There is a cryptocurrency craze going on. Everyone is excited, fund houses are setting up new departments, countries setting up think tanks to consider all the possibilities.
And with all the hype around, the uninitiated will ask the eventual question: Is this a revolution, or is this just a hype?
To answer the above, one must understand the fundamentals of cryptocurrency.
Bitcoin is not the only crypto, there are almost 800+ other cryptos. Using stocks as an analogy, bitcoin will be like the bluechip stock, and there are other cryptos which probably like mid or small-cap counters.
In short, the serial number on the fiat money is the same as crypto currency.
Using a spare phone or a spare computer that is unused, you can change it into a mining rig.
I have recently signed up with MinerGate and it's very straightforward. No charges or whatsoever.
Just sign up, install the program on your computer and start mining. It takes a while, but that's what mining is all about. For faster mining, there are server rentals available too.
So I'm sharing my code for all keen readers who want to get a bit of digital cash while it is still early. Plus with hands-on experience, it accelerates learning too.
Happy Mining.
And with all the hype around, the uninitiated will ask the eventual question: Is this a revolution, or is this just a hype?
To answer the above, one must understand the fundamentals of cryptocurrency.
Fiat currency
The cash one has in the wallet, the amount balance in the bank account, fixed deposit certificates, all of these are fiat money. It is an inconvertible paper money made legal tender by a government decree.
Fiat money is a centralised system where central bankers can decide to print more money, change the currency and etc. Over the years, people are disappointed and afraid of economic conditions such as inflation, recession, or worse, stagflation. There was a need for a certain form of currency that is independent yet controlled so that its value will not be eroded.
First Cryptocurrency: Bitcoin
Bitcoin is the most popular cryptocurrency, simply because it was first started about 10+ years ago. It's the first cryptocurrency, first of its kind, grandfather of all cryptos.Bitcoin is not the only crypto, there are almost 800+ other cryptos. Using stocks as an analogy, bitcoin will be like the bluechip stock, and there are other cryptos which probably like mid or small-cap counters.
Fiat currency VS Cryptocurrency
Putting 2 together, it's something like paper letters vs emails. Both are fundamentally similar, but in a different medium. There is a certain supply limit to it and based on its algorithm no new cryptocurrency can be created till it is validated by the entire network. The mentioned network is the entire network computation power contributed by everyone all around the world.In short, the serial number on the fiat money is the same as crypto currency.
Cryptocurrency Mining
Just like digging for gold, as one digs further, it gets tougher. Cryptocurrency mining has this challenge too. As the mining computers pools in resources to mine for coins, it gets tougher over time, and more time required to process the subsequent coins. When the coins are found, it will be transferred to a wallet to hold the coins. The coins will then belong to the miner and it can be used for spending or investing.Using a spare phone or a spare computer that is unused, you can change it into a mining rig.
I have recently signed up with MinerGate and it's very straightforward. No charges or whatsoever.
Just sign up, install the program on your computer and start mining. It takes a while, but that's what mining is all about. For faster mining, there are server rentals available too.
So I'm sharing my code for all keen readers who want to get a bit of digital cash while it is still early. Plus with hands-on experience, it accelerates learning too.
Happy Mining.
