Crypto mining/investing-Bitcoin

At this stage investing in bitcoin is kind of like throwing your money in the air and hoping more falls down from the sky.

Either you are going to invest in bitcoin hoping to make money from it or you are going to regret not investing in the future hoping to never hear the word bitcoin again…

Is it really the age of cryptocurrencies having a mainstream monetary value?

The cryptocurrency market has been growing at an exceptional rate making a lot of people multi-millionaires…

Some analysts predict a possibility that crypto will be floated on the Nasdaq which would further add credibility to cryptocurrencies as an alternative to conventional currencies.

Cryptocurrencies are basically online digital currencies that only exist online they are just a figure of online digital worth and don’t exist as a real-life coin or paper product

as of yet?

Bitcoin is arguably the most popular cryptocurrency and has gained value like a trojan horse since it was invented in 2008 by Satoshi Nakamoto and became available as an open-source in 2009 since then numerous types of cryptocurrencies have become available.

Bitcoin crypto-mining

Crypto Mining is a process of creating transaction records to Bitcoins public ledger basically storing information and logging the transaction

Bitcoin miners use a mining rig which is a computer system that Perfoms the necessary tasks for the mining

The ledger of past transactions is called a blockchain

  It is a chain of blocks that store the information and transactions made so people can’t make attempts to reuse coins that have been spent already and spend elsewhere.

Mining was made intentionally so that a number of blocks can be mined each day and the blocks mined remains at a steady pace

Individual blocks must contain a proof of mining to be considered valid where the proof of work is verified by other Bitcoin nodes every time they receive a block for mining.

Bitcoin uses the hash cash proof of work function.

Large scale crypto mining facility

The primary aim of mining is to store and monitor the history of transactions and verify each blockchain

Bitcoin nodes are able to monitor the ordering events in Bitcoin

Mining is also the process of creating new Bitcoins into the system

Miners are paid transaction fees and a subsidy of newly created coins, which is a motivating incentive for the miner and also providing the information and security needed for the system to operate.

Bitcoins price Peaked in 2017 when it soared to $17,000 per Bitcoin and then in spectacular fashion dropped 80% of its value within the space of 12 months since then Bitcoin has been up and down and currently sits at under $9000 it shows just how unstable the market is and how volatile the digital asset can be.

Investing in Bitcoin

Investing in bitcoin is obviously a gamble but a gamble that could see large profits or large losses depending on the perspective.

Investing in bitcoin is like putting all of your eggs in one basket and hoping that they all don’t break

We recommend investing in multiple cryptocurrencies and as we just stated not putting all your eggs in one basket

Having a portfolio of different cryptocurrencies lessons the risk if one company/industry crashes your losses are reduced because you didn’t have too much invested in one..

with the unreliability and volatility makes cryptocurrencies an unreliable asset where you could see large gains in your investment you could also see large losses also…

You can never count your chickens before they hatch

The crypto mining chick…

One thing is true more companies discover uses for cryptocurrencies and more people accept them they will remain at the centre of conversation and speculation, it could become used in a variety of situations from buying a coffee on the way to work on a Monday morning to mainstream banking and making large scale transactions

If the technology further establishes itself into mainstream society one thing is clear

Only the future will tell

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