Versión Español: Contacto del quinto tipo: comunicándome con las criptos [ES]
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We have finally reached the last episode, and I started to write it with great enthusiasm, but, the more I wrote, the more information seemed to be missing, which would make it longer and more difficult to read, this situation led me to rewrite it at least 4 times.
My initial goal was to be able to encapsulate the experience in 5 episodes, so that people without much idea about computers could understand BLOCKCHAIN and the benefits that I have learned about what this technology can bring to society.
Unfortunately I must say that I have failed in my initial goal, I can't encapsulate all my ideas in just 1 or 2 minutes of reading (to avoid people getting bored), so I have decided to continue writing other articles separately, so that people can understand BLOCKCHAIN at a slower pace.
So, following the timeline of the previous episode, and after my disappointment, I abandoned my 200 euros in BITCOINs in a wallet. My friend Alf, on the other hand, went on his own to learn about BLOCKCHAIN, CRYPTOCURRENCIES and how to invest in a way to avoid relying on companies, which are clearly frauds.
During 2020, there was a BOOM! on BITCOIN topics, even people who weren't paying attention to the economy started to realise that there were people investing in BITCOIN, plus uncle Elon got all the attention with his CRYPTOCURRENCIES investments:
By the end of 2020, my forgotten 200 euros in BITCOINs, had turned into a little over 500 euros. So I decided to talk to Alf, who, with his adventurous spirit, managed to understand more about investing in CRYPTOCURRENCIES. He showed me new concepts that supported the BLOCKCHAIN technology while investing, as well as the use of private wallets. After a few words, I resumed my research and came up with more new concepts or applications:
- Wallets such as Exodus and/or Meta-mask (there are many more).
- DeFi: acronym for "Decentralised Finance".
- Dapps: name for "Decentralised Applications".
- compound.finance: a "dapp" that allows you to lend and borrow money. As well as earn money while you lend money.
- pooltogether.com: is a "dapp" where you can play the lottery without losing your money, crazy right?
- Proof-of-Work (PoW): is the way miners work to validate transactions.
- Proof-of-Stake (PoS): is a new way for miners to validate transactions, thus avoiding the intense use of electricity, which in turn improves the speed of the system as well as the cost of transactions. But it also brings with it other associated problems.
- Validator: is another nice word for "miners" when they are using PoS, rather than PoW.
- GAS: is a way for Smart Contracts to incentivise "miners" or "validators" so that they can process the transactions specified by Smart Contracts. In simpler words, these are commissions taken by the "miners" or "validators".
As you can see, I could go on and on about different concepts, applications, and so on.
As I was writing this last episode, I realised that I was trying to do what Governments and traditional economic systems have made us believe so far, "the economy is simple" and the truth is that it is not, therefore, I must stop simplifying things a bit, and focus on providing you with the concepts of this new Technological Revolution and better digested, in order to not bore or scare you and, at the same time, you can understand the possible repercussions that all this has, in possibly, a near future.
I hope that, with all that I have talked about, I have achieved what was my essential goal, besides explaining about CRYPTOCURRENCIES in a simpler way, I also wanted to ignite that spark of curiosity within each one of you, so that together, we can be part of a possible Economic and Social Revolution, as was the Industrial Revolution.
Thank you all for your attention, I also wanted to thank my friend Alf, and those who made me understand the importance of less technical people being able to understand this technology using a different approach.
I will see you in other posts and/or sets of posts....
Translated with www.DeepL.com/Translator (free version)