Why Cryptocurrency Is Accepted
Cryptocurrency is the very first technology that gives you an original structure of value. Meaning, if you send cryptocurrency, you are sending an original copy and not a duplicate value.
Take for an instance, you can easily get your iOS and send images to your friends. Now, after you send the images, do you still have the copies?
Yes or no?
I guess yes. If so, then that makes it not an original form of transferring value.
But in cryptocurrency, you send only the original. Meaning, if I send or transfer a copy of my value to you, I cannot still have an original in my possession.
The Governments of most nations are afraid of the cryptocurrency revolution, why? Because, they can’t influence it, and also because, it is open for everyone to see what they are doing.
But some of their fears have a path. For an example, they believe that Cryptocurrency can be used for illegal acts and terrorism purposes. But you know what?
Cryptocurrency is a currency. Why ain’t they afraid that local currency can also be used or exchanged for foreign currencies for the same purpose? Or, have they so much forgotten that Ripple and Ontology can solve so many economic downsides? Let’s forget about it.
You may not be told, but if you are a crypto beginner, always go here first. And if you want the true story of Bitcoin since 2017 before the top Bitcoin Billionaires invested in it, see the complete history.
If you want to invest in top Crypto/Blockchain projects, never fail to see this guaranteed investment failure path. Again, you want to see the best qualities of the best crypto exchange suited for you + pro traders working tools for trading success.
Should you want to overcome fear and buy bitcoin on your own, then see this, and see the recommended safe places to buy crypto/blockchain projects in your country.
If you want to be hacked or scammed, see how I was scammed and what lead to this site, and see how Cody Brown was hacked wherefore he lost $8,000 cryptocurrencies.
- 1 The Concept of Money
- 2 Where The Worth Of Money Comes From?
- 3 The Reason Behind Crypto Encryption
- 4 Why The World Has Since Moved To Cryptocurrency
- 5 How Are Cryptocurrencies Created?
- 6 The Cryptocurrency Technology By Blockchain
- 7 The Decentralized Nature Of Cryptocurrencies
- 8 Cryptocurrency Wallets
- 9 Forms Of Cryptocurrency Wallets
- 10 Examples & Types of Cryptocurrency wallets
- 11 Which Wallets Store the Most Cryptocurrencies?
- 12 The Top & Best Places To Buy Cryptocurrencies
- 13 Security & Safety Of Your Cryptocurrencies
- 14 Cryptocurrency Terms For Beginners
- 15 Cryptocurrency Trading Antics
- 16 The Benefits Of Cryptocurrency
- 17 What You Won’t See In Cryptocurrency Transactions
- 18 The Elastic Life Limit Of Cryptocurrencies
- 19 The Disadvantages/Concerns about Cryptocurrencies
- 20 Why Cryptocurrency Is Accepted
- 21 What Makes Cryptocurrency Different?
- 22 The Adoptions of The Blockchain/Cryptocurrency Technology
- 23 Cryptocurrency Communities To Join
- 24 Top 5 Crypto Entrepreneurs and Blogs to Read
- 25 How to Earn Your FIRST FREE Cryptocurrencies in 5 Seconds
- 26 How to Easily Spend your Cryptos?
- 27 Investing In Cryptocurrencies
- 28 The Governments Are Afraid?
- 29 Conclusion
The Concept of Money
Many believe that money is imaginary. But other believers’ think that money must be touched and felt.
You may want to ask, what makes the difference between an A5 paper and a 1$ bill (still in a paper form)?
One is universally accepted because it has been recognized as a medium of exchange, and the other isn’t.
What if the 1$ bill were a lamb (animal)?
If commodities could have been bought using lambs, then we can as well say that such a lamb is a currency, right?
What does this mean?
It means that any form of exchange by value can be considered a currency be it imaginary or touched.
Where The Worth Of Money Comes From?
Using a lamb for an example.
If I can accept a lamb as a means of exchange (currency), then its worth is derived from the acceptance.
In our rear guard, we may pretend that it is money, but yet, what makes it a currency is the acceptance attitude it commands.
Like gold, the digital currency – cryptocurrency has come to be seen as a form of exchange which means, same value has been bestowed on it, making it a form of currency.
But what does the world has to say about it? By world, I mean the government of nations.
We will answer that in a moment.
The Word Crypto
If you look up to your dictionary. I mean a 1981 Webster, I doubt you will find a true definition of the word crypto as I will explain it.
The word crypto means digital. It has much to do with computer sciences. But that is not all about it.
Now, take for instance. We have the word virus. The virus you know that attacks a computer is not the same as taught in the high school probably in Biology, right?
In this context, the word crypto is coined from the word encryption.
This is the art of programming what you want by aligning a set of numbers using unified codes. These codes give out what you want based on your input and purpose.
Let’s take an alignment of certain numbers at random; 2002031005030302. These numbers are just and will remain ordinary numbers until you program them to work the way you want.
So, it is not the digits that work but the program behind it.
This is what I mean.
If I want to recharge my mobile phone data for internet connectivity, I will need some codes to key into my phone in exchange to make calls because I cannot just enter the above numbers at random and get the desired result.
Because there was no program behind it.
But if it were encrypted by a process of programming, then, I would simply get a value for what I paid for.
So, the only financial language the computer understands is the encryption strings which defines why the crypto is all about the sciences of computing.
Yeah yeah, I know encryption is much more about security. But we are not fighting hackers yet, I know we will look on that, but for now, we focus on understanding the basics.
The Reason Behind Crypto Encryption
The cryptocurrency is designed to function on the term of encryption to prevent it from being copied or deleted.
You will understand more as we go on.
Why The World Has Since Moved To Cryptocurrency
The world successfully moved from coin to paper. From paper to plastic (MasterCard and so on), and now to cryptocurrency.
The Cryptocurrency revolution is all about the virtuality of money – you cannot touch them.
Cryptocurrency today like a dollar has what is called value.
Of course, you know that money can change state and still keep its relevance, right? In fact, every component of money is found in cryptocurrency.
Just to note,
The United States dollar changed from a fixed currency (backed by gold) to fiat in the 1970’s. And now, Cryptocurrencies are fiat currencies that are not backed by any government. More as we go on.
What Is Cryptocurrency?
Cryptocurrency is simply an encrypted form of digital currency.
Crypto – digital.
Currency – money
Cryptocurrency works on a p2p system. The p2p is what is known as a person-to-person or peer-to-peer.
In cryptocurrency, the value is transferred from one address to another when the owner of the sending address digitally signs a transaction using her private key and transmits the signed transaction to the p2p network.
By private key, you are free to see it as a password.
Cryptocurrencies are fiat currencies that are not backed by any government. Their value is determined by those who trade them and the confidence that the value will increase over time.
Cryptocurrencies are other digital currencies with bitcoin included. Just like we have other email services apart from Gmail, like the Yahoo, AOL, and Hotmail and so on.
Some other cryptocurrencies apart from Bitcoin include Ontology, Icon, Ripple, Ada and more wherefore can be found at Coinmarketcap.
Cryptocurrencies are a form of electronic money. They are based on complex computer encryption (mathematics) rather than the known traditional money and banking system.
Version 5 -Technically
Cryptocurrencies are designed to exchange digital information made possible by a cryptography process.
Nodes on the network verify the transaction’s legitimacy, and then the transaction is appended to the ledger through a process called “mining”.
A little bit confused or need more explanations on how the whole “node” of a thing works and the cryptography processes?
Check out the Comprehensive Crypto Dictionary- 2018 version
Before we move on, have you ever heard of the word Altcoins?
Altcoins: these are cryptocurrencies other than bitcoin. It combines two words Alt & Coin.
ALT: means alternative and,
COIN: connotes currency.
The full meaning: Alternative coins – Altcoins.
How Are Cryptocurrencies Created?
Cryptocurrencies other than tokens are created through a process known as mining.
Just like the mining of pure gold, in Cryptocurrency, specialized machines are being used to solve mathematical problems which give the answers or feedback in form of cryptocurrencies.
So, it is not like a banknote that can be printed, no.
Can I Mine Cryptocurrency?
Absolutely yes. Everybody can be a miner, but the fact is that it is more of manpower demanding than mere exaggeration.
That’s to say, it involves a huge capital and maintenance fee to keep the specialized machines running. Just imagine the cost of maintaining an electricity plant.
In fact, according to one of the rules set by Satoshi, all miners need to invest some work of their computers to qualify for this task.
They have to find a hash – a product of a cryptographic function – that connects the new block with its predecessor.
This is called the Proof-of-Work.
In Bitcoin, it is based on the SHA 256 Hash algorithm”.
Should you be interested in creating your own cryptocurrency like Bitcoin, the good news is that with a “likely” sophisticated machine above, you are good to go. Also, you don’t need to understand how SHA 256 works;
It is a little bit complicated due to the cryptologic puzzle different miners may have to solve.
After 5 days of work, this is THE BEST VERSION OF BITCOIN FOR DUMMIES IN 2018.
The Cryptocurrency Technology By Blockchain
Remember that Cryptocurrency has a value. Now, the Blockchain is the first technology that allows two parties to send the original value.
It, therefore, means that the platform or vacuum the value passes through is called the Blockchain.
Technically, we can say that the Blockchain is a non-polluted transparent ledger (platform) that allows you to transfer and monitor any original transferred value from one person to the other.
In the Bitcoin Blockchain wallet, the transactions history (ledger nature) can be tracked using HASH/IP in www.blockchain.info
Below are other blockchain(s) you may need to immediately Track your crypto transactions.
The Mode of Cryptocurrency Operation
Cryptocurrencies operate by implementing a decentralized append only to ledgers to keep track of accounts.
All transactions are recorded in a public ledger, and so everyone is always aware that transactions are going on, but they just don’t know who owns the accounts.
The above explanation sounds a little bit complicated I guess. See what it simply connotes:
Look at a cryptocurrency transaction as a football stadium whereby all the fans are ushered in through one entrance (public ledger). Every one of them is known by headcount.
Each of the fans is searched/scanned in case of carrying physical arms but yet nobody knows their inner plan (the owner of the accounts).
The electronic counter which has the headcount of every fan is the Blockchain.
At the point, the electronic counter cannot be erased because it is interconnected with thousands of computers, and also open for everyone to examine what is actually going on.
The Decentralized Nature Of Cryptocurrencies
Decentralization signifies the independence of cryptocurrencies. It means that cryptocurrencies do not need the authority hacks of the world governments approval for it to perform its functions and values.
I mean, the government cannot manipulate it as the currency needs no approval of no one or even passing through government signatory and check table.
The decentralization prowess of cryptocurrencies gives it three hardcore features
• Makes them resilient against censorship.
• The use of digital signatures makes them resilient against theft and account seizing (so long as a user’s private keys are kept secret).
• The Blockchain makes them resilient against forgery and double-spending.
Moreover, since taking part in the Blockchain revolution requires only that a user creates a public-private key pair, anybody can participate.
If by any chance you encounter big words, just check out the Crypto Glossary for Altcoin Nerd
Here comes one of the most important things in Cryptocurrency – the wallets.
Cryptocurrency wallets are storehouses. Technically, they are vaults that you store and manage your Cryptocurrencies.
To get started in Cryptocurrency, it is compulsory to have a wallet in order to manage your cryptos.
An equivalent situation is wanting to receive money from your brother in abroad, it is demanded that you might have opened a bank account wherefore the money can drop when sent.
Forms Of Cryptocurrency Wallets
There are many types of Cryptocurrency wallet based on what you want.
These wallets work differently.
An example is opening a savings bank account, current account, and even a Joint bank account. They all have their pros and cons.
However, when considering Cryptocurrency wallets, the basic concept is that you have to use a wallet that will be safe and suit your portfolio.
In their ranks, we have cool and hot wallets, desktop and mobile.
Examples & Types of Cryptocurrency wallets
The Cold Wallets: we have two types: paper and hardware cool wallets.
Under hardware wallets, we have many types such as Ledger Nano S, Trezor, digital bitbox and more.
The Desktop: we have many of them such as GCR, Bitcoin core, and so on.
Hot wallets: these are wallets hosted online. We have Binance, Coinbase and more.
Mobile wallets: these are smart mobile devices wallets. Examples are Coinbase mobile wallet, Coinomi, and Copay and so on.
Ether wallets: these are wallets that manage ERC-20 based coins. The ERC-20 based coins are Ethereum based generated cryptocurrencies.
There are many types of ERC-20 based coin wallets but the popular one is the MyEtherWallet.
The Safest and Weakest Types of CRYPTOCURRENCY Wallets?
The safest: hardware wallets.
The weakest; mobile wallets.
Which Wallets Store the Most Cryptocurrencies?
Like I said earlier, you want to use a cryptocurrency wallet based on what you want.
Therefore, from Paper, mobile, and to desktop wallets, the wallet that stores the most number of cryptocurrencies are the hardware wallets.
Keepkey <10 cryptocurrencies
Trezor 1 < 50 cryptocurrencies
Ledger Nano S > 400 cryptocurrencies + Monero (recently)
Trezor T > 400 cryptocurrencies
There are certain Cryptocurrency Android & IOS Apps/Wallets you may need to know should you want to use them.
The popular Cryptocurrency Wallets are Electrum
• Multibit HD,
• Greenbits, and more.
Check this out: All Safer Crypto Wallets
Free Crypto Wallet by Security
Now, irrespective of the benefits accrued, the cryptocurrency wallet I use often is COINBASE crypto wallet.
In my many years of using it, I haven’t had any form of saying I am done with you, so you might want to use it for a start.
Another great wallet to use when getting started is Binance. I am not a Binance wallet freak, so you might want to use it anyway.
You will have to deposit Bitcoin into your wallet online account or any cryptocurrency you want to work with.
What does that mean?
You will have to transfer money to your choice cryptocurrency exchange wallet in order to buy your desired digital coins.
Linking your Bank Directly,
If linking directly from your local bank account and then to your cryptocurrency wallet is what you want, you might want to use Coinbase for the transactions.
Another exchange to try out is CEX exchange.
To Transact Fully,
If you want to know how to send and receive your cryptocurrency, how to copy your Tranx ID, how to set up 2FA and more, then as a beginner, you want a simple crypto exchange to do that.
The Top & Best Places To Buy Cryptocurrencies
When it comes to this section, you need to be careful.
This is a comprehensive list of the top places to buy Bitcoin by country.
• Bittrex – for experienced and beginner crypto users.
• Binance – for experienced and beginner crypto users
• CEX – for experienced and beginner crypto users
• Kucoin – for experienced and beginner crypto users
• BitMEX – for experienced crypto users.
• Luno – Beginners (BTC and ETH)
THE GRANDPA GUIDE TO BUYING ALL CRYPTOS ON HIS PENSION COUCH
➡ How to use Coinbase as a Pro in 2018 and get silent $110 for free! That is right…
Security & Safety Of Your Cryptocurrencies
The safety of your cryptocurrencies has a lot to do with you.
Where does it start?
It starts with your preferred wallet and spans to some safety measures you need to stick to.
The first safety is that you need to set up a 2FA authentication on your cryptocurrency exchange accounts – I recommend it as a most!
For an example, I have set up a 2fa authentication using a very simple – Google Authenticator tool on my Binance, Coinbase, LocalBitcoins and other accounts.
Yeah yeah, you might derail doing it because it sucks – I mean the time you have to set it up sucks. I have been there, so I know.
But the good news?
(I don’t want you to get harmed by phishers and hackers), after thinking about how to do a tutorial on 2FA for over 300 cryptocurrency exchanges, I figured out a way to go about it.
You will see it in another post…
The second precaution is your Private key Safety. Remember I said that you can consider Private Key as a password, so, at this point, long string passwords are advisable at all times.
I know it may be hectic to have different or long passwords on every single cryptocurrency wallet account, right?
The way out?
You can simply use tools known as password managers.
Password managers are tools that manage your passwords. It stores them such that when you go to a particular online account you assigned, it will be entered automatically without you having to key it in manually.
Note: this works even in non-crypto accounts. And some examples of passwords manage are RoboForm, Lastpass, Dashlane and more.
The best advise with using Password managers? Please open another email SOLELY FOR IT! I know what I am talking about. We shall treat that intensively on crypto exchange/wallet security.
About your wallet safety,
There are certainly viable steps you need to take. Let’s see some of them.
• If you are using a desktop cryptocurrency wallet, you know that you have to be careful of virus and malware because they can sweep your cryptocoins with a speed of a jet fighter.
And when they sweep them, the unfortunate thing is that you cannot recover from system history, recycle bin or cookies unit.
• If you are using a paper cryptocurrency wallet, you must be prepared for 100% carefulness else avoid it.
It can also sweep your cryptocurrencies.
Hmmm, let me think.
Okay here is the deal.
I will soon write on the 10 commandments of using a paper wallet. From there, you can decide if you want to go for it.
Note: the popular recommendations you may see is that it is VERY safe or the safest crypto wallet. But, you just wait till I show you some case studies of retired users. You will see the holocaust of losing cryptocurrencies via paper wallet.
• If you are using a mobile cryptocurrency wallet, you need not give out your phone at random.
Also, be careful to always close your cryptocurrency apps after use.
Lastly, note that what happens to an ordinary mobile app can also happen to your cryptocurrency wallet. And as such, if not comfortable, it is okay to avoid it.
Sorry for stressing you. I forgot that you will learn this and more on cryptocurrency wallet management.
Cryptocurrency Terms For Beginners
Perhaps you have heard of words such as Portfolio, digital assets, crypto coins. The truth is that there are more technical terms you need to know.
I wanted to make this post very simple. So, in order not to spoil the party I will explain the few simple ones and later give you a full 120+ Cryptocurrency Terms to get yourself acquainted.
First of all: digital coins, coins, and crypto coins mean the same thing; that is cryptocurrencies. It is just like saying cryptocurrency coins.
These are fractions of a cryptocurrency called Bitcoin. Also,it is the smallest sub-unit of a Bitcoin currently available (0.00000001 BTC).
As we have Satoshi for Bitcoin, we also have Ether for Ethereum.
These are Websites where you can buy and sell cryptocurrencies. Not all exchanges have all cryptocoins listed.
Some popular exchanges are Coinbase, Bittrex, Binance, LocalBitcoins and more as I stated them above.
This is a private portion of a keypair which can create signatures that other people can verify using the public key.
This is also your secret password to unlock your wallet. Your private key is what protects your wallet.
This is the process of using computer power to process transactions on a blockchain. It just defines the process of trying to ‘solve’ the next block.
Now, if Miners process a block successfully, they are rewarded with newly created cryptocurrency for each block.
Okay, let me spoil the party a little bit.
This is a crypto term that defines the number of blocks preceding the genesis block (first block) on the chain.
A Genesis block will always have a height of zero because nothing precedes it.
So Block Height is a metric used to create a bearing on time in the programming world as well as a few other functions such as maintaining counter-party and betting in the crypto world.
A node is a software that maintains a copy of a blockchain. This Software is usually connected to the Bitcoin’s (or other cryptocurrencies) network.
This is a computer that connects to a blockchain.
This defines a situation whereby several (usually most node in a network) all have the same block in their locally validated blockchain.
Detached or Orphaned blocks are valid blocks which are not part of the main chain. They can occur naturally when two miners produce blocks at similar times or they can be caused by an attacker (with enough hashing power) attempting to reverse transactions.
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Cryptocurrency Trading Antics
Perhaps you might want to go into the Cryptocurrency trading dynasty. Before you move a muscle, the truth about it is that it is porous.
By porous I mean it is slippery. By slippery, I mean it is risky.
By risky, I mean you can lose your money, and by losing your money, I mean you can be demoralized, and by demoralization, I mean, you might need to see a therapist to bring back your right balance if you had put more than you ought to.
What do I mean?
Cryptocurrency trading is risky. So, the first advice is, put more you can afford to lose, and do your research before starting out.
The surprise hack? Greed and ignorance are always the Biggest enemies here.
The Benefits Of Cryptocurrency
• You Own It
It is very important to start with a benefit such as this.
In cryptocurrency, you have a total control of your asset. So, I can say firmly that “You own it”.
When transacting with other financial systems such as banks or even electronic cash systems like PayPal, Perfect Money and the rest, your account with them is not wholly yours.
While many stories of frozen accounts and banks collapses are nothing near pleasantries, the electronic cash systems work in a way your account is owned virtually by two parties – you and the company.
But in cryptocurrency, the case is different. You Own Your Funds.
• As The World Economic Fix
Cryptocurrencies like Ripple and Ontology will be the fixes/solutions against economic problematic times:
Yes, they will.
When all chips shall be down in terms of inflation and gross economic issues, these Cryptocurrencies will come in to solve the imminent problems.
Since cryptocurrencies are not managed by any central authority but jointly by a global network of computers using Blockchain Technology database that records Bitcoin transactions, this makes it an independent form of currency.
Decentralization, in essence, means that the network operates on a user-to-user perspective (p2p).
In cryptocurrency, the privacy options of users are well protected unless you want to go the way of a credit card.
The stand out point?
Because alpha-numeric codes are used in the transactions associated with cryptocurrencies, there is no possibility of personal information leakages.
Just imagine sending money through a technology known as the Blockchain. A protocol whereby everyone sees that payment is going on but, the security syntax makes the transaction super secure which nothing can be edited or deleted.
Isn’t that wonderful?
As a matter of fact, there is no how a Blockchain can be hacked, even though with legions of hackers.
The blockchain is just cooked and left for the new and old cryptocurrency users to get involved knowing their personal data are fully protected.
• As a Universal Currency
Cryptocurrencies work as universal assets.
Do you imagine that you can sit in the comfort of your home and buy Bitcoin using a Universal Bitcoin Exchange like LocalBbitcoins?
• The Growth Signature
The Cryptocurrency dynasty has grown. That is all I can say.
Currently, Bitcoin without the other 1000+ cryptocurrencies has over 40 million users, and you know what?
It will break more new grounds as new users are open to it daily.
Take, for instance, in Kenya’s M-PESA system, a mobile phone-based money transfer and microfinancing service recently announced a bitcoin device.
As we speak, approximately more than one-in-three Kenyans now own a Bitcoin wallet.
In Nigeria alone, the spread of Bitcoin has been like a wildfire, such that local crypto exchanges are emerging to help her citizens transact digital assets.
So, the big answer is that anybody from anyway can make use of cryptocurrencies no matter the race – the crypto growth hack.
• Long Term Investment Opportunities
Cryptocurrencies are never an investment unless you give it time.
I am sure you have seen people use this images earmarking HODL.
What it means is; hold onto your Cryptocurrency. You can learn more from the glossaries.
As far as Bitcoin and other Cryptocurrencies are concerned, buying bitcoin for HODL is a long time investment.
I remember buying bitcoin last year mid-June, in December 2017, I exchanged it and I made mom happy.
• No Chance of Losing out by acceptance
Cryptocurrencies are mutually accepted by the two parties involved, therefore there is no risk of loss per se.
If someone says that he lost his Cryptocurrency and you ask him how, but says it cannot be recovered. Mark him as a beginner.
It can be recovered if he was careful enough to manage his crypto Wallet ID and private keys.
That you lose your private key to access your Cryptocurrency wallet does not mean it is lost. I mean, you can access it if you suddenly find out where you stored your Private Key.
The point I am making here is that, unlike fiat, Cryptocurrency cannot be destroyed or say burnt -not physical.
• Instant Transactions
Cryptocurrency transactions are fast and instant.
This instant delivery is the reason many companies have adopted it as their payment methods.
• Fraud Syntax
Considering fraud, it is seemingly negligible to experience fraud in Cryptocurrency since the currency itself is digital and as such, it cannot be reversed arbitrarily by a sender as possible with e-wallets or credit card charge-backs.
More reason. Since Cryptocurrencies are built on the Blockchain, it is open for everyone.
• Flexible Charges on Transfers
When a Cryptocurrency like Litecoin is being transferred from person-to-person, the amount charged is relatively lower compared to our financial institutions.
While the term may not literally be called charges per se, why?
Miners are been already compensated by the network, so what appears as charges are only based on the fact that users will engage with third-party services – the exchanges.
This is it. Providing the services of an exchange connotes that profits must be made and as such is the reason for the considerable amount of fees always charged.
That is the reason an exchange like Coinbase is worth $1B, not forgetting Binance exchange making profits in $100’s of millions.
What You Won’t See In Cryptocurrency Transactions
To this end, while our local banks will always find ways to surcharge us.
Personally, I get credit card maintenance fee charges every month.
Just yesterday, I got June’s. Terrible experiences.
But in Cryptocurrency transactions?
There is nothing like VAT and SMS charges, account service charges, maintenance charges and whatever name (structure) they like using to get our money from the back door.
The Elastic Life Limit Of Cryptocurrencies
Will cryptocurrency be the currencies of the future, or will they crash?
Let’s use Bitcoin as a case study.
I believe they will be the currency of the future.
• It aids highly secure transactions.
• Works as a universal currency
• No inclusion of paperwork for transactions.
• Accessible to anyone, anywhere just using a smart intern connectivity device.
• A cryptocurrency like Ripple will be the shield in times of economic crisis.
• Investment opportunities for long-term returns.
• Cannot delete user’s asset except by removal which is still open for the cryptocurrency community to see.
All right, it seems everything looks great about the cryptocurrency of thing. Is that it, doesn’t it have a negative venom? It sure does. Let’s look at some of them
The Disadvantages/Concerns about Cryptocurrencies
• Not Yet Developed
It is believed that cryptocurrency has not yet developed to be adopted as a universal currency. Why?
A line which was put up by Cointelegraph.com showed that Cryptocurrency is known by only about 5% of the world population, so, it has a long way to go. For an example, Bitcoin commands only 50 million enthusiasts/users.
• Prone To Hacking(s)
Many government of nations believe that the cryptocurrency can affect her economy because of the hacking experiences behind it. Just to note, one of the top 6th world’s crypto exchange Bithumb was hacked 2 days ago.
Who loves anything that is not stable except wind? I guess none. One of the drawbacks in cryptocurrency is the issue of volatility. By volatility, I mean, the price’s frequency to go up and down – jump.
Many believe that if an exchange is hacked, the prices of cryptos will go down. I don’t know how true this is but as soon as the South Korean exchange (bithumb) was hacked, Bitcoin went dip losing almost $300 in price value.
Again, many believe that the reason for the volatility is based on the demand and supply of the cryptocurrencies.
The truth is, while the first two Cons can easily be addressed, the third is something that will continue, at least for now, maybe until mass adoption.
However, the Pros of cryptocurrency is far more than the Cons. Talk about the pros and you want to look at the adoption of the Blockchain Tech enhanced by the cryptocurrency generation.
You will see this and more on the growth hack of Blockchain Technology – another post.
Why Cryptocurrency Is Accepted
The cryptocurrency is the very first technology that gives you an original structure of value. Meaning, if you send cryptocurrency, you are sending an original copy and not a duplicate value.
Take for an instance, you can easily get your iOS and send images to your friends. Now, after you send the images, do you still have the copies?
Yes or no?
I guess yes. If so, then that makes it not an original form of transferring value.
But in cryptocurrency, you send only the original. Meaning, if I send or transfer a copy of my value to you, I cannot still have an original in my possession. That is not all.
What Makes Cryptocurrency Different?
If you decide to keep your money in the bank, inflation can deal with it if left for 2 or more years.
Unless your country’s economic system is robust, keeping money in a bank is signing a death sentence.
If you keep your money with the banks, they will simply prey on your money by charging you monthly bills.
You see, Cryptocurrency wasn’t supposed to be a big deal or a business venture. But the truths behind it has made it a business.
The truth behind is the value it gives, and this value makes Cryptocurrency the best bet to go for.
Now, what gives it the value we are talking about?
It is a simple economic relative theory – the demand and the supply chain.
This is it.
The Winklevoss’ bought Bitcoin twice when it was less than $10 and $12.
This, they did in 2011 if I am not mistaken.
The big question?
Why was the price of Bitcoin at $10?
There were not enough people that knew about it or BELIEVED IT, and also, there was no much demand, and as a result? The supply was almost abundant.
But down the line in 2017. There were more users of Bitcoin, and cryptocurrencies around the world.
And so, what happened?
The demand has risen because the supply is low.
I will stop here because we shall talk more about it on: The Idiots Guide to Investing in Cryptocurrencies/what influences Crypto Prices. (Take a clue from below).
The Adoptions of The Blockchain/Cryptocurrency Technology
• In 2020, the UEA – United Arab Emirates wants to move its financial strides to the Blockchain to aid transparency.
• While Switzerland wants a pre-test, Burundi in the other hand wants to use the Blockchain technology on her countries electoral process.
• A country like Venezuela has its own cryptocurrency using the Blockchain technology known as Petro.
• The Spanish coin named Monaco is also using the Blockchain technology for its processes.
• The Philippines first community money was launched just few months ago. That was on the 27th of May. Again, this crypto uses the Blockchain technology.
• In United States, the Arizona state has signed the cryptocurrency Blockchain into law.
• Russia places the Bitcoin as its second currency even though still monitoring its progress.
Cryptocurrency Communities To Join
I chose to include this part because I think it might be fun to get by.
What are these communities?
They are simply groups and colonies of cryptocurrency enthusiasts to join and learn more about the cryptocurrency revolution.
Top 5 Crypto Entrepreneurs and Blogs to Read
There are few Top Crypto Entrepreneurs and Blogs you might want to read for more Amory in the cryptocurrency dynasty.
Some of my favorite Crypto Entrepreneurs are Tim Draper, Winklevoss, and more. And cryptocurrency blogs, I like CCN, CoinTelegraph, News.Bitcoin.com and more.
How to Earn Your FIRST FREE Cryptocurrencies in 5 Seconds
Where can you get excited by earning free Cryptocurrencies?
I hate this topic. This hate made me delete over 266 places to earn free Cryptocurrencies.
Because most of the time the route to earn free Cryptocurrencies are faucets. And if you are a student of Time, they are simply places to waste your quality time.
Even though with the above consideration,
People liked that post. I saw the feedback from Google analytics.
So, I will write on it again. But this time, it may not be up to 2,000 as I will segment the most profitable free Cryptocurrencies earnings.
But to get started,
Get free $10 BTC on Coinbase exchange when you BUY or SELL $100. Your total will be $110.
The Truth is:
Starting out in the FREE cryptocurrency Earnings is Hard. Why? Some are not real. So, see over 2,022 WAYS TO EARN CRYPTOCURRENCIES AS A MAN IN 2018
How to Easily Spend your Cryptos?
There are many ways to do this. One way is buying products on a Crypto site. Another way is exchanging it for fiat – local currencies.
And the easiest? Expending your crypto using a debit card – you can shop for anything online and at grocery stores.
Should you consider buying from a crypto shop, “search out any product on Spendabit”, and if you care using a crypto debit card for your transactions, you can see Wagecan debit card.
Another great debit is Coinbase’s Shift Card – moderate price charges.
Investing In Cryptocurrencies
There are so many rewards in investing in Cryptocurrencies. But the one most profitable is the HODL method.
This is how HODL works.
If you knew about a Cryptocurrency like Bitcoin, and you bought 1BTC at $13.
Today, it would have been worth $7,000.
Almost 1,000% + more.
The big question?
Is it late to invest in a Cryptocurrency like Bitcoin?
Yes and no.
Yes, if you are not all that financially buoyant. And no, if you are financially strong.
The truth is that if you buy Bitcoin today, it sure will be worth more than $25,000.
So, if you buy it NOW, you can leverage your returns as the above analysis – it is not a quick rich strategy. It might not happen in 2018, but as demand grows, it sure will.
Note: Do Not put more than you can afford to risk because crypto is volatile – the Price(s) fluctuates.
Disclaimer: this is not a financial advice. I recommend because that is what I have done personally. Meaning, you might not get the same result.
I almost ended the post before I figured out that we had a question to answer. I guess you might have forgotten as well.
The question was, what does the world has to say about cryptocurrencies?
They believe that money like fiat should be tied to manipulations like what is experienced with the local currencies of different nations.
What’s their mission?
They know what they want. Just look around the economic situation of your country, and you would have seen the true picture.
Like it or not, the citizens want openness. If not, why the placards with protests, or better still, who wants to be cheated anyway?
To solve this economic situation, the only way out is by embracing the Cryptocurrency engineered by the Blockchain technology.
The Governments Are Afraid?
The Governments of most countries are afraid of the cryptocurrency revolution, why? Because, they cannot just influenced it, and also, for the fact that it is open on the Blockchain is what is giving them tough decision moments.
Again, for the fact that Cryptocurrency is not regulated by any single institution makes it a daunting process for different countries to manipulate.
In the other hand,
The government belief is that cryptocurrency is spearheaded for evil vices like sponsoring terrorism and the likes. As a result?
Most countries have banned cryptocurrencies, and some are evaluating taxing her citizens for Cryptocurrency trading and other related transactions.
But heh, in terms of evil vices, crypto is a currency and our local money is a currency, isn’t it the same as exchanging the local currencies for whatever purpose an evil minded person wants to use it for?
I tell you, a thousand question to answer, but this is one. Have they so much forgotten that Ripple and Ontology can solve so many economic downsides?
Now, do you want to even be more Relevant on the Current Data in the Crypto & Blockchain Positions? I am Willing to help. Enter your Best Email below.
The innovations in Blockchain interactions, FinTech integration and anonymity-assurance will make cryptocurrencies closer to the ideal imagined by Satoshi Nakamoto and the early pioneers of the technology.
To this end, this is the currency of the future.
However, even with so much skepticism about it, we have seen so many crypto Millionaires/Billionaires that took action early on. At least you can’t reverse the very fact that they are CRYPTO millionaires/Billionaires today.
You know, one thing you need to do is “be open about the crypto revolution”. I mean, even if you do not want to invest now. Just follow its trend and see also the advantages.
If you want to invest in it, or think you need more research, go ahead with it.
It may surely be the currency of the future, or how do convince millions of people that they are pursuing a shallow money when we already have Crypto Millionaires/Billionaires who are impacting the world?
If you want more insights, go AHEAD NOW and read the guide to a dummy Bitcoin for more proofs.
An exciting news.
The creator of Bitcoin has just be found. This and more you will find in “The Dummy Bitcoin Guide 2018”.
Be a Smart Crypto Investor/Trader & Not A Hard Jobber Trader
You’ve got to bypass the manual and rather choose a copy and paste automated crypto trading framework.
You absolutely don’t need to trade at LOSS forever because crypto trading is easy to write on paper but actually having the success is far from it.
Therefore, submit the right crypto trading by using the best automated trigger tool IDEAL for your success level.
Sign up today with CryptoBlizz/tool and start having crypto trading success in a long run.
For beginners, you can get started by learning the methods behind the crypto trading success with using the right trigger with the CryptoHopper/Tool.
Great, you have seen the Ultimate Guide To Cryptocurrencies, the question now is, do you believe that cryptocurrency will be the currency of the future?
Yes, or Now?
(Let me know your thoughts below. Don’t worry, comments are spam free!)
Source codes: Blockchain.info, Cointelegraph.com