Two years ago anyone who had talked to me about cryptocurrencies would have been talking to me about a completely unknown subject to me. And even so, there are many doubts that digital currencies currently generate in me, I have had to read a lot about it and I am still in the process of training to be able to make an investment in them. I need to generate and produce for the long term, but in all honesty I'm terrified of taking the next step if I'm going to move forward in the dark. I am not an expert in the matter, I prefer to look like a tender child who walks from the hands of his grandmother. So I read various articles (in this community I have found many) and listen to suggestions from crypto experts.
My encounter with cryptocurrencies began in 2018 (it seems incredible to think when the first cryptocurrency appeared in 2009) when I open an account on the steemit platform, I made several posts that immediately began to generate SBD. Steemit is a kind of community where users share their ideas while generating SBD, this cryptocurrency allows them to grant their contributions with digital tokens that are called Steem. Posting is completely free, as is being able to vote or comment, with the option that your comments can also be paid.
In my encounter with digital currencies I had to familiarize myself with some terms due to my little training, I hope that many people like me who are unfamiliar with the subject will be allowed to familiarize themselves:
• What are cryptocurrencies or crypto assets?
They are digital currencies based on cryptography or encryption code, which allow them to be used safely to make payments for products and services. The first cryptocurrency was born in 2009, Bitcoin and is the best known internationally.
• How do cryptocurrencies work?
These currencies are completely digital, allowing transactions to be carried out over the internet from any corner of the world. Its use requires a purse or digital wallet to be stored and used later. If you want to obtain them, you have the option of mining them through calculations and generating new units of this type of currency, however it is not easy at all and for this, complex technological equipment is required. The other option is to buy them through the internet from third parties.
• Characteristics of cryptocurrencies
They are decentralized currencies that are not controlled by any institution, they are cryptographic so they use encryption techniques which make payments and collections safe, they are private, the system protects the user from any counterfeiting, they can be exchanged for other currencies, it does not need intermediaries to carry out transactions, they can be used anywhere on the planet. Each of the transactions occur immediately where they can be viewed by anyone in order.
• What is a token?
It is a unit created by a certain group or organization, with the aim of giving value in a certain context so that users can interact and exchange. For a digital token to work, it will need a cryptocurrency and a blockchain that allows it to develop, and a program that specifies the characteristics of what can or cannot be done with the token.
• What is blockchain?
It is usually compared with the accounting books where all the inflows and outflows of money are recorded, in this case it would be a digital book. The blockchain is the technology that, thanks to its decoding, allows data transfers to be carried out in a secure way. This data structure is grouped in a chain of blocks and the data stored can usually be from the transactions carried out.
• What is mining?
Let's say that they are the whole set of processes that are necessary to carry out in order to validate and add all the transactions in the blockchain, also allowing the introduction of new currencies of those already in existence. A miner is a node that receives, organizes and verifies all the transactions carried out in bulk.
The world advances, technology advances and we cannot remain in the dark. Digital currencies are driving the gap towards a free economy. If you are good at reading and writing, portals such as Read.cash offer you the opportunity to create your own blogs where you can share a diversity of content and topics, generating your own rewards in bitcoin cash (BCH). Make sure you adhere to the established rules and be honest with the community and with yourself.
Nice post my friend. I have less than 5 months since I've first started this crypto-adventure.