CRYPTOCURRENCY AND BITCOIN MINING.
The world of virtual currency was revamped in the year 2009 and has revolutionised how people operate today. Crypto currency is derived form the word cryptography, a process that secures code lines out of purchase made within a given transaction. Cryptography also controls the creation of new coins (coded amounts of currency). Cryptocurrencies grew in popularity since government have no control over their creation or growth. This brought about the discovery and birth of bitcoins, the first ever virtual currency to be created. Other virtual currencies have been formed as the years go by and include Feathercoin, Ethereum, Peercoing and Litecoin. All these other coins that came after the bitcoin are known as Altcoins.
The major advantage that bitcoins have is that they can be stored either online(hot storage) or offline (cold storage). Cold storage is the best way to store bitcoins as it keeps them safe and cannot be stolen by any outsider or would be miner looking to gain some bitcoins unfairly. Cold storage means that the bitcoins can be stored on a local hardware.
How it works:-
Just like gold nuggets, bitcoins increase in value as they trade or exchange “hands”. They can be use to purchase goods and services online. They are also traded form one person’s wallet to another The term wallet here refers to a virtual wallet which is a small database in the computer hardware or your device or in the cloud. Since they are unregulated and decentralised, there is no national limit or a limit to which an individual can own or trade in bitcoins. One can own as many bitcoins as they so wish and can afford.
Bitcoin transactions are lodged in a public ledger that helps ensure its authenticity as well as ensure prevention of fraud. Ones history is made visible to other traders with regard to their wallet thus creating a sense of transparency and prevents the use of bitcoins for illicit purposes.
Between the years 2011 and 2013, a lot of controversy built with regard to bitcoins and how they trade. Criminals devised ways of hiding their tracks by laundering money. They would buy bitcoins in bulk worth millions of dollars and move the money untraced. This however led to the increase in value of the currency.
Trading in bitcoins can either make you a lot of money but can also cause you to loose a lot of cash if one does not have proper knowledge on trading and handling of the virtual currency. I t therefore advised to make an informed decision before you do.
This is the name of a bitcoin mining hardware. Mining is the mechanism used to introduce bitcoins into a particular system. This hardware guarantees a-would-be investor a good return on investment.
Why the AntiminerS9
I) It comes with a 90 day warranty especially if purchased from Amazon. The warranty is only valid if the damage done is genuine ie, the damage occurred when the device was being used appropriately or damage caused by natural calamities like rain etc.
ii) It is the most powerful bitcoin miner in the world currently and wastes the least amount of energy than all the others in the market.
How it works is that a would be investor uses the device to mine bitcoins from the internet. There are several people who leave their bitcoins on cloud storage without securing them. The miner tends to find these unsecure bitcoins and transfers them to your own. It is therefore important to ensure that all your bitcoins are either stored on local hardware or have them secured if on cloud storage.
Where to buy it: Amazon