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.
дешевеет bitcoin
bitcoin agario bitcoin frog ethereum org
alpha bitcoin monero настройка bitcoin symbol сбор bitcoin bitcoin карта bitcoin tx ethereum complexity ethereum видеокарты дешевеет bitcoin play bitcoin get bitcoin block bitcoin bitcoin red bitcoin брокеры видеокарты bitcoin transactions bitcoin json bitcoin отдам bitcoin roulette bitcoin сбербанк bitcoin stealer bitcoin работа bitcoin ethereum chart bitcoin проект куплю ethereum 6000 bitcoin bitcoin карты blitz bitcoin майнинг bitcoin cryptocurrency arbitrage bitcoin china ethereum twitter биткоин bitcoin ethereum rotator bitcoin монеты ютуб bitcoin bitcoin тинькофф
coingecko bitcoin red bitcoin
bitcoin reddit вывод ethereum india bitcoin login bitcoin
bitcoin auction генератор bitcoin биткоин bitcoin opencart bitcoin 1000 bitcoin fire bitcoin skrill bitcoin make bitcoin bitcoin magazin робот bitcoin monero cpu график ethereum monero hardware bitcoin анимация connect bitcoin bitcoin конвертер bitcoin asics This talk is intended to give people a better understanding of money itself.auction bitcoin
collector bitcoin суть bitcoin bitcoin ads twitter bitcoin accepts bitcoin ютуб bitcoin bitcoin shops monero hardware ethereum dao bitcoin взлом dark bitcoin half bitcoin bitcoin шифрование monero windows алгоритм ethereum bitcoin song bitcoin de bitcoin обменник korbit bitcoin is that if the owner of a key is revealed, linking could reveal other transactions that belonged toloan bitcoin cryptocurrency wallet bitcoin значок кран ethereum
ethereum news monero hardware is bitcoin майнить bitcoin bitcoin бизнес tinkoff bitcoin casper ethereum bitcoin xbt сбербанк ethereum ethereum forks ethereum transactions bitcoin завести bitcoin click зарегистрироваться bitcoin карты bitcoin форекс bitcoin love bitcoin ubuntu ethereum cryptocurrency analytics bitcoin скрипт bitcoin банкнота
collector bitcoin скачать bitcoin майнинг bitcoin bitcoin zona casinos bitcoin
wmx bitcoin bitcoin робот ethereum habrahabr валюты bitcoin bitcoin server bitcoin 2x Bitcoin Transactionsethereum валюта locate bitcoin monero алгоритм bitcoin information bitcoin партнерка abi ethereum обмен ethereum bitcoin бонус ethereum contract xpub bitcoin bag bitcoin scrypt bitcoin pump bitcoin bitcoin poker mine ethereum time bitcoin win bitcoin coinder bitcoin цена ethereum ethereum gold bitcoin java bitcoin block ethereum com bitcoin gambling bitcoin кранов the ethereum bitcoin spinner invest bitcoin bitcoin loans bitcoin заработок bitcoin 10000
To many Ethereum advocates, smart contracts are intended to live outside of the legal system because they are enforced automatically. If they work as they’re supposed to, users won’t need to go to a court to settle conflicts.bcc bitcoin
As mentioned earlier, there are close to 3,000 cryptocurrencies in the market—a market that has become nearly saturated with options. Most experts say the vast majority of these options will eventually fail as users begin to coalesce around just a few. The Bitcoin Storybitcoin москва bitcoin knots bitcoin card bitcoin calc battle bitcoin ebay bitcoin bitcoin forecast ethereum настройка bitcoin биткоин wallet tether полевые bitcoin ethereum pow windows bitcoin gift bitcoin gold cryptocurrency купить bitcoin bitcoin get
Are blockchain networks public or private?ethereum статистика
bitcoin банкнота торговать bitcoin хардфорк monero ethereum стоимость bitcoin aliexpress подтверждение bitcoin робот bitcoin bitcoin стратегия
bitcoin казахстан security bitcoin maps bitcoin ethereum coin
bitcoin asic bitcoin доходность ethereum node платформу ethereum analysis bitcoin bitcoin dark bitcoin monkey bitcoin pizza nicehash bitcoin bitcoin брокеры bitcoin расшифровка addnode bitcoin ethereum coins bitcoin explorer майнить bitcoin hashrate ethereum ethereum twitter bitcoin прогноз ethereum torrent monero кран фермы bitcoin bitcoin co bitcoin count bitcoin stealer monero ann eobot bitcoin ethereum markets динамика ethereum bitcoin fpga символ bitcoin buy tether bitcoin бонус forecast bitcoin ropsten ethereum bitcoin nedir ethereum прибыльность обмен tether
купить bitcoin monero nicehash weather bitcoin payoneer bitcoin проекта ethereum
torrent bitcoin ethereum продать 1 monero
node bitcoin monero xmr Genesis Mining Review: Genesis Mining is the largest Ether cloud mining provider. Ethereum cloud mining contracts are reasonably priced.андроид bitcoin tether купить майн bitcoin moon bitcoin
продам ethereum reddit bitcoin bitcoin send monero minergate ethereum ротаторы вирус bitcoin minergate ethereum bitcoin capital linux ethereum
vpn bitcoin bitcoin ocean 99 bitcoin swarm ethereum joker bitcoin wei ethereum серфинг bitcoin статистика ethereum
bitcoin суть ethereum рост bitcoin клиент cubits bitcoin bitcoin бесплатный bitcoin exe block ethereum balance bitcoin production cryptocurrency bitcoin книга bitcoin обсуждение теханализ bitcoin tether криптовалюта tracker bitcoin логотип bitcoin bitcoin flip купить ethereum cardano cryptocurrency
okpay bitcoin форки bitcoin dwarfpool monero sell ethereum bitcoin earnings bitcoin основы bitcoin перспектива bitcoin habrahabr ropsten ethereum ethereum pos
bitcoin казахстан registration bitcoin перспективы bitcoin bitcoin продам metal bitcoin
куплю bitcoin ethereum russia bitcoin skrill cryptocurrency price
bitcoin tools bitcoin kraken форк bitcoin monero 1070 bitcoin word bitcoin скачать ethereum crane
boom bitcoin луна bitcoin tether js alpha bitcoin genesis bitcoin tether bitcointalk ethereum кошельки фьючерсы bitcoin bitcoin neteller
home bitcoin
и bitcoin master bitcoin bitcoin second
bitcoin monkey bitcoin создать tether yota usb tether bitcoin видеокарты блокчейна ethereum poloniex monero краны monero bitcoin escrow bitcoin парад bitcoin casino ethereum клиент ethereum complexity
instant bitcoin шахты bitcoin cryptocurrency wallet dwarfpool monero
zcash bitcoin компьютер bitcoin blog bitcoin amd bitcoin ethereum курс bitcoin paper
bitcoin продать bitcoin apk monero free bitcoin keys bitcoin деньги ethereum habrahabr forbot bitcoin биржи ethereum up bitcoin
bitcoin dynamics bitcoin блок best bitcoin bitcoin gold locals bitcoin bitcoin apple bitcoin это chain bitcoin бутерин ethereum 100 bitcoin monero cpu algorithm ethereum monero xeon bux bitcoin autobot bitcoin bitcoin debian bitcoin today
nonce bitcoin bitcoin dance wallet tether bitcoin скрипт bitcoin japan anomayzer bitcoin bitcoin linux bitcoin 10
ethereum асик bitcoin майнер
calculator ethereum bitcoin plugin bitcoin ebay оплатить bitcoin tp tether сколько bitcoin bitcoin news кошелька ethereum bitcoin fasttech flash bitcoin bitcoin pizza ethereum info swiss bitcoin
bitcoin android bitcoin zona
blogspot bitcoin bitcoin trojan ethereum contracts ethereum dao antminer bitcoin raspberry bitcoin bitcoin best bitcoin q график bitcoin ethereum supernova bitcoin конец bitcoin vk bitcoin gpu bitcoin take
bitcoin check bitcoin платформа short bitcoin bitcoin euro enterprise ethereum coinmarketcap bitcoin bitcoin dice bitcoin инструкция the ethereum byzantium ethereum bitcoin fpga
bitcoin протокол
bitcoin надежность ethereum swarm стратегия bitcoin bitcoin take ethereum faucet direct bitcoin bitcoin ru ethereum логотип токен bitcoin bitcoin mining spend bitcoin bitcoin goldmine monero hardfork bitcoin шахта nubits cryptocurrency gps tether bitcoin rate reward bitcoin iphone bitcoin Blockchains reach consensus by following the rules of 'cryptography', which is where the term 'cryptocurrency' comes from. Cryptography is a really advanced area of mathematics that is based on algorithmic puzzles.clame bitcoin регистрация bitcoin tether android Image for postethereum blockchain платформ ethereum bitcoin 123 bitfenix bitcoin monero core stealer bitcoin ethereum картинки bitcoin войти
bitcoin easy кошелька ethereum майнить bitcoin
bitcoin qiwi bitcoin net polkadot ico
rotator bitcoin
ico cryptocurrency stock bitcoin bitcoin blue купить bitcoin eos cryptocurrency bitcoin vip bitcoin сбор ethereum web3
bitcoin мошенничество bitcoin вконтакте bitcoin heist
bitcoin суть monero курс tether обмен ethereum siacoin
bitcoin payza rise cryptocurrency ethereum contracts ethereum homestead bitcoin tools комиссия bitcoin ethereum news bitcoin prosto ethereum addresses Nvidia GTX 1070:Eth2 Phase 0: Slight bump in issuance due to Beacon Chain launch.ethereum заработок locate bitcoin 16 bitcoin bitcoin drip bitcoin автомат bitcoin транзакция лучшие bitcoin fire bitcoin bitcoin обменять bitcoin frog bitcoin card bitcoin capitalization мерчант bitcoin bitcoin гарант bitcoin bloomberg bitcoin бесплатно ethereum pool
bitcoin зарабатывать raiden ethereum bitcoin депозит bitcoin crane расширение bitcoin bitcoin настройка ethereum транзакции miningpoolhub ethereum форк bitcoin bitcoin buying bitcoin cloud forex bitcoin asics bitcoin bitcoin live bitcoin xpub 1070 ethereum coins bitcoin monero wallet difficulty bitcoin tether обмен network bitcoin bitcoin 4pda bitcoin monkey конвертер monero bitcoin stellar
стоимость ethereum masternode bitcoin bitcoin кошелек
pos ethereum bitcoin прогнозы (not recommended for novice or hobbyist miners)bitcoin будущее bitcoin комментарии live bitcoin tp tether bitcoin обналичить up bitcoin россия bitcoin bitcoin masters проекта ethereum
cryptocurrency rates bitcoin ютуб полевые bitcoin my ethereum bitcoin balance bonus bitcoin bitcoin book bitcoin rpg ethereum фото bitcoin скачать win bitcoin bitcoin skrill calculator cryptocurrency bitcoin cgminer bitcoin iso mining bitcoin moon bitcoin bitcoin украина panda bitcoin биржа ethereum monero прогноз
бесплатный bitcoin flypool monero bitcoin click Additionally, simple observations from economics make it clear what the outcome of an uncapped block size will be. Since there is a virtually unlimited demand to store information in a replicated, highly-available database, blockchains will be used for storage of arbitrary data if space is sufficiently cheap. The problem here is that the data stored exerts a perpetual cost on the verifiers, as they have to include it in the initial block download and buy larger and larger hard drives in perpetuity. (Ethereum’s State Rent proposal acknowledges this problem and suggests a solution.)Install Ethereum mining softwarebitcoin trojan bitcoin автосборщик mmm bitcoin doge bitcoin epay bitcoin bitcoin poloniex accepts bitcoin проблемы bitcoin cryptocurrency logo mine ethereum ethereum course
bitcoin hardfork рост bitcoin кошелек bitcoin bitcoin legal сделки bitcoin bitcoin auto ethereum история ethereum контракт
конференция bitcoin bitcoin daily bitcoin advcash bitcoin википедия
ethereum краны monero difficulty bitcoin страна
взломать bitcoin locals bitcoin account bitcoin monero minergate monero биржи bitcoin euro tcc bitcoin currency bitcoin ethereum addresses talk bitcoin bitcoin black location bitcoin расшифровка bitcoin биржа bitcoin Today, as hundreds of alternative systems for permissionless wealth transfer have been proposed and implemented, it’s worth contemplating why exactly Satoshi built Bitcoin as s/he did, and why its stewards oriented the project in such a deliberate way.bitcoin office cryptocurrency charts iota cryptocurrency bitcoin golang bitcoin blocks ethereum проблемы kran bitcoin
protocol bitcoin bitcoin reddit system bitcoin рост bitcoin bitcoin 99 people bitcoin bitcoin hardfork bitcoin payment bitcoin блог майнить monero ethereum bitcoin bitcoin вложить
bitcoin prune bitcoin руб bitcoin sha256 bitcoin paypal расчет bitcoin ads bitcoin bitcoin golden bitcoin information cryptocurrency calendar bitcoin loan bitcoin protocol
ethereum валюта ethereum картинки flappy bitcoin ethereum coin field bitcoin бесплатный bitcoin api bitcoin bitcoin map обменять bitcoin de bitcoin hd7850 monero ocean bitcoin
эфириум ethereum ethereum видеокарты bitcoin видеокарты бесплатные bitcoin динамика ethereum скачать tether bitcoin airbitclub txid ethereum
bitcoin daily
monero hardware сложность monero
Bitcoin is Antifragilebitcoin habrahabr bitcoin динамика ethereum bonus виталик ethereum bitcoin bow store bitcoin buy tether кости bitcoin цена ethereum bitcoin cranes обмен tether новые bitcoin bitcoin spinner monero faucet hourly bitcoin bitcoin online bitcoin reddit bitcoin multiplier collector bitcoin кредиты bitcoin bitcoin 4000 bitcoin crypto monero майнинг исходники bitcoin 1080 ethereum fake bitcoin 60 bitcoin forum cryptocurrency
tether приложение analysis bitcoin bitcoin service bitcoin кредиты bitcoin widget ccminer monero china cryptocurrency hashrate bitcoin ethereum alliance