What is cryptocurrency and why mine it? (2021)
What is cryptocurrency and why mine it? (2021)
With the world is becoming more digital than ever before, there has been a massive growth of digital products, services and digital asset. Among many digital revolution, cryptocurrency has gained tremendous value over the past few years. Driven by block chain technology, cryptocurrencies are changing the future of money and financial technology.
In simple, Cryptocurrency are like any other physical currency, but exist only in digital form, and can be traded for anything.
The first cryptocurrency was launched in 2009, by the name of “Bitcoin” by group of anonymous people named as “Satoshi Nakamoto”. Since then many cryptocurrencies have emerged, like Etherium, Ripple (XRP), Litecoin, Tether, Libra, Monero (XMR), and many more. But they all have one thing in common, they all are decentralized, meaning it does not require a central bank or any bank to make any transactions.
Cryptocurrency or digital currency have the potential to overtake physical currency for many reasons:
Firstly cryptocurrency are decentralized and does not require intermediaries like banks to make any transactions on our behalf. Without any middleman, transactions becomes fast and can be done anywhere in the world with ease.
Second, without a bank to make verification and transactions, it will remove the transactions fees.
Third, we are the ultimate owner of your digital asset, also it does not require physical place to store these currencies as its entirety digital.
Given these advantages, and many other, cryptocurrency are gaining massive popularity. In recent years, many new cryptocurrencies have emerged to join the race. While crypto does have many advantages, it does not mean its without any risk, some of the risk associated includes its volatile nature, meaning its value can fast appreciate or depreciate. Also as a decentralized currency, if miner loses the personal key or password, then all funds are lost forever, and there is no way anyone can recover it.
Now, you might think, cryptocurrencies are only for tech savvy and computer genius.
Although, mining crypto was quite difficult with the requirement of hardware and technical skills, the scenario is changing fast. Today anyone with a smart device or a computer and internet connections can participate in this technological revolution.
While the field of Digital currency has gained massive popularity in some countries, it still remains less know to people in general. Even the educated people seem to be ignorant of it, while others simply don’t understand the value it can bring.
Whatever it is, cryptocurrencies are already making deep impact in the financial world, and is expected to disrupt the traditional financial system.
Now, we as the people can either wait and see what cryptocurrencies can really do, or accept it and be part of the revolution. The choice is yours.
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