Cryptocurrencies -
A Beginner’s Guide

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CryptoCurrency 

This Blog site is for the novice, the new crypto capitalist trader,  as well as crypto lovers that would certainly like to get their minds refreshed to just what is cryptocurrency. If you know how BitTorrent (TOR) network operates, the same concept applies. Making use of blockchain innovation is really an electronic database; a distributed public ledger which is run by means of cryptography.

Computer scientist David Chaum had demonstrated that it was possible to use cryptography to build an anonymous payment network that ran on the internet. Because of the science papers of David Chaum, many believed it was the beginning of economic freedom.

 

What then is cryptography? Cryptography protected interaction techniques enable only the sender as an intended receiver of a message to see its contents.

 Cryptography ensure the safety of Bitcoin deals as well as those of individuals involved in cryptocurrencies.  Cryptography began as a tool for porting economic concepts and legal structures onto the internet. But the aim was to foster new forms of peer-to-peer commerce and knowledge sharing. Cryptographic methods are employed to create cryptocurrencies which allow users to buy sell and trade them safely.

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MY Story

I have been interested in Crypto Currency for several years.  Growing up in the USA and seeing currencies from around the world shows the great expense that goes into traditional currency.  Theft and counterfeiting are a couple of the reasons that make cryptocurrency so attractive.  The ability to own Bitcoin currency; mine coins and have businesses accept it along with fiat currency is an amazing transformation of the financial workings of our global economy.  The brilliant mathematical thought behind this technology is incredible to think about with its future ramifications.

Bitcoin

 Bitcoin is a virtual currency created by a genius who goes by the name of Satoshi Nakamoto, though that is most certainly not his actual name.

Nakamoto” introduced his idea for the cryptocurrency in a research paper in 2008, and it was implemented in 2009 as open source code. He created bitcoin because of the flaws he saw in the current system.  Banks were debasing currency, had predatory lending practices, a general lack of privacy and security, and the difficulties and expenses with transferring money between people. 

 Bitcoin does not have any physical equivalent in the real world, so BTC are sold on exchanges. Not unlike a stock exchange.  The main principle of economics says that if people buy a currency, its price rises and if people sell the currency, its price falls. Bitcoin is no exception.  Bitcoin is not actually a coin, but a line of unique code.

If you bought just $1000 of bitcoins in July 2010, you would have had have over $90 million on your hands seven years later. From a mere $0.05 a pop, the cryptocurrency has steadily been climbing in value. What’s reasons could drive bitcoin’s surge in value over the years? 

  • One reason could be the upgrades to the system -- transactions are faster, and fees are lower.
  • Another could be that simply more people know about it and are comfortable with the idea of a cryptocurrency -- including investors.

 As more mainstream traders and investors get on board, the currency is seen as increasingly robust..

Bitcoin stats

  • The total amount allowed of Bitcoins is 21 million, and they are mined over time.  Some coins do not have limits.
  • Currently, there are about 17 million BTC in 'circulation'
  • More than 14 million people have wallets with BTC

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CryptoCurrency

According to a cryptocurrency market study, more than 15 000 different currencies are openly patronized.  Many more are anticipated to be introduced in the coming years.  Bitcoin is the currently leading and favorite coin.

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Coinbase Exchange

 If you’re new to the crypto world, chances are that the Coinbase exchange is where your journey will begin. Due to its visibility, Coinbase is frequently referred to as the pathway to mainstream adoption. Coinbase was conceived in 2012 by Brian Armstrong and Fred Ehrsam.

While Coinbase is not the biggest exchange by volume, it is certainly one of the most known.  But whenever we hear that phrase, several obstacles usually come into play.   The user-focused Coinbase sells the currencies to end-users and individual buyers on a brokerage basis. What makes Coinbase stand out from other platforms is the fact that they are focused on a limited number of currencies.

Coinbase has raised a total of $573.7M in funding over 18 rounds. Their latest funding was raised on Nov 9, 2022 from a Post-IPO Equity round. Currently, the two main products offered by Coinbase are Coinbase and Coinbase PRO, formerly known as Global Digital Asset Exchange (GDAX). The latter is an order book exchange where institutional buyers can exchange crypto and determine mid-market price.

 The user-focused Coinbase sells the currencies to end-users and individual buyers on a brokerage basis. What makes Coinbase stand out from other platforms is the fact that they are focused on a limited number of currencies.

Why Coinbase?

  • Coinbase has the largest active user base with over 400,000 daily users.
  •  The platform also contains a total pool of around 20 million users.
  • Coinbase claims to have already processed over 150 billion USD in trades

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Hi!

I'm Greg

I help investors achieve their investing education goals.
Crypto is an exciting and challenging investment tool; we intend to bring it to the light; let everyone know its benefits and risks.

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