You might wonder why everybody doesn’t just mine their own and earn some “free” money. You can gain cryptocurrency by mining it or purchasing from a dealer like a cryptocurrency exchange.
Mining Cryptocurrency – Why Don’t You Just Make Your Own Money? Instead, you hold the key to a digital record and the right to transfer that ownership to somebody else when you want. If you own cryptocurrency, you don’t own anything tangible. Unlike other currencies, cryptocurrencies are privately created and stored, and their global intangible nature makes them extremely difficult for governments to control. The process of creating new cryptocurrency units is called mining. Therefore, cryptocurrency is a digital asset created on and distributed across an extensive network of computers in many different locations. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation. Many cryptocurrencies are decentralized networks based on blockchain technology-a distributed ledger enforced by a disparate network of computers. It will also graph your investment value over the time you have held it and compare what you have earned to what you would have received if you had instead invested in a selection of top stocks.Ĭryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Once you’ve entered your purchase date, the amount invested, and type of cryptocurrency, push Calculate, and our Crypto Profit Calculator will tell you the current value of your investment and your return. Likewise, if you purchased cryptocurrency on multiple dates over time, you would have to make a different calculation for each of your purchase dates. If you bought different kinds of cryptocurrency on a date, you would need to make a separate calculation for each one. For example, if you have Bitcoin, select BTC or pick ETH for Ethereum. Then select your type of cryptocurrency from the drop-down list. Our Crypto Profit calculator calculates the current value of your cryptocurrency investment.Įnter the date when you purchased your cryptocurrency and your invested amount. Mining Cryptocurrency – Why Don’t You Just Make Your Own Money?.
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