The term Cryptocurrency mining, at a first glance seems like digging up the earth to collect gold but it is not like that. Keeping it in simple terms, Cryptocurrency mining stands for getting Cryptocurrency as a reward after accomplishing some tasks or some achievements. But again the question arises as what is there a need to mine Cryptocurrency? The main reason behind is that it can be a secondary source of income for some people. Some people wants to get away from banks putting their noses in their purses. This is an easy way to earn money.
Cryptocurrency Mining work
The mining of Cryptocurrency started in 2009 when the bitcoin was made and made commercially. If we can put the technological angle to the Cryptocurrency mining it is something like solving the cryptographic equation with the help of computers and acquiring some Cryptocurrency but we are here to keep things simple and not complicate them so we are not going for the technological definition of the cryptocurrency mining. But one thing has to be noticed here is that cryptocurrency mining in itself is a form of banking system where you can earn your own money, you can lend your money to someone, and you can earn interest on your money.
It is more likely a traditional system of banking but the difference is that you have complete freedom to do whatever you want and how much you want to earn without banks poking their nose in your transactions and the government is sure to be out of your reach.
How cryptocurrency works?
Unlike hard paper notes, cryptocurrency is mainly in the digital form. Each unit of a cryptocurrency possess an alphanumeric code which is impossible to duplicate. Once the transaction is done a block of this unit of cryptocurrency is made and then shared to all the computers so that none other transaction can take place in the name of this unit. Similar things happen when a unit of cryptocurrency is sold.
The alphanumeric code of this sold unit of currency is used to create a block which is then shared across all the computers so that no further selling of this particular unit of cryptocurrency can take place. Overall this is the game of coding and making blocks of the alpha numeric code of the cryptocurrency to make sure that a single unit can’t be buy or sell for more than once.
Cryptocurrency exchange in India
As mentioned earlier the scope of cryptocurrency in India is not so bright as of now but there are some platforms that can be used to trade cryptocurrency and one such platform is Coinswtich Kuber. It is a platform where you can easily trade your cryptocurrency and has platforms for both Android and IOS.
One such platform is WazirX and has a similar interface to that of Coinswich Kuber. Apart from providing the platform to do a currency exchange, this companies are also providing a market and financial support to the Indian government to bring in the concept of cryptocurrencies more widely in India. Similar to Coinswitch Kuber and WazirX, there are many other apps like Binance, Binomo, Zebpay, Unocoin etc.