That goes without saying that cryptocurrency like Bitcoin and Ethereum have created quite a buzz in the past years in Malaysia, all mainly down to its seemingly untrammelled success.
Currently, the value of Bitcoin and Ethereum as of now stands multiple folds than it first ever introduced. Especially for Ethereum, although Ethereum in Malaysia is still new, the value of the Ethereum is raised rapidly to become one of the popular and common cryptocurrencies that people are mining for.
Thus, the popularity of cryptocurrency is no joke and able to garner the huge interest of people.
What is Bitcoin Mining?
There are a number of ways that individuals can earn from Bitcoin online.
One of the ways is bitcoin mining.
The mining of bitcoin is a process where miners or the people owning the powerful computing chips and use them to run specialized software for an indefinite duration.
Furthermore, the software works by assigning a complex mathematical calculation to the system.
If everything turns out well as expected, the miner is rewarded with some bitcoins and can be used to sell and buy bitcoin or sell the bitcoin to the cryptocurrency market. Click here to find out more.
Why need mining for bitcoin?
In a simple term, mining is central to the whole working of cryptocurrency.
Like in traditional currencies, you will have the financial institutions who collectively confirm the transactions as and when they occur.
However, it does not work like that in the cryptocurrency.
In order to avoid using the same bitcoin again, a number of bitcoin nodes operated by bitcoin miners around the world will give their seal of the approval as a sign to confirm each of the transactions.
With the fast-growing interest in Bitcoin, the needs to make new bitcoins are constantly increasing.
After learning about mining, you are probably wondering what the overall advantages and disadvantages of bitcoin are.
There are quite a few advantages that make Bitcoin as one of the kind of digital currency that has no likeness.
1. Control and Security
Obviously, one of the greatest benefits in cryptocurrency is its security and you are allowed to be in control of the transactions.
This is the features if the cryptocurrency that helps to keep them safe for the network.
Merchants cannot impose any extra charges or fees in anything without being noticed.
Similarly, any transaction like selling and buying bitcoin in Malaysia must be informed to the consumer before adding any charges.
Besides, the payments in bitcoin also can be made and finalised without one’s personal information being tied to the transactions.
As personal information is kept hidden from prying eyes, the security of bitcoin could be guaranteed and safe from identity theft.
You don’t have to worry to invest in bitcoin as Bitcoin is also being backed up and encrypted to ensure the safety of your money.
2. Freedom in Payment
When it comes to cryptocurrency, it is possible to send and get the money from anywhere and anytime that you wish for.
You do not have to worry about the crossing of borders, rescheduling for the bank holidays or any other limitation that could be a hindrance when transferring the money.
It is safe to say that you are pretty much in control of your money with Bitcoin. There is no central authority figure in the Bitcoin network.
3. Transparency of information
With the blockchain, all finalized transactions are available for everyone to see.
However, you also could opt to protect your personal information by getting it hidden as well.
Your public address is what is visible but your personal information is not tied to this.
In short, anyone at any time could verify the transactions in the bitcoin blockchain.