We’re sure you’ve all heard about Cryptocurrency and Bitcoin by now, as it’s hitting the news in 2021 and becoming more and more mainstream knowledge. However, you may be asking yourself – What is Cryptocurrency and how is it used? Hopefully, we will be able to answer a few of those questions in this blog.
First, what is Cryptocurrency? Without getting too technical, Cryptocurrency is essentially a digital currency which can be used to buy goods and services and for digital transactions between wallets for transfer/storage of wealth. It is built from various platforms which are all competing to become the main coin of use in their respective fields. The 2 main blockchains (this is what cryptocurrency is made of) are Ethereum and Bitcoin. The rest of the coins on the market are built from these and have their own additional benefits.
The main reason that Crypto is getting the big headlines is down to the exchange rates to real world money. For example, 1 bitcoin is currently worth around £35,000 which when you think little over 4 years ago it was worth less than £1,000 you can see the huge increase and potential to make a lot of money! Bitcoin is estimated to become the next main store of wealth, taking over from gold, and when fully mined is estimated to be worth around $1,000,000 per coin. Of course, this is all speculation, but it is leading to many people and businesses investing into this and many other coins in the hope to make a profit.
Not only can you buy Crypto, but you can also use your computer (if the spec is good enough) to generate Crypto by solving complex problems. This in turn pays you back in Crypto, this is called Mining. The best way to do this is by joining a mining pool where you are joined by 100s of 1000s of other people also mining and so the number of problems able to be solved are increased drastically and your pay-outs are higher. Here at AnyIT, we have recently begun building mining rigs for ourselves and are currently earning around 1 Ethereum coin per month from mining (At the time of writing this is the equivalent of £1400)
Truthfully, we could write about the different Crypto’s and how they are gained for hours and hours and it still wouldn’t cover half of what there is. So, if you have any questions regarding Crypto or want to get your own mining rig setup then please do contact us. Be prepared for high costs however as mining rigs are not cheap and exceptionally hard to come by, but the rewards can most certainly be worth the initial investments.