MayBe Gold Has Been Digitalised

Saw this post by crypto potato and its funny how the world has evolve in terms of the digital technology, funny how miners physically mine gold through lots of hardworks and most of them mine it for people, which is usually the mining company but today, a lot of people are mining digitally with their computer and they don’t have to mine for people. A lot of people have made a fortune through digital crypto mining from the comfort of their home and their computers, you can see how well bitcoin miners are with their bitcoin. Although it takes great effort and confidence in bitcoin to mine it and hold it because mining bitcoin is expensive.

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Mining crypto is more energy efficient than gold mining, although we all know that aside the store of value feature of gold, gold has its ornamental values, which bitcoin doesn’t but who cares, we already have gold for that. Right now crypto mining is very where and easy, just different mechanism, but as long as we dont use complicated machines to get them we dont call them that. Lets look at the hive mechanism for a second and think about how the Hive coin is generated, the hive coin doesn’t have as much value as bitcoin, so the completion in the hive pool is extremely low. But when the completion gets higher and people start demanding for hive, the value will sky rocket, then we will see how hard it will be getting tons of Hive, just may be we will start seeing ourselves on the hive blog site to be Hive miners. The mechanism that hive works on is delegated proof of stake mechanism, which mens that you can stake your coins, upvotes post and get rewarded from the reward pool in the blockchain. How is that different from bitcoin mining?

Though their mechanisms are different, but their end goals are the same, you do certain things and earn a reward, which is bitcoin or hive depending on which chain you are interacting on. A lot of other layer 2 tokens also have their own ways of getting mined, like the move to earns and the play to earns, play a game and get rewarded with play to earns, move some steps and get rewarded with move to earns. But the difference between this projects and bitcoin is that bitcoin is extremely limited to 21 million, but this projects aren’t, so they have to implement a deflationary means to burn the supply to sustain the value.

Posted Using LeoFinance Alpha