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The fact that there’s little evidence of any increase in using virtual money as a currency may be the reason there are minimal attempts to control it. The reason behind this could be simply that the market is too little for cryptocurrencies to warrant any regulatory effort. It really is also possible the regulators just do not understand the technology and its consequences, awaiting any developments to act. Mining cryptocurrencies is how new coins are put into circulation. Because there’s no government control and crypto coins are digital, they cannot be printed or minted to create more. The mining process is what creates more of the coin. It may be useful to think of the mining as joining a lottery group, the pros and cons are exactly the same. Mining crypto coins means you will get to keep the total benefits of your efforts, but this reduces your likelihood of being successful. Instead, joining a pool means that, overall, members are going to have much higher chance of solving a block, but the benefit will be divided between all members of the pool, predicated on the number of “shares” won.

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Litecoin Vs Bytecoin: BITCOIN: What Coin?