November 15, 2020 by Brian Priest Welcome to my What is Cryptocurrency for Beginners? Can you make money with Bitcoin? Ethereum? There a so many options.
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Hello everyone, and welcome to information article,
What is Cryptocurrency for Beginners.
And since I’ve been doing reviews on several Cryptocurrency MLMs,
I thought it would offer help to those
That may be new to the whole cryptocurrency arena,
If I were to explained what cryptocurrency is,
As well as where it comes from, and how it works.
As a matter of fact, you’ve most likely heard if Bitcoin
Or, someone may have approached with an offer,
So you came here to find out what it is.
Well the good news is we are gonna dig into the cryptocurrency world,
And see what it has offer us,
And most importantly, Can it make us any REAL MONEY!
So hang on tight and pay close attention.
Here we go. 🙂
What is Cryptocurrency for Beginners – What is Cryptocurrency?
Cryptocurrency is digital or virtual currency that is secured by cryptography,
Which makes it nearly impossible to counterfeit or double-spend.
An very large portion of these cryptocurrencies are decentralized networks
That are Based on blockchain technology—
Which is a distributed ledger enforced by a disparate network of computers.
One of the defining feature of cryptocurrencies
Is that they are generally not issued by any central authority,
And as a result, renders them theoretically immune
To government interference or manipulation.
And as an additional source for related information,
I recommend the linked article below,
Which is a consumer information article from the FTC,
What to know about cryptocurrency – Consumer.ftc.gov
These cryptocurrencies are used as a form of payment
That can be exchanged online for goods and services.
There are many companies that have issued their own currencies.
These currencies are often called tokens,
And can be traded for the goods or services these companies offer.
You can kind of think of them like you would arcade tokens or casino chips,
You have to purchase them with real money
To be able to gain access the goods or services.
I found a really good video on YouTube that give good and short explanation of cryptocurrency:
Some Key points to Remember
- Cryptocurrency is a new form of digital asset based on a network that is distributed across a large number of computers.
- This decentralized structure allows them to exist outside the control of governments and central authorities.
- The word “cryptocurrency” is created from the coding techniques which are used to secure the network.
- Blockchains are organizational methods for ensuring the integrity of transactional data, and are an essential component of many cryptocurrencies.
- Many experts believe that blockchain and related technology will disrupt many industries, including finance and law.
- Cryptocurrencies face criticism for a number of reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them.
- However, they also have been praised for their portability, divisibility, inflation resistance, and transparency
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What is Cryptocurrency for beginners – What are They Worth?
There are more than 6,700 different cryptocurrencies
That are publicly traded according to CoinMarketCap.com.
And these currencies continue to proliferate,
As well as continuing to raise money through initial coin offerings, or ICOs.
According to coinmarketcap.com, on September 2, 2020
The total value of all cryptocurrencies was more than $370 billion, .
And the total value of all bitcoins, the most popular digital currency,
Was standing firm at around $210 billion.
And the best part about this is that the value of crypto is it does exactly what users want money to do:
It stores consistent value, and acts as a medium of exchange for goods and services
Listed below are the top 10 Cryptocurrencies by market capitolization.
|Bitcoin Cash||$4.9 billion|
|Binance Coin||$3.5 billion|
|Crypto.com Coin||$3.4 billion|
Data current as of September 2, 2020.
What is Cryptocurrency for Beginners – Is it legal?
Well there is absolutely no question that they’re legal in the United States.
However, China has essentially banned their use,
And their legality ultimately depends on each individual country.
It is also a good time to remind everyone to be aware that there are fraudulent people out there.
And to protect yourself from those who
Try to use cryptocurrencies as an opportunity to scam investors.
So always be attentive to the people you choose to do business with.
How to Protect Yourself
If you’re looking to buy a cryptocurrency in an ICO,
The first thing to do is:
Read the fine print in the company’s prospectus for this information:
- Find out Who owns the company? If they are an identifiable and well-known owner, that is a positive sign.
- Are there other major investors who are investing in it? It is always a good sign if other well-known investors want a piece of the action.
- You will also want to find out if you will own a stake in the company, or will you just be investing in the currency or tokens? This distinction is important, Because owning a stake in the company means you get a portion of the companies earnings (you’re an owner). Where as to simply buying tokens means you’re only entitled to use them. Just like chips in a casino.
- And, is the currency already developed? Or is the company looking to raise money to develop it? The further along the product is, the less risky it is going to be.
It can take a lot of work to comb through a prospectus;
And the more detail it has, the better your chances are that it’s legitimate.
But even legitimacy doesn’t mean the currency will succeed.
That’s an entirely different topic,
As well as one that requires a lot of market savvy.
But to completely honest with you,
Just having cryptocurrency exposes you to the risk of theft.
Because hackers are continually trying to penetrate the computer networks that maintain your assets.
One high-profile exchange declared bankruptcy in 2014
After hackers stole hundreds of millions of dollars in bitcoins.
However, these aren’t typical risks for investing in stocks and funds on major U.S. exchanges.
What is Cryptocurrency for Beginners – How to buy Cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars,
There a a lot of others that require you pay with bitcoin
Or some other form of cryptocurrency.
To buy cryptocurrencies, you’ll need to have a “wallet,”
A “wallet” is an online app that you hold your currency in.
Once you have your wallet, you will need to create an account on an exchange,
And then you can transfer real money to your wallet to buy cryptocurrencies such as Bitcoin or Ethereum…
Coinbase is one popular cryptocurrency trading exchange
Where you can create both a wallet
As well as buy and sell bitcoin and other cryptocurrencies.
There is also a growing number of online brokers
That are offering cryptocurrencies such as: eToro, Tradestation and Sofi Active Investing.
Robinhood is another exchange that offers free cryptocurrency trades (Robinhood Crypto is available in most, but not all, U.S. states).
Now that we have covered all that, Here are…
My Final Thoughts on What is Cryptocurrency for Beginners
So is Cryptocurrency a scam?
I would have to say that it is definitely NOT A SCAM.
However, even though there are thousands of legit Cryptocurrencies out there
There is always going to be someone trying to pull a fast one.
If you are looking to invest in cryptocurrencies,
Always do your homework, and check out the company
That you are considering investing with,
You can always Google the company title followed by the word “review”,
And you should be able to find enough quality information
On the company to make the right decision.
And as always, seek the advice of a qualified professional in that field.
I Hope you have enjoyed my What is Cryptocurrency for Beginners review.
If you have any questions or comments,
Please feel free to leave them in the comments section below,
And I will get back to you as soon as I am able.
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