The world is fast changing and embracing technology in every single dimension of life you can think of. This includes one very important item that runs nearly everything in this world. Yes, you guessed it, including MONEY! Digital money? Yes, Bitcoin.
The most popular digital currency at the moment is Bitcoin. This cryptocurrency was made possible by a guy named Satoshi Nakamoto whose identity cannot be fully verified. It led to the creation of numerous other cryptocurrencies like Ethereum, LiteCoin, ZCash, Monero and many more.
How does It work?
The network that hosts all this transactions called a Blockchain is decentralized and all transactions are recorded on a large ledger that is available to anyone on the network. The technology that ensures that all your coins are safe is called Cryptography that encrypts your transactions with a strong algorithm that cannot be cracked.
The benefits of the Blockchain is that every transaction has to be verified by others in order for it to occur. Therefore, there cannot be fake transactions since everyone holds the ledger and verifies that all transactions are indeed genuine.
There is a fixed number of Bitcoins that can be in circulation and new Bitcoins are generated through a process called mining. Cryptomining, just like normal mining is hard work. Due to the overwhelming adoption of Bitcoin over the past few years, Bitcoin mining has become an area of investment.
Mining for digital currency requires one to own powerful computers, preferably those built for mining with the processing power required.
So how does mining work?
Cryptocoin mining works by solving a tough mathematical problem. The first computer to do so, is rewarded some Bitcoins for every transaction verified through this process. You see why it’s lucrative? Be ready to invest on some powerful systems, fast internet and electricity consumption. It’s better to start mining smaller cryptocurrencies before mining Bitcoins.
To learn more on how to start mining, check out this article https://www.lifewire.com/cryptocoin-mining-for-beginners-2483064
How do I buy this Bitcoins in Kenya?
You can buy and sell bitcoins from any amount using nearly every possible payment method from trusted traders on localbitcoins.com. This site is simply amazing. It’s so simple to use and traders are ranked and are very quick to respond. Click the image below to get started or this link.
How Do I Pay
The steps are very straight forward. There is even a chat system so you can talk with the trader directly. You can even pay using m-Pesa, Airtel Money or Equitel. You can agree with your trader. Or do card payments or use 3rd party payment channels like Escrow.
Hope this article was a good although brief introduction to the world of Cryptocurrencies, Mining and Blockchain technology. Future articles will further expound on these concepts. I will try and explain as simply as possible so that everyone understands and is not left out when the future is here