How to Blockchain and Crypto

By Dobler | Dobler | 4 May 2021


Hello, this is my first article on this website and I am experimenting with different cryptocurrencies and methods of transactions. I am interested in all of it from the cryptology to the computer science behind it, there it a-lot involve in all of these.

 

So, what is all of this? 

Basically people are working on new currencies that are backed by traditional currencies as well as other cryptocurrencies to create a new form of currency. These currencies are different because they are not regulated by the U.S. government or any government for that matter. Cryptos can be exchanged freely across all countries and all different currencies. This is great...

 

But, why is this great?

 

This is awesome because this new form of currency is not regulated by these governments meaning there is no taxation. Companies, people, or businesses can receive these payments from anyone anywhere at anytime without tax. Although, you do have to pay gas fees...

 

What are gas fees?

 

Gas fees occur when anyone does any sort of transaction on the blockchain. For example if someone switches crypto currencies for another crypto depending on the service and network you may have to pay gas fees. Gas fees are prices that add on to the price of the purchase and are used to pay other computers who are powerful enough to validate these transactions. 

 

Okay, but what does this have to do with anything?

 

Well, if the U.S. government can not monitor these trades, cryptos can be any price and worth any value. The potential for this is insane. A business could put a-lot of it's money into it for example and expect huge returns. I am thinking the same could be true for starting a business in this industry. Starting a businesses in this industry is something I have been working to do for quite some time now.

While its great, it also sucks that you have to pay gas fees. Although I won't have to pay any weird U.S. or foreign taxes I am able to exchange these cryptos for cryptos that are stable for the USD. This allows for people to put in money into a trading bot and expect large returns for the large value. But the large risk is actually minimized by the bot strategy in most cases.

 

I know that this article went in many different direction but that is honestly how I think, If anyone reads this leave me some feed back if you can IDEK lol but please let me know if this article contained any good information or if I just completely messed everything I talked about up. Also sorry if there are half finished thoughts, I feel like I can not get all of my thoughts on to my computer fast enough.

 

Dobler.

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Dobler
Dobler

I'm a creator, Illustrator, designer, photographer, musician, and so much more. Read my articles to learn more about me and my interests, they might be worth a read!


Dobler
Dobler

Crypto, Tech, opinions, thoughts, and more...

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