www.coindesk.com/), during the last 24 hours, Ethereum went down by 18.16% to $1,198, while BNB fell by 14.97%, Cardano by 13.57 and XRP by 11.89%. 

Also, [Celsius Network](https://allaboutcelsius.com/), one of the biggest crypto exchanges said that “due to extreme market conditions”, it is pausing all withdrawals, Swap, and transfers between accounts. 

Even though Celsius founder Alex Mashinsky tried to tweet away the fears of the Luna crisis impacting the exchange by promising Celsius had “minimal exposure” to Luna and UST, we suspect that last month’s crash of Do Kwan’s Terra empire shook investors’ confidence within the crypto market whose market cap fell below the $1 trillion mark to 977 billion.

Edul Patel Co-Founder and CEO of crypto investment platform Mudrex,  commented the cryptocurrency market “has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. 

“Bitcoin, Ethereum, and most cryptocurrencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high,” he said.


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