THE FUNDAMENTAL BASICS OF CRYPTOCURRENCIES
If you are already familiar with cryptocurrencies you will know most of this information and reading this article could be a waste of your precious time, but you can also read it to refresh the absolute basics.
I feel it is important to educate new Steemit users about cryptocurrencies and this includes the very basics.
What is Cryptocurrency?
Cryptocurrency is a digital currency that uses encryption (cryptography) to generate money and to verify transactions. Transactions are added to a public ledger – also called a Transaction Block Chain – and new coins are created through a process known as mining.
As of 2017, cryptocurrency has been used as a decentralized alternative to traditional fiat currencies (which are usually backed by some central government) such as the US dollar (USD).
The basics on how to buy cryptocurrency
For the average person using cryptocurrency is as easy as:
- Get a digital wallet to store the currency. (https://www.blockchain.com or use built-in wallet of exchanges)
- Use the wallet to create unique “public addresses” to receive currency.
- Transfer funds in or out of your wallet using public addresses.
What is a cryptocurrency address?
A public address is a unique string of characters used to receive cryptocurrency. Each public address has a matching private address that can be used to prove ownership of the public address.
Using Bitcoin the address is called a Bitcoin address, every cryptocurrency address is always a string of letters and numbers. Think of it like a unique email address that people can send currency to as opposed to emails.
That is all for today. I will make more articles like this in the future to educate all new interested people of the cryptocurrency-space and help you make some profit in this insane expanding market. :)
Thank you for reading.
Feel free to upvote, comment and/or follow my blog @maxdigi if you liked this content!
Cheers,
MAXIDIGI
Coming from someone who is already familiar with cryptocurrency, I think this was a pretty good explanation on what cryptocurrency is. Good post!
Thank you bro! Always good to repeat the basics and inform new users :)
You KISS'd this post. (Kept it super simple). Sure it will help.
Yes I will probably do more articles like this and go deeper in on the subject, for example where and how to buy cryptocurrencies or how to start analysing graphs of cryptocurrencies.
Looking forward to providing more content. :)
Analysing charts is everyone's weakness especially me. Looking forward to it!
Ah this was quite helpful I will have to learn more about this sometime especially now I must learn crypto currency much better since I am now a member here and I see there is some crypto currency here we can get and such. So this will for sure be a learning experience for me too. Also I have said this a few times to a friend of mine I really feel like with the way things are going and the direction of crypto currency..I get the feeling it will become the way of money in the future. Not only are more places and people starting to more widely accept it but we are also still quickly moving to a more primary tech era the time of technology so yeah. I could be very wrong tho :P it`s just my opinion and take on how this is starting to look.
I feel the same way bro! Good to hear that you are interested to learn more about cryptocurrencies.
I hope you can learn a lot from reading my content, I will post daily cryptocurrency news and also more guides for beginners to help you and others out! :)
Thanks for the support naglfar!
Yes it is always great to learn new things and better early than never when it comes to crypto currency. I can see already the large growth and potential of it. A lot of people still aren
t really willing to give a chance I think missing out on stuff by doing so because when this eventually goes the direction I am seeing it itll be too late for some :P And no problem your posts are great!