WHAT IS CRYPTO CURRENCY?

Updated: Dec 2, 2021


what-is-crypto-currency?
WHAT IS CRYPTO CURRENCY?

What is Crypto Currency and how did it started?


Cryptocurrencies let you buy goods and services or trade them for profit. Here's more about cryptocurrency, how it started, and how to buy it while learning how to protect yourself.


It was back in 2009, the first decentralized cryptocurrency, bitcoin, was created by presumably pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, in its proof-of-work scheme.


It was back in 2009, the first decentralized Cryptocurrency, bitcoin, was created by presumably pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, in its proof-of-work scheme. While for 99% of people on the planet, Cryptocurrency sounds like a Chinese dialect to them, let us see what does Wikipedia say what it is:

A cryptocurrency, crypto-currency, or crypto is a collection of binary data designed to work as a medium of exchange. Individual coin ownership records are stored in a ledger, which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. [1][2][3]. Cryptocurrencies are generally fiat currencies, as they are not backed by or convertible into a commodity. [4] Some crypto schemes use validators to maintain the Cryptocurrency. In a proof-of-stake model, owners put up their tokens as collateral. In return, they get authority over the token in proportion to the amount they stake. Generally, these token stackers get additional ownership in the token overtime via network fees, newly minted tokens, or other such reward mechanisms. [5]. Cryptocurrency does not exist in physical form (like paper money). It is typically not issued by a central authority. Cryptocurrencies typically use decentralized control instead of a central bank digital currency (CBDC). [6]. When a cryptocurrency is minted or created before issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each Cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. [7]

Bitcoin, first released as open-source software in 2009, is the first decentralized Cryptocurrency. [8]. Since the release of bitcoin, many other cryptocurrencies have been created. (Source Wikipedia).



crypto-is-the-future-and-the-future-started-already.
Crypto is the future and the future started already.

BEWARE OF SCAMMERS!


That you have to be aware of scammers when it comes to Crypto is more than evident, and you will benefit from the fact that I am doing my due diligence with who I work and their background. Are there smartasses fishing for those that want to get rich in one day? Yes, remember, when an offer is too good to be true, it is too good to be true. In general, you have scammers everywhere where money is involved. This is not a specific crypto thing. Loans, Insurances, and other investments are always attracting those that want to scam others.


But how to protect yourself against them?

That's an easy one. LEARN before you do anything. This is not only for money this way but for everything. Otherwise, you will end up like these crack-heads that then tell stories like, "these guys are scammers because they said a, b and c." When you are learning, and you inform yourself daily, and you are totally into a topic, it will be very difficult to scam you. Knowledge is power, you heard about this term?


Like it or not but Crypto is already in our daily lives. Just because some of you live like in a Forrest does not mean it is an exotic thing that doesn't have a future. Crypto is the future.




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