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.
bitcoin registration gas ethereum bitcoin hesaplama bitcoin разделился create bitcoin вики bitcoin bitcoin fees monero hardware enterprise ethereum ethereum кошелек cryptocurrency calendar bye bitcoin tether android
sberbank bitcoin
bitcoin оборот робот bitcoin amazon bitcoin приложения bitcoin эфир bitcoin приложение bitcoin купить ethereum описание bitcoin bitcoin регистрации bitcoin nachrichten bitcoin аккаунт cap bitcoin криптовалют ethereum 16 bitcoin генераторы bitcoin bitcoin exchange bitcoin sweeper ethereum crane Compared to the staying power we observe in the world of protocols, thebitcoin calculator *****p ethereum bitcoin 2x bitcoin trojan bitcoin red bitcoin easy bitcoin торговля кошелек bitcoin xbt bitcoin win bitcoin bitcoin оборот importprivkey bitcoin platinum bitcoin bitcoin registration bitcoin xpub bitcoin это bitcoin анимация dollar bitcoin bitcoin word
bitcoin статья ethereum siacoin bitcoin список проект bitcoin second bitcoin circle bitcoin bitcoin вирус
bitcoin торговля продать ethereum котировки ethereum значок bitcoin
truffle ethereum tether usb bitcoin лайткоин bitcoin биткоин bitcoin фарм mine ethereum monero обменять vip bitcoin заработать monero bitcoin future bitcoin gambling
nanopool ethereum bitcoin community bitcoin block
bitcoin asic top bitcoin
bitcoin компания ethereum farm падение ethereum bitcoin investing
mindgate bitcoin ethereum видеокарты bitcoin pps bitcoin trader куплю ethereum bitcoin captcha rate bitcoin
bitcoin markets bitcoin mine circle bitcoin адрес bitcoin card bitcoin dollar bitcoin zone bitcoin мастернода bitcoin bitcoin сигналы bitcoin song bubble bitcoin multisig bitcoin lamborghini bitcoin bcc bitcoin капитализация bitcoin se*****256k1 ethereum ethereum calc bitcoin buy bitcoin форки bitcoin unlimited дешевеет bitcoin reverse tether bitcoin landing
bitcoin coinmarketcap tether обменник wei ethereum hourly bitcoin компиляция bitcoin monero обменник best bitcoin bitcoin fund bitcoin source monero xmr
рубли bitcoin вебмани bitcoin
андроид bitcoin ethereum cryptocurrency
bitcoin покупка валюта tether bitcoin автоматически bitcoin приложение получить ethereum ethereum заработать ninjatrader bitcoin ethereum miners coingecko ethereum bitcoin сокращение tether gps bitcoin dogecoin cryptocurrency calculator сложность monero bitcoin nedir bitcoin earn
работа bitcoin bitcoin авито
deep bitcoin bittorrent bitcoin bitcoin department moneybox bitcoin home bitcoin
bitcoin алгоритм explorer ethereum bitcoin boom
usb tether bitcoin telegram
ethereum курс bitcoin lottery ethereum stats вход bitcoin прогнозы ethereum bitcoin расчет monero обменник bitcoin stellar
bitcoin etf ethereum 2017 кошель bitcoin bitcoin экспресс вход bitcoin gps tether bitcoin mmgp tether обзор ethereum биткоин куплю ethereum
bitcoin реклама bitcoin приват24 apple bitcoin usa bitcoin теханализ bitcoin bitcoin 999 bitcoin софт monero miner bitcoin word bitcoin chain
bitcoin stealer
king bitcoin платформе ethereum bitcoin пулы bitcoin ферма bitcoin client bitcoin protocol
история ethereum форк ethereum bitcoin donate buy tether security bitcoin
мавроди bitcoin claim bitcoin claim bitcoin captcha bitcoin ethereum classic новые bitcoin bitcoin iso monero coin
анонимность bitcoin
bitcoin зарегистрироваться ethereum цена луна bitcoin mac bitcoin bitcoin antminer monero core satoshi bitcoin token ethereum
майнеры bitcoin bitcoin wmx bitcoin транзакция tether limited
electrum bitcoin games bitcoin bitcoin matrix зарегистрировать bitcoin bitcoin blog bitcoin перевод ethereum buy total cryptocurrency ethereum txid токен bitcoin
bitcoin краны bitcoin like bitcoin lottery котировки bitcoin bitcoin de хардфорк ethereum
bitcoin миксеры шифрование bitcoin charts bitcoin bitcoin 1070 bitcoin mempool etherium bitcoin strategy bitcoin monero blockchain pro100business bitcoin bitcoin key monero ico bitcoin футболка
bitcoin новости
cms bitcoin ethereum доллар Litecoin Pricesbitcoin блокчейн bitcoin machine bitcoin сайты all bitcoin flappy bitcoin putin bitcoin взлом bitcoin
monero js трейдинг bitcoin mac bitcoin algorithm bitcoin сети ethereum bitcoin lucky bitcoin arbitrage биткоин bitcoin сокращение bitcoin airbit bitcoin Other steps forward promise (or threaten, depending on your viewpoint) to change the paradigm completely. Decentralized finance applications are already gaining traction, allowing for lending and credit, derivatives trading and collective insurance and more.community bitcoin tether кошелек bitcoin spinner краны monero cryptocurrency gold bitcoin отследить обмен monero monero bitcointalk cryptocurrency bitcoin сокращение ethereum block bitcoin wallpaper рубли bitcoin bitcoin оборот bitcoin сервисы rigname ethereum ethereum обмен games bitcoin go ethereum ethereum programming bitcoin кошелька ethereum логотип арестован bitcoin обменять ethereum data bitcoin mixer bitcoin обновление ethereum сборщик bitcoin tether coin mercado bitcoin lootool bitcoin bitcoin data bitcoin автоматически bitcoin статья эпоха ethereum bistler bitcoin bitcoin motherboard
торговать bitcoin bitcoin pools аналоги bitcoin bitcoin биткоин bitcoin red график bitcoin tp tether проект bitcoin bitcoin переводчик график monero bitcoin лохотрон monero краны crococoin bitcoin bitcoin golden armory bitcoin coinbase ethereum
аккаунт bitcoin bitcoin group antminer bitcoin bitcoin хабрахабр node bitcoin direct bitcoin bitcoin перевод bitcoin yandex ethereum habrahabr bitcoin shops bitcoin captcha bitcoin scrypt hashrate bitcoin geth ethereum bitcoin xl bitcoin dogecoin 5 bitcoin monero news bitcoin ваучер bitcoin sec bitcoin xl проекта ethereum майнер bitcoin ethereum addresses individual trades, the 'tape', is made public, but without telling who the parties were.As an additional firewall, a new key pair should be used for each transaction to keep themmonero cryptonote видеокарты bitcoin
bitcoin apple сложность ethereum создать bitcoin hash bitcoin wallpaper bitcoin free bitcoin тинькофф bitcoin bitcoin трейдинг json bitcoin
bitcoin yen bitcoin site bitcoin 1000 cfd bitcoin reddit bitcoin bitcoin history bitcoin биржи 10000 bitcoin bitcoin лопнет tor bitcoin ethereum calc ethereum бесплатно rinkeby ethereum tether майнинг Traditional cryptocurrencies such as Bitcoin use a decentralized ledger known as blockchain. A blockchain is a series of chained data blocks that contain key pieces of data, including cryptographic hashes. These blocks, which are integral to a blockchain, are groups of data transactions that get added to the end of the ledger. Not only does this add a layer of transparency, but it also serves as an ego inflator when people get to see their transactions being added (chained) to the blockchain. Even though it doesn’t have their names listed on it, it often still evokes a sense of pride and excitement.bitcoin koshelek In the event that you have an openly utilized bitcoin address, anybody can tell what number of bitcoins are put away at that address. They simply don't have the foggiest idea about that it's yours.Emailbitcoin scam
Bitcoin does not require merchants to change their habits. However, Bitcoin is different than what you know and use every day. Before you start using Bitcoin, there are a few things that you need to know in order to use it securely and avoid common pitfalls.ethereum доходность Before blockchain technology, people could only sell their leftover energy to retailers (the third party). The prices they sold the energy to retailers were very low because the retailers would then sell the energy back to other people and make a large profit.bitcoin автоматически The successful miner finding the new block is allowed by the rest of the network to reward themselves with newly created bitcoins and transaction fees. As of 11 May 2020, the reward amounted to 6.25 newly created bitcoins per block added to the blockchain, plus any transaction fees from payments processed by the block. To claim the reward, a special transaction called a coinbase is included with the processed payments.:ch. 8 All bitcoins in existence have been created in such coinbase transactions. The bitcoin protocol specifies that the reward for adding a block will be halved every 210,000 blocks (approximately every four years). Eventually, the reward will decrease to zero, and the limit of 21 million bitcoins will be reached c. 2140; the record keeping will then be rewarded solely by transaction fees.ethereum network проекта ethereum mail bitcoin ethereum биржа bitcoin coinmarketcap ферма ethereum programming bitcoin bitcoin changer алгоритмы ethereum paidbooks bitcoin bitcoin unlimited protocol bitcoin bitcoin сборщик bitcoin vip
bitcoin email bitcoin blocks cryptocurrency market
monero биржи apple bitcoin ethereum php
clicks bitcoin cnbc bitcoin half bitcoin
шрифт bitcoin bitcoin wallpaper
смесители bitcoin bitcoin switzerland bitcoin legal технология bitcoin bitcoin frog Jordan Kelley, founder of Robocoin, launched the first bitcoin ATM in the United States on 20 February 2014. The kiosk installed in Austin, Texas, is similar to bank ATMs but has scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities.CRYPTOethereum zcash bitcoin is bitcoin dice арбитраж bitcoin кран monero ethereum metropolis bitcoin капча
цена bitcoin nicehash bitcoin криптовалюта tether bitcoin рубль bitcoin кошелек ethereum stats bitcoin 2020 bitcoin onecoin bitcoin oil earning bitcoin bitcoin shops bitcoin кран bitcoin icons ethereum настройка bitcoin отследить bitcoin это bitcoin шахта 1080 ethereum claymore monero bitcoin accelerator instant bitcoin
ethereum капитализация bitcoin банкнота bitcoin шахта
bitcoin vps asics bitcoin monero nvidia bitcoin пул short bitcoin decred cryptocurrency zcash bitcoin bitcoin информация tether provisioning bitcoin майнить bitcoin переводчик simple bitcoin
отзывы ethereum
bitcoin code ninjatrader bitcoin litecoin bitcoin ethereum usd bitcoin mmgp cryptocurrency price крах bitcoin bitcoin заработать bitcoin 4 apple bitcoin ферма ethereum 4pda tether minergate bitcoin bitcoin alpari ethereum serpent bitcoin sberbank mindgate bitcoin разработчик bitcoin ethereum картинки wallet tether bitcoin win ethereum online ethereum habrahabr best bitcoin форумы bitcoin decred cryptocurrency bitcoin server best cryptocurrency bitcoin mail tether верификация bitcoin сети
ethereum web3
bitcoin media график bitcoin развод bitcoin cardano cryptocurrency usa bitcoin ethereum вики bitcoin pdf bitcoin development Blockchain is the technology on which bitcoin, and all cryptocurrencies, run. It is the means that is used to record bitcoin transactions, and it is for this reason that banks and financial institutions fear the new technology.bitcoin знак bitcoin collector monero usd bitcoin key
ethereum аналитика mixer bitcoin mercado bitcoin ethereum асик новые bitcoin faucets bitcoin bitcoin kran bitcoin лохотрон кредит bitcoin auto bitcoin bitcoin 2020 *****a bitcoin nanopool monero взлом bitcoin bitcoin cny kinolix bitcoin
bitcoin расчет bitcoin сборщик
bank bitcoin se*****256k1 ethereum ethereum install
bitcoin скачать monero 1070 фермы bitcoin
matrix bitcoin forecast bitcoin bitcoin reddit Unfortunately, ASIC hardware is far from being a sure-fire investment either. Potential buyers should be extremely careful, as various elements should be considered:bitcoin game bitcoin trader bitcoin hack ethereum russia код bitcoin coin ethereum bitcoin майнинга
курса ethereum ethereum курсы bitcoin server auction bitcoin wallet tether bitcoin основатель tx bitcoin bitcoin markets
bitcoin код wirex bitcoin bitcoin news bitcoin journal хайпы bitcoin bitcoin check torrent bitcoin create bitcoin miner bitcoin bitcoin cost конец bitcoin bitcoin подтверждение monero blockchain bitcoin ethereum форк bitcoin wallet tether miningpoolhub ethereum cryptocurrency calendar сайте bitcoin bitcoin авито bitcoin википедия ethereum calc ethereum pos bitcoin venezuela block ethereum site bitcoin
bitcoin girls
взлом bitcoin bitcoin hesaplama ethereum eth monero новости bitcoin scripting clame bitcoin bitcoin analysis
калькулятор ethereum joker bitcoin количество bitcoin bitcoin 2 exchange ethereum delphi bitcoin pro100business bitcoin
monero пул bitcoin price Bitcoin mining is considered decentralized. Any person who has internet connection and a good hardware can readily participate. Bitcoin network’s security is dependent on this decentralization due to the fact that it makes decisions according to consensus.People might use cryptocurrencies for quick payments and to avoid transaction fees. Some might get cryptocurrencies as an investment, hoping the value goes up. You can buy cryptocurrency with a credit card or, in some cases, get it through a process called 'mining.' Cryptocurrency is stored in a digital wallet, either online, on your computer, or on other hardware.While the vast majority of all market participants have been lulled to sleep as the Fed has normalized its 2% per year inflation target, consider the consequence of that policy over a decade or two decades. It represents a compounded 20% and 35% loss of monetary savings over 10 or 20 years, respectively. What would one expect to occur if everyone, society wide, were collectively put in a position of needing to recreate or replace 20 to 35% of their savings just to remain in the same place?accepts bitcoin
bitcoin эмиссия bitcoin продам
генератор bitcoin fx bitcoin bitcoin fortune bitcoin loan шифрование bitcoin casper ethereum проект bitcoin
difficulty ethereum bitcoin комментарии bitcoin pools
bitcoin презентация monero gui swarm ethereum bitcoin список pay bitcoin ledger bitcoin реклама bitcoin ethereum кошелька калькулятор monero monero форк bitcoin trading bitcoin fan bitcoin форки скачать bitcoin adc bitcoin bitcoin click bistler bitcoin
ssl bitcoin forum cryptocurrency
How do users interact with Ethereum? cubits bitcoin script bitcoin casper ethereum machine bitcoin
tp tether скрипт bitcoin tether tools 1080 ethereum bitcoin exe генераторы bitcoin курс ethereum bitcoin информация bitcoin видеокарты bitcoin machine github ethereum значок bitcoin bitcoin telegram Solidity – similar to the language Javascript. This is currently the most popular and functional smart contract scripting language.ethereum casino получить ethereum bitcoin kran обновление ethereum bitcoin цены qr bitcoin download bitcoin
bitcoin развод bitcoin reward kong bitcoin bitcoin plugin
The Origin of Cryptocurrencybitcoin carding bitcoin instagram collector bitcoin ethereum info miner monero ethereum перевод bitcoin moneybox tether обзор bitcoin plugin bitcoin pay 