Cryptocurrencies are steadily gaining popularity and cryptographic products have been rated by watchdogs around the world as investment options. But there is a way to gain from this crypto-mania as well as investing in cryptocurrencies or cryptographic products: mineral cryptocurrency. Also called crypto mining, it is a process of adding transactions to the blockchain and issuing new currency.
The extraction process involves competing with other cryptominer to solve complicated mathematical problems. The first cryptocurrency miner to decipher the code is rewarded by the possibility of authorizing the transaction. And in return for the service provided, the cryptomonitor earn small amounts of cryptocurrency. Because the difficulty in extracting various cryptocurrencies is constantly changing and what is profitable today may not be tomorrow.
One of the things that cryptocurrency miners look at before choosing a currency for mine is short-term profitability. Which means that you have to stay up-to-date with the changing conditions of extraction for different projects.
Take the bitcoin, the most popular cryptocurrency. It is becoming increasingly difficult to extract every new bitcoin, since the pool available for mining is reduced every day that passes. You need dedicated hardware to extract bitcoins now, since the normal home PC does not have the computing power, even if equipped with high-end graphics cards. But the growing barrier to entry has not stopped the growth of bitcoin miners.
Recently, the Supreme Council of Cyberspace of Iran has declared that the extraction of cryptocurrency will be officially recognized as an industry, at least within its borders.
Let's take a look at the 5 major cryptocurrencies that gained popularity in 2018 among cryptographers and why.
Litecoin is a peer-to-peer currency that also enables rapid global payments. It has faster confirmation rates than bitcoins, better storage efficiency and reliable support.
Litecoin was heavily influenced by bitcoin when its creator Charlie Lee developed it in 2011. The theory and setup are similar to bitcoin; however, there are some important differences that distinguish the two cryptocurrencies. One of Litecoin's block generation times is 2.5 minutes compared to 10-bit bitcoins. As a result, litecoin transactions are confirmed around four times faster than those of bitcoin.
This is another coin whose mining community is big on Reddit. Litecoin currently has a market capitalization of $ 3 billion, priced at $ 54.38
Dash is an open source currency that allows instant transactions. The main reason why Dash is extracted is that it is private, secure and can be used to make real purchases, Dash has collaborations with many digital payment platforms such as BlockPay, Rewards.com and Bitnovo. Dash was the first self-financing and autonomous protocol, as well as one of the first decentralized autonomous organizations. Developed to solve most of the problems usually associated with bitcoin, its main selling points are instant transactions (InstantSend), improved privacy (PrivateSend) and security (transactions are confirmed by a 200 TerraHash algorithm).
Dash, which was valued at $ 11 at the start of 2017 and now priced at $ 201, giving it a market capitalization of $ 1.68 billion.
The popular memo-based altcoin is another cryptocurrency that can be extracted using a PC. Dogecoin is a decentralized and peer-to-peer digital currency that allows you to send money online.
The Dogecoin mascot is Shiba Inu, a breed of Japanese dog that has been made popular as an online meme. The creator wanted Dogecoin to be an alternative to bitcoin that could potentially reach a much wider demographic range. Cryptocurrency lovers often use Dogecoin to give tips to other online users.
Dogecoin, which started off as a joke, is now the 20th largest coin, with a market capitalization of over $ 713 million. In January, Dogecoin reached the highest level of all time, touching a market capitalization of over $ 2 billion. Since it continues to be popular within the cryptocurrency ecosystem, it is also popular among miners. Dogecoin is different from bitcoin because it uses the Scrypt algorithm.
Zcash is another cryptocurrency focused on privacy. One of the attributes that makes it a popular choice among cryptocurrency miners is that it is ASIC resistant. Which means it is still very profitable to dig Zcash using the cheaper GPU (graphics processing unit).
Because of its privacy features, Zcash is supported by the likes of Edward Snowden, the former US intelligence contractor. He claims that his "privacy properties are truly unique."
Zcash has a market capitalization of $ 563 million.
Bytecoin is the first untraceable private cryptocurrency. CryptoNote protocol and allows anonymous peer-to-peer transactions. It can be obtained with the help of the Xmrig software available in two versions, for GPU and a simple PC.
One of the Bytecoin minibuses in his blog Seemit mentions: "Bytecoin is a cryptocurrency that boasts true privacy and transaction speed on bytecoin of about 120 seconds, this is very fast compared to bitcoin speed which is becoming much slower and slower day by day.This fact that offers real privacy and speed of transactions has attracted me particularly to this currency ".
Bytecoin is currently valued at $ 0.0020 and is positioned at 24 in terms of market capitalization, which is $ 375 million, as plotted by CoinMarketCap.  Source link