In the recent years, cryptocurrencies especially Bitcoin has started acquiring a critical attention from individuals, which triggered many people to be asking arising questions such as; who invented Bitcoin, what are the basics of Bitcoin and cryptocurrency and so on.
In an understandable term, Bitcoin is a form of money but in digital form which involves the use of cryptography for its security and operates independently without an intermediary. Today, we have thousands examples of cryptocurrencies outside Bitcoin which is the first. These are; Ethereum, Litcoin, BitcoinCash etc
In the substituent paragraphs, we shall be considering;
- What is cryptocurrency,
- The birth of bitcoin
- Importance of cryptocurrency.
- The basics of cryptocurrency,
- Blockchain Technology
- Crypto Wallets
- Cryptocurrency Circulation (Bitcoin)
- Things you need to know and to succeed in the crypto industry.
What is cryptocurrency?
Many persons on coming into the crypto industry, they always seems to be bamboozle on what the term cryptocurrency is all about. In this paragraph, we will be looking at what cryptocurrency is all about, the birth of it and its importance to mankind.
Cryptocurrency is a digit currency or a virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. In a layman term, cryptocurrency is simply a digital money.
The birth of Bitcoin
The first ever cryptocurrency to be known is Bitcoin which was created by a group or an organization of an anonymous persons called SATOCHI NAKAMOTO in 2009. It allows users to carryout transactions between the sender and the receiver without the need of a center intermediary to execute the transaction.
Importance of cryptocurrency
Cryptocurrency has numerous advantages and importance to an individuals or to the economy which few of those importance will be elaborate on this paragraph.
- The creation of cryptocurrency helps in the reduction of corruption. This is done by distributing power on individual rather than a single entity that’s the bank.
- It helps to reduces the amount of paper money in circulation.
- Cryptocurrency gives you control over your money since it is under your custody.
The basics of cryptocurrency
The increasing use of cryptocurrency and its adoption in the economy and in several industries such as; finance, health care and supply chain has caused several individuals to constantly research about the basics of cryptocurrency which will be highlighted here:
Blockchain Technology: cryptocurrency depend on a technology known as blockchain technology. This technology is programed in a decentralized way, meaning no single entity is in charge of it. Blockchain is a distributed ledger which is been enforced by groups of desperate computers. So, whenever transactions are carried out there, there are confirmed by these groups of computers.
Crypto Wallets: This is more like digital bank which you use to process all your transactions. Aside being using it to process your transactions there can be use for saving your digital currencies and also for making investments on these currencies. There are several examples of crypto wallets which are; trust wallet, metamask, coin98 wallet etc.
Cryptocurrency Circulation (Bitcoin): There are jus 21 million of Bitcoin in total circulation. This limited supply of it help to create the scarcity of Bitcoin thereby making it a valuable assist, creating scarcity and helps to prevent inflation of the currency.
Security: The cryptographic property of cryptocurrency brought an adequate level of security to it. Every transaction is encrypted and well varied, preventing it from cyber attack.
Things you need to start with and succeed in the cryptocurrency industry
About 65% of newbies coming into the crypto industry assume that is a difficult and arduous but it is not as complex as they believed. Some of those things you need to succeed in the cryptocurrency industry are:
Steady Internet Connection: The most important thing that is required by anyone dreaming of coming to the crypto industry is constant internet connection. Crypto is a serious business, especially if you are coming as an investor or as a trader you need a steady internet connection.
Mobile Phone/Laptop: For you to succeed in the cryptocurrency industry, you need advice such as a mobile phone or a laptop that can access the internet to enable you carry out your cryptocurrency activities either trading, investing or transacting.
Cryptocurrency Community: A crypto community is the most essential place where an individual can have access to first hand crypto information and also, it’s a place full with various opportunities about the industry.
In a nutshell, cryptocurrency is a digital form of money. The first ever form of cryptocurrency to be created was Bitcoin which was created by an anonymous individual called Satochi Nakamoto in 2009. Examples of cryptocurrencies are; Ethereum, Litcoin, Bitcoin cash etc. The introduction of cryptocurrency helped in the reduction of corruption, decentralization, limited circulation of paper money etc.
The basics of cryptocurrency include: crypto wallets, blockchain technology, security etc. To succeed in the crypto industry, it is important to take note of the following; stable internet connection, mobile phone/laptop, access to good crypto community etc.