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Crypto Mining and Getting Burned

The media has been all over Bitcoin. They constantly rave about how the price has hit the sky, and some media outlets say that it is a complete scam. The only problem is that a lot of people don't actually know what Bitcoin actually is. Yes, Bitcoin is a completely decentralized crytpcurrency that uses blockchain technology. It creates an entire financial system that is void of a central authority. It does this using blockchain technology. Block chain technology works by using computing power(from miners that put their computer hardware power up to the network) to validate transactions between two parties. After this validation is done, miners are compensated for the services they provide in Bitcoin. This is how more Bitcoin is put into circulation.

The main aspect of all cryptocurrencies that I am interested in is mining. The basic approach that most miners take to mining is that they should invest into hardware, and then achieve that fastest ROI that they can. The only problem with this is that the value of cryptocurrency constantly changes. One example of someone being screwed over by this fact is when a friend of mine(he will not be named, but you know who you are) transferred $1900 worth of bitcoin from his wallet to a website. The price of Bitcoin has taken a hit lately, and he has lost around $570. While I do feel bad for him, I did tell him that there are better ways to get into mining. One of these ways is HDD mining. Basically, you commit your storage to the blockchain and rewarded in Burstcoin. In my opinion, this is the best way of mining since it doesn't make your powerbill go up 100%, and it can fit in any space.

Comments

  1. Gregory F.January 25, 2018 at 6:15 PM

    I think crypto-currencies are double edge swords. You can either play them like stocks, or you can just mine them for currency. In my opinion, what makes them truly volatile is that they don't ever close like stock markets do.

    ReplyDelete

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