Home / Cryptocurrency / Idiot Guide to Cryptocurrency

Idiot Guide to Cryptocurrency

It wasn’t a long time when only those people know about cryptocurrencies who were involved in creating and operating them. They can be called as per Moneyinc The “average proposal geek”. It is the tech circle of average people and at that time the concept of cryptocurrency was branded as a digital fad by some ambitious financial institute or economists.

In these 7-8 years, cryptocurrency has become a pillar (a strong one indeed) and frequently being used into popular tech culture and business.

If you can’t tell that what Bitcoin is and how they can be leveraged, then this idiot’s guide is for you. Don’t be offended, we all are an idiot in one way or another.

What is Cryptocurrency?

idiot-guide-to-cryptocurrency

A cryptocurrency is fundamentally an asset which exists digitally and can be only used digitally. Each of these assets runs on a blockchain, as an open source account book. The best part is, it is accessible and anonymous to all humans with an internet connection.

Who Invented Cryptocurrency?

idiot-guide-to-cryptocurrency

There is only an alias name. No human came forward with any information for this alias name. The name is Satoshi Nakamoto. He was the very first entity who invented the very first cryptocurrency which we all know as Bitcoin. The year was 2008. It went live in the year 2009 and ever since then; the value of the currency touches the sky. Nakamoto is still anonymous to the world. In my opinion, that was masterclass move hiding the identity (Once again, it is my personal opinion, it can be wronged).

A Brief History at Glance

idiot-guide-to-cryptocurrency

As I mentioned above the first cryptocurrency was first discovered in 2008, which went live after a year. The concept of decentralized currency was revolutionary and really turned eyes of many conglomerates towards itself. There was a white paper which introduced peer-to-peer Electronic cash system. This paper was authored by none other than Satoshi Nakamoto.

It became a reality in 2009 and became open source software. Then with the passage of time, it was improved continuously by other users. The discovery of Bitcoin was a benchmark for cryptography which wasn’t envisioned by anyone except for Nakamoto.

With such a system, users don’t need an intermediary to transfer funds. It was all threatening and revolutionary at once. As the programmers created and unconfined ample of cryptocurrency by now, these altcoin has the potential to change the economy. They all utilize the peer-to-peer concept and same open source as Bitcoin.

Types of Cryptocurrencies

cryptocurrency

As per today’s stats, there are more than hundreds of cryptocurrencies operating on blockchain globally. Some of the widespread cryptocurrencies that are voraciously being used by people across the world are,

  • Bitcoin
  • Etheruem
  • Ripple
  • Litecoin
  • Zuflo coin

Storing Cryptocurrencies

As per now, you should have understood that cryptocurrencies like Zuflo coin exist outside the paradigm of any regulated financial institution. This concludes one thing for sure, they cannot be stored in any bank or digital wallet such as PayPal. But still, you can store these currencies in two different types of wallets, one is a software that can beBitcoin wallet download and install directly on the user’s desktop or mobile devices. The second one is the hosted wallet. The software wallet is easier to secure than the hosted one. The reason is simple. They give you more control than the hosted one. But there is a catch.

The trusted third party who hosts the wallet for you can be easy to get hold of. They are liable for any lose happen to your cryptocurrency wallet. But still, they are hard to install, activate and operate. Still, an average user trust s third-party hosted wallets. When you have these wallets, you can easily receive, send, and store cryptocurrencies like Zuflo coin.

With storing we also have a new application in the queue which is the ICO aka Initial Coin Offering. Bitcoin may seem to be a safer investment but still, the scenario is expected to change in the coming three years. There is a possibility where the centralized bank accounts can use cryptocurrencies.

Are You Willing To Invest?

investment

With this information, are you willing to get hold of cryptocurrency? Tell me everything via comments. Just in case here is a sum up of the entire post which will help you to absorb the concept of cryptocurrency. It may not be an advanced interpretation, but still, it will give you an entire interpretation of the working of cryptocurrency.

  • A cryptocurrency is fundamentally an asset which exists digitally and can be only used digitally.
  • Satoshi Nakamoto was the very first entity who invented the very first cryptocurrency which we all know as investmentBitcoin. The year was 2008. It went live in the year 2009 and ever since then; the value of the currency touches the sky.
  • The concept of decentralized currency was revolutionary and really turned eyes of many conglomerates towards itself. There was a white paper which introduced peer-to-peer Electronic cash system. This paper was authored by none other than Satoshi Nakamoto.
  • The software wallet is easier to secure than the hosted one. The reason is simple. They give you more control than the hosted one.
  • The trusted third party who hosts the wallet for you can be easy to get hold of. They are liable for any lose happen to your cryptocurrency wallet. But still, they are hard to install, activate and operate.
  • Bitcoin may seem to be a safer investment but still, the scenario is expected to change in the coming three years. Zuflo Coin can be the difference.

Leave a Reply

Your email address will not be published. Required fields are marked *