#crypto 101

There is a New Game in Town

Cryptocurrency or ‘Crypto’ is “the Buzz”, and many people have been jumping on the bandwagon and getting in on the fun (and it’s okay if you don’t know much about this financial newcomer).

This beginner's guide will bring you up to speed on the essential aspects of these new money trends.

What is Cryptocurrency?

If you are familiar with PayPal and other online websites that transfer money digitally to various people and accounts, then you have a basic idea of this new currency.

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Cryptocurrency is purely digital money that can be used to buy material objects like clothing, appliances, software, etc. Further, you can transfer it to other people through the internet.

While crypto is not “legal tender”, it is still used like paper money. The difference between cryptocurrency and traditional currency is that banks do not control the money, nor where it is sent.

You remain in control of all the funds and can send them anywhere you want without worrying if some bank regulator stops the transaction. Plus, you do not need to create an account or password when using this money.

All that is necessary to make transactions is to download the correct app onto your smartphone. Now you are ready to rock!

Why is it called Cryptocurrency?

This term is a combination of cryptography and currency. You already know what the latter word means, and the former means “secret writing”.

When cryptography is used to transmit currency electronically, many mathematical techniques keep the transaction secret. Those techniques encrypt your financial data on one end and then decrypt it on the other.

Also, this secret encryption is done automatically for you. The apps are pre-programmed to handle the transaction's encrypting and decrypting aspects. Thankfully, there is no new math to learn.

No permission is needed

In traditional financial transactions, including wiring money from one place to the next, there are a lot of government rules watching over who can or cannot make a transaction. Plus, those rules govern how much can be transferred.

With Cryptocurrency, no governments watch over your shoulder or freeze your accounts when rules have been broken. That is not the only good factor involved with this new financial trend.

This network is designed so that it is supposedly almost impossible for hackers and other computer geniuses to shut it down. That same design allows you to transfer money in seconds to another party at a fraction of the cost a traditional money transfer would charge.

Who invented Bitcoin?

“Bitcoin” is the most popular and well-known cryptocurrency, at this time. Yet, no one knows who invented it. The person simply goes by an anonymous screen name, Satoshi Nakamoto.

What is known is that this individual or group of individuals published a 9-page booklet describing the details surrounding Bitcoin and how it works. Then in 2009, Bitcoin was launched.

This launch became the foundation that all the other cryptocurrencies are based on. While they may or may not use the same type of software, these alternate cryptocurrencies are not alike.

There are many of these alternatives, and they may be faster to use than others, have more privacy protection than their competitors, are more secure, and so on. Each one has its unique characteristics that set them apart from each other.

The key to being involved in the cryptocurrency trend is to do your research. Do not rely on just one source for your information, but be thorough and get the whole picture before investing.

What is Bitcoin?

This is not financial advice. I am sharing lessons learned from building my own investment portfolio.

So you’re wanting to know more about crypto currency? The first step is to get a deeper understanding of the technology.

There are a few fundamental aspects of this currency that I think can help you to have a better understanding of how it works and why it is changing the future of financial transactions.

🏦 First, Bitcoin works with a type of technology called “blockchain” which is the name of a cloud system that stores data in blocks, making it easier and faster to process than traditional computer technology.

🏦 Second, Bitcoin became a popular trading alternative to using government based currency because it allows for transactions to be securely stored and not tracked by the government or any one entity.

🏦 Third, Bitcoin rose in monetary value because of the scarcity in its supply. Think of its value as similar to diamonds. Diamonds have to be mined and then purchased in order for it to hold value. In the same way, Bitcoin was designed by an anonymous creator to be available in limited supply and to become available only after it is “mined” or digitally verified as a completed transaction on the blockchain.

So why is it important to invest in Bitcoin today?

Bitcoin is becoming the preferred alternative to government currency. It is global and the technology network is widely adopted by organizations or becoming more accepted by government and financial institutions as acceptable currency.