Friday, 11 April 2014

Crypto Currency noob guide

Time to get rich in 2014 with Crypto currency........ here's my experience so far as I just started before Xmas.

Crypto curreny noobie, my first crypto currency was QUARK or QRK worth about 10cent, totally missed the boat on this one by 6 months... and three, four months later its worth not much ie 2-3 cents depending on how much BTC is worth at the time.

Basically if you mined away for 365 days a year at 100Mhs Rig you will just get over 1 BTC, there are other crypto currency out there where you can mine and trade if for BTC. To get there you will have to mine.

Currently there is no way to exchange real money ( FIAT ) to any of the crypto currency besides BTC at the moment.

From what I understand in the three weeks that I dabbled in mining these Crypto currency - there are 3-4 types and loads of variants..

Sha256 based
Scypt based
CPU ( 9 round hashing )
and None mining ( ie swap for coins )
now there are more

There are soo many alt currency to chose from, some are meme coins, some made for fun - some are copies, some are premined scam.

Premined - ie developers of the coin release it to the rest of the community after they have got all the easy coins, usually the first coins in the block are the largest, then with diminishing returns for each block.

Some coins have differ from the rest

ie Litecoin - scrypt coined based crypto currency can not be mined with asic ( yet )

1 comment:

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