What are cryptocurrencies?
Cryptocurrencies are digital currencies that circulate on the blockchain.
Some cryptocurrencies are tokens and others are coins.
Most of the currencies are connect with a specific project and you can only use them in that blockchain.
Example: Post office use stamps to deliver letters in this case the Post Office is the Blockchain and the stamp is the cryptocurrency.
What is the blockchain?
A blockchain is originally block chain and is a growing list of records called blocks that are linked using cryptography.
Therefore each block contains a cryptographic hash of the previous block a timestamp and transaction data.
As a result, design a blockchain is resistant against modification of the data.
Example: The road & cars so the road is the blockchain and the cars are cryptocurrencies.
The best ted talk about Bitcoin, 18 minutes of Knowledge.
What is Bitcoin? Why people like Bitcoin?
Bitcoin is a cryptocurrency.
In other words, It is a decentralised digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
Therefore people like Bitcoin because bitcoin was the first blockchain to be created and is the stronger blockchain in the world that’s why everyone calls bitcoin the digital gold but at the same time because the price of bitcoin have a strong influence in the price of the others cryptocurrencies.
For example the price of the Unites States of America currency, the American dollar is supported by the massive amount of gold that USA have inside of Fort Knox. The same logic is for the Altcoins, they are supported by Bitcoin.
How can you buy Bitcoin?
The fast way and safest is to buy it on Coinbase.
Coinbase is the most famous website where you can purchase Bitcoin and some others cryptocurrencies.
Using your credit and debit card with maximum security.
Coinbase is one of the firsts websites where bitcoin can be purchase in the Unites States of America and the World in these days.
How can you buy the others Cryptocurrencies?
Binance is the most famous exchange in the world, is the most user friendly exchange and have a really good support team.
The CEO of Binance CS is the one of the empowered CEO’s in all industry. By supporting new projects and reduce fees for the clients.
On the Binance exchange you can trade(Buy/Sell) the most important cryptocurrencies.
At this moment Binance offers some different services like staking and lending, by Holding some coins on the exchange you get rewards, you will get more coins of that coin that you stake (like interest).
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Please before you invest your money and your time in any cryptocurrency, do an exhaustive research of the coin or token that you want to buy and the utility that the cryptocurrency have in the market.
The Crypto market is a very volatile marketplace but at some time you buy a token at 1$ after two hours that same token is 20 cents below the price that you initially paid.
Or sometimes could happen the Opposite and you make some money in the same day that you bought the token.
It’s a high risk market my friends, DANGER sign.
I hope that this post help you to understand a bit more of the crypto world.
Please visit my Library I post some books that can help you to make the right decision.
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Please read the book below to understand the real power of BITCOIN.
The Internet of Money – Andreas Antonopoulos
Best Regards
Cheers
