Cryptocurrency 101

What is Mining?

Anyone can purchase cryptocurrencies on exchanges or from those who already own them, but how are they created in the first place? New cryptocurrency coins are earned by Miners running software on the internet to solve complex mathematical equations. Miners also earn fees by verifying and validating cryptocurrency transactions that secure the Network. Mining may allow you to take advantage of a down market; as the network difficulty will generally decline during this same period providing you the opportunity to acquire even more coins in that down market.

What is Bitcoin?

Bitcoin and other cryptocurrencies use peer-to-peer technology to function with no central bank or authority. Issuing currency and managing transactions are performed collectively by a network of personal computers running software programs that store and update a copy of the blockchain. The blockchain is a public distributed ledger used to store and transfer the ownership of cryptocurrencies on the network. Cryptocurrencies are designed to be public, nobody owns or controls them and everyone can take part. With interest in crypto-assets rising, and their known and limited supply in huge demand, prices continue to hit record highs.

Bitcoin vs. Ethereum

Launched in 2015, Ethereum is a cryptocurrency focused on decentralized computing instead of a payment network. Ethereum’s ‘Smart Contract’ functionality enables scripts to be executed using a global network of computers. Ethereum also provides a cryptocurrency token called "Ether", which can be transferred between accounts and used to compensate participant nodes for computations performed.

Additional Resources

Bitcoin for Beginners

Cryptocurrency Mining

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