5 Things To Know About Cryptocurrency
Start writing a post
Lifestyle

5 Things To Know About Cryptocurrency

Welcome to the future. Get educated

455
5 Things To Know About Cryptocurrency
Make someones day

Does the term "cryptocurrency" confuse the hell out of you? Crypto has been all the rage lately, so I had to dive into some research and educate myself on what this new trend is, as it doesn't seem like it's going anywhere anytime soon. If you, like me, don't want to look dumb in conversations among your entrepreneurial crew, keep reading.

What is cryptocurrency?

To put it in simple terms, cryptocurrency is electronic money. It can often be used anonymously and is designed to be secure.

Unlike paper bills, crypto is associated with the Internet and uses cryptography as a process of converting information into code in order to execute purchases and transfers. So forget touching gross paper bills and coins weighing down your wallet. Welcome to the future.

How do you get your hands on some?

You buy cryptocurrencies on the exchanges. What are the exchanges? Those are places where you can buy and change cryptocurrency using "flat" which is a term for "tech stock."

Some things to have in mind while buying flat is the withdrawal limit, liquidity, and fees.

image via David McBee

What is cryptocurrency " mining"?

No, we're not going to go into a cave and literally dig up coins. "Mining" means adding transactions to the blockchain (the process of securing and verifying), and releasing new currency.

In order to do some mining, you need a computer and a special program which can do super high-level math. That's all.

While it doesn't require many physical resources, mining is really tough. If you're getting into crypto, you might want to use this site for your mining.

How do you use it?

You can use cryptocurrency just like paper money provided that the people you're doing business with accept it.

There are bitcoins, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, NEM, Stellar, NEO, Iota, Dash, Monero, and TRON.

photo via David McBee

All of your transactions are recorded on the blockchain which again, is digital.

Patience is everything

Well, that's the million-dollar question. Many economists are arguing that crypto is here to stay and in fact, people who got some crypto back in the day and actually held on to it, saw some very real profits.

The ultimate example is the pizza story This guy who spent 10,000 bitcoin on two pizzas back in 2010 which seemed like a great idea at the time - trading some electronic currency no one's heard of for two very real pizzas - hell yeah! But today, those10,000 bitcoin would be worth $20 million. Ouch.

Point is, we don't know where crypto is going yet, but it seems that keeping your cool and being patient is a safe bet.


Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
Featured

5 Cakes You Need to Try This Winter

Spending the winter trying different cakes can be a great way to combat seasonal depression. Lift the spirits of your entire family by trying these five cakes.

2786
Try This Winter

The winter can be a dull time spent indoors with very little change. But, it doesn't have to be that way. There are plenty of ways to spice up your daily routine, and dessert is one of them.

Keep Reading... Show less
Featured

5 Reasons to Consider a Career as a Defense Lawyer

Lawyers are supposed to be unbiased. Lawyers are trained to look at both sides of an issue and give equal weight to each side. It is meant to be their mantra, "My client is innocent until proven guilty."

79800
Career as a Defense Lawyer

Lawyers are supposed to be unbiased. Lawyers are trained to look at both sides of an issue and give equal weight to each side. It is meant to be their mantra, "My client is innocent until proven guilty." But if you're thinking about becoming a defense attorney, it's not this pretty simple. Defense lawyers argue that their clients are innocent because they don't want their actions to seem suspect in any way. They essentially say for the sake of the argument itself. If you're trying to decide whether or not becoming a defense attorney is something you would like to do, here are five reasons why it's worth considering:

Keep Reading... Show less
Featured

What Everyone Should Know About Online Degrees

Nowadays, many working adults, high school graduates, and retired lifelong learners are choosing to advance their careers, lives, and personal knowledge by completing school at home.

186455
Online Degrees

The rising popularity of online college and graduate school degrees has completely changed the face of education and student life. It's no longer necessary to pack up all your belongings and head off to a distant locale in order to earn a diploma. Nowadays, many working adults, high school graduates, and retired lifelong learners are choosing to advance their careers, lives, and personal knowledge by completing school at home.

Keep Reading... Show less
Featured

What I am thankful for

I am saying one thing that I am thankful each day for until Thanksgiving. You try it to it will bring you joy.

141771
It's Thanksgiving time
Element5 Digital

November 1st, I am thankful for God and Jesus. I put my faith in them, they protect and help me through the happy and the sad in life. I could not imagine a world without them.

Keep Reading... Show less
Featured

Chatting with the Iron Boy Himself Arthur Bozikas

Arthur Bozikas has penned a memoir that is heart-breaking and gutsy, as well as being full of hope and gratitude. This book is guaranteed to lift up readers and have them believing in the resilience and transcendence of the human spirit, making it a must read for years to come.

92717
Arthur Bozikas

Arthur Bozikas has penned a memoir that is heart-breaking and gutsy, as well as being full of hope and gratitude. This book is guaranteed to lift up readers and have them believing in the resilience and transcendence of the human spirit, making it a must read for years to come.

Keep Reading... Show less
Facebook Comments