Exploring the Benefits of Cryptocurrency and Blockchain Technology
Cryptocurrency is a digital or virtual currency that is secured by cryptography and decentralized networks based on blockchain technology. It is the way to our future, and is quickly becoming mainstream alongside fiat currencies.[0] Crypto coins have been embraced by a number of countries, while other nations have prohibited them.[1] Yet, end users have to overcome certain challenges connected to security, privacy, and control to benefit from cryptocurrency.[2]
Cryptocurrency is created through a complex process called mining where specialized mining computers compete to solve complex math equations that unlock small amounts of new currency.[3] These computers typically operate nonstop and require massive amounts of electricity to stay running and cool.[3] Crypto mining business is the process of making certain cryptocurrency networks work, which requires significant resources in the form of computing power.[4] Application-specific integrated circuits (ASICs) are chipsets built to perform a specific task and are created to mine cryptocurrency and offer a huge improvement in power consumption and speed over graphics processing units (GPUs) that have been the most common hardware to date.[5]
Beyond its association with Bitcoin, Blockchain technology has many more uses. Smart contracts, which formalize the conditions of an agreement between a buyer and seller, are used to carry out.[1] Blockchain technology records information that cannot be changed by unauthorized parties, and can be used to create immutable records of customer data that are stored securely on the distributed ledger.[1] Ecommerce businesses can use this technology to enable more transparent supply chain management, enabling them to monitor goods from the beginning of production to delivery.[6]
By staking, tokens are allocated to a validator who is responsible for verifying and processing transactions on a blockchain network. This contributes to the security and reliability of the network. It is important, since a proof-of-stake (PoS) blockchain network is only as secure as the number of tokens pledged to these validators. By staking crypto coins, one can make a nice profit and potentially get rich by crypto mining.[3]
The BCCI has issued guidelines for franchisees, stating that they should not undertake a partnership or any kind of association with an entity that is in any way connected/related to an entity that is involved/operates, directly or indirectly, in the betting/gambling/real money gaming/tobacco sector.[7] They are allowed to engage in partnerships with entities in the fantasy sports sector and cryptocurrency sector, however.[8]
0. “The Most Profitable Ways to Stake Cryptocurrency – Fintech News” www.fintechnews.org, 14 Feb. 2023, https://www.fintechnews.org/the-most-profitable-ways-to-stake-cryptocurrency/
1. “Exploring Cryptocurrency Technology: 8 Facts to Learn About …” www.tekedia.com, 14 Feb. 2023, https://www.tekedia.com/exploring-cryptocurrency-technology-8-facts-to-learn-about/
2. “Cryptocurrency Market is likely to reach $12.10 billion by” www.globenewswire.com, 14 Feb. 2023, https://www.globenewswire.com/en/news-release/2023/02/07/2603472/0/en/Cryptocurrency-Market-is-likely-to-reach-12-10-billion-by-2030-Globally-at-a-CAGR-of-11-9.html
3. “Can cryptocurrency become more environmentally friendly? | Fierce …” www.fierceelectronics.com, 14 Feb. 2023, https://www.fierceelectronics.com/electronics/can-cryptocurrency-become-more-environmentally-friendly
4. “What You Need to Mine Cryptocurrency | ECOS BLOG” ecos.am, 14 Feb. 2023, https://ecos.am/blog/what-you-need-to-mine-cryptocurrency/
5. “Cryptocurrency: An insider’s guide (free PDF) | TechRepublic” www.techrepublic.com, 14 Feb. 2023, https://www.techrepublic.com/resource-library/whitepapers/cryptocurrency-an-insider-s-guide-free-pdf-copy1/
6. “The Future of Ecommerce: What Role Will Cryptocurrency Play?” www.corecommerce.com, 14 Feb. 2023, https://www.corecommerce.com/blog/cryptocurrency/
7. “BCCI disallow cryptocurrency, betting and tobacco branding during …” www.planetsport.com, 14 Feb. 2023, https://www.planetsport.com/cricket/news/bcci-disallow-cryptocurrency-betting-tobacco-branding-wpl
8. “No cryptocurrency and blockchain branding – BCCI to WPL teams …” www.cricbuzz.com, 14 Feb. 2023, https://www.cricbuzz.com/cricket-news/125504/no-cryptocurrency-and-blockchain-branding-bcci-to-wpl-teams-cricbuzzcom
