Exchange or Mine Cryptocurrency: What is More Convenient?

Cryptocurrency is a term used all the time today in the media. Unless you live under a rock, you at least know that digital money exists, or you even know how blockchain technology works. The idea of digital money is not new, and it has been discussed even long before the release of the very first cryptocurrency in 2008: Bitcoin.

Today, it’s more usual than ever. Some people prefer to buy or exchange, for example, ethereum to bitcoin or any other currencies. Others believe it’s more beneficial to mine digital coins. So, what’s better? Buying or mining crypto-money? Check out the article to get a better understanding of what needs to be done in each case.

Mining Cryptocurrency

When it comes to mining, you have at least three options:

  1. mining on your own;
  2. joining a pool ow miners;
  3. using platforms to buy packages and miners will do the job for you.

In the first case, everything is pretty much clear: set up a miner’s equipment, and solve algorithms. If you mine alone, you get bigger rewards, but you spend a ton of electricity and get rewards less often. If you join a pool, each time someone solves the algorithm, rewards are shared between all miners within the pool. So, you receive rewards more frequently, but they are smaller.

In the last case, you just use third-party platforms to buy certain packages. For example, getting 1 BTC within a month. Someone else mines the coins for you, you just have to pay. So, the last option seems like buying the currency, but with a more complicated path.

In the first two cases, you still need a miner’s equipment and a ton of electricity. Many people argue that it’s not as convenient, especially in countries where electricity is expensive. Moreover, there are discussions about the impact of mining on the environment, so this process might soon face strict regulations. But what about exchanging?

Exchanging Crypto Coins

Exchanging cryptocurrency is an easier option. It’s not just a simpler way of getting coins, it’s also more versatile. When it comes to mining, some coins are mined easily, others are difficult to get. In any of these cases, you might need different types of equipment.

When exchanging, you simply need a reliable platform and a verified account. It is more liberating since you can act according to the market. If you see the prices dropping, or you believe one of the currencies may rise in price in the future, you can quickly buy the number of coins you need.

To sum up, it seems that exchanging currency is a much easier way of getting digital coins. You don’t need expensive equipment or paying bills. You can quickly react according to the situation on the market and invest in your future.