What is the best crypto coin ? Part one by cynetyc

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altcoins · @cynetyc · Jul 24 '16

What is the best crypto coin ? Part one

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<p>&nbsp;&nbsp;Ok so for that let's go back to the basics! What is bitcoin ?</p>
<p>&nbsp;&nbsp;Bitcoin is a decentralized electronic payment system and digital currency created in 2009 by Satoshi Nakamoto. &nbsp;Bitcoin name also refers to the use of open source software for these currencies , as well as peer-to-peer network ( peer to peer ) which he formed. Unlike most currencies , Bitcoin is not based on trust in a central issuer . &nbsp;Bitcoin uses a distributed database across the nodes of a network of peer ( peer-to-peer ) to inventory transactions and uses cryptography to provide basic functions for security such as ensuring that bitcoin can not be spent only one who owns more than once .<br>
Ok so that is fine and dandy but still why not just mine bitcoin? Because bitcoin is very up right now, and here I am reffering to the mining difficulty . So for the network to work they needed miners who "mined" bitcoin by puting their computers to calculate the 24/7 and for each ecuation made correct they were rewarded some bitcoins... I say some because each 4 years the sum is but in 2 and this process is called "bitcoin halving" .</p>
<p>So once again bitcoin needs to be mined ...and miners gets rewards, but for each reward the ecuation becomes more hard to do and bitcoins are hard to make so miners need to invest in more tech to keep up. This process is good and bad in the same time, bad is for the miners who need to put more money in the system and good for the ecosistem of bitcoin because it generates more demand for bitcoin, and more demand but less offers creates a bigger value of bitcoin .&nbsp;</p>
<p>That is how the system works and thats why bitcoin value is in a constant flux. Of course there are other things that influence bitcoin value that are more or less important. &nbsp;&nbsp;So we learned now that bitcoin is hard to make and has a big value. What are our choices now? We can chose other coins and when i say this I'm refering to the coins that appear or the ones that are new.&nbsp;</p>
<p>My personal opinion on this matter is that we canot go and just exchange bitcoins for other coins without thinking first. When a coin or altcoin is created that doesnt mean it will last ... These coins are so many and at first it looks nice but keep in mind they could die in minutes, hours, days or months. But some of them go up in their value in the first month and continue to grow in value, or others grow and reach a point of equilibrium and maintain it for a very long time. &nbsp;&nbsp;In my next article I will write about this altcoins that grown in value and the ones who keep it steady.&nbsp;</p>
<p>&nbsp;&nbsp;Thank you for reading this article! &nbsp;&nbsp;&nbsp;</p>
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👍 ladypenelope1, cynetyc, sciences, fevronia

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@cybernetic · Jul 24 '16

SEEMIT BITCOIN SHADOWCASH

👍 teens

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@cynetyc · Jul 24 '16

I like your name cybernetic ! Olso i checked your blog . Keep it comming don't stop posting!

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@ladypenelope1 · Jul 24 '16

Think you will find the Chinese are mining Bitcoin  to death and Ethereum...

👍 cuisine

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@cynetyc · Jul 24 '16

Yes they are mining bitcoin and  Ethereum  and grinding it to the bone. Ethereum is volatile and can be good in trading but with the recent "hack" in dao, ethereum became even more volatile. And there is the matter with the wallet that doens't synch . The need to fix this and ensure the users and miners that their money is safe . Until then we can just wait and see !

👍 fishing

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