Cryptocurrency may seem like an enigma, a mix of technological jargon and financial speculation that can be difficult to understand. But at its core, cryptocurrency is simply digital money—a means of transferring, storing, and sometimes earning value over the internet. For those unfamiliar with the cryptocurrency world, I hope to demystify it through my personal experience and demonstrate how it can empower individuals in ways that existing systems cannot.
Let's start with the basics. Cryptography is the practice of safeguarding information using complicated mathematical principles. Cryptography protects transactions and data from unauthorized access and manipulation. Unlike traditional currencies issued by governments, most cryptocurrencies operate on decentralized networks known as blockchains. Blockchains are digital ledgers. Consider a shared notepad that everyone can see but no one can edit. This transparency fosters confidence, and the decentralized design assures that no single organization (like a central bank or corporation) controls the system.
But let me simplify this further: think of cryptocurrency as the evolution of money for the internet age. Cryptocurrencies are emerging as a new medium for financial transactions, similar to how emails replaced physical letters for communication. It is quick, borderless, and, in most cases, transparent.
While cryptocurrency is frequently discussed as an investment opportunity, my introduction to it came from a different perspective: earning cryptocurrency using Web3 sites. Web3 is a decentralized form of the internet in which users, rather than corporations, own and control their data. This is substantially different from Web2, the internet most of us are used to. Web2 platforms, such as Facebook and Instagram, are centralized, with corporations (such as Meta) owning the servers, data, and algorithms. Users provide content and data in exchange for free access to the platform, but the revenues are exclusively directed only to the platform owners (like Mike Zuckerberg).
One of my posts from years ago.
Web3 flips the model on its head. It is decentralized, meaning that control and ownership are divided among users using blockchain technology. Web3 allows you to own your content and potentially earn rewards for your contributions, rather than just consume or create it. This is what I discovered with Hive, a decentralized blockchain and content sharing ecosystem platform that rewards users with its native cryptocurrency, Hive token (HIVE), and a stablecoin known as Hive Dollar (HBD), which is pegged to the US dollar.
Here's how it works: when I publish a blog or interact with content on Hive, the community's votes determine the rewards that I receive. These rewards take the form of Hive tokens (HIVE) and Hive Dollars (HBD), which I can either reinvest into the platform for influence (known as 'staking' or 'powering up') or trade for traditional currency (such as USD and MYR). Realizing that my time and talent could directly translate into financial rewards without relying on traditional gatekeepers was a revelation to me.
This platform has provided me with an income that allows me to enjoy a unique kind of freedom. Because payments are transmitted in cryptocurrency, I am not restricted to a specific location or employment. As long as I have internet access, I can work from anywhere. This adaptability has proven transformative, particularly in an era where remote work and internet connectivity are becoming the norm.
But I'd be negligent if I didn't clarify a widespread misconception: cryptocurrency is not a "get rich quick" scheme. Media headlines about sudden Bitcoin billionaires feed a narrative that portrays cryptocurrency as an easy path to wealth. This could not be further from the truth. Investing in cryptocurrency, like any other financial activity, takes knowledge and understanding. Markets are volatile, and without due diligence, one might make costly mistakes. Similarly, learning about crypto platforms like Hive takes time and effort.
Some of the rewards I earned and credited to my Hive wallet.
This brings me to a vital point: getting into cryptocurrency does not have to be daunting or involve a financial risk. Platforms like Hive demonstrate that anyone can earn cryptocurrency by leveraging their existing skills and creativity. If you're a writer, artist, photographer, or someone who enjoys sharing ideas such as recipes or photos of your pets, Web3 platforms can help you transform your time and data into value. It's about making full use of your current internet activities.
However, there are challenges. The Web3 ecosystem differs significantly from Web2 platforms such as Facebook. On Facebook, you frequently engage with people you know—friends, relatives, or coworkers. In Web3 spaces such as Hive, you interact with a worldwide, often anonymous audience. This can be both exciting and terrifying. Navigating this enormous multinational community can sometimes feel lonely or isolating. Furthermore, understanding crypto concepts and systems can be intimidating, especially if you're new to them. There is a learning curve, so patience and endurance are essential.
Furthermore, as with any social media network, Hive thrives on interaction. Hive encourages you not only to create content and wait for rewards, but also to socialize, read, and comment on other people's postings. Creating a community is a key feature of the platform. Using it just to "milk the rewards" without interacting with others contradicts the spirit of Web3. The idea is to encourage connections and mutual support, making the experience more meaningful and fulfilling.
For me, the financial benefits of cryptocurrency extend beyond simply earning Hive tokens or HBD. It's about the independence and opportunities it brings. In a world where financial systems are frequently linked to physical locations and banks, cryptocurrency provides an alternative, allowing people to transact, save, and earn without traditional restrictions. It is not about replacing existing practices but about supplementing them with new possibilities.
I understand that many people still think about cryptocurrency as a "foreign language," but I've discovered that starting small is the key to understanding it. Reading an article, watching a video, or experimenting with a platform like Hive all contribute to greater clarity. What once seemed overpowering ultimately becomes second nature.
Some of the comments on my posts.
So, I'm not here to sell you on cryptocurrency as the next big thing or to urge you to invest. I also want to highlight that I am not an expert, but I am only sharing what little knowledge I have gathered. If you want to get into crypto investment, be sure you know what you're doing before you invest any money. Don't believe anyone who says they would handle the investment on your behalf, as there are many scammers out there that manipulate people. The idea is to learn as much as you can before leaping to conclusions or taking action.
The world is changing, and as Generation X grows older, we need to embrace new technology since doing things the old way might no longer be a possibility. As AI takes over more and more aspects of our lives, we must fight the temptation to disregard it or risk falling behind. Instead, we should embrace it because of the benefits it provides to ourselves and our loved ones. But I digress.
With this post, I wish to convey that cryptocurrency is more than simply speculation and technical technology. It is about promoting financial independence, rewarding creativity, and embracing the rapidly evolving digital age. If you ever feel ready to explore this world, remember that it does not require expertise or wealth, only an open mind, a willingness to learn, and the patience to grow into it.
Note: The inspiration for this post came from questions about cryptocurrency raised in a WhatsApp group I’m part of.
That's it for now. If you read this far, thank you. I appreciate it so much! Kindly give me a follow if you like my content. I mostly write about making art, writing, life musings, and our mundane yet charming family life here in Klang Valley, Malaysia.
Note: All images used belong to me unless stated otherwise.
Thank you for visiting and reading my post. I hope you like it!
