Cryptocurrency was very new to me. I was clueless. However, Bitcoin has made me a believer. The more I learned; the more interested I became. The entire concept is awesome. In five minutes you too can be up and running. Trust me; if I can do this you can too. I am hooked and you will be too!
The cryptocurrency craze may be new to you; it certainly was to me. But take a look; and check out all the cool stuff there is to know.
The world is becoming globalized with Monetary instruments called cryptocurrency. Bitcoin was the first of these cryptocurrencies; now there are thousands available. Here are some key details; and some support tools; to help you to understand what they are. And more importantly what they mean to you
First, Lets break down the basics of what Bitcoin represents:
Bitcoin is the world’s first form of cryptocurrency. Cryptocurrency is digital currency that is recorded and managed in “virtual/digital ledgers.” It is decentralized thus it uses Peer-to-peer interactions for the exchange or sharing of information, data, or assets between individuals or groups. Due to this “peer-to-peer protocol” of Bitcoin; the network is able to operate as its own economy without the need for third party service providers.
Fun With Bitcoin
This is the important part where the fun starts! You can use Bitcoin in just the same way you would use any other currency. There are a ton of merchants – both online and offline – that accept Bitcoin as the form of payment. They range from massive online retailers to small local shops, bars and restaurants. Bitcoins can be used to pay for Travel, (flights and hotels), home furnishings, garden supplies, jewelry, apps…you name it!
The Blockchain
The “digital/virtual ledger” that makes cryptocurrency possible is call the Blockchain. The Blockchain keeps track of who is sending what to whom. For example how many tokens, coins, or information sets. In the case of Coins/Cryptocurrency; it tracks the balances of every account. Many thousands of people maintain the blockchain; all across the globe; instead of any one entity. The blockchain contains blocks; These blocks hold the individual transactions sent; and transactions received. When you access your Cryptocurrency Balances; you are seeing data on the blockchain; not in any one personal system.
As you can well imagine the blockchain technologies are very fast paced; thus come with risk and reward. Therefore, to ensure consumer protection and manage the risk; regulations are taking place across the globe. OMINEX is noteworthy in this area; as they are leaders in the field of the regulatory process.
Digital Wallets
There are many Digital Wallets out there these days. A digital wallet is used to store information sets/data/cryptocurrencies. (like Bitcoin). Now of course they are not physical storage places that we would carry around. They store the digital information about your currencies to facilitate the sending and receiving of currency.
Staking
Staking=Proof of Work (PoW). Proof-of-Stake (PoS) is one of the consensus mechanisms used to nabling users to automatically earn staking allow transactions to be gathered into blocks which are then linked together to create the blockchain. This is a far more energy efficient way of enabling users to automatically earn staking than the older way which was based on solving mathematical equations. Staking accomplishes PoW without the math. Stakebase is one of our favorite systems out there to earn proof of stake without any technical knowledge required.
How is this all accomplished…you might ask…or maybe not!
The fact is that cryptocurrency is secured with cryptographic codes in the blockchain which is an incorruptible digital ledger of economic transactions. It is incredible technology that involves digital wallets and virtual platforms and Proof of Work (POW) and so much more. The good news is that you don’t need to understand all of it to use it and benefit. Yay! (If you think about it there are many things in life that are like that. Heck I don’t even really know how my car is all put together but I mange to drive just fine.)
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