How to start mining crypto
The coronavirus pandemic and actions by governments around the world have moved most of the activities to the Internet. There has been a significant increase in digitization, which has contributed to the increased interest in electronic currencies. They began to be perceived as a storehouse of value for the shape of gold. The virtual money market has recently become very popular and individual investors have started to arrive. The most famous currency of this type is Bitcoin. What is it actually and why is it so popular?
Definition and description
To find out what Bitcoin is, you first need to know the general definition of a digital currency. Simply put, it is a virtual coin that is produced and stored electronically. Contrary to traditional money, it does not have a physical form. It is used through special cryptocurrency wallets in the form of software or special USB flash drives. There are many digital coins on the market and new ones keep coming. One of them is Bitcoin or BTC in other words. It is a digital currency that was established in 2009. It was the world's first commercial project of this type, and is now considered a leader in the cryptocurrency market. It was created by a person or group of people hiding under the pseudonym Satoshi Nakamoto. BTC can be sent to anywhere in the world at lightning speed. More and more establishments and institutions decide to accept this form of payment.
Acquiring digital currency can be done in several ways. One of them is, of course, the traditional purchase in online exchange offices or other dedicated places. This is the easiest way and doesn't require any complicated steps. Another option for obtaining BTC is to use so-called Bitcoin miners. What is this? These are special tools that engage your computer's computing power. In exchange for the power made available, you can mine a new trading block and thus receive a reward in the form of BTC.
Advantages of Bitcoin
- BTC is convenient to use and independent of traditional finances. You do not need a bank or other intermediaries to carry out the transaction, and it is not subject to standard financial limits.
- Payments using BTC are fully anonymous and private. When setting up an account, you only receive a login and password, so you do not have to enter any data. However, despite the anonymity, the transactions are transparent and legal.
- The mechanism of action of BTC is supported by Blockchain technology, which, according to popular opinion, is currently unbreakable. This means that it is completely safe to store your currency and conduct transactions.
Where to buy and sell?
The sale and purchase of Bitcoin can take place on special exchanges or other platforms. An example of such a place is our Impily cryptocurrency exchange. The new generation will allow you to quickly buy and sell, as well as fully secure storage of digital coins. Payment for cryptocurrencies can be done both with a traditional bank transfer and with a payment card. Exchange offices and online exchanges are certainly the fastest way to enter the market.
You already know how Bitcoin works and what a cryptocurrency exchange is, but you need to remember one more thing. Acting quickly with BTC is especially important as it is characterized by huge fluctuations in the rate, even over short time frames. For this reason, it is so important to choose the right place that will guarantee immediate operation.
Attention! The above article neither in whole nor in part constitutes a "recommendation" within the meaning of the provisions of the Act of July 29, 2005 on trading in financial instruments or the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of April 16, 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6 / EC of the European Parliament and of the Council and Commission Directives 2003/124 / EC, 2003/125 / EC and 2004/72 / EC and Commission Delegated Regulations (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65 / EU of the European Parliament and of the Council as regards organizational requirements and operating conditions for investment firms and defined terms for the purposes of this directive. The content contained on the website does not meet the requirements for recommendations within the meaning of the above-mentioned act, incl. do not contain a specific valuation of any financial instrument, do not rely on any valuation method, and do not identify investment risk.