Best Cryptocurrency to Mine?
Are you confused about which cryptocurrency you should mine? Well, it’s easy to be confused. After all, there are so many options to choose from! Here I will tell you which one is the best cryptocurrency and why, but first you need to know more about cryptocurrencies and how they work.
Digital and decentralized
Modern cryptocurrencies are called so because they are digital and decentralized. What does that mean?
- A digital currency means a currency that has no notes, coins, or any physical world manifestation. Cryptocurrency transactions, trading, exchanges, purchasing, and selling happen over the internet – legally or illegally.
- A decentralized currency means that there’s no central bank to regulate the currency. However, most cryptocurrencies are regulated by various laws of various countries, but that’s very light and nothing as serious as physical currency regulations.
So because these currencies are transacted (and created – called mining) online, they needed some sort of method to make sure there were no hacks or loopholes that technically advanced people can make use of to make illegal profit without being prosecuted or anything.
That’s where the role of encryption kicks in. Encryption is a networking technology, a principle actually, that makes sure there’s no loophole in the online transactions of currency. For this reason, these currencies are called “crypto” currencies – because they’re encrypted.
There are multiple kinds of encryptions but we won’t go into their details.
The best cryptocurrency
In this article, we will see which is the best cryptocurrency to mine.
There are 29 active state cryptocurrencies and one non-functional (Coinye). The cryptocurrencies include popular names like Zcash, Bitcoin, Ethereum, Litecoin, Namecoin, Peercoin, Ripple, Equinox, etc.
The different cryptocurrencies offer different features. Here are some listed below:
- ZCash is open and doesn’t require permissions. It employs a zero-knowledge security.
- Bitcoin is super-popular and is also used for shady deals over at the dark web (like hiring hitmen or selling drugs). It has the highest capitalization and is the most traded and used cryptocurrency in the world.
- Ethereum supports Turing completeness in its transactions and hash working.
- Litecoin was the first ever cryptocurrency to use Scrypt password function (a way to reduce mass hardware attacks by increasing the cost of resources required for hacking), which is hugely used now in many other cryptocurrencies.
- Monero is dark web specialist cryptocurrency that utilizes priority privacy protocols.
- Proof of stake and proof of work systems were kickstarted by the Peercoin cryptocurrency, which are used extensively by all modern cryptocurrencies.
- PotCoin serves the legal pot (marijuana, weed, or cannabis) business. PotCoin is used to do pot business.
- Ripple facilitates peer-to-peer debt transfers, which was a breakthrough mechanism in the earlier days.
- Titcoin is used to do transactions over adult websites. It even got nominated for the Innovative Web Product of the Year and Alternative Payment Services Company of the Year in 2015 XBIZ Nominations.
So you see, the different cryptocurrencies serve different, unique purposes. Those which thrive to be used worldwide for all sorts of online purposes are either too small or unpopular. The only cryptocurrency that shines among all is the bitcoin. It’s not for some specific reason, it has a wide application. And bitcoin is not outsmarted by any other digital currency. It has the highest capitalization. That’s why bitcoin is undoubtedly the best cryptocurrency to mine and generate profits from.