What is Crypto Currency?
Cryptocurrency: this is a medium of exchange like normal currencies
such as USD, but designed for the purpose of exchanging digital information
through a process made possible by certain principles of cryptography.
Cryptography is used to secure the transactions and to control the creation of
new coins.
How are cryptocurrencies propagated?
Crytocurrencies are created, or mined, based on a
mathematical formula. In the mining process, computers are tasked to solve
complex mathematical problems and rewarded with virtual coinage. Over time, the
equations become progressively more difficult to solve, slowing down the supply
of new cryptocurrency units. Put another way, cryptocurrency is electricity
converted into lines of code with monetary value. In the simplest of forms,
cryptocurrency is digital currency.
The first cryptocurrency to be created was Bitcoin back in
2009. Today there are hundreds of other cryptocurrencies, often referred to as
Altcoins.
Cryptocurrency Mining Program
The very first thing you need in order to start mining coins
is to obtain the mining program that is associated with the cryptocurrency that
you want to mine. For the larger coins you can find different mining programs
that all share the same mining pool, while the smaller coins usually just have
one mining client, which also works as the wallet of the coin. Simply download
the mining program, install it and you are ready for the next step.
When you first download the mining program it will have to
connect to the network and synchronize with it. This can take everything from a
few minutes and up to several hours, depending on how many blocks you need to
solve first before you can synchronize. Once the synchronization is done then
you are basically ready to mine.
All you need to do from here is to go to the mining part of
the wallet, enter the values you want to have and press the "start
mining" button. The system will then begin to "mine" for coins
and depending on your system you will see some results within a couple of days.
There are a lot more to mining in general, which we have covered in the How To
Mine article, where you can read about hashes, blockchain and much more.
READ MORE ON CRYPTO
CURRENCY AND ALTCOINS HERE
we will provide trading in various cryptocurrencies and withdrawal into fiat of major global and african currencies.
ReplyDeletethe crypto access point for the African continent