Everything You Need to Know About Cryptocurrency

As we all know Cryptocurrency took us all by storm and we are currently getting ourselves around the concept of it, it is literally a technological advent that we have to cope with in our future lives.

What is Cryptocurrency?

Cryptocurrency is a currency which exists in virtual form and has no existence in real life and still is worth much than the normal currency. This currency is not bound to a specific country or area it is for all and due to this fact it has global acceptance and we can use this currency for anything and anywhere in the world as long as the other person or party recognizes it. It has a limited number of coins and that is why it’s too valuable for example it has a total of thousand coins and only a few people can own it and call themselves the proud owners of the currency due to the fact its limited these proud owners can sell it to other people for a hefty price and that’s the reason why it’s so valuable.

How to get it?

To get cryptocurrency there is a process called mining and to do mining one has to own some serious heavy rigs because they work 24/7 and do mining. To get around the concept of mining you all have to stick with me and I will explain step by step. Mining is not real mining as u would think like mining minerals, its mining for coins of cryptocurrency, for example bitcoin is a famous cryptocurrency for its security and probably the biggest player in the game. Mining is happening by the cooperation of many people, actually cooperation of all their rigs for mining coins, they make parties of thousands to mine coins, coins are not out in the open they are hidden somewhere deep and they all find it together. For example they found one coin and considering the varying price of bitcoins let’s just say it has a value of 1000$ so all the people who helped each other find the coin will divide the money among themselves by splitting the coin into many parts for example 1=0.5+0.3+0.2

First of all you would want to have an expensive and a good rig and then a program used for mining. For example use miner gate, it has an easy interface and remember mining takes a lot of time maybe days or months depends on your luck that how athletic your rig is and how fast it can find the coin.

Should you own it?

It was cheap when it started new because it’s potential was in slumber and as time passed its value increased because people were getting to know it’s worth in future and it started from dirt cheap price and went to for like 1400$ a coin?   Like who doesn’t want to get that much amount of money right?

But wait, you can’t get it that easily, there are two ways to get it, Buy it for its current price for example it is 700$ and u pay 710$ to a broker to own one coin of bitcoin or you can mine it and earn it, but for mining you would have to invest in a rig.

Now let’s suppose you want to make profit from it, the price of bitcoin fell due to some unforeseen circumstances and then this is where you come into play, you would buy it for cheap price and then wait until its price gets higher and when it gets higher and you sell the bitcoins then you get to make some decent amount of money

Should you invest in it?

In my opinion you should these can both be useful for long and short term investments, short I just explained above and long because it’s the currency of future isn’t it? It is folks you can make some insane amount of money, people who bought like 250 coins a long time ago are now millionaires aren’t they?

                                                                                                                                 
                                                                                                                                     Posted By : Nicest