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What is Cryptocurrency?

You have heard about Bitcoin, Ethereum, Litecoin, Dash and all the cryptocurrencies, and probably one of the reasons why you have stumbled upon this website.

But what is it?

Let’s use Bitcoin as an example. Bitcoin is a technology that is built on a platform called a blockchain. A blockchain is a “digital ledger in which transactions are recorded chronologically and publicly”.

So technically when party A sends information to party B a network of computers who participate in this blockchain verify the transaction and stores it in a decentralised ledger. So in ordinary terms the computer verified that in fact Party A did send information to Party B and thus for verifying this transaction digitally is rewarded for doing so.

So the more processing power you have to verify transactions the more you are rewarded. Thus where the “currency” comes in.

Different cryptocurrencies require a variety of different hardware in order to verify these transactions as each cryptocurrency utilises a specific algorithm in order to transact.

An example is as follows:

  • Ethereum – GPU Based eg high performance PC based video card.
  • Bitcoin – ASIC based
  • Dash – ASIC Based
  • Litecoin – ASIC based

Whilst the above systems may use ASIC as a hardware platform each device is configured specifically to optimally mine the algorithm related to the currency eg Dash = x11.

So how do I begin?

Well you can either do the following:

  • Purchase the hardware to build your own GPU based system.
  • Purchase an ASIC miner specific to Dash, Bitcoin or Litecoin
  • Get Mining Rigs Australia to build a GPU based machine specific to your budget

Contact us today for more information.

1 comments on What is Cryptocurrency?
Alexander Postier
I'm going to start mining on @hashflare I've been hearing news it's quite profitable at the moment!!!#thecryptoera #cryptocurrency #crypto #blockchain #blog #Bitcoin

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