What is Crypto? What is crypto currency and how can I get some?
This blog post will talk about the basics of crypto, what it is, and where you can find it. We’ll also go over how to use your newly found crypto. So let’s dive into the decentralized world!
-What Is a Crypto? A “crypto” or “cryptocurrency” (also called altcoins) is a digital asset that uses cryptography for security purposes. The most popular cryptocurrency today is Bitcoin which was created in 2009 by an anonymous programmer who goes by Satoshi Nakamoto.
-How Do I Get Some Cryptos? There are many ways to acquire cryptocurrencies such as buying them on an exchange like Coinbase, trading them via a trading platform with another person, mining for new ones or accepting them in exchange for goods and services.
-What Is the Blockchain? The blockchain is one of the technologies that enables cryptocurrencies to exist. This decentralized ledger records every transaction that occurs on it and cannot be edited after being recorded without changing all subsequent blocks which requires consensus from the majority of the network.
-What Is Bitcoin? Bitcoin is the first and most well-known cryptocurrency created on the blockchain technology. It is often called digital gold because its limited supply (21 million) and growing demand has led to its price appreciation.
-What are Non Fungible Tokens? Non fungible tokens (NFTs) are a type of digital asset that are not interchangeable. This means that each individual token is unique and cannot be replaced by another. NFTs are often used to represent unique items such as collectibles, digital art or in-game items. One of the most popular examples of an NFT is the CryptoKitty, a digital collectible that was created on the Ethereum blockchain.
-What Are Ethereum and Other Cryptocurrencies? Ethereum was created in 2015 as a platform which enables decentralized applications (dApps) to be built on top of it. This means that you can create your own cryptocurrency, store contracts and agreements in the blockchain or even distribute funds if a project was crowdfunded.
-What Is Crypto Mining? The process by which transactions are verified and added to the public ledger, known as “The blockchain” is called crypto mining. For each transaction, computers on the network solve complex mathematical problems and are rewarded with newly created coins for their efforts.
-How Do I Use Cryptos? Once you have some cryptocurrency in your possession there are many things you can do with them including making purchases by sending it to others or converting into traditional currencies, like the U.S. dollar. You can also hold them as an investment and hope their value increases over time!
List the top 10 Crypto Currencies
– Bitcoin (BTC)
– Ethereum (ETH)
– Ripple (XRP)
– Litecoin (LTC)
– EOS.IO
– Stellar Lumens (XLM)
– Zcash(ZEC) 0 DashCoin(DASH)
– Monero(XMR)
– Bitcoin Cash (BCH)
– TRONIX (TRX)
Where do I buy cryptos?
Coinbase is a popular exchange where you can buy Bitcoin, Ethereum and Litecoin. Other exchanges include Binance, Kraken and Poloniex.
How do I transfer crypto?
You can transfer your cryptos from one wallet to another using a public and private key. A digital currency exchange or online wallet is recommended if you want to buy, sell, trade or hold cryptocurrencies for short-term trading (i.e., less than 24 hours). Some popular wallets include Exodus, Jaxx and MyEtherWallet.
What is a digital currency exchange?
A digital currency exchange is a website where you can buy, sell or trade cryptocurrencies for other digital currencies or traditional currencies like the U.S. dollar. These exchanges allow you to convert your cryptocurrencies into another form that can be used to purchase goods and services. Some popular exchanges include Coinbase, Binance and Bitfinex.
What is a wallet?
A cryptocurrency wallet stores the public address (i.e., your account number) and private key that you need to access your crypto coins or tokens. You can send these cryptocurrencies by transferring them between wallets using your public and private keys. A popular wallet is Jaxx.
What are the top crypto wallets?
Popular web-based wallets include Coinbase, Exodus and MyEtherWallet. Popular mobile app wallets includes Mycelium, Edge (formerly Airbitz) and Breadwallet. Hardware portfolios (cold wallets) like Trezor or Ledger Nano S also support most popular cryptos.
Breaking down crypto currency.
-Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
-Cryptocurrencies first came into existence in 2009 with the release of Bitcoin. Ethereum, a platform which enables decentralized applications (dApps) to be built on top of it, was created in 2015.
-There are over 1500 cryptocurrencies in existence as of January 2018, with a total market capitalization of over $500 billion+ (and growing). Bitcoin is the largest and most well-known cryptocurrency, followed by Ethereum (and thousands of ETH based coins).
-Cryptocurrencies can be used to purchase goods and services, or held as an investment. Their value may increase or decrease over time.
-You can buy cryptocurrencies on digital currency exchanges or from other people through online marketplaces. You can also transfer them between wallets using your public and private keys.
-A wallet is a place where you store your cryptocurrencies. A digital currency exchange or online wallet is recommended if you want to buy, sell, trade or hold cryptocurrencies for short-term trading (i.e., less than 24 hours). Some popular wallets include Exodus, Jaxx and MyEtherWallet.
-A cryptocurrency exchange is a website where you can buy, sell or trade cryptocurrencies for other digital currencies or traditional currencies like the U.S. dollar. These exchanges allow you to convert your cryptocurrencies into another form that can be used to purchase goods and services. Some popular exchanges include Coinbase, Binance and Bitfinex.
-A hardware portfolio is a physical device that stores your cryptocurrencies offline. This allows you to keep your cryptos safe from hackers and malware. It also supports most popular cryptos including Bitcoin, Ethereum and Litecoin.
-A digital currency is an electronically held intangible asset that operates like a currency in some environments, but does not have all the attributes of real currencies. Digital currencies can be transferred between entities or users with the help of technology like computers, smartphones and the internet.
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This is just a basic overview of cryptocurrencies and how to get started with them, for more detailed information please consult our other blog posts or do some additional research on your own.
I hope you enjoyed this post and are now ready to start using crypto!
Be empowered!
