Crypto Market 101: Basic Guide to Bitcoin Currency

Free Market Token
May 14 · 2 min read

The saying “money doesn’t grow on trees” serve as a reminder to us that in acquiring financial supply, one must work for it, there are no “hand me downs” unless it’s for a good cause or donation purposes. That principle also applies to the cryptocurrency market, in acquiring Bitcoins, we need something in exchange, either a certain amount of money or by trading services and goods in exchange for digital cash. But cryptocurrencies are also flexible when it comes to the trade industry, if you acquire the knowledge of specific procedures, one can get Bitcoins thru mining.

Cryptocurrency mining is a method of keeping records of every exchanged online trade which is listed on a ledger with the use of computer processing power. These virtual ledgers are called the Blockchains, they are accessible to the public, and they help keep track of transactions for verification and assessment purposes. The importance of mining is to relay codes into the system for it to achieve a completed deal that is safe and free from alterations, meaning once the process is written into the blockchain, it is unchangeable and non-refundable. The term mining on Bitcoin is similar to the literal meaning of mining in the physical world, wherein when undertaking the assigned task, you can also achieve and get other material assets from it.

Mining is a challenging task, and it involves mathematical methods which input legitimate and completed cryptocurrency exchange into the blockchain to avoid users to spend on the same transaction. The Bitcoin miners are then rewarded by network users with the agreed amount of Bitcoins for their computational duties. If you are not familiar with the mechanisms of Bitcoin mining, you can choose to leave the work done by certified miners or by an online mining service. For more information about cryptocurrency, talk to us today at Free Market Token.

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