In the digital age, an ideal new currency should have at least the following three characteristics:
It should not be controlled by any authority, so it cannot be manipulated and printed (and devalued) at will. No one can tell anyone what they can do or use it.
Bitcoin is the world’s first distributed digital currency. Its value mainly comes from it being the first digital currency without any organization or institution control. Anyone can buy it, and anyone can dig it.
Bitcoin has been used for comparison with gold since its inception. Today, both gold and Bitcoin are outside the financial system, and both are tools that can be used to hedge and hedge against inflation. In addition, Bitcoin and gold can also be freely exchanged and become payment media. Bitcoin and gold also have a major similarity that is rarity.
The total gold mine output in history is about 190,000 tons, and it is estimated that there are 54,000 tons of underground mines. The current total supply of Bitcoin is 18 million, and the total will not exceed 21 million. And a lot of bitcoins are lost forever because of the loss of keys. In general, the supply of gold and Bitcoin is limited.
Bitcoin is not minted by banks or central reserve institutions, they are mined. Bitcoin mining is done by a pre-set, verifiable, and immutable algorithm. This means that Bitcoin and other similar cryptocurrencies are not controlled by a single central entity. Because there is no regulatory agency, Bitcoin eliminates the temptation to print and create money endlessly to “kick through” the problem.
All in all, Bitcoin meets all the requirements of currency, and these functions can create currency value. The most important thing is that Bitcoin actually exceeds expectations for some of these requirements, which essentially makes it more valuable than most fiat currencies. This can explain why some digital currency enthusiasts strongly believe that Bitcoin can one day replace fiat currency as the preferred store of value.
Bitcoin is becoming more and more popular, so how can we hold Bitcoin as an image of digital currency? There are two main ways at present using mining machines for bitcoin mining, and trading bitcoin on exchanges.
As the difficulty of Bitcoin mining gradually increases, professional mining machines and high-speed computing power are now required to participate in the competition of packaged blocks. At present, professional mining machines are expensive and consume a lot of power. It is not easy for ordinary investors to obtain bitcoins through mining, and it is not cost-effective to buy them on exchanges.
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Therefore, cloud computing power mining has become everyone’s first choice . You don’t need to purchase a mining machine, pay high fees, you don’t need to spend time to manage and maintain the mining machine, and you don’t need to endure a lot of noise caused by the mining machine, which is equivalent to a leased entity. The mining machine in the mine will help you mine coins. No matter the currency price rises or falls, it will not be affected. When the currency price falls, more coins are dug. If you store coins, the coins that are dug up can be realized directly when the currency price rises, which is flexible and convenient.