Cryptocurrency: Where is it going?
The market for cryptocurrency has been on the rise for many years. In the last two to three years it took a massive hike. Prices skyrocketed and collectors who had a few bitcoins sitting on their wallets became millionaires or richer than they already were.
With the improvement of technology, mining cryptocurrency has become easier. Required tools are in front of us to get started. Trading cryptocurrency or stocking them for a long period proved to be a profitable business. We have seen many cryptocurrency’s and the most popular ones are Bitcoin (BTC), Lite coin (LTC), Ethereum (ETH), Tron (TRX), Chain-link (Link), etc.
Process of mining Cryptocurrency
Mining or accruing cryptocurrency is a very straightforward process. It just requires the necessary tools and the correct path for each type of cryptocurrency. To mine cryptocurrency’s computers has to work with algorithms to process datasets. Which in return drops cryptocurrency’s as a reward. The more power a miner can provide, the more chance better cryptocurrency hash.
Bitcoin (BTC) is the most popular cryptocurrency in the market. Though it’s not legal in some states, people are mining or collecting them in massive amounts. It is predicted that by 2021 1 BTC will be equivalent to $25,000 and by 2025 it will be $410,000.
People who are already invested in BTC are seeing huge profits in the future. Anyone new to this world would ideally have a better chance of profit with other cryptocurrencies. As they are not as pricy as BTC (yet).
Mining cryptocurrency was very easy back in the days where there were a little number of miners. They could mine more in the smallest amount of time against now which takes dozens or hundreds of GPU’s to calculate a hash and get cryptocurrency in return.
The future of cryptocurrency is on the rise. It is legal to pay for products using cryptocurrencies. It is secure too. In fact, it is more secure than typical credit card transactions. The user on both ends, the sender, and the receiver have a unique key code as an identifier. Which is very unique. Even there is no username. No middle man within the transition.
There is a limited number of bitcoins that will ever be found. The limit is 21 million coins and there will be not a single bitcoin above that. It will make bitcoin rare and pricier.
Currently, miners are sticking their resources together to gain the maximum amount of profit collecting cryptocurrency and generating more revenue.