The key difference between Golem and Bitcoin
If you want to exchange GNT to BTC you should also learn the difference between these two currencies. When was launched in 2009 as the first decentralized currency aiming to resolve the issues imposed by third-party financial governors such as banks and financial institutions. The main advantage that Bitcoin offers to its users is the low transaction fees and fast value transfer. The information about every transaction, such as the amount of value transferred and the wallet address that make an exchange, is instantly published in the network and available for anyone to see. This is what helps to eliminate the third parties. The same principle applies when you want to convert Golem to Bitcoin and vice versa.
Golem is another cryptocurrency which fuels the Golem project. This is a decentralized marketplace for computing power based on the Ethereum network. You can rent your computing resources to the network, earn Golem tokens for that, exchange GNT to BTC and thus make money.
What is Bitcoin mining algorithm?
If you want to convert BTC to GNT, or vice versa Golem to Bitcoin, you should be aware of the way these currencies are produced. Bitcoin, the first cryptocurrency launched in 2009, bases on the blocks that are produced by the special equipment resolving computational tasks. In order to resolve these tasks, machines consume electricity and get a reward for the work that they accomplish. This is why they algorithm that stands behind Bitcoin production is called Proof-of-Work. The blocks discovered by machines are linked into one chain and serve as a public ledger for storing information about transactions between users.
What is Golem mining algorithm?
Golem is based on Ethereum network which was initially designed to make mining possible on the end-user hardware. You don’t have to purchase any special equipment and you can mine Golem coins right on your laptop.
The circulating supply of Golem equals to 963,622,000, while its maximum supply equals to emission infinite.
For Bitcoin, the circulating supply equals to 17,550,287, while its maximum supply equals to 21,000,000.