The idea behind cryptocurrency is to use cryptography alongside an algorithm to control the creation and transfer of value, rather than relying on central authorities. This means that you can send money to anyone in the world (on the network) without any middlemen. On top of that, cryptocurrencies is programmable money which means that you can create all forms of new and interesting applications or solution working with or on top of the currency. To many people the idea behind Bitcoin and other cryptocurrencies can be hard to grasp and might seem frightening at first. That’s the reason why we created this in-depth cryptocurrency guide that teaches you everything from the pure basics all the way down to the more advanced stuff. In the beginner section you learn how to buy cryptocurrency, send and receive it, and how to store it safety. While in the advanced sections you learn how to mine cryptocurrencies and even how to create your own altcoin.
Beginner Cryptocurrency Guides
A cryptocurrency is a digital form of currency that is being used increasingly all over the world. If compared with the current traditional fiat currencies system a cryptocurrency is far more efficient in terms of usage and transaction costs. The first cryptocurrency to begin trading was Bitcoin back in 2009. Since then we have seen numerous cryptocurrencies being created with new algorithms with longer or shorter block times and overall behavior changes to better suit a future economy. Learn more about Cryptocurrency.
It’s a good question! We believe that Cryptocurrencies is a step in the right direction for global trade where everyone can be involved, non-excluded. To neglect the idea of currency protected by cryptography on a decentralized network today is like neglecting the idea of Internet and the Hypertext Transfer Protocol (http) back in the early nineties. People who understand the technology or people who can get a clear picture how it works can easily see the benefits as a whole for mankind. Learn more on why we should use cryptocurrency.
With paper money, a government decides when to print and distribute money. Cryptocurrencies doesn’t have a central government. With Cryptocurrency, miners use special software and computing power to solve mathematical problems and are issued a certain number of coins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine and contribute to the network. In some cases the (with Proof of Stake coins) the network is upheld and coins created with minting. Minting is a process where the user stake his coins (coins can not be used in this stage) and in return gets a percentage of coins for helping to contribute to the network.
Cryptocurrencies can be traded like any form or goods between people locally or online with the help of services like LocalBitcoins.com. But most commonly they are traded at an cryptocurrency exchange. Here are CryptoJunction you can find detailed information and reviews about cryptocurrency exchanges in our cryptocurrency exchange directory.
Cryptocurrency Mining Guides
Cryptocurrency mining is a process that secures the network, and at the same time rewards the miners with cryptocurrency. To mine cryptocurrency you need mining hardware. The three main categories of mining harder is GPU’s FPGA’s and ASIC’s In the beginning the cryptocurrency miners mainly relied on CPU/GPU as mining hardware. As the hash-rate and competition grew so did the need for better and more competitive hardware. A new for of hardware saw the lite of day, ASIC‘s. ASIC’s are application-specific integrated circuits… Learn more about cryptocurrency mining.
How to Mine Cryptocurrencies
How to Mine Bitcoin
How to Mine Litecoin
How to Build Your Own Mining Rig
A Mining pools main objective is to source it’s miners computing power in to one big pool. When doing so the miners chance to actually win a block reward increases dramatically. When the block reward is won it needs to be divided fairly among the miners, based on each miner’s computing power contribution. Cryptocurrency Mining Pools uses a variety of different mining pool reward types to the achieve this. Learn more about mining pool reward types and how they differentiates form each other.