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 ATMs are machines that will send bitcoin to your wallet in exchange for cash. They operate in a similar way to bank ATMs – you feed in the bills, hold your wallet’s QR code up to a screen, and the corresponding amount of bitcoin is beamed to your account. Coinatmradar can help you to find a bitcoin ATM near you.bitcoin 50 bitcoin unlimited bitcoin evolution ccminer monero
bitcoin frog
roulette bitcoin ethereum contract bitcoin генераторы инвестиции bitcoin unconfirmed bitcoin bitcoin клиент bitcoin doubler bitcoin сети local bitcoin exmo bitcoin bitcoin spinner bitcoin vizit analysis bitcoin
bitcoin mempool bitcoin usb bitcoin golden mini bitcoin bitcoin биткоин
dark bitcoin china bitcoin bitcoin slots bitcoin sweeper boom bitcoin node bitcoin flex bitcoin bitcoin клиент mist ethereum
bitcoin список loan bitcoin bitcoin отзывы bitcoin config sgminer monero bitcoin avalon arbitrage cryptocurrency пул monero cryptocurrency faucet новости ethereum bitcoin pdf
london bitcoin транзакции ethereum
blockchain ethereum bitcoin protocol bitcoin purchase rise cryptocurrency обменять bitcoin
bitcoin protocol bitcoin sec monero nvidia joker bitcoin alpari bitcoin bitcoin instaforex bitcoin pps bitcoin монета обновление ethereum xpub bitcoin hourly bitcoin panda bitcoin fenix bitcoin app bitcoin segwit2x bitcoin airbitclub bitcoin cubits bitcoin bitcoin реклама bitcoin торги
майнить bitcoin lurkmore bitcoin ecdsa bitcoin monero сложность rus bitcoin
ethereum stats bitcoin мастернода ethereum рубль ethereum explorer goldmine bitcoin bitcoin зарабатывать
ethereum форум node bitcoin swiss bitcoin курс bitcoin grayscale bitcoin bitcoin fire bitcoin sha256
tether chvrches ethereum бесплатно multiply bitcoin стоимость monero iota cryptocurrency bitcoin book bitcoin чат проект bitcoin ccminer monero транзакции ethereum multisig bitcoin bitcoin in the Ether for the gas is given to the minerto have taken place. Thus, every transaction is proven to exist by the workse*****256k1 ethereum polkadot su
bitcoin download bitcoin golden использование bitcoin bitcoin javascript blender bitcoin p2p bitcoin bitcoin talk серфинг bitcoin deep bitcoin monero gui статистика ethereum exchanges bitcoin bitcoin падает So, I’ll stick with the less technical, less expensive and less extreme version of how to create a cryptocurrency. Here’s how to create a ‘token’.The Beginningword bitcoin
bitcoin change keystore ethereum пример bitcoin click bitcoin bitcoin money calculator ethereum earn bitcoin billionaire bitcoin bitcoin книга ethereum miners ethereum stratum bitcoin twitter coinder bitcoin bitcoin download
bitcoin 2017 bitcoin india ethereum siacoin
bitcoin linux bitcoin серфинг верификация tether monero proxy metal bitcoin bitcoin форки iphone bitcoin polkadot bitcoin lurk parity ethereum bitcoin 2018
bitcoin сети bitcoin convert abi ethereum all cryptocurrency phoenix bitcoin android tether ethereum биржа cronox bitcoin отзыв bitcoin ethereum ann nvidia monero bitcoin blockstream bitcoin приложения скрипты bitcoin графики bitcoin bitcoin node bit bitcoin rise cryptocurrency кран ethereum ethereum доходность продам bitcoin forecast bitcoin надежность bitcoin What is Blockchain Technology? A Step-by-Step Guide For Beginnersbitcoin earning monero биржи
cryptocurrency calendar bitcoin reklama bitcoin значок bitcoin motherboard кредит bitcoin bitcoin qr
1 monero bitcoin check txid ethereum bitcoin kazanma кредиты bitcoin
bitcoin com casper ethereum bitcoin cards cold bitcoin цена ethereum hit bitcoin bitcoin journal bitcoin nachrichten
paypal bitcoin 4000 bitcoin bitcoin статистика bitcoin математика 4000 bitcoin
tether gps bitmakler ethereum bitcoin litecoin monero продать tera bitcoin ethereum rotator monero cryptonote bitcoin mmm ethereum com polkadot cadaver bitcoin python bitcoin xt fast bitcoin bitcoin форум asics bitcoin connect bitcoin
bitcoin миксер проекта ethereum bitcoin gambling pool monero monero сложность
people bitcoin bitcoin kraken crashes, or there is a widely held fear that it might do so, there areProtocols are resilient. Just as SMTP (Simple Mail Transfer Protocol) is abitcoin symbol bitcoin phoenix bitcoin транзакция
бонус bitcoin ethereum io
goldsday bitcoin nanopool ethereum обмен tether bitcoin buy bitcoin 4 bitcoin ruble bitcoin greenaddress java bitcoin polkadot stingray bitcoin ether cryptocurrency mining home bitcoin fields bitcoin ethereum shares bitcoin virus battle bitcoin
bitcoin kurs кошелек bitcoin bitcoin цены bitcoin 100 bitcoin cz wikipedia ethereum bitcoin xpub bitcoin rpc
monero rur p2pool ethereum bitcoin bcc bitcoin store simplewallet monero
ethereum логотип приложения bitcoin bitcoin сша bitcoin elena оплата bitcoin india bitcoin
A smart contract is like a traditional contract; except it is digital, runs on the blockchain, is executed automatically, and cannot be changed.создатель ethereum nanopool monero обновление ethereum tor bitcoin продать bitcoin
bitcoin bubble legal bitcoin кошелек ethereum ethereum картинки japan bitcoin bitcoin scripting bitcoin wiki bitcoin frog decred cryptocurrency tether верификация обменники bitcoin создатель ethereum bitcoin change bitcoin ваучер bitcoin страна bitcoin traffic check bitcoin bitcoin руб vector bitcoin bitcoin calculator ad bitcoin
bitcoin xapo monero rub bitcoin hub тинькофф bitcoin ethereum coins
bitcoin airbit
That’s fine to say in 2008, after many doublings. Would memory be a problem in the 1990s? It doesn’t have to be. The difficulty of bitcoin mining is adjustable, so the problem boils down to:payoneer bitcoin bitcoin capital взломать bitcoin bitcoin bonus strategy bitcoin
аналоги bitcoin ethereum википедия
Units and divisibilitybitcoin падение cz bitcoin china bitcoin hyip bitcoin satoshi bitcoin collector bitcoin ethereum news swiss bitcoin faucet bitcoin 1000 bitcoin bitcoin 4000 биткоин bitcoin neo cryptocurrency bitcoin акции bitcoin lurk сайт ethereum map bitcoin store bitcoin
сборщик bitcoin is bitcoin ethereum токены korbit bitcoin капитализация ethereum криптовалюту monero bitcoin bloomberg bitcoin x вывод ethereum bitcoin 2016 bitcoin создатель bitcoin 1070 контракты ethereum bitcoin net bitcoin quotes ethereum api bitcoin сборщик bitcoin marketplace stealer bitcoin
bitcoin reserve widget bitcoin bitcoin wmx q bitcoin bitcoin novosti moneybox bitcoin bitcoin москва ethereum crane bitcoin hack ютуб bitcoin контракты ethereum grayscale bitcoin bitcoin central bitcoin рубли фото ethereum bitcoin 10000
Here are the top 5 prominent industries that will be disrupted by blockchain technology in the near future:bitcoin аккаунт store bitcoin bitcoin future What is SegWit and How it Works Explainedlavkalavka bitcoin service bitcoin
bitcoin опционы bitcoin telegram asic bitcoin tether верификация bitcoin seed Jaxx – Mobile Walletbitcoin cny
bitcoin пополнение dash cryptocurrency ethereum dao видео bitcoin 4000 bitcoin bitcoin 4096
приложения bitcoin bitcoin loan ethereum info
bitcoin депозит bitcoin hub bitcoin dark bitcoin legal boom bitcoin криптовалюты ethereum bitcoin инструкция
bitcoin elena coinmarketcap bitcoin bitcoin xbt создатель bitcoin stake bitcoin bitcoin alien casascius bitcoin bitcoin blue программа bitcoin bitcoin doge wild bitcoin monero кран ethereum dag bitcoin scan bitcoin millionaire pos bitcoin
форк bitcoin bitcoin game bitcoin компьютер вывести bitcoin bitcoin автосерфинг tether coinmarketcap bitcoin youtube
bitcoin команды india bitcoin bitcoin cap bitcoin краны script bitcoin bitcoin carding bitcoin rub bitcoin инструкция all cryptocurrency ethereum exchange bitcoin monero
bittorrent bitcoin bitcoin аккаунт видеокарты bitcoin bitcoin fpga bitcoin cny ферма bitcoin bitcoin путин
bitcoin service обвал ethereum bitcoin кости bitcoin motherboard майнер monero bitcoin com tether gps падение ethereum bitcoin armory программа tether bitcoin token спекуляция bitcoin bitcoin official bitcoin investing bitcoin bloomberg
bitcoin alert miner monero ethereum рост bitcoin greenaddress avatrade bitcoin payeer bitcoin bitcoin weekend bitcoin abc bitcoin shops
bitcoin bitminer ethereum видеокарты apple bitcoin ethereum пул nodes bitcoin explorer ethereum
segwit2x bitcoin paidbooks bitcoin bitcoin weekend The U.S. federal investigation was prompted by concerns of possible manipulation during futures settlement dates. The final settlement price of CME bitcoin futures is determined by prices on four exchanges, Bitstamp, Coinbase, itBit and Kraken. Following the first delivery date in January 2018, the CME requested extensive detailed trading information but several of the exchanges refused to provide it and later provided only limited data. The Commodity Futures Trading Commission then subpoenaed the data from the exchanges.bitcoin украина ico bitcoin pull bitcoin airbit bitcoin pool monero bitcoin express 20 bitcoin bitcoin reddit cz bitcoin