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Top 5 Cryptocurrencies To Mine

Here are the top 5 cryptocurrencies that you can hope to mine in 2020: Mining cryptocurrencies will produce new crypto coins.




Cryptocurrencies To Mine

Mining cryptocurrencies will produce new crypto coins. Mining also encourages more and more crypto enthusiasts to start this exercise. However, there are some essential things to consider before you get your feet wet in cryptocurrency mining.

You will need a password-protected coin wallet for storing all your earnings, mining software, and membership of a reputed and trustworthy mining pool where various miners will contribute their respective mining powers to improve profitability and stability. You are also going to need a membership at an online cryptocurrency exchange where you can exchange the coins you have mined for Bitcoins or cash.

To do mining, you will require a custom-built machine with an Nvidia GPU or an ASIC chip designed for mining. But the truth is that GPU mining will not yield too many altcoins as the mining industry is becoming more and more professionalized and consolidated. So, the small miners have to join larger mining pools to get at least a part of the rewards.

Here are the top 5 cryptocurrencies that you can hope to mine in 2020:

Cryptocurrencies Bitcoin

  • Bitcoin (BTC) is by far the best in terms of profitability even today and has been the first decentralized digital currency to have first made its appearance in 2009. When mining Bitcoin, you will need a peer-to-peer machine that can secure or verify transactions in a decentralized network. This May, Bitcoin will experience forking for a third tie, and block rewards will be reduced to 6.25 BTC for miners. On the other hand, bitcoin trading through automated trading apps like Bitcoin Loophole is on the rise.
  • Litecoin (LTC) refers to open-source software under MIT/X11 license that now trades at $44 and occupies the 4th position as far as the market cap goes. Litecoin has a high storage capacity, the confirmations are faster, and this explains why it is slated to become probably the best cryptocurrency for mining in 2020. In December 2018, Litecoin had managed to outshine the BTC, and this trend is continuing with Bitcoin halving only a few months away. The Litecoin will be halved in August 2020, and the rewards for miners will be reduced to 12.5 LTC from 25 LTC.
  • Ravencoin or RVN is a recent entry, having been launched two years back, and it is built upon the Bitcoin fork. This is also a peer-to-peer blockchain for handling asset creation and transfer between parties. This is a US-based open-source blockchain focusing on asset transfer and has gained a lot of popularity recently. A reason for this is the X16 algorithm used as proof-of-work mining.
  • Grin is a new addition to this list of profitable cryptocurrencies for mining in 2020. It is a privacy coin having unlimited supply and has earned a lot of positive responses. This open-source project focuses on scalability, privacy, fungibility, and is the first to use privacy technology.
  • Horizon, originally called Zen Cash, is also a blockchain focusing on privacy; it was meant for transactions, communication, and publishing. This currency was launched as Zclassic fork in May 2017 and did not have ICO or Initial Coin Offering. It is perfect for CPU mining and employs a node system for relaying data through connecting nodes. The e-protocol delivers secure messages through the Zen Chat service.

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What are Types of Cryptocurrencies: a Complete Guide

What are Types of Cryptocurrencies: a Complete Guide, First cryptocurrency, Coins and tokens, Altcoins, Stablecoins, Governance tokens




What are Types of Cryptocurrencies a Complete Guide

Different types of cryptocurrency differ in certain features, areas of application, and efficiency. When choosing the right option for digital assets for investments, it is essential to consider many subtleties since the possibilities of investments and earnings on investments directly depend on this.

The first cryptocurrency was Bitcoin, but in recent years, many new types of digital assets that differ in their features have appeared. For example, you can easily buy WBT and other investments on favorable terms. A comprehensive market assessment will give an idea of the basic concepts and features of the work of decentralized technologies by the established standard norms and requirements for each user.

1. First cryptocurrency

All types of cryptocurrency work on a similar principle but differ significantly. Bitcoin was first launched in 2009. Since then, it has been the most sought-after and profitable cryptocurrency. This is a general-purpose crypto that can be used to pay for various services and goods and used for a wide range of tasks.

Bitcoin can almost wholly replace fiat money due to its simplicity, accessibility, and understandability for most people. In addition to Bitcoin, there are other types of cryptocurrencies: tokens, coins, altcoins, and stablecoins.

2. Coins and tokens

Coins and tokens have a similar value but differ in technical implementation. Among the distinguishing characteristics, attention should be paid to the following:

  • Coins are a native medium of exchange used with specific cryptocurrencies developed using Blockchain technology.
  • Tokens are coins already created based on their technology, so they have a different underlying implementation technology.

Despite the difference in implementation, these types of cryptocurrencies have similar properties and use cases, so they are actively used to perform various payment transactions.

3. Altcoins

In addition to Bitcoin, there are other types of cryptocurrencies called altcoins. Ethereum is one of the most popular altcoins. It was launched in 2015 but had high popularity and fame on par with the first cryptocurrency.

Among the critical characteristics of Ethereum are the following:

  • high flexibility and security of digital assets of different types;
  • interaction with various technologies;
  • a system of smart contracts, which are characterized by a high level of manageability and security;
  • development of applications of various levels using Blockchain technology;
  • openness and anonymity of data placement in the system.

Currently, based on Ethereum, many projects, applications, and smart contracts have been developed, which are built based on Blockchain technology. Ethereum also has a cryptocurrency that can be used as a payment instrument.

When wondering what types of cryptocurrency are there, you should pay attention to other altcoins. For example, Solana, Polkadot, and many others are among the most popular projects capable of performing complex transactions.

4. Stablecoins

Many cryptocurrencies are unstable. Their value constantly changes, making them a complex investment tool, bringing significant risks when investing. Stablecoins were created to tie cryptocurrencies to real money to acquire a specific value. By linking to real fiat money, the value of stablecoins is much easier to predict.

As a rule, the value of a coin can change within a few percent, which is not so critical for investors, providing a stable profit. The cryptocurrency market is actively developing, so stablecoins are constantly increasing. At the same time, this digital asset has all the advantages of decentralized technologies and real money.

5. Different types of tokens

Different types of tokens

Different types of cryptocurrencies are created to finance various operations in specific programs. Therefore, they are referred to as utility tokens. There are such types of similar tokens:

  • Governance tokens. Such tokens can be used to manage the company. For example, a particular DeFi project may issue a certain number of such governance tokens, which will help purchase shares of this company in the future. Participants with more similar coins have higher voting power in decision-making.
  • Non-fungible tokens. Such tokens are unique and one of a kind. Therefore, regardless of their features and origin, they allow you to get the maximum profit. The NFT market is actively developing and offers many original digital objects that are real works of art.

By understanding how many types of cryptocurrency there are, you can choose the best option for investment. There are a variety of investment options in the crypto market. It is crucial to regularly study all the latest news to understand the peculiarities of the development of the cryptocurrency market.

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