Lebanese turn to cryptocurrency as economy tanks
Lebanon is bursting with crypto mining shops, traders and online mentors to fulfill the surging demand from people desperately looking to gain financial freedom and much-needed US dollars.
Bitcoin, a digital currency that emerged in 2008 and is now the most prominent in global circulation among other cryptocurrencies, seems to have gained the trust of Lebanese people more than traditional banks have.
The phrases “bitcoin mining” and “bitcoin trading” have become more in demand lately, but both differ in the form of operation.
Bitcoin mining involves “mining machines” and is performed by high-powered and sophisticated hardware that solves complex math problems, which in return rewards the miner with a bitcoin.
Bitcoin trading, however, is the buying and selling of bitcoin. The aim is to capitalize on the opportunity to buy bitcoins when the price is low and sell when the price is higher.
