Crypto is a digital currency, and there are numerous types of cryptocurrencies. Cryptocurrencies can be used as an exchange medium for products or services between two parties over the internet.
The main advantage if you buy cryptocurrency Singapore is that they reportedly do not involve any transaction fees like credit cards usually have. Some famous examples include Ethereum (ETH), Litecoin (LTC), and Bitcoin (BTC).
Understanding blockchain technology
The blockchain is the backbone of all cryptocurrencies. The blockchain is an immutable public ledger, where transactions are recorded chronologically and cannot be altered or deleted once they’re added to the chain.
However, all new content is added onto the chain must first go through a process called “mining” before it can become publicly available on the blockchain. Mining is a process where computers solve complicated mathematical problems to add new content onto the chain and ensure valid information.
Once you have decided on the cryptocurrency, you would like to purchase. There are two ways of mining for them: solo or pool mining. Solo miners mine alone, whereas pool miners mine alongside each other.
Solo mining is the simplest method of obtaining cryptocurrencies, but you are very likely to never find a block on your own, depending on how powerful your rig is. Pool miners also have better chances at finding blocks because they split the profits among themselves.