Who does not know about cryptocurrency? Today, the cryptocurrency becomes a primadonna for the investor and businessmen to invest their money. The cryptocurrency is a decentralized system allowing them to operate beyond government control and central authorities. Cryptocurrencies, including Bitcoin, are available to buy in US dollars, while others allow you to pay with Bitcoin or another cryptocurrency.
Blockchain, the technology behind most cryptocurrency is so groundbreaking as it allows information to be shared across parties directly. Cryptocurrency is just the first application of blockchain technology; the proof-of-concept. Cryptocurrency transactions need to be verified, and the blockchain regularly enlarged, to account for new transactions and payments.
Things you need to have before mining a cryptocurrency
Mining a cryptocurrency is somewhat different from mining gold or petty cash. It requires some tools and software. Here are things you need to have in basic:
- Mining hardware - You’ll need an ASIC chip for your computer designed specifically to mine cryptocurrency.
- Mining software - Look for free software with easy-to-follow instructions that explain how these programs work with your ASIC.
- Bitcoin wallet - If you complete a block, you’ll need to store your bitcoin in a wallet.
Kinds of cryptocurrency you need to know
There are many types of cryptocurrency, but there are 8 famous currencies:
- Bitcoin (BTC). Bitcoin allows users to make transparent peer-to-peer transactions.
- Litecoin (LTC). Litecoin is an open-source, completely decentralized global payment network, meaning there is no central authority
- Ethereum (ETH). Ethereum is the decentralized, open-source, and distributed blockchain computing platform.
- Ripple (XRP). Ripple allows for any type of currency to be exchanged, from USD and Bitcoin to gold and EUR and connects to banks, unlike other currencies.
- Bitcoin Cash. This is the transformation of improving from bitcoin.
- Ethereum Classic. This is the classic model of Ethereum. It conducts intelligent contracts on a similar decentralized platform.
- Zcash (ZEC). Zcash is a digital currency that was built on the original Bitcoin codebase.
- Stellar Lumen (XLM). Stellar lumen is an intermediary currency that facilitates currency exchange.
Applications or websites that you can try for trading cryptocurrencies
If you are interested in trading cryptocurrency, you can try one of the following alternatives applications:
- Enjin Walle
Meanwhile, you want to run your own business about cryptocurrency, you can build your own business website or mobile application. Emveep provides you with a cryptocurrency application that can be adjusted with your requirements.
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