What is cryptocurrency and how does it work?
Cryptocurrency is the process in which people transact for business in the form of coins/tokens. For this, one needs to start by downloading the app which has no permission requirements or payment needs and then once their identity is confirmed, they can start by investing through real money which are then converted into coins/tokens. The user can then make payments for his purchase using these coins/tokens, provided the seller accepts this method. Once the transaction is carried, it is recorded on the public ledger after confirmation through a process of mining which is usually done by the miners after solving a complex mathematical problem. With many mining companies, there is a scam possible. But genesis mining scam is not a fact. This results in creating a block on the transaction and can be tracked to the owner using crypto techniques. However, the transaction once carried cannot be reversed or cancelled.
How does Investment in cryptocurrency work?
The first point to understand is that it is not real money but coins/tokens that one is transacting on. However, these can be exchanged with real money. Cryptocurrency is getting famous for the overnight huge profits that one is able to make with investment in it.
So, getting into cryptocurrency is not real money or shares that you are buying. In fact you are working on coins/token. So, what happens as you invest in cryptocurrency? Your coins/token becomes the fuel to the decentralized app that is used for recording the transaction on the same platform that you choose to carry the transaction on. Once there is adoption of the platform and new innovations in technology, there is a demand for your coins. This results in good returns for your investment.
Mining is the process of solving a complex mathematical puzzle in order to confirm the transaction. Miners are the one who take up this and hence your transactions are confirmed almost instantly.
Genesis mining is the company that is in the business of cloud mining since 2013 and is the oldest one. With cloud mining, one is able to rent the power required to mine cryptocurrency with no need of buying any special hardware or software and avoid the electricity bills at the same time. Genesis mining has their servers located in places like Iceland that also helps them keep them cool and reduce further costs on cooling them. Once started, you have no mining pool fees and no maintenance fees either along with a discount on your checkout page. And then, whatever coins are mined, they get added to your wallet on a daily basis. This implies that you earn more with more harsh power you buy. Hence, genesis mining scam is not a fact.
Making profits from cryptocurrency is possible as your investment is used to develop the decentralized system and with hiring the mining power, it is even easier to get more profits.