Learn More About Cryptocurrency

0 12
Avatar for Crysto
Written by
2 years ago

If you're reading this article right now on this site, you probably might know little more about cryptocurrency. And you probably might just want to read this anyways.

This article is short and would be broken down into five parts of cryptocurrency based on my knowledge so far from the little I personally know about cryptocurrency as I'm not here to take the whole of your day.

This article would be based on these topics right here so you know how short it's going to be.

  • What Is Cryptocurrency

  • Blockchain

  • Cryptocurrency Wallet

  • Crypto Market

  • How To Get Crypto.

So I'm just going to try as much as possible to make it simple so it's easy for anyone to get the idea.

WHAT IS CRYPTOCURRENCY

Cryptocurrency is a digital currency, a virtual currency. It is virtual in the sense that it exists but can't be seen with the physical eyes.

Crypto is a medium of exchange, it is Decentralized in the sense that it's not controlled by any central government.

One thing to know about it, is that it's volatile, the volatility makes it risky, though rewarding on the long run

We have Kinds of Crypto and they are

Bitcoin, Altcoins and stable coins.

Bitcoin is the first Crypto.

Altcoins are Alternative crypotocurrencies to bitcoins... Other crypto that is not bitcoin are called Altcoins....

Stablecoins are coins which price are stable in value.... Example USDt

Stable coins have their price pegged to "Fiat" money such as dollars etc.

BLOCKCHAIN

Cryptocurrency transactions are stored in a public ledger called blockchain.

Blockchain is a Decentralized public ledger where crypto transactions are recorded. Transactions are stored in blocks, and each blocks are linked together.

Blockchain has non-central point, all information is stored in many different computers at once across the internet and it makes it very difficult for anyone to hack and steal data.

CRYPTOCURRENCY WALLET

Then another important thing you need to know is cryptocurrency wallet

A Cryptocurrency wallet is a software program that allow you STORE, ACCESS AND INTERACT with your Crypto Assets and can be considered as the crypto version of a bank account.

What is a wallet address?

Just like our Traditional Bank Account

A wallet address is a digital address, made up of letters and numbers used to send and receive crypto assets.

Just like the way our bank account can be used to send and receive money.

Wallet address do not expire.

Difference between a Bank account and a Wallet address.

The main difference is with conventional bank account, your account number is public and is directly linked to your identity. But your transactional history is private.

With crypto wallets, your transactions are public, as well as your account number( wallet address or public key), but there's no way to link a particular address to you.

All wallet activities can be viewed by anyone through Blockchain explores.

Here are some of the popular crypto wallets you can use:

  • Trust Wallet

  • MataMask

  • Electrum Wallet

  • Coinbase Wallet

  • Luno Wallet, etc.

These wallets are just like your local bank apps where you can store and access all your cash in one place.

CRYPTO MARKET

The crypto market is driven by the forces of demand and supply, when the demand is higher than the supply, the prices goes up and when the supply is higher than the demand, the price tends to go down

Some important & basic terms to know.

Crypto Terms you need to know.

ATH, means All time High. For example, the All time high of bitcoin is the highest price bitcoin has ever done.

ATL, Means All time low. That's the lowest price any coin has ever done.

Bear/Bearish. This is used to describe when the price of coins are going down. You could say that the market is Bearish. Those who benefit when the market goes down are called Bears.

Bull/Bullish. When the price of any coin is going up, you can say that the coin is bullish. Bullish is the state of the market when the price is going up while bulls are those who benefit when the market is going up.

FIAT currencies mean physical money that is issued by any central government.

Do not get confused here, I remember mentioning crypto is not controlled by any government. Check out the examples here: dollar, pound, yen, naira. Etc.

FOMO means fear of missing out. Used when people start buying a coin because it's rising/pumping. When we say

"Don't Fomo" it means don't buy when the coin is pumping.

FUD means fear uncertainty and doubt. This is often used when there is a negative news/inaccurate information concerning the market in order to make the price to decline.

Anytime there is a FUD, the price of coins tend to fall.

HOW TO GET CRYPTO

To make money in cryptocurrency is either you buy or earn coins free

Buying coins 💰 requires capital which can turn out to be pump in future.

But earning coins free requires you performing some specific task online to earn coins.

There are ways you can earn free coins which are:

  • through mining of crypto coins

  • airdrops

  • free crypto for watching short videos, testing games/app and undergoing surveying on sites. Etc.

Note: This article is subjected to any corrections here by anyone as I'm also learning more and trying to improve myself.

Thanks 😊

1
$ 0.00
Avatar for Crysto
Written by
2 years ago

Comments