June 14, 2021

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Cryptocurrency Explained As Straightforward As Possible

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by Hiba Shelleh

I’m sure many of you are curious about this 21st century money of the future, and due to its increasing recognition and security, the cryptocurrency marketplace looks bright. By the end of this article, you’ll certainly know more about cryptocurrency than most novice or inexperienced people do.

*In This Article, You Will Learn…

• What Is Cryptocurrency in simple words?

• How Do Cryptocurrencies Work?

• How many cryptocurrencies are there?

• Why Cryptocurrency?

• Is Cryptocurrency a Good Investment?

• How do I buy cryptocurrency?

A Cryptocurrency (or “crypto”) is a digital version of money called “tokens” where the transactions are done online. It is a medium of exchange just like your normal everyday currency such as the USD, but designed for the purpose of exchanging digital information through a process known as cryptography.

You can use crypto to buy regular goods and services, although many people invest in cryptocurrencies as they would in other assets (i.e. stocks or precious metals).

*How Do Cryptocurrencies Work?

Cryptocurrencies are decentralized networks based on blockchain technology (a distributed ledger enforced by a disparate network of computers). It typically does not exist in physical form (like paper money), and is typically not issued by a central authority.

Instead, these tasks are broadly distributed among each cryptocurrency user via the internet.

*What Is A Database?

To be able to understand blockchain; you need to first understand what a database actually is…

A Database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information.

It is designed to house significantly larger amounts of information that can be accessed, filtered, and manipulated quickly and easily by any number of users all at the same time, and from anywhere in the world.

*What Is A Blockchain?

Blockchain Technology (BCT) is a type of Database. Therefore, blockchain is a system of recording information in a way that makes it difficult, or impossible, to change, hack, or cheat the system.

A Blockchain is essentially a digital distributed ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.

The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT). Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.

This means that if one block in one chain was changed, it would immediately be apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain across all of the distributed versions of the chain.

Blockchains such as Bitcoin and Ethereum are constantly and continually growing; as blocks are being added to the chain; which significantly adds to the security of the ledger.

*How Many Cryptocurrencies Are Available?

More than 6,700 different cryptocurrencies are traded publicly, according to the CoinMarketCap cryptocurrency market research website.

Cryptocurrencies continue to proliferate, raising money through Initial Coin Offerings (ICOs). The total value of all cryptocurrencies on Jan.27.2021, was more than $897.3 billion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $563.8 billion.

*Why Should I Buy Or Sell Cryptocurrency?

Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular…

• Supporters see cryptocurrencies, such as Bitcoin, as the currency of the future, and are racing to buy them now presumably before they become more valuable.

• Some supporters like the fact that cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation.

• Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system, and can be more secure than traditional payment systems.

• Some speculators like cryptocurrencies, because they’re going up in value, and have no interest in the currencies’ long-term acceptance as a way to move money.

*Is Cryptocurrency A Good Investment?

It’s possible to get filthy rich by investing in cryptocurrency. However, you could also lose all your money. How can both of those things be equally true? Well, like most investments; crypto assets come with a host of risks, but cryptocurrencies also have vast potential profit possibilities.

The price could drop precipitously, and a single online hacking, or crashed hard drive incident, can wipe out your stash of bitcoin with no recourse.

Cryptocurrencies such as Bitcoin may not be safe enough for those who view cryptocurrencies (such as Bitcoin) as the currency of the future,

Bitcoin has seen dramatic run-ups in price; followed by some painful crashes, but has consistently retained a significant portion of its previous gains every time it plummets. Since its inception, Bitcoin was the 1st digital asset to create the current ecosystem of cryptos.

For quite a while, it grew an underground following of investors who saw its future as a possible replacement to the physical monetary system.

The decision to invest in Cryptocurrency comes down to your own personal risk tolerance level.

*How Do I Buy Or Sell Cryptocurrency?

While some cryptocurrencies, including Bitcoin, are available for purchase with U.S. dollars; others require that you pay with bitcoins, or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet,” (an online app that can hold your currency). Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as Bitcoin, Ethereum, etc.

Coinbase is one popular cryptocurrency trading exchange where you can create a wallet, buy and sell Bitcoin, and other cryptocurrencies. Also, a growing number of other reputable online brokers offer cryptocurrencies for buying and/or selling, such as CoinMama and Paxful.

In conclusion, If you are interested to know more details, news, and information about Cryptocurrency or Blockchain; you can access these four pages: Crypto Trader Chat | Blockchain News | KnowHowToEarn | Crypto News And Views

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