A Beginners Guide to Cryptocurrency

Have you ever wondered what is cryptocurrency and how do cryptocurrencies work?

Cryptocurrency is a digital currency that is not backed by a government or central bank. The technology behind cryptocurrency is called blockchain, which was invented in 2008 by Satoshi Nakamoto (a pseudonym). Blockchain allows cryptocurrencies to be decentralized, meaning that no one owns or controls the network. Cryptocurrencies can be sent from user to user without the need for a middleman. This is what makes cryptocurrencies so attractive and has allowed them to expand rapidly across the globe.

There are currently over 1,500 cryptocurrencies being traded on hundreds of exchanges around the world. These exchanges allow users to trade their cryptocurrency for other currencies (both other cryptocurrencies and traditional, government-backed currencies like the US Dollar). These trades are recorded in a digital ledger called a blockchain.

One of the most famous cryptocurrencies today is Bitcoin. It was created as a peer-to-peer electronic cash system and currently has the highest market cap of all cryptocurrencies. Other well-known cryptocurrencies include Ethereum, Litecoin, Dash, and Ripple. But there are thousands more that can be found on CoinMarketCap.

A great way to learn more about the technology behind cryptocurrency is Bitcoin’s whit

A Beginners Guide to Cryptocurrency

Cryptocurrency is a digital currency created as a medium of exchange, which uses cryptography to secure the transactions as well as to control the creation of additional units of the currency. In simple terms, cryptocurrency is a “digital money” that is not backed by any central bank or government.

The first cryptocurrency was Bitcoin. It was created in 2009 by an unknown person or a group under the name Satoshi Nakamoto.

Since its inception, Bitcoin has brought about a revolution in the way we looked at decentralization, peer-to-peer transaction, and global payments. The idea behind Bitcoin was to give everyone an equal opportunity to gain from this new financial system without any central authority, third party or middleman. Moreover, no individual or organization can control it.

Bitcoin’s popularity soared with time and soon many cryptocurrencies were created and are now being openly traded on various cryptocurrency exchanges. These digital currencies can be used for making payments and purchasing goods in the same way as you use your traditional money (USD, EUR, etc.).

In this guide I will try to explain everything you need to know about cryptocurrencies such as Bitcoin and Ethereum so you’re well prepared before investing your hard earned money into it.

“You can take the boy out of the ghetto, but you can’t take the ghetto out of the boy.” ~ Tupac Shakur

If you don’t know what crypto is, or cryptocurrency, then you are in the right place. My goal with this blog is to educate “the average Joe” about crypto.

Crypto is a way for people to do business without banks or governments being involved. You may be asking yourself “why would I want to use crypto if I have no problem using banks and credit cards?” And that’s a great question. The answer is simple. Crypto provides a way for people to conduct business anonymously. This is great for people who live in places where they are not allowed to have money or earn money through certain means (I’m looking at you Venezuela).

Another reason why some people prefer to use crypto over traditional payment methods is because it’s much cheaper than those other methods. Let’s say you’re in another country on vacation and need cash to pay for something; you’ve used an ATM card before right? Well, most banks will charge you $20-$50 for using an ATM outside of your bank’s network! That doesn’t seem fair does it? With crypto, as long as you have internet access and a smartphone

The crypto market has been on a tear lately and the trend looks to be continuing. One big reason is that institutions are buying in, with Coinbase and Fidelity announcing their own products.

The market capitalizations of the biggest cryptocurrencies have been fluctuating wildly. There is a decent chance that some of the top ones will lose their positions by the end of the year, while others may enter the list.

Here are the ten largest cryptocurrencies by market cap:

Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.

Cryptocurrencies use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.

Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto. As of May 2018, over 1,800 cryptocurrency specifications existed.

Within cryptocurrency systems the safety, integrity and

Bitcoin is the best known and dominant cryptocurrency in the market. Bitcoin is a cryptocurrency also known as a digital currency that uses peer-to-peer technology to facilitate instant payments. It was created by an anonymous person or group called Satoshi Nakamoto in 2009. Its value is decided by supply and demand. Cryptocurrencies are highly volatile, meaning they can rise or fall dramatically within a short period of time.

Because there is no central authority, cryptocurrencies are hard to track, so you can make transactions anonymously if you wish.

Bitcoin has been around for about 10 years now, and in its wake, hundreds of other cryptocurrencies have popped up and attempted to either dethrone it or provide other uses for it.

If you’re interested in learning more about investing in crypto, take a look at our beginner’s guide to crypto investing here.

Bitcoin was the first cryptocurrency ever created and was made to be decentralized from governments and banks. It cannot be controlled by anyone, which makes it a great investment because no one can manipulate it (at least not yet). It was designed with an idea that the currency would be transferred directly between peers through the use of cryptography without an intermediary such as a bank or payment processing company.

It has since become a major

The cryptocurrency market is developing at a rapid pace and we’re seeing new coins being added to the exchanges every week. With so many new crypto offerings it can be difficult to make sense of which ones are worth investing in, but fortunately there are some great online tools that can help with this.

In this article we’ll be looking at cryptocurrency market cap, how it works and how to use it to your advantage.

1. What Is Cryptocurrency Market Cap?

The term “cryptocurrency market cap” is used to describe a metric that measures the value of a particular cryptocurrency by multiplying the number of coins or tokens in circulation by their current price on the market. For example, let’s say that you have a coin called “AwesomeCoin” with 1 million coins in circulation, each of which is valued at $1 USD:

AwesomeCoin Market Cap = Total Circulating Supply X Price Per Coin = 1,000,000 X $1 = $1,000,000