Cryptocurrency has been around for several years, however, a large number of people still have mixed feelings when it comes to mining or using it. While Bitcoin, Litecoin, and Ethereum have been slowly growing in value, not all types of cryptocurrency have withstood the test of time.
Despite the many theories that this kind of currency cannot last, more and more countries and businesses have started slowly integrating it into their infrastructure and services. This can be considered to be a leap of faith in many cases due to the fact that cryptocurrency does not have any intrinsic value other than what an individual is willing to pay for it at any given time.
How to get it?
Cryptocurrency is a digital asset. In other words, it only exists in digital form and does not have any value in itself, such as a silver dollar. This having been said, Bitcoin, for example, is extremely valuable. Considered to be the most successful type of digital currency, one Bitcoin is currently worth over $6,000.
While the value of this currency may make it a tempting investment, it is important to keep in mind that obtaining Bitcoin can be done through one of two ways:
- Trade for it – More and more robo-advisors that have cryptocurrency in their portfolios are appearing online. Their algorithms enable them to invest in Bitcoin, Ethereum, etc., and can be a powerful tool for those looking to get in on the cryptocurrency action;
- Mine it – Cryptocoin is usually mined using specialized processing equipment designed solely for this purpose. While any computer can be used to mine Bitcoin, for example, it can take months to obtain a single coin. Mining gear, however, uses less electricity than a computer, can work around the clock, and has much more processing power;
New tech for a different type of currency
There may still be a lot about how cryptocurrency can fit in our society that we do not know yet, however, more and more services, websites, and online-based companies, have started to accept cryptocurrency as a way of paying for their products. There are even several businesses such as restaurants and stores that will accept payment via Bitcoin.
As a result of this slow integration of cryptocurrency into various aspects of our society, new equipment, and trading services have been developed in order to enable individuals to invest in it. Bitcoin is currently the most well-known type of digital currency, however, should it ever fail and disappear, there are dozens of other types of cryptocurrency that can be used to fuel a new type of economy.
Overall, as more businesses will start accepting crypto coin, we may see that the realm of digital currency will slowly become as real and as vital as the physical one.
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