How Cryptocurrency Works
What is Cryptocurrency?
Cryptocurrency is digital or virtual money secured by cryptography. It’s almost impossible to double-spend or counterfeit. Bitcoin was the first, but today there are many alternate cryptocurrencies with various functions and utilizing various block chain technologies.
Like most cryptocurrencies, Earthbit runs on the power of block chain technology. When users mine or stake Earthbit, a “block” comes into being. A block is a perpetual digital record of a completed transaction. The system then links the latest finished block to the one immediately before it (which was linked to the one before it, etc), and voila! a blockchain is created. Each block forms part of a public ledger, which creates a permanent record. Interlocked data is another security benefit of the blockchain. This means that it is not possible to change anything without altering every block that has followed and confirmed that transaction, something that would be nearly impossible to do once the chain has added multiple new blocks.
While there are many different types of cryptocurrency, Earthbit stands out as it both uses a new hybrid block chain technology, combining PoW, PoS, & DPoS and also has a significant humanitarian and environmental charitable component to it, making Earthbit the smart and caring cryptocurrency for a better future.
How Does Cryptocurrency Make Money?
Not everyone who gets into the cryptocurrency field will make money. But Earthbit gives you the chance to make excellent returns on your investment. Here are some ways you can make money with Earthbit:
1. Buy and Hold. The buy & hold method is the most common way to earn money from cryptocurrencies. As an altcoin (crypto that is not Bitcoin), Earthbit often has some decent price shifts. So you can get in and take advantage.
2. Get a crypto mining rig. Here’s how mining cryptocurrency works. You use sophisticated hardware to solve a complex computational math problem. If yours is the first computer to find the solution, the system will award youthe next block of Earthbit and the process starts again.
3. Use Earthbit as one of your payment methods. Are you a merchant? Then you can accept crypto payments. Statistics show that some cryptos jump in market value within a day by thousands of percent.
Does Cryptocurrency Give You Real Money?
Think about it this way: using cryptos is like exchanging your money when visiting a foreign country. If you have a hundred-dollar bill, you can take it to the market in the States and buy a basket of fruit and veggies. For the same experience in France or Spain, you’ll need some euros. The same goes for cryptos. You exchange your money for crypto and use it as real money.
Earthbit is virtual money in the form of tokens. In fact, each token stands for a specified amount of cryptocurrency you own. It hinges on the current market value. Moreover, you can cash out that token at market value. As an alternative, you can opt to sell it. Earthbit is unlike the regular currency, which the government controls. Another key point about Earthbit is that it is a decentralized form of payment. As a matter of fact, the Earthbit network maintains its value based on demand and supply.
Why Invest in Earthbit?
Owning some Earthbit can diversify your portfolio. It makes sense to buy crypto because its usage will become more widespread over time. Before you invest, research the risks associated with crypto due to its volatility.
The world of cryptocurrencies is evolving further, but for now, is full of opportunities and risks. Be ready to handle any possible outcome if you’re looking to invest in cryptocurrencies.