What is mining?
Now that we have answered the question “What is Cryptocurrency?” how do you get your hands on some? Cryptocurrencies are generated through mining. Mining is done by computers, which try to solve a complex math puzzle known as a hash.People all across the globe compete to be the first to solve the hash, with the winner getting a certain amount of the cryptocurrency that’s being mined. The process requires specialist hardware that works around the clock, so even if you own a PC with a fast GPU, mining likely won’t be worth your time — sorry about that.
Mining isn’t the only way to get cryptocurrencies, though. The easiest way is to buy them using your local currency on online marketplaces, where you can also sell them to other users. Just like with stocks and gold, for example, the value of a cryptocurrency is determined by supply and demand and is fluctuating all the time.
The most expensive one is Bitcoin, which costs around $5,200 at the time of writing. Its price has increased drastically over the years. Back when it was first introduced, you could get one for only a few cents.