Cryptocurrency which is also termed as Digital or Virtual currency is considered to be a form of asset and the crypto is designed to work as an exchange medium. The Crytpocurrency uses a strong cryptography
to secure its financial transactions. All the cryptocurrencies work on a technology called as blockchain and it is a decentralized system. The good thing about the cryptocurrency is its organic nature, where the currency is not issued by any central authority and does not have any government interference or manipulation with the cryptocurrency.
Bitcoin is the blockchain based first cryptocurrency and is the most popular and valuable one. This popularity of Bitcoin has given birth to hundreds of other alternate cryptocurrenies which are designed with various specifications and functions. Some of the cryptocurrencies are clones of Bitcoins and few are its forks. With so many cryptocurrencies available in the market, where new ones come out every day and old ones disappear slowly.
In order to be considered as a successful coin and make a place in the crypto market, the cryptocurrencies are ranked based on few factors or values such as the market cap value, circulating supply of cryptocoins, price and maximum supply of cryptocurrencies. If the crypto coin holds a maximum market cap value along with the maximum supply and circulating supply then the crypto coin stands first in the race. Bitcoin is one such crypto coin which stands in the first place so far and continues to be in the same place even today, followed by Ethereum and Bitcoin Cash.
Crypto Mining or Cryptocurrency Mining is a process where the transactions of various cryptocurrencies are verified and added to the blockchain ledger. It is also termed as cryptocoin mining, Bitcoin mining or
Altcoin mining. This crypto mining has increased the usage of the activity of cryptocurrency exponentially in the last few years. Every time a cryptocurrency transaction is done, the miner takes the
responsibility to ensure that the information is authenticated and updated in the blockchain. The mining process involves the miners to compete with each other in solving the complicated mathematical problems with the cryptographic hash function that is associated with the block containing transaction data.
The cryptocurrency miner who first cracks the code is rewarded with a small amount of the cryptocurrency or earns the cryptocurrency for themselves by authorizing the transaction. The crypto miners to be competitive with other miners they need to own a computer with a specialized hardware.
Checkout the following infographic on Thirty Three Cryptocurrencies Described in Four Words or Less, developed by our friends at Mrbtc.org.
Source: Mrbtc.org.
Brennan is a blockchain technical adviser in the healthcare sector and blockchain entrepreneur who has worked on developing proprietary concepts for both artificial intelligence and enterprise blockchain. He is a graduate of Rutgers University School of Health Professions where he earned a M.S. in biomedical informatics.
