What is cryptocurrency?

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A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange that you can send to anyone on the planet without using a bank. You don’t need to provide any personal information to make a transaction, and all transactions take place on the internet and are verified by multiple independent computers. Once a transaction is fully verified, the digital details are recorded in an open decentralized ledger that is public called the blockchain. There is no central authority required to manage the ledger providing anonymity along with greatly reduced fees.  Many believe cryptocurrency is the shift of power to the people. 

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Why is cryptocurrency the future of finance?

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Cryptocurrencies are the first alternative to the traditional banking system, and have powerful advantages over previous payment methods and traditional classes of assets. Think of them as Money 2.0. -- a new kind of cash that is native to the internet, which gives it the potential to be the fastest, easiest, cheapest, safest, and most universal way to exchange value that the world has ever seen.

 

• Cryptocurrencies can be used to buy goods or services or held as part of an investment strategy, but they can’t be manipulated by any central authority, simply because there isn’t one. No matter what happens to a government, your cryptocurrency will remain secure.

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What's behind the cryptocurrency craze?​

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For many it's a fear of missing out especially if they missed the ability to capitalize on the growth of the internet, for others it's a necessity to eliminating the fees and rules of the central banking system, for others it's just another trading vehicle.

​​​T​here are only three ways to participate in the growth of cryptocurrency:

 1) buy and hold it for potential appreciation,

 2) actively trade it and potentially profit from its wild price swings and

 3) operate a decentralized computer that verifies transactions for the blockchain - this is called "mining."

Miners are paid a small amount of digital coin when they successfully verify a transaction. Miners are important to the future of the blockchain and The Crypto Quarry Group believes all individuals should have access to mining.  

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What is Crypto Mining?

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Crypto mining is done by specialized computers.

The role of miners is to secure the network and to process (verify) every crypto transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence the infamous “blockchain”). For this service, miners are rewarded with newly-created coins.

 

Miners secure the cryptocurrency network by making it difficult to attack, alter or stop. The more miners that mine, the more the secure the network. The only way to reverse crypto transactions is to have more than 51% of the worlds network hash power. Distributed hash power spread among many different miners keeps cryptocurrency transactions secure and safe. In the early days you could setup your own mining operation but today most mining is done in large warehouses ("mining farms") where there is cheap electricity and significant hardware investments.