New in cryptocurrency and BitCoint.
New in cryptocurrency and BitCoint.
Not to much time ago , I notice that a lot o people got involved whit cryptocorrency and I didn’t know to much about this. So I start to put questions and watch video and tutorials about BTC and cryptocorrency. After 2 weeks of research, I start to make my self an idea about it. To make it more simple for me, I made a little tutorial whit simple steps that helped me to understand how it works and get involved . To make it simple for me to understand cryptocurrency, I write this simple article, that I decide to post it public so all the people that are new in cryptocurrency can read it and learn about cryptocurrency.
What is cryptocurrency?
A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins.
The first, and more used, coin in cryptocurrency is BitCoin or BTC how is coled in markets. But now, in 2017, there are many others like for : Ethereum, LiteCoin, Monero, … etc.
How to get started whit cryptocurrency?
First step to do if you want to get involve whit cryptocurrency, is to make you self a valid e-mail address.
Second step is to get an bank account or a paypal account so you can buy and transfer $/€ in BTC or BTC in $/€.
To use and trade cryptocurrency you need a special wallet that recognize BTC and others currency. One of the most trusted company that let you have a wallet and let you trade cryptocurrency for $, is Coinbace, and you can make an account at there website : HERE.
But there are others company that offer wallets and treading, for cryptocurrency, like: https://jaxx.io , https://www.exodus.io , https://poloniex.com , …
How to make a profit from cryptocurrency?
Now that you have the ways to bay and sell, or trade cryptocurrency, the simplest way to make a profit whit it, is to trade it online in markets. There are websites that are made just for thinks like that and I already mention some of them before : https://poloniex.com, https://www.coinbase.com, …
An other way to get involve and make a profit whit cryptocurrency , is to mine coins and cryptocurrency, and you can use websites like Genesis Mining, where you can buy MH/s and let them have there hardware mining for you. This is simple because you don’t have to mantein the hardware or use your home electricity.
At Genesis mining you only have to buy MH/s from the packages that they are offering and the mining power that you buy from them, will mine for you, the cryptocurrency you want. But the profit ration that they offer is not like the one whit your hardware. In my calculation is like 6 time less compared whit mining whit your hardware.You can get cryptocurrency by mining using PC hardware like video cards. This is one of the most uset way to mine cryptocurrency this days and there are a lot of people making there won system whit 6 to 12 video cards that are mining cryptocurrency for them. This days you can find a lots of tutorials and alots of videos whit normal people that are mining whit this method from there homes.
In this case the profit will start after you will recover the many invested in the hardware used to mine, and after paying the electricity that you use whit this hardware.The most efficient way to mine cryptocurrency and make profit , is to buy a dedicated hardware for mining and install it at your home. Buying dedicated hardware whit pre-installed software dedicated to mining, is in this moment the most profitable way to get more cryptocurrency. Steel in this case you will have to calculate the electricity consumption and you will have to maintain the hardware and software by yourself.
Like in the step before of this, in this case the profit will start after you will recover the many invested in the hardware and pay the electricity that you use whit the hardware.
What is cryptocurrency hash?
Cryptocurrency mining power is rated on a scale of hashes per seconds. A rig with a computing power of 1kH/s is mining at a rate of 1,000 hashes a second, 1MH/s is a million hashes per second and a GH/s is one billion hashes per second. Every time a miner successfully solves a block, a new hash is created. A hash algorithm turns this large amount of data into a fixed-length hash. Like a code if you know the algorithm you can solve a hash and get the original data out, but to the ordinary eye it’s just a bunch of numbers crammed together and remains practically impossible to get the original data out of.
You can check the hashes power of different coins on websites like : https://www.coinwarz.com/cryptocurrency
How to calculate the power of hash and profit?
Using online calculators you can determine what you can win whit the power of HS/s your hardware have. I am using to calculate this calculator online : https://www.coinwarz.com/calculators
What is my conclusion?
The cryptocorrency is way to make extra cash and some times , if you do you homework you can live from the profit you make whit it.
Nice blog!
Helpful for newbies!
Yes, noob like me in cryptocorrency.
what do you think about bitcoin and ethereum,will it go up or down ,and how much ?
If you wach today market you will see that are back. :)