The field of cryptocurrency
In the today’s world of digitization, the metamorphosis of cryptocurrency is taking place at a much accelerated condition. With the aim of making this digital asset as the next bigger evolution of mankind, a number of development projects on cryptocurrency are currently running at a faster pace. Ever since the release of Bitcoin, the first ever cryptocurrency, the different concepts of blockchain and central banking system have also started making rounds in the news on a daily basis. Hence, this article discusses further on some of the recent cryptocurrency projects that are running at a full pace and have the primary goal of evolving the same concept into the next big bang.
The concept of ICO
Initial Coin Offerings (ICO) has become the new trend for funding of the next big projects of cryptocurrency, where the new project sells a part of its generated tokens to the investors in exchange for the capital required to fund their projects. Most of the ICOs raise money for bitcoins and have ever since become an evolving platform for the raising of money for various project operations of the cryptocurrency.
The ICO event usually takes place before the project gets completed and then funds the capital for the expenses until the launch of the crypto tokens is done commercially. Part of the capital also goes in formulating the initial distribution model for the commercialization of the tokens on a large scale in the crypto market. They work on the lines of the following pointers: –
- The ICOs are first announced on the various dedicated forums for the cryptocurrency like Bitcointalk, where all of the details regarding the project are posted in a clear and concise manner, so as to not keep any of the facts hidden.
- Based on the feasibility and future prospects of the project, the funds start to get collected in terms of Ethereum or Bitcoins via public address or private accounts, with each being provided access to a unique IP address.
- The time window for the raising of the money varies from one agency to the other and can range from a few weeks to a few months, with the average raisings as high as USD 5.5 million.
- Post completion of the ICO and launch of the project on a commercial basis, the ICO tokens then get listed on cryptocurrency exchanges to be traded against the other forms of cryptocurrencies and the subsequent regulations are completed eventually.
The ICOs have often been considered synonymous to the IPOs (Initial Public Offerings) due to their similar working structures. However, they have some differences that are quite significant as follows: –
- ICOs are more of the types of Kickstarter campaigns which are supported by the early enthusiasts and not any professional investor.
- ICOs are not registered in general under any government regulatory body and lack in any investor protection policies.
- Fundraisings are quite faster in ICOs due to no bar of any form of regulation and hence the processing gets done quite fastly.
Deeper insight into the Cryptocurrency Mining
If the projects on the cryptocurrencies development are considered to be of pivot value, then similar focus must also be given to the mining of the same by the general populace, so that the commercialization gets popular with time and all of the efforts and capital dedicated to the projects gets the due credits and returns. Hence, for the newbies out there who want to delve into the field of cryptocurrency mining, they should look up for the following pointers before moving into the same: –
- Choice of the type of currency to be mined, because this determines the future of your investments and if that particular currency would feed you large-scale profits or not. Generally, for the newbies, it is not advised to invest in Bitcoin at the earliest stages because of its highly fluctuating natures that cannot be coped up by them at that point in However, they can begin with the cheaper and beneficial alternatives like Litecoins, dogecoins and Feather coins that are Script-based and give a daily average of 50 cents to 10 dollars which are quite good stats.
- Before entering into the field, they must ponder over the fact properly if they would be able to sustain in the competitive market of the crypto mines i.e. if they can sustain during the lows and spikes of the fluctuating natures of these coins.
- They should have an in-depth knowledge of the working of the crypto coins and manage all of their activities accordingly, so as to sustain within the current rat race for these coins.
- They must keep a track on the required pointers before going into the field of mining, which include access to a private coin wallet, free mining software package, membership of the online mining pool, membership at any authentic currency exchange forum, an indeed reliable internet connection and the requisite hardware components that are required for initiating the process of mining.
Post these pointers, once they decide to enter into the field, then they can do so with setting up of certain logical expectations that would favor them in the long run i.e. in short, focus more on the long-term goals rather than the short-term ones. Some of the tips for the same include the following: –
- Smart miners keep the required electricity costs for the mining process to be USD 0.11 per kilowatt-hour of energy usage with the net worth of mining with 4 GPU video cards to be around USD 250 to 300 per month.
- Smart miners should also have a strong track on the current values of that coin in the market so that they can set their return tactics accordingly and avoid any form of currency scam eventually.
In a precise note, the content of the article speaks about the working of ICO coins and the way things work in any cryptocurrency mining process. The further information on the same can be obtained by referring to the various online forums like steemit that can clear all of the queries.