What is cryptocurrency and How to easily set up and mine cryptocurrency like bitcoin or litecoin easily on your laptop or PC?

Hello, guys heard the new buzz in the world, yeah it's about cryptocurrency. Today I will like to bring up the topic of cryptocurrency. We will learn about cryptocurrency, what is bitcoin or litecoin, what is mining and is there any profit for a daily user.

What is cryptocurrency?

So the obvious question in our mind is that what is all this thing, what 's the whole fuzz about. There could be hundreds of technical answer for this but in terms of a layman, it could simply mean:- 

  

  Any currency which is stored or maintained in the virtual world and secured using various encryption or cryptography techniques is called cryptocurrency.

Pretty simple to understand, yeah I know I am a good instructor😜😜.

Oh yes for all you definition savvy people look here what Wikipedia says about it:- 

Wikipedia definition of cryptocurrency   

What is mining a cryptocurrency means?

To understand the process of mining we first need to understand that whether these cryptocurrencies are secured by any bank which looks into different transactions happening in the world?

For this the answer is simple and it's NO. You heard it right mostly there is no authenticated bank which looks over this but instead, the network is peer to peer and transactions takes place between users directly.

So, let me guess what you are thinking, no bank no security, and the fact is that's also not true. The creators of these cryptocurrencies thought about this and brought up an innovative way to solve this security issue. The answer lies in cryptography or encryption of coins. This is where mining also comes to light. So, what are cryptography and I know most of you guys are not related to technology in detail so I will try to keep it as easy as possible:- 

Consider that I am sending some amount to Mr. X. Now each coin which I have sent will be attached to a very difficult math problem, so difficult that it will take hard for a normal computer to also solve it. And it will require special algorithms and machines to solve it and when it gets solved the money will go to Mr. X.

This way it helps to create a secure system for the cryptocurrency. Now solving these tough maths problem is called mining. 

When we successfully mine a cryptocurrency as a reward we also get a part of that currency. That way it becomes profitable for the miner also.

So let us start mining bitcoin!!! Wait should we?

I know all you guys are wanting to jump right into it and make some money but there is some hard fact about it. Firstly it requires lots of power to mine bitcoin and secondly not all of us has these power intensive hardware to mine. 

So can I not even give it a try? No, you can give it a try but at the end of the day, you would have lost more on electricity bill than you would have earned while mining in most of the case.

If you really want to mine bitcoin I would recommend to do a google search for the best hardware for mining and buy that.

But what if I have a decent laptop can't I make any profit? Surely you can, just by using some brain. All you need to do is not mine Bitcoin just mine any other less popular but still profitable cryptocurrency of that time and you will be surprised to see how many options are available out there all you need to do is just explore. 

I would recommend you to use any pool option as in a pool there are many people together mining that increases the success rate. An easy pool to start with could be Miner Gate. Here's a guide on how to mine using miner gate easily on your laptop:- 

Hope you Guys would have you have liked this small tutorial for beginners. Thanks for reading this article. I love to hear feedback so do comment about what you feel about this blog.