When everything else goes digital, the currency too does!
More often than not, we be hearing about cryptocurrency- a new medium of exchange. Yes, some of you must be knowing it via Bitcoin. But does cryptocurrency end with Bitcoin only? Not certainly! There are various other cryptocurrencies and together they are moving forward to bring a huge reform in currency exchange. Let’s figure out how it’s happening…
What is Cryptocurrency?
Cryptocurrency is a medium of exchange just like any other. However, other currencies are available in physical form and cryptocurrencies are all digital. Perhaps, the government has no regulation over cryptocurrencies and they are fully decentralized.
Cryptocurrency is designed with certain principles of cryptography. It is used to control the creation of new coins and to secure ever transactions. The first cryptocurrency is Bitcoin and was designed in 2009. The technical system for cryptocurrencies was created by Satoshi Nakamoto. However, cryptocurrencies are maintained and operated by a community of cryptocurrency miners. They are nobody but members of the general public having set up their computers or ASIC machines to participate in the validation and processing of transactions. This e-currency has two protocols namely- Proof-of-work and Proof-of-stake.
What are various kinds of Cryptocurrency?
There are hundreds of cryptocurrencies today such as Bitcoin, Zcash, Auroracoin, Coinye and many more. Together these currencies are called Altcoins.
What is mining?
Mining is a program that taps on computer’s hardware resources and put them to mine different cryptocurrencies. Every cryptocurrency has a different algorithm for blocks to be released. When talking about Bitcoin, once 21 million Bitcoins have been mined, they will be the only coins in circulation and no further coins will ever be added.
What is best cryptocurrency to mine in 2017?
When it comes to cryptocurrency, makers are always looking for the best and most profitable cryptocurrencies. To that, there are a few such currencies which are profitable (despite the cost it recurs). The profitable currencies include Ethereum, Ethereum Classic and Monero. Apart from this, zCash is also expected to be profitable.
Pro and Cons of using Cryptocurrency.
When the new currency is in, it come with its highs and blues. Here are the pro and cons of Cryptocurrency.
- Freedom in payment. You can easily pay anyone, any amount at the farthest reaches of this world.
- Since its all-digital, there is better control and security.
- Transparent flow of information.
- Low fee charged.
- Less risk involved
- Lack of understanding amongst peeps.
- Incur volition
- Still needs much development to be undertaken.
This was a brief roundup of Cryptocurrency! If you are looking for mining, you should rather go for the once that we have mentioned above. Having said that, amongst all cryptocurrencies, Bitcoin has gained immense popularity and can be relied on when it comes to transact via cryptocurrency!