Cryptocurrency: Disaster to the world…

 Cryptocurrency: Disaster to the world…

Now a days cryptocurrency is the hottest topic in all the finance news after Elon’s tweets on cryptocurrencies. Many debates going on around world whether cryptocurrency is investable or is it just a bubble.

But due to decentralization of cryptocurrency, it makes so valuable. Its decentralized property by the use of Blockchain technology become so flexible to it for transactions worldwide without any third party.

Here a new concept comes decentralized ledger that going to be updates when their any transaction occurs. But this ledger is only be updated when someone verify the transaction. Those people who verifies this transaction are called Miners.

Mining is the action that is doing by Miners to verify the transaction and mining the coins. Mining coins means create/mines new coins. For example, total bitcoins that are possible to be comes in circulation are 21 million, but today approximately 18.638 are mined that are in circulation. When someone mines the bitcoin, gets some bitcoins some as a gift.

Mining costs,

There is a security level of mining each cryptocurrency that took different software and quite different hardware, this leads to different mining costs and consumes different energies. Mining is done by the use of supercomputers; all the miners are use their resources and compete to each other. Only one miner gets a chance to verify the transaction. These supercomputers use huge amount of energy in the form of electricity. Mainly this electricity is produced by non-renewable sources such as coal, this leads to a huge impact on environment. Due to these reasons China the major percentage of mining take place going to ban the cryptocurrency mining. The electricity consumed by these computers is too high that it is similar to a country Argentina consumes electricity in a year.

New cryptocurrencies,

After watching the impacts by cryptocurrency developers are using new technology that are too innovative that a normal person can mines the coin by using their smartphones. One such example is Pi Networks developed Stanford PhD’s; pi coins can be mined by the pi network app that can be download easily. Be a miner easily.

Share your opinion about pi coins.