In today’s era of technology, cryptocurrency has become one of the main topics in almost every aspect. From social media, to becoming main issues when having a normal conversation with colleagues. We are speaking about this ‘like’ real currencies, where the cryptocurrencies allow their owners to buy goods and services, or to trade them for profit.
How about altcoins? Altcoins basically means alternative coins of Bitcoin (BTCUSD). All other digital currencies except bitcoin are named under alternative coins. Some examples of altcoins are litecoin, Ethereum, Dogecoin, Ripple, Solana and many more. They all distinguish themselves from Bitcoin by providing new or additional capabilities, such as smart contracts or low price volatility. The latest number as of November 2021, a total of 14,000 cryptocurrencies exist and it might be increasing in the next coming month or years.
Why do Altcoins have value?
Like any currency, cryptocurrencies gain their value based on the scale of community involvement. The Cryptocurrency gains value when the demand is higher than the supply. When people know this cryptocurrency is useful and could make them profit, people want to own more of it, hence, driving up the demand. Instead, these technical features like altcoins are more valuable for marketing purposes. All this is to say that the big reason altcoins have any value at all is because of the marketing process.
Can we mine cryptocurrency?
Before we go any deeper with mining, this process is where the new bitcoins are entered into circulation. It is also the way that new transactions are confirmed by the network and the development of the blockchain ledger. Mining is performed using sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the solution to the problem is awarded to the next block of bitcoins and the process begins again.
In other words, by mining, you can earn crypto without having to pay for anything. The mining rewards are paid to the miner who discovers a solution to a complex mathematical problem that they call ‘blocks’ where it blocks the verified transactions, and adds it to the blockchain. It does sound easy but this process requires a GPU (Graphics Processing Unit) or ASIC (an application-specific integrated circuit) in order to set up this mining rig.
How to keep up-to-date with this crypto?
There are many ways to keep up with the latest bitcoin and trending alt coin news. Try to search on the app store or google play store and download some of it and don’t forget to turn on the notifications button. To make it easier, there are also plenty on the internet and most of them are 24 hours updated.
Other than that, there is also a crypto blog platform. For example, Steemit where it is kind of like Medium except that users can reward bloggers by paying them in a proprietary cryptocurrency called STEEM. STEEM can then be traded elsewhere for Bitcoin.