It is a decentralized digital currency that uses cryptography for security. It enables instant payments to anyone, anywhere in the world. This type of currency only exists in the digital world. Aspects like mining, trading and investing make it an exciting avenue to learn. With the rapidly growing value of cryptos, it’s the perfect time to get involved. Many people across the globe are starting to learn crypto currency. More and more companies are starting to pay their staff in crypto currencies, mainly Bitcoin. In Japan, they intend on using this digital currency in more than 100 000 stores and if this doesn’t show the growth of crypto currency, an airline in Japan have started accepting Bitcoin to buy air tickets.
As the value rises, a very important aspect to bitcoin is it can be divided into smaller parts. The smallest divisible amount is one hundred millionth of a bitcoin, and is called a “Satoshi,” after Satoshi Nakamoto, the software developer who founded bitcoin.
Let’s talk a bit on how miners create these digital coins, this may help in learning about Cryptocurrency:
Crypto currency such as bitcoin comprises of a system of peers. A record of each-and-every transaction is recorded by each peer. The transaction is kept as a file which would read. “John has given Joan XYZ Bitcoin” which is then signed off by John’s concealed key. There isn’t anything special about this key, it is just simple key cryptography. The next step once it is signed is the broadcasting of the transaction to the network which is sent from one peer to everyone else. Classic p2p-technology procedure.
Well, to start mining cryptocurrency, you will need to obtain mining hardware. When Bitcoin first started, you would be able to mine this cryptocurrency with you standard graphics card. This unfortunately is no longer the case considering the growth of Bitcoin. You would need a custom-built machine which offers high performance.
You’ll need to install a program on your new bitcoin mining hardware. This program is specifically for Bitcoin. There are many options out there
Now is the time to join a bitcoin mining pool such as p2pool and BitMinter. These are groups of bitcoin miners who work as a team and share the rewards. If it weren’t for these bitcoin mining pools, you could mine bitcoin for an entire year and not earn anything. Rather share the work and split the rewards – This is better for everyone
You will need to set up a wallet for bitcoin. Again, there are a number of options out there to choose from.,/p>
Keep up to date with Bitcoin news. Follow forums. Connected in Crypto might be a good place to start, as they offer free ICO reviews, news and competitions.