Pakistan Starts Bit Coin Mining! Video.

[_NOBODY_]

 

[HttpError]

Ethereum caught my attention in 2020 due to the amount of interest the Russian government has in it. Countries like Russia, Venezuela, Iran, NK and more, love cryptocurrencies like Bitcoin as Bitcoin and many other cryptocurrencies aren't backed by anything and the transactions cannot be traced

Bohut jaldi khiyal nahi agaya apko? Chances are ETH may over take BTC, just 3 days back it its ATH ($1,470). Recent price ajustment to BTC suggest it may cross $2k with in couple of weeks. Specially considering there is a big event happening on 8th Feb.

 

[_NOBODY_]

Bohut jaldi khiyal nahi agaya apko? Chances are ETH may over take BTC, just 3 days back it its ATH ($1,470). Recent price ajustment to BTC suggest it may cross $2k with in couple of weeks. Specially considering there is a big event happening on 8th Feb.

Since you seem to have some knowledge about cryptocurrencies, can you tell me what makes Ethereum more or less desirable than Bitcoin? What is the main difference?

Crypto youtubers seem to be hyping up Ethereum.

 

[HttpError]

Since you seem to have some knowledge about cryptocurrencies, can you tell me what makes Ethereum more or less desirable than Bitcoin? What is the main difference?

Crypto youtubers seem to hyping up Ethereum.

It would be really difficult to explain all the differences between BTC and ETH. But it wouldn't be wrong that BTC is the market leader and so far ETH is dependent on BTC movements. ETH is an ALT coin, but unlike BTC it is not only a digital currency, Ethereum blockchain also has other functionalities such as supporting other DeFi Apps but Bitcoin is strictly a cryptocurrency which has a limited supply but same can not be said about ETH.

BTC is based on Proof-of-work method where miners are rewarded for using their hardware to mine BTC which is very resource intensive and not sustainable. While ETH was also a P-O-W but with ETH 2.0 it is moving to Proof-of-stake which is very less resource intensive.

There are tons of other difference, but these are some of the major ones I can think of.
If Bitcoin was Gold, Eth would be Silver. But with ETH 2.0 things can change pretty quickly since you will be able to stake ETH and earn interest.

 

[AWAITED1]

If you like ethereum then consider Neo also. Does same job as ethereum with strong base in China

Ethereum caught my attention in 2020 due to the amount of interest the Russian government has in it. Countries like Russia, Venezuela, Iran, NK and more, love cryptocurrencies like Bitcoin as Bitcoin and many other cryptocurrencies aren't backed by anything and the transactions cannot be traced

 

[Michael Corleone]

I never get it, how cryptocurrency works? I mean no one owns it then who make it who give it to the others. can some tech guyexplain it in simple words?

so you see how currencies are issued by central banks and are monitored, controlled through them? bitcoins are not... think of it like a reward that you get for solving complex computer math problems... you can use it to trade without having any evidence that you bought something. for example, let's say you're a bad guy and want a soviet warhead from the blackmarket... if you ever get arrested on the charge of purchasing a warhead... govt won't have any evidence you used the money to buy whatever it was ....
this is ofc oversimplified.
mining is not profitable now for small time miners because hardware and electricity cost would be more than what you can hope to mine... in early days it was easier

don't go about investing in bitcoin to get rich quick they're highly speculative and market is swayed heavily with what trendsetters has to say... get on the bandwagon when everyone is selling... sell when everyone is buying.
and at last... don't put all eggs in one basket... diversify portfolio prior to investing

 

[Hakikat ve Hikmet]

As per some reports, US$80b pass through Pak due to the "recreational stuffs" that fuel the "geniuses" likes of Elon Musk etc.!!! They do need some "mining".....

 

[CatSultan]

I never get it, how cryptocurrency works? I mean no one owns it then who make it who give it to the others. can some tech guyexplain it in simple words?

Cryptocurrency costs computer resources to mine. Think of a network of computers called the blockchain. Every time somebody makes a transaction with bitcoin the transaction information is encrypted and sent to the blockchain. The computers then compete to see who can solve the encryption first. Solving the encryption takes a lot of computer power. Whoever manages to solve the encryption gets some bitcoin. Because the bitcoin cost a ton of computer resources to create, it becomes valuable.

Ethereum caught my attention in 2020 due to the amount of interest the Russian government has in it. Countries like Russia, Venezuela, Iran, NK and more, love cryptocurrencies like Bitcoin as Bitcoin and many other cryptocurrencies aren't backed by anything and the transactions cannot be traced

they don't have to be backed by anything. its like saying your not gonna buy gold because its not backed by anything. bitcoin is value

Perhaps folks more informed on PDF can provide some info for you.

I have similar thoughts... Bitcoin seems like dark web for drug smugglers and shady folks...

I don't know...

see above. Bitcoin used to be used for shady stuff and it still is but that doesn't mean that its bad. Its just that shady people try to find an opportunity in everything. Internet was first used to sell drugs too.

 

[El Sidd]

Cryptocurrency costs computer resources to mine. Think of a network of computers called the blockchain. Every time somebody makes a transaction with bitcoin the transaction information is encrypted and sent to the blockchain. The computers then compete to see who can solve the encryption first. Solving the encryption takes a lot of computer power. Whoever manages to solve the encryption gets some bitcoin. Because the bitcoin cost a ton of computer resources to create, it becomes valuable.

they don't have to be backed by anything. its like saying your not gonna buy gold because its not backed by anything. bitcoin is value

this exclusivity is the main reason why it would not be considered as a proper currency.

it don't matter if this is enrcypted gold or easter bunnys tape worm