How to enter the crypto world with Bitcoin Cash

1 45
Avatar for Jnavedan
2 years ago

Knowledge opens the doors to the world

Yes, today, there are new words related to the cryptocurrency boom. However, in the current scenario, the adoption of cryptocurrencies is still about to explode in this world convulsed by pandemics and threats of total war.

Moreover, news of the successes of some crypto investors sells the idea of the panacea that will lift millions out of misery. And who knows if it will? But for the moment, it is a pleasant vision that gives hope.

In any case, if you are already using some applications of blockchain-based ecosystems, or you are a novice. It would be good for you to get into the foundations of this world that sooner rather than later will end up imposing itself in how things will be done in the future.

Well, someone might tell you, you only need to know the bare minimum to handle friendly and intuitive applications with malice to be successful.

Maybe he's right, but if recent history is any evidence, not everything is what it seems.

You may also have heard the phrase linking knowledge with power.

And it is what when Bitcoin burst onto the scene after the real estate crisis at the end of the first decade of this millennium as an alternative to replace fake and unbacked money, many thought it was crazy. Well now! The most knowledgeable know that the crypto world will redefine the balance of power, and in that sense, you will need more knowledge than just the bare minimum to operate in it.

Most enter the world of crypto trading without even knowing what bull or bear bullfighting is or in decentralized finance applications and end up being shorn like metaphorical sheep in a traditional casino by applying intuition or luck.

Behind blockchain technology, mathematics dominates. That's the beauty of it all.

Well! You don't need to be a genius in mathematics or programming to enter the crypto world. But you do need to be aware that access to privileged information like statistics and probability determines the fate of 95% of naive crypto trading novices.

Moreover, the idea of the drivers of the new form of money and infrastructure was to make it as easy as possible, just like cash.

Let's stop with the considerations now. Dude, take note, and keep your ground from wobbling when in the future the transition is over! Because if you don't already know, the changes are underway.

First, you must understand how Bitcoin works with its proof of work (PoW). To do this, you must read Satoshi Nakamoto's whitepaper.

Don't be intimidated by the mathematical formulas in the whitepaper; it's not difficult at all. Moreover, you can still help yourself with plenty of audio-visual explanations on the subject on the Internet.

You will immediately need to know everything about cryptographic wallets. Very important! The care you should take with the keys. In particular, private keys. Remember, you will be your own bank. Unless you blindly trust the boxes of Centralized Exchanges like Binance (I don't recommend it).

It is also wise to know (and few consider) the SHA-256 algorithm and the mining process. This will give you the fundamentals to understand the 51% attack and the protocol's difficulty that makes Bitcoin secure.

Although these are relevant technical aspects, don't forget to delve into the conceptual framework of Bitcoin. It is to say the ideas behind the main characters in the history of Bitcoin (from its origin until today) include the 2017 fork due to the block size dilemma.

Here it is necessary to stop. Just because a decisive question arises: What is the real bitcoin?

Read.cash is a magnificent platform supported by the Bitcoin Cash community. So, it is logical that you find a big enthusiasm to spread and promote the mass adoption of BCH.

I try to be unbiased as an author writing here, and consequently, I often search fault with the project (without any malicious intent) to distort or reaffirm my convictions about BCH. Moreover, I sometimes compare Bitcoin Cash with other similar projects to understand the slogans of BTC maximalists.

So far, I believe that Bitcoin Cash is the real thing and that it is in an asymmetric fight against projects hijacked by financial elites, especially the one that stuck with the name of the project in 2017.

Today you will hear that Bitcoin is a store of value. Others will say that it is a risk asset, that in the medium term, BTC will reach a value of more than a million dollars. Don't be fooled; Bitcoin should be the digital version of cash.

Meanwhile, political and financial elites assisted by corporations (although the relationship between positives, bankers, and entrepreneurs is far from clear - no one knows who is really in charge) will issue the new edition of Fiat money under blockchain technology.

Source: Photo by olieman.eth on Unsplash

Closing thoughts

Well, the crypto world is not only Bitcoin Cash. In my opinion. The projects whose purposes are similar to the Ethereum project deserve your time by their own weight. So, strive to understand them in attention to the efforts to solve the Blockchain trilemma (decentralization, scalability, and security).

In this regard, it is also worthwhile to look at the progress in the interoperability of platforms, which will allow native cryptos and associated tokens to flow in wallets under standardized criteria. Needless to tell on Non-Fungible Token (NFT) and its applications beyond the broadcasting of dumb audio-visual content of poorly named art.

The unhealthy criticism about the carbon footprint of the crypto industry (which is an undeniable fact): will be a thing of the past as they advance the refinement of consensus mechanisms, such as proof of participation as of authority, just to name a few.

No one knows the future. This may never take off if human stupidity is unleashed the day you least expect it.

Nevertheless, I subscribe to the advice of the sages of old, who encouraged learning with humility whatever you can no matter what tomorrow holds.

The crypto world became so vast in such a short time (just over a decade) that it would take another article like this one to address it briefly. Although, this would perhaps be watering water over a river. So I invite you to look for what interests you in the read.cash catalog if you like.

Remember, knowledge (cryptographic) is power. Use it well.

An original article by @Jnavedan

The thumbnai by Hitesh Choudhary on Unsplash

I end by thanking all my colleagues in the community, who add value every day here. As well as all my sponsors for believing in the content I share with you.

11
$ 18.25
$ 17.79 from @TheRandomRewarder
$ 0.15 from @Omar
$ 0.06 from @TheGuy
+ 12
Sponsors of Jnavedan
empty
empty
empty
Avatar for Jnavedan
2 years ago

Comments

No body truly knows tomorrow ( future ) but we have to prepare for it the whole world is running into crypto currency’s and that’s why I’m also trying to be knowledgeable on various aspects of read.cash, BCH and others.

$ 0.00
2 years ago