I have been thinking about writing a blog for quite some time now. I have been in the cryptocurrency space for a while now, and have had an opportunity to see the ups and downs of this space.
This blog will be around cryptocurrency, but it will not be about telling you what to buy or sell. It will not be about giving you my predictions on where this is headed.
It’s purpose is 2 fold:
1. To help me understand how I feel about this space better by documenting my thoughts in this blog.
2. To allow other people who are interested in crypto to see how another person went through his journey in this space.
I am not a financial advisor, so please don’t take anything as financial advice. I will however share with you what I am doing, and why I am doing it. If you find anything useful here, great! If not, that’s fine too!
An investor in the cryptocurrency space must be able to tolerate a certain level of volatility.
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Digital currencies such as bitcoin now account for more than half of many online sales to customers. It is an alternative currency that can be exchanged for goods or services, with little or no transaction fees, and without government interference.
With all this new crypto-currency hype it’s easy to get caught up and lose sight of what it was designed for. Like anything new, it takes time for people to build trust and confidence in the system which is why you’re seeing so many articles about how it’s not safe or how it will fail. I’m here to tell you why cryptocurrency is worth your investment.
Cryptocurrency requires work from users; this work involves cryptographic algorithms run through computers. This process is known as mining, and miners are rewarded with new coins for their effort. The “miners” who do this work collect small fees in exchange for their efforts, they also receive newly created bitcoins (in proportion to the amount of work they contribute). Well, this is not much different than printing money right? Wrong! Printing money only leads to inflation and devalues our currency while mining Bitcoins
Bitcoin, the first cryptocurrency ever created has indeed become the most widely used digital currency on earth. Ever since the existence of Bitcoin in 2009, it has witnessed unprecedented growth across the world. The reason for its worldwide acceptance is no other than its ability to changed the way transactions are conducted in many electronic platforms. Conventionally, electronic card transactions take approximately three business days to get confirmation. On the other hand, Bitcoin transactions take few minutes to be confirmed on the blockchain.
In addition to this, cryptocurrency can be permanently lost from local storage due to malware or data loss. This can also happen through the destruction of the physical media, effectively removing lost cryptocurrencies forever from their markets.
At the same time, there is no central authority, government, or corporation that has access to your funds or your personal information.
Due to the anonymous nature and the lack of central control on these markets, it is hard to know whether the services are real or just trying to take the bitcoins.
Some black market sites may seek to steal bitcoins from customers. The bitcoin community branded one site, Sheep Marketplace, as a scam when it prevented withdrawals and shut down after an alleged bitcoins theft. In a separate case, escrow accounts with bitcoins belonging to patrons of a
I’ve been following the cryptocurrency space for a while. I kept hearing about it and seeing ads on YouTube. It seemed like a way to make money, but I was always hesitant to get into it because of all the scams and ponzi schemes that are out there. As time went on, people continued to invest in the space and learning more about it.
The Bitcoin network is the largest peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Bitcoin is the first implementation of a concept called “cryptocurrency”, which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.
Satoshi’s anonymity often raises unjustified concerns because of a misunderstanding of Bitcoin’s