The Internet and technology improvement has brought many things. Logically, one of the biggest changes of all is associated with ways of making money. It seems that the number of people that are planning to become entrepreneurs is growing. Indeed, not having a boss and working hours brings a lot of benefits. However, it also means that people need to change their attitude and act responsibly.
There are many ways how you can make money thanks to Internet technology. You can work as a freelancer, start an e-commerce business, etc. However, one of the popular ways of making a profit in today’s world is cryptocurrency mining.
We do not want to say that things are easy and perfect in this industry. Being a miner requires hard work, patience, and education. The third thing is the most important one. You can’t be a miner if you previously do not work on the improvement of your mining skills.
Doing that is possible in different ways. For instance, you can read a blog like this, attend courses, or simply network with other miners.
Well, if you are a complete beginner, then there are certain things that you have to know. The first thing that you are probably trying to find out is the most profitable crypto to mine. Logically, the answer to this question will give you some directions. More precisely, it will help you to pick the right digital currency to start learning about it. Despite that, more experienced miners might change the way of how they work as well. We consider these pieces of information useful for both groups.
Let’s find them out.
When we talk about market capitalization, Bitcoin is number one. It is hard to describe this cryptocurrency with words. Even people that are not interested in this subject have heard about it.
However, its popularity and value do not mean that every miner will become a millionaire. Let’s compare this with some other examples. The programming industry is profitable and popular among people. This especially counts now when everything in the world is modernizing. Logically, many people because of that want to become programmers. Yet, will you surely become successful in this field? If that is your goal, then you will have to find a way to split from the masses. In other words, the competition is tougher than ever before.
Everything that we said counts for Bitcoin as well. First of all, you will find a lot of ASIC mining rings mining on the network. So, this means that you need to be willing (and able) to invest a huge amount of money in hardware. So, beginners should think twice about Bitcoin mining while experienced ones won’t have these concerns.
Do not understand us wrong. There is still a great reason to mine Bitcoin. In that way, you would increase decentralization on the network. Many Bitcoin purists think that Bitcoin is the only crypto that offers the level of censorship resistance and immutability that are necessary for a decentralized currency.
So, let’s summarize everything we said. Indeed, Bitcoin mining can bring you a huge amount of money if you are willing to invest. However, without proper education, the chances to do that are minimal. We assume that you now understand better why we said education is the key.
Litecoin is a digital currency that is based on Bitcoin. Many people like to call it the Chinese Alternative to Bitcoin. Yet, this doesn’t mean these two currencies are the same. There are some differences that beginners will like. For instance, the time between rewards is 10 minutes when we talk about BTC. However, Litecoin reward occurs every 2.5 minutes. In other words, achieving the results is possible even with normal equipment.
We assume that these pieces of information are good for most of the beginners. Because of that, visiting CoinMarketCal would be a perfect move. There you can find more about this cryptocurrency.
We can describe Ethereum as the project with huge long-term potential. Have you ever heard about Alexis Ohanian? He is one of the co-founders of Reddit. Well, in one of his interviews, he said that Ether token will value even 15 thousand dollars in the future. Logically, at this moment, something like this seems impossible. However, keep in mind that it seemed impossible that digital currencies will become so popular. But, as you see, things have changed. Listening to more experienced people is always a smart move.
Anyway, is this only a prediction without any facts? No, there are certain reasons why something like this would be popular. Did you know that applications can be built on top of the Ethereum network? For instance, some decentralized home-sharing apps (Uber for instance) will be created on Ethereum’s network. If these apps start to become successful in the future, the value of Ether will grow. Logically, we do not know what is waiting for us in the future. This especially counts now when the Coronavirus crisis happened to our world. But, we have enough evidence to believe that something like this is possible.
Without any obvious reason, Monero is not popular among beginners. Logically, they are more interested in the previous ones. However, it seems that this digital currency is a bit underrated.
You have probably heard about dark web market places. Well, you will find a lot of users buying plenty of things with this currency. It is becoming more and more popular in that market. However, it is a matter of time when it will become globally popular.
There is one fact as well that people should know. Believe it or not, even the entire nations are interested in this currency. It might seem silly, but one of the countries that are interested in it is North Korea. They were using this currency to evade economic sanctions put on them by the WestWorld.
Are these the best things about Monero? No!
Believe it or not, even today, you can mine it with CPUs and GPUs. This method of mining is not possible for most digital currencies for a longer time. However, thanks to CryptoNote (hashing algorithm), something like this is possible.