CRYPTO
What Is Cryptocurrency?
What is Blockchain: Blockchain is an immutable shared electronic ledger built around P2P system. In a Blockchain, assets can be tangible (land, money) or intangible (art, music). Blockchain technology can be used to model real world assets. In a Blockchain, anytime data is added via a transactional process it turns into a block. This repeated process gives rise to the concept of blocks linked together known as "Blockchain". The Blockchain ledger is the single source of truth and it is shared by all network users.
Why Are Cryptocurrencies Popular?
Why Blockchain: Blockchain technology isn't an entirely new paradigm as ledger systems existed in old times for record keeping. One may ask, why is Blockchain suddenly popular? Even though Blockchain as a technology runs on an existing paradigm, it introduces some core distinguishable features that makes it fit in today world. Blockchain ledgers are immutable and can be accessed by authorized members of the network. This provides an auditble record of each transaction as you can track and trust any piece of data on the Blockchain.
What Are The Risk Involved?
What Is Cryptocurrency?
Cryptocurrency is the money of the future. It uses cryptographic functions for engaging in financial transaction, and it has become more wide spread now than ever because of the flexibility it provides internet users. Cryptocurrency runs on blockchain technology hence, it inherits its properties of immutability, transparency, and decentralization. One amazing aspect of Cryptocurrency is its decentralization as no government authority controls it. Cryptocurrency has become so wide spread that it is becoming the money of the future.
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Why Are Cryptocurrencies Popular?
Cryptocurrencies show promising signs as it continues to shape and reshape the future of transaction. The decentralization of Cryptocurrency and automation of different steps of transactions with smart contract also makes it popular. All issues resulting from central governance of money by authorities is eliminated. Blockchain as a technology has attracted numerous use cases with and the hype it carries around itself seems to be helping Cryptocurrencies grow even faster. This hype as seen in numerous projects cause a high volatility of Cryptocurrencies, and this means a lot of profit for many.​
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What Are The Risk Involved?
As with all emerging technology and internet concepts, there are risk involved. With Cryptocurrencies, one big issue is opposition from the government and different central authorities ad they try their best to limit users from using this technology. Risk resulting from scams or failed Cryptocurrency project that don't pass their Initial Coin Offering (ICO) stage results in loss of funds. Cryptocurrency scams are more wide spread now
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How Can I Protect Myself?
Cryptocurrencies show promising signs as it continues to shape and reshape the future of transaction. The decentralization of Cryptocurrency and automation of different steps of transactions with smart contract also makes it popular. All issues resulting from central governance of money by authorities is eliminated. Blockchain as a technology has attracted numerous use cases with and the hype it carries around itself seems to be helping Cryptocurrencies grow even faster. This hype as seen in numerous projects cause a high volatility of Cryptocurrencies, and this means a lot of profit for many.​ You can read more on How To Protect Cryptocurrency
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Properties Of Cryptocurrency?
Permissionless
To purchase or make use of Cryptocurrency, you don't need to ask any authority. The is no central system of governance needed for you to mine, buy, or sell. Just get your wallet, download and configure the mine software appropriately to start mining.
Cryptocurrency runs on blockchain technology and this gives it some core features of the blockchain. Cryptocurrencies use different consensus mechanism for its transactions. some Cryptocurrencies make use of proof-of-work, while other use proof-of-stake. When a transaction begins, it is know instantly by the entire network, but it reflect on both ends after confirmation (a specified amount of time as defined by the network. Confirmed blockchain transactions cannot be reverted, and for proof-of-work consensus, only miners can confirm a transaction. Miner in some technical way verify each transaction. You can read more on Blockchain Technology
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How Can I Buy?
Purchasing Cryptocurrency isn't difficult, there are a number of ways you can go about it. You can buy major Cryptocurrencies like Bitcoin directly with your card online from an exchange like Coinbase, Binance, etc. For purchasing other Cryptocurrencies, you may exchange your Bitcoin for them using their trading pair an example is exchanging Bitcoin for Polkdot using the BTC/DOT pair. You can use decentralized Peer-2-Peer (P2P) platform like Local Bitcoin or Paxful to buy your Crypto directly from another buyer. When using P2P platforms, you have to be extra careful not to get cheated. Big Cryptocurrency exchanges have P2P sections were you can buy directly from another user or maintain the conventional trading system if you wish.
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What Else?
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