In the recent few years, cryptocurrency has gained unprecedented popularity. More and more people are opting for transactions through digital currency, and consequently, the number of people investing in cryptocurrency is multiplying!
Very recently, cryptocurrency was in the news because of the surge in the value of Bitcoins. However, Bitcoins also saw a drop in its value within a matter of few days.
So before you decide to invest in cryptocurrency, you must make an informed decision about a few things.
Deciding on which is the best coin to mine is one of them!
What is cryptocurrency?
In non-technical language, cryptocurrency is a type of digital currency that finds its use in various types of transactions. They use cryptography for verifying and securing different types of transactions. The cryptography usage also ensures control in the production of fresh units for various types of cryptocurrencies.
A person using cryptocurrency can do several things using it, for instance:
- Buy things; in recent years, various merchants, both big and small, have started accepting cryptocurrency as a mode of payment.
- Invest in cryptocurrency, even though they make for volatile investments.
- You can choose to mine the cryptocurrency as well!
Mining a cryptocurrency: everything you need to know!
The process of adding various types of verified cryptocurrency to a blockchain ledger is known as mining. A miner is a person who is responsible for adding the cryptocurrency transaction to the ledger after verifying the authenticity of the transaction.
However, mining can be quite a difficult thing to pursue as you are competing with other miners to solve complex mathematical problems using cryptography. But, if you can mine successfully, you will be rewarded with a small cryptocurrency amount.
So the next important question is – which is the best coin to mine?
Which coin should you mine?
With the market for digital transaction growing rapidly, it can be hard for a novice to settle on the best coins to mine. Following are a few suggestions that can help you start:
Safecoin is one of the cryptocurrencies whose value is predicted to go up in the coming years and become the best coin to mine choice. These currencies are distributed in a network called SAFE, which is completely automatic.
Zcash is a currency that operates like Bitcoin, but with additional anonymity of transaction that Bitcoin fails to offer.
Zencash is similar to Zcash in its process of operation. Thus, it is safe for beginners to mine Zencash.
These three are the safest bets for you if you are looking to mine some cryptocurrency.