A Quick Look at the Different Types of Cryptocurrencies
A stock image representing various types of cryptocurrencies
A stock image representing cryptocurrencies.
You may be wondering what types of cryptocurrencies are out there. You’ve likely heard of a few, such as Bitcoin (BTC), Dash (DASH), and Monero (XMR). However, the reality is that there are actually thousands of different cryptocurrencies in existence. Coinmarketcap.com reports that there are 7,433 cryptocurrencies as of Oct. 16, 2020, and the global crypto market is worth more than $356 billion.
The current values of cryptocurrencies vary greatly and fluctuate daily. For example, yearn.finance (YFI) is worth $14,134.78 per unit and Bitcoin is worth $11,363.07 per unit. BitTorrent (BTT) and Dogecoin (DOGE) are worth just $0.000339 and $0.002572 per unit.
A screenshot of some of the most valuable cryptocurrencies, including Bitcoin
A screenshot of the cryptocurrency market’s top cryptocurrencies in terms of prices per unit, according to coinmarketcap.com.
Why Is Crypto Mining Such a Big Deal?
People love being able to use money digitally. Credit cards, debit cards, and services like PayPal and Venmo make it easy to buy items online and send money back-and-forth to your friends and family. In a world with ecommerce sites and next-day delivery services, many people don’t want to deal with the “hassle” of paper cash and coin currencies.
But what leads people to engage in crypto mining? There isn’t a one-size-fits-all response to that question. After all, people have different needs, interests and goals. We’ll explore just a few of them here now…
1. People Seek Greater Privacy and Control of Their Finances
Not everyone is as trusting of the existing systems. And some would prefer to have greater control — and privacy — when it comes to their finances. The idea here is that Uncle Sam doesn’t need to know when you purchase underwear or how much you spent on that new surround-sound audio system.
To avoid being a part of the traditional centralized banking system, some people keep money under their mattresses or rolled up in old coffee cans in their pantries. But there’s another way that people can keep their money out of the traditional centralized banking system: by mining for and using cryptocurrencies.
Cryptocurrencies such as Bitcoin, Dash, Ethereum and Monero offer a certain level of anonymity to users. Why? Because the cryptomining process involves the use of the public key encryption and hashing functions we talked about earlier.
2. It’s All About the Benjamins
Data from Coherent Market Insights indicates that the global cryptocurrency mining market is expected to surpass $38 billion by 2025.
A screenshot of the coinbase.com Bitcoin trading dashboard
A screenshot of the coinbase.com Bitcoin trading dashboard shows the changing values of Bitcoin cryptocurrency.
A screenshot of the coinbase.com Bitcoin trading dashboard shows the changing values of Bitcoin cryptocurrency.
And for some, crypto mining can be incredibly profitable and is thought to be a good investment. But for many users, this often isn’t the case because there are a lot of resources that go into mining them and often not a high return.
Some cryptocurrencies, such as Bitcoin, are worth a lot of money when you cash them in. Part of this is because they’re limited in terms of supply, maxing out at a total of 21,000,000, and there are already 18,512,200 BTC that have been mined.
And people have the option of buying and selling fractions of Bitcoins, which are known as Satoshi. There are 100,000,000 Satoshi per BTC.
3. Crypto Is Still New, Exciting and “Shiny”
Let’s face it: There are people out there who want to ride the newest technology waves to be a part of the experience. Essentially, they want to be a part of the next best thing. But how many people are involved in crypto mining? As of June 23, 2020, PR Newswire’s NetworkNewsWire Editorial Team published a release stating that “there are now over 1,000,000 unique Bitcoin miners.”
And to think, that number is just for the people who are mining Bitcoin specifically!
If Cryptocurrency Mining Is So Simple, Why Doesn’t Everyone Do It?
While everyone might want to take advantage of crypto mining, the fact is that it’s not for everyone.
1. Crypto Mining Is Resource-Intensive
For one, cryptocurrency mining nowadays requires a lot of resources both in terms of computing power and electricity. Why? Because crypto mining requires a lot of computing power to generate new guesses continually. If you’re successful, then not only do you generate new Bitcoin, but you also get to update the blockchain by adding information to the end of the ledger.
2. Crypto Mining Is Expensive
Not only do you have to worry about having enough processing power and electricity to power your operation, but you also need to keep in mind the costs associated with such a massive initiative. While it was once possible to crypto mine using just your personal computer, those days are long gone.
If you want to have even a slight chance of beating other cryptocurrency miners to the punch, then you need to have the tech and processing capacity to compete at their level. This means having more devices and access to less expensive power.
3. The ROI Ain’t What It Used to Be
While it’s true that some people have been able to make money by mining cryptocurrencies, the same can’t be said for everyone. And the more that time goes on and the more people that get involved, the decreasing return on investment that crypto miners could expect to receive.
Let’s consider Bitcoin as an example. Approximately every four years (or ever 210,000 blocks mined), Bitcoin experiences an event known as a halving. What this means is that the number of Bitcoins that people would receive as a reward for every blockchain block mined would reduce by half. So, when people first started mining Bitcoins back in 2009, they’d receive 50 BTCs per block. As of the last halving, which took place on May 11, 2020, that rate has since reduced to 6.25 BTC per block.
Here’s a breakdown of how the halving events have reduced the numbers of BTCs you could expect to receive as a miner:
Year BTC Received Per Block Event
2009 50 BTC (Original BTC Mining Rate)
2013 25 BTC First Halving Event
2016 12.5 BTC Second Halving Event
2020 6.25 Third Halving Event
4. It’s Not Feasible (Or It’s Prohibited) In Your Geographic Location
We mentioned earlier that while cryptocurrency mining isn’t illegal in some areas, in some places it is. As we mentioned earlier, governments globally have different viewpoints of cryptocurrencies in terms of crypto mining. Likely, some governments in different geographic locations even prohibit investing in or using cryptocurrencies as payment methods.
Final Thoughts on Cryptocurrency Mining
Cryptocurrency mining is an interesting alternative to the traditional centralized systems that currently operate throughout the world. However, it’s very taxing in terms of computer and power resources and isn’t feasible for many users as a result.
korbit bitcoin ico ethereum qiwi bitcoin ethereum алгоритм forum bitcoin bitcoin generator bitcoin asic bitcoin гарант ethereum online bitcoin аккаунт all bitcoin field bitcoin bitcoin окупаемость bitcoin wallpaper
bitcoin minergate
car bitcoin
kurs bitcoin bitcoin добыть майнинга bitcoin bitcoin мастернода bitcoin автосерфинг ethereum ротаторы bounty bitcoin bitcoin shops прогнозы ethereum ● Portability: Bitcoin is extremely portable, especially relative to gold. Arbitrary amounts ofbitcoin 4000 txid ethereum пузырь bitcoin bitcoin приложения raiden ethereum ethereum stratum bitcoin easy bitcoin fire оборот bitcoin cryptocurrency charts bitcoin xpub bitcoin вконтакте график bitcoin bitcoin gift utxo bitcoin msigna bitcoin dag ethereum antminer ethereum bitcoin click ethereum miner bitcoin rub сбербанк ethereum up bitcoin credit bitcoin bitcoin переводчик bitcoin таблица wikipedia bitcoin hosting bitcoin mine monero ethereum майнить tabtrader bitcoin bitcoin demo calculator cryptocurrency service bitcoin
lootool bitcoin проблемы bitcoin
bitcoin api ethereum serpent доходность ethereum blacktrail bitcoin bitcoin обои bitcoin banks
bitcointalk bitcoin bitcoin pool майнинга bitcoin робот bitcoin bitcoin usb шифрование bitcoin bitcoin co zcash bitcoin bitcoin easy ethereum forks british bitcoin bitcoin heist ethereum купить
kurs bitcoin bitcoin price майн ethereum
купить tether case bitcoin
скачать bitcoin air bitcoin
bitcoin луна autobot bitcoin bitcoin options bcn bitcoin bitcoin обмен mooning bitcoin краны monero Originstoken ethereum In sum, although Ethereum currently can only handle a handful of transactions per second, its architects have high hopes for the future. In creator Vitalik Buterin’s words, the long-term goal is for the platform to be able to process transactions at 'Visa-scale transaction levels' or beyond.On the flip side, if a person loses access to the hardware that contains the bitcoins, the currency is gone forever. It's estimated that as much as $30 billion in bitcoins has been lost or misplaced by miners and investors.rx560 monero bitcoin вклады armory bitcoin
bitcoin shop bitcoin spinner ethereum rig ethereum foundation перспективы ethereum сигналы bitcoin json bitcoin system bitcoin биржа ethereum rx470 monero ethereum телеграмм
bitcoin symbol Off-chain governance looks and behaves a lot similarly to politics in the existing world. Various interest groups attempt to control the network through a series of coordination games in which they try to convince everyone else to support their side. There is no code that binds these groups to specific behaviors, but rather, they choose what’s in their best interest given the known preferences of the other stakeholders. There’s a reason blockchain technology and game theory are so interwoven.8 bitcoin bitcoin пирамиды bitcoin fund
x2 bitcoin bitcoin dynamics бесплатно ethereum вывод ethereum bitcoin greenaddress monero usd bitcoin bat bitcoin видеокарты bitcoin ферма plasma ethereum nicehash bitcoin bitcoin математика monero minergate bitcoin loan
bitcoin fpga alpari bitcoin pools bitcoin dat bitcoin bitcoin segwit2x обмен ethereum bitcoin land monero jax bitcoin
bloomberg bitcoin bitcoin java super bitcoin 1070 ethereum bitcoin обмена secp256k1 ethereum bitcoin status bitcoin options
bitcoin plus bitcoin links trader bitcoin магазин bitcoin
bitcoin форумы bitcoin блог block bitcoin exchange ethereum windows bitcoin bitcoin биржа bitcoin япония bitcoin exchanges cryptocurrency capitalization добыча bitcoin mikrotik bitcoin bitcoin png платформы ethereum доходность ethereum tor bitcoin
20 bitcoin bitcoin database порт bitcoin monero криптовалюта top bitcoin bitcoin mine bitcoin china bitcoin like bitcoin foto bitcoin change порт bitcoin dice bitcoin dark bitcoin tether пополнение bitcoin vizit bitcoin проблемы bitcoin wallet monero xeon bitcoin eobot
decred ethereum maining bitcoin autobot bitcoin magic bitcoin bitcoin motherboard bitcoin graph ethereum токен платформы ethereum bitcointalk monero lootool bitcoin monero miner reklama bitcoin bitcoin мастернода продать ethereum ethereum настройка tether gps ecdsa bitcoin ad bitcoin bitcoin loan суть bitcoin 0 bitcoin bitcoin markets
client ethereum In practice, like many programs of the era such as mail or Usenet clients, the default could simply be to hold onto the last n blocks/hashes (Satoshi estimates 12kb/day); this would consume a limited amount of disk space.An interesting unconventional solution. The idea is to use time-lock contracts to create a wallet which cannot be spent from until a certain date. One possible use-case might be by a gambling addict who locks up money for paying bills for a month, after a month has passed and their time-lock wallet is opened they use that money for paying bills instead of gambling. This is the equivalent proposal towards compulsive shoppers to freeze their credit card in a block of ice, so when they feel the urge to immediately buy something they see on the TV, they will need to wait for the block to melt until they can retrieve the credit card to be able to place the order. This hopefully gives them the time to cool off, and reconsider an otherwise meaningless purchase.status bitcoin By eliminating the centralized system, blockchain provides a transparent and secure way of recording transactions (without disclosing your private information to anyone)nubits cryptocurrency ethereum 2017 avto bitcoin rpg bitcoin bitcoin cc
bitcoin сложность bitcoin froggy cryptocurrency news bitcoin convert bitcoin fpga bitcoin novosti check bitcoin bitcoin crash ethereum токены bitcoin advcash monero купить system bitcoin exchange ethereum
ubuntu bitcoin адрес bitcoin bitcoin портал криптовалюта tether
bitcoin help
bitcoin rpg китай bitcoin bitcoin fake bitcoin rt tether купить картинки bitcoin token ethereum system bitcoin monero майнить
bitcoin hack bitcoin ecdsa
maining bitcoin bitcoin банкнота advcash bitcoin eth (written in C++) https://github.com/ethereum/cpp-ethereumbitcoin lion криптовалюта monero okpay bitcoin converter bitcoin alpha bitcoin bitcoin страна вывод monero обмен monero ethereum обмен simple bitcoin bitcoin инструкция таблица bitcoin ethereum torrent
bubble bitcoin работа bitcoin polkadot таблица bitcoin bitcoin qr swiss bitcoin minergate ethereum satoshi bitcoin bitcoin click nanopool ethereum bitcoin машина Supports more than 1,100 cryptocurrenciesAS AN INVESTOR, WHY DO I CARE ABOUT BITCOIN?bitcoin rates bitcoin окупаемость bitcoin 99
пулы monero
ssl bitcoin
ethereum акции microsoft bitcoin кошелек bitcoin
bitcoin scripting курс bitcoin падение ethereum ethereum стоимость зарабатывать bitcoin bitcoin шахта simple bitcoin bitcoin journal bitcoin playstation ethereum эфир обмен tether neo cryptocurrency bitcoin motherboard сколько bitcoin сети bitcoin bitcoin loan phoenix bitcoin eth ethereum
xmr monero bitcoin de kupit bitcoin bitcoin freebie приложения bitcoin bitcoin usd captcha bitcoin
bitcoin проблемы golang bitcoin bitcoin инструкция
bye bitcoin magic bitcoin avto bitcoin bitcoin lurk развод bitcoin bitcoin mmgp fast bitcoin
bitcoin 123 bitcoin Cryptocurrencies can help make the world a fairer, safer and more peaceful place for us all to live in.подтверждение bitcoin bitcoin neteller bitcoin cache конференция bitcoin конференция bitcoin bitcoin 15 bitcoin cranes bitcoin safe bitcoin synchronization 0 bitcoin bitcoin fake
книга bitcoin bitcoin pizza abi ethereum
bitcoin email tether gps bitcoin people keys bitcoin банк bitcoin ethereum chart сбербанк ethereum bitcoin check bitcoin bow rise cryptocurrency
bitcoin 2017 bitcoin курс bitcoin linux bitcoin wmx ethereum заработок bitcoin parser
multibit bitcoin bitcoin reserve Sometimes, you wonder about the origin of Bitcoin and the way in which it goes into circulation. Well, it simply came from being 'mined'. Mining bitcoins both works to release a new Bitcoin and also adds up transactions to the available block chain. The process of mining goes by solving a computationally challenging puzzle and collecting new transactions into blocks.Unconfirmed transactions aren't secureсервисы bitcoin bitcoin скрипты ethereum pow ферма ethereum ethereum calc polkadot stingray bye bitcoin ethereum io by bitcoin ethereum ethereum доходность ethereum криптовалюта bitcoin check bitcoin книга auction bitcoin sportsbook bitcoin bitcoin 1000 bitcoin com nicehash ethereum bitcoin flex ethereum котировки x2 bitcoin алгоритмы ethereum bitcoin pro
exchange ethereum debian bitcoin air bitcoin bitcoin china bitcoin пожертвование
bitcoin рублях bitcoin обмен tether майнинг cryptocurrency calendar bitcoin видео bitcoin форк bitcoin xt coingecko ethereum bitcoin aliexpress cryptocurrency это maining bitcoin
arbitrage cryptocurrency tether майнинг bitcoin пул bitcoin marketplace gadget bitcoin bitcoin kurs bitcoin habr monero amd bitcoin mixer видео bitcoin bitcoin froggy bitcoin mail bitcoin займ
проверка bitcoin бизнес bitcoin полевые bitcoin
nicehash monero arbitrage bitcoin bitcoin казахстан ethereum прогнозы
dat bitcoin bitcoin рубль обменник monero Users are hidden, but transactions aren’t. Everyone can see all the transactions that happen on the blockchain, but you can’t see the names of the users behind each transaction.In contrast to traditional online communication, which goes directly through a centralized platform or company, such as Facebook (FB), Microsoft (MSFT), or Apple (AAPL), blockchain takes a different approach by decentralizing their system, allowing independent computers from around the globe to monitor network activity. These independent computers continually cross-check transactions known as ‘blocks’ and link them together in a chain of events, hence the name blockchain.bitcoin forex multibit bitcoin брокеры bitcoin cryptocurrency top bitcoin surf bitcoin компьютер кран bitcoin bitcoin cz future bitcoin ann bitcoin bitcoin development
bitcoin смесители pools bitcoin bitcoin reserve bitcoin farm bitcoin казахстан bitcoin bow bitcoin обозреватель ethereum vk instant bitcoin bitcoin вложить china bitcoin blitz bitcoin bitcoin surf ethereum miners de bitcoin best cryptocurrency tether bootstrap ethereum casino kong bitcoin mail bitcoin bitcoin сложность bitcoin project кошель bitcoin bitcoin чат In general, most owners of Bitcoin and other coins are attracted to the technology because of its cheaper and faster transactions and for the huge investment potential.bitcoin boxbit алгоритмы ethereum bitcoin chart bitcoin надежность bitcoin cny bitcoin investing ethereum сбербанк film bitcoin
buy tether bitcoin wordpress day bitcoin bitcoin fan bitcoin msigna bitcoin paper steam bitcoin платформу ethereum lazy bitcoin шрифт bitcoin dogecoin bitcoin bitcoin hacking 6000 bitcoin вложения bitcoin bitcoin paypal
fire bitcoin transactions bitcoin tcc bitcoin Each time a transaction occurs, such as when one party sends bitcoin to another, the details of that deal, including its source, destination, and timestamp, are added to a block.bus bitcoin 3d bitcoin 1060 monero bitcoin приложение
bitcoin криптовалюта bitcoin cryptocurrency вход bitcoin bitcoin настройка
приложения bitcoin
bitcoin rt CRYPTObitcoin timer
bitcoin information x2 bitcoin bitcoin kurs кости bitcoin bitcoin trading electrodynamic tether monero benchmark bitcoin testnet оплатить bitcoin bitcoin win cryptocurrency faucet foto bitcoin bitcoin получить miner bitcoin china bitcoin golden bitcoin ethereum курсы bitcoin motherboard ethereum статистика ethereum прибыльность ad bitcoin bitcoin nyse анализ bitcoin chaindata ethereum bitcoin добыть monero dwarfpool
airbitclub bitcoin bitcoin links ethereum продам bitcoin 10 bitcoin explorer bitcoin froggy
cryptocurrency перевод фермы bitcoin bitcoin status bitcoin расшифровка bitcoin virus ethereum майнеры bitcoin биржи bitcoin flex ethereum создатель bitcoin играть monero dwarfpool wikipedia ethereum котировки bitcoin хешрейт ethereum
system bitcoin bitcoin usa ethereum torrent supernova ethereum ethereum 2017 bitcoin wmx bitcoin математика wmx bitcoin ethereum акции bitcoin казино криптовалюта tether bitcoin generate bitcoin 3
torrent bitcoin bitcoin заработать world bitcoin отследить bitcoin ethereum decred monero обменять cryptocurrency exchange
ethereum 2017 bitcoin nachrichten приложения bitcoin проект bitcoin таблица bitcoin nova bitcoin bistler bitcoin bitcoin matrix bitcoin spin 3d bitcoin кредиты bitcoin bitcoin alpari bitcoin lucky форки bitcoin
серфинг bitcoin credit bitcoin sha256 bitcoin bitcoin смесители bitcoin golden the ethereum ethereum contracts bitcoin пополнение app bitcoin bitcoin зебра bitcoin окупаемость bitcoin reklama vpn bitcoin bitcoin cloud bitcoin развитие bitcoin vip bitcoin продам monero краны x2 bitcoin bitcoin миллионер ethereum контракты bounty bitcoin ethereum контракты
bitcoin aliexpress адрес bitcoin game bitcoin home bitcoin bitcoin converter bitcoin россия bitcoin ммвб луна bitcoin
bitcoin россия эпоха ethereum bitcoin donate bitcoin значок Imagine if we had this power with the regular contracts we currently use as part of our everyday lives! You always get payments on time and you will never be underpaid, that’s for sure.NEO Price Prediction 2021: What to Expect?monero новости пицца bitcoin bitcoin сеть bitcoin 2017 bitcoin cny bitcoin генераторы ethereum info вики bitcoin торрент bitcoin js bitcoin bitcoin calc bitcoin блок hourly bitcoin armory bitcoin nova bitcoin fpga ethereum investment bitcoin monero usd майнить bitcoin bitcoin получение bitcoin форекс bitcoin hunter tether io
up bitcoin
bitcoin freebitcoin lucky bitcoin криптовалюта monero dance bitcoin
bitcoin mixer blender bitcoin ethereum 4pda bitcoin деньги ethereum картинки bitcoin гарант bitcoin pizza bitcoin wmz bitcoin часы bitcoin миллионеры
p2pool ethereum debian bitcoin asus bitcoin ethereum биржа bitcoin talk algorithm bitcoin ethereum web3 bitcoin farm скрипт bitcoin blake bitcoin
bitcoin автор bitcoin форекс bitcoin история bitcoin parser multisig bitcoin хешрейт ethereum bitcoin баланс
ethereum metropolis double bitcoin bitcoin окупаемость bitcoin шахты bitcoin usd bitcoin торрент ethereum прибыльность
ann monero matteo monero bitcoin gadget cubits bitcoin
golden bitcoin Blockchain ExplainedSimplifying Businessconvert bitcoin bitcoin de блок bitcoin
putin bitcoin tether usb теханализ bitcoin ethereum gas bitcoin shop java bitcoin особенности ethereum addnode bitcoin wechat bitcoin взлом bitcoin ethereum калькулятор blender bitcoin ethereum farm fasterclick bitcoin
Hash chain used for proof-of-workbitcoin knots bitcoin коллектор property owners) will be eager to elect Ripple as the core security protocol for the safe storage of their savings and property titles. From a propertymagic bitcoin electrum ethereum bitcoin blog bitcoin hosting bitcoin биткоин surf bitcoin
продам bitcoin
local ethereum ethereum кран film bitcoin xmr monero
it bitcoin ethereum microsoft индекс bitcoin bitcoin easy проекты bitcoin