Bitcoin mining is an energy-intensive process that secures the blockchain and verifies transactions. The continued popularity and lucrative rewards of Bitcoin mining have led to the growth of illegal mining activities, which put pressure on national power grids.
Bitcoin
Anonymity and privacy are two of the popular characteristics often attributed to cryptocurrency and the blockchain. But in actual usage, complete anonymity and privacy is only a myth. Bitcoin transactions are traceable, and only a few cryptos can be considered truly private.
Banking the unbanked remains an issue for the World Bank. One way to increase financial inclusion is through cryptocurrency and blockchain technology. Crypto and the blockchain bridge the inclusion game thanks to its accessibility, transparency, and quality financial solutions.
While Bitcoin is a trailblazer and the original cryptocurrency, there are thousands of other cryptocurrencies in the market with varying use cases. These cryptos are categorized as payment cryptos, infrastructure cryptos, financial cryptos, service cryptos, and media and entertainment cryptos.
Litecoin is a decentralized peer-to-peer cryptocurrency and open-source project launched in 2011. It's a Bitcoin fork, and it offers faster and cheaper transactions thanks to its use of the modified Scrypt hashing algorithm.